Can I hold my funds in a sterling account for a Retirement visa in Thailand?

Retirement Visa NON-O Visa Thai Bank Account Foreign Currency Account Visa Requirements Immigration Rules Financial Requirements for Visa Expats in Thailand

Jun 28, 2022

2 years ago

Jules ******

ORIGINAL POSTER

Hi I hope this question is appropriate for this group. We would be applying for a Retirement visa with the requirement to have 800000 bhat in the account each year and keep the account no lower than 400000 bhat. So my question is...does the money have to be held in a bhat account or can we hold it in a sterling account?

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TLDR : Answer Summary

The question addresses whether funds required for a Retirement visa in Thailand must be held in a Thai baht account or if a foreign currency account (in this case, sterling) is acceptable. Responses highlight that there are no prohibitions against holding foreign currency accounts for visa purposes, and personal experiences indicate successful extensions with such accounts. However, it is best to confirm with the local immigration office for specific requirements. Additionally, advice was given regarding the importance of maintaining funds well above the equivalent of 800,000 baht to account for currency fluctuations.

NON-O RETIREMENT VISA RESOURCES / SERVICES

Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
For immediate assistance, contact Thai Visa Centre directly via LINE at @ThaiVisaCentre or Email them.
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Nadah *********

Here in Chiang Mai you can do this. But it should be more than 800.000 , because the rates always change

2 years ago

Alan ********

The only risk with using a sterling account, if allowed, is that if you don't keep substantially above the 800k baht equivalent, and sterling suddenly collapses (it has been known, 555) you might find yourself under the required amount.

2 years ago

Tod *********

@Alan *******

that is a real issue that people with FCA need to keep on top of. I had a friend who due to the baht being strong almost missed the threshold for his extension one year

2 years ago

Reply to

Tod *********

There is not one thing in the immigration rules that prohibit foreign currency accounts, and I know people who hold sterling and USD accounts here who get their extensions year after year without any issues.

BUT

As you were correctly told, CHECK with your immigration office and see what they think about it

2 years ago

Rob **********

@Tod ********

correct Tod I have a FCD in Australian dollars, have never had an issue.

2 years ago

Reply to

Rob **********

James ********

@Robert ******

said...

Ask your local Thai immigration office for their requirements for the Non O Visa as retiree and the One year extension of stay as retired ... and if they will accept your funds placed in Sterling.

IF you both enter Thailand with a tourist visa...you will EACH need 800,000 Thai baht in a Thai bank account to obtain the Non O Visa as retiree. Total of 1.6 Million Thai baht.

IF you obtain the Non O Visa as retiree outside of Thailand you will only need 800,000 Thai baht in ONE Bank account with the spouse issued as a trailing spouse.

OR if difficult to obtain the Non O Visa where you now are ..

Enter Thailand EACH with a tourist visa...and go to a neighbor SE Asia country and obtain the Non O Visa as retiree.

2 years ago

Robert *******

There is no detailed description of all the methods to do banking.

It must be in an account where the money is accessible to withdraw in case of emergency. Talk to your local Immigration Office if they have any problem with an account in sterling.

2 years ago

Jules ******

ORIGINAL POSTER

thanks, that's a good idea...will do

2 years ago

Reply to

Jules ******

James ********

Background...

Hi we are Brits living in Bulgaria. BG will only issue us a tourist visa. So without having to go to a neighbouring country to get the non-immigrant O visa, can we swap a tourist visa for a non-immigrant O visa once we are in Thailand? We would then apply for the retirement visa once we are in country. Thanks for any info....

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2 years ago

Reply to

James ********

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