Funds For Retirement Visa

[Two Roads]

I have two questions regarding required bank funds to obtain a non-immigrant O-A/retirement visa.

First, the requirment assumes one has an established bank account in Thailand. I've been told that without a work permit an individual can not open a Thai bank account. Is this correct and if so then how does one deposit funds into an account they can not establish?? I am currently not living or working in Thailand.

Secondly, aren't there still restrictions in place that dictate any funds transferred into Thailand in excess of USD 20,000 requires 30% to be put in escrow for one year with the Reserve Bank and no interest?? Again, assuming this is correct then how do you transfer the funds without giving the Thai government a 30% loan with no interest??

Thanks for any replies.

[apetley]

There should be no need for a WP, most banks will open an account for you with just your passport and an address. If your not successful at the first go to the next. Kasikorn are one of the best.

If you are transferring over 20k US just give your bank a call first and tell them what its for, house, condo, car etc. Should go smoothly after that.

[jitagon]

I have two questions regarding required bank funds to obtain a non-immigrant O-A/retirement visa.

First, the requirment assumes one has an established bank account in Thailand. I've been told that without a work permit an individual can not open a Thai bank account. Is this correct and if so then how does one deposit funds into an account they can not establish?? I am currently not living or working in Thailand.

Secondly, aren't there still restrictions in place that dictate any funds transferred into Thailand in excess of USD 20,000 requires 30% to be put in escrow for one year with the Reserve Bank and no interest?? Again, assuming this is correct then how do you transfer the funds without giving the Thai government a 30% loan with no interest??

Thanks for any replies.

You do not need a work permit to open a Thai bank account, or at least I didn't when I opened two accounts, one with Siam Commercial and the other Bangkok Bank four or five years ago. They will however (of course, same as home country), want to see proof of residence. A utilities bill, rental contract, or the slip Immigration staple inside your passport with your address on it.

As to the transfer of funds from abroad. You explain to the bank what you need the funds for, and the bank will simply ask you to state that they are 'for personal expenses' on the transfer form. Again, that's how I was able to do it this year.

[lopburi3]

1. A non immigrant O-A long stay (retirement) visa is only issued outside Thailand in your country of residence - the money is expected to be in an account in that country. If you obtain a multi entry you have almost two years before the funds are required to be in Thailand.

2. For one year extensions of stay inside Thailand from an immigration office your account will have to be in Thailand and the funds on deposit for previous three months. If you use the 65k monthly pension/income method you do not have this requirement.

3. You do not need a work permit to open an account but it may take visiting a few branches to get one that will open without. As said you should have proof of address and you can get that from your Embassy - immigration does not place any such paper in your passport.

4. The restriction on money transfer, although greatly reduced still stands and most local banks will require you to confirm use is not specified stock type activity before they allow access currently (rather than forwarding 30% to government and then having to get it back). The easy route is to make two transfers and then there is no problem.

[ballbreaker]

Although most banks will check with you first before sending off 30% to the government its best to use multiple transfers if amount is over $20k US. It might cost a bit more but you will avoid potential problems.

[mdrichard]

I have two questions regarding required bank funds to obtain a non-immigrant O-A/retirement visa.

First, the requirment assumes one has an established bank account in Thailand. I've been told that without a work permit an individual can not open a Thai bank account. Is this correct and if so then how does one deposit funds into an account they can not establish?? I am currently not living or working in Thailand.

Secondly, aren't there still restrictions in place that dictate any funds transferred into Thailand in excess of USD 20,000 requires 30% to be put in escrow for one year with the Reserve Bank and no interest?? Again, assuming this is correct then how do you transfer the funds without giving the Thai government a 30% loan with no interest??

Thanks for any replies.

You will not be able to open a traditional "checking account" but you will be able to open a "savings account" which has the same priveleges as a checking account. You will get an ATM card which can also be used as a debit card.

I recommend Bangkok Bank which has banches all over Thailand.

[Lite Beer]

Most people have more success with SCB or Kasikorn banks.

Also they will give you internet banking, Bangkok Bank will not without a work permit.

[Two Roads]

Thanks to all for the replies.

[naka]

I have two questions regarding required bank funds to obtain a non-immigrant O-A/retirement visa.

First, the requirment assumes one has an established bank account in Thailand. I've been told that without a work permit an individual can not open a Thai bank account. Is this correct and if so then how does one deposit funds into an account they can not establish?? I am currently not living or working in Thailand.

Secondly, aren't there still restrictions in place that dictate any funds transferred into Thailand in excess of USD 20,000 requires 30% to be put in escrow for one year with the Reserve Bank and no interest?? Again, assuming this is correct then how do you transfer the funds without giving the Thai government a 30% loan with no interest??

Thanks for any replies.

You will not be able to open a traditional "checking account" but you will be able to open a "savings account" which has the same priveleges as a checking account. You will get an ATM card which can also be used as a debit card.

I recommend Bangkok Bank which has banches all over Thailand.

Avoid Bangkok Bank.

Today they are perhaps the worst of all the major banks.

Naka.

Edited December 25, 2007 by naka