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Answered3 years ago

Can I change banks after the extension of my retirement visa in Thailand while maintaining the 800k baht requirement?

Barb **************
asked Nov 7, 2023
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Hi,

My Retirement visa extension was just approved in Phuket.

My question is this…

I want to change banks. I realize I can’t do it before the 3 months after extension approval but is there a rule whereby you can’t move the 800k?
Answer summary
After the approval of your retirement visa extension, you can change banks, but there are considerations regarding the 800,000 baht requirement. You must maintain this amount in your Thai bank account for three months post-approval. It's recommended to consult with your local immigration office about how to manage this transfer during that period and ensure there are no gaps in your required balance. Risk exists if there’s any lapse in maintaining the minimum required deposits.
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Graham ******
Graham ******
The danger here is if you transferred your money there might be a one day gap where you would effectively not have any money deposited in a Thai bank (you need a minimum of 400k for the full 12 months of your extension). Transfer 400k first then, when it's in your new account, transfer the remaining 400k.
Ellie *******
Ellie *******
The requirement is that you must have a deposit of no less than 800K baht in a Thai bank account 3 months after being granted permission. There is no clear statement about changing the bank. You need to check with your local office if they accept you are changing the account during those three months, and how you have to do it in case the answer is yes.

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