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BANGKOK 26 June 2019 00:43
roath

Can I use Krungrsi Foreign Currency Deposit A/C for Retirement Extension?

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A friend of mine did use his FCD account in USD to renew his extension in Chiangmai.

The problem was that a FCD account in Krungsri does not have a passbook and he needed a letter from the Bank manager to explain to them that there was no passbook but an ID card of the FCD  account and  a monthly statement. It was very difficult for the lady IO to admit that she was ignorant of this fact ( and loose face )  and he had to refer to the superior at the time.

 

This was 2 years ago but from other posters on this tread , it seem they learned about that by now.

 

 

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10 hours ago, UKresonant said:

I think Krungsi are ahead of the pack with the FCD, electronic plastic card for in branch, ATM card for their machines, and nice paper statements through the post every so often. More likely the other banks will reduce the use of passbooks eventually. Also they could print the last 12 months of transactions for me, in a few minutes, when I asked them (in branch last month) 🙂 All inbound SWIFT transfers coded SWF...

I agree 100 % as I have a FCD with them too. Maybe in 10 years the passbook will be a thing of the past...Hopefully !

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Posted (edited)
46 minutes ago, cnx355 said:

I agree 100 % as I have a FCD with them too. Maybe in 10 years the passbook will be a thing of the past...Hopefully !

And in 12 years, immigration will become aware of that fact!

 

Later thought: I hope they keep the passbooks! Updating it and making a few copies is relatively straightforward for me, and I dread to think what multitude of hoops and barriers immigration would come up with as alternatives!

Edited by jacko45k
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Yes you can. That's what I do. I have a US currency account at Krungsi And I use that everytime for an extension. Bank don't issue a bank book for the Foreign Currency so I use bank letter and ATM card to prove the account at the immigration. 

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Yes you can. That's what I do. I have a US currency account at Krungsi And I use that everytime for an extension. Bank don't issue a bank book for the Foreign Currency so I use bank letter and ATM card to prove the account at the immigration. 
and you can transfer back to the US any time?

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13 hours ago, UKresonant said:

I think Krungsi are ahead of the pack with the FCD, electronic plastic card for in branch, ATM card for their machines, and nice paper statements through the post every so often. More likely the other banks will reduce the use of passbooks eventually. Also they could print the last 12 months of transactions for me, in a few minutes, when I asked them (in branch last month) 🙂 All inbound SWIFT transfers coded SWF...

one of the advantages with KrungSri having Japanese roots...

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I believe it's nominal...0.10 per cent or something
I just checked for GBP and the savings account is 0.10% but if you open a 12 month time deposit its 0.60%

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16 hours ago, roath said:

The point of my post is that KRUNGSRI don't issue a passbook, only an ATM card

Sent from my RNE-L22 using Thailand Forum - Thaivisa mobile app
 

I don't have an answer for you, however I'll share my experience last month with CW Immigration, when I submitted my bank statements to show an annual monthly average inbound transferred amount in excess of the required 65k.

The officer would not accept my bank statements from my Kasikorn current account and as I'd been using Transferwise I also had all of their transaction receipts along with the outbound statements from my UK bank.  

The Immigration officer insisted that I had to show a bank book showing the income. Current account wasn't acceptableas there wasn't a bank book..

I said I understand and can do that going forward, however I can't rectify the past years method of transferred amount to my current account. She then asked if I had a deposit account and my response was yes, however I hadn't made any international inbound transfers into that account for the past few years. She said that if I could make just one transfer of minimum 65k and then she will be able to process my extention, transfer duly done that same evening and the following week it shows in my account passbook (I actually made a second transfer as I thought after a day or so of not seeing it appear, that I'd made a mistake), all updated to show that income of 65k and my visa was extended for another year.

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17 hours ago, roath said:

I believe it's nominal...0.10 per cent or something

 

I think you'll find it's zero per cent. 

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One of the downsides to these FCD accounts is they are not protected by the Deposit Protection Agency

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I have a Foreign Currency Fixed Term Deposit Account with BKK Bank.

Had it for 3 years and have used it 3 times for my retirement extension, the latest 2 weeks ago.

With such account BKK Bank only issue a certificate, no book, no card or the like. But they do issue a monthly statement via snail mail.

This year Imm wanted to see the original certificate, a photo copy of the certificate, a photo copy of the last 3 monthly statements, and a conformation letter from the bank.

As I understand Imm will only accept Fixed Term Deposits provided they are redeemable at any time, ie before the term of the deposit expires (to which one most likely would loose any interest).

 

BKK Bank has different interest rates depending on the currency - I currently get 2.5% for 1 year term 🙂 

 

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15 hours ago, scubascuba3 said:

One of the downsides to these FCD accounts is they are not protected by the Deposit Protection Agency

And another downside to using them for retirement extensions, particularly in the present climate of the THB’s value rising inexorably against most other currencies, is that balances are potentially at risk of unwittingly dipping below the equivalent of 800k THB during the critical 5 months before and after an extension is applied for. For peace of mind I think that it would be better to get the required 800k deposited in a THB account, even if this means taking a hit on exchange rates.

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Has anyone managed to get a retirement visa at CW using a FCD account?

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2 hours ago, DaRoadrunner said:

Has anyone managed to get a retirement visa at CW using a FCD account?

Yes they have. They certainly accept them. I can recall more than one report of people using one.

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