Unanswered7 years ago
Can my wife use two bank accounts with 400k each for her Extension of Stay Based on Retirement in Chiang Mai?
My wife needs to renew her Extension of Stay Based on Retirement soon. We live in Chiang Mai. She is using the 800k baht method. Based on the new rules requiring that the bank account balance never go below 400k, she wants to open two Time Deposits with 400k each. One for 6 months, the other for a year. we just got a second hand report that Chiang Mai Immigration will not accept two bank accounts; that the full 800k has to be in one account.
Can anyone confirm that they used two accounts or that they were refused for doing that.
Thanks.
Can anyone confirm that they used two accounts or that they were refused for doing that.
Thanks.
Summary so far
A user inquires whether their wife can use two separate bank accounts, each containing 400,000 baht, to fulfill the 800,000 baht balance requirement for renewing her Extension of Stay Based on Retirement in Chiang Mai. Some responses indicate that local immigration may require the funds to be in a single account, while others suggest that it depends on specific immigration officers and their interpretation of the rules. There are mixed experiences shared by respondents, leading to uncertainty about the correct procedure.
46 repliesnewest first
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Jeff *******
OPThanks for all the help.
To summarize the thread:
I acknowledge that most replies were meant to be helpful.
The replies basically fell into these categories:
1. Suggestions that my wife or I change visas.
2. I shouldn't ask at Thai Visa Advice. I should ask at Immigration.
3. A tangential debate as to whether fixed accounts are acceptable. Maybe some aren't. My wife's has always been accepted. That wasn't the question.
Thanks to
Because everyone has been so helpful, I'd like to pay that back with two suggestions:
1. Everyone using the 800k method should have their funds in a time deposit. if you don't you're leaving over 10,000 baht on the table. that more than pays for your next extension. Or a lot of beer. You're welcome.
2. If you plan your travel right, you should think about changing your visas. In 15 years I've never been to Immigration except for Certificates of Residency. No extensions, no 90 day reports, no TM 30's, no need for a Thai bank account.
To summarize the thread:
I acknowledge that most replies were meant to be helpful.
The replies basically fell into these categories:
1. Suggestions that my wife or I change visas.
2. I shouldn't ask at Thai Visa Advice. I should ask at Immigration.
3. A tangential debate as to whether fixed accounts are acceptable. Maybe some aren't. My wife's has always been accepted. That wasn't the question.
Thanks to
@Ivan ***********
who not only understood what and why I was asking, but his suggestion is even better than what I was trying to accomplish.Because everyone has been so helpful, I'd like to pay that back with two suggestions:
1. Everyone using the 800k method should have their funds in a time deposit. if you don't you're leaving over 10,000 baht on the table. that more than pays for your next extension. Or a lot of beer. You're welcome.
2. If you plan your travel right, you should think about changing your visas. In 15 years I've never been to Immigration except for Certificates of Residency. No extensions, no 90 day reports, no TM 30's, no need for a Thai bank account.
Tod *********
I know a couple people who banked 400K baht in a fixed/time deposit account and they will just keep rolling it over (to meet the balance not lower than 400K baht for the year) and then they have another 400K in a regular savings account that they will use WITH the time deposit to show the 800K baht 2 months before and 3 months after the extension is given.
No word on whether it will work (although I can't see why it wouldn't) and they don't get their extensions for a few more months..
No word on whether it will work (although I can't see why it wouldn't) and they don't get their extensions for a few more months..
Joe ***********
In over 5 years of monitoring thousands of Visa / Extension related posts on various venues, I cannot recall one incident where an I/O allowed the use of two accounts to meet financial requirements when using the 800K cash in the bank method. And I have an excellent memory.
I think the plan to use two accounts is an unnecessary waste of time.
I think the plan to use two accounts is an unnecessary waste of time.
Jeff *******
OP@Joe **********
that would make sense only if English wasn't your first language and you failed logic.Joe ***********
@Jeff ******
- it never said he didn't eitherJeff *******
OPI assume he knows what he wrote and it was written in clear English.
He never said he moved the funds into one account. And if he did it would not have been there for 90 days.
Until the new rules went into effect there was no reason to have a second account so it would never have come up during your first 4
He never said he moved the funds into one account. And if he did it would not have been there for 90 days.
Until the new rules went into effect there was no reason to have a second account so it would never have come up during your first 4
***
years of monitoring all those thousands of posts.Joe ***********
@Jeff ******
- read the whole paragraph again - seems the guy got one 800k account in the endJeff *******
OPThe comment above said
John Blackie Two extensions ago at CM I used two accounts with a single letter from the bank. The IO said that I should have had two letters and that the money should be in one account. The extension was granted. I use a Fixed account for the 800k.
John Blackie Two extensions ago at CM I used two accounts with a single letter from the bank. The IO said that I should have had two letters and that the money should be in one account. The extension was granted. I use a Fixed account for the 800k.
Joe ***********
Jeff Vogel - I just read every comment and reply.. No comment about anyone successfully doing this.
Jeff *******
OPIf you read the comment above, the 5 year streak is over.
John *********
Two extensions ago at CM I used two accounts with a single letter from the bank. The IO said that I should have had two letters and that the money should be in one account. The extension was granted. I use a Fixed account for the 800k.
Robert *******
The answer is: you still did not get the answer on here, you do not want to go to the Immigration Office, well this is the solution. Call them, the office is open today, the number is 053 201 755
Robert *******
David Broadfoot I'm realistic, asking if there is a person who applied for an Extension of Stay using the same financial proofs as the OP during the last 5 months in Chang Mai is asking or searching for the well know needle.
Tod *********
okay, lets sort out the time or fixed deposit issues.
in thailand there are two types of timed or fixed deposits
One you can access the money any time (even though doing so causes a penalty or loses the interest) <- you CAN use this type of account for proof of funds
One you cannot access the money for the term of the deposit, it is frozen in the account <- you CANNOT use this type of account for proof of funds.
in thailand there are two types of timed or fixed deposits
One you can access the money any time (even though doing so causes a penalty or loses the interest) <- you CAN use this type of account for proof of funds
One you cannot access the money for the term of the deposit, it is frozen in the account <- you CANNOT use this type of account for proof of funds.
Jonathan *************
ty Tod--important
Tod *********
and how about going to the Chiang Mai immigration office and asking THEM if they will accept two accounts of 400K baht each.
There is nothing written in the rules prohibiting it. BUT remember the 800K baht has to be seasoned in the accounts for 2 months BEFORE you apply for your extension and some immigration offices interpret moving the money to another account inside the same bank as "breaking the seasoning" (even though you didn't pull the money out you moved it)
There is nothing written in the rules prohibiting it. BUT remember the 800K baht has to be seasoned in the accounts for 2 months BEFORE you apply for your extension and some immigration offices interpret moving the money to another account inside the same bank as "breaking the seasoning" (even though you didn't pull the money out you moved it)
Mike ********
In the past I’ve been told.
Time deposit accounts are not allowed.
Multiple accounts are.
But.........
The biggest challenge is even if you go and one officer tells you, you can and then you return to renew and that officer decides you can’t, you’re stuck.
The small amount of extra interest earned will be wiped out by the expense of having to leave to go to a embassy outside of Thailand to start the process again.
I always try and follow K.I.S.S.- keep it simple stupid. Ive never had an issue renewing my extension in 10 years
Time deposit accounts are not allowed.
Multiple accounts are.
But.........
The biggest challenge is even if you go and one officer tells you, you can and then you return to renew and that officer decides you can’t, you’re stuck.
The small amount of extra interest earned will be wiped out by the expense of having to leave to go to a embassy outside of Thailand to start the process again.
I always try and follow K.I.S.S.- keep it simple stupid. Ive never had an issue renewing my extension in 10 years
Jeff *******
OP1. Time deposits pay a fixed rate of interest if you leave your money in for the specified time. You can withdraw your money at any time. You just lose some of the interest.
2. Since the balance can never go below 400k on the new rules, a 400k time deposit for 1 year would pay higher interest than one for 6 months. the second time deposit would be for a shorter time frame since the funds could be used after 5 months.
3. It doesn't matter what type of visa I am on. (But since you care, I'm currently here on a 30 day visa exempt stamp.
Now back to the original question -- Hasanone ever used 2 accounts at Chiang Mai Immigration to meet the 800k requirement. Has anyone ever been denied?
2. Since the balance can never go below 400k on the new rules, a 400k time deposit for 1 year would pay higher interest than one for 6 months. the second time deposit would be for a shorter time frame since the funds could be used after 5 months.
3. It doesn't matter what type of visa I am on. (But since you care, I'm currently here on a 30 day visa exempt stamp.
Now back to the original question -- Hasanone ever used 2 accounts at Chiang Mai Immigration to meet the 800k requirement. Has anyone ever been denied?
王**
I have the same question,because I want move 400k from saving account to fixed account.
Ivan ************
@Je**
if you do put the whole lot in one account for a 12 month term, I think they will give you the interest that would have been applicable to a shorter term account if you withdraw early, e.g. if you take out money after six months, you should get the % for a six month term on the money you took out. So possibly you can just have it all in the one account and you'll get the 12 month rate on the 400k you leave there and a lesser rate on the rest.I had a 12 month fixed deposit with Bangkok Bank and they did pay me interest on money I took out early, I never worked out exactly what it amounted to but this is the section in the T&Cs:
Jeff *******
OPDavid Broadfoot But I've already answered twice that I'm not on a retirement extension.
And if you do that and get divorced or the spouse with the retirement extension dies, the other spouse has 7 days to leave the country.
So we're back to my original question. Hopefully everyone will stop trying to find ways to work arond this and we can just wait and see if someone else has tried to do something so simple that I didn't even think it was a problem.
And if you do that and get divorced or the spouse with the retirement extension dies, the other spouse has 7 days to leave the country.
So we're back to my original question. Hopefully everyone will stop trying to find ways to work arond this and we can just wait and see if someone else has tried to do something so simple that I didn't even think it was a problem.
Jeff *******
OPJames, I'm trying to be nice but you didn't read my post.
Jeff *******
OPEXACTLY! That's why I'm asking if anyone has done this. Why don't we wait and see if someone else can answer the question. If the answer is always "go ask Immigration" we wouldn't need this page, would we?
James ********
@Jeff ******
are you age 50+?James ********
We welcome your good question. 😉
But best be prepared now vs later.
But best be prepared now vs later.
James ********
@Jeff ******
hearsay...and what one Imm Officer says one day may change the next...Jeff *******
OPHave I asked? I'm asking now. easier to ask here than go to Immigration.
Jeff *******
OPEveryone says that it's possible but one person said an named friend asked in CM and they said "no".
James ********
Jeff Vogel Have you asked Thai Immigration?
Jeff *******
OPEXACTLY! That's why I'm asking if anyone here has used CM Immigration and done that.
James ********
Jeff Vogel I am on O-A from USA 😉. And regardless of what anyone of us might say or wish....its your Immigration Office which is final decision maker. There are 70+ offices nationwide....
And you might get a few to agree with your logic, the only one that counts is Your Local Imm Office.
And when one wishes to cite book and verse to a Thai Immigration Officer, I think that is an unwise move. They RULE...despite what a RULE might say
And you might get a few to agree with your logic, the only one that counts is Your Local Imm Office.
And when one wishes to cite book and verse to a Thai Immigration Officer, I think that is an unwise move. They RULE...despite what a RULE might say
Jeff *******
OP@James *******
I couldn't find anywhere in the requirements where it said one account only and several people have said they've used two accounts in other Immigration offices. I'm trying to save my wife a trip to Immigration to ask there. I said in my prior comment that I'm on a 30 day visa exempt entry. What kind of visa are you on? ;)
James ********
@Jeff ******
Jeff ...What visa are you on ?James ********
@Jeff ******
all sounds nice. But Thai Immigration says ONE ACCOUNT ONLY.
Ron *******
Time deposits that don't allow instant access are not accepted. The other issue even with unlocked time deposit accounts, is you cannot do an account update due to the inability to put a small amount in (mostly) to create the update. They may also not allow 2 accounts or even a time deposit account at all, depending on the particular immigration office.
Ivan ************
Bangkok Bank have fixed deposits that they say are acceptable to immigration in Chiang Mai. You can get the money at any time, you just forfeit some interest.
Richard *******
@James *******
I agree. In the end it is always best to ask your local immigration office what they 'prefer'.James ********
@Richard ******
and IF Thai Immigration says ONLY ONE ACCOUNT...just do what they say.Richard *******
@Ron ******
Bangkok Bank can update their time deposits without putting in money. Krung Sri allows small amounts to be added to update the book.Both have instant access time deposits, if you withdraw you just lose the interest on that.Jonathan *************
Robert Lagas i am being diplomatic and English is not your mother tongue
Robert *******
@Jonathan ************
For me the words i want and immigration has to do what i ask. In stead of get the information from Immigration and deliver the copies of requirements as asked.Jonathan *************
the words jump and hoops spring to mind, again :(
Dominic *****
Interest rates are usually on a sliding scale with higher principal amounts attracting higher interest rates. What’s the rationale for splitting into 2?
Robert *******
not sure what a time deposit account is, but if it means you don't have access to the money for the period it is locked I don't even think Immigration will allow you to use these accounts at all. You better check with your immigration office before you start changing your way of banking.
James ********
Jeff ...What visa are you on ?
James ********
Bottom line...IF Chiang Mai is saying ONLY ONE BANK ACCOUNT VS TWO...then Follow what CM Immigration is saying. Has your wife asked CM Immigration personally?
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