Answered4 years ago
Can I move my 800,000 THB to a fixed deposit account without affecting my visa extension?
Hoping someone may be able to help. I have the 800,000 in a bank account which will just sit there for immigration purposes. At the moment it is in a savings account. I would like to move to a fixed account which will give a little more interest. The account would be at the same bank. But I am a little concerned as to how immigration would veiw this. If they see it as withdrawing all the money from the account it could mess up my next extension. Does anyone have experience of this.
Answer summary
The user is concerned about transferring 800,000 THB from a savings account to a fixed deposit account for better interest rates, fearing it might impact their visa extension. Comments suggest ensuring the funds remain accessible and considering timing with immigration processes; it's advised to wait until after the extension is completed before making the move to avoid complications. The banking process in Thailand is described as cumbersome, and opinions on the value of interest gained through fixed deposits are mixed.
19 repliesnewest first
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Andy *********
The banks will deduct tax from accounts.
It can be recovered by filing paperwork.
It's possible to go back 3 years, so possibly if I do it I will apply for 3 years at the same time.
It can be recovered by filing paperwork.
It's possible to go back 3 years, so possibly if I do it I will apply for 3 years at the same time.
Andy *********
SCB Easy Savings Account is 1.5% and not a Fixed Deposit.
Steve **********
I have a fixed account and have for 4 years. There is no issue at all.
In reference to your question I would do this: wait until you do your extension. Do your 90 day and show funds. Once that is done change accounts. I was contemplating doing a similar thing and that was the advice from Jomtien immigration.
You never know what representative you get the day you do your extension and how they treat you. Might have had a bad night and now you’re screwed because it’s not the full time in one set account.
In reference to your question I would do this: wait until you do your extension. Do your 90 day and show funds. Once that is done change accounts. I was contemplating doing a similar thing and that was the advice from Jomtien immigration.
You never know what representative you get the day you do your extension and how they treat you. Might have had a bad night and now you’re screwed because it’s not the full time in one set account.
Tom *********
Keep in mind that Thai Banking is the most retarded worldwide....! I am cursing the BKK morons each time I have to deal with them and opening and then closing a fixed account is a very time consuming and utterly idiotic bureaucratic nightmare....! Back in Europe I do it in my pajamas online in less than 2 minutes....! Bottom line: the difference in interest rates is zero point a little bit, minus taxes..., so not really worth it !
Steve *******
OP@Tom ********
as you say, probably not worth all the hassle for the little extra you may make. It's certainly not easy dealing with Bangkok Bank.
Patrick ********
Ask todd
Peter *******
Move the 400k then remaining 400k is a good idea
Andy *********
During the period when it can remain at 400k or more, move 400k to the Fixed Deposit.
Once that is safely moved, moved the other 400k.
Obviously have a little more than exactly 800k before moving any, and make sure there won't be any bank fees to take you below the required amounts.
Once that is safely moved, moved the other 400k.
Obviously have a little more than exactly 800k before moving any, and make sure there won't be any bank fees to take you below the required amounts.
Stuart *********
It must be in account that allows instant access to the funds. A fixed term account is not accepted where you can’t access funds for x months.
Tom *********
@Stuart ********
" you can’t access funds for x months." This is NOT TRUE for a fixed account / term deposit ! It is accessible at any time during the contract, you just loose the interest if you cancel.Steve *******
OP@Stuart ********
I was under the impression that a fixed term account was acceptable as you can have instant access to your money. The only penalty if you do withdraw is loss of interest for that year. I know you cannot use accounts where you have to lock your money away for any period of time without access. But maybe I have it wrong.Stuart *********
@Steve ******
Sorry edited my reply. I had typed one thing then changed it but left that bit in. Yes if you can get acesss to the funds that will work.
A fixed term no access account won’t work.
Steve *******
OP@Stuart ********
thanks for the confirmation. All I need to know now is will it mess up my next visa extension if I close one account and open another, all within the same bank. Will immigration just see it as all the money withdrawn from the account thus breaking there rules even though only for a minimal period.Andy *********
Steve Lacey
You were correct - Fixed Deposit is acceptable - No problem.
You were correct - Fixed Deposit is acceptable - No problem.
Steve ********
My advice is start the 65k/month transfers, so when you have twelve months worth you can withdraw the 800k sitting in a useless Thai bank account. The most interest you'll ever get is 1%
Steve *******
OP@Steve *******
the money is already in a bank account and has been for the last year and a half. As I don't intend to touch it I would rather earn a little bit more interest, even though it won't be a lot.
Bob **********
@Steve ******
you only need 800K 2 months before and 3 months after then it can drop to 400k
Giuseppe **********
@Steve ******
, it doesn't matter i think. Money are in your name anyhow, if you move in depisit account, ti be safe, do it 3 months or more before visa expiration. Better anyhow, to go emigraton and ask, to be safe.
Dennis ***********
@Giuseppe *********
good advice,never assume.Activity
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