800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

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Somchai499
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800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by Somchai499 » February 18, 2019, 4:48 pm

Hi,

has anybody put their THB 800,000 for extension of stay based on retirement into a fixed term deposit? And was Udon Immigration happy with that?

Many thanks



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Lone Star
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by Lone Star » February 18, 2019, 4:57 pm

Somchai499 wrote:
February 18, 2019, 4:48 pm
Hi,

has anybody put their THB 800,000 for extension of stay based on retirement into a fixed term deposit? And was Udon Immigration happy with that?

Many thanks
Can't swear by it, but I think I remember Giggle saying he has a fixed term deposit, but I think he's in Nong Khai.
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jackspratt
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by jackspratt » February 18, 2019, 5:03 pm

Somchai499 wrote:
February 18, 2019, 4:48 pm
Hi,

has anybody put their THB 800,000 for extension of stay based on retirement into a fixed term deposit? And was Udon Immigration happy with that?

Many thanks
Yes and yes.

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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by vincemunday » February 18, 2019, 5:10 pm

I've always kept mine in a fixed term deposit and it's never been an issue with immigration but these are strange times.
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by minimiglia » February 18, 2019, 5:15 pm

Yes have done for years and get a fixed rate of 1.8%

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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by glalt » February 18, 2019, 5:33 pm

It depends on the immigration office. I had mine in a farmers bank interest bearing account, but, I could withdraw it anytime. That met the immigration requirement. No problem for several years. THEN, the immigration office got a new boss. That farang hating **** refused to accept it. I offered to put it in a saving account the next day. That wasn't good enough either. It had to be in the savings account for three months. She said I had to leave the country, come back and start over. I ended up going to the US Embassy and getting an income letter. She didn't like that but accepted it. They seem to make up their own rules as they go along.

ADDED - That cost me a trip to Bangkok, the cost of the letter and when I got back a thousand baht fine for a two day overstay. I was NOT happy.

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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by skinner » February 18, 2019, 5:53 pm

Many years ago a friend had 200,000 ( the requirement at the time ) in a fixed term deposit.
He was refused at Suan plu , as the officer said it must be accessible. He left the office , went back next day, different officer, no problem. TIT, EVERYTHING IS UP TO THE OFFICER YOU ARE DEALING WITH.

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Giggle
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by Giggle » February 18, 2019, 7:30 pm

A fixed account IS accessible. It is equally as accessible as a regular account.
The principle is UNAFFECTED if the requirements of the fixed term are violated.

If you pull the money early for any reason, the 800k is unaffected. The interest is what's at issue, not the principle.

Armyvet
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by Armyvet » February 19, 2019, 11:55 am

I have maintained the 800,000 for years, never a problem other than being told I could use it or asked why I didn't use it.

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Lone Star
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by Lone Star » February 19, 2019, 12:27 pm

Armyvet wrote:
February 19, 2019, 11:55 am
I have maintained the 800,000 for years, never a problem other than being told I could use it or asked why I didn't use it.
Excellent feedback. Thanks!

I have to surmise that the new regs are meant to make sure (reasonably and at a minimum) that expats really can care for themselves financially in an emergency. Small amount of money considering the cost of long-term health issues.

Thanks again, Armyvet!
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by RLTrader » February 19, 2019, 12:52 pm

Would think since most of the world has free health care, except Americans, most would return if that sick. Plus don't think 800K or $25K US dollars would get one much in health care in the states or even here.

Just a thought, think its all just BS

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Giggle
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by Giggle » February 19, 2019, 2:44 pm

Nothing is free. Not anywhere.

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parrot
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by parrot » February 19, 2019, 2:49 pm

RLTrader wrote:
February 19, 2019, 12:52 pm
Would think since most of the world has free health care, except Americans, most would return if that sick. Plus don't think 800K or $25K US dollars would get one much in health care in the states or even here.

Just a thought, think its all just BS
By the time you've had a serious vehicle wreck or heart attack, it's pretty much too late to return to one's home country. An American who lives near Khonkaen recently had a serious vehicle accident.....broken bones, blind in both eyes.

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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by pipoz4444 » February 19, 2019, 3:04 pm

Armyvet wrote:
February 19, 2019, 11:55 am
I have maintained the 800,000 for years, never a problem other than being told I could use it or asked why I didn't use it.
Good move

I just think its a smart/prudent move, to park that TB 800,000 in the Bank and forget about it, leaving it to your TG or Wife in your Will, should anything unexpected happen. :-k

Having said this, I do realize that it is not any easy task for some, particularly those who maybe in fixed income pensions etc.

Each to his own (Suum cuique), whatever one can afford :lol:

pipoz4444

RLTrader
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by RLTrader » February 19, 2019, 3:33 pm

parrot wrote:
February 19, 2019, 2:49 pm
RLTrader wrote:
February 19, 2019, 12:52 pm
Would think since most of the world has free health care, except Americans, most would return if that sick. Plus don't think 800K or $25K US dollars would get one much in health care in the states or even here.

Just a thought, think its all just BS
By the time you've had a serious vehicle wreck or heart attack, it's pretty much too late to return to one's home country. An American who lives near Khonkaen recently had a serious vehicle accident.....broken bones, blind in both eyes.
The exact same thing could happen to someone on a week vacation here, is more so likely. Guess they should not be allowed in without travel insurance.

Right, lets build a big beautiful Wall.

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Lone Star
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by Lone Star » February 19, 2019, 3:37 pm

RLTrader wrote:
February 19, 2019, 12:52 pm
Would think since most of the world has free health care, except Americans, most would return if that sick. Plus don't think 800K or $25K US dollars would get one much in health care in the states or even here.

Just a thought, think its all just BS
Apparently, you have never heard of Medicaid (1965) for those less fortunate. Some states have their own state hospital systems to care for those of less means. No health care is free anywhere in the world. Someone is paying for it in some way. I'm paying for Medicaid for someone else through my federal income taxes.

Based on my conversations with my Thai Immigration contact in BKK, the new regs are to weed out those who can't afford to be here. I have no idea what is necessary, but I agree with you on the amount regarding getting much health care; but there seems to be enough instances of expats skipping out on hospital charges -- or emergencies where the hospital is on the hook -- for them to set some reasonable amount.

I never thought it was BS. I actually thought that it is just tougher restrictions on proving income (or ability to pay).
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by RLTrader » February 19, 2019, 3:52 pm

So in your post
enough instances of expats skipping out on hospital charges.
How would a bank account stop that? Seems to me, before skipping out one would drain bank account. Maybe I am missing something.

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Lone Star
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by Lone Star » February 19, 2019, 4:16 pm

RLTrader wrote:
February 19, 2019, 3:52 pm
So in your post
enough instances of expats skipping out on hospital charges.
How would a bank account stop that? Seems to me, before skipping out one would drain bank account. Maybe I am missing something.
No one said it would. Only relaying one of the reasons provided to me when I began inquiring. It pretty much falls in the the category of 200 baht fines being effective for a helmet requirement on a motorcycle. May not solve the problem, but there you go.

IF you have any disdain for Thai authorities setting guidelines for expats to remain here, and you don't like what they're doing, you have a choice.

I don't ask why. I don't over-analyze whether or not it makes sense. I comply and smile and relax. If the day ever comes that I can't comply, then I'll be forced to leave. That's the risk that everyone took who chose to come here.
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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by RLTrader » February 19, 2019, 4:24 pm

:lol: :-k

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Re: 800.000 bank deposit retirement ext - Can it be in a fixed deposit account?

Post by RLTrader » February 19, 2019, 6:21 pm

Beware of people that claim to have friends in high places.

The Problem with most is when their Governments tell them that the sky is Orange, they believe it. Even though when they look out their dirty windows, because they forgot to pay the cleaning Lady, they can see that it is blue. They then blame the cleaning Lady.

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