Answered3 years ago

Can I use foreign currency in a Thai bank account to meet the retirement visa requirement of 800,000 THB?

Retirement Visa Thai Bank Account Foreign Currency Visa Requirements Thailand Immigration Retirement in Thailand

Emily *******

asked Aug 8, 2023

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Can the retirement visa requirement for a Thai bank account containing 800k THB also be the equivalent sum of Foreign Currency in a Thai Bank account, or must it be in THB only?

Answer summary

The retirement visa requirement of having 800,000 THB in a Thai bank account can potentially be met with an equivalent amount in foreign currency. However, it is crucial to monitor exchange rates, as fluctuations could affect the value of the account when the visa is being renewed. While some foreign currencies might draw higher interest rates, the general consensus is that only Thai Baht (THB) is reliably accepted for visa requirements. Therefore, to ensure compliance and avoid issues during visa renewals, it may be safer to maintain the required amount in THB.

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Tom *******

AFAIK, this is not true. Only THB directly can be seasoned as money for a Thai visa for, marriage, Education, retirement or any other. I asked about other assets held in Thailand e.g. cryptos in a Thai exchange? No. I asked about properties in Thailand in my name? No. They are very strict about this THB rule as far as I can tell. Good luck.

3 years ago

Jae *******

@Tom ******

I wish they would allow bullion...

3 years ago

Tom *******

@Jae ******

likewise. I hold quite a substantial amount of that myself as well. I think part of the reason why they only allow THB is because like most banks around the world, especially high street banks, Thai banks are all hemorrhaging money because most people simply do not use them anymore, and anyway, hardly anyone has savings nowadays due to the downturn in the global economy.

3 years ago

Todd *********

Would possibly be beneficial if - 1) your currency would attract higher interest rates. 2) fees from Thai bank receiving the foreign currency are minimal. 3) the baht doesn’t continue to outperform your currency

3 years ago

Sarick **********

I know one person who has foriegn currency saving at Kringsri. The bank provides no saving bankbook, so he goes by his monthly statement. Chang Wattana office been very helpful, but you need to put more than 800,000 just to be safe (850,000-900,000) They do check the exchange rate roughly as long as it is a lot more than 800,000, it should be okay.

3 years ago

Emily *******

@Sarick *********

V interesting. Do you know if they offer an app with currency switching potential or do you have to visit the bank every time you want to change FC to THB?

3 years ago

Todd *********

@Sarick *********

interesting…

3 years ago

Brandon ************

It can be equivalent. You just need to be clear that if the exchange rate changes and causes the value of your account to drop below the requirements, you'll be denied for your next extension when they check your balance if they decide to cross reference the exchange rates.

3 years ago

Emily *******

@Brandon ***********

thank you! Can it, then, ne the sum across different accounts/ different banks?

3 years ago

Steve ********

@Emily ******

Wouldn't advise it. Once things get too complicated for an immigration officer, they generally just reject it and tell you to put 800k baht in a Thai bank account. Keep it as simple as possible. I use the 65k/month method and even this has them huffing and puffing at times

3 years ago

Brandon ************

@Emily ******

you'll have to ask your immigration office that. Some may allow it, some may not. But you're going to have a hell of a time getting all the paperwork required if you try it.

3 years ago