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Can I use my ฿800,000 bank balance immediately after switching to a monthly income requirement for a Retirement extension in Thailand?
Retirement VisaVisa RequirementsFinancial Requirements for VisaNon-O VisaInternational Money TransfersThai Bank Account RegulationsExpat Life in ThailandVisa Extension Procedures
Jun 8, 2022
4 years ago
Jim *******
ORIGINAL POSTERI 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?
TLDR : 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.
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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- Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
- Join the Thai Visa Advice Facebook Group to ask your questions, and get advice from others.
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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 *******
ORIGINAL POSTER@Ellie ******
UK Embassy-No affidavitEllie *******
@Jim ******
, right UK doesn’t.Not sure about NZ that
@Ron *****
said he is (but in yesterday’s post)Reply to
Ellie *******
Reply
Jim *******
ORIGINAL POSTERI 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 *******
ORIGINAL POSTER@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 😜Reply to
Jim *******
Reply
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!Reply to
Paul *******
Reply
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 *******
ORIGINAL POSTER@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 😕Jim *******
ORIGINAL POSTER@Tod ********
thank you I can tick all those boxes so fingers crossed next month for a successful outcome 👍🏻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 *******
ORIGINAL POSTER@Tod ********
renewed my extension today totally straightforward and no questions asked. Income method accepted so now ready to blow ฿800,000 Yeah!!!!!Tod *********
Jim *******
ORIGINAL POSTER@Tod ********
will do👌Reply to
Jim *******
Reply
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 *******
ORIGINAL POSTERReply to
Jim *******
Reply
Jim *******
ORIGINAL POSTER@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?Reply to
Jim *******
Reply
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