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Can I open two bank accounts in Thailand for my visa application and daily expenses?
Thailand Bank AccountsNON-O VisaRetirement VisaExpat Financial ManagementThai Visa Extension Requirements
Sep 20, 2021
5 years ago
Dennis ********
ORIGINAL POSTERHi i am planning on moving over to thailand on non "o" 90 day visa then non"o"retirement visa in the future, my question is can i have two bank accounts in thailand(one with money in for retirement application 800,000 thb or above and just leave that account just for visa extentsions, just to be safe and dont need to touch) and another for day to day spending and bills etc.
i already have a thai bank account with Bangkok bank.
thanks
i already have a thai bank account with Bangkok bank.
thanks
TLDR : Answer Summary
The user is considering opening two bank accounts in Thailand: one to maintain the required 800,000 THB for a retirement visa extension and another for daily expenses. Community responses confirm that having two separate accounts is a common and advisable practice among expats. It allows for easier management of funds, especially when applying for visa extensions, as it separates necessary funds from daily spending. Additionally, users mention the importance of the bank account used for visa purposes being easily accessible for official documentation while also noting that savings accounts in Thailand are insured up to one million baht per institution.
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.
- Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
- Join the Thai Visa Advice Facebook Group to ask your questions, and get advice from others.
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Rob **********
Yes you certainly can, I do it that way, and would recommend it. Good luck with everything.
Dennis ********
ORIGINAL POSTERthanks everyone for the advice👍👍
Robert **********
You can have 2 Thai bank accounts. I put the one for the immigration funds separate, it’s not accessible by ATM, though I can transfer to/from it online. It draws interest. I never touch it except to update the bankbook. I keep a little more than the minimum. Remember you must update the book and get a letter from the bank when you extend your stay, so time deposits, banks not at/near your immigration office–are problematical.
Cambodia **************
Good to no
Joseph *********
Yes, but keep in mind that savings accounts are only insured up to one million baht for each institution.
Stuart *********
@Joseph ********
, hi, excuse my ignorance please i am new to this, I plan to do this when I retire next year( have 2 bank accounts, 1 for Visa and 1 i will have my regular pension and superannuation paid into) but I am not knowledgeable on this 1 million Baht insurance rule you mention, what are the implications please, I think I know, but I just want to be sure, Thanks😊Joseph *********
@Stuart ********
Also remember it is per institution, which means you shouldn't hold more than one million in each bank.Stuart *********
@Joseph ********
thank you, Jeff Lockwood infers you can have 2 separate accounts and the insurance is for each account, but you seem to think it is only for each bank EG ( 1 account in Kasikorn bank and 1 account in Bangkok bank) am I understanding this correctly? Please excuse my failure in this, but I need to make sure I have it right, ps I absolutely love this forumJoseph *********
@Stuart ********
Correct. No more than one million baht each bank.Stuart *********
@Joseph ********
awesome, thank you👍Reply to
Stuart *********
Reply
Jeff **********
@Stuart ********
it's the insurance that the government provides in case the bank goes out of business. If you have more than 1 million baht un the account and the bank goes out of business you lose the excess.Stuart *********
@Jeff *********
awesome, thank you👍😊Reply to
Stuart *********
Reply
Jeffrey ************
Yes, of course....
Charles ********
That is exactly what I do. Easiest way not to screw up when it comes time to renew!
Danny ********
You can even make an account in my name if you want..jk....happy retirement
Wayne ********
yes because i did that but put more then 800k incas bank takes out bank charges and u drop below the 800k mark
Martin *******
The account where you deposit the money for the retirement visa can even be in foreign currency.
Kool *******
@Martin ******
that is true, but not a good idea, as the value of your foreign currency is based on the day's exchange rate on the day of your application for extension, and that rate fluctuates. By using a regular baht account the amount never fluctuates. Martin *******
What you're saying supports what I said above. To kick start the economy they have to weaken the currency. That's why I put my 800k bath in a foreign currency account like CHF.
Martin *******
@Kool ******
that's right, you need to put a bit more in the account as a buffer. But I bet that there will be quite some devaluation on the bath to kick start the economy after the pandemic. A strong currency might be the better option long term.Kool *******
@Martin ******
actually a strong baht hurts the export market, which is about 80% of Thailand's economy. A strong baht means foreign corporations pay more in wages, pay more for the goods exported, so move to cheaper economies. That happens constantly when dealing with commodities that are available in multiple countries. A simple one baht decrease in the exchange rate can result in a 10% drop in commodity exports, as that one baht adds up when you're dealing with hundreds of tons of export goods. Reply to
Kool *******
Reply
Andy ********
Yes you can and if you have the money to do so it is the best approach to take. It is the approach I personally take and for me it has two distinct advantages:
1. When I need to supply one years transactions I have only four. Two interest payments and the updates from last and current years application.
2. I don’t need to show an immigration officer my day to day spending habits. How much I spend at Lazada, money withdrawn from ATMs and direct payments from my bank account.
1. When I need to supply one years transactions I have only four. Two interest payments and the updates from last and current years application.
2. I don’t need to show an immigration officer my day to day spending habits. How much I spend at Lazada, money withdrawn from ATMs and direct payments from my bank account.
James ********
A perfect plan for you. 😊
Stuart *********
Many people have that exact set up. One account for the “extension” and another for their day to day stuff.
Reply to
Stuart *********
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