Answered4 years ago
Can I use my ฿800,000 bank balance immediately after switching to a monthly income requirement for a Retirement extension in Thailand?
I am going to change my Retirement extension next month from over ฿800,000 in my bank account to transferring over ฿65,000 per month from abroad.
Can I then use the ฿800,000 right away or does it still have to sit in my account for a period of time?
Can I then use the ฿800,000 right away or does it still have to sit in my account for a period of time?
Answer summary
The user is inquiring about the implications of changing their Retirement visa financial requirements in Thailand, specifically about using an existing ฿800,000 bank balance after transitioning to a monthly income system of ฿65,000. Comments clarify that they can use part of the ฿800,000 after the three-month holding period and emphasize the importance of following financial rules for both current and future extensions. Additionally, a combination method of proving income and funds in a bank account has specific rules and may not be accepted by all immigration offices, making it essential to check with local authorities for validation.
23 repliesnewest first
Click comment and we will ask for your email, then OTP, then name.
Tod *********
@Ron *****
& @Jim ******
the "combo-method" is part banked money (which has to follow the seasoning rules, funds in the bank 2 months before you apply, funds stay in the bank for 3 months after the extension is granted, then the funds can't go below 50% of the balance for the rest of the year and part monthly income (which has to be done via international transfer into a thai bank account in your name only for the previous 12 months before you apply for your extension).Some offices WON'T accept it even though it is a valid way to meet the proof of funds, SO before you decide to jump on this bandwagon to meet the financial requirements check with your particular immigration office to see IF they accept that method
Ron ******
@Tod ********
thanks good advice Tod, combo seems a bit hit and miss. So I’ll be looking at a 90-day Non-Immigrant, then applying for Retirement visa using $800k seasoned method. Maybe change to Marriage visa after first year, should give me time to get everything together and translated where necessaryEllie *******
And IF your embassy in Thailand issues affidavit, you cannot use a method of international money transfer to your Thai bank account.
Jim *******
OP@Ellie ******
UK Embassy-No affidavitEllie *******
@Jim ******
, right UK doesn’t.Not sure about NZ that
@Ron *****
said he is (but in yesterday’s post)Jim *******
OPI normally transfer about 70 or 80K each month from Scotland and feel that the 800K is just dead money in my account here.
We need to change our car and I hate paying interest on finance when the money is here earning a pittance in interest.
We need to change our car and I hate paying interest on finance when the money is here earning a pittance in interest.
Ron ******
@Jim ******
I’m trying to understand this as well as we are looking to retire in Thailand in the near future. The info I have states there are currently three options for the 1 year extension of the Retirement Visa; 1. $800k method (pretty straight forward), 2. income/pension of $65k a month OR 3. income/pension and money in Thai bank which comes to a combined total of at least $800k baht. Using option 3 if your income/pension totals at least $800k baht for the year does that satisfy the financial requirement or do you still need additional funds banked? Also is there a requirement to retain an amount in the bank account throughout the year? Any info would be appreciated from anyone who has been down this trackJim *******
OP@Ron *****
as you say 800K in bank or 65K income are both very clear. My feeling are any mixture leaves too much wiggle room for local immigration office. In which case it might be more complicated 😜
Paul *******
At risk of hijacking the thread.. I started on the agreement I’d transfer monthly but just decided to transfer a lump sum in. Over 800k Hope they won’t penalize me when I go to extend.
Tod *********
@Paul ******
as long as you have the 800K baht in the bank for 2 months before you apply for the extension, you leave it in for 3 months after they grant the extension and then you never let the balance below 400K baht the rest of the year you will not have an issuePaul *******
@Tod ********
thank you again!Tod *********
@Jim ******
in fact you COULD use up to 400K baht of it NOW if you wanted to 😮 You have 12 months of 65K baht a month in international transfers <- which you will use to meet the financial requirements for this coming extension
AND
the requirements for the previous extension (the one you're on now) were only that you keep 800K baht in the account for 3 months after your extension was granted and then that the balance didn't go below 400K baht the rest of the year. 😉
Jim *******
OP@Tod ********
thank you for your suggestion. That would however be anticipating that Immigration were to accept my proof of income method.I have lived in Thailand long enough to appreciate that counting unhatched chickens is a foolish thing. I will wait until I see the colour of the ink in my passport before making any withdrawals.🙏🏻
Tod *********
@Jim ******
well if you're from a country whose embassy here doesn't issue the affidavit of income from abroad notary (like the US, UK and Australian embassies don't 😮 ) and you wanna use monthly income your ONLY option is to transfer in to the country into a thai bank account in your name only a minimum of 65K baht a month each month every month for the previous 12 months before you apply for your next yearly extension AND have those transfers code on your bank book as originating from abroad (they can't code as domestic transfers). You need a 12 month detail transaction print out along with the regular bank letter and updating your bank book on the date you apply. That's how you do monthly income method if you can't get the notary letter here 😕Tod *********
Jim *******
OP@Tod ********
renewed my extension today totally straightforward and no questions asked. Income method accepted so now ready to blow ฿800,000 Yeah!!!!!Jim *******
OP@Tod ********
will do👌Tod *********
@Jim ******
please if you remember to, post back and let us know how it went for you (y) This is typically the hardest switch proof of funds wise, because you have to continue to meet the banked money requirements for the extension you're on (3 months after and then not below 400 the rest of the year) while also transferring in 65K baht a month for 12 months too 😮
Jim *******
OP@Tod ********
thank you I can tick all those boxes so fingers crossed next month for a successful outcome 👍🏻
Robert *******
No idea what you try to change.
You can not change the conditions of the issued Extension of Stay during the 1 year validity.
If your current extension of stay is ending and you need to apply for a new 1 year you can use the monthly income method but you need to proof 12 months of monthly foreign deposits prior application date, if that Extension of Stay is issued you can use the 800.000 Thb from your back account.
You can not change the conditions of the issued Extension of Stay during the 1 year validity.
If your current extension of stay is ending and you need to apply for a new 1 year you can use the monthly income method but you need to proof 12 months of monthly foreign deposits prior application date, if that Extension of Stay is issued you can use the 800.000 Thb from your back account.
Robert *******
As mentioned, as soon as you get the NEW Extension of Stay you can use the 800.000 Thb.
Jim *******
OPJim *******
OP@Robert ******
my extension renewal is in July and I have 12 months proof of income from abroad and all the other documents. If that is accepted then I can use some or all of the ฿800,000 immediately?Activity
6 joined6
people
Related
25Can I apply for a retirement O visa in Thailand while on a tourist or a 60-day visa?
1.5k10205mo
What are the differences between the Non-O and Non-OA retirement visas in Thailand, and why do many expats prefer one over the other?
17.6k943406mo
What is the best visa option for retirees who want to spend 5 months in Thailand each year?
9.8k551796mo
What are the best options for expats to meet Thailand's retirement visa financial requirements without tying up 800,000 baht?
25k1683987mo
What are the steps to obtain a retirement visa in Thailand?
21.2k1553037mo
What are the requirements for obtaining a 90-day Non-Immigrant O Visa for retirement from the UK to Thailand?
3.7k34318mo
Is the financial requirement for the Non-O retirement visa in Thailand 'or' 800,000 THB OR monthly income?
8k601099mo
How complicated is it to obtain a retirement visa in Thailand?
4.5k305410mo
What are the steps to obtain a retirement visa in Thailand as a veteran?
5.1k35701y
What are the visa requirements and medical insurance options for retiring in Thailand?
1.6k1291y
What are the requirements for transferring 65,000 Baht monthly to a Thai bank account for retirement visa purposes?
4.2k33421y
Do I need to transfer my income to a Thai bank account for a retirement visa in Thailand if my embassy no longer confirms income?
1.9k16131y
What are the visa options for a 57-year-old expat living in Krabi, Thailand with a small pension?
1.7k13121y
What steps can I take to obtain a retirement visa for Thailand during my current trip?
4.7k43302y
Do I need a return flight booked for a Non-O retirement visa in Thailand?
3.8k38162y
What visa options are available for a couple in their 50s from Belgium to stay in Thailand long-term?
2.1k14193y
What documentation do I need to use US Social Security income to meet financial requirements for a Thai visa extension?
3.1k13543y
Is the B800k requirement for the OA visa truly a voluntary bond, and how does it compare with the Elite Visa in terms of residency?
6.2k59443y
Can I apply for a Non-O retirement visa in Thailand multiple times after living abroad?
3.3k27284y
What are the fund transfer requirements for applying for a Non-O Visa based on retirement in Thailand?
1.4k6164y
What are the requirements for applying for a Non-O retirement visa in Thailand after entering on a tourist visa?
2k12234y
What is the correct process for transitioning from an education visa to a retirement visa in Thailand?
1.8k6305y
Which visa is easier and cheaper to fund in Thailand, retirement visa or partner/married visa?
2.3k17226y
What financial proof is required for Non O retirement visas in Chiang Mai?
2.4k23108y
How can expats over 65 obtain a Non-O multi-entry visa in Thailand?
2.2k14219y
Resources
Need help with your retirement visa?
#1 visa agent · 4,000+ reviews · 100,000+ expats served