Retirement Visa And Bank Account

[Tony59329]

I am considering applying for a Retirement Visa. I understand that I must deposit 800,000 baht for 3 months into a Thai bank account.

I normally travel to Thailand with no visa just the 30 day stamp on arrival.

My question is..How does one open a Thai bank account when in Thailand.

I am over 50 from the UK but living in California.

Thank you in advance

[Lite Beer]

Keep trying different banks until you find one that will open a savings account for you.

Have a read here. http://www.thaivisa....nt-in-thailand/

BTW the money has to be in the bank for 2 months on first application.

You will find it easier opening a bank account and applying for the Retirement Extension if you arrive with a Non O Imm Visa.

[lopburi3]

Only two months in account is accepted for first extension. It would be best to obtain a single entry non immigrant O visa by mail from Portland or other honorary Consulate prior to travel but you can also convert inside Thailand from visa exempt or tourist visa if required. You visit banks to open an account - if one branch says no the next branch of the same bank may well say yes so not really a problem in larger locations. You may have to visit your Embassy to get a letter of where you are currently living for some banks to allow. The main thing is to arrange your current banking to allow getting funds transferred. From US that could be domestic ACH system if using Bangkok Bank here but for any other it would require SWIFT transfer which often must be set up in person at home back to allow you to designate an account/transfer later by internet/phone or fax depending on the bank.

[Tony59329]

Many thanks for the replies. I had never heard of an honorary Consulate until this forum. I Googled it and there they are. Can these Consulates e.g. Hawaii issue Non Immigrant visa's on the spot in person?

[Lite Beer]

Some will. Some will take a day or two. You will have to ask them. Some have information the their website.

[TallGuyJohninBKK]

I pretty much hate their service and exceptionally bureaucratic ways...

But, Bangkok Bank does have an English web site that spells out very clearly what they require to open new bank accounts for farang, including those on various different kinds of visas, including tourist visas...

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Foreign%20Customers/Pages/Opening%20an%20account%20new.aspx#11

A lot of Thai bank staff will tell any farang they need to have a work permit in order to open a Thai bank account. That's simply not true...though having a work permit certainly makes things easier.

But it helps if you can show some dim-witted Thai bank staff that their own bank web site says you're entitled to open a new account with them.

[JimGant]

Can these Consulates e.g. Hawaii issue Non Immigrant visa's on the spot in person?

The honorary consulate in Portland, Oregon, seems to have the best track record for efficiency and user-friendliness. They will -- or have in the past -- issued Non Imm O visas for retirement-eligible applicants (age over 50; meet financial requirement). One week, or less turnaround, for mail applications.

Check out the info on their website: http://www.thai-or.com/

Call, or email, Mary Wheeler at the address/phone number indicated for specific answers to your questions. She's been very responsive in the past. I asked her about getting Non Imm O for retirement back in April, 2011, and here's her answer:

I can issue the one-year multiple entry for you – just be sure to send the proof of income/pension.

Sincerely,

Mary Wheeler

(I was just checking for a friend, and didn't follow-up on just what "proof of income/pension" she actually required. Probably the 65k/800k baht equivalent.....)

I do note on their website, which has recently been updated, that, if you have a UK passport, you'll have a few more hoops to jump thru -- like proof of airline ticket or itinerary (US passport holders don't have this requirement). Also, their statement: "YOU MUST ENTER THAILAND WITHIN 90 DAYS FROM THE DATE OF ISSUE OF THE VISA - PLEASE DO NOT SEND APPLICATION MORE THAN 90 DAYS BEFORE YOU INTEND TO ENTER THAILAND" is wrong for a multiple entry Non Imm visa (good for one-year), or a tourist visa for more than one entry (good for 6-months).

And, that tantalizing requirement for a Non Imm O visa still is advertised:

proof of condo or home ownership.

Hmmmm. I haven't seen anyone on this forum commenting on whether or not this works......

[retiredusn]

(Been here in Thailand 8 years and have never had a bank account, as have never needed one just the financial document from the embassey. Most folks listen to much too b/s instead of checking on the correct way of following p;rocedues themselfs

(rant of the day)

[Mario2008]

If you choose for the income option there is indeed no need to produce a bankbook and bank letter. However, in practise some immigration offices want to see a bankbook with some money in it. If you don't have that a few ATM slips showing you withdraw money in Thailand will do.

It doesn't have to be a specific amount, it is just to confirm you have money to spend in Thailand.

[KhunBENQ]

So much discussion about the basic question "How does one open a Thai bank account when in Thailand"?

Even if you don't like the spot: visit Kasikorn Bank on Pattaya Beach Road (Royal Garden Plaza), present your passport and business card of a hotel. Within 20 min you have a savings account with bankbook, ATM card and internet access if you desire (very useful).

You can do internationational money transfers via Swift and the bankbook will be good for immigration later on.

I am sure other TV members can tell other bank branches which will do it similarly easy.

Never forget: it is a savings account (can not be overdrawn) and there is no real credit card.

The "work permit" requirement is for giro accounts (can be overdrawn, have credit).

[fredob43]

So much discussion about the basic question "How does one open a Thai bank account when in Thailand"?

Even if you don't like the spot: visit Kasikorn Bank on Pattaya Beach Road (Royal Garden Plaza), present your passport and business card of a hotel. Within 20 min you have a savings account with bankbook, ATM card and internet access if you desire (very useful).

You can do internationational money transfers via Swift and the bankbook will be good for immigration later on.

I am sure other TV members can tell other bank branches which will do it similarly easy.

Never forget: it is a savings account (can not be overdrawn) and there is no real credit card.

The "work permit" requirement is for giro accounts (can be overdrawn, have credit).

Agree with the Kasikorn bank I tried many bank's had problem's in all to some degree, went to a Kasikron in the boom dock's 20 Min: sorted, and that was with a tourist two month visa. Edited January 5, 2012 by fredob43

[IMA_FARANG]

Tony59329:

Here's an alternate possibility.

I think you can probably get a Non O visa in the Thai consulate in Honolulu...but ijust n case they say No....

Try for double-entry Tourist visa or at least a single-entry tourist visa as a fall back from the double-entry visa.

A single entry would give you 60 days on entry with a 30 day extension....total 90 days.

A double entry is just twice a single entry....but you will need to exit Thailand and return before the first entry expires. Then when you re-enter Thailand you activate the 2nd entry. So with a double entry, and being careful to pay attention to the dates, you can get (90 plus 90 = 180) days on that double entry Tourist visa.

Either one will give you more time to establish the required bank account here in Thailand. Then you can change that visa to a non O visa here in Thailand at the immigration.

Then when you do have that non O....they may only initially give you 90 days on that non O...use that time to get all the paperwork, letters, copies,etc. the immigration wants....and in the last 30 days of that visa...you go back to immigration with all the required documentation, and apply for a retirement extension (sometimes called a retirement visa, but it's really an extension of stay not a visa). Once you have that retirement extension/visa...you can stay here in Thailand indefinately...as long as you do your required 90 day reporting and maintain the required amount in your Thai bank account.

I've done it, that;s how I stay here, so I know it is entirely possible.

Just ask the immigration what they want, meet their requirements, and your home free.

You can also get a 90 day non O visa in the Thai consulates in Malaysia if you meet the requirements.

The best of all worlds though is to get that 1 year multi-entry non O visa in Hawaii BEFORE you leave...if they will allow you to do that there.

Call the Thai consulate and ask them what they require first, however.

[malt25]

So much discussion about the basic question "How does one open a Thai bank account when in Thailand"?

Even if you don't like the spot: visit Kasikorn Bank on Pattaya Beach Road (Royal Garden Plaza), present your passport and business card of a hotel. Within 20 min you have a savings account with bankbook, ATM card and internet access if you desire (very useful).

You can do internationational money transfers via Swift and the bankbook will be good for immigration later on.

I am sure other TV members can tell other bank branches which will do it similarly easy.

Never forget: it is a savings account (can not be overdrawn) and there is no real credit card.

The "work permit" requirement is for giro accounts (can be overdrawn, have credit).

You are absolutely correct. Early last year I opened a savings account at this branch & was in & out in under 15 minutes. Have since used the account at several towns around the country, no problems at all. Treated very well in the smallest of rural branches.

[livinginthericepatties]

i have done it 2 times for my father in the usa, both times at the thai embassy in los angeles, you need the police report from your home country, the medical test and tb test can be done in the usa, a bank account with 800,000 or a letter from your embassy in los angeles, both times i could not get a letter from the bank to cert. the income, due to banks in the usa just don't do it, both times they told me to wish my father well in thailand and pick up his visa the next day, very easy to deal with the thai embassy in the usa, good luck

[cigar7]

Can a foreigner open a foreign currency, like US$, account at a Thai bank in Thailand?

To renew a retirement visa, can you have the equivalent of 800k baht, in a Thai bank in Thailand, in a foreign currency account? If you can, which exchange rate is used to determine the value in Thai baht?

One important point for the OP of this topic: Banks have different rules for different bank accounts. In my personal experience, a savings account is easily opened by a foreigner, a chequing account required a work permit.

[Mario2008]

Yes, you can have a forign curency account and use it for an extension of stay from immigration.

But you will need to have more money in the account because of exchange rate fluxuations. The exchange rate is what the officer says it is, often similair to Bangkok Bank exchange rate.

[TallGuyJohninBKK]

I'm not sure about whether a foreign currency account can be used to satisfy the income requirement for extensions.... But that may not be the important issue here... There's often a difference here between what can be done in theory vs. how well something actually works or is accepted in actual practice.

The Immigration regulations say bank account "in Thailand." They don't specify to the best of my knowledge what kinds of accounts are accepted. However, Immigration has their own practices, and not all the Immigration offices can even agree on whether to accept fixed term deposits (similar to CDs), though most do. I'm afraid a foreign currency account for Immigration purposes might prove equally or more complicated, open to the potential whims of local Immigration offices, whereas regular savings accounts are always a slam dunk.

But more importantly, I've never found there to be any particular advantage for the average person in having a foreign currency account held in a Thai bank, as opposed to simply having a regular Thai savings account or fixed term account, the latter at least paying decent interest rates. The foreign currency accounts usually have higher minimum deposit amounts, various fees and other restrictions.... And what's the advantage after doing all that?

Edited January 6, 2012 by TallGuyJohninBKK

[Mario2008]

One advantage is that you can wait till the exchange rate is better than currently, before exchanging your money.

[TallGuyJohninBKK]

Yes, but that presumes anyone is going to have any good idea of whether Thai baht exchange rates are headed up or down at any point in time...

But more to the point, for Immigration purposes, they want the 800,000 baht of retirement funds "seasoned" for two (the first time) or three months (for subsequent applications) prior to an annual application. Meaning the funds need to stay in the same account and that account not dip below the balance requirement at any time during the seasoning period.

As I understand it, if someone moves those 800,000 baht of funds from one account (say a foreign currency account) to another account (say a Thai baht account) even within the same bank during one of the seasoning periods, that would mess up the works as far as Immigration is concerned.

[Jingthing]

i have done it 2 times for my father in the usa, both times at the thai embassy in los angeles, you need the police report from your home country, the medical test and tb test can be done in the usa, a bank account with 800,000 or a letter from your embassy in los angeles, both times i could not get a letter from the bank to cert. the income, due to banks in the usa just don't do it, both times they told me to wish my father well in thailand and pick up his visa the next day, very easy to deal with the thai embassy in the usa, good luck

That is the Long Stay O-A visa. That requires the medical form and police report and is done in the the home country. Financial options similar to retirement extensions done in Thailand but with bank account portions the funds don't need to be in Thailand and are typically not. To retire in Thailand on retirement extensions, an O-A visa is never a necessity and avoiding them entirely is quite popular.

[bridge2bridge]

You can also show Baht 65,000 per month, this saves having Baht 800,000 tied up in a Thai bank.

To answer your question i found Siam Commercial Bank the easiest to open an account with, just take passport and it is that easy.