800000THB, can I draw out?

[Selwyn]

I have kept the 800,000THB in my Bangkok Bank for the past year. My visa is up for renewal In February, after I show my balance can I transfer back to Uk, or am I obliged to keep in in my account for a period of time?

Edited December 1, 2019 by Selwyn

[Jingthing]

I am assuming you're staying here based on annual retirement extensions using the 800K baht in a Thai bank method.

 

So the short answer to your question is NO NO NO!!!!!!!!!!!!!!!!!!!!

 

The longer answer is that these are the rules. STRICTLY ENFORCED. One baht off and you fail.

 

There must be at least 800K in the account for two months before each extension application.

 

There must be at least 800K in the account for three months after each granted extension.

 

For the rest of the year your account must not go even one baht under 400K.

 

So yes you can drain the account to specific amounts depending on the timing. But the full 800K -- no. 

[Selwyn]

Hi Jingthing,

Thanks for that, best leave it where it is and forget about it.

[potless]

All the above is correct. Just to stress that the application date and the date of expiry of your extension are not the same thing. Just in case you need to draw on it for some reason.

[Selwyn]

Thanks Potless, I’ll bare that in mind

[NCC1701A]

20 minutes ago, Selwyn said:

Hi Jingthing,

Thanks for that, best leave it where it is and forget about it.

that's what i do. makes everything so much easier.

[Henryford]

If you are retired and living here just keep the 800k in the bank all year. If you ever need it then it's GOODBYE Thailand.

[spiekerjozef]

of course you can take it out it's your money

[Myran]

5 minutes ago, spiekerjozef said:

of course you can take it out it's your money

Please don't act stupid. You know exactly what he means.

[dick turpin]

Transfer back to the UK.....good luck with that.

[Vacuum]

20 minutes ago, dick turpin said:

Transfer back to the UK.....good luck with that.

Why would this be a problem?

[Suradit69]

23 hours ago, spiekerjozef said:

of course you can take it out it's your money

Yes, it's yours to do with as you please as far as the bank is concerned, depending on the terms of the type of account you have.

 

But, if you want to remain in compliance with immigration rules you need to follow the fund balances outlined by Jingthing above.

[Thingamabob]

Just don't touch the 800k at all. Leave well alone and you will find things much easier here.

[Neeranam]

Good news is that it's easy now to tranger funds. Last week, i updated my krungthai account to be able to transfer 1 million baht per day. It was only 100k before.

[jacko45k]

On 12/1/2019 at 10:47 AM, Selwyn said:

Hi Jingthing,

Thanks for that, best leave it where it is and forget about it.

Too right.... but if you ever decide you are leaving Thailand, party on!

So far, we are unsure how Immigration will check on this deposit. Obviously 800k/2months seasoning is checked when you apply for the extension. Only Jomtien (????) asks you to come back 3 months later to prove you still got it.... One might expect they will want to see a full year after March 2020.

[Peter Denis]

Yes, leaving the full amount in your bank-account is safest bet that you will be in compliance when you need to prove your financials at your next application for extension of stay.

Two caveats:

- Ensure that the bank-account where you parked the 800K allows immediate withdrawal, as there are other type of accounts (e.g. insurance-based) that are not accepted by IO;

- Allow a small buffer-zone above 800K to avoid dipping below the 800K limit (e.g. as a result of your bank withdrawing the annual bank-account cost).

[Saltire]

2 minutes ago, jacko45k said:

Too right.... but if you ever decide you are leaving Thailand, party on!

So far, we are unsure how Immigration will check on this deposit. Obviously 800k/2months seasoning is checked when you apply for the extension. Only Jomtien (????) asks you to come back 3 months later to prove you still got it.... One might expect they will want to see a full year after March 2020.

Kanchanaburi insist on a personal visit to check 800k balance in bank book, 90 days after receiving the extension.

 

[Guest]

On 12/1/2019 at 11:08 AM, NCC1701A said:

that's what i do. makes everything so much easier.

Yep ... I have my Krunsri account with (more than) 800K year round.  And Bangkok Bank for my "active account."  I love Krungsri, but was pleasantly surprised when my Bangkok Bank debit card (The credit card is with Krungsri) turned out to be pin number required at purchase.  That extra layer of protection is much appreciated.  That 800,000 THB is not a problem, and simply a nice forced savings for my wife later on ... (and yes, I did a last will and testament so she has legal rights to withdraw that and other accounts) I can send you the Last Will template if you want to make one up ... super easy.

[Suradit69]

2 hours ago, Neeranam said:

Good news is that it's easy now to tranger funds. Last week, i updated my krungthai account to be able to transfer 1 million baht per day. It was only 100k before.

Great news indeed. Anything less than a million a day has severely restricted my lifestyle. 

[Samyan]

On 12/2/2019 at 1:46 PM, bangkokequity said:

 I can send you the Last Will template if you want to make one up ... super easy.

I would be grateful if you would send me a template. I did PM you the other day.

Thanks.

[Delight]

  Do you have to show evidence that the 800K Baht was brought in from outside Thailand.

I mean if the 800K was gifted to you -would that still count.

Also does it have to be in the same account for the whole 12 months?

[jacko45k]

4 hours ago, Delight said:

  Do you have to show evidence that the 800K Baht was brought in from outside Thailand.

I mean if the 800K was gifted to you -would that still count.

Also does it have to be in the same account for the whole 12 months?

For a retirement Extension, no.

Source is not relevant.

800k baht is only required for 2 months before and 3 months after application, not the full year. (400k for the remaining time). It would make sense to leave it untouched for those 5 months as your total must be maintained, but multiple accounts can be accepted. Accounts must be in your name only, and the money accessible. 

[Guest]

4 hours ago, jacko45k said:

For a retirement Extension, no.

Source is not relevant.

800k baht is only required for 2 months before and 3 months after application, not the full year. (400k for the remaining time). It would make sense to leave it untouched for those 5 months as your total must be maintained, but multiple accounts can be accepted. Accounts must be in your name only, and the money accessible. 

I will say, since the money is "on lock down" ... it saves a LOT of time and watching an immigration agent flip between books, comparing dates, doing sums, etc ... to Keep It Simple and put the retirement funds in one bank book.  I have my retirement funds sitting in Krungsri, and use Bangkok Bank for "Life Funds"  (The reason is, Bangkok Bank has a PIN on Purchase card ... very secure!)

[Snow Leopard]

On 12/2/2019 at 1:06 PM, Thingamabob said:

Just don't touch the 800k at all. Leave well alone and you will find things much easier here.

Correct. Rainy day if needed. 

[Delight]

10 hours ago, jacko45k said:

For a retirement Extension, no.

Source is not relevant.

800k baht is only required for 2 months before and 3 months after application, not the full year. (400k for the remaining time). It would make sense to leave it untouched for those 5 months as your total must be maintained, but multiple accounts can be accepted. Accounts must be in your name only, and the money accessible. 

  Thanks