Can Foreign Currency Account Be Used For Retirement Visa

[mrmillersr]

Thought I read sometime back where someone said they got a letter from the Bangkok Bank listing the Thai baht equivalent of what they had in their foreign currency current account and the immigration department accepted it. Has anyone been able to use foreign funds in a current account for their retirement visa?

I've got about 500,000 baht in my Thai baht account with quite a bit more now in foreign currency accounts (USD and GBP)that would easily be above the 800,000 baht requirement. I know I could convert some of the funds I have in those other currencies into the Thai baht account but prefer not to do so at the present time.

[Mario2008]

Should be no problem, as long as it is a Thai bank. But you do run the risk of devaluation of the currency and having less than the required amount.

[Namphonny]

If I understood correctly, my bank (Bangkok) said that I cannot remove the foreign currency in its original form - only as Thai Baht. On my ibanking page it quotes the amount in GBP but also in Thai Baht (as an approximate amount) and I assume that the Sterling is now locked in although I can, of course, take it out as Baht. I would assume therefore that there would be no problem in submitting it to immigration in lieu of Baht.

[chiang mai]

If I understood correctly, my bank (Bangkok) said that I cannot remove the foreign currency in its original form - only as Thai Baht. On my ibanking page it quotes the amount in GBP but also in Thai Baht (as an approximate amount) and I assume that the Sterling is now locked in although I can, of course, take it out as Baht. I would assume therefore that there would be no problem in submitting it to immigration in lieu of Baht.

You appear to have opened a "resident" account and not a "non-resident" one, the ability to deposit and withdraw different currencies is determined by the account type. For example, a non resident account allows you to deposit foreign currency but you cannot deposit THB, unless you have a work permit. I suspect you will find that whilst you cannot withdraw the currency on deposit in your account in anything other than THB, you can indeed transfer it out of the country if you wish, maybe an idea to consider if exchange rates change in your favour.