Can I switch my bank account while on a retirement visa in Thailand without prior approval?

Retirement Visa Bank Account Thailand Immigration Visa Rules Financial Regulations

Sep 25, 2021

3 years ago

ORIGINAL POSTER

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.

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Wayne ********

good or question

3 years ago

Tod *********

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

3 years ago

Pinky *****************

@Tod ********

what if he has enough time on his visa( for the 3 months deposit requirement) changing to new bank

3 years ago

Tod *********

@Pinky ****************

Totally could be done but remember the account can never have less than 400K baht in it for the rest of the year. It's tricky because of the seasoning

800K in the account 2 months BEFORE your apply for an extension

800K in the account 3 months AFTER you get the extension

400K in the account for the rest of the year

3 years ago

Pinky *****************

@Tod ********

thanks

3 years ago

Reply to

Pinky *****************

Chris ****

ORIGINAL POSTER

@Tod ********

genius. That what I needed to know.

3 years ago

Tod *********

@Samurais ***********

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.

3 years ago

Chris ****

ORIGINAL POSTER

@Tod ********

copy that.

3 years ago

Reply to

Chris ****

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