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[Radar501]

I am in the process of tidying up my affairs in Australia in preparation of retiring full time in Thailand. I will arrive in LOS with a non-imm O visa.

My financial plan is to bring a large $AUD cashiers bank cheque and $AUD cash and open a savings account in Bangkok on the day I arrive. I should be able to draw immediately on the cash I deposited whilst I wait for the cheque to return to Australia and clear my home bank.

At this stage, I do not know what town or province I will settle in, but it is more likely to be in the back blocks of Somtam Buri than anywhere near Bangkok.

1. Do Thai banks allow for transfer of accounts between branches? and will they slug me a fee for doing so?

2. Can any branch, other than my home branch, issue the 'proof of 700K baht savings' statement which I will need to extend my visa after three months.

I have done so much on-line research on which would be the best Thai bank to park my funds, and there appears to be many a varied opinion on all the major players. At this stage, though, I am leaning towards Bangkok Bank.

I will take any constructive advice on board.

[Pib]

I do not think you can transfer bank accounts in Thailand....like keeping the same account number. When you open a bank account in Thailand usually the first few digits of the account number represent the branch number....or at least at Bangkok Bank it does. For example, the first 3 digits of the account number represent the specific Bangkok Bank branch.

And whatever branch you open your account at there will be certain "administrative" things you always have to accomplish "in person at that branch"...another branch won't be able to assist (or they may able to really but just won't). Like getting a new passbook, debit card, updating your passport number on your account, etc., may require you to visit your home branch. It's those infrequent administrative things which must be done.

But from ThaiVisa posts it seems to vary among the banks as to what administrative things you can do at any branch and what things you must do at your home branch. But when it comes to depositing, transferring money you can do that at any branch. Would recommend you open an account at a branch which is fairly close to where you live for those cases where certain administrative issues need to be taken care of.

Regarding your question about the bank issuing a visa/extension of stay deposit letter, I know the Bangkok Bank branch in the govt building where the Chaeng Wattana/Bangkok Thai Immigration is located will issue a letter regardless of which Bangkok Bank branch you have your money in...I expect any Bangkok Bank branch can do the same "if they wanted to."

[Suradit69]

Once you settle, open an account at a bank in your new "neighborhood." Eventually transfer money from the Bangkok account that you first opened to the local account and close the Bangkok account ... or keep it open with a small balance if it would be useful.

Just remember when you go to apply for an extension based on retirement, if you are using your bank balance to support your application, the money will need to have properly seasoned in a single account. If you shift the money around, the clock starts from day 1 again for the seasoning requirement when it's deposited in the new account. And if you do use the bank or bank & income method, you'll need a letter from the bank manager where the money has been seasoned.

When you want to get a new passbook or ATM card and so forth, I think you'll need to do such administrative things at your branch, so having an account that's based where you're living will be a lot more convenient than keeping the account in Bangkok.

[Bpuumike]

Once you settle, open an account at a bank in your new "neighborhood." Eventually transfer money from the Bangkok account that you first opened to the local account and close the Bangkok account ... or keep it open with a small balance if it would be useful.

Just remember when you go to apply for an extension based on retirement, if you are using your bank balance to support your application, the money will need to have properly seasoned in a single account. If you shift the money around, the clock starts from day 1 again for the seasoning requirement when it's deposited in the new account. And if you do use the bank or bank & income method, you'll need a letter from the bank manager where the money has been seasoned.

When you want to get a new passbook or ATM card and so forth, I think you'll need to do such administrative things at your branch, so having an account that's based where you're living will be a lot more convenient than keeping the account in Bangkok.

Yes, open a new account wherever you decide to settle.

A good suggestion is to keep a working balance in one account but the majority of cash in the other and scrap the debit card for that account so you are protected from any fraudulent use. Not a dig at Thailand, Europe is no better.

Incidentally, the balance needed for your application is ฿800K seasoned for 2 months and for 3 months subsequent years (if you go the bank balance route).

[JusMe]

I remember years ago transferring from Bangkok to a country town branch of the same bank. There was quite a large fee to manage it, and I know now that it would have been much better to leave 100 baht in the Bangkok bank and simply open a new account in the country town with cash withdrawn from the Bangkok bank.

Same often in North American banks - fees for closing an account are higher than simply losing a few dollars left in the account and letting it die a natural death on its own.

[aarn]

Thai bank branches operate like franchises. If you open an account in one province, you can withdraw/deposit money in another province for 30B flat fee.

You need to season your money for 60 days (as response above says) for first application for extension of visa on the basis of retirement.

However, DON'T put money in one account for 30 days, then shift to another account for the next 30 days - that will not be viewed as a continuous 60 day deposit.

If you are bringing money from Australia, the best thing is to come over here and set up a bank account (cost is now ~ 1,000B with Kasikorn Bank, which

includes ATM card) then (assuming you use internet banking) start international money transfers (IMTs) of $AUD 10,000 each day for three* or more days

to your Thai bank. You will need to know the SWIFT code of the Thai bank which is easy to look up online.

From Commbank in Austr, fee is AUD$22 per IMT. Maximum transfer per day is AUD$10k. Transfer as $AUD, NOT Thai B (as previously noted in this forum)

'coz the aussie banks are a mongrel bunch of cheats that offer ridiculously low conversion rates.

Good luck, AA

[*maximum permissable IMT out of Australia is $10K/day. 3 x $10K converts to ~ 900,000B at present]

[aarn]

I should add, any bank branch of your banking company will issue (for fee of 100B***) the all-important statement attesting to your bank balance.

This needs to be created the same day (some lattitude here - some Immi offices apparently accept the previous day) as you apply for visa extension,

along with photocopies (double-sided) of every page of your bank book that has an entry. The statement must be the exact amount that your updated passbook displays.

[*** There was a post a couple of years back where someone claimed to have been charged 300B for this statement]

[pitchag]

I brought a Bank cheque from Australia 2 years ago and tried to deposit it in the Bangkok bank first they looked at it upside down and tried to read it, then called the manager out to look at it, she said it was ok but would take 6 months to clear, when I informed my bank in Australia of the situation they said there is nothing they could do to help me, told me to cancel it and draw from the visa card, it cost me $2000 to draw $50,000 from the machines ,in hindsight it would have been better to fly back to Aussie and get cash.

The best thing to do is leave the money in the Aussie bank and transfer on line, I use Westpac to transfer my pension to my account in the Bank of Bankok they charge $20 for any amount not a percentage like some banks and I get the money in one day, beware of some banks as the money goes through too many other banks to get here and they all take their cut. Always transfer in Australian dollars to get the best rate.

I did a lot of research and the Westpac was the cheapest for me

You are allowed to leave Aussie with $50,000 cash as long as you declare it on departure, suggest using a money belt so much safer, use some to open account at bank and change the majority of it at a money exchange booth to get the best exchange rate.

I hope this has helped you not make the mistakes I made

i

Edited July 9, 2014 by pitchag

[AyG]

"My financial plan is to bring a large $AUD cashiers bank cheque and $AUD cash and open a savings account in Bangkok on the day I arrive."

The cheque will take several weeks to clear and there will be fairly stiff charges to pay. Far better, if possible, to make a SWIFT transfer via Internet banking once you've opened an account.

"If you open an account in one province, you can withdraw/deposit money in another province for 30B flat fee."

It can be free if you have the right kind of card such as Krung Sri All ATMs.

"Like getting a new passbook, debit card, updating your passport number on your account, etc., may require you to visit your home branch."

I have done all these things at a branch other than my home branch. The rules probably vary from bank to bank. I've had no issue with Krung Sri, Krung Thai and Bangkok Bank.

"If you shift the money around, the clock starts from day 1 again for the seasoning requirement when it's deposited in the new account."

Again, I suspect this varies. This year I renewed based upon a fixed deposit account which matured and the money was automatically transferred to the linked savings account. The immigration officer at Chaengwattana understood this and had no problem.

[pitchag]

Another reason to transfer money online is you have to show the money has come into the country from Australia to be able to buy a property in Thailand

[Radar501]

Thank you all for your valuable (and varied) suggestions. I may need to tweak my banking plans a touch.

I am sure that different banks have different rules in place about the small fees they charge (if any) when you use an ATM away from your home branch.

There appears to be confusion amongst TV members concerning Thailand's administrative divisions of region/pak, province/changwat, district/amphur, sub-district/tambon, and village/muban, and what administrative boundary you need to be outside of for the fee to apply.

[Pib]

The banking regions are determined by the banks...and since a person may live close to a region boundary and/or in his daily travels within Thailand can easily cross into another region it's not hard at all to be out of your home banking region when doing a banking/ATM transaction....but a person soon figures out to adjust. The fees are small.

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