Current Policy On Capital Transfer Pre-retirement

[Khon Baan Nok]

It is my understanding that one of the requirements for being able to get a retirement visa is that an initial amount of foreign currency must be transferred into a Thai bank account.

I have both Baht and US$ accounts, and would like to know the current minimum amount that would need to be transfered in in order to meet this requirement. I have believed that amount to be Baht 800,000 - but I'm not sure if that is correct.

If I am mistaken about that requirement, I'd also appreciate guidance on that too. Thanks all.

[lopburi3]

The requirement is 800k in a Thai located bank account; or 65k monthly pension/income as outlined on a letter from your Embassy or a combination of the two. There is currently a three month requirement for the funds to have been in the bank account prior to retirement extension of stay application.

If you do the process in your home country the funds can be in a bank account there and only have to be in Thailand 3 months before you make yearly extension here.

[astral]

When transferring money be sure to tell you bank to send US$ to Thailand.

You do not want them to buy Thai baht offshore as the exchange rates inside Thailand are MUCH better.

[flifsh1]

A question related to this - do you have to prove that you transferred the 800K into the country - or just show that you have that amount in your Thai Bhat bank account? An example of this is someone who brings travellers cheques to thailand ( to avoid the high fees for foriegn currency deposit and withdrawl) and cashes them for deposit into a Bhat account.

[Krub]

A question related to this - do you have to prove that you transferred the 800K into the country - or just show that you have that amount in your Thai Bhat bank account? An example of this is someone who brings travellers cheques to thailand ( to avoid the high fees for foriegn currency deposit and withdrawl) and cashes them for deposit into a Bhat account.

The requirement of proving the funds come from outside of Thailand do not seem to be enforced.

The 800k must be in the caaount for at least 3 months before application fro the 1 year extension

I do not see how you can save by using traveller's checks instead of a simple bank transfer

[pomchopkao]

A question related to this - do you have to prove that you transferred the 800K into the country - or just show that you have that amount in your Thai Bhat bank account? An example of this is someone who brings travellers cheques to thailand ( to avoid the high fees for foriegn currency deposit and withdrawl) and cashes them for deposit into a Bhat account.

The requirement of proving the funds come from outside of Thailand do not seem to be enforced.

The 800k must be in the caaount for at least 3 months before application fro the 1 year extension

I do not see how you can save by using traveller's checks instead of a simple bank transfer

I thought that funds had to come in from abroad but I guess with the newish

"must be in the account for at least 3 months before application" rule, this is

not necessary anymore since, in a way, it prevents applicants

from borrowing money for a day or two from a friend!

For sure, not many "friends" would be willing to turn over unsecured 800k baht for three months!

Edited May 30, 2007 by pomchopkao

[Krub]

A question related to this - do you have to prove that you transferred the 800K into the country - or just show that you have that amount in your Thai Bhat bank account? An example of this is someone who brings travellers cheques to thailand ( to avoid the high fees for foriegn currency deposit and withdrawl) and cashes them for deposit into a Bhat account.

The requirement of proving the funds come from outside of Thailand do not seem to be enforced.

The 800k must be in the caaount for at least 3 months before application fro the 1 year extension

I do not see how you can save by using traveller's checks instead of a simple bank transfer

I thought that funds had to come in from abroad but I guess with the newish

"must be in the account for at least 3 months before application" rule, this is

not necessary anymore since, in a way, it prevents applicants

from borrowing money for a day or two from a friend!

For sure, not many "friends" would be willing to turn over unsecured 800k baht for three months!

"friends" maybe not but plenty of loan sharks at exhorbitant rates will, these will also make sure you pay up or........

[astral]

Just ask you overseas bank to trasnfer the US$ and then ask the Thai bank for the exchange certificate.

If they ask why, you need it for the immigration "tamruat khor muang".

You may have to wait a day or two as the cert will have to come from head office.

[flifsh1]

Just ask you overseas bank to trasnfer the US$ and then ask the Thai bank for the exchange certificate.

If they ask why, you need it for the immigration "tamruat khor muang".

You may have to wait a day or two as the cert will have to come from head office.

I am still confused about this - Are you saying have the bank in the U.S. transfer the funds to your $U.S. account here in Thailand or to your Thai Bhat account? The 'exchange certificate' you are talking about - what exactly is this ? Something I have never understood is can you have the equivalent of 800K bhat in your $U.S. account (in Thailand) for 3 months instead of actually having the 800K in your bhat account. Is this what you mean by the 'exchange certificate'?

Friends of mine complain constantly about getting poor exchange rates (considerably lower than bank posted rates) when they transfer money into the country.

[lopburi3]

1. You transfer foreign currency into your Thai baht account - the conversion is done in Thailand at the "TT" rate of exchange (highest). You never allow your foreign bank to convert to baht first and then transfer baht. There may be a place to indicate on your paperwork or you just specify the exchange in your foreign currency. Never say "transfer 800,000 baht".

2. For an extension of stay in Thailand the money must be in a Thai located bank account. For application for an O-A visa in your home country the money can be in your home country account.

3. You can obtain a receipt from bank for any wire transfer which will show the path and changes made. It is not normally required.

4. There is special paperwork for condo purchase money but that is another subject.

[Khon Baan Nok]

1. You transfer foreign currency into your Thai baht account - the conversion is done in Thailand at the "TT" rate of exchange (highest). You never allow your foreign bank to convert to baht first and then transfer baht. There may be a place to indicate on your paperwork or you just specify the exchange in your foreign currency. Never say "transfer 800,000 baht".

2. For an extension of stay in Thailand the money must be in a Thai located bank account. For application for an O-A visa in your home country the money can be in your home country account.

3. You can obtain a receipt from bank for any wire transfer which will show the path and changes made. It is not normally required.

4. There is special paperwork for condo purchase money but that is another subject.

Hmm. This still does not completely address the earlier question. Can you have the US dollars transferred into your Thai bank US dollar account, or must it go into a Baht account? Your explanation of how to finesse the transfer the baht account is very clear and helpful, tks.

[lopburi3]

It did not address that because as I understood the question he was asking astral if he was talking about transfer into a baht or $ account located in Thailand when he said send $ and the key is to transfer the funds in foreign currency and have the exchange done in Thailand.

The account should be in Baht as that is the immigration requirement (800k in baht) so they could say no to something else. From most reports Bangkok has been open to various types of account but there is no guarantee.

[Beardog]

The 800,000 baht must be wired into your Thai bank acct. I have a person I befriended From the u.s That opened a previous acct in Pattaya with $9,000 U.S. & re-entered with another$10,000 & put the funds in his acct.

Upon applying for the Type O imm. visa He was told he had to show the wire transfer of 800,000 baht.

They kept him on the 2 month visitors visa till he wired in the 800,000 baht into his acct.

The reason they do not want cash out of the blue appearing in your acct. is they want to know it is legit & they must figure if it is accounted by the govn. we used to live in -it is not illicit funds.

A swift acct is what you will be using Don't listen to your bank at home if they try to get you to use routing numbers as that is an internal transfer in the U.S. & A Swift transfer is international. My bank(Bank of America) insisted on routing numbers till I pointed out Swift was international transfer. you only need to do a wire transfer once.Keep all your paperwork as immigration (or at least in Pattaya) will require this to get your type OA visa. after that you can top it off by atm transfers or however as they only care about the wire transfer initially. Unless of course you let your visa lapse & you will have to start all over again.

I did mine 2 years ago & it was real easy, It might be slightly different now as they have made minor changes this last year.

Good luck in the LOS!!!!!!

[lopburi3]

Just to point out you do not obtain an OA visa in Thailand. What you do with the 800k/65k/combo is extend your current non immigrant visa for one year at a time. If you do not have a non immigrant visa you must obtain one before this can happen. Immigration can issue a non immigrant visa of single entry type upon your meeting the qualifications and at an extra cost of 2,000 baht - this should be obtained while you still have 21 days or more on your permitted to stay stamp.

The non immigrant OA is an overseas issued visa/one year extension of stay that has been pre-approved (the 'A' suffix).

[wpcoe]

Don't listen to your bank at home if they try to get you to use routing numbers as that is an internal transfer in the U.S. & A Swift transfer is international. My bank(Bank of America) insisted on routing numbers till I pointed out Swift was international transfer. you only need to do a wire transfer once

FYI & FWIW, Bank of America has a method of transferring funds electronically via their online banking system using the "domestic" USA routing numbers to Bank of Bangkok. If I understand the process correctly, one uses the routing number for Bangkok Bank's New York branch, and the account number is the actual account number of the Bangkok Bank account in Thailand. It is NOT a SWIFT transfer, it is a simple inexpensive online "domestic" transfer, only a couple dollars, and the money shows up in the Thai Bangkok Bank account as quickly as a SWIFT transfer.

A few folks here have explained the process in the past as being done using Bank of America's online (internet) banking system. I wonder if BofA can also do it for you directly (i.e. not via their web-site), and perhaps that's what they were attempting to do for you? <shrug>

[thaihome]

Don't listen to your bank at home if they try to get you to use routing numbers as that is an internal transfer in the U.S. & A Swift transfer is international. My bank(Bank of America) insisted on routing numbers till I pointed out Swift was international transfer. you only need to do a wire transfer once

FYI & FWIW, Bank of America has a method of transferring funds electronically via their online banking system using the "domestic" USA routing numbers to Bank of Bangkok. If I understand the process correctly, one uses the routing number for Bangkok Bank's New York branch, and the account number is the actual account number of the Bangkok Bank account in Thailand. It is NOT a SWIFT transfer, it is a simple inexpensive online "domestic" transfer, only a couple dollars, and the money shows up in the Thai Bangkok Bank account as quickly as a SWIFT transfer.

A few folks here have explained the process in the past as being done using Bank of America's online (internet) banking system. I wonder if BofA can also do it for you directly (i.e. not via their web-site), and perhaps that's what they were attempting to do for you? <shrug>

Most bank branch employees in the US have little or no knowledge of SWIFT transfers and will tell you they are not done. You must insist and ask the manager or someone with more experience in order to get on done. The employees were not trying to use the ACH transfer system.

In order for the ACH transfer you describe to work, 2 small transfers are made that must be validated online in order to verify the receiving accounts. This system does indeed work, but in my case, BofA has refused to proceed with any real transfers, saying the accounts are not in the US as required.

TH

[pitrevie]

I am just about to transfer my annual pension from the UK so that it is in my account the requisite 3 months before I renew my retirement visa. However given the capital controls what happens to any sum that exceeds the 700K which I understand is the limit.

[resrea]

Hi,

myself and my family are arriving in Thailand next week and my husband is intending to deposit 800,00 baht into a Thai bank accunt with a view to going for the retirement visa in a few months - 'Beardog' has said on this thread that 'The 800,000 baht must be wired into your bank account' - apparently so they know that the money is 'legit' - the money we intend to deposit is all in Travelers cheques, is this going to be a problem ?

Also, are there any Thai banks which come recommended by members of this forum and are preffered over other banks ? and the same question regarding the type of account opened - is there a type of account in which it would be better to have 800,000 baht sitting in for three months ?

Any help with the above questions would be much appreciated,

best regards,

resrea

[lopburi3]

I am just about to transfer my annual pension from the UK so that it is in my account the requisite 3 months before I renew my retirement visa. However given the capital controls what happens to any sum that exceeds the 700K which I understand is the limit.

There is no limit but there is a law that any single transfer of over $20,000 is subject to 30% withholding to be deposited with the Bank of Thailand for a period of one year at zero interest. You don't want that to happen and it should not as it only applies to certain market money but unless you have prior agreement with bank it might mess up your 90 day plan as it would take time to get the money back if sent onward. It is much better to make two swift transactions, half in each.

[lopburi3]

Hi,

myself and my family are arriving in Thailand next week and my husband is intending to deposit 800,00 baht into a Thai bank accunt with a view to going for the retirement visa in a few months - 'Beardog' has said on this thread that 'The 800,000 baht must be wired into your bank account' - apparently so they know that the money is 'legit' - the money we intend to deposit is all in Travelers cheques, is this going to be a problem ?

Also, are there any Thai banks which come recommended by members of this forum and are preffered over other banks ? and the same question regarding the type of account opened - is there a type of account in which it would be better to have 800,000 baht sitting in for three months ?

Any help with the above questions would be much appreciated,

best regards,

resrea

Opening any bank account is hit and miss so a normal passbook savings account is probably all you will be able to arrange.

Siam Commercial Bank (SCB), Bangkok Bank Ltd. (BBL), and K Bank are the three that most use. A few also use Bank of Ayutthaya.

Believe if you cash the checks in the bank for direct deposit into account Immigration will probably be happy. Do not cash on street and then try to deposit cash. You might want to visit Immigration or call them on 1111 (ask for immigration) to make sure before you actually cash the checks.

[resrea]

Many thanks Lopburi3 for the fast response - there's just one more thing of concern to us - - - - -

apparently - (I've learned since I posted) - some of the money my husband intends to deposit would be in cash that we have now, would you think it ok to bring some cash into Thailand and to use that as part of the 800K deposit ..... or should we get that converted to Travelers cheques before we arrive ? - we will lose money that way as it is in Australian dollars which will - (here in Saigon) - have to be converted to US dollar traveler cheques, then naturally to Baht once we arrive - and then of course there are the other charges involved and the fact that it will be in US $ and the US $ is weaker against the baht than the aussie dollar is at the moment - it's hard to know what to do - and all still rather daunting to us beginners,

thanks again and all the best,

resrea.

[lopburi3]

If TC are ok I suspect foreign cash will also be - be sure to save exchange receipts when you convert it at the bank.

[roog]

If you do the process in your home country the funds can be in a bank account there and only have to be in Thailand 3 months before you make yearly extension here.

So, when extending, for the first time, my non immigrant multiple entry visa on the basis of retirement, if I do this in my home country (UK), the money doesn't have to have been in my UK account for 3 months?

[pitrevie]

I am just about to transfer my annual pension from the UK so that it is in my account the requisite 3 months before I renew my retirement visa. However given the capital controls what happens to any sum that exceeds the 700K which I understand is the limit.

There is no limit but there is a law that any single transfer of over $20,000 is subject to 30% withholding to be deposited with the Bank of Thailand for a period of one year at zero interest. You don't want that to happen and it should not as it only applies to certain market money but unless you have prior agreement with bank it might mess up your 90 day plan as it would take time to get the money back if sent onward. It is much better to make two swift transactions, half in each.

Many thanks for that I will proceed as you advise.

[lopburi3]

If you do the process in your home country the funds can be in a bank account there and only have to be in Thailand 3 months before you make yearly extension here.

So, when extending, for the first time, my non immigrant multiple entry visa on the basis of retirement, if I do this in my home country (UK), the money doesn't have to have been in my UK account for 3 months?

You will have to meet the requirements of the Consulate you apply at. Only they can answer your question and do not believe Royal Thai Embassy in London has the information on its website.