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Answered2 years ago

Do funds for a retirement visa in Thailand still need to come from overseas, and how should they be transferred via Wise?

John ********
asked Sep 18, 2024
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In regards the 800,000 in a bank for a retirement visa those funds have to come from overseas. Previously when transferring via Wise, there was an option on the drop down menu to say the reason for transfer was 'funds for long term stay' that would then show as international transfer with Bangkok Bank. However that dropdown option no longer exists with Wise. Has anyone else noticed this or know a work around?

Update: On the Wise site it suggests putting in purchase of property. However I emailed Wise and they replied saying either select 'Funds for Long term stay' or if it is not there (why do they not know whether it is there or not!?!) or Other and then type in 'Funds for long term stay'. However the APP does not let you do this, perhaps a few other regular users could email Wise and point out that they will be losing a lot of cutomers...

Update 2:

Having further questioned Wise below is their 2nd reply:

'....was able to run a further investigation and found out that we have made changes to transfer purpose list for customer sending THB.

We've updated the transfer purpose list to make it easier for them to choose. Rest assured, they can still make the same transfers as before, just with the new list of transfer purposes.

Guide to THB transfers

How to get your THB transfer marked as International Transfer by the recipient bank?

If your recipient Bank is Kasikorn Bank or Bangkok Bank:

Set transfer amount and currency to THB

Add recipient details

Choose Kasikorn Bank or Bangkok Bank Public Company as the recipient bank

Enter account number

On Transfer Purpose: select Purchase of Property

Review transfer details and Confirm

Select pay-in method, and pay for your transfer

You’re all set!

Your transfer should be marked as International Transfer in your recipient bank’s app, website, or passbook.*'

2 things to note. Wise is asking you to lie if you are not purchasing property, and they say your transfer SHOULD be marked as International Transfer, not WILL.

Anyway I have sent a small amount like this as a test...
Answer summary
Users have reported changes to Wise's transfer options, specifically concerning transfers meant for supporting retirement visas in Thailand. Previously, there was an option to identify transfers as 'funds for long term stay,' which has been removed. The current workaround suggested by Wise is to select 'Purchase of Property,' which has raised concerns about its accuracy for users who are not purchasing property. Additionally, discussions regarding the requirements for the 800,000 baht needed for a retirement visa reveal differing opinions on whether those funds must exclusively come from overseas.
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Jim ********
Jim ********
The bigger questions are you guys, if US citizens, filing your yearly FBAR for foreign bank accounts.

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Kenneth *******
Kenneth *******
I was never asked by immigration where the money came from That account has much more than 800K. I also have 2 more accounts. Evidently, if we have enough Baht they do not question.
Graham ******
Graham ******
@Kenneth ******
Extensions of Stay usually do not require the 800k to be an international transfer
John *******
John *******
There is no requirement for the 800,000 to come from overseas. The
*****
yes!
Graham ******
Graham ******
@John ******
Yes there is for the initial Non-O in country at most Immigration Offices but not for the 12 months Extension of Stay.
John *******
John *******
@Graham *****
Not in the requirements for the
*****
0 baht.
*****
baht or more a more yes. I only had to show the
*****
0 baht. The first time I went from non b extension to a non o. If that were true, they would have questioned me on where my 800,000 baht came from. They did not.
Graham ******
Graham ******
@John ******
maybe because it is not a requirement ;)
John *******
John *******
@Graham *****
Not found in the requirements.
Graham ******
Graham ******
@John ******
You got an Extension not an initial Non-O
John ********
John ********
OP
@John ******
that's good to know
Frank **********
Frank **********
You may have to get a statement from your Thai Bank stating it was an overseas transfer and see if Immigration will accept it.
John ********
John ********
OP
@Frank *********
that is also what Wise say, of course the Bank may do this or they may not, they will certainly charge you and take up hours of your time. Not exactly the 'convenient cost effective' option that Wise say they are...
Steven *******
Steven *******
Yeah noticed, did some research on wise site. Seems you have to tick the purchase property box now, If you want the funds to show it came from overseas.
John ********
John ********
OP
@Steven ******
, yup that is what is says on the site. And Wise has replied to my follow up email to say the same thing.
Steve **********
Steve **********
Interesting. Like already said it was there last week but definitely gone now 🤔
Tony **********
Tony **********
Hmm, it was there last week
John ********
John ********
OP
@Tony *********
yeah, I used it fine 10 days ago, but now it has gone

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