Exchange Rates For Retirement Visa Deposits.

[McMagus]

I am about to apply for a retirement visa, I have an income from Australia plus will deposit a small amount in my Thai bank to make up the 800,000 Baht. At what point in the process do the exchange rate calculations kick in? When I make the application or when it is all finalised ? I would rather not have too much sitting in a Thai bank, I know the Thai Baht is quite strong at the moment but would want to calculate to have the minimum AUD$ with just a bit more for safety net.

Thanks in advance.

[Mario2008]

Are you applying for a visa or for an extension of stay?

For a visa it is generally the next or even the same day, an extension is given the same day. Immigration in Thailand normally uses the Bangkok Bank exchange rate.

[aarn]

Not an issue to lose sleep over. $AUD should be ~ 31ThB until next federal election.

Calculate your Austr income in ThB, go to the embassy to get stat dec stating:

annual income in $AUD,= y,

annual income in ThB = 31y

monthly income in ThB = 31y/12

This format makes it easier for Thai Immi official to understand.

As I understand things, prior to applying for the initial over-50 visa extension, you need to have (800,000ThB - 31y) in your bank for 60 days. As a margin for safety, just put in an extra 10,000ThB.

For subsequent annual extensions based on stat dec + bank deposit, you can top up you bank account the day before going to Immi. AA

[Mario2008]

Only the first extension of stay the money needs to be seasoned for 2 months, there after it needs to be seasoned 3 months for every next extension of stay.

[aarn]

Mario, from what has been posted on Thaivisa.com in the past few months, it appears that annual extensions (after the first one*), based on (embassy income statement + Thai bank balance), do not require seasoning of the bank balance. Although some Immi officials are not aware of this.

I would welcome your comment on this....

[*Of course, this is not the present case for our honorable Scottish McNationaist poster McMagus]

My apologies for verbosity, am suffering a slow-news day while in Penang. AA.

[Lite Beer]

The rules state that when using a combination of income and savings the money does not have to be in the bank for any set period of time.

However, as usual one or two immigration Offices prefer to use their own interpretation of the rules.

[moe666]

When I extended in Bangkok a few years ago the lady asked me what the exchange rate was I said I had read the paper and it mentioned 30 to the dollar that is what she used. In Chiang Mai they have never asked they just look at the amt on my letter and stamp the extension of stay in the passport.

[McMagus]

Thank you one and all, ...been most helpful.

[IMA_FARANG]

I am about to apply for a retirement visa, I have an income from Australia plus will deposit a small amount in my Thai bank to make up the 800,000 Baht. At what point in the process do the exchange rate calculations kick in? When I make the application or when it is all finalised ? I would rather not have too much sitting in a Thai bank, I know the Thai Baht is quite strong at the moment but would want to calculate to have the minimum AUD$ with just a bit more for safety net.

Thanks in advance.

----------------------

On this specific point, assuming you're establishing a bank account in aThai bank for the purpose of retirement. the date the Thai bank establishes your account (that is the day your money is credited to your account) the bank will use the TT transfer account rate to credit the funds to your account in Baht.

So, if the amount they credit to you on that date is over 800K Baht that day, your balance will be 800K Baht no matter what fluctuations are later in the exchange rate.

In my particular case the Thai Baht to U.S. dollar was about 29 baht to a dollar when they recieved my funds.

Today the Baht dollar rate is about 31 baht to a U.S. dollar.....but the Thai bank still only says I have 800K in Baht,

When I calculated the amount in dolars I needed to put into my retirement account for the initial 60 day "seasoning" period, I deliberately underestimated the baht dollar rate I would grt.

So, even though I expected to get 29 baht for one U.S, dollar then, I calculated the dollar amount needed based on 28 baht to a dollar.

Gave me an "edge" in my favor.