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Do I need to deposit all 800,000 baht in cash to open a bank account in Thailand, or can I use a wire transfer?
Apr 20, 2024
2 years ago
Tree *******
ORIGINAL POSTERWhen planning to open a bank account with 800,000 baht, does it need to be all cash or can we do a wire transfer from another bank outside of Thailand?
TLDR : Answer Summary
To open a bank account in Thailand with 800,000 baht, it is not necessary to deposit all the funds in cash. You can make a wire transfer from a bank outside of Thailand, which is the preferred method to avoid issues related to money laundering regulations. While you may need a small initial cash deposit to open the account, most sources suggested that transferring funds is the way to go for both legality and practicality. It is advisable to have proof of the funds being transferred from abroad, especially when dealing with immigration matters.
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James *******
I've decided that sausages and potatoes are very much my go to food when I'm needing a western influence.
Joe ******
I've changed 4000 pounds to baht then put it in the kasicorn bank no problems done it a lot of times
Steve **********
If you deposited gold bars 5 years sgo , can withdraw now and repository, they've increases 1000%.
Heath ********
I opened with 600 baht. Then transferred.
Lee ***********
I used wise to transfer from my British bank to my thai bank
Adrien **********
That gives to much of a gangster vibe, I wouldn't go in deposit 800k in cash, and that's not counting the danger of travelling with it.
Thai bank can receive up to 2 mil from abroad at once no question asked. And please, unless you're a millionaire use wise transfer, much lower fees.
Thai bank can receive up to 2 mil from abroad at once no question asked. And please, unless you're a millionaire use wise transfer, much lower fees.
Brian *********
Thatโs the same - lol ๐
Lyndon ************
Depending on the immigration office you use, they may ask for proof that your funds were transfered in from outside of Thailand.
Brian ***********
Better the transfer, if you ever want to take it back out, there must be a record of it coming in !
Sarick **********
Initially you need to deposit 500 B to open one.
Greta *****
Nah. You can deposit gold bars as well
Greta *****
@Tree ******
Happy to help. Just be careful when you carry these gold bars with you on your way to the bank...๐Tree *******
ORIGINAL POSTER@Greta ****
Good to know ๐Reply to
Tree *******
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John **********
We always seem to get conflicting information on this subject. Yes foreign transfers should be made. However, I have seen countless posts saying it is not necessary, as immigration don't look anyway. It would be nice to have some clarity.
Nigel **************
@Chris ******
Wise is good as long as you check the correct .. reason for transfer box. It needs to be 'Funds for long term stay'.Chris *******
@John *********
the rule is 800k foreign transfer.If an IO doesn't look closely or whatever the situation, it may get by.
Doesn't change the rule.
I have seen issues with Wise transfers not showing as international.
Reply to
Chris *******
Reply
Bob *********
No cash, it has to be a transfer from outside Thailand. If you brought cash, they might accuse you of money laundering
Tree *******
ORIGINAL POSTERI realized after the first response my question was kinda silly. But better to know than to just guess. Thanks for the replies.
Rex *****************
@Tree ******
: As with most things in Thailand, there is a substantial โgrey marketโ as far as this topic is concerned. By that, I mean most people I know who are eligible for a non-O visa (ie, age > 50 years) simply hire a competent visa agent who will 1) arrange the opening of a bank account (typically Bangkok Bank) and 2) shepherd your non-O application through Immigration without the necessity of transferring any overseas funds into this account (other than a small opening deposit and any additional funds youโd like to have deposited locally). Such visa agent services come at a reasonable cost but this will spare you from having to deposit เธฟ800k to sit in a bank here, and the hassle of dealing directly with Immigration and any other requirements such as insurance.Reply to
Rex *****************
Reply
Richard ***********
Coins only ๐ฉ
Brandon ************
I highly doubt anyone opens an account with 800,000 cash. You'll need a couple thousand baht as your opening deposit. You can transfer or wire the rest from home.
Steve *******
@Simon *******
Bangkok BankMichael *******
@Simon *******
the funds to support your retirement visa must come from outside Thailand - or they will naturally assume you are working here or laundering cash - they can see from the code in your bank book origin of money local or foreign. No grey area hereโฆ..same applies to annual renewal they are very strict on this.Simon ********
@Steve ******
can i ask what bank please?Steve *******
@Simon *******
Sure. Ive banked 400k in cash beforeBrandon ************
@Simon *******
it must all be from foreign transferSimon ********
@Brandon ***********
hmmm okay thanks. Sorry last question if you don't mind ๐๐พ Would you know of any issues with, after hopefully opening a Thai bank account, that the 800,000 baht target was reached by splitting cash deposits and foreign bank transfers into that account? Or does the whole 800,000 baht target all have to be external transfers in? Sorry to be a pain but you genuinely seem the man with so much knowledge and now I've got you here I'm just chancing my arm and throwing all my questions towards the whole banking thing towards you. Apologies ๐๐พBrandon ************
@Simon *******
you'll probably have issues transferring it out of Thailand. They want to know where the money came from before they let you transfer it out. For most foreigners that's easy, they just show proof of when they transferred the money in. With cash you don't have that proof.Simon ********
@Brandon ***********
so even when trying to apply for the retirement visa, the bank having the 800,000 baht would be disregarded as it would all possibly be made up of purely cash deposits made inside Thailand? And if that's right, do you know if such a large ish sum of money could then transferred from one account to the newer one or would that still be looked at negatively and if possible to transfer to his account back in the UK and then straight back?Brandon ************
@Simon *******
I don't think the bank will reject the money. But if they plan on using this bank account to convert to a non-O visa in Thailand, that won't work because you have to show that the money was transferred from overseas to convert to the visa. The subsequent 1-year extension does not have that requirement.Simon ********
@Brandon ***********
can I ask a question for a hypothetical situation please? Let's just say for arguments sake, i knew a friend wanting to open a bank account and they usually only dealt with cash, and larger than average sums, do you think it would be acceptable here to make say 100 to 200,000 baht cash deposits to get the account up to the 800,000 mark?Tree *******
ORIGINAL POSTER@Brandon ***********
Ah good point. Thank you ๐Reply to
Tree *******
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