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Jackson B

2-month seasoning of 800k Non-O: Account options?

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Just got my 90-day Non-O (retirement). I know I need to keep the 800k in an account two months prior to extension. What I'd like to know is whether I will have issues with the IO if I move this money to a separate account (obviously before the 2-month deadline). I can't see a legal reason why not, and others have pointed out this is possible. But has anyone experienced problems with this?

 

Also, the account I am thinking of using does not have a physical passbook, but a digital passbook, and a statement can be generated. Money can be withdrawn on-demand. Has anyone used this kind of account without a passbook?  I would be grateful to hear members' experiences. Any preferences for bank or account type? I'm not planning on touching the 800k.

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Keep in mind that you also need to keep the full 800K in the account for 3 months AFTER the visa was issued too!  (If you don't, you won't get your extension after 90 days.)

 

As to your question....

 

The issue you might have in the future is proving the source of the funds.  Are they from outside of Thailand?  You can prove that now because you bank book says that (or you got a bank letter verifying).  But if you move it to another account the money in the new account will appear to be from a Thai bank account.

 

If the new account is at the same institution, they may be able to issue you a bank letter verifying the funds were originally from outside of Thailand, but you would want to make absolutely sure of that first!  (Keep in mind that there is little that one can be absolutely certain about when it comes to things related to documents and immigration.) 

 

Safest bet is to keep the money where it is.

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4 minutes ago, asiacurious said:

Keep in mind that you also need to keep the full 800K in the account for 3 months AFTER the visa was issued too!  (If you don't, you won't get your extension after 90 days.)

 

As to your question....

 

The issue you might have in the future is proving the source of the funds.  Are they from outside of Thailand?  You can prove that now because you bank book says that (or you got a bank letter verifying).  But if you move it to another account the money in the new account will appear to be from a Thai bank account.

 

If the new account is at the same institution, they may be able to issue you a bank letter verifying the funds were originally from outside of Thailand, but you would want to make absolutely sure of that first!  (Keep in mind that there is little that one can be absolutely certain about when it comes to things related to documents and immigration.) 

 

Safest bet is to keep the money where it is.

Thanks for the effort, but yes,.. I know it has to remain 3 months after extension. That's fine.

 

As to proof of international transfer, that part has already done. They don't ask for the same proof again (I'm told).

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what is this account of which you are thinking?

at a thai bank or some online deal on the intertubes?

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OP, what's the point of your plan.

Surely can't be interest rate.

Leave funds in existing account. 

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1 hour ago, Jackson B said:

What I'd like to know is whether I will have issues with the IO if I move this money to a separate account (obviously before the 2-month deadline). I can't see a legal reason why not, and others have pointed out this is possible. But has anyone experienced problems with this?

 

Also, the account I am thinking of using does not have a physical passbook, but a digital passbook, and a statement can be generated. Money can be withdrawn on-demand. Has anyone used this kind of account without a passbook? 

I read a report where an IO used the "no passbook" case to try to force the applicant to an agent, by refusing the application for 1900 Baht.

 

Just keep in mind, their game is to get you on something that they can use as an excuse to force you to an agent, so they collect a big bonus.  Act accordingly. 

 

And yes, very silly not to allow, or even encourage, investment types of accounts that fund business activity here - but ...

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1 hour ago, Jackson B said:

Thanks for the effort, but yes,.. I know it has to remain 3 months after extension. That's fine.

 

As to proof of international transfer, that part has already done. They don't ask for the same proof again (I'm told).

Well, since you original question only mentioned a 2 month deadline I figured didn't know about the 3 months after requirement, or thought it was only 2 months after.  (You obviously knew about the 2 months before since you have your visa!)

 

If you don't plan to renew next year, you can take all the money out and do anything you want with it after the 3 months.

 

But as to your reply, they don't ask again... until you renew next year. 

 

You'll need to have proof of 800K from a foreign source in your account for 3 months prior to the renewal, not 2 months like the first time - although you probably already know this.  If you move your first year funds to a different bank, you'll almost certainly lose the proof on those funds and will have to move new money into Thailand.  (Although as I've said, if all the moving is being done at the same bank, they may be able to issue you the letter you need.)

 

1 hour ago, Jackson B said:

Any preferences for bank or account type? I'm not planning on touching the 800k.

 

Since you said you don't plan on touching the money, I'll assume that you do plan on renewing.  So the safest route (and I would dare say the only route) to earn some interest without losing your proof of origin, is to keep the funds at the same bank. 

 

Most banks offer various options (like interest bearing accounts or CDs).  See if the bank you're already at offers something.

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2 hours ago, ChouDoufu said:

what is this account of which you are thinking?

at a thai bank or some online deal on the intertubes?

Of course a Thai bank. That is a requirement.

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2 hours ago, DrJack54 said:

OP, what's the point of your plan.

Surely can't be interest rate.

Leave funds in existing account. 

A number of reasons, but I want to keep it separately. Same bank. I'm really interested to hear of other people's real life experiences, as there is conflicting advice. IO suggested switching it on the day of extension, but that sounds dubious to me. Surely the window of opportunity is before the 2-month clock starts ticking.

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From my experience, imm wants both a passbook, a statement and a letter.

 

So if you are not going to give a passbook copies, then why should we?

 

Digital bank book gives a slightly higher interest but there are other disadvantages.

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18 hours ago, asiacurious said:

You'll need to have proof of 800K from a foreign source in your account for 3 months prior to the renewal, not 2 months like the first time - although you probably already know this. 

There has been no 3 months requirement since March 1st of last year when the new rules went into that eliminated the 60 day for the first extension and 3 months after that. And there has never been a requirement  to prove the funds came from abroad for a extension application.

 

18 hours ago, asiacurious said:

Since you said you don't plan on touching the money, I'll assume that you do plan on renewing.  So the safest route (and I would dare say the only route) to earn some interest without losing your proof of origin, is to keep the funds at the same bank. 

Again not correct.

He can move the 800k baht into another account without a problem if he moves it before the he applies for his first extension.

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8 hours ago, Jackson B said:

Of course a Thai bank. That is a requirement.

 

sorry, no way i could know that a thai bank managed the account you're "thinking of."  assumed it was some interwebs bank that paid higher interest rates.

 

why not mention the bank and account type to see if any members have experience with that specific account?

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19 hours ago, Jackson B said:

Thanks for the effort, but yes,.. I know it has to remain 3 months after extension. That's fine.

 

As to proof of international transfer, that part has already done. They don't ask for the same proof again (I'm told).

If you move your money to another account in the same bank, then it will be totally ok. No one will ask for proof of international transfer again. 

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20 hours ago, asiacurious said:

Keep in mind that you also need to keep the full 800K in the account for 3 months AFTER the visa was issued too!  (If you don't, you won't get your extension after 90 days.)

 

As to your question....

 

The issue you might have in the future is proving the source of the funds.  Are they from outside of Thailand?  You can prove that now because you bank book says that (or you got a bank letter verifying).  But if you move it to another account the money in the new account will appear to be from a Thai bank account.

 

If the new account is at the same institution, they may be able to issue you a bank letter verifying the funds were originally from outside of Thailand, but you would want to make absolutely sure of that first!  (Keep in mind that there is little that one can be absolutely certain about when it comes to things related to documents and immigration.) 

 

Safest bet is to keep the money where it is.

 i am living here for 13 years now. Do i understand correctly i cannot apply for retirement visa with the money i made in Thailand? I might be in hot water in march with extending my Non B so maybe i need a retirement visa. Transfer the money 800k now up and down to europe first would be advisable?

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20 hours ago, Jackson B said:

Thanks for the effort, but yes,.. I know it has to remain 3 months after extension. That's fine.

 

As to proof of international transfer, that part has already done. They don't ask for the same proof again (I'm told).

Money for retirement deposit don't need to come from foreign source, any money will do.

 

You should check with the local immigration office that is going to extend your stay for one year – the rules can be slightly different from office to office – what kind of documentation they accept. Often it's both a letter from the bank verifying the deposit, and a bank-statement for the past two month – both dated within very few days before the application – and portrait-format photocopies of all pages in the bankbook.

 

Many use a fixed bank account for best interest. The importance is that you can withdraw the money at any time, often it's allowed with loss of interest only. You will need your 800k to be in the deposit from two month before your application for extension of stay, and three month after you have been granted extension of stay. Thereafter the deposit account shall hold a minimum of 400k baht at any time until two month before next application for extension of stay, where the account shall be back on 800k baht.

 

If you can afford it, the easiest way is to use a fixed 12-month deposit, leaving the 800k baht, and cashing the interest once a year...🙂

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