Retirement Visa And Bank Funds Access

[bendejo]

A question for those of you who have (or have had) a Thai retirement visa:

I know that you are required to keep a certain amount of money in a Thai bank.

But when it comes time to make a withdrawal, do you tend to experience “difficulties,” legitimate or otherwise (I don't mean faulty ATMs) ? Someone once told you must have the required amount (800k baht) in the account to show when you apply for the visa and go for renewal, otherwise you can draw from it as you wish.

I dread the thought of depositing money in bank that is in a country where I am not a citizen, having heard enough stories over the years. For me $20k is a hefty chunk. I've spent a lot of time in Brasil and bank withdrawals are commonly fraught with issues.

[jm49er1]

A question for those of you who have (or have had) a Thai retirement visa:

I know that you are required to keep a certain amount of money in a Thai bank.

But when it comes time to make a withdrawal, do you tend to experience “difficulties,” legitimate or otherwise (I don't mean faulty ATMs) ? Someone once told you must have the required amount (800k baht) in the account to show when you apply for the visa and go for renewal, otherwise you can draw from it as you wish.

I just renewed my retirement visa this morning in Pattaya - the requirement is that you have 800K in a thai bank or have ongoing income from pensions etc totaling 65,000 baht or a combo of both - i had approx 200K in Bangkok Bank - you will need to ask the bank to give you a letter confirming this - my bank charged me 100 baht for this service - you will also need a copy of the first page of your bankbook and the pages that show the final balance - for the pension verification you will need to get a letter from your Embassy - i went to the US Embassy in Bangkok and they asked me to fill out a form and for me to state how much income i receive from all pension sources - they simply certify the letter ( they do not verify the amount you put down) and then stamp the form -1200 baht for this certification- this form is then given as "proof" - these papers along with the TM-7, and a doctors certificate (available at any clinic for 100 baht or so) and copies of your passport and 1900 baht is all that is needed - i turned in all this paperwork at 11 AM this morning and was able to come back at 2 PM and pick up the approved passport which gives me another year here - there is absolutely no restrictions placed on the money and you can withdraw it immediately - next year when you need to renew you simply go throuth the same steps-

I dread the thought of depositing money in bank that is in a country where I am not a citizen, having heard enough stories over the years. For me $20k is a hefty chunk. I've spent a lot of time in Brasil and bank withdrawals are commonly fraught with issues.

i have banked here for over a year with Bangkok Bank and transferred in over 10 million when i bought my condo and a car - had no problems whatsoever withdrawing the money - i still keep the majority of my money in US Banks and investments and i use an ATM here to withdraw money from the US accounts - no problems ever

Edited September 19, 2006 by jm49er1

[lopburi3]

There is no issue with bank withdrawals in Thailand. You have an ATM card than can withdraw from about 50k to 200k per day.

The 800k is to be used to support yourself during the year - you show again next extension of stay time to prove you have enough to support yourself for the next year.

[Mcmurphy]

Dont want to add more confusion to this topic BUT...changed my tourist visa to a retirement visa this morning without any problems. My thai partner was told by immigration that applications for a retirement visa after october Ist will require the 800000baht to be deposited in a thai bank account for 3 months prior to application.

[bendejo]

Thanks for the replies, folks.

That business about having the $ in the bank for three months, combined with all this 90-day limit nonsense kicking in, sounds weird.

Is your money in the Thai banks working for you (drawing interest), or are there special farang-holding checking accounts that do let foreigners drain the life-blood out of the kingdom?

</sarcasm>

If so, what is the rate? Just curious.