Answered4 years ago

Can I place my retirement visa funds in an interest-earning account in Thailand?

Thailand retirement visa bank account requirements NON-O visa money transfer rules interest-earning accounts fund accessibility requirements

Michael *******

asked Apr 4, 2023

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I’ve 800k bath in bank transferred in correct manner to apply for retirement visa next year

Can I stash that into an interest earning product of the same bank for 6 months or does it have to lie in current account?

Thanks

Answer summary

The user inquiries whether they can place 800,000 baht needed for a retirement visa into an interest-earning product at their bank for six months. In the comments, it is clarified that the money can be kept in a standard savings account or a fixed-term account but must remain accessible at all times. Locked term accounts are not permissible. Additionally, if the user did not use a banked money method for their visa this year, the funds only need to be in the account for two months before applying for the extension next year.

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Tod *********

this comes up quite a lot, and you can keep the money in a standard savings account (the one that earns almost no interest)

OR

you can have it in a fixed/term account (that gets better interest) the caveat is, IF you use a fixed or term account you have to have access to the money all the time <- even if withdrawing it causes you to lose interest or get a penalty.

What you can't have it in is a "locked term" account where the deposit is frozen for the length of the term and you can't access it. That kind is not allowed

Now, if you didn't use banked money method for your visa/extension THIS year, you only have to have the 800K baht in your account for 2 months before you apply for the extension next year.

4 years ago

Michael *******

@Tod ********

Thankyou

At present I’m on 45 day and 30 day extension not retirement visa

4 years ago

Tod *********

@Michael ******

then you can do what ever you want with the funds until such time as you need to have it in the account for your Non-O visa and your year extension 2 months later.

4 years ago

Michael *******

@Tod ********

ok I’ll make sure it’s there

4 years ago

Tod *********

@Michael ******

that Jomtien office is one of the few in the country that does require that 800K baht banked money method to be in the account for 2 months before you apply for the initial 90 day Non-O visa for 2000baht.

Michael *******

thanks

Michael *******

jomtiem it is

Thanks

4 years ago

Tod *********

@Michael ******

there is not

To apply for the initial 90 day Non-O visa MOST offices only require the 800K baht in the bank on the date you apply (some require you prove it was transferred in from abroad and Jomtien requires it be in the account for 2 months before you apply)

The year extension you apply for AFTER you have the 90 day Non-O issued is the one that requires the banked money method funds to be seasoned 2 months before you apply (some offices say 3 but that is totally a FAKE made up rule that people won't challenge).

4 years ago

James ********

@Michael ******

no such requirements.

4 years ago

Michael *******

@Tod ********

isn’t there a requirement to have funds in bank 6 months before application?

4 years ago