Can I put 800000 in a Thai account and just leave it there for each years extension?
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TLDR : Answer Summary
Yes, you can put 800,000 THB into a Thai bank account and leave it there for your annual visa extension. This method is often considered the simplest way to meet the visa requirements without worrying about fluctuating amounts over time. It is advisable to keep a little extra to account for any unexpected fees that may drop the balance below the required amount. While some users mention that you can perform minimal activity (like a small transaction) to keep the account from becoming dormant, the general consensus is to avoid touching the 800,000 THB, and simply allow the account to earn interest. There are also discussions regarding combining monthly income with the 800,000 THB for visa purposes.
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I am now on retirement visa and transfer a minimum of 65-100k baht per month, must do 65k+ every month for 12 months without a break prior to renewing. Then get bank book updated and letter from bank. This way you don’t need 800k in bank account
thank you for the post. So, 800 K initially and 65K each month for 12 months is the 800K not then required due to 65K deposit monthly for 12 months thank you
Reply to
Steve **********
Reply
Don **********
If you can get an account.
Fabao ********
Yes. You can put it into my Thai account. :-)
Lee ***********
That is what I do. Put it in and forget it.
Jet ********
Yes
เต๋อ *****
Just careful on "abandon account" they will take all your money.
Yvan **********
From the Thai embassy:
Both non-Thai national applicants must be 50 years or older.
Must meet the following financial requirements:
Have at least an 800,000 THB deposit for at least two months before the visa application.
A monthly income of at least 65,000 THB.
A combination of security deposit and annual income of a total of 800,000 THB.
Non-immigrant type “O-A” visas are required to have a health insurance policy with a minimum coverage of 100,000 USD, including treatment for COVID-19.
Benny *********
Do it on a fix 12 months account for the best interest %.
Andrew *****
That’s what the Thai government want you to do, biggest scam going.
Albert *******
Well that’s the whole point … 🤣🤣🤣 Actually THATS what they WANT you to do bud. Most of us try desperately to work around that option…
Peter *****************
Sure boss.Thai banks will love you for it.
Johnny ********
I think this is the best way to save some money. Don’t touch it planning to open another account savings or switch this amount to a savings account and have a checking account for daily use. You could like some interest at the end of the year specially when you receive your retirement money from the states, you deposit it to this account, maybe this way you can ask in the bank here in Thailand
Mikkel *******
Yes.. put it in a dedicated account with no atm card attached. Let it be a bit over too, to account for the unexpected.
For example if you have it connected to your mobile banking app as well as your every day spending account, make sure it's the right one you transfer/pay whatever from each time. Double check.
Mikkel *******
I've made that mistake. But luckily it was well enough over the requirement to compensate for that and I could just refill the extra buffer later.
Put a fractionaly more.. Just in case there's bank fees deducted, dropping below your needed amount
Ian ********
Yes
Pablo ********
Yup
Oliver *****
Yes
But in my account 😁
Jim ********
Actually the best way is to transfer 65k each month. Don't tie up a lump sum earning poor interest
Greg ***********
yes you can, just keep it there and don't touch it. However you need to do some activity with this account. As if it is inactive over a longer period, the bank might close it down
Yes but don’t ‘never’ touch it. Dormant accounts are suspended after a number of years (7 I think), and eventually money claimed by the bank and unrecoverable (2 more years I think).
Heard first-hand accounts of this happening on 2 occasions, one being circa 1m Baht.
I will keep that in mind. Maybe I will have extra money in the account to use so it doesn't look dormant
Reply to
Wayne *******
Reply
Wylie *******
It's the easiest as others say, but it's really not that hard to top it up when you need to. Personally I'd spend from it after the allowed period and then top back up when needed for the next extension. That way I can leave other money invested as long as possible vs sitting in account doing nothing.
I have a financial advisor in the US that manages a couple of my accounts through Schwab. No problem with maintaining 2 addresses, a mailing address in the US and an international home/legal address so they don't take out state taxes.
Reply to
Wylie *******
Reply
Charles *****
e32
Bob ******
Yes!
Nhat ******
You can if you are 50up
Giuseppe **********
You need to do at least 1 transaction per year , between saving and deposit. It's also coveniente to have deposit account as you will get, depends on bank, some % per year. So, i advice you to have both , saving and deposit, so every year you do , on the app, one transaction of 100 baht per example
this is what I just got from the Thai Embassy: Financial evidence showing monthly income of no less than 65,000 THB or having the current balance of 800,000 THB, e.g. bank statements, proof of earnings
talk with the local Immigration what they want for the extension. I live here 9 years, made all, 800 k, combination and letter from ambassy about my pension. All possible.
, on 2020, i have went lower than 800.000 on saving account, so i had to show the ammount of deposit account, and bank manager said , you never moved any money from deposit to saving, so better you transfet 100 baht. If it's like you saying, better this way.
, if you always show the immigration same account, probably it's like you said. In my case that time, i has to show another account, so probably bank manager advised mr to do so.
Reply to
Giuseppe **********
Reply
Steve *******
Yes. That’s the simplest, most fuss free way to go. Other than forking over a large sum permanently for an Elite card
How would he have gotten today’s rates for this math to work 9 years ago? In fact, CD Rates were under 1% until 2022. (I assume you mean risk free returns because you only quoted 5% as today rates)
Assuming 1% for the first 7 years and 5 % for the next 2 years that 35k AUD only becomes 41k AUD.
On top of that, doesn’t the 800k need to be in the bank 2 months before and 3 months after? (Or vice-versa) So that 6k profit falls to
****
because you cannot be invested all 12 months. Now it’s 3,500.
Also don’t you need to maintain 400k in Thai bank year round? So that’s half your investable income gone, and half your profits. 1,750.
So for $1,750 AUD, this gentleman can transfer AUD to THB and back, totaling 18 transfers over the 9 years making sure to not forget the correct dates, and research and fund the best risk free investment account… for $194 a year savings.
If it sounds too good to be true then it probably is….. everyone also left out fluctuations in the exchange rate. I think that it is best to just to deposit and leave the 800k THB so you don’t have to worry about it.
and to be clear I’m asking about $54,926 USD, but since you then mentioned AUD and I suspect you mean Aus $ not USD. Simply compounded 5% for 9 years, which is actually 54,296, and you transposed the 2 and 9?
SCB Easi Pass - all on line doesn’t come with passbook , you can keep two accounts , one savings for Visa and one day to day - paperwork for visa renewal is issued same day for B100 we switched from BBK which was a nightmare…..
Reply to
Michael *******
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Peter *********
Yes
Shayne **********
Exactly! Do this and don't touch it.
Brandon ************
Yes, this is actually the easiest way to do it so you don't have to worry about timing to put the money back in etc. Just make sure you keep an extra couple thousand baht so any surprise fees don't drop you below the 800,000
you should arrive with the non-immigrant visa if you plan on living in Thailand. Then it will be easier to open an account. Otherwise you'll probably need to use an agent.