800k baht for non-O visa

[aussiexpat]

I transferred A$9k to my Thai bank last week to start the 800k baht requirement for non-O visa and got only 23.39 exchange. I then paid my hotel through Wise which gave 24.48.

 

Is there a requirement to transfer bank to bank to prove funds came from international Bank, or can I send the money to my own bank via Wise and get a much better Rate?

 

@jacko45k you put me onto Wise but I think you said can't be used for visa as no proof of international funds?

 

Appreciate all advice as this is a significant exchange rate difference 

 

 

Edited December 25, 2021 by aussiexpat

[ubonjoe]

For the 800k baht option the transfer does not have to be shown as coming from abroad unless you are applying for a non-o visa at immigration. For a extension of stay application it is not required.

 

[aussiexpat]

2 minutes ago, ubonjoe said:

For the 800k baht option the transfer does not have to be shown as coming from abroad unless you are applying for a non-o visa at immigration. For a extension of stay application it is not required.

 

I am applying for the non-O for the first time

[ubonjoe]

Just now, aussiexpat said:

I am applying for the non-O for the first time

You will need the proof that it came from abroad. It is only needed for the non-o visa application since it only has to be in bank on the day you apply.

[RedArmy]

Transfer your money from your bank into your Wise account - Then convert it into Thai baht within your Wise wallet - This will give you a better exchange rate - Then send from your Wise account to your Thai bank account.

 

There will ne a drop down menu for reason for transfer - Just click on "Long term funds for living in Thailand" - This should then show up in your Thai bank book as an international transfer.

[aussiexpat]

@RedArmy thank you. You have likely saved me about 30,000 baht ????

[DrJack54]

4 minutes ago, RedArmy said:

Transfer your money from your bank into your Wise account - Then convert it into Thai baht within your Wise wallet - This will give you a better exchange rate - Then send from your Wise account to your Thai bank account.

 

There will ne a drop down menu for reason for transfer - Just click on "Long term funds for living in Thailand" - This should then show up in your Thai bank book as an international transfer.

What you outline is correct. 

 

However in recent times this topic and indeed some issues with Wise have been discussed.

Many concerning FTT code etc.

A Google of "Wise AseanNow" brings up threads about this issue.

In addition extensive thread in Thaiger.

Again what you outline is correct however I would suggest the OP reads the threads I referred to.

Think folk with Bangkok Bank account have fewer issues with having correct code. 

 

[aussiexpat]

Thanks @jacko45k 

 

I 've now read those threads and it seems like it's playing the lottery. Wise may show up as an international transfer therefore saving me around 30,000 baht, or it may not whereby I may then need another transfer to make 1.6 million in my account instead of 800k lol

 

800k should be 800k, why are Thailand rules never simple ????

 

Edited December 25, 2021 by aussiexpat

[jacko45k]

1 hour ago, aussiexpat said:

you put me onto Wise but I think you said can't be used for visa as no proof of international funds?

In my case it would work..... as when I transfer using Wise,  it arrives in my Thai Bank account clearly labelled as arriving from overseas. That seems to depend which Thai bank you use, and the requirement to tag it in the Wise process as funds for long term stay. 

Even if it is not labelled, there is the option of showing immigration the Wise documents to confirm the foreign source, or a separate letter from your bank. 

[zoza]

most people have had these issues, i changed my  Bank to Bangkok Bank used Wise, ticked '' long term stay  in Thailand'' and FTT on my transfers

seems to keep my immigration satisfied for now.

Edited December 25, 2021 by zoza
looks better

[Bvor]

2 hours ago, RedArmy said:

Transfer your money from your bank into your Wise account - Then convert it into Thai baht within your Wise wallet - This will give you a better exchange rate - Then send from your Wise account to your Thai bank account.

 

There will ne a drop down menu for reason for transfer - Just click on "Long term funds for living in Thailand" - This should then show up in your Thai bank book as an international transfer.

 am unclear - is sending money via my wise account as per above method a better exchange rate then sending money via wise international transfer as per pay id method?

[Spooky1968]

I always got my retired visa sending a doc from my Spanish bank about I have this money, but it is not required the money keep in Thai bank. Anyway, I use Xendpay web for any money transaction to Thailand. Fee are very little, sending 3.000€ to Thailand just by 6€ 

 

 

[DrJack54]

7 minutes ago, Spooky1968 said:

I always got my retired visa sending a doc from my Spanish bank about I have this money, but it is not required the money keep in Thai bank. Anyway, I use Xendpay web for any money transaction to Thailand. Fee are very little, sending 3.000€ to Thailand just by 6€ 

 

 

Are you referring to a non O-A? 

Methods of money transfers if a financial topic and covered in finance forum.

Stating cost of transfer is meaningless. In the main it's all about the exchange rate.

Wise uses mid market rate. 

There is a reason why many folk use Wise. 

Edited December 25, 2021 by DrJack54

[aussiexpat]

14 minutes ago, Spooky1968 said:

I always got my retired visa sending a doc from my Spanish bank about I have this money, but it is not required the money keep in Thai bank. 

I could have done that too and just shown money in Australia bank, but that required I get a non-OA visa which required mandatory health insurance of 400,000 inpatient/40,000 outpatient, plus additional covid insurance for a year. 

 

Non-O in Thailand seems much simpler and cheaper, just need the best way to get the 800k there with proof of international transfer

 

Edited December 25, 2021 by aussiexpat

[DrJack54]

3 minutes ago, aussiexpat said:

Non-O in Thailand seems much simpler and cheaper

The non O-A has/will become a white elephant. 

Perhaps in future when land borders open a few may obtain one. I certainly would not..

[aussiexpat]

Anyone know if my first 200k counts with immigration? Transfer was from my regular bank in Australia before I thought to use Wise. It says 'IMEX trade'?

Edited December 25, 2021 by aussiexpat

[Polaky]

Recently did a transaction through wise and got a popup asking if it was funding a retirement visa in thailand, I clicked no, but why would they ask?, perhaps knowing that it needs to be marked as coming from another country they would mark it as such, the transaction was done in Oz.