Retirement visa based on 800K - must be in THB account?

[SCOTT FITZGERSLD]

I recently saw a post here asking if the 800K for retirement NON-O visa must be in THB account

or can they be in USD (foreign currency in thai bank account).

The answer was not definite yes. I allways thought it is obvious the money can be in THB and USD account

(of the same thai bank) , in any cOmbination, as long as the total  value is 800K THB.

Some adviced to ask the IO.

 

so here i want to ask again - must the 800K be in THAI BAHT account, or can they be also in USD account of

the same bank?

 

[ubonjoe]

Most immigration offices will accept a foreign currency account to apply for a extension of stay.

Using the funds in Thai baht account and a foreign currency could also be possible.

[Banuwati]

My understanding is that the 800k has to be in a Thai savings account and not a checking account.  It also needs to be there 2 months before you apply and left untouched for another 3 months after you've received your Thai visa.  Easy use of your money for free.

 

[ubonjoe]

34 minutes ago, Banuwati said:

My understanding is that the 800k has to be in a Thai savings account and not a checking account. 

A foreign currency account is a savings account.

[scubascuba3]

35 minutes ago, ubonjoe said:

A foreign currency account is a savings account.

He's wrong about the checking account isn't he?

[jippytum]

please do not be misinformed a foreign currency account is acceptable to Thai immigration .I personally have used a sterling account with Bangkok Bank for retirement extension for more than twenty years

[ubonjoe]

27 minutes ago, scubascuba3 said:

He's wrong about the checking account isn't he?

Immigration will not accept a checking (current) account.

[EricTh]

18 minutes ago, jippytum said:

please do not be misinformed a foreign currency account is acceptable to Thai immigration .I personally have used a sterling account with Bangkok Bank for retirement extension for more than twenty years

 

Which currency exchange rate does immigration use when calculating the Thai amount ? It fluctuates every day.

 

[ubonjoe]

3 minutes ago, EricTh said:

Which currency exchange rate does immigration use when calculating the Thai amount ?

The amount in Baht is written on the special bank letter for those accounts using the exchange rate for the day the letter is written.

[Caspersfriend]

I have been using an FCD account at CM for many years and never a problem. Now of course we need to have proof that our 'loan to the bank' maintains the 800/400 balance for the full 12 months --- at whatever the exchange rate is at the time we make our application. Since this new law came in I have been getting my local branch, where I obtain the letter, to simply photocopy all applicable entries in the passbook and stamp/date them. This year that was questioned by the IO but still accepted, which suggests next year may have to apply in advance to get a main branch [Bangkok] print out. Maybe I should try offsetting my reverse loan with the bank against my tax return LOL

[Tanoshi]

On 6/14/2021 at 2:52 AM, SCOTT FITZGERSLD said:

I recently saw a post here asking if the 800K for retirement NON-O visa must be in THB account

or can they be in USD (foreign currency in thai bank account).

All funds must be in a Thai bank account.

Savings accounts, Fixed term deposit accounts, or, a Foreign currency Savings or Fixed term account are accepted by most Immigration offices.

The odd IO don't like the Foreign currency accounts - check with your IO first.

[SCOTT FITZGERSLD]

17 hours ago, Tanoshi said:

Fixed term deposit accounts

fiked term deposit too? this is new to me. i heard that they will not accept TERM DEPOSITS

as the money suppose to be used for living expenses

17 hours ago, Tanoshi said:

check with your IO first.

check with my IO?

Do i have a private IO? in bangkok there are dozens of IO and you cannot really choose them.

[Tanoshi]

1 hour ago, SCOTT FITZGERSLD said:

fiked term deposit too? this is new to me. i heard that they will not accept TERM DEPOSITS

as the money suppose to be used for living expenses

Pretty impossible if you have to keep 400K in an account throughout the year for retirement extensions. You have a foreign currency account, which can either be a Savings or Fixed Term deposit type account.

 

1 hour ago, SCOTT FITZGERSLD said:

check with my IO?

Do i have a private IO? in bangkok there are dozens of IO and you cannot really choose them.

IO = Immigration office or officer.

[Philipp001]

On 6/14/2021 at 5:06 PM, ubonjoe said:

A foreign currency account is a savings account.

You are wrong

[ubonjoe]

4 minutes ago, Philipp001 said:

You are wrong

I should of written it is equal to a savings account. Note I was replying to a post that mentioned a checking account.