Bank Account

[jacaranda]

now i was told on my last trip i can open an account in THB since i was planning to transfer money from abroad to apply for my retirement visa, then once in the bank , the clerk mentioned yes i can once i have got an address(3 weeks staying in a hotel address not accepted) , well does this ment i had to rent an apartment for to say least 3 months? ,,, suppose i did that, then a friend mentioned dont transfer the whole amount 800,000 THB at once , but instead little by little,cause otherwise he beleived there well could be a risk of money getting lost somewhere during the transfer !! and finally i wonder if thats all that needs to be done before applying for the visa,,, or there is still much more to do before i go ahead with the retirement plan??

[Mario2008]

No money will be lost during a transfer. By doing it little by little you only increase the bank fee for transfering the money.

Try opening a bankaccount at another bank. The results/requirements differ per bank and branch office.

[allen123]

No money will be lost during a transfer. By doing it little by little you only increase the bank fee for transfering the money.

Try opening a bankaccount at another bank. The results/requirements differ per bank and branch office.

what type of bank account required for retirement visa?

[wayned]

The money must be in an account in your name only. I have a regular savings account at Bangkok Bank, some have fixed deposit accounts. The money must be accessable, with penalties, and not tied up in a non accessable long term account. If you have problems at one branch , go to another. Tell them that you are opening an account to deposit money gfro retirement according to immigration requirements. Don't transfer little by little, the money won't get lost during transfer and the transfer fees wiill be more. I use Bangkok Bank because they have a branch in NYC, the money is avaiable the next day in Bangkok.

[Colabamumbai]

No money will be lost during a transfer. By doing it little by little you only increase the bank fee for transfering the money.

Try opening a bankaccount at another bank. The results/requirements differ per bank and branch office.

The bank fees for transferring money are very high. As Mario says there is no risk your money is not going to disappear with the swift codes of the banks. If I have the opportunity to return to Canada in April I will bring $20,000 cash into the country to save bank transfer fees and $5.00 bank card fees. I think the Thai govt. allows that and then anymore you can declare. Many banks will open an account for you, my first was on an Educational visa. Kasikorn, TMB etc, (the problem is withdrawing more that 10 grand in Canada, reports go to the R.C.M.P. so you do $9,999.00) to avoid that. It is my legal money anyway.

[jacaranda]

thanks everyone, but colabam mentions you can bring in cash the whole $ 20,000, is that allowed at the airport? and dont you need to prove at the bank that is money has been brought from the overseas ? if so, then how you prove that then?

[ubonjoe]

The bank fees for transferring money are very high. As Mario says there is no risk your money is not going to disappear with the swift codes of the banks. If I have the opportunity to return to Canada in April I will bring $20,000 cash into the country to save bank transfer fees and $5.00 bank card fees. I think the Thai govt. allows that and then anymore you can declare. Many banks will open an account for you, my first was on an Educational visa. Kasikorn, TMB etc, (the problem is withdrawing more that 10 grand in Canada, reports go to the R.C.M.P. so you do $9,999.00) to avoid that. It is my legal money anyway.

You should check into doing transfers from Canada via Bangkok banks NY branch. I seem to recall that transfers between Canada and the US are done as domestic transfers using US bank routing numbers instead of SWIFT.

[ubonjoe]

Check this webpage on Bangkok Banks website for their account opening procedures. They have better online information for opening accounts than any other bank I have found. http://www.bangkokba...ninganaccountne

Edited December 25, 2012 by ubonjoe

[HeijoshinCool]

When I opened my Bangkok Bank account, I lived at a resort.

Your bank in the States will charge the FED fee for transfer. My credit union debits my account $15. Banks are usually $30. I don't use SWIFT codes. I use Bangkok Bank's routing number, and my account number.

[lopburi3]

Actually it will be up to your bank but many do not charge for ACH transfers, such as USAA, so the only fee is (for the $20,000 amount or much more) the $10 fee at New York and the 1/4 % baht fee in Bangkok in range 200-500 baht.

[koolbreez]

The cheapest, and best way if you are coming from Canada into Thailand, and that your bank in Canada gives you American Express Traveler's check for free, is to get the $500 size checks, and bring the whole amount in in TCs. there will be no problem at the border with customs either, as it is not cash yet.

It will cost you bt36 a check to deposit them, so a fee of about bt1400 for $20,000, and you are sure the cash gets here. The rate of exchange is the best too, with no international currency exchange fees the bank would charge.

The Kasikorn banks are the most liberable on opening accounts, with just an address verification at the most, as quite a few banks want. This can be done with a notarized letter from your embassy of your current address, and hotels do qualify. From my knowledge there has never been a requirement to state how long you've been at the address, only that at this time that is your address. The banks don't send out mail, or call to verify.

[NancyL]

It would help if the OP could tell us where he planned to live. Since the banking practices seem to vary from branch to branch, and since some things (like getting the annual bank letter for retirement visa) are best done at one's home branch, it would be good to know where he lives.

Also, I wonder if his "friend" giving him advice is a Thai person who is not knowledgeable about Thai banking practices, especially with regard to expats? Too often I've seen western men in my bank branch with a Thai woman who (I don't want to sound judgemental), .. who seems that he met a few days ago at a bar. Those gals may have certain skills, but international banking transactions often aren't high on the list. What gets me annoyed is watching customer service reps, who I know speak totally understandable English, speak in Thai to the girlfriend who was brought along to "translate". Actually, the banking reps are speaking entire paragraphs and what the girlfriends relay to the older western guy is very incomplete, because they have no clue what the banking lady was saying. Best for a foreigner to find a branch with good English-speaking customer service reps and handle his own banking business, rather than relying on a Thai friend to "help" him.

[BrianBkyn]

thanks everyone, but colabam mentions you can bring in cash the whole $ 20,000, is that allowed at the airport? and dont you need to prove at the bank that is money has been brought from the overseas ? if so, then how you prove that then?

Ya, when I got my retirement visa I had to show proof that the 800,000 baht came from outside the country via wire transfer. My Thai bank verified that in a statement. Also I believe lots of countries do not allow you to take out more than 10,000 in cash and can actually confiscate the money unless you have already declared it on a form. Its to stop laundering money I think.

[Jingthing]

If its a big problem for you to have 800K in a Thai bank for two months before your first application for annual extension based on retirement in Thailand, you may be a person that an O-A visa (multiple entry) is better suited to. With the O-A visa you can show the money in your home country to the Thai embassy in your home country. Then by using your O-A visa properly you can make that work for about TWO YEARS before you would ever need to apply for a retirement extension in Thailand (by then your Thai bank thing should be well sorted). Cheers.

Edited December 25, 2012 by Jingthing

[allen123]

If its a big problem for you to have 800K in a Thai bank for two months before your first application for annual extension based on retirement in Thailand, you may be a person that an O-A visa (multiple entry) is better suited to. With the O-A visa you can show the money in your home country to the Thai embassy in your home country. Then by using your O-A visa properly you can make that work for about TWO YEARS before you would ever need to apply for a retirement extension in Thailand (by then your Thai bank thing should be well sorted). Cheers.

hi gingthing..i thought O-A retirement visa must be extended(renewed) every year and you have to report every 90 days from the date you entered thailand also you need a re-entry permit everytime you leave the country...so, how can you stay in the country for about two years before you apply for extension...also i read on the O-A application form ( thai consulate in Sydney) that even if the consulate granted you a one year stay visa..the immi officer in the port of entry may only grant you 90 days stay after which you must apply for extention..has anyone got 90 days instead of one year stay granted by the consulate?

[Lite Beer]

A Multi Entry O-A Visa will give you a stay of 12 months every time you enter.

Do a border run just before it expires and get another 12 months.

Making a total of 2 years.

A Re Entry Permit is required for the second year as the Visa has expired.

Report to Immigration after 90 days of continuous stay.

[TommoPhysicist]

You can use your hotel address, just miss off the hotel name line from the address

so instead of

Hotel california, room 201, 127/45 moo 14, ratshit road, etc

use

room 201, 127/45 moo 14 ............

Don't offer banks more information than they need.

[mickjn]

I cannot understand that hotel address not being accepted.I have made at least 100 cash advances for miniumn $1000 over the years name and room number of hotel no problems they love to give you money on that Mastercard.Also I opened up an account at the Green Bank,Pattaya Klang,took me 10 minutes,only needed passport and room number at hotel,said they would contact me in a few hours.I heard nothing so I thought it is not easy to open a bank account here.3 days later I went to the bank and said I have not heard about my account.They said email address I had given them was wrong.It was I had forgot to put in 3 digits.Got that right 1 hour later I got a text from the bank account was up and running.I have transfered money from Australia many times no problems

[mahjongguy]

There is no limit on how much cash can be brought into Thailand but if there is any chance you might want to someday take it back out again then you should declare it on arrival and save your copy of the declaration.

No one should exit their home country (or transit another) carrying big cash without checking the rules. Leaving the U.S., any amount of $10,000 or more must be declared and it is quite clear that all forms of "cash" are included, specifically bank notes, travelers checks, bearer bonds, and gold.

[Mario2008]

There is no limit on how much cash can be brought into Thailand but if there is any chance you might want to someday take it back out again then you should declare it on arrival and save your copy of the declaration.

No one should exit their home country (or transit another) carrying big cash without checking the rules. Leaving the U.S., any amount of $10,000 or more must be declared and it is quite clear that all forms of "cash" are included, specifically bank notes, travelers checks, bearer bonds, and gold.

While there is no limit, money brought into Thailand above a certian amount must be declared on arrival.

[mahjongguy]

Yes, that's correct, declaring US$20,000 (or the equivalent in other currencies) or more is required, and it's in your best interest to do so.

The one exception is Thai baht. Bring in all you want, no declaration required. Handy for funding uprisings.

Edited December 27, 2012 by mahjongguy

[Colabamumbai]

thanks everyone, but colabam mentions you can bring in cash the whole $ 20,000, is that allowed at the airport? and dont you need to prove at the bank that is money has been brought from the overseas ? if so, then how you prove that then?

Ya, when I got my retirement visa I had to show proof that the 800,000 baht came from outside the country via wire transfer. My Thai bank verified that in a statement. Also I believe lots of countries do not allow you to take out more than 10,000 in cash and can actually confiscate the money unless you have already declared it on a form. Its to stop laundering money I think.

I am not talking about bringing money in for retirement visas or othersuch. Somewhere on some piece of paper, maybe on the plane before you land, the disembarkation card or what ever, somewhere it says that you are allowed to bring in 20,000. More than that and you have to declare it. No one is going to ask for any forms any proof if you bring in 20,000. because you do not have to declare it........or maybe it states that 20,000 is ok but you do have to declare it......But there is no problem, who cares where it came from...it is where it is going that is important Thailand.....

[Habs]

The cheapest, and best way if you are coming from Canada into Thailand, and that your bank in Canada gives you American Express Traveler's check for free, is to get the $500 size checks, and bring the whole amount in in TCs. there will be no problem at the border with customs either, as it is not cash yet.

It will cost you bt36 a check to deposit them, so a fee of about bt1400 for $20,000, and you are sure the cash gets here. The rate of exchange is the best too, with no international currency exchange fees the bank would charge.

The Kasikorn banks are the most liberable on opening accounts, with just an address verification at the most, as quite a few banks want. This can be done with a notarized letter from your embassy of your current address, and hotels do qualify. From my knowledge there has never been a requirement to state how long you've been at the address, only that at this time that is your address. The banks don't send out mail, or call to verify.

Why not get the $ 1000.00 T C cheaper yet!

[lopburi3]

One troll post removed.