Jump to content

What type of thai bank account for 800k baht for extension to stay based on retirement (OA visa)


Recommended Posts

My OA visa will expire in Aug 2016 and shorly before the expiry date I will apply for my first extension to stay based on savings (800k bt, I am not married). My question is: can I put this money in a thai fixed term deposit account, eg Bangkok bank 12mth deposit account? Will this be acceptable to immigration in Hua Hin as opposed to a regular current/savings account? I understand that for the first extension to stay the money needs to be seasoned in a Thai bank account for 2 months.

As an alternative if I put the equivalent (plus a little bit more to guard against exchange rate fluctuations) of 800k bt in a Bangkok bank foreign currency account would this be acceptable to Immigration when I apply for the extension to stay in Aug 2016?

Any current knowledge or personal experience of the two methods that I have outlined above would be greatly appreciated. Also any suggestions on other bank accounts by bank name and account name would be useful.

In anticipation many thanks.

Link to post
Share on other sites
  • Replies 49
  • Created
  • Last Reply

If you exit he country and return just prior to the "enter before" date on the O/A visa you will be given another 12 month permission to stay meaning that an extension does not have to be applied for until 2017. If any travel is intended during the second year of stay a reentry permit is needed.

Immigration will normally accept bank accounts which allow instant access to cash.

Link to post
Share on other sites

Immigration will accept a fixed term account as long as the funds can be withdrawn without delay or penalty other than loss of interest.

Some offices will also accept foreign currency accounts.

As said if it is your visa that is expiring you can do a border hop on or before the enter date on your visa and get a new one year entry.

Link to post
Share on other sites

Read the rules inside your bankbook. If it says something such as "No interest will be paid on funds withdrawn before the date of maturity", that is a good thing, because it means that you are allowed to withdraw funds. That is what Immigration wants to see. If it says something such as "No withdrawals are permitted before the maturity date, they won't let you use it.

Link to post
Share on other sites

I know the OP is using the Hua Hin immigration office, but I've used various Bangkok Bank fixed term savings accounts for the last few years in renewing my retirement extension of stay at Chaeng Wattana/Bangkok immigration....not a problem at that office.

Link to post
Share on other sites

I would definitely advise the OP against opening a GBP FCD account with Bangkok Bank for 2 reasons:-

(1) Far from guarding him against exchange rate fluctuations a GBP account might, on the contrary, increase the risk of the OP finding himself short at annual extension of stay time, especially if the GBP were to fall significantly in value against the THB over the next few months, which some forecasters are anticipating in the run-up to the EU membership referendum. Much better, I think, for him to get the necessary 800,000 safely stashed away in a suitable THB account in advance of the seasoning period.

(2) Based on my brief experience of holding a GBP FCD account with Bangkok Bank several years ago, he may well be stung for significant bank charges at both ends when transferring funds from the UK. For a £1,000 SWIFT transfer to my GBP FCD account I was charged my UK bank’s standard £22 fees plus a further £35 by Bangkok Bank (of which I was unable to find any mention on their website at that time). Needless to say that prompted me to close this account PDQ, and I now rely on Bangkok Bank’s excellent facility for transferring funds from my UK account to my standard THB savings account with them here via their London branch. The maximum charge for each transfer is a flat-rate £20 levied at the London end plus 0.25% levied at the Bangkok end (up to a maximum of 500 THB), on the basis that the GBP-to-THB conversion is performed in Bangkok rather than London, as is generally considered to be preferable.

Link to post
Share on other sites

A few related questions if the OP doesn't object to me hopping on the thread.

1) What is the best way of opening an account for the 800k? Presumably it's best to wait until a non o/a has been obtained and therefore a current account can be opened in Bangkok rather than just opening a savings account while on a tourist visa?

2) Are there any interest bearing accounts available here that are regularly used for this?

3l Is a current account with Bangkok Bank opened in Bangkok fully accessible through their UK branch? Or is it necessary to open an account separately in London before transferring money here?

4) Also, in the event of being unable to return to Thailand (say for health or family reasons), is the money deposited here available for easy withdrawal within the UK if I was unable to return? If so it would seem Bangkok Bank is the obvious choice for a UK citizen due to their presence in London.

Thanks.

Link to post
Share on other sites

A few related questions if the OP doesn't object to me hopping on the thread.

1) What is the best way of opening an account for the 800k? Presumably it's best to wait until a non o/a has been obtained and therefore a current account can be opened in Bangkok rather than just opening a savings account while on a tourist visa?

2) Are there any interest bearing accounts available here that are regularly used for this?

3l Is a current account with Bangkok Bank opened in Bangkok fully accessible through their UK branch? Or is it necessary to open an account separately in London before transferring money here?

4) Also, in the event of being unable to return to Thailand (say for health or family reasons), is the money deposited here available for easy withdrawal within the UK if I was unable to return? If so it would seem Bangkok Bank is the obvious choice for a UK citizen due to their presence in London.

Thanks.

1. with a O-A visa, there is no need to open an account in Thailand for 800,000 baht until two months before the first extension. It's possible to obtain nearly two years of "life" from an O-A visa by exiting Thailand just before expiration of the visa, re-entering and receiving a "permission to stay stamp" in your passport for 12 months. During that 12 months you will need to have a purchase a re-entry permit if you leave and and want to return to Thailand. A re-entry permit can be purchased at your local Immigration office or at the airport prior to exit. Cost is 1000 baht for single re-entry or 3800 baht for multiple re-entry.

That being said, it's still a good idea to have access to funds in a Thai bank account if you're living here, but it doesn't need to be 800,000 baht -- at least not for 2 months prior to your first application of for extension of extension of stay due to retirement, 3 months for subsequent applications. Most people call this annual application for extension of extension of stay due to retirement "renewing their retirement visa" but technically that's not what they're doing. The actual O-A visa expired one year after it was issued. After that, they're extending their permission to stay.

2. Yes, interest bearing account are commonly used for the 800,000 baht accounts.

3. No, you don't access your Bangkok Bank accounts through their UK branch. It's a commercial branch used to facilitate the ease of movement of funds between the UK and Thailand. You can get set up for internet banking with Bangkok Bank and there are options for bringing funds out of Thailand this way. You may wish to pose this question in the banking forum.

In general, Bangkok Bank is considered the best bank for retirees from the U.S. and U.K. because of their branches in those countries make it easier to move funds in and out of those countries.

Link to post
Share on other sites

Regarding a poster's suggestion to open a current account, forget about it.

Be sure to ask clearly for a savings account, if you don't already have one, and subsequently for any fixed deposit account from the bank's menue that you fancy; it doesn't necessarily have to be for 12 months but can be for a shorter or longer period. Banks sometimes have a special offer at higher interest rate for a shorter or a longer period than 12 months. Just make sure that before the next application for extension is due, you have at least 800k Baht in the same account for at least three months. Complications can arise, depending on your local immigration office, when, after the expiration of a fixed term deposit, the bank opens a new book with a new account number for the new fixed term deposit. Some banks now allow a renewal of an expired fixed term deposit with the same account number and bank book at the new interest rate applicable at renewal time.

Link to post
Share on other sites

They prefer to see a Time Deposit Bank book as this has only one entry. The problem with active saving accounts is that there can be multiple deposits and withdrawals, also they can be updated with consolidation so that a dip below B800,000 cannot be seen. A dip below B800,000 even for one day, 2 months before your application will result in the decline of your extension of stay. I took out a time deposit with Bangkok Bank last time for 7 months to overlap the extension and then cashed it in on maturity. Some Thai banks. including Bangkok Bank. do not want to deal with US citizens due to the paperwork forced on them by the United States, I.R.S. money laundering etc.

I came in the first time in 2010, on a 30 day permit to stay and immediately opened a B800,000 time deposit account at Bangkok Bank. I then obtained a Non-Immigrant 'O' Visa based on "Retirement" at Thai Immigration Div 1, Chaengwattana, which was immediately stamped "Used" and then I was given a 3 month permit to stay and told to come back in 60 days to check that the B800,000 was still untouched in the account. I was then given a further extension making a total of 12 months.

Link to post
Share on other sites

Fixed rate deposits are just fine at Chiang Mai Immigration, I've been using them for years. As another poster has stated, they can be cashed in at any time but with a loss of interest.

Link to post
Share on other sites

I have been using a Bangkok Bank 12mth deposit account for some time now and only once had issue with Immigration.

This was that when updating the bank book (on the day of my application) it only showed the date interest was paid, which in my case is 3 months before I do my extension. Immigration felt I might have withdrawn money in those 3 months, despite the bank letter matching the bank book.

To overcome this I now make a small deposit on the day of my application. Bank book shows the same date as my application to Immigration.

Link to post
Share on other sites

If you plan on stayiing a long time keep an eye on fixed deposit rates as sometimes there are some really good deals. My 800,000 was deposited in Krung Thai Bank in 2014 and bears 4% interest paid monthly for 5 years. Looks damned good compared to short-term rates of 1.65% or 1.8% at present. You can also file a Thai income tax return and get the 15% tax withheld refunded.

Link to post
Share on other sites

From several western countries, the Thai Immigration also accepts an income statement issued by your Embassy, so you don't have to put the money in a Thai bank account.

Check the website of your Embassy and look for 'Income statement for Thai Immigration' or call.

Last year there were some rumors about this didn't work no more, but last month I renewed my visa with this document without any problem.

Link to post
Share on other sites

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    No registered users viewing this page.


×
×
  • Create New...