Bank Account for Retirement

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LoneTraveler
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Bank Account for Retirement

Post by LoneTraveler » February 15, 2019, 10:25 am

After all of the on-line information and word of mouth about the financial requirements effective 01 March, I have decided to do the 800K in Bank. The monthly income method appears too vague to rely on for this year's extension and with the end of BKK Bank NY ending the ACH fund transfers on April 01, it will be even harder for my next extension. I have been told not to rely on the monthly income and money in bank either, they are pushing the 800K in Bank.

My question; can one have 2 bank accounts with the amount of 400K in each for the retirement extension? I was going to ask when I was in Immigration this past Monday but they were very busy, never seen it so busy at 10am. The IO doing the 90 day was taking 3 passports at a time and moving people along quickly so I moved on without the answer to my question.

Thank you in advance



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Lone Star
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Re: Bank Account for Retirement

Post by Lone Star » February 15, 2019, 10:39 am

LoneTraveler wrote:
February 15, 2019, 10:25 am
After all of the on-line information and word of mouth about the financial requirements effective 01 March, I have decided to do the 800K in Bank. The monthly income method appears too vague to rely on for this year's extension and with the end of BKK Bank NY ending the ACH fund transfers on April 01, it will be even harder for my next extension. I have been told not to rely on the monthly income and money in bank either, they are pushing the 800K in Bank.

My question; can one have 2 bank accounts with the amount of 400K in each for the retirement extension? I was going to ask when I was in Immigration this past Monday but they were very busy, never seen it so busy at 10am. The IO doing the 90 day was taking 3 passports at a time and moving people along quickly so I moved on without the answer to my question.

Thank you in advance
I'm guessing that you could, but you'd be making double work for yourself going to two banks to get verification letters. As long as it is 800,000 total, it should be okay; but always remember TIT.
AMERICA: One of the Greatest Stories Ever Told.

LoneTraveler
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Re: Bank Account for Retirement

Post by LoneTraveler » February 15, 2019, 12:16 pm

I forgot to mention both accounts are in BKK Bank (1) direct deposit account and (2) regular saving account.

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Lone Star
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Re: Bank Account for Retirement

Post by Lone Star » February 15, 2019, 12:21 pm

LoneTraveler wrote:
February 15, 2019, 12:16 pm
I forgot to mention both accounts are in BKK Bank (1) direct deposit account and (2) regular saving account.
Easier for you and better for Immigration. You will probably be in the clear.
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pal52
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Re: Bank Account for Retirement

Post by pal52 » July 8, 2019, 12:10 pm

Just did my 1 year renewal for retirement visa today.
No problems & everyone nice & polite & friendly.
Only took 45 mins & they were busy.
I took my Foreign Currency Deposit/Savings account book with me (Singapore $).
Asked if I could use this as my 800,0000 baht requirement.
I was told as long as it was in a Savings /Deposit account and the exchange rate on the day was equivalent to 800,000 it was OK.

glalt
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Re: Bank Account for Retirement

Post by glalt » July 8, 2019, 12:49 pm

Keep in mind that each immigration office makes its own rules. I had my account at a local Farmers Bank. It paid decent interest and I could take out the money at any time. It was approved by local immigration and all went well for several years. THEN, the immigration office got a new boss. Now that account was not acceptable. After an argument I agreed to put the money in a SCB savings account the very next day. That was also not acceptable because the money had to be in the SCB account for three months. Just totally unreasonable. To make a long story short, I had to go to the US Embassy in Bangkok and get an income letter. When I got back to my local immigration office, I was fined a thousand baht for a two day overstay. Fortunately that miserable woman is now gone and I am treated with courtesy once again.

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saint
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Re: Bank Account for Retirement

Post by saint » July 8, 2019, 12:51 pm

Was that a Thai bank foreign currency account ?

pal52
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Re: Bank Account for Retirement

Post by pal52 » July 8, 2019, 1:15 pm

saint wrote:
July 8, 2019, 12:51 pm
Was that a Thai bank foreign currency account ?
Yes it was in the Kasikorn bank but I would think the Bangkok bank or any other bank would be the same.

I have the same accounts in US$, Aus $, & GBP so I can transfer money when the exchange rates are good which seems never at the moment & was told any one of them is OK.

I had to close my accounts in the UK as being expatriate I was not allowed to have a bank account there so I transferred the money & kept in the currency.

I also had accounts in Singapore after working there for several years & did the same there

I am not interested with other Immigration office rules only Udon Thani which is why I tried to clarify their rules today.

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semperfiguy
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Re: Bank Account for Retirement

Post by semperfiguy » July 8, 2019, 6:28 pm

pal52 wrote:
July 8, 2019, 12:10 pm
Just did my 1 year renewal for retirement visa today.
No problems & everyone nice & polite & friendly.
Only took 45 mins & they were busy.
I took my Foreign Currency Deposit/Savings account book with me (Singapore $).
Asked if I could use this as my 800,0000 baht requirement.
I was told as long as it was in a Savings /Deposit account and the exchange rate on the day was equivalent to 800,000 it was OK.
Pal52, will you kindly clarify the Savings/Deposit account to which you have referred above? I have a USD FCD Savings Account and a USD FCD Fixed Deposit Account at Bangkok Bank, and the funds are accessible on demand for either account. I have never tried to use the Fixed Deposit account for my retirement extension, but plan to do so next June. One of my Aussie friends used his USD Fixed Deposit Account last May for his retirement extension and all went well after he presented his letter from the bank indicating that the money was accessible immediately and was equivalent to over 800,000 Baht for the previous three months. The new Immigration Director in Udon was on duty at that time and approved his extension.
"People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf". - George Orwell

pal52
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Re: Bank Account for Retirement

Post by pal52 » July 8, 2019, 7:03 pm

semperfiguy wrote:
July 8, 2019, 6:28 pm
pal52 wrote:
July 8, 2019, 12:10 pm
Just did my 1 year renewal for retirement visa today.
No problems & everyone nice & polite & friendly.
Only took 45 mins & they were busy.
I took my Foreign Currency Deposit/Savings account book with me (Singapore $).
Asked if I could use this as my 800,0000 baht requirement.
I was told as long as it was in a Savings /Deposit account and the exchange rate on the day was equivalent to 800,000 it was OK.
Pal52, will you kindly clarify the Savings/Deposit account to which you have referred above? I have a USD FCD Savings Account and a USD FCD Fixed Deposit Account at Bangkok Bank, and the funds are accessible on demand for either account. I have never tried to use the Fixed Deposit account for my retirement extension, but plan to do so next June. One of my Aussie friends used his USD Fixed Deposit Account last May for his retirement extension and all went well after he presented his letter from the bank indicating that the money was accessible immediately and was equivalent to over 800,000 Baht for the previous three months. The new Immigration Director in Udon was on duty at that time and approved his extension.
I showed them my bankbook & showed where I had transferred money to my Thai baht Savings account explaining it was available on demand.

They said as long as it was available on demand there was no problem using it for my retirement extension as long as the amount that was in it complied with the 3 month 800,000 baht rule.

They also said the exchange rate that would be used was on the date of the application for the extension.

If in any doubt I would go to Immigration 3 months before June and clarify what they need on the statement from your bank.

I know I will do that next year as I will only transfer money to my Thai baht deposit / savings account when the exchange rate is good??.

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Hoopoe
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Re: Bank Account for Retirement

Post by Hoopoe » July 9, 2019, 2:16 am

pal52 wrote:
July 8, 2019, 1:15 pm


I had to close my accounts in the UK as being expatriate I was not allowed to have a bank account there so I transferred the money & kept in the currency.

HY , re- this quote ,
I have been out of the UK some 20years now and still have three RBS account's in my name with my Thai address , also two BLME accounts in the uk with my Thai address ,But on the same note LLoydds TSB will not allow my Thai address so i have my daughters address down for that , so it would seem some UK banks allow Expats to have accounts and some do not ,

pal52
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Re: Bank Account for Retirement

Post by pal52 » July 9, 2019, 7:39 am

Hoopoe wrote:
July 9, 2019, 2:16 am
pal52 wrote:
July 8, 2019, 1:15 pm


I had to close my accounts in the UK as being expatriate I was not allowed to have a bank account there so I transferred the money & kept in the currency.

HY , re- this quote ,
I have been out of the UK some 20years now and still have three RBS account's in my name with my Thai address , also two BLME accounts in the uk with my Thai address ,But on the same note LLoydds TSB will not allow my Thai address so i have my daughters address down for that , so it would seem some UK banks allow Expats to have accounts and some do not ,
I had accounts with Santander Building Society (Abbey National) and Virgin (Northern Rock). I also held shares with Santander.
They were all registered at my fathers address for 17 years with no problem.

When I got my state pension I registered to be paid direct to Thailand to stay within the law.

Within 9 months of getting my pension letters were sent to my fathers house stating I must send proof of residency at his house IE Poll tax payment or my accounts would be frozen along with my shares.

I contacted the shares people & Building Societies and was informed that if I could not provide proof of residency it was better to close the accounts & transfer the money.

They said this was a Government requirement to stop foreigners money laundering but I could open an Offshore Bank Account & transfer the money into that.

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saint
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Re: Bank Account for Retirement

Post by saint » July 9, 2019, 7:44 am

pal52 wrote:
July 8, 2019, 1:15 pm
saint wrote:
July 8, 2019, 12:51 pm
Was that a Thai bank foreign currency account ?
Yes it was in the Kasikorn bank but I would think the Bangkok bank or any other bank would be the same.

I have the same accounts in US$, Aus $, & GBP so I can transfer money when the exchange rates are good which seems never at the moment & was told any one of them is OK.

I had to close my accounts in the UK as being expatriate I was not allowed to have a bank account there so I transferred the money & kept in the currency.

I also had accounts in Singapore after working there for several years & did the same there

I am not interested with other Immigration office rules only Udon Thani which is why I tried to clarify their rules today.
Good information , Thankyou . Do you get any interest from this account ?

Armyvet
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Re: Bank Account for Retirement

Post by Armyvet » July 9, 2019, 12:51 pm

In the 16 years I have been here it has often been interesting at the efforts to avoid or satisfy Immigration. In general, what is expected is usually pretty clear but the efforts run from amusing to downright stupid. Just do what is required and get over it, your life will be more stress free.

pal52
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Re: Bank Account for Retirement

Post by pal52 » July 9, 2019, 5:14 pm

Good information , Thankyou . Do you get any interest from this account ?

I get interest on all accounts except the Singapore $ account.
Best to check the Interest rates at the banks on the Internet whether it be SCB, Bangkok or Kasikorn.

Personally I would use the Bangkok bank for a foreign Currency account as you get a far better exchange rate when you need to transfer money into your Thai Baht account.

The only bank you can open a Foreign currency account with Kasikorn is at Central Plaza branch.

I tried at my local Branch & was told to go to Central Plaza & they told me I could not as I only had a Retirement visa.
Luckily I had my son with me who speaks Thai & English & he sorted it out.

I believe the only Branch to open an account for Bangkok Bank is the Main one on Posri road.

In the 16 years I have been here it has often been interesting at the efforts to avoid or satisfy Immigration. In general, what is expected is usually pretty clear but the efforts run from amusing to downright stupid. Just do what is required and get over it, your life will be more stress free.



No one is trying to avoid Immigration rules only comply with what is require by Udon office to the best advantage & the exchange rates which are currently available.

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kopkei
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Re: Bank Account for Retirement

Post by kopkei » July 9, 2019, 6:50 pm

what about the new 3 months after rule and not being able to go lower than 400.000 baht ? ;)

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saint
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Re: Bank Account for Retirement

Post by saint » July 10, 2019, 2:59 am

Armyvet wrote:
July 9, 2019, 12:51 pm
In the 16 years I have been here it has often been interesting at the efforts to avoid or satisfy Immigration. In general, what is expected is usually pretty clear but the efforts run from amusing to downright stupid. Just do what is required and get over it, your life will be more stress free.
My life will never be stress free . Just yesturday i spent all day worrying about what i was going to have for dinner last night . The day befores stress was where to go for lunch , without having to drive into town .
Its not about circumnavigating the I O rules , its about making your money work to your advantage . :roll:

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Re: Bank Account for Retirement

Post by WimH » July 10, 2019, 9:15 pm

pal52 wrote:
July 9, 2019, 5:14 pm
I believe the only Branch to open an account for Bangkok Bank is the Main one on Posri road
I opened a Euro account in the Central plaza Bangkok Bank branch. Took a while, but eventually all was ok ..

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