Elkski Posted June 25, 2017 Share Posted June 25, 2017 Do you need to have the minimum $$ in the bank before applying for the retirement visa? I plan to come next month, then Dec Jan, and may come for longer periods next year. All these trips to help me determine if I could be happy to retire in Thailand. When do I benefit from opening an account? What is minimum deposit? Do you bring a bank check? Link to comment Share on other sites More sharing options...
jphasia Posted June 25, 2017 Share Posted June 25, 2017 Thai banks debt cards do not work internationally except for neighboring countries, always keep your home country bank account as your main bank account and use local bank accounts for local shopping and withdraws.Wrong. I have Bangkok Bank, SCB and Krungsri account with debit cards and i have been using them in Asia (including Japan), Europe (several countries), Africa (several countries), Mauritius and Australia. As for USA, no idea as I have not been there recently.Sent from my SM-N920C using Tapatalk Link to comment Share on other sites More sharing options...
NancyL Posted June 25, 2017 Share Posted June 25, 2017 2 hours ago, Elkski said: Do you need to have the minimum $$ in the bank before applying for the retirement visa? I plan to come next month, then Dec Jan, and may come for longer periods next year. All these trips to help me determine if I could be happy to retire in Thailand. When do I benefit from opening an account? What is minimum deposit? Do you bring a bank check? The minimum needed to open a Bangkok Bank account is 500 baht, however if you do not have a non-immigrant B visa AND a work permit, then you will need one of the following: ONE of the following documents: A letter of reference from one of the following: Embassy or international organization An official document from another country, such as a document from the relevant agency giving evidence of the customer’s right to receive pension funds Customer’s home bank to Bangkok Bank via the SWIFT messaging network Person acceptable to Bangkok Bank e.g. branch officer, customer, government officer or company executive Educational institution located in Thailand and acceptable to the bank Company that is acceptable to the bank, confirming the customer is in the process of getting a work permit From a practical standpoint, the easiest way to meet this requirement is to either obtain a Certificate Residency from your Embassy/Consulate or local Thai Immigration office (the local Immigration office may not grant this if unless you have a TM30 and visa extension granted by that office) or to bring in a person "acceptable to Bangkok Bank" to vouch for you at the time you open the account. Contrary to what many people think, that person doesn't have to be Thai. I've vouched for many people, but my husband and I have large account balances at Bangkok Bank and are actively known within the community. Link to comment Share on other sites More sharing options...
skatewash Posted June 25, 2017 Share Posted June 25, 2017 (edited) 3 hours ago, Elkski said: Do you need to have the minimum $$ in the bank before applying for the retirement visa? I plan to come next month, then Dec Jan, and may come for longer periods next year. All these trips to help me determine if I could be happy to retire in Thailand. When do I benefit from opening an account? What is minimum deposit? Do you bring a bank check? I'll let others more knowledgeable answer on the retirement visa (Non-O or Non-OA) question, but in general, if you are using money in the bank to qualify for a visa (as opposed to income) the money would need to be in the bank at the time of your application. There's no reason *not* to open a bank account in Thailand at your first opportunity. The cost associated with doing so is nominal as are the minimum deposit requirements. For example, the cost of opening a regular savings account at Bangkok Bank would be about 200-300 Baht for a Be1st Smart ATM Card (get the one branded by VISA, not by UnionPay) and the minimum deposit would be as low as 500 Baht. Likewise there is really no ongoing fee to maintain the account other than the annual cost of the ATM card. Sign up for free online access and then you can manage your account both in Thailand and back in the states. You will need to fund the account. You can, of course, deposit cash into the account, but large amounts are usually electronically transferred from your US bank to your Thai Bank. If you go with Bangkok Bank there is a easy low-cost mechanism to accomplish this transfer by initiating an ACH transfer from your US bank to the New York Branch of Bangkok Bank (often the cost to do this ACH transfer is free, but that really depends on your US bank). Bangkok Bank will slice its fee off the amount transferred (up to $20 on a sliding scale, depending on the amount transferred) and then you also pay 200-500 Baht for receiving the funds into your Thai bank account. The whole process and detailed fees is described here:http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx While they will allow you to deposit a US check into your account it can take a very long time (1-2 months) to clear, so it's not really the best route to funding your account). You can fund your account by making a withdrawal using your US credit/debit card, but you will be required to pay a 200-220 Baht ATM usage fee to do that. The benefits of having a Thai bank account while you are in Thailand start immediately. You can withdraw money from your bank's ATM machine for free (in the province you opened the account in, and for a mere 20 Baht fee outside of your home province). Contrast this with the 200-220 Baht fee you will be charged by the ATM to use your US credit/debit cards to withdraw money. The only drawback to having a Thai bank account is that you need to be aware of the US FATCA FBAR report annual filing requirement to report to the US government if you have foreign bank accounts with an aggregate value of over $10,000 at any point in the tax year. Edited June 25, 2017 by skatewash removed redundant word Link to comment Share on other sites More sharing options...
NancyL Posted June 25, 2017 Share Posted June 25, 2017 As for the question of whether you need to have funds in a Thai bank in order to apply for an "retirement visa", it's best to go to the Visa subforum of Thai Visa and search through a few threads on this subject there. There are several paths towards obtaining an annual permission to stay due to retirement, ie. O-A "retirement visa" that is obtained in your home country, converting a visa-exempt or tourist visa into an O visa in Thailand and then obtaining a one-year extension due to retirement or coming to Thailand with an O visa, (either single entry 90-day O or one-year multi-entry O) and then obtaining a one year extension due to retirement in Thailand. The timing of when funds should be deposited in Thailand if you're using the 800,000 baht requirement for financial justification is different for each option. Of course, if your monthly income is 65,000 baht, then you don't need to have funds in Thailand, but it's a good idea to keep several hundred thousand baht in Thailand for emergencies. Usually private hospitals won't start treatment unless there is a substantial upfront deposit, even if you have medical insurance and it's amazing how often people have difficulty with their overseas ATM or credit cards, esp if they're incapacitated due to a medical emergency. A third party can ask the hospital to contact a Thai bank to request release of funds for a deposit in an emergency. Of course, that would be impossible for someone to do with your overseas bank unless they had Power of Attorney, and even then there is delay in transferring money to Thailand. Link to comment Share on other sites More sharing options...
IMA_FARANG Posted June 25, 2017 Share Posted June 25, 2017 I opened my first account with Bangkok Bank in 1980 in Bangkok. I now have two accounts now, one for my Be1st ATM card, and one for my pension Direct deposit from the U.S. I guess you can see Bangkok Bank is my favorite Thai bank. Link to comment Share on other sites More sharing options...
rickudon Posted June 25, 2017 Share Posted June 25, 2017 In some of the less touristy areas it is very hard these days to open a bank account, even with a non-immigrant visa. You will be asked for a work permit, yellow tabien bahn or other official proof of Thai address. Took me 5 attempts earlier this year to open a new bank account, even though I'm married and have lived here for 7 years! Link to comment Share on other sites More sharing options...
maxcorrigan Posted June 25, 2017 Share Posted June 25, 2017 (edited) On 6/23/2017 at 8:27 PM, wildewillie89 said: Tourist visa can open accounts, just need a government official friend to sign you off as a respectable person (teacher, nurse, police, municipality worker etc etc). I opened my Bangkok Bank account on the first day I arrived with a tourist visa, the farang next to me could not open an account due to not having an official friend come along with him. But I have heard others who have managed quite easily, as you say, probably depends on the branch. Krungthai is the government bank, so all public servants use that bank. I think can only get an account with the non-O or non-B and work permit (in my city anyway), but a lot more friendly in my experience. Probably because of the people they mostly deal with they have to be friendly with. As an aside, i would like to know if it is possible to open a shared Stirling account with my wife (ex government school teacher) I have been told this is not possible, from Thai friend who works in a bank, (don't know which bank) when approached BKK branch at Central in Pattaya, was told i needed to get OK from Emigration for me to open an account with BKK, i would prefer a shared Stirling account, do you or anyone have any knowledge or info on this, and what we would need to show BKK, i also have a niece who is a Doctor maybe could use instead of the Emigration route. Any help much appreciated and as others have pointed out they don't all seem to follow the same rule books here! Edited June 25, 2017 by maxcorrigan more info. Link to comment Share on other sites More sharing options...
wildewillie89 Posted June 25, 2017 Share Posted June 25, 2017 1 minute ago, maxcorrigan said: As an aside, i would like to know if it is possible to open a shared Stirling account with my wife (ex government school teacher) I have been told this is not possible, from Thai friend who works in a bank, (don't know which bank) when approached BKK branch at Central in Pattaya, was told i needed to get OK from Emigration for me to open an account with BKK, i would prefer a shared Stirling account, do you or anyone have any knowledge or info on this, and what we would need to show BKK, i also have a niece who is a Doctor maybe could use instead of the Emmigration route. I would say that you could. You can open shared bank accounts as far as I am aware. And you can open other country currency accounts. Like I opened an Australian Dollar account. However, the bank in the middle sometimes exchanges it automatically, so you need to be careful. The bank back home will blame the Thai bank, and the Thai bank will blame the bank back home. Then the Thai bank will blame the middle bank that the bank back home uses (an American bank in my case apparently). So i couldnt be bothered ringing the other two banks as I don't have that much money to transfer anyway - and I have no idea on banking lol. However, you need to go to a big bank to open that account. I have a few Bangkok Bank branches in my city (Big C, Tesco etc), they said I need to go to a very big branch (90 minutes away in the next city). The bank will tell you that you need an address guarantee from Immigration. We went to Immigration and they said we don't know why the bank wants us to approve it, when other places like the District Office approval is more valid than ours. Bit of a silly system really. Bank is funny with it. I had the District Office approval of address saying I lived with the Mayor...but still they wanted Immigration...so not sure if the doctor will cut it. Depends on the branch probably. Link to comment Share on other sites More sharing options...
maxcorrigan Posted June 25, 2017 Share Posted June 25, 2017 3 minutes ago, wildewillie89 said: I would say that you could. You can open shared bank accounts as far as I am aware. And you can open other country currency accounts. Like I opened an Australian Dollar account. However, the bank in the middle sometimes exchanges it automatically, so you need to be careful. The bank back home will blame the Thai bank, and the Thai bank will blame the bank back home. Then the Thai bank will blame the middle bank that the bank back home uses (an American bank in my case apparently). So i couldnt be bothered ringing the other two banks as I don't have that much money to transfer anyway - and I have no idea on banking lol. However, you need to go to a big bank to open that account. I have a few Bangkok Bank branches in my city (Big C, Tesco etc), they said I need to go to a very big branch (90 minutes away in the next city). The bank will tell you that you need an address guarantee from Immigration. We went to Immigration and they said we don't know why the bank wants us to approve it, when other places like the District Office approval is more valid than ours. Bit of a silly system really. Bank is funny with it. I had the District Office approval of address saying I lived with the Mayor...but still they wanted Immigration...so not sure if the doctor will cut it. Depends on the branch probably. Thanks for swift reply, was wondering what Emigration had to do with it, but as you say proof of address, since i have the demon "pink I/D card" maybe that would suffice? Link to comment Share on other sites More sharing options...
wildewillie89 Posted June 25, 2017 Share Posted June 25, 2017 Just now, maxcorrigan said: Thanks for swift reply, was wondering what Emigration had to do with it, but as you say proof of address, since i have the demon "pink I/D card" maybe that would suffice? No idea. We went to Immigration and the staff had no idea what we were talking about. The big boss came out because knew the wife (through her dad) so helped us out and just signed some form himself. He said no one has ever asked for this and said that the form we have (that the bank rejected), is more credible than the form I am currently signing so thought it was absolutely moronic. I think just a trust 'immigration' thing from the private banks. Give the pink card a shot...but don't be surprised if it doesn't work. Link to comment Share on other sites More sharing options...
skatewash Posted June 25, 2017 Share Posted June 25, 2017 12 minutes ago, maxcorrigan said: As an aside, i would like to know if it is possible to open a shared Stirling account with my wife (ex government school teacher) I have been told this is not possible, from Thai friend who works in a bank, (don't know which bank) when approached BKK branch at Central in Pattaya, was told i needed to get OK from Emigration for me to open an account with BKK, i would prefer a shared Stirling account, do you or anyone have any knowledge or info on this, and what we would need to show BKK, i also have a niece who is a Doctor maybe could use instead of the Emigration route. Any help much appreciated and as others have pointed out they don't all seem to follow the same rule books here! I don't know the answer to your question: can I open a joint foreign currency account with my wife. The answer may depend on whether your wife is a Thai citizen or not. One of the reasons I like Bangkok Bank is that its English language online help is far and away the best of the Thai banks. It's clear that you could open a foreign currency account for yourself in GBP. It's also clear that your wife (whether Thai or not) could open one in her name. The problem comes down to the fact that I was unable to find out if joint foreign currency accounts are allowed by Bangkok Bank. It's conceivable that they would be allowed for foreigners (both husband and wife are not Thai), but not allowed for couples where one is a foreigner and the other Thai. I could find nowhere in the Bangkok Bank online help where this situation is addressed. My recommendation is to talk with your Bangkok Bank branch. As for the necessary recommendation letter required from your embassy, I believe that is little more than a confirmation by the embassy of the fact that you live in Thailand at a specific address. Your doctor niece may or may not be able to provide the same assurance. Depends on the person at the bank you are dealing with, I guess. Link to comment Share on other sites More sharing options...
skatewash Posted June 25, 2017 Share Posted June 25, 2017 7 minutes ago, maxcorrigan said: Thanks for swift reply, was wondering what Emigration had to do with it, but as you say proof of address, since i have the demon "pink I/D card" maybe that would suffice? I don't believe the Thai pink ID card has address information on it. I could be wrong about that as I don't have one. But, in order to have received the Thai pink ID you most certainly must have possessed a yellow house registration book (yellow tabian bahn) which certainly has your name (in Thai) and your address. The yellow tabian bahn should be accepted by a bank as proof of residence. Link to comment Share on other sites More sharing options...
wildewillie89 Posted June 25, 2017 Share Posted June 25, 2017 I would tend to agree with that. We hadn't finished building our house so hadn't got the yellow book yet. Mrs seems to think that would have bypassed the need to go to Immigration for the confirmation. Link to comment Share on other sites More sharing options...
maxcorrigan Posted June 25, 2017 Share Posted June 25, 2017 1 minute ago, skatewash said: I don't believe the Thai pink ID card has address information on it. I could be wrong about that as I don't have one. But, in order to have received the Thai pink ID you most certainly must have possessed a yellow house registration book (yellow tabian bahn) which certainly has your name (in Thai) and your address. The yellow tabian bahn should be accepted by a bank as proof of residence. True, there is no address, but you can't get one without possessing a yellow house book, of course whether the bank would except the card is open to interpretation by BKK thanks for your input, and "wildewillie" all seems to back up what i have been told already! Link to comment Share on other sites More sharing options...
maxcorrigan Posted June 25, 2017 Share Posted June 25, 2017 6 minutes ago, wildewillie89 said: I would tend to agree with that. We hadn't finished building our house so hadn't got the yellow book yet. Mrs seems to think that would have bypassed the need to go to Immigration for the confirmation. Yes that seems to be the only thing, other than getting in at Thai price at a couple of places, we're getting a bit of topic, here so thank you both for your help! Link to comment Share on other sites More sharing options...
jeab1980 Posted June 25, 2017 Share Posted June 25, 2017 (edited) Friday morning tesco lotus 2 bkk bank KK. 1130hrs. Myself and my guest (UK citizen on visa exempt) went into branch to enquire about opening him a bank Account. 1230 hrs we walked out of bank with a savings account book and ATM card for him registered, for now at my address he can change that when he comes over for good in November. (union pay but didnt argue the point about visa card. He can do that later). Documents his Passport and UK driving licence. My recomendation along with my yellow book and ID card simple as. Untill you ask you do t know is the very simple answer. Edited June 25, 2017 by jeab1980 Link to comment Share on other sites More sharing options...
maxcorrigan Posted June 25, 2017 Share Posted June 25, 2017 (edited) 11 minutes ago, jeab1980 said: Friday morning tesco lotus 2 bkk bank KK. 1130hrs. Myself and my guest (UK citizen on visa exempt) went into branch to enquire about opening him a bank Account. 1230 hrs walked out of bank with a savi gs account book and ATM card (union pay but didnt argue the point about visa card. He can do that later). Documents his Passport and UK driving licence. My recomendation along with my yellow book and ID card simple as. Untill you ask you do t know is the very simple answer. I already mentioned i had asked at BKK at Central in Pattaya, my question was any experiances concerning opening a joint Stirling account! i had been told unofficially not possible! Edited June 25, 2017 by maxcorrigan spelling Link to comment Share on other sites More sharing options...
jeab1980 Posted June 25, 2017 Share Posted June 25, 2017 18 minutes ago, maxcorrigan said: I already mentioned i had asked at BKK at Central in Pattaya, my question was any experiances concerning opening a joint Stirling account! i had been told unofficially not possible! I was replying to the op. Link to comment Share on other sites More sharing options...
maxcorrigan Posted June 25, 2017 Share Posted June 25, 2017 1 minute ago, jeab1980 said: I was replying to the op. OK no problem, thought you referring to my postings! Link to comment Share on other sites More sharing options...
jeab1980 Posted June 25, 2017 Share Posted June 25, 2017 (edited) 24 minutes ago, maxcorrigan said: I already mentioned i had asked at BKK at Central in Pattaya, my question was any experiances concerning opening a joint Stirling account! i had been told unofficially not possible! To answer yours why bother with a joint sterling account in Thailand. Open a joint account in tbe UK just as good and a lot easier. Or a joint sterling account with bkk bank in London. I have a single account with BKK in london sure a joint account would be no problem there. Edited June 25, 2017 by jeab1980 Link to comment Share on other sites More sharing options...
Jip99 Posted June 25, 2017 Share Posted June 25, 2017 35 minutes ago, jeab1980 said: Friday morning tesco lotus 2 bkk bank KK. 1130hrs. Myself and my guest (UK citizen on visa exempt) went into branch to enquire about opening him a bank Account. 1230 hrs we walked out of bank with a savings account book and ATM card for him registered, for now at my address he can change that when he comes over for good in November. (union pay but didnt argue the point about visa card. He can do that later). Documents his Passport and UK driving licence. My recomendation along with my yellow book and ID card simple as. Untill you ask you do t know is the very simple answer. Unfortunately, the 'simple answer' is likely to be different in Buriram, Surin or Korat. Link to comment Share on other sites More sharing options...
Jip99 Posted June 25, 2017 Share Posted June 25, 2017 (edited) 8 minutes ago, jeab1980 said: To answer yours why bother with a joint sterling account in Thailand. Open a joint account in tbe UK just as good and a lot easier. .......... until he dies. (that is assuming you could actually get an account opened in the UK as no UK banks are now opening accounts for non-residents). Edited June 25, 2017 by Jip99 Link to comment Share on other sites More sharing options...
maxcorrigan Posted June 25, 2017 Share Posted June 25, 2017 1 minute ago, jeab1980 said: To answer yours why bother with a joint sterling account in Thailand. Open a joint account in tbe UK just as good and a lot easier. I have joint accounts here and UK the one here is KrungThai but they don't do Stirling accounts apparently, which is what my Wife (Thai) wants, she does'nt trust the Bht to remain stable LOL considering Stirling at the moment Link to comment Share on other sites More sharing options...
jeab1980 Posted June 25, 2017 Share Posted June 25, 2017 Just now, maxcorrigan said: I have joint accounts here and UK the one here is KrungThai but they don't do Stirling accounts apparently, which is what my Wife (Thai) wants, she does'nt trust the Bht to remain stable LOL considering Stirling at the moment Lol thst makes no sense but hey Link to comment Share on other sites More sharing options...
jeab1980 Posted June 25, 2017 Share Posted June 25, 2017 3 minutes ago, Jip99 said: .......... until he dies. Why if hes done a will and its a jount account no problems. Link to comment Share on other sites More sharing options...
Upnotover Posted June 25, 2017 Share Posted June 25, 2017 Try Sterling Link to comment Share on other sites More sharing options...
jeab1980 Posted June 25, 2017 Share Posted June 25, 2017 4 minutes ago, Jip99 said: Unfortunately, the 'simple answer' is likely to be different in Buriram, Surin or Korat. Um yes thats why i said you dont know untill you ask Link to comment Share on other sites More sharing options...
Jip99 Posted June 25, 2017 Share Posted June 25, 2017 Just now, jeab1980 said: Why if hes done a will and its a jount account no problems. ... and exactly who will extract Probate ? ....... and where ? Link to comment Share on other sites More sharing options...
jeab1980 Posted June 25, 2017 Share Posted June 25, 2017 1 minute ago, Upnotover said: Try Sterling Im gone grammer plod is in the house Link to comment Share on other sites More sharing options...
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