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Answered9 years ago

How does the Thai immigration office determine the exchange rate for retirement visa applications?

Ray *********
asked Nov 21, 2017
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With reference to the retirement visa based on annual income + savings in Thai bank to total 800,000baht.....who decides the exchange rate? At the moment the GB£ is fluctuating around £1=43THB. Where do immigration get the rate from on the application day? Thanks!
Answer summary
The exchange rate used by Thai immigration offices for retirement visa applications can vary and is often subjective, determined by the immigration officer on duty. Various comments suggest that officers may reference different sources for current rates, such as XE or the Bank of Thailand's mid rate, and some even pull figures from their own estimates. It's advised to leave a margin in the conversion rate to ensure compliance with the 800,000 baht requirement, as practices may differ from one office to another.
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Joe ***********
Joe ***********
All I can say to anyone is look at the long list of Thai Banks and Exchange Houses with multiple daily updates that appear in the day to day site
Tod *********
Tod *********
And on that note I see we've beat this dead horse enough. :O

From the responses I would say a sensible person would leave a margin in the conversion rate if they are using the consulate notary of income. ;)
Joe ***********
Joe ***********
Some Exchange houses publish rates that apply only if large sums of money are involved
Ron *******
Ron *******
Neither would I accept it. It's as said, a mid rate not a tourist rate.
Joe ***********
Joe ***********
I think it is but everyone has an opinion. The I/O I mentioned would not accept the higher rates put forth by Xe and others
Ray *********
Ray *********
OP
I'm basically trying to find out if there is a 'standard' across all Immigration offices....but I think each office will be different. It's all at the discretion of the officer on the day..I think.
Joe ***********
Joe ***********
There is really no accepted standard however
Joe ***********
Joe ***********
daytodaydata.net is a close as you will get to a standard used by Immigration offices
Ron *******
Ron *******
XE isn't a pie in the sky rate. It's a mid rate the whole world works around.
Joe ***********
Joe ***********
The above website is useful if you are doing the Income Method
Joe ***********
Joe ***********
I have read and been told by an I/0 that many Immigration Offices use this website..

I find it useful - very helpful if you want realistic rates - not pie in the sky rates.

daytodaydata.net
Christine ***********
Christine ***********
Do they accept the 800,000 baht required for a retirement visa if it is in the bank in US$ or does it actually have to be physically in baht?
Tod *********
Tod *********
@Chri*****
, some offices will accept double the amount in a joint account for retirement extensions and some won't. If you're both going to meet the financial requirements, before you go for the extensions I'd go to your immigration office and check to see if they will or won't do it.

In reality only one person needs to meet the financial requirement and their spouse (even if old enough to get their own retirement extension) can "piggy back" onto it by being the spouse of someone who legally has a yearly extension of stay.
Christine ***********
Christine ***********
Do they accept 1.6 mil in one account for 2 applications (married couple) or do we both have to have seperate bank accounts? Any couples have experience of this for their retirement visas? We don't really want to open new accounts.
Ray *********
Ray *********
OP
Tod..yes I have a separate Thai bank account just for that purpose.
Ray *********
Ray *********
OP
I have letter from UK embassy stating my income is £xxxxx...doesn't show a £-THB conversion rate. Going up and down like a yo-yo.
Tod *********
Tod *********
@R**
, close, for the first yearly extension it's 60 days (which might or might not be 2 months), and for subsequent ones it's 3 calendar months.

Also IF you are using the combination method most immigration offices want the banked money to be seasoned the appropriate amount of time as well.
Ray *********
Ray *********
OP
You need to have funds in a Thai bank (1st visa for 2mths..2nd extension for 3 months.....) Plus letter from the bank supporting the information.
Tod *********
Tod *********
the requirement for banked money is that it is in a thai bank account in your name. BUT it can be a foreign currency account as long as it equals 800K baht.

You cannot bank the money in your country and use it for the financial requirement.

You can use the income affidavit from your consulate to state you get over 65K baht a month in income from outside thailand though.
Johnsuma ******
Johnsuma ******
they use that one for convert
Tod *********
Tod *********
I am sorry to disagree :/ but they pretty much do it exactly as I said in my earlier post.

I have personally sat at the officers desk with people and seen every scenario I mentioned play out.

Leave a margin in the conversion rates, don't cut it too close..
Johnsuma ******
Johnsuma ******
**********************************************************
Ron *******
Ron *******
I believe they use the BOT mid rate. You might need a bigger margin of error with the $ down to 32.81.

I can see the requirements being raised very soon.

**********************************************************************************
*****
56/baht-hits-highest-in-2-1-2-years
Tod *********
Tod *********
That's a good question. The immigration officer decides the rate

I have seen immigration officers use their mobile phone to check the current rate.

I have been asked by them what the current rate is, and I have seen them pull a number out of thin air (when the USD was 35 to 1 the officer used 33 :O )

I would say leave a margin so which ever way they calculate it you are safe

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