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800k In Thai Bank

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ForeignExchange Explorer Member

ForeignExchange

Posted
Posted

Age 55. My Thai wife and I have had a joint account here in Canada for over 18 years. When transferring the 800k over to a Thai bank can it be sent to a "joint account" in Thailand for long stay retirement purposes, or would immigration refuse the application because of this? Also, would I be able to apply to immigration as soon as I arrive in Thailand? Thank you in advance.

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dr_Pat_Pong Star Member

dr_Pat_Pong

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Posted
Age 55.  My Thai wife and I have had a joint account here in Canada for over 18 years.  When transferring the 800k over to a Thai bank can it be sent to a "joint account" in Thailand for long stay retirement purposes, or would immigration refuse the application because of this?  Also, would I be able to apply to immigration as soon as I arrive in Thailand?  Thank you in advance.

A joint account will be fine. But you only need 400,000 baht in a bank in Thailand because you are married to a Thai. You should get a Non-Immigrant O class visa in Canada before you enter Thailand. If your wife has a Thai passport, all is well, but if not, she too needs that O visa.

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lopburi3 Legendary Member

lopburi3

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Posted

A joint account is fine for a support Thai wife extension of stay but I would not try it for a retirement long stay type extension as that is supposed to be your money alone.

You have the choice of the long stay (retirement) at 800k or the support Thai wife at 400k.

Immigration prefers that you extend your stay during the last 30 days of an entry so that would be two months after your arrival. Time to set up a bank account and transfer money.

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ForeignExchange Explorer Member

ForeignExchange

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A joint account is fine for a support Thai wife extension of stay

Who would be supporting who? If the immigration officer found out the real story, he/she would probably fall out of his/her chair laughing. My wife is a university grad, I'm not. She is also an IT professional with a much better paying job than my own. If anything, we have provided support to her retired parents for many years, and I'm quite happy to do it.

:o

Seems it would be less embarrassing for me to go the retirement application route. Many thanks for the replies. You guys are terrific.

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astral Star Member

astral

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does that mean if you are married to a thai but want to stay on a retirement visa you need only show 400k  , as opposed to 800k for a single man on retirement ???

Exactly right.

Some curious logic there, I know.

A joint account is fine for a support Thai wife extension of stay

Who would be supporting who? If the immigration officer found out the real story, he/she would probably fall out of his/her chair laughing. My wife is a university grad, I'm not. She is also an IT professional with a much better paying job than my own. If anything, we have provided support to her retired parents for many years, and I'm quite happy to do it.

:o

Seems it would be less embarrassing for me to go the retirement application route. Many thanks for the replies. You guys are terrific.

As long as you can show the money comes from overseas there is no particular need to show who earned the money.

The married visa is less hassle and less money required in the bank.

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doctormann Gold Member

doctormann

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I have a problems here, I have some money but I was unable to open an account due to I don't have work permit. What should I do and I don't want share account with local.

Lioneric

Interesting that you have had a problem with opening a bank account.

I am in Thailand on an A-O 'Retirement Visa', and one of the conditions for renewing this type of visa is to have 800,000 Baht in a Thai savings account. I didn't anticipate any problems in opening an account but, in fact, both Siam Commercial and Thai Military refused because I didn't have a work permit. The terms of my visa prohibit working so this seemed to be a bit of a classic Catch 22 situation.

After some discussion, the TMB said that they would open an account if I provided a letter from Immigration confirming my status or, alternatively, a copy of my condo rental agreement. I took the second alternative and during the course of filling out forms just happened to mention that I could provide a Thai driving licence as additional ID. It seems that if I had provided this in the first place the whole procedure would have been much easier. Presumably, this is because you have to get through the bureaucracy to get the licence in the first place.

So, my advice, for what it's worth, is to get yourself a Thai licence, which is very straightforward if you have an International Driving Permit, and then flash that at the bank of your choice. They should then open an account for you with no further hassle.

Hope this is of some use.

DM :o

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lopburi3 Legendary Member

lopburi3

Posted
Posted
I have a problems here, I have some money but I was unable to open an account due to I don't have work permit. What should I do and I don't want share account with local.

Do you have a proper visa now? If so you should be able to open an account at a Thai bank in the passbook savings type. You might need a letter confirming address from immigration or your Embassy but it should not be hard to find a bank to open an account at. If one says no try the one around the block and they may say yes.

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dr_Pat_Pong Star Member

dr_Pat_Pong

Posted
Posted
I have a problems here, I have some money but I was unable to open an account due to I don't have work permit. What should I do and I don't want share account with local.

Lioneric

Interesting that you have had a problem with opening a bank account.

I am in Thailand on an A-O 'Retirement Visa', and one of the conditions for renewing this type of visa is to have 800,000 Baht in a Thai savings account. I didn't anticipate any problems in opening an account but, in fact, both Siam Commercial and Thai Military refused because I didn't have a work permit. The terms of my visa prohibit working so this seemed to be a bit of a classic Catch 22 situation.

After some discussion, the TMB said that they would open an account if I provided a letter from Immigration confirming my status or, alternatively, a copy of my condo rental agreement. I took the second alternative and during the course of filling out forms just happened to mention that I could provide a Thai driving licence as additional ID. It seems that if I had provided this in the first place the whole procedure would have been much easier. Presumably, this is because you have to get through the bureaucracy to get the licence in the first place.

So, my advice, for what it's worth, is to get yourself a Thai licence, which is very straightforward if you have an International Driving Permit, and then flash that at the bank of your choice. They should then open an account for you with no further hassle.

Hope this is of some use.

DM :o

With a Non-Immigrant visa of any category it is a breeze to get a license.

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monsieurhappy Silver Member

monsieurhappy

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does that mean if you are married to a thai but want to stay on a retirement visa you need only show 400k  , as opposed to 800k for a single man on retirement ???

They will also want to see some new money coming in each year or a letter from your embassy to verify how much pension you are receiving. 40,000 baht per month is I think the minimum.

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Lioneric Explorer Member

Lioneric

Posted
Posted

Thank you guys for answering my question but my problems are very much complicate, let me explain my situation here. I get about 3 Millions Bt per day for some business profit and I am a Malaysian, as you know Malaysia are still IMF currency control which we are not allow to bring more then USD 500 out or in the country and we have to declare everything to the center bank.

I just came in as a tourist visa at Don Muang woth 30 days valid no others type of visa,no driving licence or other document to proff but my intention is not going to bring the money out just sit in the bank.

I am just 30 years old and I think i can't get any retirement visa too, Is there any way to register wiht BOI or any other matters that solve my problems ? Currently I join account with my Thai business partner and it's very dangerous when he wil by pass me.

Yesterday I try to walk in Siam Commercer Bank in Big C but all the bank ask me do you have work permit? the same question in every where. I really need help to just open an account and I promise free beers all night long to all member in Thaivisa.

Eric

Need help!

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lopburi3 Legendary Member

lopburi3

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Posted
I just came in as a tourist visa at Don Muang woth 30 days valid no others type of visa,no driving licence or other document to proff but my intention is not going to bring the money out just sit in the bank.

That is the problem - obtain a non immigrant visa and you should not have trouble opening an account. Even a tourist visa might work. But an airport stay stamp is not a visa. You need a visa at most banks.

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  • 3 weeks later...
Kerryd Diamond Member

Kerryd

Posted
Posted
Yesterday I try to walk in Siam Commercer Bank in Big C but all the bank ask me do you have work permit? the same question in every where. I really need help to just open an account and I promise free beers all night long to all member in Thaivisa.

Eric

Need help!

1st - Get an apartment. This gives you an address in Thailand. Your landlord/lady will have to fill out a form verifying your address and such.

2nd - Go to a branch of the Bangkok Bank (I went to the one on 2nd road (Pattaya) near the Marine Hotel). English speaking clerks, no hassles to open a savings account. To get a credit card or internet access to your account, they want a 1 year visa stamp and a work permit. For a savings account - just a Thai address.

3rd - Ask for the wire transfer information. When I went, they had slips of paper already printed up with the bank codes. They just add your account number in.

I set my account up last August. When I got back to work, I asked to have my pay deposited in my Thai account. No problem (except I couldn't check my balance over the 'net).

I had my ATM card though, and on my next trip I hit the first ATM I saw and sure enough, my pay was there (well, the 3 months of it that went to that bank).

Only thing I noticed was, NO INTEREST ! I put 600,000B in there in 3 months and not a baht of interest.

I also noticed that some ATMs have a limit on the amount you can withdraw, others don't (well, not quite. At some ATMs I was limited to withdrawing 20,000 at a time, but could do that as often as I liked. At Don Muang I withdrew 120,000 in 6 transactions, then converted the lot into US before flying to my next destination).

Hope that helped a little !

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morning glory Senior Member

morning glory

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Posted

"They will also want to see some new money coming in each year or a letter from your embassy to verify how much pension you are receiving. 40,000 baht per month is I think the minimum."

I'm still not sure about how this $800K thing works. Tell me if this is right...

1. First, I must transfer $800K to my bank account here from overseas to satisfy the requirement to get the retirement visa.

2. During the first year with the visa, I understand I can use this money to live on, so the balance might go down to, say, $500K.

3. Then when I want to renew the visa, all I have to do is transfer in $300K from overseas to bring it back to $800K within one week of renewing the visa. Right??

OR---do I have to transfer in ANOTHER, DIFFERENT $800K before renewing----which will bring the balance up much higher than $800K? (I won't have a large enough pension to satisfy the monthly requirement)

4. Do I have to show additional smaller transfers from overseas during the year to prove I have "income"? How else can I show income? (I won't have a large enough pension to satisfy the monthly requirement)

Can someone who has done this before clarify please??? thanks!!! Hope i haven't confused you! :o

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lopburi3 Legendary Member

lopburi3

Posted
Posted
"They will also want to see some new money coming in each year or a letter from your embassy to verify how much pension you are receiving. 40,000 baht per month is I think the minimum."

I'm still not sure about how this $800K thing works.  Tell me if this is right...

1.  First, I must transfer $800K to my bank account here from overseas to satisfy the requirement to get the retirement visa.

2.  During the first year with the visa, I understand I can use this money to live on, so the balance might go down to, say, $500K. 

3.  Then when I want to renew the visa, all I have to do is transfer in $300K from overseas to bring it back to $800K within one week of renewing the visa.  Right??

OR---do I have to transfer in ANOTHER, DIFFERENT $800K before renewing----which will bring the balance up much higher than $800K? (I won't have a large enough pension to satisfy the monthly requirement)

4.  Do I have to show additional smaller transfers from overseas during the year to prove I have "income"?  How else can I show income? (I won't have a large enough pension to satisfy the monthly requirement)

Can someone who has done this before clarify please???  thanks!!!  Hope i haven't confused you!  :o

1 and 2 are correct.

3 can be done anytime - the 7 day requirement is for the bank letter confirming your account is active and the balance. The money can be put there anytime prior.

4 is not required and one deposit up to the 800k is fine. Obviously if you have used money from the account and then make a deposit you have a source of funds from overseas which is what they are concerned about - the 800k amount shows them that you can live the year until your next extension without further funds being required.

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WilliamIV Silver Member

WilliamIV

Posted
Posted
"They will also want to see some new money coming in each year or a letter from your embassy to verify how much pension you are receiving. 40,000 baht per month is I think the minimum."

I'm still not sure about how this $800K thing works.  Tell me if this is right...

1.  First, I must transfer $800K to my bank account here from overseas to satisfy the requirement to get the retirement visa.

2.  During the first year with the visa, I understand I can use this money to live on, so the balance might go down to, say, $500K. 

3.  Then when I want to renew the visa, all I have to do is transfer in $300K from overseas to bring it back to $800K within one week of renewing the visa.  Right??

OR---do I have to transfer in ANOTHER, DIFFERENT $800K before renewing----which will bring the balance up much higher than $800K? (I won't have a large enough pension to satisfy the monthly requirement)

4.  Do I have to show additional smaller transfers from overseas during the year to prove I have "income"?  How else can I show income? (I won't have a large enough pension to satisfy the monthly requirement)

Can someone who has done this before clarify please???  thanks!!!  Hope i haven't confused you!  :o

1 and 2 are correct.

3 can be done anytime - the 7 day requirement is for the bank letter confirming your account is active and the balance. The money can be put there anytime prior.

4 is not required and one deposit up to the 800k is fine. Obviously if you have used money from the account and then make a deposit you have a source of funds from overseas which is what they are concerned about - the 800k amount shows them that you can live the year until your next extension without further funds being required.

Lop3

You say "... if you have used money from the account ..."

In the Past I have NOT used money from the Account

I have drawn from my overseas account via ATM for my Living expenses.

Do you think or have evidence that this will be acceptable in future?

OR - do they really want to see usage of the 800K AND Top Up?

Bill

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lopburi3 Legendary Member

lopburi3

Posted
Posted
Lop3

You say "...  if you have used money from the account ..."

In the Past I have NOT used money from the Account

I have drawn from my overseas account via ATM for my Living expenses.

Do you think or have evidence that this will be acceptable in future?

OR - do they really want to see usage of the 800K AND Top Up?

Bill

Most seem to like to see usage but don't believe they will make a big deal about it unless there are other factors that make them think illegal employment. I find it much nicer to use local atm card at any machine and know I am going to get my money and not get that deadbeat error that sometimes pops up when contact can not be made with your home bank using an overseas card. If you work out what you lose on low interest rate here on that 800k it probably makes up the one or two wire transfer fees - especially if you pay for each atm use.

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WilliamIV Silver Member

WilliamIV

Posted
Posted (edited)

Lop3

You say "...  if you have used money from the account ..."

In the Past I have NOT used money from the Account

I have drawn from my overseas account via ATM for my Living expenses.

Do you think or have evidence that this will be acceptable in future?

OR - do they really want to see usage of the 800K AND Top Up?

Bill

Most seem to like to see usage but don't believe they will make a big deal about it unless there are other factors that make them think illegal employment. I find it much nicer to use local atm card at any machine and know I am going to get my money and not get that deadbeat error that sometimes pops up when contact can not be made with your home bank using an overseas card. If you work out what you lose on low interest rate here on that 800k it probably makes up the one or two wire transfer fees - especially if you pay for each atm use.

OK - thanks.

Well my Overseas ATM withdrawals are Charge Free - (but I must withdraw a minimum of £50 - quite a Problem in Philippines where many ATMs have a Max withdrawal of about £40 - so I did have error messages THERE - and paradoxically I used my Thai account for withdrawals there) - I have not experienced any error messages in Bangkok the past 18 months.

When I have had to Top-Up in the past - I have not used Wire Transfers - I have just Drawn from Overseas account via ATM and paid in Cash to the Local Account

and no questions asked.

Oh - and I do not lose interest on 800K - I was originally GrandFathered on 500K

but this was reduced to 200K (with Sufficient Pension)

To each his own !

Bill

Edited by WilliamIV
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