Retirement Visa Question: if I already have visa but want to open an account with another bank…does immigration allow me to swing to new account or do I have to get prior approval to switch? And if so - what’s the steps?
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TLDR : Answer Summary
A user inquired about the possibility of switching bank accounts while holding a retirement visa in Thailand. The consensus among commenters is that no prior immigration approval is necessary to open a new account. However, if the visa extension is dependent on maintaining a minimum balance of 800,000 baht for specific durations, it is advised to ensure that sufficient funds remain in the original account during and after the transfer.
NON-O RETIREMENT VISA RESOURCES / SERVICES
Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
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Would it be another account at the same bank or what? There is no "get prior approval" to switch. You'd have to make the transfer electronically (bank to bank transfer) in a single day
Keep in mind IF you're on a year extension based on using banked money you needed the 800K baht in the account for 2 months before you applied the 800K needs to stay in the account for 3 months after you receive the extension and then the balance can't go below 400K the rest of the year. I'd sure wait until after the 800K was banked for the 3 months after the extension was given and then just move half of it to the other bank (400K) so that you still had 400k in the primary account. I wouldn't move the rest until closer to the next extension
also keep in mind when you do go for the next yearly extension you'd need bank letters and print outs of the detail transaction history from BOTH accounts and update the bank books on the date you applied.
It can be done, you just can't ever have the balance go below what's required to keep your extension.