AyG
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Post by AyG on Sept 22, 2022 11:50:38 GMT 7
I have heard from others that it is pretty much limited to a standard savings account. The interest is terrible but I heard that fixed deposit accounts with slightly better interest were not acccepted by Chaengwattana. They required that the applicant be able to withdraw from their account at any time. The reasoning being that the funds you are holding are for you to live on over the year so you need to be able to access them at any time (this is ignoring the fact that the minimum amount must remain untouched in your account for two months (or is it three now?) before filing for extension. Sorry, but a lot of misinformation here. (1) Fixed deposit accounts are acceptable to Chaengwattana. (2) You're right about having to be able to withdraw at any time. However, one can do this with a standard fixed deposit account (albeit with loss of interest). There are certain insurance-linked products where you can't withdraw that aren't acceptable. (3) I believe it's now six months - three months before/three months after for 800k, and a minimum of 400k at all other times.
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Moobin
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Post by Moobin on Sept 22, 2022 12:57:48 GMT 7
I have heard from others that it is pretty much limited to a standard savings account. The interest is terrible but I heard that fixed deposit accounts with slightly better interest were not acccepted by Chaengwattana. They required that the applicant be able to withdraw from their account at any time. The reasoning being that the funds you are holding are for you to live on over the year so you need to be able to access them at any time (this is ignoring the fact that the minimum amount must remain untouched in your account for two months (or is it three now?) before filing for extension. Sorry, but a lot of misinformation here. (1) Fixed deposit accounts are acceptable to Chaengwattana. (2) You're right about having to be able to withdraw at any time. However, one can do this with a standard fixed deposit account (albeit with loss of interest). There are certain insurance-linked products where you can't withdraw that aren't acceptable. (3) I believe it's now six months - three months before/three months after for 800k, and a minimum of 400k at all other times. I just don't get the holding for 3 months and minimum for the rest of the time. The funds are supposed to be proof that you have sufficient funds to support you for a year and yet you are limited to how much and when you can actually use those funds. It is crazy and makes no sense. Also the requirements seem to be applied differently by different IOs. I remember when I used to get extensions based on marriage, every year the document requirements changed and they always required something that was not included in the list of documents. I am just glad those days are behind me and I don't have to go through the annual extensions which I found quite stressful even though I knew I met all requirements.
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chiangmai
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Post by chiangmai on Sept 22, 2022 15:18:11 GMT 7
Sorry, but a lot of misinformation here. (1) Fixed deposit accounts are acceptable to Chaengwattana. (2) You're right about having to be able to withdraw at any time. However, one can do this with a standard fixed deposit account (albeit with loss of interest). There are certain insurance-linked products where you can't withdraw that aren't acceptable. (3) I believe it's now six months - three months before/three months after for 800k, and a minimum of 400k at all other times. I just don't get the holding for 3 months and minimum for the rest of the time. The funds are supposed to be proof that you have sufficient funds to support you for a year and yet you are limited to how much and when you can actually use those funds. It is crazy and makes no sense. Also the requirements seem to be applied differently by different IOs. I remember when I used to get extensions based on marriage, every year the document requirements changed and they always required something that was not included in the list of documents. I am just glad those days are behind me and I don't have to go through the annual extensions which I found quite stressful even though I knew I met all requirements. The 800k can be held in multiple fixed deposits, if so desired. I used to hold my funds in traches of 250k which allowed me to raid the account at times the money wasn't required to be on deposit by Immi. Chiang Mai Immi. has no problem with fixed deposits for visa purposes.
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AyG
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Post by AyG on Sept 22, 2022 17:28:42 GMT 7
I just don't get the holding for 3 months and minimum for the rest of the time. The funds are supposed to be proof that you have sufficient funds to support you for a year and yet you are limited to how much and when you can actually use those funds. It is crazy and makes no sense. You're right. It is crazy. The original requirement was to ensure that you had funds to support yourself. However, there was a problem with people borrowing the 800k (for a fee to an agent) a few days before extension, and repaying it after the extension was renewed. These were people without a proverbial pot to p**s in. The 800k for six months/400k for six months is designed to get rid of these people. Of course, the fact that Thai banks make a bit of money out of your money being tied up throughout the year was probably also a consideration. The fact that Immigration can't come up with a better scheme shows the limits to their imagination - rather like the ludicrous 90 day reporting.
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Post by rgs2001uk on Sept 22, 2022 21:18:50 GMT 7
I've just rolled over the 800K baht that Immigration requires (for reasons that are totally unclear to me) that I maintain as a balance. (It's not like I can use it in an emergency without losing my immigration status.) Anyway, 4 year fixed deposit, 0.75% p.a.. Pathetic. Nowhere near keeps up with inflation. I really hate the way the Thai authorities think they know better than I how to handle my money. In about two years I'll switch from non-B to non-O visa, that is I'll finally retire. To avoid much hassle and to prepare for possible future 'adjustments' by the government I plan to have one million Baht in an account. Income from state and private pension might be enough but possibly involves more paperwork. Question now is what type of 'account' would you recommend?I recommend any account that can be opened downstairs at any bank in the CW complex. Believe for the sake of your health and sanity you will thank me for that tip. These days I keep my dealings with banks, bureaucracy etc to a bare minimum, I certainly dont need the hassle of effing around in taxis, letters from Brit house etc etc to get an extra 500 baht per year interest. YMMV.
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rubl
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Post by rubl on Sept 23, 2022 9:24:57 GMT 7
In about two years I'll switch from non-B to non-O visa, that is I'll finally retire. To avoid much hassle and to prepare for possible future 'adjustments' by the government I plan to have one million Baht in an account. Income from state and private pension might be enough but possibly involves more paperwork. Question now is what type of 'account' would you recommend?I recommend any account that can be opened downstairs at any bank in the CW complex. Believe for the sake of your health and sanity you will thank me for that tip. These days I keep my dealings with banks, bureaucracy etc to a bare minimum, I certainly dont need the hassle of effing around in taxis, letters from Brit house etc etc to get an extra 500 baht per year interest. YMMV. I already have an account at BBL near where I live. With work permit and as tax-paying citizen that's relatively easy
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Post by rgs2001uk on Sept 23, 2022 21:29:08 GMT 7
I recommend any account that can be opened downstairs at any bank in the CW complex. Believe for the sake of your health and sanity you will thank me for that tip. These days I keep my dealings with banks, bureaucracy etc to a bare minimum, I certainly dont need the hassle of effing around in taxis, letters from Brit house etc etc to get an extra 500 baht per year interest. YMMV. I already have an account at BBL near where I live. With work permit and as tax-paying citizen that's relatively easy Ah yes at the moment you are afforded vip status, wait til you join the rest of us non work permit holding peons. It has nothing to do with the ease of opening a bank account, its all about being sent on a wild goose chase, especially if your bank isnt located downstairs, when doing your annual renewal. At least you dont have the same problems as others, embassay no longer issuing letters, not mentioned the wise brigade limited to less than 50k per transfer, blah blah blah, welcome to my world.
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rubl
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Post by rubl on Sept 23, 2022 22:07:08 GMT 7
I already have an account at BBL near where I live. With work permit and as tax-paying citizen that's relatively easy Ah yes at the moment you are afforded vip status, wait til you join the rest of us non work permit holding peons. It has nothing to do with the ease of opening a bank account, its all about being sent on a wild goose chase, especially if your bank isnt located downstairs, when doing your annual renewal. At least you dont have the same problems as others, embassay no longer issuing letters, not mentioned the wise brigade limited to less than 50k per transfer, blah blah blah, welcome to my world. I'm aware that a number of things I may have to take care of before I move from non-B to non-O. I may have a wee bit time still. My work permit just got renewed till August 2024. When I asked someone in company told me 'same paperwork and 6000 instead of 3000. easy choice'.
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Post by rgs2001uk on Sept 23, 2022 22:32:02 GMT 7
Ah yes at the moment you are afforded vip status, wait til you join the rest of us non work permit holding peons. It has nothing to do with the ease of opening a bank account, its all about being sent on a wild goose chase, especially if your bank isnt located downstairs, when doing your annual renewal. At least you dont have the same problems as others, embassay no longer issuing letters, not mentioned the wise brigade limited to less than 50k per transfer, blah blah blah, welcome to my world. I'm aware that a number of things I may have to take care of before I move from non-B to non-O. I may have a wee bit time still. My work permit just got renewed till August 2024. When I asked someone in company told me 'same paperwork and 6000 instead of 3000. easy choice'. Good gawd man, over on other less tolerant forums you would be hung drawn and quartered for such extravagance, the frog eating lao kao brigade would be telling you a family of 17 can live up country on that princely sum for a month, and still have enough money left over at the end of the month to drive the white buffalo to the nearest atm.
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rubl
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Post by rubl on Sept 23, 2022 23:01:13 GMT 7
I'm aware that a number of things I may have to take care of before I move from non-B to non-O. I may have a wee bit time still. My work permit just got renewed till August 2024. When I asked someone in company told me 'same paperwork and 6000 instead of 3000. easy choice'. Good gawd man, over on other less tolerant forums you would be hung drawn and quartered for such extravagance, the frog eating lao kao brigade would be telling you a family of 17 can live up country on that princely sum for a month, and still have enough money left over at the end of the month to drive the white buffalo to the nearest atm. I guess they'd dig me up again to shoot me when I say it was the company and I had nothing to do with it. I'm currently designing and implementing a dedicated central backup system which I'm told could be in use for another five years. I'll be 72 then.
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me
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Post by me on Sept 26, 2022 9:33:04 GMT 7
Good gawd man, over on other less tolerant forums you would be hung drawn and quartered for such extravagance, the frog eating lao kao brigade would be telling you a family of 17 can live up country on that princely sum for a month, and still have enough money left over at the end of the month to drive the white buffalo to the nearest atm. I guess they'd dig me up again to shoot me when I say it was the company and I had nothing to do with it. I'm currently designing and implementing a dedicated central backup system which I'm told could be in use for another five years. I'll be 72 then. Just program a dedicated backup for you.
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