Retirement Visa Financial Requirements

[dsmiththailand]

We have been approved for our Non O visas which allow us to stay in Thailand for 90 days, which we will then apply for the 1 year retirement visas.  During this time frame, one of us will open a bank account to deposit 800,000baht and the other person will open a bank account to deposit the required 65,000 baht per month.  My question is after 60 days of opening our accounts what documentation does the Pattaya immigration require to show proof of income for the 65,000baht?  is the bank book showing deposit of 65,000baht enough?  Thanks

[SCOTT FITZGERSLD]

how come you were approved for the non-O visa BEFORE you opened the bank account with 800,000 THB ?

[dsmiththailand]

I went through the Thai embassy in Los Angeles California USA

[ubonjoe]

According the rules it will require at least 2 months of 65k baht transfers form abroad to apply for the extension. It will require proof the 65k baht was transferred form abroad and a updated bank book showing them along with a bank statement.

You need to check with immigration in Jomtien as to where they will accept 2 months of transfers for the first extension. Many offices will not accept the application unless there are 12 months of transfers.

[dsmiththailand]

2 minutes ago, ubonjoe said:

According the rules it will require at least 2 months of 65k baht transfers form abroad to apply for the extension. It will require proof the 65k baht was transferred form abroad and a updated bank book showing them along with a bank statement.

You need to check with immigration in Jomtien as to where they will accept 2 months of transfers for the first extension. Many offices will not accept the application unless there are 12 months of transfers.

Thanks for the infor. very helpful

[Tanoshi]

20 minutes ago, dsmiththailand said:

We have been approved for our Non O visas which allow us to stay in Thailand for 90 days, which we will then apply for the 1 year retirement visas. 

When you enter Thailand you will be granted permission of stay for 90 days.

You will have used the single entry of that Visa on entry and it will be 'USED'.

 

You then apply to extend that 90 day permission of stay for a further 365 days based on retirement, which is a permit, not a Visa. No such animal as a 'retirement' Visa' exists.

 

The other issue with the 65K transfers is depending on which bank you open an account with and the method you use for transfers, they may not be coded as 'International' transfers, then you will require extra documentation as proof it came from overseas. The accounts must be in your sole individual names.

 

[dsmiththailand]

1 minute ago, Tanoshi said:

When you enter Thailand you will be granted permission of stay for 90 days.

You will have used the single entry of that Visa on entry and it will be 'USED'.

 

You then apply to extend that 90 day permission of stay for a further 365 days based on retirement, which is a permit, not a Visa. No such animal as a 'retirement' Visa' exists.

 

The other issue with the 65K transfers is depending on which bank you open an account with and the method you use for transfers, they may not be coded as 'International' transfers, then you will require extra documentation as proof it came from overseas. The accounts must be in your sole individual names.

 

Thanks. We are planning to use KASIKORNBANK in Pattaya as based on my research it is easy to open an account.  As for transferring funds from USA to Thailand, we are going to use Wise (formally Transferwise)

[DrJack54]

32 minutes ago, dsmiththailand said:

Thanks. We are planning to use KASIKORNBANK in Pattaya as based on my research it is easy to open an account.  As for transferring funds from USA to Thailand, we are going to use Wise (formally Transferwise)

You have a non O stamp which is a plus however opening a Thai bank account I would never describe as easy. Kasikorn is good choice as they require less rubbish that Bangkok Bank (just one example)

As for using Wise transfer (good option) when you select 'reason' for transfer' you select last option. Something like expenses long term stay.

Edited June 20, 2021 by DrJack54

[Tanoshi]

3 minutes ago, dsmiththailand said:

Thanks. We are planning to use KASIKORNBANK in Pattaya as based on my research it is easy to open an account.  As for transferring funds from USA to Thailand, we are going to use Wise (formally Transferwise)

Thanks.

As you'll no doubt be aware 'Wise' uses 3 banks for such transfers, those being Bangkok bank, Kasikorn and TMB. When making transfers through their website select the reason of transfer as ' Funds for long term stay in Thailand. (last one on the list of 'reasons'). This will ensure they pay the funds from their matching account, i.e. their Kasikorn account to your Kasikorn account.

 

Only the HQ of Thai banks have a SWIFT code, branches do not.

Therefore your payment will go through Kasikorn HQ account to your branch account.

With the exception of Bangkok Bank, the HQ's do not advise the branch of the 'source' of the transfers, therefore in your Passbook it will be coded as a 'local' or 'domestic transfer, in other words an internal transfer from one branch to another branch.

 

You need to request a 'credit advice' receipt from your branch for each transfer, which will detail the overseas transfer, OR, request through your branch a bank statement from their HQ which will log the transfers as 'International'.

You can also print off the PDF receipts from Wise that detail the transfers and are accepted by certain Immigration offices as proof of overseas transfers.

[dabhand]

26 minutes ago, dsmiththailand said:

Thanks. We are planning to use KASIKORNBANK in Pattaya as based on my research it is easy to open an account.  As for transferring funds from USA to Thailand, we are going to use Wise (formally Transferwise)

 

If using Wise for the monthly transfers I would suggest that you try and open an account with Bangkok Bank, if at all possible. Provided you indicate that the funds are for 'Long term stay' (on the drop down menu for reason for transfer) almost invariably this shows as an FTT and is accepted by Immigration without question as a transfer from overseas. Using other banks can be problematic or have additional document requirements.