Retirement Visa Questions - Banking Details

[culicine]

My mother is currently here in Thailand on a 60 day tourist visa issued from the Brisbane consulate.

On her next visit, I'm considering having her come over and live with me and my Thai wife.

Just a few questions:

Would it be best for her to set up a Thai bank account on this trip, so when she sends money for the retirement visa, it will beeasier to do? Any sugguestions on a bank that will allow an account to be opened> I guess I can ask around different banks.

She will both her pension + will need around 10K dollars to put into an account here to qualify for the visa. I will be supplying the money for her. I have funds in Australia and can transfer it to her bank account, then she can wire the money to her bank account in Thailand. Or I can send the money directly from my account to her account in Thailand, however as this money would come from my account, would questions be asked? Thanks..

[lopburi3]

That should not be a problem as long as money is in her name only. It would be good to get the account set up while she is here and if her pension going into an account in Oz suspect she should sign a wire transfer agreement with them while back in Oz to make it easier to transfer (not sure on Oz rules but in US you must do this first signing of agreement in person at most banks).

[culicine]

That should not be a problem as long as money is in her name only. It would be good to get the account set up while she is here and if her pension going into an account in Oz suspect she should sign a wire transfer agreement with them while back in Oz to make it easier to transfer (not sure on Oz rules but in US you must do this first signing of agreement in person at most banks).

Thanks, I was thinking about the lump sum she needs re: the wire transfer. I haven't really thought about the actual pension. She can access her account here from the ATM and just pay a small fee. Or is it necessary to have her pension put into the Thai bank also? We wouldn't be doing this for at least 6 months, so would be nice to sort out the details.

[ubonjoe]

She could do it now or later if she wants. Since their is no seasoning required for a combination of money in bank and income.

Your wife can help her open a bank account as a guarantor (reference). Easiest bank would be one where your wife has an account.

It does not matter how the funds are transferred in. All immigration will want to see is the bank letter confirming the funds are in the bank and her bank book.

She should get a single entry non-o visa before leaving the next time for being over 50 at the Brisbane consulate.

[ubonjoe]

There is no requirement that her pension comes into an account here. But some immigration offices will ask for proof that she has some money coming in as a back up to Statutory declaration of income she will need to do at the embassy.

[Lite Beer]

She might as well open an account while she is here.

One less thing to worry about next time.

[lopburi3]

That should not be a problem as long as money is in her name only. It would be good to get the account set up while she is here and if her pension going into an account in Oz suspect she should sign a wire transfer agreement with them while back in Oz to make it easier to transfer (not sure on Oz rules but in US you must do this first signing of agreement in person at most banks).

Thanks, I was thinking about the lump sum she needs re: the wire transfer. I haven't really thought about the actual pension. She can access her account here from the ATM and just pay a small fee. Or is it necessary to have her pension put into the Thai bank also? We wouldn't be doing this for at least 6 months, so would be nice to sort out the details.

Just always good to have a backup plan in place - if a sudden need for a large amount a SWIFT transfer would likely be both easier and cheaper. Especially if on the day your card is eaten by the ATM machine. There is also that 150 baht ATM charge that most impose.

[culicine]

There is no requirement that her pension comes into an account here. But some immigration offices will ask for proof that she has some money coming in as a back up to Statutory declaration of income she will need to do at the embassy.

Thanks, would she need to do the Stat Dec at the embassy in Thailand when she comes on the o-visa? I guess she will need to show them some pension documents from Australia to get this.

[lopburi3]

She would only have to put down the income and sign for Embassy but should have some paperwork in case asked for by immigration (not often asked but occasionally). She would apply for the extension using TM.7 during the last 30 days of the 90 day permitted to stay period, so would do the document just before that.

[culicine]

She would only have to put down the income and sign for Embassy but should have some paperwork in case asked for by immigration (not often asked but occasionally). She would apply for the extension using TM.7 during the last 30 days of the 90 day permitted to stay period, so would do the document just before that.

Thanks very much. Do they still have the rule that all money (even if it's just 10K dollars), needs to be brought in from outside of the country? I am expecting that my mum will not touch that money and just live off her pension money, but what if we wanted to top it up with local money (money I earn). Is that possible? Or would immigration suspect she was working in that case. Or would my mum need to transfer her pension to this account if she wants to add to it.

[lopburi3]

There has not been any requirement for activity (many use fixed deposit accounts) but occasionally an individual officer will come up with some such request - do not believe any problem if you can provide a reasonable answer as in using ATM for withdrawals to live on.

[OJAS]

She would only have to put down the income and sign for Embassy but should have some paperwork in case asked for by immigration (not often asked but occasionally). She would apply for the extension using TM.7 during the last 30 days of the 90 day permitted to stay period, so would do the document just before that.

Thanks very much. Do they still have the rule that all money (even if it's just 10K dollars), needs to be brought in from outside of the country? I am expecting that my mum will not touch that money and just live off her pension money, but what if we wanted to top it up with local money (money I earn). Is that possible? Or would immigration suspect she was working in that case. Or would my mum need to transfer her pension to this account if she wants to add to it.

Might be prudent for your mother to open a second bank account here for any top-ups you might wish to give her. IMHO that seems the best way of avoiding possible awkward Immigration questions at extension of stay time.

[Jimi007]

She might as well open an account while she is here.

One less thing to worry about next time.

I agree, if she can. It depends on the bank as well as the branch as to what the manager will require to open an account. I had an issue with Bangkok Bank after I had a retirement visa opening an account. They wanted a work permit. After much discussion, they opened an account for me. I tried the year before I had a retirement visa and I went to several banks and they wouldn't open an account for me. By the way to the OP, your mother can, as I did get my retirement visa in her home country, using her bank account there. Visa extensions require an earnings statement or seasoned money in a Thai bank account. Although her initial retirement visa from her home country would require a criminal record print out, medical certificate, a bank statement, letter from the bank and all the other usual forms and requirements.

[comserve]

I live on an Australian pension but in my opinion I would not advise Mum to get her pension sent across to a Thai bank account.

(1) She would be losing control as to what conversion rate she gets. I believe the NAB gives the best rate whereas I would not trust the Commonwealth Bank to give a proper rate.

(2) She would get her payments a week or two later by having them sent over.

(3) If or when she decides to shift back to Aus she does not have to do anything.

She should leave her pension be paid into an Aus bank, but also have internet banking on the account. I draw money directly from my Aus bank via an ATM, but it is handy to have a Thai bank also such that you don't have too much cash floating around here in Thailand.

I have an account at BKB but it was hard to open as they wanted you to have lived here for 2 years before opening it. Also I have internet banking on my Thai account as well. That way I very rarely have to physically go to the bank counter.

If you are worried about the 150B foreign bank fee at the ATM then the EON Bank (Japanese I believe) does not charge it.

As far as showing immigration her income, simply print off a statement from her Australian Bank, along with her pension statement from Centrelink. Once she has the magic stamp at the embassy, that is all she requires (plus money in the bank to top it up to 65,000).

I reckon you are the brave one having your Mother & Wife living in the same house. (in my opinion a recipe for disaster!).

[culicine]

I live on an Australian pension but in my opinion I would not advise Mum to get her pension sent across to a Thai bank account.

(1) She would be losing control as to what conversion rate she gets. I believe the NAB gives the best rate whereas I would not trust the Commonwealth Bank to give a proper rate.

(2) She would get her payments a week or two later by having them sent over.

(3) If or when she decides to shift back to Aus she does not have to do anything.

She should leave her pension be paid into an Aus bank, but also have internet banking on the account. I draw money directly from my Aus bank via an ATM, but it is handy to have a Thai bank also such that you don't have too much cash floating around here in Thailand.

I have an account at BKB but it was hard to open as they wanted you to have lived here for 2 years before opening it. Also I have internet banking on my Thai account as well. That way I very rarely have to physically go to the bank counter.

If you are worried about the 150B foreign bank fee at the ATM then the EON Bank (Japanese I believe) does not charge it.

As far as showing immigration her income, simply print off a statement from her Australian Bank, along with her pension statement from Centrelink. Once she has the magic stamp at the embassy, that is all she requires (plus money in the bank to top it up to 65,000).

I reckon you are the brave one having your Mother & Wife living in the same house. (in my opinion a recipe for disaster!).

Thanks for the info. Fortunately my wife works in another province so she's just back on weekends:) We also intend to extend part of the house for my mum to live in, so she doesn't have to go up the stairs. I've not tried it, but what is the maximum withdrawal you can make on the OZ bank account here at the ATM? I guess 150 baht is not too bad on a 20,000 baht withdrawal. I doubt she will need to take more than that a month to live here.

[bra]

I live on an Australian pension but in my opinion I would not advise Mum to get her pension sent across to a Thai bank account.

(1) She would be losing control as to what conversion rate she gets. I believe the NAB gives the best rate whereas I would not trust the Commonwealth Bank to give a proper rate.

(2) She would get her payments a week or two later by having them sent over.

(3) If or when she decides to shift back to Aus she does not have to do anything.

She should leave her pension be paid into an Aus bank, but also have internet banking on the account. I draw money directly from my Aus bank via an ATM, but it is handy to have a Thai bank also such that you don't have too much cash floating around here in Thailand.

I have an account at BKB but it was hard to open as they wanted you to have lived here for 2 years before opening it. Also I have internet banking on my Thai account as well. That way I very rarely have to physically go to the bank counter.

If you are worried about the 150B foreign bank fee at the ATM then the EON Bank (Japanese I believe) does not charge it.

As far as showing immigration her income, simply print off a statement from her Australian Bank, along with her pension statement from Centrelink. Once she has the magic stamp at the embassy, that is all she requires (plus money in the bank to top it up to 65,000).

I reckon you are the brave one having your Mother & Wife living in the same house. (in my opinion a recipe for disaster!).

Thanks for the info. Fortunately my wife works in another province so she's just back on weekends:) We also intend to extend part of the house for my mum to live in, so she doesn't have to go up the stairs. I've not tried it, but what is the maximum withdrawal you can make on the OZ bank account here at the ATM? I guess 150 baht is not too bad on a 20,000 baht withdrawal. I doubt she will need to take more than that a month to live here.

I recently opened a Bangkok Bank account with no conditions (all that I had was 30 day visa issued on arrival), with a deposit of 5,000 THB. I did have to get a certified copy of my passport ID page from the Australian Embassy - cost 1500 THB, done while you wait. As well as a bank book I was issued on the spot with a BKK Bank Visa ATM card (not a credit card).

I make on line TT transfers from my WESTPAC Australian Bank account to my BKK Bank account and also to my GF's account. Cost $A 20 for WESTPAC plus 150 THB at the BKK Bank, delivery normally within 24 hours. You can send up to $A 10,000 a day, however I recommend that you have a lower limit based on expected use in case someone breaks into your account and taking up to your daily limit before you know it. This has happened to me some time ago with another Australian Bank but it was refunded by the Bank with no problems.

I use my WESTPAC MasterCard for ATM withdrawls at most ATMs in Thailand. This is limited to $A1000 per day (as it is in Australia), so you can take up to about THB 25,000 per day (note the THB is gaining in value every day as if you don't know it !) The ATM fee is THB 150, plus WESTPAC fees of about $A10 per transaction.

I hope that it all works out OK.

[bra]

I live on an Australian pension but in my opinion I would not advise Mum to get her pension sent across to a Thai bank account.

(1) She would be losing control as to what conversion rate she gets. I believe the NAB gives the best rate whereas I would not trust the Commonwealth Bank to give a proper rate.

(2) She would get her payments a week or two later by having them sent over.

(3) If or when she decides to shift back to Aus she does not have to do anything.

She should leave her pension be paid into an Aus bank, but also have internet banking on the account. I draw money directly from my Aus bank via an ATM, but it is handy to have a Thai bank also such that you don't have too much cash floating around here in Thailand.

I have an account at BKB but it was hard to open as they wanted you to have lived here for 2 years before opening it. Also I have internet banking on my Thai account as well. That way I very rarely have to physically go to the bank counter.

If you are worried about the 150B foreign bank fee at the ATM then the EON Bank (Japanese I believe) does not charge it.

As far as showing immigration her income, simply print off a statement from her Australian Bank, along with her pension statement from Centrelink. Once she has the magic stamp at the embassy, that is all she requires (plus money in the bank to top it up to 65,000).

I reckon you are the brave one having your Mother & Wife living in the same house. (in my opinion a recipe for disaster!).

Thanks for the info. Fortunately my wife works in another province so she's just back on weekends:) We also intend to extend part of the house for my mum to live in, so she doesn't have to go up the stairs. I've not tried it, but what is the maximum withdrawal you can make on the OZ bank account here at the ATM? I guess 150 baht is not too bad on a 20,000 baht withdrawal. I doubt she will need to take more than that a month to live here.

I recently opened a Bangkok Bank account with no conditions (all that I had was 30 day visa issued on arrival), with a deposit of 5,000 THB. I did have to get a certified copy of my passport ID page from the Australian Embassy - cost 1500 THB, done while you wait. As well as a bank book I was issued on the spot with a BKK Bank Visa ATM card (not a credit card).

I make on line TT transfers from my WESTPAC Australian Bank account to my BKK Bank account and also to my GF's account. Cost $A 20 for WESTPAC plus 150 THB at the BKK Bank, delivery normally within 24 hours. You can send up to $A 10,000 a day, however I recommend that you have a lower limit based on expected use in case someone breaks into your account and taking up to your daily limit before you know it. This has happened to me some time ago with another Australian Bank but it was refunded by the Bank with no problems.

I use my WESTPAC MasterCard for ATM withdrawls at most ATMs in Thailand. This is limited to $A1000 per day (as it is in Australia), so you can take up to about THB 25,000 per day (note the THB is gaining in value every day as if you don't know it !) The ATM fee is THB 150, plus WESTPAC fees of about $A10 per transaction.

I hope that it all works out OK.

Sorry I meant to add that you will need an SMS code sent from WESTPAC verify the TT transfer. I use my Australian Mobile in Australia and in Thailand (roams on DTAC or TRUE), or my Thai Mobile (AIS), and the SMS is received within 5 seconds even in my GF's home village near Nong Khai. The code is required for "Pay Anyone" transactions, including airline tickets etc.

[nosatisfaction]

That should not be a problem as long as money is in her name only. It would be good to get the account set up while she is here and if her pension going into an account in Oz suspect she should sign a wire transfer agreement with them while back in Oz to make it easier to transfer (not sure on Oz rules but in US you must do this first signing of agreement in person at most banks).

Thanks, I was thinking about the lump sum she needs re: the wire transfer. I haven't really thought about the actual pension. She can access her account here from the ATM and just pay a small fee. Or is it necessary to have her pension put into the Thai bank also? We wouldn't be doing this for at least 6 months, so would be nice to sort out the details.

Just always good to have a backup plan in place - if a sudden need for a large amount a SWIFT transfer would likely be both easier and cheaper. Especially if on the day your card is eaten by the ATM machine. There is also that 150 baht ATM charge that most impose.

That is absolutely correct, moreover there are more costs to this way of working, in your local Bank , e.g. in Europe they charge an extra 8.5 Euro per withdrawal, since the ATM machines are limited to 20K Bth/ withdrawal it soms up very fast. for example if the card is not limited , the machine is , so if you want 50000Thb, you will have to make 3 consecutive withdraeals, that means for example: 3 X 20000THB + 3 X 150THB + 3 X 8,5 Euros Bank charges in your European account.

hope this helps.

[moe666]

Living out of an atm is very expensive as the exchange rate at its best is ay least one baht less than the cash amount at a exchange booth. If possible she should have her pension transfered using telex transfers as this is a better exchange rate

[mmail2you]

if you are going to transfer and money I strongly suggest using OZFOREX as they very good and better rates than the banks. I have no connection with them accept I use them very often.

[Gassit]

Yes - try to avoid using banks for international money transfer. HiFX is another option. Set up an online account with one of these companies (easy) and transfer money online from your bank to the them when you are ready - you can do this from anywhere in the world.They will then transfer your money to your Thai bank a/c within a few days. For smaller amounts they charge a $15 fee - but for larger amounts nothing and the exchange rate is significantly higher than from the greedy banks - you can even negotiate the rate sometimes.

I am planning to retire soon in LOS and already have my account set up at Bangkok Bank, just before I arrive in Thailand on a 90 day visa, I will transfer the money I need for my retirement visa and initial living expenses in one go - that way I won't be worried about the deposit time period requirement. I then plan to transfer money from Australia once annually to make sure I meet visa renewal requirements - only when needed to reduce the transfer costs.

I was able to set up my savings account at BB while on holiday - by going along with a Thai friend who also had an account there - it was no problem.

[OJAS]

Yes - try to avoid using banks for international money transfer. HiFX is another option. Set up an online account with one of these companies (easy) and transfer money online from your bank to the them when you are ready - you can do this from anywhere in the world.They will then transfer your money to your Thai bank a/c within a few days. For smaller amounts they charge a $15 fee - but for larger amounts nothing and the exchange rate is significantly higher than from the greedy banks - you can even negotiate the rate sometimes.

I am planning to retire soon in LOS and already have my account set up at Bangkok Bank, just before I arrive in Thailand on a 90 day visa, I will transfer the money I need for my retirement visa and initial living expenses in one go - that way I won't be worried about the deposit time period requirement. I then plan to transfer money from Australia once annually to make sure I meet visa renewal requirements - only when needed to reduce the transfer costs.

I was able to set up my savings account at BB while on holiday - by going along with a Thai friend who also had an account there - it was no problem.

If, as I assume from your ref to a $15 fee you are an American, you can, I believe, make internet transfers to your BBL account from your US account via BBL's New York branch, which are nowhere near as expensive as SWIFT transfers.

A similar facility exists for us Brits via BBL's London branch, which I find the most convenient and cheapest way of transferring funds here from my UK account.