Non-O 800k baht funds in foreign THB account

[Regain]

Hello,

 

Can the 800k THB be in a foreign baht account, i.e. Revolut?

 

thanks

[Airalee]

No,

https://immigrationbangkok.com/thai-retirement-visa-2/

 

[DrJack54]

Must be in Thai bank. Are you obtaining a non O or 12 month extension.

[Regain]

I’m converting from a tr visa to non o

[KannikaP]

9 minutes ago, DrJack54 said:

Must be in Thai bank. Are you obtaining a non O or 12 month extension.

But it can still be in GBP or USD in a Thai Foreign Currency Account !

[Regain]

Great, i dont want to convert Gbp with the exchange rates and Brexit. Which Banks offer foreign currency accounts for people on tourist visas?

[onebir]

1 hour ago, Regain said:

Can the 800k THB be in a foreign baht account, i.e. Revolut?

Don't forget the extra 0 (like the title)!

[DrJack54]

27 minutes ago, KannikaP said:

But it can still be in GBP or USD in a Thai Foreign Currency Account !

 Yes can be in foreign currency.

 

OP, reason I asked if you were obtaining a non O is that the 800k only needs to be in Thai bank on day of application. Be aware that you would need to show amount came from abroad. 

[EricTh]

I don't think you can put into a foreign currency account in Thailand.

 

Immigration officers have to check that your balance don't fall below 400k everyday and 5 months above 800k. They are not going to check the currency rate for each day for the past 365 days. It's impractical.

 

Even if it falls below 400k for just one day, you are disqualified from renewing.

 

So it must be converted to baht and not foreign currency.

 

Remember, exchange rate fluctuates everyday and different banks will give different rates. 

 

[ubonjoe]

3 minutes ago, EricTh said:

I don't think you can put into a foreign currency account in Thailand.

 

It can be in a foreign currency account at most offices.

When the extension is applied for the bank will write a letter and calculate the amount in the account baht based upon the exchange rate on the day it is written.

[KannikaP]

5 minutes ago, EricTh said:

I don't think you can put into a foreign currency account in Thailand.

 

Immigration officers have to check that your balance don't fall below 400k everyday and 5 months above 800k. They are not going to check the currency rate for each day for the past 365 days. It's impractical.

 

Even if it falls below 400k for just one day, you are disqualified from renewing.

 

So it must be converted to baht and not foreign currency.

 

Remember, exchange rate fluctuates everyday and different banks will give different rates. 

 

I have mine in a Bkk Bank GBP Foreign Currency Account, for past 4 years. No problems. I obviously make sure it never falls below the prescribed limits, 

[Regain]

9 minutes ago, EricTh said:

I don't think you can put into a foreign currency account in Thailand.

 

Immigration officers have to check that your balance don't fall below 400k everyday and 5 months above 800k. They are not going to check the currency rate for each day for the past 365 days. It's impractical.

 

Even if it falls below 400k for just one day, you are disqualified from renewing.

 

So it must be converted to baht and not foreign currency.

 

Remember, exchange rate fluctuates everyday and different banks will give different rates. 

 

Thanks, I’ll try a BKK foreign account. I’m anticipating a GBP  crash with Brexit so not a good time to convert.

[EricTh]

3 minutes ago, ubonjoe said:

 

It can be in a foreign currency account at most offices.

When the extension is applied for the bank will write a letter and calculate the amount in the account baht based upon the exchange rate on the day it is written.

 

No, that's not possible because the day that it is written won't be the same for the past 365 days. The exchange rate can be very different for that 1 year period.

 

 

 

[KannikaP]

2 minutes ago, Regain said:

does anyone have experience on a foreign account with IO with a 50k buffer extra? I’m anticipating a GDP crash with Brexit so not a good time to convert.

My IO looked at my book and bank letter, saw that it was over Bht 800k, and off I went with my extension. 

I don't know if they will accept GDP though!    LOL

[Regain]

19 minutes ago, DrJack54 said:

 Yes can be in foreign currency.

 

OP, reason I asked if you were obtaining a non O is that the 800k only needs to be in Thai bank on day of application. Be aware that you would need to show amount came from abroad. 

Can i show the foreign bank statement to prove that?

1 minute ago, EricTh said:

 

No, that's not possible because the day that it is written won't be the same for the past 365 days. The exchange rate can be very different for that 1 year period.

 

 

 

I can always add a 10% buffer to compensate

[EricTh]

6 minutes ago, KannikaP said:

I have mine in a Bkk Bank GBP Foreign Currency Account, for past 4 years. No problems. I obviously make sure it never falls below the prescribed limits, 

 

How does immigration ensure it never falls below the prescribed limits when the exchange rate fluctuates everyday? 

 

Unless your deposit is way above 800k with a buffer , then it can drop below when the Thai baht strengthens.

 

 

 

 

 

 

[KannikaP]

5 minutes ago, EricTh said:

 

No, that's not possible because the day that it is written won't be the same for the past 365 days. The exchange rate can be very different for that 1 year period.

 

 

 

It certainly IS possible because I have done it for 4 years. Have you?

But as I said previously, I do have a buffer to make sure it is always over Bht 800k, or Bht400k in the middle months.

[EricTh]

1 minute ago, KannikaP said:

It certainly IS possible because I have done it for 4 years. Have you?

How do they do that when the currency fluctuates everyday?You mean the immigration officer actually convert the balance everyday for the past 365 days?

 

It was simple in the past but with the new requirement of 400k for 7 months and 800k for 5 months, it would be a nightmare to convert.

 

The only possible way is if there is a good buffer above the 400k or 800k. 

 

 

[DrJack54]

1 hour ago, Regain said:

I’m converting from a tr visa to non o

This is what OP answered re my question about obtaining a non O or applying for extension. 

The replies about annual extensions is another story. He needs 800k+baht or foreign equivalent on day of application. That's it.

 

[Sophon]

12 minutes ago, EricTh said:

How do they do that when the currency fluctuates everyday?You mean the immigration officer actually convert the balance everyday for the past 365 days?

 

It was simple in the past but with the new requirement of 400k for 7 months and 800k for 5 months, it would be a nightmare to convert.

 

The only possible way is if there is a good buffer above the 400k or 800k. 

 

 

 

It really isn't that complicated, only the exchange rate on the day of application is used.

 

All the immigration officer has to do is find the lowest foreign currency balance in the periods that require a balance of THB 800k (three months after last application and two months before the new one), as well as the lowest balance in the period in between that require a balance of THB 400k. Those two balances are then converted to THB at the exchange rate on the day of the application, and the result has to be at least the required THB 400k/800k.

[KannikaP]

12 hours ago, EricTh said:

How do they do that when the currency fluctuates everyday?You mean the immigration officer actually convert the balance everyday for the past 365 days?

 

It was simple in the past but with the new requirement of 400k for 7 months and 800k for 5 months, it would be a nightmare to convert.

 

The only possible way is if there is a good buffer above the 400k or 800k. 

 

 

All I know is that my bank gives a letter saying the current balance at that day's exchange rate, and yes, mine is about GBP 21k, roughly THB 850, they ask for copies of all pages of the relevant bank book, which has no entries for the past years as I just have the money stuck there, and I get my extension.

[KannikaP]

12 hours ago, Sophon said:

 

It really isn't that complicated, only the exchange rate on the day of application is used.

 

All the immigration officer has to do is find the lowest foreign currency balance in the periods that require a balance of THB 800k (three months after last application and two months before the new one), as well as the lowest balance in the period in between that require a balance of THB 400k. Those two balances are then converted to THB at the exchange rate on the day of the application, and the result has to be at least the required THB 400k/800k.

No, it isn't that complicated for you or I, but ask Mr IO to do that...................

[Peterw42]

13 hours ago, Regain said:

Thanks, I’ll try a BKK foreign account. I’m anticipating a GBP  crash with Brexit so not a good time to convert.

You will need to go to the main area branch, smaller branches and shopping mall branches will send you to the main branch. Open a normal account first then look into the foreign currency account

 

[RubbaJohnny]

16 hours ago, Regain said:

Thanks, I’ll try a BKK foreign account. I’m anticipating a GBP  crash with Brexit so not a good time to convert.

Surely if your instrument is to lose valuta now is the time to sell ? 

Why wait to crystalize the depreciation?

If you however mean GPB will appreciate then it makes sense to wait, Like equities dump if you know they will fall long term.

 

May I add nt wishing  to nitpick it is not that it is a Thai Bank, my account at New York Bangkok Bank is not acceptable, whereas Citibank Asoke $ account is ok as long as it stays over the required threshold.

Over the years Iv'e used OCBC when next to my Office, TMB, SCB I now choose a 7 day branch with easy parking, each to their own. I'd add rural GSB etc may be unfamiliar with letter process Kasikorn , SCB or Bangkok Bank have templates pay 100 baht for a printout at my branch.

 

How it was explained to me the visa  funds must be in a bank IN THAILAND, NOT NEXCESSARILY a Thai Bank , there are many choices Chinese Deutsche, RHB, Hong Kong Shanghai, Barclay, Citibank and I believe some Malay Indian and other Chinese origin banks have branches in Bangkok.

Depending on which overseas bank you use they may have better correspondent arrangements.

 

This BoT  list may be out of date so please check first, its showing today saving rates

Foreign Bank Branches
Citibank	0.1000		0.4500		0.2000		0.2000		0.2000
Sumitomo Mitsui Banking Corporation	0.0500		0.0600		0.0800		0.0800		-
HONGKONG AND SHANGHAI BANKING CORPORATION	-		-		-		-		-
Deutsche Bank AG.	-		-		-		-		-
JP Morgan Chase Bank	-		-		-		-		-
Bank of America, National Association	-		-		-		-		-
Indian Overseas Bank	0.2500-0.3000		0.5500		0.8500		0.9500		0.9500
RHB Bank Berhad	0.5000-0.7500		0.7500-0.8500		0.9500-1.0500		1.1500-1.3500		-
Oversea Chinese Banking Corporation	0.0250		0.1700-0.2000		0.3000-0.3300		0.3000-0.3500		-
Mizuho Bank	-		-		-		-		-
BNP Paribas

In addition to transfer cost you may wish to think of convenience Citibank is long way for me to get a letter same day so while fine for other purposes a "local" branch handy if up country.

 

 

[Regain]

2 hours ago, RubbaJohnny said:

Surely if your instrument is to lose valuta now is the time to sell ? 

Why wait to crystalize the depreciation?

If you however mean GPB will appreciate then it makes sense to wait, Like equities dump if you know they will fall long term.

 

May I add nt wishing  to nitpick it is not that it is a Thai Bank, my account at New York Bangkok Bank is not acceptable, whereas Citibank Asoke $ account is ok as long as it stays over the required threshold.

Over the years Iv'e used OCBC when next to my Office, TMB, SCB I now choose a 7 day branch with easy parking, each to their own. I'd add rural GSB etc may be unfamiliar with letter process Kasikorn , SCB or Bangkok Bank have templates pay 100 baht for a printout at my branch.

 

How it was explained to me the visa  funds must be in a bank IN THAILAND, NOT NEXCESSARILY a Thai Bank , there are many choices Chinese Deutsche, RHB, Hong Kong Shanghai, Barclay, Citibank and I believe some Malay Indian and other Chinese origin banks have branches in Bangkok.

Depending on which overseas bank you use they may have better correspondent arrangements.

 

This BoT  list may be out of date so please check first, its showing today saving rates

Foreign Bank Branches
Citibank	0.1000		0.4500		0.2000		0.2000		0.2000
Sumitomo Mitsui Banking Corporation	0.0500		0.0600		0.0800		0.0800		-
HONGKONG AND SHANGHAI BANKING CORPORATION	-		-		-		-		-
Deutsche Bank AG.	-		-		-		-		-
JP Morgan Chase Bank	-		-		-		-		-
Bank of America, National Association	-		-		-		-		-
Indian Overseas Bank	0.2500-0.3000		0.5500		0.8500		0.9500		0.9500
RHB Bank Berhad	0.5000-0.7500		0.7500-0.8500		0.9500-1.0500		1.1500-1.3500		-
Oversea Chinese Banking Corporation	0.0250		0.1700-0.2000		0.3000-0.3300		0.3000-0.3500		-
Mizuho Bank	-		-		-		-		-
BNP Paribas

In addition to transfer cost you may wish to think of convenience Citibank is long way for me to get a letter same day so while fine for other purposes a "local" branch handy if up country.

 

 

I’m planning on using the 20k gbp deposit to buy a house in the Uk after i get the 1 year visa stamp, and then at renewal have 60k thb monthly income, and a minimal 8k sterling deposit. So conversation will just lose a chunk x2