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Can a TFSA be used as proof of bank statements for visa applications in Thailand?

TFSA Visa applications Proof of funds Bank statements Investment accounts Expat financial requirements

Feb 6, 2025

2 months ago

Drew ****************

ORIGINAL POSTER

For the past 6 months, I have had over the required amount in a TFSA (tax free savings account). Would this technically qualify as proof of "bank" statements? It's a TFSA managed under a private wealth and asset management company in Canada. I'm so new to this. Thanks for your input guys.

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TLDR : Answer Summary

The question addresses whether a Tax-Free Savings Account (TFSA) managed by a private wealth and asset management company can be used as proof of bank statements for visa applications in Thailand. The responses vary, with one commenter stating that a portfolio account is not acceptable, and another suggesting that if the account is in the applicant's personal name, it may be considered valid. Another respondent mentions having successfully used similar accounts for approval but notes that requirements may differ based on where one applies. Lastly, a commenter highlights the importance of having readily available funds for emergencies.

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Henrik *****

The money has to be readily available at all time, in case for example you end up in hospital, you should be able to pay you bill instantly.

2 months ago

Jasmine ********

I applied with TFSA and LIRA investment accounts similar to your situation (accts in my personal name) and had no issues being approved. I was in Vietnam at the time and applied online via the embassy at Hanoi.

It may depend where you apply though, some have said that they needed chq or sav.

I think you should be good with TFSA.

2 months ago

John **********

No. You can't use a portfolio account. It has to be a standard bank account

2 months ago

Drew ****************

ORIGINAL POSTER

@John *********

would they even know? it says tax free savings account. It's money I can easily access. my name and account id is there and everything

2 months ago

John **********

@Drew ***************

easily is not the same as immediately, that is what they want to see

2 months ago

Drew ****************

ORIGINAL POSTER

@John *********

yea I get that but under what conditions do they decide whether money shown in a savings account is immediately accessible or not. Does that mean everything has to be in a chequing account?

2 months ago

John **********

@Drew ***************

yep. Pretty much. Or a savings account associated with a chequing account so you can just switch back and forth

2 months ago

Reply to

John **********

Michael *******

if it is in the name of a company, no. It should be in your personal name.

2 months ago

Drew ****************

ORIGINAL POSTER

Yes, I am the account holder of the portfolio within the company.

2 months ago

Michael *******

@Drew ***************

yeah, you just confused little bit about company.

If you have a personal company and the cash account is in the name of your company ( company holding wealth structure ) -> not good.

If you mean you have (personnal) cash account in a "private banking" , it is same that a bank account.

It will mainly depend of what is wrote in the statement provided by the bank/broker/...

2 months ago

Drew ****************

ORIGINAL POSTER

@Michael ******

okay. thanks for the clarification

2 months ago

Reply to

Drew ****************

Steve *******

If it has your name on it, it will do.

2 months ago

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