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BANGKOK 21 July 2019 07:13
ChouDoufu

why immigration won't accept mutual funds

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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?

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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

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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.

 

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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
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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......

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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.

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Yes, they "SHOULD" also accept stocks and bonds. Not going to happen. However, they accept fixed deposit which is slightly better than savings. 

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Posted (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 by WeekendRaider

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Using the TMB SET 50 DIVIDEND, I can withdraw immediately from an ATM.

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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?

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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.

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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.

🙂

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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.   

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