Jump to content

Foreign bank to start retirement process,


Recommended Posts

Apologies if this is covered but i couldnt find information.

 

im about to start the retirement visa process in the Uk or Thailand and due to the

Very low GBP conversation due to Brexit, want to keep the 800,000B in sterling for the first year.

 

If i apply in the Uk, can i keep the money in a uk account for the first year?

if not, is there another way of doing it without converting it, like a revolut or

transferwise account?

 

Also, i understand that if i apply for a reentry permit at the end of the first year, i

get extended another year. Why isnt this loophole highlighted more?

Link to comment
Share on other sites


What VISA are you applying for at the Thai Embassy or Consulate in the UK ?

 

I guess it's the O-A based on being over 50, so you will need to fulfill the requirements as detailed on the Thai Embassy website.

 

If you enter just before expiry, you will get a further year's permission to stay, but to come and go you will need re-entry permits.

 

There is no requirement to have any money in a Thai bank account until 2/3 months before you apply for an IN COUNTRY extension.

 

 

Edited by The Fat Controller
  • Like 2
Link to comment
Share on other sites

27 minutes ago, Regain said:

If i apply in the Uk, can i keep the money in a uk account for the first year?

Yes. If you get a Non-immigrant O-A visa it will give you a 1 year stay on entry to Thailand and you can keep the money in the UK.

 

You don’t need to transfer the money to Thailand until at least 2 months before applying for a 1 year extension of stay from immigration. With a O-A visa you can defer applying for an extension for nearly two years.

 

27 minutes ago, Regain said:

if not, is there another way of doing it without converting it, like a revolut or

transferwise account?

You can open a foreign currency account, transfer GBP to Thailand and hold the funds in that account for as long as you want.

 

A foreign currency account can be used to support an extension of stay.

 

27 minutes ago, Regain said:

Also, i understand that if i apply for a reentry permit at the end of the first year, i get extended another year. Why isnt this loophole highlighted more?

It’s not a loophole, and is widely discussed.

  • Like 2
Link to comment
Share on other sites

Thanks for the advice, hopefully sterling will pickup in the 24 months

 

If i applied in country, would i have to show 80000 THB or just £22000 to get the OA visa, or is that still 2 months before extending?

Link to comment
Share on other sites

28 minutes ago, Regain said:

Thanks for the advice, hopefully sterling will pickup in the 24 months

I think what you are really hoping for is that the Baht starts to show some weakness. The UK needs to get through Brexit, then find some economic footing before the Pound will show some strength. But at least it should find a bottom after Brexit is completed, which will help.

Link to comment
Share on other sites

"With a O-A visa you can defer applying for an extension for nearly two years.:

Can somebody enlarge on this. I presume an O-A is applied for in home country and needs proof of funds. How do you defer? Can you leave Thailand without it being cancelled. When my retirement extension elapese in May what are my option? Can I extend it for a period. I am totally confused. Thanks anyone

Link to comment
Share on other sites

10 minutes ago, sunnyboy2018 said:

"With a O-A visa you can defer applying for an extension for nearly two years.:

Can somebody enlarge on this. I presume an O-A is applied for in home country and needs proof of funds. How do you defer? Can you leave Thailand without it being cancelled. When my retirement extension elapese in May what are my option? Can I extend it for a period. I am totally confused. Thanks anyone

The visa is only available outside Thailand (home country or country of residence) and is used to enter the country; you can enter as many times as you want, and each time you enter you get a 1 year stay.  The visa is valid for 1 year from the date it’s issued; therefore, if you make a final exit just before the visa expires you will receive a final 1 year stay; giving you a possible two years in total.

 

Link to comment
Share on other sites

O-A obtained in the UK is multi-entry and valid for one year.

 

You cannot obtain an 0-A in Thailand.

 

Each time you enter, you are permitted to stay one year, so if you enter just before the visa ends you can stay another year, BUT as your visa has expired, the permission to stay can be kept alive by getting re-entry permits as required.

 

Subsequently, if you wish to stay in Thailand on a retirement extension, then the money in a Thai bank (800,000 or equivalent) is required 2 or 3 months ( some variation reported at different offices ) before applying.

 

You are not applying for a VISA with this method.

 

You can apply for retirement extensions ad infinitum, but you need to keep the 800,000 in the bank for 3 months after the permission is granted and the balance cannot fall below 400,000 at all.

 

It needs to be topped up again to 800,000 2/3 months before applying for the next extension.

Edited by The Fat Controller
Typos !
  • Like 1
Link to comment
Share on other sites

O-A obtained in the UK is multi-entry and valid for one year.
 
You cannot obtain an 0-A in Thailand.
 
Each time you enter, you are permitted to stay one year, so if you enter just before the visa ends you can stay another year, BUT as your visa has expired, the permission to stay can be kept alive by getting re-entry permits as required.
 
Subsequently, if you wish to stay in Thailand on a retirement extension, then the money in a Thai bank (800,000 or equivalent) is required 2 or 3 months ( some variation reported at different offices ) before applying.
 
You are not applying for a VISA with this method.
 
You can apply for retirement extensions ad infinitum, but you need to keep the 800,000 in the bank for 3 months after the permission is granted and the balance cannot fall below 400,000 at all.
 
It needs to be topped up again to 800,000 2/3 months before applying for the next extension.


Right, so i have to wait until i hit 50 before i apply in the Uk.
I was thinking of going a few months before and applying there, but
I assume that will require THB converted at that point.


Sent from my iPad using Thailand Forum - Thaivisa mobile app
Link to comment
Share on other sites

11 minutes ago, Regain said:

Right, so i have to wait until i hit 50 before i apply in the Uk.
I was thinking of going a few months before and applying there, but
I assume that will require THB converted at that point.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

 

Not actually converted. The money can stay in your UK bank and the embassy do a conversion on paper to make sure you have the equivalent of at least 800K THB.

  • Like 1
Link to comment
Share on other sites

 

2 hours ago, Regain said:

due to the

Very low GBP conversation due to Brexit, want to keep the 800,000B in sterling for the first year.

 

If i apply in the Uk, can i keep the money in a uk account for the first year?

if not, is there another way of doing it without converting it,

£22k in a UK bank savings account

or UK income stream of £1800/month

or

Income stream in one UK account and a deposit in a separate Uk deposit account to total of £22000=~800kTHB

for the UK application.

When you get to Thailand you could open an GBP foreign currency account in a Thai bank, Then you could pick your conversion time, or even just keep it in pounds.

  • Like 1
Link to comment
Share on other sites

4 hours ago, Regain said:

Right, so i have to wait until i hit 50 before i apply in the Uk.

Thailand doesn't cater for the under 50's, unless married to a Thai, or have Thai child.

 

To get an annual extension based on retirement, you must be 50 and obtain an 'O' type Visa initially.

('O' / 'O-A' / O-X) non of which are available until 50 years of age.

 

The exception being the 'Elite Visa'.

Link to comment
Share on other sites

You should consider obtaining a Non-Imm-O or better still an O-A in the UK and then be able to leave the money in the UK, for up to 2 years in the latter case. A Thai bank account would help you for living expenses and you could transfer in as required.

If you pursue a one year retirement extension in Thailand (it is not a Visa), the money needs to be in a Thai bank, but could be held in a foreign currency account in Sterling and still qualify you for a one year retirement extension.

A retirement extension can also be obtained by demonstrating monthly income of 65,000 baht every month into a Thai account. This way you only change money as you need it, disadvantage being you have to show the 12 previous months. Possible while living there under an O-A Visa entry.

Link to comment
Share on other sites

7 hours ago, sunnyboy2018 said:

"With a O-A visa you can defer applying for an extension for nearly two years.:

Can somebody enlarge on this. I presume an O-A is applied for in home country and needs proof of funds. How do you defer? Can you leave Thailand without it being cancelled. When my retirement extension elapese in May what are my option? Can I extend it for a period. I am totally confused. Thanks anyone

The O- A is a multi entry Visa valid for 1 year and each entry grants permission of stay for 1 year.

The period of visa validity is different from the period of stay.

Visa validity is the period during which a visa can be used to enter Thailand. The validity of a visa is granted with discretion by the Royal Thai Embassy or Royal Thai Consulate-General and is displayed on the visa sticker. 

 

On the other hand, the period of stay is granted by an immigration officer upon arrival at the port of entry and in accordance with the type of visa. The period of stay granted by the immigration officer is displayed on the arrival stamp. 

 

If the Visa was issued on 20/9/19, it would be valid until 19/9/20.

During this period if you left and re-entered Thailand, on each re-entry you will be granted a period of stay of 1 year. Example;

Visa issued 20/9/19, enter Thailand 28/9/19, granted POS until 27/9/20.

Leave 20/12/19, re-enter 2/1/20, granted POS until 1/1/21.

Leave 26/5/20, re-enter 3/6/20, granted POS until 2/6/21.

To maximise the potential of the Visa you should exit/re-enter (border run) on 18/9/20 (the last day of the Visa's validity) which will grant you POS until 17/9/2021.

 

However when the Visa expires (27/9/20) then the multi entry condition also ends.

If you wish to exit/re-enter during the second year of POS, then you must purchase a re-entry permit to keep any remaining POS valid.

If you do exit/re-enter during this 2nd year period, on each re-entry you will be granted POS until 17/9/2021.

 

2/3 months before your current POS (17/9/21) expires, if you want to continue your stay in Thailand, then you either need to consider travelling back to your national Country and apply for another O-A Visa from a Thai Embassy/Consulate, or extending your POS for 1 year at your local Immigration office.

You must meet the financial criteria in either case.

Edited by Tanoshi
Link to comment
Share on other sites

11 hours ago, The Fat Controller said:

O-A obtained in the UK is multi-entry and valid for one year.

 

You cannot obtain an 0-A in Thailand.

 

Each time you enter, you are permitted to stay one year, so if you enter just before the visa ends you can stay another year, BUT as your visa has expired, the permission to stay can be kept alive by getting re-entry permits as required.

 

Subsequently, if you wish to stay in Thailand on a retirement extension, then the money in a Thai bank (800,000 or equivalent) is required 2 or 3 months ( some variation reported at different offices ) before applying.

 

You are not applying for a VISA with this method.

 

You can apply for retirement extensions ad infinitum, but you need to keep the 800,000 in the bank for 3 months after the permission is granted and the balance cannot fall below 400,000 at all.

 

It needs to be topped up again to 800,000 2/3 months before applying for the next extension.

And for the remainder of the year, do those accounts need a MINIMUM balance of 400,000?  You may want to look into that.

Link to comment
Share on other sites

Don't forget that you will still need living expense money in Thailand.  Your choices would be either to live off of debit cards or open an account in Thailand and transfer money into it. Either way, there are expenses involved besides the exchange rate.

Link to comment
Share on other sites

18 hours ago, The Fat Controller said:

What VISA are you applying for at the Thai Embassy or Consulate in the UK ?

 

I guess it's the O-A based on being over 50, so you will need to fulfill the requirements as detailed on the Thai Embassy website.

 

If you enter just before expiry, you will get a further year's permission to stay, but to come and go you will need re-entry permits.

 

There is no requirement to have any money in a Thai bank account until 2/3 months before you apply for an IN COUNTRY extension.

 

 

 

Edited by Max69xl
Link to comment
Share on other sites

17 hours ago, Tanoshi said:

You can keep it in the UK, or in a foreign currency account in a Thai bank for the immediate future.

However 2 month before you intend to apply for an annual extension, the 800K funds must be deposited in a Thai bank.

 

You've misunderstood the information, perhaps this will help;

A multi entry Non Imm O-A Visa. (Long stay). Valid 1 year. Can be issued to those who are over 50 who intend to remain in Thailand for long periods. This Visa allows unlimited 1 year entries before the ‘enter before’ date of the Visa, at which point this Visa is ‘used’.

If you leave and re-enter just before the ‘enter before’ date of this Visa type you are granted another 1 year permission to stay. You will however require a re-entry permit if you intend to leave and re-enter Thailand during this 2nd year permission to stay period.

This is because when the Visa expires on the ‘enter before’ date, so does the ME facility which is only valid for the duration of the Visas validity (1 year)

If used correctly, you can stay in Thailand for almost 24 months with this Visa type.

 

 

Edited by Max69xl
Link to comment
Share on other sites

Just now, Max69xl said:

I have read that multiple re-entry is included in the O-A Visa.

A OA visa allows unlimited one year entries for a year from the date it is issued.

After the visa expires a re-entry permit is needed to keep any any entry valid after the date the visa expires.

Link to comment
Share on other sites

19 minutes ago, ubonjoe said:

A OA visa allows unlimited one year entries for a year from the date it is issued.

After the visa expires a re-entry permit is needed to keep any any entry valid after the date the visa expires.

I know,my bad. I read the first year,not second.

Link to comment
Share on other sites

18 hours ago, Tanoshi said:

You can keep it in the UK, or in a foreign currency account in a Thai bank for the immediate future.

However 2 month before you intend to apply for an annual extension, the 800K funds must be deposited in a Thai bank.

 

You've misunderstood the information, perhaps this will help;

A multi entry Non Imm O-A Visa. (Long stay). Valid 1 year. Can be issued to those who are over 50 who intend to remain in Thailand for long periods. This Visa allows unlimited 1 year entries before the ‘enter before’ date of the Visa, at which point this Visa is ‘used’.

If you leave and re-enter just before the ‘enter before’ date of this Visa type you are granted another 1 year permission to stay. You will however require a re-entry permit if you intend to leave and re-enter Thailand during this 2nd year permission to stay period.

This is because when the Visa expires on the ‘enter before’ date, so does the ME facility which is only valid for the duration of the Visas validity (1 year)

If used correctly, you can stay in Thailand for almost 24 months with this Visa type.

 

 

18 hours ago, Tanoshi said:

You can keep it in the UK, or in a foreign currency account in a Thai bank for the immediate future.

However 2 month before you intend to apply for an annual extension, the 800K funds must be deposited in a Thai bank.

 

You've misunderstood the information, perhaps this will help;

A multi entry Non Imm O-A Visa. (Long stay). Valid 1 year. Can be issued to those who are over 50 who intend to remain in Thailand for long periods. This Visa allows unlimited 1 year entries before the ‘enter before’ date of the Visa, at which point this Visa is ‘used’.

If you leave and re-enter just before the ‘enter before’ date of this Visa type you are granted another 1 year permission to stay. You will however require a re-entry permit if you intend to leave and re-enter Thailand during this 2nd year permission to stay period.

This is because when the Visa expires on the ‘enter before’ date, so does the ME facility which is only valid for the duration of the Visas validity (1 year)

If used correctly, you can stay in Thailand for almost 24 months with this Visa type.

 

but he does need to do the 90 days reporting

  • Like 1
Link to comment
Share on other sites

The basic message here is that you should wait until you are 50 years old and then apply for an O-A visa. You will not regret the wait. And a long time from now if you choose to apply for a 1 year extension using your deposit of 800,000 baht then you will save yourself a lot of grief rather than trying to meet the monthly income requirement.

Link to comment
Share on other sites

21 minutes ago, Martyp said:

The basic message here is that you should wait until you are 50 years old and then apply for an O-A visa. You will not regret the wait. And a long time from now if you choose to apply for a 1 year extension using your deposit of 800,000 baht then you will save yourself a lot of grief rather than trying to meet the monthly income requirement.

If retiring in Thailand and staying here long term, he doesn't have to go for a O-A Visa. The most common retirement Visa is the Non-Immigrant O with 1 year extension. So much easier to apply for, no medical test or police record check. And maybe the Thai government will go for a mandatory health insurance for the O-A Visa in the future. I said maybe.

If you want or need to leave the country,just go for a re-entry permit. 

Link to comment
Share on other sites

1 hour ago, Max69xl said:

If retiring in Thailand and staying here long term, he doesn't have to go for a O-A Visa. The most common retirement Visa is the Non-Immigrant O with 1 year extension. So much easier to apply for, no medical test or police record check. And maybe the Thai government will go for a mandatory health insurance for the O-A Visa in the future. I said maybe.

If you want or need to leave the country,just go for a re-entry permit. 

The OP is from the UK, who no longer offer the multi entry Non Imm O Visa.

The single entry Non Imm O Visa is only available to those with Thai family, or in receipt of the State Pension.

 

For the purpose of retirement, aged 50 -66, the Non O-A, Non O-X, or the Elite Visa are the only choices, unless you enter VE or on a TV and chance going through the conversion process at a local Immigration office.

Link to comment
Share on other sites

2 hours ago, Mavideol said:

 

but he does need to do the 90 days reporting

Anyone staying in Thailand for more than 90 days is required to submit a 90 day report, regardless of Visa type. Only foreigners with PR status are exempt from this requirement.

Edited by Tanoshi
Link to comment
Share on other sites

10 minutes ago, Tanoshi said:

The OP is from the UK, who no longer offer the multi entry Non Imm O Visa.

The single entry Non Imm O Visa is only available to those with Thai family, or in receipt of the State Pension.

The SE Non O is available to anyone over 50 in receipt of a pension, state pension or that has 10K GBP in the bank for 3 months.

 

  • Non-Immigrant Type (Retirement (pensioner aged 50 or above with a state pension who wants to stay in Thailand for no longer than 90 days) - single entry only)
  • Financial evidence e.g. A copy of pension statement if the applicant is a pensioner, or a copy of 1-month bank statement showing your income from pension, or 3-month bank statement of at least £10,000
  • Confirmation of legal residence in the UK or Ireland
  • Thanks 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.








  • Topics

  • Latest posts...

    1. 0

      17 Arrests Made as Pro-Palestinian Protests Sweep London

    2. 0

      Elon Musk Joins Donald Trump in Rally, Energizes Supporters

    3. 0

      Legal Battle Looms over VAT on Private Schools: Parent’s Fight for Special Needs Education

    4. 0

      The Dark Legacy of October 7 The Terror and Tragedy One Year On

    5. 0

      The U.S. Alliance Dilemma: Hezbollah, Iran, and Russia's Connection

    6. 0

      Could an October Surprise Shift the Deadlocked Trump-Harris Race?

    7. 0

      Putin's Nuclear Threats: Rhetoric or Reality?

    8. 0

      White House Rebukes False Claims Amid Hurricane Helene Relief Efforts

    9. 0

      Spreaders of Conspiracy Theories: Unmasking the Motivations Behind the Lies

    10. 0

      Boris Johnson Suggests Putin Would Have Avoided Invading Ukraine if Trump Were President

    11. 0

      Oklahoma’s Controversial Plan to Purchase 55,000 Bibles for Public Schools

    12. 0

      Menendez Brothers’ Convictions to be Revisited Amid New Evidence & Interest

    13. 0

      India’s Debate on Marital Rape: Government Deems Criminalisation ‘Excessively Harsh’

    14. 0

      Rapid Greening of Antarctica: Scientists Alarmed by Climate Change Impact

    15. 3,549

      President Kamala Harris

×
×
  • Create New...