Unanswered2 years ago
Can I switch from a monthly income option to an 800,000 Baht deposit for my retirement visa in Thailand?
I am moving to Thailand early next year from Australia. With the current exchange rate I am a little hesitant to put 800,000 Baht in the bank to cover my retirement visa. If I was to do the 65k Baht income a month till the exchange rate improves can I then swap to the 800k option? Thank you
Summary so far
The original poster inquires about the possibility of using a monthly income method to meet the financial requirement for a retirement visa in Thailand before switching to the 800,000 Baht option later, due to concerns about the current exchange rate. Comments clarify that the monthly income method cannot be used as a primary measure unless verified by the embassy, which is not available for Australian citizens since the embassy discontinued this service in 2019. Options mentioned include starting with a Non-OA Visa or using agents to meet the bank requirement. The conversation also touches on current exchange rates and additional visa strategies.
104 repliesnewest first
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John *********
Let an agent help you out
Mark ********
Contact
@Annie **************
she will take care of everything for you including the 800k financial requirement!
Peter ********
Checked last night exchange rates improved a bit
David ********
Change you visa idea. Do a DVT soft option for medical treatment it's for 5 years 10,000 bht 180days + 180 day extension then leave come back start again for 5 years
Lee *********
OP@David *******
I am going for retirement visa, so I am getting old! I don't want to f#$k about doing bounces so forth. Maybe I could go the sexual re- alignment path? 68 years of age with a full beard? I don't think so
Colin *********
@David *******
is that going to work? A DTV "soft power" option, like other options for that visa have to be genuine. One guy applied on the basis of having made an appointment with a Thai doctor for a general consultation. His application was denied and was told something to the effect that his medical reason had to be a specific medical condition. As for leaving Thailand and returning to get another 180 days, is there any information to confirm whether or not there's a requirement to have further appointments or treatments for a specific medical condition? The DTV is barely 5 months old & while some hold a DTV having a business may have come and gone out of Thailand and returned, they're continuously running their business. A "soft power" option may be a different kettle of fish.David ********
@Colin ********
if it's dental work or a medical condition that requires follow up appointments then you will get other appointments. Hence continuing treatment. There is no specification for medical treatment like a specific illness so high blood pressure, prostate,diabetes, cholesterol. But a check up at a GP come on he was an idiot donating his 10,000 bhtDavid ********
@David ********
no hassle mate easy asDavid ********
@David ********
yes it's in your country bank account. 180 days then extend another 180 days then go out and it starts again you have this for 5 years. I mean when you go out it can be a nice holiday in Laos,Cambodia,Vietnam wherever no other applications it just starts again
David *********
@David *******
Thanks mate interesting .No good for me though , only 180 days don't want that hassel again .
Can see the value indeed for some ..
Can the 500k be held Not in a Thai bank account ?
David ********
@David ********
no only outside of countryDavid *********
@David *******
Are you on one of these Visas David ? Sorry , lost on the 10k ? Can you get while inside the country ?
Bettina **********
The Australian dollar will always be trash sadly
Darin ********
@Bettina *********
what would you know, sadly not muchBettina **********
@Darin *******
Denial is one of the most widely used coping strategies when presented with the truth
Tim **********
Get an Agent who puts in the
*****
00 baht as a sponsor so you don’t have too
Jason ******
But look at all the transfer fees your paying for ,they will add up and be way more than any loss of having 800 k sat in a Thai account ,surely anyone that has the 800 k available wouldn't opt for monthly int transfers that cost each time .
Jay **********
Contact these guys, they can do your 15 month retirement visa in just 1 day and they do the open you an account with 800,000 for visa and take it right back out. I did mine yesterday and everything went smoothly
Murray **********
@Jay *********
then how do you show 12mnths bank statement on visa renewal, where the deposited amount must not fall below 400k.Jay **********
@Murray *********
they handle all that. Don't know how it all works
David ********
This is highly illegal in Thailand but usually pays off. Risk being banned from Thailand if corruption is used??? Risk it if you like. Why not apply for your O retirement visa in your home country e.g. Thai Embassy in Canberra. Once you qualify there is no restriction upon receiving your visa you can then do what you like with the Bt800,000 that's in your Australian bank when you do get to Thailand and it can be good for 2 years. It will be a multi-entry entry Thai retirement visa visa. You need a medical, a police report and an original statement from your bank showing you have the Bt 800,000 in the bank, not photocopies only original bank statements also an application form all signed by a JP and about Aus $300 at the Thai Embassy. Canberra. It took me one week from Perth Australia 2 times. Look up the Thai Embassy website. It's available from most countries Embassy.
Ron ********
@Jay *********
cost?
Dave **********
You can avoid the hassle by coming on a 60 day tourist waver,then a 30 day extension 😉 plus a 90 day trip to DaNang ( very cheap ) then repeat until you have your transfer completed. This gives you 6 months to a year to get your money here.
Benji *******
Maybe if $1000 either way is putting you off
Probably shouldn't do it
Probably shouldn't do it
Benji *******
@Dave *********
why Danang?Dave **********
@Benji ******
great location, beautiful beaches, very good food, prices as cheap or cheaper than Chiangmai.
Robert **********
The exchange rate isn't too bad at the moment. I am getting 22 baht with OFX. Bring cash with you and get a bit more or use an agent will save you a heap.
Lucky ******
Use an agent. Easy
Philip *******
Why not just apply for your visa through the embassy in Canberra or the Sydney consulate if a NSW resident. It's not that difficult and you can use a visa agent in Australia eg C.I.B.T visas have office in Melbourne
Bryn ********
Get a DTV instead, it also 5 years total and only cost $600, plus you can keep your money on your account rather than in a Thai bank acconut, well that is what I have done anyway😊
Peter **********
I would just wait and see…
Every year the Baht gets cheaper by the end of the year. On top of that the US election outcome has boosted western currencies already with a few percent.
Obviously there are no guarantees but I am betting that the exchange rate may significantly improve in the next short while.
Every year the Baht gets cheaper by the end of the year. On top of that the US election outcome has boosted western currencies already with a few percent.
Obviously there are no guarantees but I am betting that the exchange rate may significantly improve in the next short while.
Steve *********
Try these they will solve your issues.
Neal *******
Out of curiosity, how much would you be losing at today’s rate, compared to a year ago?
Peter **********
@Neal ******
500,000 to 600,000 baht…
Paul *********
OX, thank me later
Brandon **********
Isn’t the exchange rate good right now to buy baht?
Keith *******
@Brandon *********
the exchange rate is bad. The baht has weakened against the American dollar which also affects the Aussie dollar.
James **********
Ross **********
@Brandon *********
exchange rate is terrible , Thai baht is too strong. Has improved in the last week but still no good
Andrew *******
@Ross *********
especially Aussie dollar ...seems to be declining against the baht rapidly 😧Brandon **********
@Ross *********
well good for those with usd alreadyBrandon **********
@Ross *********
yea that was my original pointBrandon **********
@Ross *********
I guess my USD is the gold standardBrandon **********
@Ross *********
bad news through is that usd is sky high right now after the trump factorRoss **********
@Brandon *********
the exchange for the aus to baht has improved since the us electionBrandon **********
@Ross *********
well thr forward market predict that the AUD will get worse to the baht … at least that is what the market says . The spot is higher than forwards at the momentRoss **********
Dca *****
"...
The [Australian] Embassy and Consulate-General [in Thailand] will no longer witness statutory declarations stating income or bank balances:
As of 7 January 2019, we will no longer provide this service.
Why [is the Australian Embassy/Consulate] doing this?
The minimum income requirements to obtain certain Thai Visa’s has been in place for some time. Thai Immigration want us to verify the income stated in your declaration and we are unable to do this.
...."
>
The [Australian] Embassy and Consulate-General [in Thailand] will no longer witness statutory declarations stating income or bank balances:
As of 7 January 2019, we will no longer provide this service.
Why [is the Australian Embassy/Consulate] doing this?
The minimum income requirements to obtain certain Thai Visa’s has been in place for some time. Thai Immigration want us to verify the income stated in your declaration and we are unable to do this.
...."
>
*******************************************************
Keith *******
@Dca ****
I was disgusted when that decision was made. It really stuffed many retirees around, forcing them to return to Australia to get their paperwork fixed. Really messed people about. So much for service from ones government.
James *********
use agent they deposit the 800,000bt then remove when visa is approved...
maybe & hopefully the exchange rate improves soon!
maybe & hopefully the exchange rate improves soon!
Harry *********
@James ********
the mighty Thai Baht is never weak anymore . However bad the economic news it hardly budges . Seems nothing can make it drop SIGNIFICANTLY … hasn’t been weak for years and years .Keith *******
@James ********
I'd be carefully here. The THB*****
0 has remain in your bank 6 months before and after. With a 1 year OA the money will have to stay there. The rules were changed either during or just after the pandemic.
Greta *****
You can always wait until the exchange rate is to your satisfaction and move to Thailand then... It's such a pitty things don't just fall into your lap the way you want it hey? Just bare in mind that the rate can be even worse the longer you wait...I suggest you buy bars of golds, hold on to them until they wort more and then try to deposit them in the Thai bank account instead of money. I'm sure that would work....😉
Brandon ************
@James ********
Then he'd be required to use an agent again next year because he can't show a 12 month bank statement that shows he met the requirements this year. Then the cycle goes on and on paying an agent every yearJames *********
@Brandon ***********
but on renewal.. after 12month living in Thailand with a thaibank account and payments going into the account for his survival in Thailand....would that not give him 12 month history on bank statement...?
James *********
@James ********
I'd like to know what County isn't "corrupt" 💰
Michael *******
@James ********
not sure about the minority don’t have data to support that, only heresay from volunteers at immigJames *********
@Michael ******
I totally agree... but a minority doing it correctly will not change things. and as Lee Johnson stated he is not happy transferring his money.. I'm just informing there is a loophole, if he wishes to go down that path it is there...
Michael *******
@James ********
the use of agents merely fuels the corruption, so those of us who wish to comply with the rules - also have a price to pay. The three month waiting list at Phuket DLT for a driving License is a case in point, you can get same day through an agent. 3 years ago there was no waiting list…. we should stop feeding the trough……..it has consequences.James *********
@Brandon ***********
there is a loophole on every corner in Thailand you just got to know how to jump thu them..if you not want put 800.000bt in an account for what ever reason then you use agent... if your happy to do so then no problem..you will get your visa & your extension...there is just a price to pay as with everything in this corrupt country....
Dieter *******
@Brandon ***********
That's right! You have to decide what you prefer. Put 800,000 to get the retirement visa or choose an agent and pay him around 15k for the yearly extension.Brandon ************
@James ********
No, he would be denied extension for failing to meet the requirements of the previous extension. Those requirements very specifically say you must keep your bank account at 800,000 baht for 3 months after you receive your extension and never let it drop below 400,000 baht at any time. If the agent puts the money in his account and then removes it, when he goes to immigration next year he cannot provide a bank statement that shows he met last year's requirements and they won't care about this year's extension at all, he will be denied straight up and immediately for failing to meet last year's requirements.
Ralph *******
@James ********
It will improve when peak tourist season is over.
Wayne ********
@Ralph ******
not really true my friend, three of the last five years the peak rate was in the month of October at the beginning of peak seasonWayne ********
@Ralph ******
well there’s your answer if you’re looking for a five-year trendRalph *******
@Wayne *******
I’ve been using it for years.Wayne ********
@Ralph ******
Download the XE. Best place to keep up with the current exchange rate on all major currencies around the world. You can also look at the performance of $ vs ฿ for the past five years.Ralph *******
@Wayne *******
Yes, someone else pointed out the peaks too. It’s interesting but is it a pattern? Would be nice to know!Also, when comparing, we need to use the same currency as it varies. The original post was about AUD I think.
Wayne ********
@Ralph ******
I can understand all what you’re saying, but if you look at the charts, the last three highest peaks in the past five years, have all come in October and then the trend was downward from there for the rest of that year. Ralph *******
@Wayne *******
A little early for peak season but interesting information.Also, there may be a peak due to many circumstances, especially against an individual currency, but it’s trends that show more. E.g. is it trending upwards or downwards? Against which currencies? 2 days ago the rate against the USD probably dropped, simply because the USD strengthened generally, but it may have held against other currencies. It’s not simple, that’s for sure.
Alicia *******
@Ralph ******
pick season?Ralph *******
@Alicia ******
The main season is November to February. A small peak around Songkran but I don’t think that’s foreign visitors.
Bobby *******
@Ralph ******
you have no idea what you’re talking about.Ralph *******
@Max *******
Time will tell. These things are at best an educated guess.
Max ********
@Ralph ******
no against the NZ $.Ralph *******
@Max *******
Against the USD quite possibly.Max ********
@Ralph ******
I came in August and it was shit then.I think the Thai baht will get worse if Trump puts up the tariffs.Ralph *******
@Max *******
Moving into high season. But, I don’t mind being wrong. Do you have any method of prediction? Or any explanation for the strength of the baht?Max ********
@Ralph ******
it’s not the high season now and the exchange rate is shit.Ralph *******
@Bobby ******
It is often to do with the economy. During tourist season, the Thai economy is quite buoyant. Tourism contributes around 20% of Thai GDP, so of course its a large influence. It’s also affected by interest rates. And speculation. So, no not predictable or we would be rich. But there are trends it follows.
Bobby *******
@Ralph ******
no you can’t predict the exchange rates boy. Almost nothing to do with tourismRalph *******
@Bobby ******
And you do, I suppose?James *********
@Ralph ******
yes it was better thu low season that I noticed...
Mitch *****
@Ralph ******
nonsense 😂Mitch *****
@Ralph ******
🤦♂️Ralph *******
@Mitch ****
We will know in a few months.
Graham ******
You could start with a Non-OA Visa which does not require money in Thailand for the first two years but does require insurance etc.
Nigel ********
@Graham *****
it's a good easy option to get started and all done in your home country first + a re-entry permit 👍👍Graham ******
Come on then Tim, prove me wrong
Brandon ************
You can't do the monthly income method first. The ONLY way to use monthly income for the initial visa or for the first 1-year extension is with income verification from your embassy. And I'm fairly certain the Australian embassy in Thailand does not offer this along with many other embassies. That means your only option is going to be 800,000 baht in a Thai bank account for the first 1-year extension.
Ken ***********
@Brandon ***********
do you have any insight as to why the 12 months of THB *****
is not accepted for the initial Non O ?Michael *******
Part of the reason for the 800k is to ensure you have the ability to cover medical expenses, or evac. This is why retirees who use O-A non immig visa have to take out health insurance before coming to Thailand. Those who apply for O visa using funds already in Thailand do not require Health Insurance. At the moment this also includes those switching to 65k p.m method after first year in Thailand, could that change , who knows!
Brandon ************
@Ken **********
Because no immigration office will accept it. You won't find reasons for most things in Thailand beyond "that's the way it is"
Damo ***********
@Brandon ***********
hi Brandon, I am aware Australian Embassy no longer verifies income for retirement purposes. I was hoping to start to transfer 65k thb per month from WISE as an 'international' transfer. I have seen advice this may work. Are you definately saying it will not work? I am hoping to follow option '3' shown below.Must provide the following documents for the above financial requirements:
1. In the case of the security deposit, you will provide an updated bank book or passbook together with a bank letter stating that the money had been deposited to the account from an overseas source not less than 2 months prior.
2. In the case of a monthly income of at least 65,000 THB, a letter from your embassy in Thailand verifying your monthly income.
3. In cases where your embassy does not issue an income letter, you can provide a 12-month bank statement showing a regular deposit of 65,000 THB into a Thai bank account.
Brandon ************
@Damo **********
this only an option for the 2nd annual extension. You cannot use monthly transfers if you plan to apply for a 90 day non-O visa in Thailand, and you cannot use monthly transfers for the first 1-year annual extension based on the 90 day non-O visa. Even if you already have 12 months of transfers completed before you go to Thailand, it would not matter because the ONLY options for the non-O visa in Thailand and the first 1-year extension are embassy certified income or 800,000 in a Thai bank.
Jim ********
@Damo **********
You need to show twelve consecutive months of 65k Baht international transfers when you apply for the extensionDamo ***********
@Brandon ***********
cheers... I may have gotten a little confused by previous post.. I am way over the 1st, 2nd extensions, so the international payments (non verified by Embassy) should be ok for me 🙏Lee *********
OP@Brandon ***********
Thank you very much for your prompt response. Lee
Chang ******
@Lee ********
im from USA 🇺🇸I try to do that same but American embassy dose not provide affidavit at all social security office dose so Chiangmai immigration doesn't accept monthly income ,deal but they said Japanese can do , hahaha
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