800,000 Baht Requirement For Visa Renewal

[DFCarlson]

It seems that having 800,000 baht in a bank account for the renewal of a retirement visa is by far the simplest way to go. Has anyone had any experience with borrowing that amount in Thailand either for the short term or just for leaving it in a bank account year round? What did it cost per year in interest fees? The interest cost per month would be far below the 65,000 baht per month required from a pension.

[lopburi3]

You do not pay anyone the 65k per month income requirement of extension of stay. You can actually use it to live on.

The interest cost per month would be far below the 65,000 baht per month required from a pension

[Krub]

It seems that having 800,000 baht in a bank account for the renewal of a retirement visa is by far the simplest way to go. Has anyone had any experience with borrowing that amount in Thailand either for the short term or just for leaving it in a bank account year round? What did it cost per year in interest fees? The interest cost per month would be far below the 65,000 baht per month required from a pension.

The 800K is supposed to see you through the yera although there is no obligation to use it all.

It is now required to have it in the account for 3 months prior to application as opposed to only at the time of application.

Immigration seems to want to avoid the applicat borrowing the 800K juts for the application of extension process.

65k income is only required as proof you can support yourself. You do not to actually evne have it in Thailand at all and it can be pension or income from other sources.

[DFCarlson]

You do not pay anyone the 65k per month income requirement of extension of stay. You can actually use it to live on.

The interest cost per month would be far below the 65,000 baht per month required from a pension

But if you have 800,000 baht in the bank you eliminate the need to show any proof of pension at all. True?

[Gary A]

You do not pay anyone the 65k per month income requirement of extension of stay. You can actually use it to live on.

The interest cost per month would be far below the 65,000 baht per month required from a pension

But if you have 800,000 baht in the bank you eliminate the need to show any proof of pension at all. True?

That's true. You may be able to borrow the money from a friend or family and pay them interest, but I see no way to borrow money from a bank. I think they started the recent three month rule to try to eliminate just what you are talking about doing.

[lopburi3]

Yes. But if you don't have any income or money in the bank how exactly do you live for the year? Believe most people, without pension, will be using that 800k bank money to support themselves and bring it back up to 800k next year 3 months or so before they are due to renew.

If you have to "borrow" the 800k and pay interest for the loan (which would have to be paid back), and don't have income, how exactly do you plan to live?

If you have odd income but nothing you could use for proof and could obtain a loan (most foreigners will not be likely to get from legal source in that case), and it can withstand a possible police investigation, it might be possible. But the amount you would be paying in interest would likely severely limit your lifestyle.

[curiousfarang]

Dear Friends,

I have an Interesting Question that I ahd never thought of, nor

ever heard anyone mention. Yes, I have Retirement Visa, with the

mandatory 800,000 Baht in the bank. It is in a "savings account" that

does not bear Interest, because we are Farang "of course".

I don't use that money to live here, a Friend asked me,

CAN I STILL GET A RETIREMENT VISA IF I HAVE 800,OOO IN A CD

THAT BEARS 4% RETURN.

What a Great Question.

Anyone have an answer.

Also, young or old it is not neccessary to put anybody down,

we are all Foreigners living here and we have to deal with the

"ever changing rules" whether we like it or not.

Just a comment. If you can't go back to your native country and get a

real visa, not the 30 day kind, how can you possibly afford to live in Thailand?

I don't know of any country in the world where you can just go there

and cross the border indefinitely. Why is it whenever they catch some

Farang doing something wrong/breaking the law, whatever, the MAJORITY

are here on 30 day Visas. I rest my case.

[lopburi3]

It is up to the immigration office/officer you deal with. There are a number of reports of using fixed deposit accounts and even some of foreign currency accounts. But question why you do not get interest as a passbook savings account does draw about .75% interest and that is payable regardless of your nationality. If you get zero I would be looking for a new bank.

[Maestro]

...mandatory 800,000 Baht in the bank. It is in a "savings account" that does not bear Interest, because we are Farang "of course".

Name and shame the bank that does not pay you interest because you are a foreigner.

Some banks misinterpret the regulation that requires a distinction between resident and non-resident accounts. They erroneously make a distinction between Thai and foreign nationals. The lady at the Bank of Ayudhya branch where I opened my savings account a month ago told me three weeks later that my account will get no interest. I shall see in January if this is true (she already was wrong on another point, the Foreign Exchange Transaction Form) and if I really get no interest I shall move my money to the Siam Commercial Bank.

--

Maestro

[dr_Pat_Pong]

...mandatory 800,000 Baht in the bank. It is in a "savings account" that does not bear Interest, because we are Farang "of course".

Name and shame the bank that does not pay you interest because you are a foreigner.

Some banks misinterpret the regulation that requires a distinction between resident and non-resident accounts. They erroneously make a distinction between Thai and foreign nationals. The lady at the Bank of Ayudhya branch where I opened my savings account a month ago told me three weeks later that my account will get no interest. I shall see in January if this is true (she already was wrong on another point, the Foreign Exchange Transaction Form) and if I really get no interest I shall move my money to the Siam Commercial Bank.

--

Maestro

SCB pays interest Maestro

[johnnyk]

K-Bank pays interest also.

If someone does not have 800K baht to live on for a year they should make plan B.

Few countries want people with no resources to fall back on.

Edited December 23, 2006 by johnnyk

[Krub]

Fixed deposit accounts 1 month or above will give you interest (around 4%) either at Siam Commercial Bank or at Bangkok Bank wether you are Thai or non-Thai

[Somtham]

But if you have 800,000 baht in the bank you eliminate the need to show any proof of pension at all. True?

I don't think your loan idea will work at all. You need to show the B800K came from outside Thailand.

[Krub]

I don't think your loan idea will work at all. You need to show the B800K came from outside Thailand.

Well the original 800K can come from abroad, you then place it in a one year fixed deposit.

You can then use a savings account with bank book for your daily living expenses with regular transfers as you need from abroad.

Use the fixed deposit account for the 800k requirement and the savings account bank book to fill the requirement to show daily expenses.

This has been reported to be accepted for extension of stay.

It seems however that the 'normal' way would to have the 800k in a savings account at time of extension (or 3 months before as per new requirement) and use that account for living expenses again topping it up to meet the 800k requirement the following year.

It is up to the immigration officer's discretion to accept the fixed deposit together with the savings account book.

In any cases the original amount and the top-ups must come from abroad

[oxymoron]

...mandatory 800,000 Baht in the bank. It is in a "savings account" that does not bear Interest, because we are Farang "of course".

Name and shame the bank that does not pay you interest because you are a foreigner.

Some banks misinterpret the regulation that requires a distinction between resident and non-resident accounts. They erroneously make a distinction between Thai and foreign nationals. The lady at the Bank of Ayudhya branch where I opened my savings account a month ago told me three weeks later that my account will get no interest. I shall see in January if this is true (she already was wrong on another point, the Foreign Exchange Transaction Form) and if I really get no interest I shall move my money to the Siam Commercial Bank.

--

Maestro

My wife and I have a joint account with Ayudhya and have been getting interest annually for the last 10 years, albiet small and less with-holding tax.

On Friday we opened a Friend Visa account to enable us 'Online access' (When tx money from Oz I want to be able to see it gets into our account)

Guess what the computers system even though sign up is in "english" will not recognise english christian or surnames. Discrimination??

Will sort this out next week

[Maestro]

My wife and I have a joint account with Ayudhya and have been getting interest

...the computers system even though sign up is in "english" will not recognise english christian or surnames. Discrimination??

Sue the computer for discrimination

It has been said that even within one bank, individual branches handle applications for savings accounts differently. I am inclined to think that even within the same branch, individual employees handle it differently. The customer relations person at the Klongsan branch of Bank of Ayudhya is a nice and friendly lady but competent, she is not. First, she said that as a foreigner I could not get a savings account. I went back to the same branch a week later when she was on vacation and got the account with a smile and a thank you. Second, after a remittance of foreign currency equivalent to over USD 20,000 to my account she said I could not get the Foreign Exchange Transaction Form, that if I insisted on that form being filled out it would be the bank to keep it. After some persuasion on my part she called head office and was told that I was indeed entitled to get that document. Third, she now says that my account pays no interest. I shall see within ten days how that plays out.

Anyway, your situation is different. First, you opened your account 10 years ago, when the rules were different. Second, it is a joint account, i.e. an account with your wife as the principal account holder and you as the add-on, Mrs X and Mr. Y. That said, I believe that even if you opened an account today in your name only you would be legally entitled to get an interest-paying account, that for the purpose of the bank rules on this matter you are resident in Thailand.

--

Maestro

[astral]

My Krung Thai savings account stopped posting interest many years back.

[junkofdavid2]

...mandatory 800,000 Baht in the bank. It is in a "savings account" that does not bear Interest, because we are Farang "of course".

Name and shame the bank that does not pay you interest because you are a foreigner.

Some banks misinterpret the regulation that requires a distinction between resident and non-resident accounts. They erroneously make a distinction between Thai and foreign nationals. The lady at the Bank of Ayudhya branch where I opened my savings account a month ago told me three weeks later that my account will get no interest. I shall see in January if this is true (she already was wrong on another point, the Foreign Exchange Transaction Form) and if I really get no interest I shall move my money to the Siam Commercial Bank.

--

Maestro

I'm legal coz i have a WP and 1 year multi B. However, when I wasn't legal yet, I easily opened an account at Kasikorn Bank, and my bankbook shows that I've been earning interest ever since!

What banker gives this baloney of no interest because you're farang?

Or is it because I'm Asian and I have same skin color as Thai-chinese that I'm "exempt" from this "anti Farang Law"?

sweet jesus man! what bank is that?

[old wanderer]

Dear Friends,

I have an Interesting Question that I ahd never thought of, nor

ever heard anyone mention. Yes, I have Retirement Visa, with the

mandatory 800,000 Baht in the bank. It is in a "savings account" that

does not bear Interest, because we are Farang "of course".

I don't use that money to live here, a Friend asked me,

CAN I STILL GET A RETIREMENT VISA IF I HAVE 800,OOO IN A CD

THAT BEARS 4% RETURN.

What a Great Question.

Anyone have an answer.

Also, young or old it is not neccessary to put anybody down,

we are all Foreigners living here and we have to deal with the

"ever changing rules" whether we like it or not.

Just a comment. If you can't go back to your native country and get a

real visa, not the 30 day kind, how can you possibly afford to live in Thailand?

I don't know of any country in the world where you can just go there

and cross the border indefinitely. Why is it whenever they catch some

Farang doing something wrong/breaking the law, whatever, the MAJORITY

are here on 30 day Visas. I rest my case.

Well you are almost right, but here in the USA we have about 12 million illegal Mexicans living here with no passports or visa, and getting all the asundy welfare benifits.....but as you state in "most countries"

This is reason number 3 I am moving to Thailand. Just fed up with the invasion.

[lopburi3]

Anyway, your situation is different. First, you opened your account 10 years ago, when the rules were different. Second, it is a joint account, i.e. an account with your wife as the principal account holder and you as the add-on, Mrs X and Mr. Y. That said

My joint passbook account lists my name first and we still have always received interest (BBL). Believe end of year has already been paid but have not updated passbook to confirm yet.

[dr_Pat_Pong]

You do not pay anyone the 65k per month income requirement of extension of stay. You can actually use it to live on.

The interest cost per month would be far below the 65,000 baht per month required from a pension

But if you have 800,000 baht in the bank you eliminate the need to show any proof of pension at all. True?

That's true. You may be able to borrow the money from a friend or family and pay them interest, but I see no way to borrow money from a bank. I think they started the recent three month rule to try to eliminate just what you are talking about doing.

That scam is now not a possibility.

[samtam]

Sorry if this has been answered before, but I can't seem to find the relevant thread....what is the current status of the THB800k transfer for a retirement visa, viz does the bank impose the 30% withholding tax? My bank is suggesting that they would, unless it was transferred in amounts under USD20k. I have read that it is discretionary (the bank manager), but has anyone actually had experience of this - not paying the 30% w/h tax?

[Krub]

Sorry if this has been answered before, but I can't seem to find the relevant thread....what is the current status of the THB800k transfer for a retirement visa, viz does the bank impose the 30% withholding tax? My bank is suggesting that they would, unless it was transferred in amounts under USD20k. I have read that it is discretionary (the bank manager), but has anyone actually had experience of this - not paying the 30% w/h tax?

No first hand experience but I would send it in amounts of less than 20.000 USD if I had to do it now while it is still a floating matter.

Split your transfer and be safe !

[VBF]

Sorry if this has been answered before, but I can't seem to find the relevant thread....what is the current status of the THB800k transfer for a retirement visa, viz does the bank impose the 30% withholding tax? My bank is suggesting that they would, unless it was transferred in amounts under USD20k. I have read that it is discretionary (the bank manager), but has anyone actually had experience of this - not paying the 30% w/h tax?

No first hand experience but I would send it in amounts of less than 20.000 USD if I had to do it now while it is still a floating matter.

Split your transfer and be safe !

That's my question too - still seems confusing - please see my post here: Still not sure

Edited December 27, 2006 by VBF

[dutchy124]

...mandatory 800,000 Baht in the bank. It is in a "savings account" that does not bear Interest, because we are Farang "of course".

Name and shame the bank that does not pay you interest because you are a foreigner.

Some banks misinterpret the regulation that requires a distinction between resident and non-resident accounts. They erroneously make a distinction between Thai and foreign nationals. The lady at the Bank of Ayudhya branch where I opened my savings account a month ago told me three weeks later that my account will get no interest. I shall see in January if this is true (she already was wrong on another point, the Foreign Exchange Transaction Form) and if I really get no interest I shall move my money to the Siam Commercial Bank.

--

Maestro

My wife and I have a joint account with Ayudhya and have been getting interest annually for the last 10 years, albiet small and less with-holding tax.

On Friday we opened a Friend Visa account to enable us 'Online access' (When tx money from Oz I want to be able to see it gets into our account)

Guess what the computers system even though sign up is in "english" will not recognise english christian or surnames. Discrimination??

Will sort this out next week

I have an account with Siam Commercial bank with internet access. This enables me to transfer to other Siam accounts (accounts must be registered first), pay most bills, top up moblie along with other services. I did not have to have a work permit, but I am married to a Thai so maybe that was the reason.

[Krub]

Sorry if this has been answered before, but I can't seem to find the relevant thread....what is the current status of the THB800k transfer for a retirement visa, viz does the bank impose the 30% withholding tax? My bank is suggesting that they would, unless it was transferred in amounts under USD20k. I have read that it is discretionary (the bank manager), but has anyone actually had experience of this - not paying the 30% w/h tax?

No first hand experience but I would send it in amounts of less than 20.000 USD if I had to do it now while it is still a floating matter.

Split your transfer and be safe !

That's my question too - still seems confusing - please see my post here: Still not sure

Just transferred equivalent of 2.000 USD (in yen) from my account in Tokyo to my account in SCB.

Was posted in full after exchange in baht at a very good rate

Only took 3 hours from order in Tokyo to posting in SCB's account a record !

[dsfbrit]

K-Bank pays interest also.

If someone does not have 800K baht to live on for a year they should make plan B.

Few countries want people with no resources to fall back on.

K-Bank - thats Kasikorn bank ?

I am jealous as I dont get interest on my Kasikorn account - which account do you have ?

Does it have a passbook and ATM card ?

Edited December 28, 2006 by dsfbrit

[astral]

I expect you could borrow it on the local markets, at 5-10% per month.

Loy la ha, or Loy la sip.

[johnnyk]

K-Bank pays interest also.

If someone does not have 800K baht to live on for a year they should make plan B.

Few countries want people with no resources to fall back on.

K-Bank - thats Kasikorn bank ?

I am jealous as I dont get interest on my Kasikorn account - which account do you have ?

Does it have a passbook and ATM card ?

dsfbrit,

Yes,

Its a K=Bank savings account with passbook and ATM card. Card is only good in Thailand though and my w/d limit is 20K baht per day which is ok as I use it to pay bills.

I got 1600 baht interest back in June. Don't know the rate as I'm not now in Thailand but nevertheless it buys a few Changs now and then.

[Lite Beer]

0.75% . Not a lot. Try and get a fixed income account , up to 5% depended on the length of the deposit.