2 q's about 800,000 baht for retirement visa extension

[Negita43]

1. Does the money have to be in a Thai Bank account or will a foreign currency equivalent suffice?

2. If it's money in Thai Baht does it all have to be in 1 bank account or can it be spread across 2 or more Thai banks?

Thanks

[ubonjoe]

1. You can use foreign currency deposit account at a That bank at most immigration offices.

2. It can be in more than one account and in another bank as well.

[elviajero]

2. There is no strict rule so they should accept the funds in two accounts. But, if applying outside Bangkok, it would be worth checking with your local office for a definitive answer.

[David Walden]

4 minutes ago, elviajero said:

2. There is no strict rule so they should accept the funds in two accounts. But, if applying outside Bangkok, it would be worth checking with your local office for a definitive answer.

If you wish you can obtain your retirement in your home country if you have the Bt800,000 in a bank account or in a recognized retirement fund as I do from the Thai Embassy in Canberra and arrive in Thailand with everything in order, just walk through Custom.  It's a one -year multi-entry visa which can be extended for up to two years.  The only thing required is that the surrender value is above the required Bt800,000 here is a link to Thai Embassy, it's the same at most western countries.  Cost Aus $275 plus medical and police report cost to your local dept....

 

 http://canberra.thaiembassy.org/Home/visa

[Iforbach]

I hv krunsgi  bank oz $ equal to 800000 and get letter from bank ..that i can withdraw daily and take 1000 on day of visa application .with reciept as back up ..no problems in 5 years 

[onera1961]

2 hours ago, David Walden said:

it's the same at most western countries. 

It is same at all countries. 

[David Walden]

15 hours ago, onera1961 said:

It is same at all countries. 

"nationals of Afghanistan, Iraqi, North Korean and other nationalilty-unspecified Passport or Travel Document Holders, visa processing time may take up to 1.5 - 2 months as the Embassy must seek the approval from the authorities concerned in Thailand before visa can be issued"

 

   It appears there are exceptions ...it is not the same for ALL countries.

[Suradit69]

17 minutes ago, David Walden said:

It appears there are exceptions ...it is not the same for ALL coun

But it's not limited to "western" countries or necessarily to your home country if you have legal residence in another country, as you originally stated. I got my O-A from the Thai Dubai consulate in the UAE where I was living and working and I know it was available to me while I was in Pakistan.

 

Most people would probably then choose to continue their stay in Thailand using extensions of stay rather than getting new visas every two years or so ... but obviously some people do find it convenient to repeatedly get the O-A visa.

Edited December 25, 2018 by Suradit69

[David Walden]

7 minutes ago, Suradit69 said:

But it's not limited to "western" countries as you originally stated. I got my O-A from the Thai consulate in the UAE where I was living and working and I know it was available in Pakistan.

I mentioned Western Countries because that is what I am familiar with and banking requirements are mostly clear-cut...sorry UAR.  We know that in some countries you have been able to obtain a bank statement for a price good for a day or 2 that will state that you have equal to Bt800,000 in that bank for the previous 2 or 3 months. Never heard of such things in any Western County, others places I'm not sure about.

[SanSaiExPat]

20 hours ago, elviajero said:

2. There is no strict rule so they should accept the funds in two accounts. But, if applying outside Bangkok, it would be worth checking with your local office for a definitive answer.

Does anyone definitively know where the 800,000 Baht (25,000 USD) requirement came from?  Did Thai immigration just pull this number out of thin air or was there some logical rationale?   What average expat has $25,000 that they can afford to just "park" in a Thai bank year after year as long as they intend to stay?   Is there any hope of this number or requirement being reviewed and changed to a lesser amount or eliminated?    This being the last year Thai Immigration will accept the USA Income Verification letter in lieu of the 800,000 baht deposit, I dare say there will be allot of expat Americans going home or moving to Vietnam.

[ReMarKable]

1 hour ago, SanSaiExPat said:

Does anyone definitively know where the 800,000 Baht (25,000 USD) requirement came from?  Did Thai immigration just pull this number out of thin air or was there some logical rationale?   What average expat has $25,000 that they can afford to just "park" in a Thai bank year after year as long as they intend to stay?   Is there any hope of this number or requirement being reviewed and changed to a lesser amount or eliminated?    This being the last year Thai Immigration will accept the USA Income Verification letter in lieu of the 800,000 baht deposit, I dare say there will be allot of expat Americans going home or moving to Vietnam.

I think many, without a Thai family, will move to another South East Asian Country.

[farangx]

1 hour ago, SanSaiExPat said:

What average expat has $25,000 that they can afford to just "park" in a Thai bank year after year as long as they intend to stay? 

It is "parked" in a Thai bank for 3 months in a year.

 

[khunPer]

22 hours ago, David Walden said:

If you wish you can obtain your retirement in your home country if you have the Bt800,000 in a bank account or in a recognized retirement fund as I do from the Thai Embassy in Canberra and arrive in Thailand with everything in order, just walk through Custom.  It's a one -year multi-entry visa which can be extended for up to two years.  The only thing required is that the surrender value is above the required Bt800,000 here is a link to Thai Embassy, it's the same at most western countries.  Cost Aus $275 plus medical and police report cost to your local dept....

 

 http://canberra.thaiembassy.org/Home/visa

I think OP is asking for extension of stay based on retirement, and not a Visa, and in that case the funds need to be deposited in a Thai bank and matured for three month; i.e. have been in deposit for three month before applying for extension of stay, or before the date for extension of stay (can be different in some immigration offices).

[David Walden]

3 hours ago, SanSaiExPat said:

Does anyone definitively know where the 800,000 Baht (25,000 USD) requirement came from?  Did Thai immigration just pull this number out of thin air or was there some logical rationale?   What average expat has $25,000 that they can afford to just "park" in a Thai bank year after year as long as they intend to stay?   Is there any hope of this number or requirement being reviewed and changed to a lesser amount or eliminated?    This being the last year Thai Immigration will accept the USA Income Verification letter in lieu of the 800,000 baht deposit, I dare say there will be allot of expat Americans going home or moving to Vietnam.

There are 4 Aussies I know personally that are likely to return to Aus when their current retirement visa expires and I suspect many more, still about 12 months before they sort it out for some, the family may help?.  Similar I suspect for other countries.  You know the rules have not changed about this issue in 15 or more years just a new Immigration Minister.

[roo860]

Does anyone definitively know where the 800,000 Baht (25,000 USD) requirement came from?  Did Thai immigration just pull this number out of thin air or was there some logical rationale?   What average expat has $25,000 that they can afford to just "park" in a Thai bank year after year as long as they intend to stay?   Is there any hope of this number or requirement being reviewed and changed to a lesser amount or eliminated?    This being the last year Thai Immigration will accept the USA Income Verification letter in lieu of the 800,000 baht deposit, I dare say there will be allot of expat Americans going home or moving to Vietnam.

Can't see the amount ever going down, the only way is for it to increase.

Sent from my SM-G920F using Thailand Forum - Thaivisa mobile app

[David Walden]

2 hours ago, khunPer said:

I think OP is asking for extension of stay based on retirement, and not a Visa, and in that case the funds need to be deposited in a Thai bank and matured for three month; i.e. have been in deposit for three month before applying for extension of stay, or before the date for extension of stay (can be different in some immigration offices).

I have a retirement visa issued in Australia and no money whatsoever in Thailand and pay the fees as stated above.  I use my Statement from my bank managed retirement fund which shows a surrender value more the required Bt800,000 or can be in an Aus bank or Bt65,000 per month for at least 12 months.  The visa I receive is multi-entry, I can come and go as often as I like for during the visa year (1st year) and there is no re-entry fee.  I made 3 trips home to Aus recently with the visa, each time I returned to Thailand my passport is/was stamped for a 12 months extension.  As shown above and as described in the link to the Thai Embassy in Aus or anywhere.  At the conclusion of the first year as long as I get back to Thailand at least one day before it expires and I pass through Thai Immigration it will be stamped with an extension to allow me to stay in Thailand for further 12 months.  Once you leave Thailand during the extension period ( 2nd year) you must obtain a new visa and star all over again if you want to come back.  If you have equal to Bt800.000 in a bank, retirement fund or can prove you have Bt65,000 coming into your Australian bank Account, do the medical report and get a real police report (Aus W.A. $75) and fill out the 6 pages of information times 3, get everything signed by a CD or JP put all in order and pay $275 to the Thai Embassy you will get a visa that with an extension later by leaving and returning to Thailand just before the Visa expires (1st year)  You will get the one year extensions later (2nd year ) and all good to go almost 2 years. Once done once not so bad next time.

 

http://canberra.thaiembassy.org/Home/visa

Edited December 25, 2018 by David Walden
corrections

[Negita43]

My apologies - my q1 was not clear.

The question should have been can I show proof that I have the equivalent of 800,000 in a bank in my own country to the Thai immigration in Thailand.

 

 

[ubonjoe]

1 hour ago, Negita43 said:

The question should have been can I show proof that I have the equivalent of 800,000 in a bank in my own country to the Thai immigration in Thailand.

No

It has to be in a Thai bank.

[khunPer]

3 hours ago, David Walden said:

I have a retirement visa issued in Australia and no money whatsoever in Thailand and pay the fees as stated above.  I use my Statement from my bank managed retirement fund which shows a surrender value more the required Bt800,000 or can be in an Aus bank or Bt65,000 per month for at least 12 months.  The visa I receive is multi-entry, I can come and go as often as I like for during the visa year (1st year) and there is no re-entry fee.  I made 3 trips home to Aus recently with the visa, each time I returned to Thailand my passport is/was stamped for a 12 months extension.  As shown above and as described in the link to the Thai Embassy in Aus or anywhere.  At the conclusion of the first year as long as I get back to Thailand at least one day before it expires and I pass through Thai Immigration it will be stamped with an extension to allow me to stay in Thailand for further 12 months.  Once you leave Thailand during the extension period ( 2nd year) you must obtain a new visa and star all over again if you want to come back.  If you have equal to Bt800.000 in a bank, retirement fund or can prove you have Bt65,000 coming into your Australian bank Account, do the medical report and get a real police report (Aus W.A. $75) and fill out the 6 pages of information times 3, get everything signed by a CD or JP put all in order and pay $275 to the Thai Embassy you will get a visa that with an extension later by leaving and returning to Thailand just before the Visa expires (1st year)  You will get the one year extensions later (2nd year ) and all good to go almost 2 years. Once done once not so bad next time.

 

http://canberra.thaiembassy.org/Home/visa

Yes, but that is a long-stay Visa, not extension of stay based on retirement, which OP asked about, and for that you need to show matured deposit of 800k baht in a Thai bank only...????

[LosLobo]

To those who are considering transferring 800k from their home country bank to a thai bank.

 

Please be aware that if you need to suddenly repatriate the money, it is not just a matter of going online and doing a Swift transfer, the same as you might have done to deposit it here.

 

Do have an exit strategy to cover contingencies like accidents, sudden illness etc.

Edited December 25, 2018 by LosLobo

[khunPer]

1 hour ago, LosLobo said:

To those who are considering transferring 800k from their home country bank to a thai bank.

 

Please be aware that if you need to suddenly repatriate the money, it is not just a matter of going online and doing a Swift transfer, the same as you might have done to deposit it here.

 

Do have an exit strategy to cover contingencies like accidents, sudden illness etc.

I always heard read in this forum that up to equivalent of $25,000 could be transferred out – i.e. just around 800,000 baht – I even think that value has even been raised to $50,000 now. Perhaps someone with better knowledge could reply...????

[anon537687643]

To those who are considering transferring 800k from their home country bank to a thai bank.

 

Please be aware that if you need to suddenly repatriate the money, it is not just a matter of going online and doing a Swift transfer, the same as you might have done to deposit it here.

 

Do have an exit strategy to cover contingencies like accidents, sudden illness etc.

Absolutely right! Easy to transfer in to the country, can be damned difficult to get out! Not worth the hassle unless you are 100% sure of spending rest of your days in the country !

 

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[Pattaya46]

2 hours ago, markaoffy said:

Absolutely right! Easy to transfer in to the country, can be damned difficult to get out!

Not worth the hassle unless you are 100% sure of spending rest of your days in the country !

I once made such transfer Thailand -> my country. It's absolutely not "difficult" but yes some hassle: It was with KasikornBank in Pattaya; I had to go to the main branch in Central Rd, not my usual branch; It took about 15 minutes total but I just had to show them on my passbook when I transferred this money in Thailand, and to give 2 or 3 signatures.

 

BTW the fees and rates for this out-transfer were rather bad. Better to take the money out by cash if you can.

[LosLobo]

7 hours ago, Pattaya46 said:

I once made such transfer Thailand -> my country. It's absolutely not "difficult" but yes some hassle: It was with KasikornBank in Pattaya; I had to go to the main branch in Central Rd, not my usual branch; It took about 15 minutes total but I just had to show them on my passbook when I transferred this money in Thailand, and to give 2 or 3 signatures.

 

BTW the fees and rates for this out-transfer were rather bad. Better to take the money out by cash if you can.

If you were suddenly repatriated back to your home country, have you thought about how you could retrieve your money when you were out of the country.

 

Maybe no so absolutely not difficult.

[JackThompson]

22 minutes ago, LosLobo said:

If you were suddenly repatriated back to your home country, have you thought about how you could retrieve your money when you were out of the country.

 

Maybe no so absolutely not difficult.

MC/Visa Debit card?  But, as backup, perhaps a good reason to setup DeeMoney and/or a crypto-currency exchange linked to one's Thai account.

Edited December 26, 2018 by JackThompson

[SanSaiExPat]

If you do transfer money out from a Thai bank to your home country your also going to have to show your government (IRS)  where that money came from.  All in all, for me, it's too much reporting and too much contact with my government. This kind of thing could trigger an audit. I prefer to keep a lower profile and have as little contact with my government as possible.   "I love my country but fear my government."   

[KittenKong]

22 hours ago, SanSaiExPat said:

Does anyone definitively know where the 800,000 Baht (25,000 USD) requirement came from?  Did Thai immigration just pull this number out of thin air or was there some logical rationale?   What average expat has $25,000 that they can afford to just "park" in a Thai bank year after year as long as they intend to stay?   Is there any hope of this number or requirement being reviewed and changed to a lesser amount or eliminated?

The 800kB is merely the monthly income requirement (65kB) taken over the whole year. As far as I know the monthly requirement is entirely arbitrary and was presumably plucked out of thin air as being a sum that someone liked the look of. That said, the amounts have been increased over the years and were originally smaller.

I believe that the lump sum is allowed so as to cater to those who dont receive a regular verifiable monthly income (pension). As someone who has a very variable monthly income and a lot of capital I am entirely happy about this, and I have no problem with leaving mine on deposit all year.

 

You dont actually have to "park" the deposit money indefinitely: three months is enough. The rest of the year you can spend it. And the deposit money doesnt even need to be yours: you can borrow it or even share it with other people. Three other people would be possible but very tricky given the three month deposit requirement, so two other people is a practical maximum. Quite where one would find even one trustworthy person in Thailand to share 800kB with, I dont know. I certainly dont know any such person here.

[LosLobo]

6 hours ago, JackThompson said:

MC/Visa Debit card?  But, as backup, perhaps a good reason to setup DeeMoney and/or a crypto-currency exchange linked to one's Thai account.

Debit card would require too many transactions with lots of issues like what would happen if the ATM swallowed your card or maybe your thai bank would get nervous about the size of the overseas transactions and cancel your card.

 

I have PayPal connected to my thai bank but the charges are horrendous. Don't know much about DeeMoney.

 

A bank Application for Online International Outwards seems only to cater for repatriation of salary earned in Thailand.

 

Setting up of Power of Attorney with all of your banking documents seems a bit over the top.

 

Obviously Thailand doesn't want to give you your money back! ????

 

Maybe someone who has solved this riddle can offer advice.

Edited December 26, 2018 by LosLobo

[elviajero]

On 12/25/2018 at 4:11 AM, SanSaiExPat said:

Does anyone definitively know where the 800,000 Baht (25,000 USD) requirement came from?  Did Thai immigration just pull this number out of thin air or was there some logical rationale? 

All I know is that the number is set high to control numbers, and - in theory - ensure they can easily afford their stay.

 

On 12/25/2018 at 4:11 AM, SanSaiExPat said:

What average expat has $25,000 that they can afford to just "park" in a Thai bank year after year as long as they intend to stay?   Is there any hope of this number or requirement being reviewed and changed to a lesser amount or eliminated?   

Most people that are genuinely retired shouldn't have a problem finding $25,000. 

 

It will definitely get reviewed at some point in the future. IMO there is a 0% chance of it going down or being eliminated. The only way I could see it going down is if the authorities wanted to encourage more 'retired' expats.

 

On 12/25/2018 at 4:11 AM, SanSaiExPat said:

This being the last year Thai Immigration will accept the USA Income Verification letter in lieu of the 800,000 baht deposit, I dare say there will be allot of expat Americans going home or moving to Vietnam.

It's the US embassy stopping the issue of the affidavit. Immigration have not changed their policy and will still accept proof of income from the applicants embassy.

 

I doubt many will leave. Many can find 800K or will use an agent. Where there's a will ...

[mikebell]

On 12/25/2018 at 2:43 PM, David Walden said:

There are 4 Aussies I know personally that are likely to return to Aus when their current retirement visa expires and I suspect many more, still about 12 months before they sort it out for some, the family may help?.  Similar I suspect for other countries.  You know the rules have not changed about this issue in 15 or more years just a new Immigration Minister.

Thais don't want us or our pensions.  We come over here; marry their women; take care of their abandoned children; build houses through local 'craftsmen' (ahem); buy cars from local garages; drink expensive spirits available nearby; support supermarkets by buying over-priced foreign goods; support the local police; get no justice in Thai courts.

 I know when I'm not wanted; looking hard at Vietnam.