800k in fixed term deposit for extension based on retirement

[DrJack54]

I know there have been many threads on opening bank a/c etc. I along with many others (I imagine) are perhaps looking to lock away the 800k in Thai bank and basically leave it. I'm going down this path because don't wish to concern myself with 3 months after extension and the 400k minimum after that etc. I'm having more trouble than I thought in opening a fixed term account. I have been to my existing bank where I have a savings ac. Zero interest. Opened 7 yrs ago on a tourist visa. Needed the ac to obtain the non-o. They kept asking how I opened ac without work permit. I left. Went to bangkok bank and asked what I needed. They were talking about something from au embassy but couldn't or didn't know what. So, has anyone successfully done this recently. Also as added question is it possible to use Citibank. BTW I live in bkk. Thanks in advance. 

[scubascuba3]

I opened a bank account recently with a tourist visa, i plan to move money to same bank fixed deposit soon for the 800k extension.

Many banks and branches seem to have different rules and make it up as they go along, you just need to keep trying until you find a friendly branch / friendly person willing to help

[allane]

I think you have a much better chance of opening a fixed-term acct. at a branch where you have a savings acct. than at a branch where you do not. It takes their little brains much longer than it takes yours or mine to process the same information, and here I am referring to matters in general, not something involving a language barrier. I think if you had waited a bit longer at your existing bank, you would have got it.

Go back and try again. Wear the best clothes and shoes you have, so you don't look like some here-today, gone-tomorrow tourist.If anyone asks why you left the previous time, tell them that you didn't have time. Give them time to come to terms with the fact that you somehow managed to open your existing account while on a tourist visa. If someone there made a mistake seven years ago, that is not grounds to deny you now.  They now presumably have seven years of evidence that you are not a foreign criminal.

[jwdub]

30 minutes ago, allane said:

I think you have a much better chance of opening a fixed-term acct. at a branch where you have a savings acct. than at a branch where you do not. It takes their little brains much longer than it takes yours or mine to process the same information, and here I am referring to matters in general, not something involving a language barrier. I think if you had waited a bit longer at your existing bank, you would have got it.

Go back and try again. Wear the best clothes and shoes you have, so you don't look like some here-today, gone-tomorrow tourist.If anyone asks why you left the previous time, tell them that you didn't have time. Give them time to come to terms with the fact that you somehow managed to open your existing account while on a tourist visa. If someone there made a mistake seven years ago, that is not grounds to deny you now.  They now presumably have seven years of evidence that you are not a foreign criminal.

Unfortunately it isn't. I just went through the same fiasco with KBank here in Jomtien. I got my funds wired in on May 7th. I went to Kbank the next day and was told i have to have some sort of Residence type form needed in order to open a new account even though I have had an account there for over 6 years. The CS rep informed me that I would need to go to Immigration to request such form, but there could be a possibility that Immg. would just refer me back to their bank for which they don't posses the form and that I should then try Bangkok bank as they should be in possession of the form. So I've just thrown my hands up in frustration. My RV visa expires 7/23 and with the 2 month seasoning cycle needed prior to the visa, I didn't want to jeopardize my status. So now I am begrudgingly carrying close to 1 million baht in my regular savings account hoping I can fix this after the 3 months needed after after acquiring my RV. FWIW, the CS rep was very apologetic and said her hands are tied because of thai gov. regulations dealing with the opening of new accounts.

[Bruce Aussie Chiang Mai]

I had no problems with kasikorn bank in Chiang Mia, already had money in everyday savings account they more than happy to open term deposit. 

If you can afford leave there makes Visa free of BS. 

 

[scubascuba3]

Unfortunately it isn't. I just went through the same fiasco with KBank here in Jomtien. I got my funds wired in on May 7th. I went to Kbank the next day and was told i have to have some sort of Residence type form needed in order to open a new account even though I have had an account there for over 6 years. The CS rep informed me that I would need to go to Immigration to request such form, but there could be a possibility that Immg. would just refer me back to their bank for which they don't posses the form and that I should then try Bangkok bank as they should be in possession of the form. So I've just thrown my hands up in frustration. My RV visa expires 7/23 and with the 2 month seasoning cycle needed prior to the visa, I didn't want to jeopardize my status. So now I am begrudgingly carrying close to 1 million baht in my regular savings account hoping I can fix this after the 3 months needed after after acquiring my RV. FWIW, the CS rep was very apologetic and said her hands are tied because of thai gov. regulations dealing with the opening of new accounts.

Kasikorn Pattaya are more inflexible these days but a Residence Certificate is easy to get at Jomtien immigration, loads of threads on it. I got one recently 300 baht.

 

I have a Kasikorn account but use for every day spending only. Extra cash gets moved to another bank

 

[jwdub]

34 minutes ago, scubascuba3 said:

Kasikorn Pattaya are more inflexible these days but a Residence Certificate is easy to get at Jomtien immigration, loads of threads on it. I got one recently 300 baht.

 

I have a Kasikorn account but use for every day spending only. Extra cash gets moved to another bank

 

Agreed. I guess I wasn't entirely sure that's exactly what they wanted as I was getting frustrated sitting there. Also I didn't mention that she told me that the transaction would not happen instantaneously and that it would take a few days, be that because of the new account or the transaction itself I can't really remember. Anyways my plan is to go apply for the RV on July 10 just in case something else arises which would give me ample time to rectify it. I guess it's something for other's to be aware of when contemplating their Visa 800K deposits.

[DrJack54]

58 minutes ago, scubascuba3 said:

Kasikorn Pattaya are more inflexible these days but a Residence Certificate is easy to get at Jomtien immigration, loads of threads on it. I got one recently 300 baht.

 

I have a Kasikorn account but use for every day spending only. Extra cash gets moved to another bank

 

That's another problem for people that use CW. On the good side CW do not require a tm30 for extensions based on retirement. However if you attend for other matters such as residence certificate they do. In the past you could obtain RC at AU embassy. Guess what, they stopped providing them. I will go to head office of my bank near soi 4 and try and find out exactly what is required. Don't like my chances.

[Pedrogaz]

The laws here about bank accounts don't actually jive with the immigration laws and different banks interpret them differently. SCB (purple) will not let me have an account without having a work permit, nor will the Government Savings Bank (pink). I have accounts at 3 other banks...one gave me a credit card, another will only give me a debit card, and the other one insists that I appear in person to get money out. Give figure.

 

With regard to the 800K, my understanding from talking to my local immigration people is that the money has to be accessible immediately so they will not accept anything but a savings account.

The banks I have do pay interest on savings accounts, it is not much but better than a poke in the eye with a sharp stick and because it is under 150K they don't take out any tax.

[Kerryd]

I have Fixed Term deposits at Bangkok Bank. My "visa" account is a 1 year term that automatically renews every year and the interest is rolled over (my choice, I could have it deposited into my savings account if I wanted to).

I previously opened accounts (at Bangkok Bank) with just a 30 Day stamp and a Certificate of Residency (from Immigration, though some apparently can get a similar certificate from their Embassies).
It probably helped that I already had a Savings account at the same bank though.

I just went in yesterday to open a Foreign Currency Deposit (FCD) account. Only needed my passport.

Don't go to a teller to open an account. They usually have customer service reps separate from the tellers who handle such matters (and are more aware of the rules). Have your Certificate of Residence, passport and current bank book with you (makes it easier for them to see that you already are a customer and besides, you are probably transferring money from the Savings into the Fixed Term account anyways).

Ask them what their current Fixed Term Rates are. I saw yesterday that BKK had 7, 11 and 12 month terms (1.675% for the 11 month term).
The 12 month term is only 1.5% but you don't have to dick around with going back to open a new account, transfer the money from the old one into the new one then closing the old one because they can't for some weird reason just keep using the same frikken account and renewing the term. 
(I used to have some 7 month and some 11 month Fixed Term accounts and it was frikken annoying to have to keep going back and opening/closing accounts every couple of months.)
Now I just use the 12 month, auto-renewing Fixed Term method for my "visa" money. 

As many have mentioned, if you have problems with one branch, try another. Larger branches probably have more English speaking staff, while some smaller branches may be more keen on getting your money on their "books" (makes them look more successful). The branch I deal with (in Pattaya) is quite small but most of their staff speak enough English to be able to handle most issues fairly easily.

(Apparently opening a Foreign Currency Deposit account is fairly complicated and requires a large cash deposit. In my case, they wanted $1,300 CAD to open the account ! The amount varies according to the currency used it seems.)
 

[scubascuba3]

With regard to the 800K, my understanding from talking to my local immigration people is that the money has to be accessible immediately so they will not accept anything but a savings account.

People on here have often mentioned they have fixed term deposit accounts used for their 800k, it's possible they get over the issue if they can withdraw but they lose interest, maybe someone will confirm?

[Kerryd]

I've been using a Fixed Term account for my "visa" money for 8 years now. My dear old (departed) Dad did the same thing for the couple years he was here (until he passed on).
 

At Jomtien Immigration, they know what a "Fixed Term" account is and that you can access the money almost "immediately" if need be.

 

For example, when I was opening the FCD mentioned in my previous post, I needed to transfer money from another Fixed Term account into my Savings account first, then use some of that transferred money to meet the deposit requirements of the FCD. (Basically I took money out of a Fixed Term account, converted it to Canadian currency, then deposited it into the FCD account.)

All it took to get the money from the Fixed Term account was the usual 2 signatures on the transfer form and the 2 minutes it took the clerk to do the transfer and update the passbooks.

However, I also have money tied up in "long term investments" with the same bank where my money is "locked in" for a set number of years and they pay me a lump sum of interest every year. 

I can not use those investments as my "proof of sufficient funds" because I can't just take money out of them whenever I want. I basically have to close out the investment (and take a financial loss if they haven't reached maturity yet) and it could take days before the remaining money gets to my account.

 

That is why they won't use those kinds of accounts, or RRSP/401k/Mutual Fund accounts as proof because you can't simply take money out of them whenever you want to buy groceries or pay your electricity bill or whatever.

[allane]

19 minutes ago, scubascuba3 said:

 

 

People on here have often mentioned they have fixed term deposit accounts used for their 800k, it's possible they get over the issue if they can withdraw but they lose interest, maybe someone will confirm?

 

Look for a statement in your bankbook to the effect "No interest will be paid on funds withdrawn before the maturity date".  That indicates to you, and to Immigration that the funds can be withdrawn at any time.  Immigration doesn't care if you lose your interest.

[johnarth]

59 minutes ago, Pedrogaz said:

The laws here about bank accounts don't actually jive with the immigration laws and different banks interpret them differently. SCB (purple) will not let me have an account without having a work permit, nor will the Government Savings Bank (pink). I have accounts at 3 other banks...one gave me a credit card, another will only give me a debit card, and the other one insists that I appear in person to get money out. Give figure.

 

With regard to the 800K, my understanding from talking to my local immigration people is that the money has to be accessible immediately so they will not accept anything but a savings account.

The banks I have do pay interest on savings accounts, it is not much but better than a poke in the eye with a sharp stick and because it is under 150K they don't take out any tax.

I renewing my visa the immigration I go to told my wife because of new law go to the bank and put money in a fixed deposit we went bank wife did the talking in minutes the job done

[tandor]

1 hour ago, allane said:

Look for a statement in your bankbook to the effect "No interest will be paid on funds withdrawn before the maturity date".  That indicates to you, and to Immigration that the funds can be withdrawn at any time.  Immigration doesn't care if you lose your interest.

...i think Immigration lost interest in us a long time ago.

[Thingamabob]

Never had a problem with this. I am retired with a retirement visa. Recently SCB, for example, only asked to see my passport.

[DrJack54]

2 hours ago, Thingamabob said:

Never had a problem with this. I am retired with a retirement visa. Recently SCB, for example, only asked to see my passport.

Some facts? Did you already have an account with SCB? Asked pp for what? To open new bank a/c. Where...which branch.

[Stevemercer]

It is normally easier and quicker to allow your wife/girlfriend to do the talking. If that is not possible, then it is best to persist with the bank/branch where you already have a savings account.

 

You can easily withdraw some, or all, of the fixed deposit account at any time and they usually pay the interest up to that point (at least SCB do). More worryingly, the local branch has let my wife do it a few times without my being present or signing anything.

[DrJack54]

1 hour ago, Stevemercer said:

It is normally easier and quicker to allow your wife/girlfriend to do the talking. If that is not possible, then it is best to persist with the bank/branch where you already have a savings account.

 

You can easily withdraw some, or all, of the fixed deposit account at any time and they usually pay the interest up to that point (at least SCB do). More worryingly, the local branch has let my wife do it a few times without my being present or signing anything.

I don't wish to offend but my Thai partner has excellent English and of course Thai and was with me. Both her and my bank insisted that would pay 15% tax on fixed deposit interest, despite forum stating only tax over 20k. Also want embassy letter etc list goes on and on. One wanted certificate of residence. Bangkok bank. 

 

[Flyfish]

I opened an account with Krungsi using a retirement extension and passport with proof of address.

i have a savings account and a “current” account,a credit card and debit card.

i have recent opened a fixed term account which I intend to use for my next retirement extension. The account will release the money forfeiting interest and is therefore valid for this purpose. The bank assured me that many customers use it for this purpose,and they will issue the necessary letter ect at the appropriate time for immigration dept.

i find Krungsi excellent in all respects and utilise their internet banking which in my opinion is superior to HSBC where I also hold accounts.

[inThailand]

Are you American? K Bank would not open a fixed term or fund account if you are because of FBAR reporting. This was several years ago, maybe things have changed? 

[KittenKong]

7 hours ago, DrJack54 said:

Both her and my bank insisted that would pay 15% tax on fixed deposit interest, despite forum stating only tax over 20k.

They were correct. You will pay tax on your time deposit and you can claim it back later. I do it every year.

 

The 20k rule is for savings accounts and similar, not time deposits.

[KittenKong]

I think most banks here work on the principle that if you already have an account with them they dont have to verify who you are, so opening a second account is easy. That's what I have always found anyway.

 

As for TDs being acceptable for immigration: they certainly are in Jomtien, but other offices may not agree.

 

[jwdub]

1 hour ago, KittenKong said:

I think most banks here work on the principle that if you already have an account with them they dont have to verify who you are, so opening a second account is easy. That's what I have always found anyway.

 

As for TDs being acceptable for immigration: they certainly are in Jomtien, but other offices may not agree.

 

Nope, see my post #4. I thought the same before attempting to open another account at KBank.

[YT3k72Em]

10 hours ago, DrJack54 said:

I don't wish to offend but my Thai partner has excellent English and of course Thai and was with me. Both her and my bank insisted that would pay 15% tax on fixed deposit interest, despite forum stating only tax over 20k. Also want embassy letter etc list goes on and on. One wanted certificate of residence. Bangkok bank. 

 

What they want is proof of address. That could be from a certificate of residence, from an embassy letter, from a tabian ban or other government document like a work permit.

[asiaexpat]

16 hours ago, Thingamabob said:

Never had a problem with this. I am retired with a retirement visa. Recently SCB, for example, only asked to see my passport.

Certainly depends on the branch, I applied at SCB recently and was rejected since I have no work permit. TIT. 

[KittenKong]

2 hours ago, jwdub said:

Nope, see my post #4. I thought the same before attempting to open another account at KBank.

Well, that's why I said most banks. Your bank seems to be an exception. I certainly have never had any trouble opening extra accounts at banks with which I already have an account.

[scubascuba3]

Well, that's why I said most banks. Your bank seems to be an exception. I certainly have never had any trouble opening extra accounts at banks with which I already have an account.

I can confirm that Kasikorn don't just open a second account for you, you have to provide a long stay visa and other stuff first. I was just in Krungsi to enquire about opening a fixed deposit account, they too want the same paperwork i provided a few months ago when i opened the MJD account. TiT

[jwdub]

1 hour ago, KittenKong said:

Well, that's why I said most banks. Your bank seems to be an exception. I certainly have never had any trouble opening extra accounts at banks with which I already have an account.

Actually it sounds more like your banks the exception.

[KittenKong]

1 hour ago, jwdub said:

Actually it sounds more like your banks the exception.

I use several banks here and none seem to have a problem with this. I used to have accounts with Kbank also but they stopped offering good interest rates so I closed them all.

 

Bangkok Bank seems to have problems with everything and given that they have amongst the worst interest rates I wonder why anyone bothers with them.