Are Canadian CAD drafts accepted by Thai banks for visa applications?

Wire transfer or best option for best exchange rate - use Wise. Almost everyone uses Wise.

Normally not considered cleared funds and amount will be held for at least 30 days

If can better to wire the funds

Wise is now a Member of Payments Canada

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instead of a paper, physical Bank Draft Cheque:

the vast majority, perhaps if not all Canadians, who are planning to get a Thai Immigration Extension of Stay based on Age over 50 years old inside Thailand at their local Thai Immigration Office,

would do an international Wire Transfer from your Canadian bank account to your Thai bank account

Now, performing/processing that international Wire Transfer could be a direct international SWIFT Wire Transfer directly from your Canadian bank account into your Thai bank account

or, alternatively, one could use an intermediary online App/Website service, such as Wise, Remitly, or similar online App/Website/service to reduce costs/fees/charges, or perhaps for reasons of arbitrage to get a better foreign currency exchange rate on international bank transfer(s) between Canada and Thailand

an international wire transfer is essentially a Deposit into a Thai bank account and international wire transfers are much more conclusive evidence and proof of foreign source of funds than a paper, physical foreign bank draft cheque

Also, there would be many necessary, lengthy verifications a Thai bank would need to perform to verify any potential foreign bank draft cheque

Get a Wise account then transfer when you get your Thai bank account or transfer from your bank to your Thai bank after you get your Thai bank account. But Wise will have a better exchange rate.

What visa are you applying for? Non-O based on retirement? Are you applying in Canada? If so you can just show the money in your Canadian bank account, then you will have to transfer 800k to a Thai bank account in your name only within 30 days of entering Thailand.

Some Thai banks will hold the draft for a month