Money in the bank

[beachbuggy]

Hi, confirmation required, for Non O renewal do I need 800k 3 months before and 2 months after or as I just read on the internet 3 months before and 3 months after renewal date.

TIA

[DrJack54]

Two months prior and 3 months after application and not below 400k at other times

[Golden Triangle]

Not 100% sure, I have a separate account which has 800,000 in it all the time, if you can afford to do it that is the way to go IMO.

[Upnotover]

At least 2 months prior to filing date, and at least 3 months after being granted permission, the alien must have fund deposited in a bank in Thailand of no less than THB 800,000. The alien can withdraw the fund 3 months after being granted permission and the remaining balance must be no less than THB 400,000

[DrJack54]

3 minutes ago, Golden Triangle said:

Not 100% sure, I have a separate account which has 800,000 in it all the time, if you can afford to do it that is the way to go IMO.

No problem doing that.

Many use a dedicated bank account and maintain 800k + all year round. 

[KannikaP]

All that money in the bank doing absolutely 4uc3 all, and you still need money to live on (off?) Silly IMO.

 

Whoever thinks this is SAD, tell me why please.

Edited April 18, 2023 by KannikaP

[DrJack54]

23 minutes ago, KannikaP said:

All that money in the bank doing absolutely 4uc3 all, and you still need money to live on (off?) Silly IMO.

 

Whoever thinks this is SAD, tell me why please.

Immigration set the rules for extensions using money in the bank method.

You have option to use income method or an agent.

That's not being asked about by the OP. 

[arithai12]

13 hours ago, KannikaP said:

All that money in the bank doing absolutely 4uc3 all, and you still need money to live on (off?) Silly IMO.

 

Whoever thinks this is SAD, tell me why please.

It's ok for me. Why: peace of mind, and I have other more important investments to support myself.  You could also call silly a person who likes to eat in a good restaurant when he could nourish himself for a fraction of the price at the food court.

 

Back to OP: it is ok to withdraw money down to 400k during part of the time, but at least with my bank (BKB), the statement needed for extension takes at least one week.  If I keep the 800k in a separate fixed deposit and never touch it, it is printed on the spot in a few minutes. In the first case, plan in advance.

[murraynz]

15 hours ago, KannikaP said:

All that money in the bank doing absolutely 4uc3 all, and you still need money to live on (off?) Silly IMO.

 

Whoever thinks this is SAD, tell me why please.

Maybe it is sad... But if 800,000 is too much for you.. Best Not to consider retiring in Thailand.. To most of us, it's just a pittance after working for 30-40+ years.. Cost Of living is much cheaper in Thailand, saves you more than the interest you could earn From investing $30,000 opprox in home country. 

You would also pay 15% + tax on that income.. 

[KannikaP]

1 hour ago, murraynz said:

Maybe it is sad... But if 800,000 is too much for you.. Best Not to consider retiring in Thailand.. To most of us, it's just a pittance after working for 30-40+ years.. Cost Of living is much cheaper in Thailand, saves you more than the interest you could earn From investing $30,000 opprox in home country. 

You would also pay 15% + tax on that income.. 

If £20,000 is a pittance to you, then I am happy for your success. But I would rather import THB 65k per month to spend as I want/need.

Interest on that money would be say 5% = £1000, about Bht 40,000 per year. Not life changing money.

COL is cheaper in Thailand? Small Singha is Bht 38 here, same as in UK.

[BritTim]

On 4/18/2023 at 3:06 PM, KannikaP said:

All that money in the bank doing absolutely 4uc3 all, and you still need money to live on (off?) Silly IMO.

 

Whoever thinks this is SAD, tell me why please.

I agree that it is not the best way to make your money work for you. However, for many that is not a major consideration. People who are financially secure, certain they have enough for the rest of their lives, simplifying the whole process, and avoiding the potential for accidents that mean they need to make inconvenient visa runs can be justification for eschewing, perhaps, 30,000 baht in income from a safe investment of the 800,000 baht.

[murraynz]

On 4/19/2023 at 8:31 AM, KannikaP said:

If £20,000 is a pittance to you, then I am happy for your success. But I would rather import THB 65k per month to spend as I want/need.

Interest on that money would be say 5% = £1000, about Bht 40,000 per year. Not life changing money.

COL is cheaper in Thailand? Small Singha is Bht 38 here, same as in UK.

You may be better back in the UK, where it's could and miserable.. 

[Olmate]

If you dont mind upsettingsome folk on.here, agent for 12k or so wins every time!