Repatriation Of Funds

[DrRoas]

I am an over 50 American wishing to obtain a Thai retirement visa. Can I withdraw the B800k deposited in the Thai bank after I get my visa?

[PhilHarries]

I believe you can withdraw the whole lot the day after provided it's back in three months before next years application.

[Jingthing]

Yes, of course, but they would be happier if you SPEND it in in Thailand, but up to you.

[happylarry]

As far as I understand the rules are the money has to be in the bank for a period of six months....three months before and three months after. You also have to show that the money came from abroad and that there is movement in the account to show that you are using the money on which to live.

[Jingthing]

The money does not have to be in there 3 months AFTER; only 3 months before. (In Jomtien, many people have been told it does not even have to be in 3 months before after the FIRST extension.)

I think maybe the OP is asking if he can wire the money back out of Thailand right after getting the extension. Immigration wouldn't care. The bank would likely have a problem with that. So it is a banking issue, not an immigration issue. You most certainly could walk into the bank and withdraw the cash.

[Naam]

As far as I understand the rules are the money has to be in the bank for a period of six months....three months before and three months after. You also have to show that the money came from abroad and that there is movement in the account to show that you are using the money on which to live.

three months before any yearly extension is correct. but no such thing like "three months after" and "proof that money came from abroad" or "using the money for living expenses". the latter two points might be enforced in future (the grapevine says).

[Lite Beer]

The money does not have to be in there 3 months AFTER; only 3 months before. (In Jomtien, many people have been told it does not even have to be in 3 months before after the FIRST extension.)

I think maybe the OP is asking if he can wire the money back out of Thailand right after getting the extension. Immigration wouldn't care. The bank would likely have a problem with that. So it is a banking issue, not an immigration issue. You most certainly could walk into the bank and withdraw the cash.

Agree in theory. However when they look at his bank book next year they may be interested to know how he has been funding his stay in Thailand. They do seem to be happier with a steady flow going out.

But JT you may well be right. Depends where you go and who you see.

[Jingthing]

In the past, some people have been asked to show that the money came from abroad, especially for first time extensions. Usually, the transfer codes in the passbooks have sufficed, but it always a good idea to seek documentation for each and every foreign transfer from your Thai bank. Remember, Thai immigration has a proud history of changing enforcement rules on the fly and catching some people who have not been proactive. I seriously doubt they will require proof the money is used for expenses. If you are living here, you are spending money here, why bother asking for proof?

If you were able to transfer most of the money out right after extension, I think a legitimate answer if asked is to say you chose to invest the money at higher interest. It would be a good idea to collect documentation of how you were getting money to live here then, such as ATM records. If they didn't like this, I personally think the worse that would usually happen is to be told, don't do this next year.

[jstumbo]

Every so often somebody posts that immigration wanted to see movement on the account. Seems like it is just an added thing that some office asks for sometimes, but not from everybody.

The reason they would like to see you using the money for expenses is because if you do not use the money, and you are here on a retirement extension, they wonder where you are getting your money for expenses from. Are you working illegally? That is the question. If they asked about this and you could show records from a foreign account that showed withdrawals from ATMs, then they would probably not have a problem.

[Jingthing]

Quite right, js.

Back to the banking issue. I am under the impression that the banks would give a retirement visa holder some major friction if they tried to wire out 800K baht they had just wired in. I think most of the time they would NOT let you do that. That is not the same thing as letting you withdraw the money as cash IN THAILAND.

[IMA_FARANG]

I am an over 50 American wishing to obtain a Thai retirement visa. Can I withdraw the B800k deposited in the Thai bank after I get my visa?

I'm not sure of the law, but you may run into problems doing that for this reason. The money you deposited is supposed to show that you have an income or funds to maintain your lifestyle in Thailand. The question if you withdraw the money, and then next year you put funds back in to a bank for the extension will be this: If you withdrew the money from the bank after you recieved the visa, then what did you use to live on while residing in Thailand? And from that question comes: are you presently working in Thailand? And then: well, if you are not working, then where do you get your money to live on?

Do you see how it is a slippery slope? Best to avoid that scene.

So the best course is to put the 800K baht into a Thai bank. Withdraw what you need for expenses, and top it up with your pension or whatever the source of income is. That will show in the foriegn transfers into your bank. The immigration will be able to verify that you are legit as a retiree, and all your income comes from outside Thailand. No problem. (No tax, either)

Yes, I know it's a pain in the ### to keep it in a bank account with low interest. But that's what keeps you in Thailand as a retiree, and not paying Thai taxes.

As the saying goes never #### into the soup pot you may be drinking from later.

[Jingthing]

I personally see no reason whatsoever to try to read the minds of Thai immigration officers. Just follow the rules and be prepared for questions. There is NO immigration rule against what the OP asked about! Following the rules is what is required and that will almost always work. I agree if the funds aren't there for most of the year, document how you did get funds (assuming you aren't illegally working in Thailand) and I think it will be OK IF THEY ASK FOR IT. Come on, no reason to give them more than what is required, are we mice or men?

[PhilHarries]

Personally when if and I retire to Thailand I will deposit the 800k, or whatever it is at the time, and basically leave it as a minimum balance to cover my exit if it all goes pear shaped or any medical emergency.

[mahjongguy]

- It is unwise to spend all your time here without significant money in a local bank. There are emergency situations where setting up a wire transfer may be imposible or just too slow. And if you lose your home-country ATM card, it may take you 2 or 3 weeks to get another.

- You transferred 800,000 baht into Thailand, paying wire transfer fees for sending and receiving (~US$55 total) and nearly 1% for the conversion. If you ship that money back, wait 8 1/2 months, and bring it over again, you've spent most of what you were trying to save in "lost" interest. If maximizing interest is your concern, then after you've gotten your visa you can move the cash into into a fixed rate account for (nearly) nine months. You'll earn about 2.75% taxfree.

[Krub]

Personally when if and I retire to Thailand I will deposit the 800k, or whatever it is at the time, and basically leave it as a minimum balance to cover my exit if it all goes pear shaped or any medical emergency.

Very wise indeed.

Not an enormous sum, it stays yours and while in Thailand a nice security to have on hand.

Use some of it as needed and top-up with 2 or 3 transfers a year when the exchange rate feels good

[Krub]

I am an over 50 American wishing to obtain a Thai retirement visa. Can I withdraw the B800k deposited in the Thai bank after I get my visa?

You do not have to have the 800k in a Thai bank to obtain a visa.

It is only needed to apply for a one year extension of stay in Thailand on the basis of retirement.

There have been reports that the 800k must have been in the account for at least 3 months prior to your first one year extension of stay application.

There is no requirement to keep the 800k once the extension of stay is issued