Retirement Visa Thai Savings Account Must Be In Thb?

[youbuyshirt]

I read that you can meet the retirement visa requirements with an 800,000 baht deposit in a Thai bank. Does this money have to be in baht, or can it be in a foreign currency account in a Thai bank, amount equivalent to 800,000 baht? I don’t want to buy the baht now when it’s so strong.

[mahjongguy]

The money must be kept in baht. It cannot be in any form that is variable, including foreign currencies and stock funds.

There are no signs of the baht weakening very much anytime soon. This may encourage some ex-pats to use the income method of getting extensions, or (for retirement extensions) the mixed income + deposit method. The downside is having to get annual certification from one's embassy in Bangkok.

The only bright aspect of the recent exchange rates is that the money can be kept in fixed deposit accounts that pay as much as 2.8% (before 15% withholding). For many ex-pats that is better interest than can be earned back home.

[Jingthing]

Actually, it MAY be accepted for annual retirement extension applications. I suggest inquiring at the Thai immigration office you will be using:

http://www.thaivisa....s/#entry5158493

Foreign Currency accounts are usually accepted as long as the money is instantly accessible

For O-A visa applications from your HOME country, the money doesn't even need to be in a Thai bank and certainly doesn't need to be in baht.

You haven't mentioned whether you mean an O-A visa application or annual retirement extension application. If you are starting into the system, you can apply for an O-A MULTIPLE ENTRY visa from your home country and if used correctly, delay the need to import your money into Thailand for about TWO YEARS. So maybe by then you'll be happy with the baht rate (or not) if you do need to use a baht account for retirement extensions in Thailand. Most people using the 800K method in Thailand do have baht accounts, but that doesn't necessarily mean foreign currency accounts won't be accepted at some offices.

[Lite Beer]

Foreign Currency accounts are usually accepted.

As long as the money is instantly available.

Go and have a chat with your local Immigration Office.

[mahjongguy]

I hope the OP's local Immigration office allows him the choice of using a Foreign Currency Deposit account. Flexibility is a good thing.

Two points, though:

- FCD accounts pay much less interest, if any. Kbank pays only 0.10%.

- for most of the past few years, putting off the purchase of baht has just resulted in further losses.

[JusMe]

For O-A visa applications from your HOME country, the money doesn't even need to be in a Thai bank and certainly doesn't need to be in baht.

Absolutely. I do that myself getting an O-A (Retirement) Visa every two years, and keep only a small amount in my Thai bank account, using the atm to transfer cash from my home bank to Thailand for living expenses.

With the application for that visa from the local Royal Thai Consulate General, I provide the information regarding income and assets, and have had no difficulty for quite a number of years now in being granted that O-A visa.

[youbuyshirt]

Thanks for the replies. This is good news. If it makes a difference, I don't intend to apply from my home country, but in Thailand. I remember when the baht was at 45, it's too painful to buy it at 30. I'm thinking about changing my USD to HKD and keeping it in a Thai foreign currency account. I know the interest is essentially zero, but a lot of people think HKD might jump in value and the future for the USD is dim, IMO. Feel free to comment on this plan, pro or con.

[Jingthing]

Thanks for the replies. This is good news. If it makes a difference, I don't intend to apply from my home country, but in Thailand. I remember when the baht was at 45, it's too painful to buy it at 30. I'm thinking about changing my USD to HKD and keeping it in a Thai foreign currency account. I know the interest is essentially zero, but a lot of people think HKD might jump in value and the future for the USD is dim, IMO. Feel free to comment on this plan, pro or con.

In Thailand, you cannot apply for a retirement visa. Rather, an annual retirement extension. You will need an O visa (not O-A) in your passport first. This can be obtained either from your home country, a neighboring country like Malaysia or Laos, or as part of a two step process at your Thai immigration office if they offer it, called a change of visa status (from 30 day stamp or tourist visa). For the Thai immigration change of visa status to O you need to demonstrate financial qualification for that first step as well as the second step, the retirement extension.

[Lite Beer]

A nonsense post has been removed.

[Renbe]

I recently got a new retirement visa by showing I have enough Euro in my Bangkok Bank account. The bank issues a letter in which they confirm the amount in Euro as well as the value in Thai Baht

[Jingthing]

In any case, the OP is advised to check the current policy at the specific immigration office in Thailand he will be using for his retirement extension application regarding their policy about non-baht accounts.

[Renbe]

Thanks for the replies. This is good news. If it makes a difference, I don't intend to apply from my home country, but in Thailand. I remember when the baht was at 45, it's too painful to buy it at 30. I'm thinking about changing my USD to HKD and keeping it in a Thai foreign currency account. I know the interest is essentially zero, but a lot of people think HKD might jump in value and the future for the USD is dim, IMO. Feel free to comment on this plan, pro or con.

In Thailand, you cannot apply for a retirement visa. Rather, an annual retirement extension. You will need an O visa (not O-A) in your passport first. This can be obtained either from your home country, a neighboring country like Malaysia or Laos, or as part of a two step process at your Thai immigration office if they offer it, called a change of visa status (from 30 day stamp or tourist visa). For the Thai immigration change of visa status to O you need to demonstrate financial qualification for that first step as well as the second step, the retirement extension.

I "lost" my retirement visa when I drove to Malaysia without knowing I had to have a re-entry permit. I got a 2 week tourist visa when I returned to Thailand. Then I drove back to Penang, and bought a 2 month Single Entry Tourist Visa. Then, almost 2 months later I went to Immigration, showed them the Penang visa, and confirmation that I have enough money in the bank, and got a Non-Immigrant O Retirement Visa valid for 2 months.. Next week I will go to Immigration again, and upgrade this visa to a One Year Retirement Visa. So it seems that one can apply for a Retirement Visa in Thailand after all.

[Lite Beer]

You got a Non Imm O Visa as part of the 12 month extension process and next week you will be applying for a 12 Month Extension of your permission to stay.

It is not a Visa.

[moe666]

Thanks for the replies. This is good news. If it makes a difference, I don't intend to apply from my home country, but in Thailand. I remember when the baht was at 45, it's too painful to buy it at 30. I'm thinking about changing my USD to HKD and keeping it in a Thai foreign currency account. I know the interest is essentially zero, but a lot of people think HKD might jump in value and the future for the USD is dim, IMO. Feel free to comment on this plan, pro or con.

In Thailand, you cannot apply for a retirement visa. Rather, an annual retirement extension. You will need an O visa (not O-A) in your passport first. This can be obtained either from your home country, a neighboring country like Malaysia or Laos, or as part of a two step process at your Thai immigration office if they offer it, called a change of visa status (from 30 day stamp or tourist visa). For the Thai immigration change of visa status to O you need to demonstrate financial qualification for that first step as well as the second step, the retirement extension.

I "lost" my retirement visa when I drove to Malaysia without knowing I had to have a re-entry permit. I got a 2 week tourist visa when I returned to Thailand. Then I drove back to Penang, and bought a 2 month Single Entry Tourist Visa. Then, almost 2 months later I went to Immigration, showed them the Penang visa, and confirmation that I have enough money in the bank, and got a Non-Immigrant O Retirement Visa valid for 2 months.. Next week I will go to Immigration again, and upgrade this visa to a One Year Retirement Visa. So it seems that one can apply for a Retirement Visa in Thailand after all.

No you got a non o visa which can be used for marriageas well. When you convert the non-o to a extension of stay it will be for retirement but not a visa. Your current non-o will expire and you will be here strictly on a annual extension of stay, be sure to get a re-entry permit next time

[Jingthing]

Thanks for the replies. This is good news. If it makes a difference, I don't intend to apply from my home country, but in Thailand. I remember when the baht was at 45, it's too painful to buy it at 30. I'm thinking about changing my USD to HKD and keeping it in a Thai foreign currency account. I know the interest is essentially zero, but a lot of people think HKD might jump in value and the future for the USD is dim, IMO. Feel free to comment on this plan, pro or con.

In Thailand, you cannot apply for a retirement visa. Rather, an annual retirement extension. You will need an O visa (not O-A) in your passport first. This can be obtained either from your home country, a neighboring country like Malaysia or Laos, or as part of a two step process at your Thai immigration office if they offer it, called a change of visa status (from 30 day stamp or tourist visa). For the Thai immigration change of visa status to O you need to demonstrate financial qualification for that first step as well as the second step, the retirement extension.

I "lost" my retirement visa when I drove to Malaysia without knowing I had to have a re-entry permit. I got a 2 week tourist visa when I returned to Thailand. Then I drove back to Penang, and bought a 2 month Single Entry Tourist Visa. Then, almost 2 months later I went to Immigration, showed them the Penang visa, and confirmation that I have enough money in the bank, and got a Non-Immigrant O Retirement Visa valid for 2 months.. Next week I will go to Immigration again, and upgrade this visa to a One Year Retirement Visa. So it seems that one can apply for a Retirement Visa in Thailand after all.

You got an O visa. Not an O-A visa. O-A visas (retirement visas) only available from home countries. If you read the post you replied to, I covered the two step process you are doing (first step, O visa in Thailand; second step, annual retirement extension in Thailand). You won't be getting a retirement visa and you don't NEED a retirement visa. The O-A visa is only an option.

The O visa you have in your passport should be good for a 90 day stay. Typically you should apply for the annual retirement extension during the last 30 days of your current permission to stay on your 90 day O visa.

[lopburi3]

The tail part of this thread is about the two step conversion for retirement/Thai wife extension of stay. A visa entry (not visa for entry) can be issued in the process of extension of stay at an extra 2,000 baht cost and normally requires 2 week remaining on current stay (although even less has been allowed for some). A normal non immigrant 90 day stay is issued upon proof of meeting extension requirements (less any seasoning of money in account) and if local office can not do this you are sent to Bangkok for this part. After 60 days you can then do the normal extension of stay (and money will have been in account long enough by that time). New paperwork is required for both applications.

[ubonjoe]

I "lost" my retirement visa when I drove to Malaysia without knowing I had to have a re-entry permit. I got a 2 week tourist visa when I returned to Thailand. Then I drove back to Penang, and bought a 2 month Single Entry Tourist Visa. Then, almost 2 months later I went to Immigration, showed them the Penang visa, and confirmation that I have enough money in the bank, and got a Non-Immigrant O Retirement Visa valid for 2 months.. Next week I will go to Immigration again, and upgrade this visa to a One Year Retirement Visa. So it seems that one can apply for a Retirement Visa in Thailand after all.

Why did you get a tourist visa in Penang. You could of easily gotten a single entry non-o visa since you are over 50. Then simply done and extension of that entry instead of going through the change of visa status process.

[youbuyshirt]

I "lost" my retirement visa when I drove to Malaysia without knowing I had to have a re-entry permit. I got a 2 week tourist visa when I returned to Thailand. Then I drove back to Penang, and bought a 2 month Single Entry Tourist Visa. Then, almost 2 months later I went to Immigration, showed them the Penang visa, and confirmation that I have enough money in the bank, and got a Non-Immigrant O Retirement Visa valid for 2 months.. Next week I will go to Immigration again, and upgrade this visa to a One Year Retirement Visa. So it seems that one can apply for a Retirement Visa in Thailand after all.

Why did you get a tourist visa in Penang. You could of easily gotten a single entry non-o visa since you are over 50. Then simply done and extension of that entry instead of going through the change of visa status process.

Is the fact that a person is over 50 and intends to apply for a retirement extension enough to qualify one for a non-immigrant O visa? I don't have a Thai wife or children.

[Jingthing]

I "lost" my retirement visa when I drove to Malaysia without knowing I had to have a re-entry permit. I got a 2 week tourist visa when I returned to Thailand. Then I drove back to Penang, and bought a 2 month Single Entry Tourist Visa. Then, almost 2 months later I went to Immigration, showed them the Penang visa, and confirmation that I have enough money in the bank, and got a Non-Immigrant O Retirement Visa valid for 2 months.. Next week I will go to Immigration again, and upgrade this visa to a One Year Retirement Visa. So it seems that one can apply for a Retirement Visa in Thailand after all.

Why did you get a tourist visa in Penang. You could of easily gotten a single entry non-o visa since you are over 50. Then simply done and extension of that entry instead of going through the change of visa status process.

Is the fact that a person is over 50 and intends to apply for a retirement extension enough to qualify one for a non-immigrant O visa? I don't have a Thai wife or children.

That should suffice at the Thai embassies/consulate in Malaysia and Laos to obtain a single entry O visa. The reason to state is applying for retirement extension in Thailand. I would suggest bringing along some financial evidence just in case they ask but I don't think that they do.

[lopburi3]

But if you have the financial proof you do not even have to apply at a Consulate as immigration can provide the initial non immigrant visa entry as a conversion from tourist or visa exempt entry for 2,000 baht fee of any such visa.

[Jingthing]

Yes, there are different paths to achieve the retirement status in Thailand. Choose the one that works best for you.

[youbuyshirt]

thanks jingthing and lopburi3

[SkyRider]

Yes, there are different paths to achieve the retirement status in Thailand. Choose the one that works best for you.

I live in Thailand on an ED Visa. Other then having 800k baht in a Thai bank account, what do I have to do if I want to switch to a retirement visa?

[lopburi3]

Believe you are asking about a retirement extension of stay and are over age 50 which will be making application using a TM.7 form with attached photo and paying 1,900 baht at immigration office inside Thailand with copies of bank passbook and letter from bank of account balance. You may require some proof of residence to determine office you can use. Do not recall reports of using ED visa so they might require obtaining a non immigrant O visa first but by wording of regulations any non immigrant visa should be OK but if on an extension for education that might cause another issue. In worst case a new visa and wait of 60 days would be required.

[Naam]

Thanks for the replies. This is good news. If it makes a difference, I don't intend to apply from my home country, but in Thailand. I remember when the baht was at 45, it's too painful to buy it at 30. I'm thinking about changing my USD to HKD and keeping it in a Thai foreign currency account. I know the interest is essentially zero, but a lot of people think HKD might jump in value and the future for the USD is dim, IMO. Feel free to comment on this plan, pro or con.

since two years "a lot of people think..." but the present 29 year old peg to the US-Dollar is defended teeth and claws by the Hong Kong monetary authority.

[moe666]

I "lost" my retirement visa when I drove to Malaysia without knowing I had to have a re-entry permit. I got a 2 week tourist visa when I returned to Thailand. Then I drove back to Penang, and bought a 2 month Single Entry Tourist Visa. Then, almost 2 months later I went to Immigration, showed them the Penang visa, and confirmation that I have enough money in the bank, and got a Non-Immigrant O Retirement Visa valid for 2 months.. Next week I will go to Immigration again, and upgrade this visa to a One Year Retirement Visa. So it seems that one can apply for a Retirement Visa in Thailand after all.

Why did you get a tourist visa in Penang. You could of easily gotten a single entry non-o visa since you are over 50. Then simply done and extension of that entry instead of going through the change of visa status process.

Is the fact that a person is over 50 and intends to apply for a retirement extension enough to qualify one for a non-immigrant O visa? I don't have a Thai wife or children.

In Vientian you maybe refused unless you have the 800,000baht in Thai bank. Met a guy a few years ago who had been refused a non-o there because no money in Thai bank account, they gave him a double tourist visa instead

[ubonjoe]

I have heard of some embassies or consulates asking to see some money in bank but never 800K unless they were trying to get a multiple entry visa.

Vientiane normally asks for nothing other than passport.

But having some proof of money would be good to have at any location as a just in case measure.

[youbuyshirt]

Yes, unless it's a catch-22 and the Thai bank won't let me open a bank account until I have the visa, and the embassy won't give me a visa unless I have a bank account. I'm not in Thailand now, and don't have a bank account there yet (although I had one in the past) I do know it's getting harder and harder to open a bank account in many countries if you're not a resident. Haven't yet researched whether I'll have a problem doing so in Thailand.

[ubonjoe]

You can get a single entry non immigrant O visa a most Honorary Thai consulates. The embassies and official consulates in your home country will not issue them because they can do the OA visas.

You can open a bank account without a visa.

See this webpage from Bankok Bank website: http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/Openinganaccountnew.aspx

[youbuyshirt]

You can get a single entry non immigrant O visa a most Honorary Thai consulates. The embassies and official consulates in your home country will not issue them because they can do the OA visas.

You can open a bank account without a visa.

See this webpage from Bankok Bank website: http://www.bangkokba...accountnew.aspx

Yes but that Bkk Bank page says that you need other documents besides your passport, which would not be easy nor inexpensive for me to get. It also says you have to show evidence of your address in thailand. Would a hotel address be sufficient?