Do I need 800,000 baht in my bank account to extend my OA retirement visa in Thailand or can I use the monthly income method?

Jun 14, 2021
3 years ago
Cliff ************
ORIGINAL POSTER
I am an American in Thailand on an OA retirement visa that expires Jan 2, 2022. I opened my FCD and savings bank account in my name on Feb 1st 2021. I have transferred over 100,000 baht into my account every month beginning in Feb. I do not intend on leaving Thailand prior to Jan 2, 2022. Will I need 800,000 baht in the bank to extend for another year or can I use the monthly method albeit less than 12 months?

Thank you in advance.
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TLDR : Answer Summary
The user seeks clarification on the financial requirements for extending their OA retirement visa in Thailand, particularly whether they need to have 800,000 baht in their bank account or if they can use the monthly income method despite having less than a full year of transfers. Users in the comments provide insights, confirming that since the user will not have a full 12 months of required income transfers, they may need to rely on the bank deposit method for the extension. One commenter also shares a relevant experience where they managed to extend their visa with insufficient months of bank statements by negotiating with immigration.
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Tod *********
Congrats
Cliff ************
ORIGINAL POSTER
Update...I talked with immigration in October and explained to them I would not have 12 months and showed them my bank statements explaining it would only be 11 months because I could not open account while I was in 14 day quarantine. They said no problem.

Today they extended me for one year but I had to go home first and print out my Schwab bank statements to prove source of funds which was unexpected.

Udon Thani office.
Benjamin ******
@Cliff ***********
> and print out my Schwab bank statements to prove source of funds which was unexpected.

Is that your bank back home?
Cliff ************
ORIGINAL POSTER
@Benjamin *****
it is my IRA account which is managed by an investment firm.
Benjamin ******
@Cliff ***********
You really did get lucky, and I'm glad it worked out for you ๐Ÿ™‚
Tod *********
The rules are clear, and there's no wiggle room, to use monthly income method you need to show a minimum of 65k baht a month transferred into a thai bank account in your name only each month every month for the previous 12 months before you APPLY for your next extension <- not before your next extension expires.

SO

you either DO that, or you used banked money method (which means you need to have the 800K baht in a thai bank account in your name only for the previous 2 month before you apply for your extension).

IF you didn't start transferring money in until Feb, you aren't gonna have the previous 12 months of incoming transfers when you go to apply for your next extension (seeing as your extension runs out on Jan 2)

I'd say make plans to use the banked money method this year and shoot for the monthly transfers next year
Cliff ************
ORIGINAL POSTER
@Tod ********
thank you for making it clear to me on what I need to do. I would prefer to keep my money invested but will transfer the required amount in October unless the borders open up before then.
Tod *********
Sorry people I deleted totally OFF Topic and bad comments and I couldn't pick and choose so some good comments got deleted too
Gregor **********
David Broadfoot your idea sounds good, but there is a problem. If a 12th transfer arrives in his account on january 1st, his Thai bank will most probably need a few days up to one week to produce a bank letter of 12 months of transactions. The time he needs is slipping away under his fingers. No, I'd say he has two options: ONE: save up more than 800K in his account so he can use the deposit method (seasoning is 2 months on date of application) or SECOND: doing a border run (by air or whatever is possible) in the months September, October or November and return with a fresh one year insurance (requirements for re-entry, COE and quarantine depending, will apply) He will be stamped in for another 365 days, giving him enough time to use the income method when applying for the next extension in late 2022
Bobby ********
Monthly transfers must show in your bank account statement and passbook as "Foreign Transfers" to be accepted
Dave ********
I thought you didnโ€™t need 12 months of income proof on the first extension my entry stamp and insurance renewal are nearly 2 months apart plus time for setting up accounts I will only have around 8 monthly income receipts , I thought it was only 2 on your first extension ?????
Dave ********
David Broadfoot see the image and the immigration officer clearly stated 2 months more if you have them ๐Ÿ‘๐Ÿ‘
John **********
@Dave *******
money only needs 2 months before if you are doing 800k but if you're doing monthly and your embassy doesn't do affidavits then you need 65k per month each month for 12 months
Dave ********
@John *********
no thatโ€™s not what Phuket immigration have said as my insurance expires 2.5 months before my entry stamp so I cannot accrue 12 months , they said 2 months or as many as you can show , my extension in jan 22 will tie my insurance and entry date together which will then allow me to gain the 12 monthly income receipts for the next extension , or I do a border run if possible beforehand to gain 12 months etc etc ๐Ÿ‘๐Ÿ‘see image I have put above in previous post
John **********
I'd say the simple answer is yes as you won't have the full 12 months required for the income method. Keep up the transfers and you should be good the next year
John **********
David Broadfoot you need a minimum of 65k each month
Bobby ********
John Stanners. Yes it's 65k each calendar month. What David is saying is it doesn't necessarily have to be 12 full months, provided one transfer is recorded during each calendar month. For example a transfer on Dec 31st, and then another on Jan 1st actually counts as two months transfers, even though only one day has elapsed
Marty *********
When you extend for the first time using insurance your insurance must be active and in the database on they day you apply. Bring your insurance certificate with you. If you are applying a little early (that is not on the day your permission to stay ends) then you will only be extended until the end of your insurance which may mean you will lose as many days/weeks that you apply early. Just accept it. After the first time you will already have insurance and you will get your full year with subsequent applications.
Cliff ************
ORIGINAL POSTER
Non O or non OA? I understand the insurance requirements.
James ********
Ask your Thai immigration office what their requirements are for the Non O based extension of stay for retirement.

Also you will need to show proof of the required insurance for OA extension...for a full year of insurance.
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