Retirement Visa And Bank Account Requirement

[Cabradelmar]

The current requirement is to have security deposit of THB 800,000 in a Thai Bank Account for 2 months prior to the visa application.

 

How would I go about putting the funds on deposit in a Thai bank, if I am not allowed to open a bank account in Thailand without work permit?

 

Last week, I went to 4 or 5 different banks in Bangkok, and they all tell me that I can not open an account without a work permit.

[ubonjoe]

A work permit is not actually required. It is just a standard excuse some bank branches use not to open an account.

This is what Bangkok Bank wants if you don't have a work permit.

 

Quote

2. Foreigner with Long-stay or Tourist Visa

• Passport
• A Letter of Reference issued by: (One of the following)
  • Embassy or international organization
  • Customer’s home bank to Bangkok Bank via the SWIFT messaging network
  • Person acceptable to Bangkok Bank e.g. branch officer, customer, government officer or company executive
  • Educational institution located in Thailand and acceptable to the bank
  • Company that is acceptable to the bank, confirming the customer is in the process of getting a work permit

Click required documents here.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/SavingsAccounts/Pages/Default.aspx

[Phuket Man]

Just keep trying different banks or even different staff in the same bank.

They are just being lazy.

[allane]

If you don't speak Thai, you might have better luck at a bank that is accustomed to dealing with foreigners, and may have some English-speaking staff on hand. It may also help if you are carrying a Thai version of The Immigration Department requirements.

[rak sa_ngop]

The bank staff seem to be a lot more co-operative when you agree to take out a cheap insurance policy with them. It may cost about 1 or 2,000 baht for a year of dubious cover, but it suddenly opens the doors when trying to open an account.

[theoldgit]

55 minutes ago, ubonjoe said:

A work permit is not actually required. It is just a standard excuse some bank branches use not to open an account.

This is what Bangkok Bank wants if you don't have a work permit.

Likewise even with Kasikorn, my wife and I tried to open a joint account at a branch where we both have individual accounts, they wanted a work permit from me, citing that it was a "new Bank of Thailand rule".
I knew they were wrong but I also knew there was no point arguing, I fired off an email to their HQ  and they responded with an apology and confirmation that no such "new rule" was in place. We were invited to print the email and show it to the staff in our branch.

In the end we went into a branch in Silom where we were passing and opened the account with no problem whatsoever.

I got the impression the the banks HQ team were as frustrated as we were.

[Mattd]

It is sheer laziness on behalf of the bank staff if they refuse, as stated, there are no regulations that specifically state that you must have a work permit, I'd imagine that this must frustrate the head office, as it is denying the bank a potential customer who will be depositing at least 800,000 THB in to their bank for a minimum of 3 months per year.

A bit of a catch 22 situation for the one wanting to open the account as well.

You would think that the Head Offices of these banks would send a memo around to the branches stating their policy on this and not just let each branch make their own up depending on mood, TIT!

[OJAS]

2 hours ago, Cabradelmar said:

The current requirement is to have security deposit of THB 800,000 in a Thai Bank Account for 2 months prior to the visa application.

Don't forget that the seasoning requirement is only 2 months for a first retirement extension. For each subsequent retirement extension it is 3 months.

[grego49]

I opened an account at Krungsri Bank in kanchanaburi with no problems,a mate went in they said no so i went with him and told them they opened an account for me so i asked whats the problem,they  made 1 phone call and opened an account for him,as metioned before they are too lazy especially Bangkok Bank which i have tried before.

[lamyai3]

16 hours ago, ubonjoe said:

Customer’s home bank to Bangkok Bank via the SWIFT messaging network

I tried to get two of my UK banks to do this, neither was able to comply, saying they'd never used the SWIFT network in this way. 

[Phuket Man]

All UK banks transfer money via the SWIFT system.

[lamyai3]

27 minutes ago, Phuket Man said:

All UK banks transfer money via the SWIFT system.

Transfer money sure, but they were completely bamboozled when I asked them to send a bank reference using this method.

[Kerryd]

People often ask to open a Chequing Account instead of a Savings Account. There is a difference.

 

You need a work permit to open a Chequing account. From what I've seen, they won't give you a credit card without a work permit either. (Having a work permit/visa means you probably have a job and won't be writing a bunch of bad cheques or maxing out the credit card and then jumping on the next flight out.)

I have opened numerous Savings Accounts back when all I had was a 30 day stamp in my passport and a rented apartment. You need an address (no, a hotel room does not count). When you have a verifiable address you can get a Certificate of Residency (which is all you really need to open a Savings account, along with your passport). I've gotten Certificates by presenting (recent) copies of utility bills (no rental contract or house book required).

Bangkok Bank seems to be one of the better banks when it comes to opening accounts for foreigners. Passport and Certificate and you are good to go. Remember to ask for the SWIFT code so you can do wire transfers to the account.

Note: Thailand does not use IBAN numbers.

 

Once you have your "1 year" visa (or Extension of Stay) you can asked for Internet banking (but you can't do wire transfers via the internet unfortunately). It is handy though for paying bills and topping up the phone.

 

[bosun]

Try Bkk Bank in Emporium near BTS Phrom Phong. Entrance via the mall or street access next to Emporium Suites. They are very accustomed to foreigners and have a high standard of English and customer service.

[ubonjoe]

28 minutes ago, Kerryd said:

People often ask to open a Chequing Account instead of a Savings Account.

People do get confused between a current account which a checking account is called here and a savings account.

[1337markus]

Likewise even with Kasikorn, my wife and I tried to open a joint account at a branch where we both have individual accounts, they wanted a work permit from me, citing that it was a "new Bank of Thailand rule".

 

Ask them to show you and your wife the new written  BOT rule. 555555.

[Billy Bloggs]

Yes thankfully I have never run into this problem, I opened a joint account with my ex wife while here on holiday, I then opened a solo account of my own when here on a 90 day visa(both of these in Chiang Mai) and then another account when I moved here to LamPlaiMat all of these with BKK bank as I tend to stick with those that give me good service as they have.

[KIWIBATCH]

I had the same problem....went to Bangkok Bank and was refused.  I then downloaded the Thai name for "retired person"...printed it onto paper and presented it to the same bank staff and asked to open an account again...success.

You don't need a work permit if you are "retired"...you would never be issued with one anyway as someone on a retirement visa is not permitted to be working.

 

The Bangkok Bank has online forms for completion and a visit to your embassy is required to have one of the forms "verified" and stamped by the embassy before the a/c will be officially opened.

Good luck

[DJ54]

Opened an account at Bangkok Bank a little bit of yapping at first a di questioned them the. They said OK and opened an account.

 

Not sure sure what country your from but for Retirement Visa I was able to use Thailand bank or get an affidavit from US Embassy for the retirement money required. US Embassy you fill in the paper and then have to swear it’s true. 

[tgeezer]

On 22 February 2018 at 6:35 AM, lamyai3 said:

Transfer money sure, but they were completely bamboozled when I asked them to send a bank reference using this method.

It seems as though your bank in the UK is no better than the banks in Thailand!

[lamyai3]

7 hours ago, tgeezer said:

It seems as though your bank in the UK is no better than the banks in Thailand!

Tell me about it. Not just one either, but two major high street banks wouldn't use SWIFT as a messenger service for the purposes of sending a bank reference. I sent the full wording and documentation to them from Bangkok Bank, so there was no confusion about what was required. Just another one of those "computer says no" situations that are becoming all too frequent in the UK unfortunately.    

[lamyai3]

21 hours ago, KIWIBATCH said:

The Bangkok Bank has online forms for completion and a visit to your embassy is required to have one of the forms "verified" and stamped by the embassy before the a/c will be officially opened.

Yes, It's not that they refused to open an account, it's just that they wouldn't do so without the letter from the embassy. This was what I was trying to circumvent by using one of the other methods, as the letter (from the UK embassy at least) is expensive. I gave up in the end, as another bank opened an account for me just based on the Non O/A visa and my rental contract. 

[Tom Bang]

I went to Bangkok bank at  Namnongwan road in front of The Mall and all the woman asked , did you bring your pasport?

Before i went to several other banks and yes they all asked about the work permit.

[Crisu]

 

 

 

I went to Bangkok bank at  Namnongwan road in front of The Mall and all the woman asked , did you bring your pasport?

Before i went to several other banks and yes they all asked about the work permit.

 

This was when?

 

And did you open the account only with your passport?

 

[bud7]

Does the deposit have to come from abroad, or can I accumulate it while on my Business Visa here in Thailand?

[ubonjoe]

1 hour ago, bud7 said:

Does the deposit have to come from abroad, or can I accumulate it while on my Business Visa here in Thailand?

You don't need to show proof it came for abroad to apply for an extension of stay.

It is only required if applying  for a non immigrant visa at immigration. But if you have proof that it was legally earned here in the country that would be accepted.

[bud7]

Thank you!

 

[Tom Bang]

On 23-2-2018 at 8:38 PM, Crisu said:

 

 

 

 

 

This was when?

 

And did you open the account only with your passport?

 

April 2014 and i brought my pasport and my phonenumber , also the adres of the house i stay. I don`t rent but live in with my wife. Girlfriend at that time.

[Crisu]

Jesus christ. This is outdated many years already not working with bangkok bank anymore.

[buick]

On 2/20/2018 at 9:13 PM, Cabradelmar said:

The current requirement is to have security deposit of THB 800,000 in a Thai Bank Account for 2 months prior to the visa application.

 

How would I go about putting the funds on deposit in a Thai bank, if I am not allowed to open a bank account in Thailand without work permit?

 

Last week, I went to 4 or 5 different banks in Bangkok, and they all tell me that I can not open an account without a work permit.

have you been able to open an account since your initial post a few weeks ago ?  if so, please post the bank name and branch so others may benefit from your experience.