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19 hours ago, ubonjoe said:

As long as the balance never goes below 800k baht doing the withdrawals would not be a problem.

Correct me if i am wrong. Is it not the 800k never goes below 400k doing withdrawals.

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42 minutes ago, pauleddy said:

If I decide to move to Malaysia or Japan can I have easy access to my 800,000 in SCB (if I have a destination bank?). Presumably I do this after I renew my Retirement Ext or at any time before the next due date. I guess there will be transaction costs.

 

I was worried about this because I read that only 50,000b can be taken out of Thailand. Do the banks alert immigration that PaulEddy no longer has the money which entitles him to renew his Ret. Ext? Am I here illegally, or am I just being paranoic?

 

On the same note, if I am determined to move, I will not need a re-entry permit. If I ever came on holiday I would simply get 1 month stay at the airport?

 

Not sure in baht but it used to be 15,000 in us dollars

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Posted (edited)

My question was about leaving Thailand permanently and whether I can withdraw my 800,000 deposit from the bank without bureaucratic minefields e.g. Am I illegal once I take the money out? Or can I just send the money to a UK bank in the same way I had to when the money arrived here, but in reverse?

Edited by pauleddy

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19 minutes ago, pauleddy said:

My question was about leaving Thailand permanently and whether I can withdraw my 800,000 deposit from the bank without bureaucratic minefields e.g. Am I illegal once I take the money out? Or can I just send the money to a UK bank in the same way I had to when the money arrived here, but in reverse?

You can arrange for the transfer at your bank. You will have to complete a application form to do it. Check with your about about what is required.

They certainly would not notify immigration if you moved it out of your account.

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Can some body tell me how to take my 800K back to my home country after i decide to leave Thailand for ever ?

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18 hours ago, flossie35 said:

Thanks - good news!

You never withdraw money from a Fixed Deposit Account because the interest rate will drop to the same rate as for a common savings account ~0.5%. The whole idea with parking the money in a FDA is the better interest rate. You should keep the 800k (or a little bit more) for immigration purposes and have a savings account for general expenses.

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47 minutes ago, pauleddy said:

My question was about leaving Thailand permanently and whether I can withdraw my 800,000 deposit from the bank without bureaucratic minefields e.g. Am I illegal once I take the money out? Or can I just send the money to a UK bank in the same way I had to when the money arrived here, but in reverse?

>> Did sent you a PM addressing the issue.

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4 hours ago, anfh said:

I thoight immigration did not likr fixed accounts as they want to see that you a tually have funds for living on daily basis and see the account being used ??? 

That was before 2019 - now they require 800k or more be in bank 5 months of the year and 400k or more the remaining months.  So a bit hard to use funds for living or even emergency medical expense anymore.

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You can keep your money hidden and so not let on how you have, transferring in from overseas when you need it. A way around this is going to a visa office as I did, it cost me 25,000b, but I did not have to put up any cash the agent handled it.  A word of warning, only go to an agent who other farangs go to, as you have to hand over your bank book for a short time and allow them to create the documentation.

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5 hours ago, Kerryd said:

Fixed Term accounts don't come with an ATM card and you (personally) have to go to the bank to do a transaction on the account.

That prevents anyone from "accidentally" (or purposely) taking the money, even if they somehow get a hold of your ATM card and PIN.

Which can prove very inconvenient, and expensive, when you're dead. Expensive, because in all likelihood, that fixed account will need to go through probate before reaching its beneficiary. And on this forum, we've seen the cost of some probates in the 50,000 baht range. Ouch.

 

But a savings account can be emptied out by someone, presumably your beneficiary, upon your death. And that beneficiary can even be a co-signatory on this savings account, if set up that way, meaning she can take your passbook to the teller and take out whatever she wants. Her name doesn't physically show up (except under UV) on the passbook -- so your account appears to Immigration for exactly what it is: your individual account, i.e., no question of jointness. And, of course, unlike with a fixed account, your savings account proceeds can be removed with an ATM card, or with an online transaction. All very handy to avoid probate.

 

Yeah, the legality of all of this, when you're dead, is questionable -- and lots of discussion about this on the Will threads. But a fait accompli, without any aggrieved party, wouldn't seem to get any legal hackles up. In fact our bank manager out here in the sticks, with a wink and a nod, advised us to do it that way. (The wife's co-signatory power probably evaporates upon my death, same as for a power of attorney. But, who's going to compare death date with the date my account gets cleaned out.....?)

 

And, with today's crummy interest rates, not much opportunity cost from not having the interest from a fixed account.

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True.
In my case (or my dad's case) - his female companion had apparently been stealing 20,000 baht a day from his account while he was bed-ridden with late stage lung cancer. She told him the money was for medicine. 20,000 a day !
When I came back on holiday she tried to steal the balance of his account before I could find out what was going on but the bank balked. They let her get away with taking 20,000 a day for weeks without seeing dad or even calling him, but balked when she tried to take 250,000 in one shot.

After he died I took his passport, ID, ATM card and bank books and locked them in my house. I went back to work right after the ceremony and couldn't do anything with his estate until I got back again a couple months later.

That's when I found out that she had somehow managed to get a new bank book and apparently still had copies of a signed photocopy of dad's passport and was able to use that to continue taking 20,000 a day from his account until it was empty. She even went back 6 weeks later and swiped the small interest payment that was deposited.
I went to the bank and asked them how it was possible for her to do that when dad was dead and they shrugged their shoulders. No idea.

I had no idea she'd be able to somehow be able to keep taking money from his account when I had his bankbook and ATM card and passport (and phone even). The bank was supposedly supposed to phone him every time she went there to make a withdrawal on his behalf. I'm guessing she had some "inside" help as there is no way she should have been able to get a new bankbook without dad being there to sign it.

However, if that's the kind of thing you don't mind happening after you're gone, too easy. 

You can always set up 2 savings accounts. One for your day to day needs and one for the "visa money". Doesn't have to even be in the same bank.

And from experience, as long as you have a large enough balance, there's no account fee to whittle it down to nothing and the account can stay dormant for years without being closed. (I had an account I opened in 2009, put 5,000 into it and left it. Went in last year and it had gone "dormant" - sort of. It was still collecting a tiny amount of interest every year but I had to wait a day for them to "reactivate" the account before I was able to take the money out. Earned a whole 171 baht in interest (after taxes) over those 10 years !)

 

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