ChouDoufu Posted March 17, 2019 Share Posted March 17, 2019 some have been asking why mutual funds held in a thai bank are not accepted as proof of funds. consensus is that you need to show available, immediately accessible funds. getting cash after selling mutual funds takes time. i have some funds at bangkok bank. placed an order during banking hours on tuesday, march 12. order was accepted. how much will i get? when will i get it? hard to say. some mutual funds are managed by foreign firms (fidelity, invesco, wellington). bangkok bank doesn't update daily, sometimes the listed nav prices are several days behind. order was accepted tuesday the 12th, my mutual fund account was updated on thursday the 14th to show zero shares held, with final value using the nav on wednesday the 13th. it's now sunday the 17th and am still waiting for cash deposit of the proceeds into my savings.....so, maybe a week? Link to comment Share on other sites More sharing options...
scubascuba3 Posted March 17, 2019 Share Posted March 17, 2019 Look at the T&Cs, buying and selling Funds should be less than a week to settle. Timing is important if you sold before the daily cut off 1 Link to comment Share on other sites More sharing options...
ChouDoufu Posted March 17, 2019 Author Share Posted March 17, 2019 yes, so if you need the money in a hurry.... ....foreign bank managed mutual fund NAV's are calculated on a different schedule. may have to wait a day or two to before the NAV is applied to your sale. their daily cutoff time is not the same as ours here. ....your bank may or may not accept orders at night or on weekends, so you may have to go online to place orders during banking hours. ....settlement can take 2-4 days after the sale. Link to comment Share on other sites More sharing options...
Popular Post JackThompson Posted March 17, 2019 Popular Post Share Posted March 17, 2019 4 hours ago, ChouDoufu said: consensus is that you need to show available, immediately accessible funds. getting cash after selling mutual funds takes time. Now that bank-money must be locked-up for months at a time, I do not see how they can logically make this connection to "accessibility" any more. But, they seem to be playing it both ways - "Must be accessible," but "You cannot touch it or you have to leave." 3 1 Link to comment Share on other sites More sharing options...
scubascuba3 Posted March 17, 2019 Share Posted March 17, 2019 Now that bank-money must be locked-up for months at a time, I do not see how they can logically make this connection to "accessibility" any more. But, they seem to be playing it both ways - "Must be accessible," but "You cannot touch it or you have to leave."They don't think things through. Can you imagine office meetings 1 Link to comment Share on other sites More sharing options...
fforest1 Posted March 17, 2019 Share Posted March 17, 2019 2 minutes ago, JackThompson said: Now that bank-money must be locked-up for months at a time, I do not see how they can logically make this connection to "accessibility" any more. But, they seem to be playing it both ways - "Must be accessible," but "You cannot touch it or you have to leave." Very good observation....I really wonder how far they want to tighten the screws some times...... 1 Link to comment Share on other sites More sharing options...
Popular Post skatewash Posted March 18, 2019 Popular Post Share Posted March 18, 2019 I have always understood the requirements for lump-sum deposit for the purpose of extension of stay to be two-fold: 1) it must be immediately available to be withdrawn with only a possible loss of interest as a penalty, and 2) the principal must not be subject to market fluctuations. Even if the selling of mutual fund shares was a streamlined experience and occurred relatively quickly it wouldn't matter as they fail the second requirement, that is, they are by definition subject to market fluctuation. It is possible to buy mutual fund shares at one price and sell them at another price and be subject to market gains or losses. Savings accounts and fixed deposits are not subject to such market fluctuation of the principal. Now that the new "don't touch" rule is being applied to 400,000 of the 800,000 lump-sum deposit for the entire year, maybe the immediately available rule will be relaxed, but I'm not holding my breath. 3 Link to comment Share on other sites More sharing options...
gargamon Posted March 18, 2019 Share Posted March 18, 2019 In my opinion the reason they won't accept mutual funds is that their value fluctuates and may actually decrease. So the 800k you think you have there may only be 750k or less at any particular time. In an extremely bad market it may go to 400k or less depending on what it is invested in. Link to comment Share on other sites More sharing options...
onera1961 Posted March 18, 2019 Share Posted March 18, 2019 Yes, they "SHOULD" also accept stocks and bonds. Not going to happen. However, they accept fixed deposit which is slightly better than savings. Link to comment Share on other sites More sharing options...
WeekendRaider Posted March 18, 2019 Share Posted March 18, 2019 (edited) yeah agree on allowing securities in some future law... that would be quite nice... but the minimum would need to be maybe 5 million THB in present market value... and the law would have to be changed. I'd like to see that! and please, they really should not ever require outpatient health cover... inpatient someday but not outpatient. and 5 million THB market value securities in a local cash only brokerage account... but to apply any kind of equivalence to mutual fund money versus 800K THB cash in a retail bank account is silly. Edited March 18, 2019 by WeekendRaider Link to comment Share on other sites More sharing options...
Neeranam Posted March 18, 2019 Share Posted March 18, 2019 Using the TMB SET 50 DIVIDEND, I can withdraw immediately from an ATM. Link to comment Share on other sites More sharing options...
skatewash Posted March 18, 2019 Share Posted March 18, 2019 2 minutes ago, Neeranam said: Using the TMB SET 50 DIVIDEND, I can withdraw immediately from an ATM. Cool! Which Immigration Office has approved this to get an extension of stay? Link to comment Share on other sites More sharing options...
Neeranam Posted March 18, 2019 Share Posted March 18, 2019 4 minutes ago, skatewash said: Cool! Which Immigration Office has approved this to get an extension of stay? I haven't used it for this purpose. 1 1 Link to comment Share on other sites More sharing options...
khunPer Posted March 18, 2019 Share Posted March 18, 2019 19 hours ago, ChouDoufu said: some have been asking why mutual funds held in a thai bank are not accepted as proof of funds. consensus is that you need to show available, immediately accessible funds. getting cash after selling mutual funds takes time. Mutual funds, i.e. a so-called "Fund Book", was accepted by (some) immigration offices before, but as mutual funds are an invest that include a risk, the balance might decrease; i.e. your 800,000 baht might not be 800,000 baht worth at all time. About a decade ago they stopped accepting mutual funds as proof of deposit for extension of stay (I talk from experience). Selling a mutual fund can take from one bank day, and up to five or six bank days (which exclude week-ends and holidays) before money from sales show up in a savings account, depending of the mutual fund. Some Bangkok Bank funds in bonds and money market will pay next day, that was the kind I could use for retirement deposit until about a decade ago. ???? 1 1 Link to comment Share on other sites More sharing options...
Leaver Posted March 18, 2019 Share Posted March 18, 2019 I guess if you got really sick, or badly injured, you could die before receiving treatment, waiting on the proceeds from selling off a mutual fund, if you were not insured. Link to comment Share on other sites More sharing options...
ChouDoufu Posted March 19, 2019 Author Share Posted March 19, 2019 just to follow up......proceeds from the sale of mutual fund requested during business hours on tue mar 12 showed up in online account late monday night, mar 18. Link to comment Share on other sites More sharing options...
khunPer Posted March 19, 2019 Share Posted March 19, 2019 1 hour ago, ChouDoufu said: just to follow up......proceeds from the sale of mutual fund requested during business hours on tue mar 12 showed up in online account late monday night, mar 18. Monday the 18th is the 4th bank-day after sales order at Tuesday the 12th – normally count up to 5 bank-days, depending of type of mutual fund – however, "business hour" for selling, or buying, mutual funds is normally before 3 pm, if later count one extra bank-day. ???? Link to comment Share on other sites More sharing options...
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