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Do I need to transfer my retirement visa funds to a Thai bank account, and can it be a joint account?

Paul ********
asked Apr 2, 2018
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I have a two part question which has probably been asked before but I can't find it. I intend to move to Thailand on an O retirement visa. On the initial application you have to prove funds of 800,000 baht in an account but that is in a local account. Do you have to then transfer/deposit that into a Thai account once you move or can you leave it in your original country of origin?

The second question is if the account has to be in Thailand does the account have to be in your name only or can it be a joint account. Lets face it retirement is based on age and I would hate to kick off and leave the money stuck in an account my wife can't draw it out of.
Answer summary
To apply for an O retirement visa in Thailand, you need to show proof of 800,000 baht in a bank account. This amount must be in a Thai bank account if you are applying for the Extension of Stay after moving to Thailand. However, if you are still in your home country, you might qualify for a non-imm O-A multi-entry visa, which allows you to keep your funds in your home country bank for a year. If you choose to open a Thai account, it does not have to be solely in your name; a joint account is permissible, but you need to ensure that your share meets the required minimum amount.
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Al *******
Al *******
If you intend to move to Thailand and are still in your home country you may want to consider obtaining a non imm o-a multi entry visa. That visa will allow you to keep your money in your home country bank for a year - two years if you make a border run just prior to the enter before date on the visa. And you will only need to deal with immigration for the 90 day reports for the two year period.
Krishn *********
Krishn *********
Thanks
@Tod ********
and
@Al ******
.

Now I got it. I am from India. :)
Tod *********
Tod *********
@Krishn ********
once you hold a Non-O-A visa you don't need a police check anymore. You exiting and re-entering the country gets you another year as long as you do it prior to the "enter before" date on the visa itself
Al *******
Al *******
@Krishn ********
what is your home country?
Krishn *********
Krishn *********
Dear
@Al ******
. I know 1st year non OA to get from my country n documents. But when I bounces border suppose 11th month anywhere savankhet n reenter in 7 days, How I get police clearances from my country. Funds details I can get by net banking but can't get seal of bank. So please advice about it.

Tnx in advance.
Paul ********
Paul ********
OP
Tossing up between non immi O and retirement depends which has the less hassel. At the moment to my tired brain they seem almost the same.
Al *******
Al *******
Krishn Menaria the non imm o-a multi entry visa is obtained via a Thai Embassy or official Thai Consulate in one’s home country for those 50 years and older. It is a one year visa with no need for border runs. However, each time the holder leaves Thailand prior to the enter before date stamped on the visa, when the holder re-enters Thailand he/she will be given an additional year from that date. So if the holder times thing correctly he/she could essentially get almost two years before needing to apply for extensions of stay at their local Thai immigration office. There are requirements to getting the visa - income/savings that can remain in one’s home country, a police check and a medical form that must be completed. For specific requirements I suggest you view the website of the embassy/consulate where you would be obtaining this visa - there are slightly different requirements depending on the specific embassy/consulate. I like it in that it provides some breathing room for those moving to Thailand before applying for extensions of stay etc. It is just another possible option.
Krishn *********
Krishn *********
Dear
@Al ******
. Please explain it in briefly. I unable to understand it completely.

Tnx in advance.
Robert *******
Robert *******
After your move to Thailand, you can apply for the Extension of Stay based on being over 50 years. For this you must have minimum 800.000 Thb on a bank account in your name, if joint accoint 50 % is yours, 50 % is your wife, so you need a double figure. You can also use income statement from Embassy of 65.000 Thb a month or a combination of these two but with a minimum of 800.000 Thb. First Extension of Stay is 2 months minimum 800.000 Thb on bank prior application, after that it is 3 months minimu 800.000 Thb on bank prior application.
Paul ********
Paul ********
OP
David **********
David **********
Paul Potter yes, that's why I didn't want to do it, it adds up to 1.8 MIL invested, it is a cracking interest rate there may be catches I'm not sure, you can speak to the manager at the Krungsi bank level 3 central west gate bang yai
Paul ********
Paul ********
OP
@David *********
So your saying you have to add an extra 300,000 each year? So at the end you have 1.8 mil.
David **********
David **********
300,000 plus 300,000 etc
David **********
David **********
David Edwin yes but there are commitments to it, I should have added you need 300,000 per year for Six years, it's a good investment but Ties up a lot of cash, this was offered to me by the manager in Central West gate
David **********
David **********
@David *********
12%? Twelve Percent Interest per year? Really? (Just checking that a decimal point is not missing)
Stephen *******
Stephen *******
@Clint ********
thanks, I checked my statement and I actually do get interest! 228 baht last December. Whoo hoo!
David **********
David **********
@Paul *******
welcome Paul just remember to speak to the manager, the tellers will stick to the rules
Paul ********
Paul ********
OP
@David *********
Thankyou for that advice. Greatly appreciated
Paul ********
Paul ********
OP
@Clint ********
Thanks heaps for that link
Paul ********
Paul ********
OP
Thanks guys. Great heads up on where to stick the mandatory 800,000. Looks like the Krungsi bank term deposit is the winner
David **********
David **********
Krungsi bank advantage account pays 1.3% interest you can withdraw 2 times a month with no charge them 50 bhat each time after, if you use the card to buy goods food etc no charge, they also have another account t which is a term deposit that 12% per annum minimum 300,000 deposited
Richard *****
Richard *****
make sure you get a Visa ATM card so it can be used for purchases anywhere.
Clint *********
Clint *********
********************************************************************************


This is as of today from the thai gov't. K bank deff pays interest. If it's a current account, then no interest.
Stephen *******
Stephen *******
Hmm. Can't recall ever receiving interest on my K Bank account.
Clint *********
Clint *********
All savings accounts with the exception of one special one at Krungsri pay 0.5%. The special one at Krungsri pays 1.3%. But is heavily restrictive. You have to maintain a balance daily over 100k thai baht and can't use the account more than 3 times in a month. SCB pays the best rates on fixed term accounts or the equivalent of a CD in America.
Tod *********
Tod *********
@Paul *******
on straight savings accounts you're gonna get almost nothing for interest. Only the fixed or time deposit accounts pay something close to real interest
Paul ********
Paul ********
OP
Again thankyou
Robert *******
Robert *******
I have no idea, I use Kasikorn Bank, the offered free easy to use internet banking and virtual credit card. Good helpdesk with English speakers.
Paul ********
Paul ********
OP
Any recommendations on which Thai bank gives the best interest rate for a round eye.
Paul ********
Paul ********
OP
Thankyou for that. Now I know I need a second ATM card for the wife to hang onto.

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