Retirement Visa - Changing Bank Accounts

[TylerBKK]

I am wondering if one is going to change the bank and account that they use to prove that they have 800K Baht on deposit in a Thai Bank for purposes of extending their visa for another year on the basis of retirement, and if they have extended the same visa for a couple of preceding years already on the same basis of retirement, if it would be necessary to show proof that the funds being shown in the new account were also brought in from overseas? Or is the proof of funds originating from overseas only required on the first one year visa extension and then if/or one switches banks/accounts it is no longer required to show any origination of funds?

 

Thank you.

[worgeordie]

No need to show funds come from overseas.

regards worgeordie

[EricTh]

No need to show origin of fund.

 

However, if your balance fall below the minimum amount in the old account, you need to show the money was transferred from bank A to bank B on the same day.

 

Edited July 11, 2022 by EricTh

[DrJack54]

Proof funds came from overseas are only required for non O retirement application in Thailand.

 

Proof of funds from abroad is not required.for annual extensions.

 

When changing banks be very careful and I suggest you do it by bank to bank transfer. 

Edited July 11, 2022 by DrJack54

[soi3eddie]

I switched accounts used for the 800K back in 2020. Was worried about spending and letting the balance fall below the threshold so moved to an account not used for daily spending. I made the switch of funds on a weekday and did it electronically during banking hours. When doing the next annual extension I got two full 12 month statements to show that my total balance never fell below the required amount on any day. The IO at CW checked those statements line by line and it took ages - she also got another (more senior) to double check. All was OK as expected. This year renewal only needed the one 12 month statement.

   

[ubonjoe]

I suggest you not change banks during the 2 months before the day you apply for the extension.

[DezLez]

I suggest you do the change during the period when you only need to keep 400,000 in the account and tx 400,000 on the first time, wait till you see it in the new account then tx the 2nd 400,000. That way you will always meet the min 400,000 requirement even if the bank delays the tx.

[TylerBKK]

Thank you all for your very helpful replies.

[TylerBKK]

In conclusion, I decided to transfer in new funds in the amount of 800K into a new account so as not to disrupt the existing balance of the existing account currently being used for visa extension.

 

But when I extend my visa again in early 2023 I wont be able to use the new account for the extension yet because it wont yet have a 12 month account balance history. So when I extend my visa early next year I still plan to present the old account and not the new one.

 

My question is, as soon as I extend my visa again early next year using the old account, can I then immediately withdraw all the funds and close the old account since (for the following year’s extension in early 2024) I should be able to present the new account for the visa extension since by then it will have more than a 12 month balance history of 800K on deposit in the new account?

 

And I assume for the 2024 extension there will be no need to show any information about the old account since the new account will fulfill the visa extension requirements in 2024 at that point?

 

I am just a bit concerned that I close the old account in 2023 (after extending my visa) and then in 2024 they still ask to see the old account for some reason. Thus, this could be a problem if I close the old account in 2023 right after extending my visa. Is there any chance this issue could arise in 2024?

 

Thank you.

Edited August 14, 2022 by TylerBKK