Answered6 years ago
What are the banking requirements for renewing a retirement visa in Thailand?
Hi Guys,
I arrived in Thailand 20th Jan 2020 and have retirement visa applied for after arriving here, it is due for renewal/extension in April. I read conflicting requirements with regard to banking requirements. As I understand it I am required to have a minimum of 400,000bht in my bank account for the entire period and receive a minimum of 65,000bht transferred from an OS account each month. as long as the combined amount exceeds 800,000bht. I understand I need provide this information to Immigration along with my application for extension and i am with BB so no issues in getting the information.
Is this correct or do I need to boost my account to 800,000bht for the 2 months prior to my extension. Appreciate your assistance.
Richard.
I arrived in Thailand 20th Jan 2020 and have retirement visa applied for after arriving here, it is due for renewal/extension in April. I read conflicting requirements with regard to banking requirements. As I understand it I am required to have a minimum of 400,000bht in my bank account for the entire period and receive a minimum of 65,000bht transferred from an OS account each month. as long as the combined amount exceeds 800,000bht. I understand I need provide this information to Immigration along with my application for extension and i am with BB so no issues in getting the information.
Is this correct or do I need to boost my account to 800,000bht for the 2 months prior to my extension. Appreciate your assistance.
Richard.
Answer summary
The user, Richard, is seeking clarification on banking requirements for renewing his retirement visa in Thailand. He believes that he needs to maintain a minimum balance of 400,000 THB at all times and should have a total of at least 800,000 THB in his account two months before the extension application, along with monthly transfers of 65,000 THB. Comments from other users confirm that he needs to maintain these balances and provide specific documentation during the renewal process. Richard intends to visit Immigration for further clarification.
17 repliesnewest first
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Richard ********
OP20th Jan 2020 was my first application so not an extension, this year be my my first extension? The extension is not due until the 27th April 2021, that is what is confusing me I had the 800,000 in my account until April and then I have kept it above the 400,000 with monthly income exceeding 65,000. I have a 90 day reporting on the 17th of Jan so I will go to Immigration to clarify then, expect I may get a fine if it has fallen below the requirements. I asked last visit but got a convoluted reply and did not have my partner with me to clarify but I will this time, and I will ask for list of requirements and documents they require in Udonthani Immigration as I understand they can change from office to office. Thanks again.
Tod *********
It could be wrong but it sounds like you are switching from an extension where you used banked money in April last year to one where you want to use monthly income this year.
In order to do that you need to meet BOTH extension requirements,
you need to follow the terms of the extension you're on that was granted with banked money last year <- meaning you needed to have kept the 800K baht in your account for 3 months after your extension was granted last year, and then the balance cant go below 400K baht for the rest of the year
AND
If you're going to use monthly income this year for your extension you need to show a minimum of 65K baht a month being transferred into a thai bank account in your name only each month, every month for the previous 12 months before you apply for your new extension.
In order to do that you need to meet BOTH extension requirements,
you need to follow the terms of the extension you're on that was granted with banked money last year <- meaning you needed to have kept the 800K baht in your account for 3 months after your extension was granted last year, and then the balance cant go below 400K baht for the rest of the year
AND
If you're going to use monthly income this year for your extension you need to show a minimum of 65K baht a month being transferred into a thai bank account in your name only each month, every month for the previous 12 months before you apply for your new extension.
Richard ********
OP@Tod ********
I can do both 400k and 65k monthly but not 800k?Kool *******
@Richard *******
you are getting confused with the requirement. The requirements are, bt800,000 in the bank two months before you apply the first time, then three months after approved, then for the rest of the year that can never drop below bt400,000. The other option is bt65,000+ coming in as a direct deposit into your account from an overseas source every month for the last 12 months before you apply. Now, if you used the bt800,000 the first year, and are switching to the bt65,000+ a month method the next year, immigration wants to see that for the first year, after the three month period, that the bt400,000 was in your account for the whole year. Then for the next year, if you change to the monthly direct deposit option, they want to see that you have been receiving bt65,000+ for each of the last 12 months, with no exception. You used to be able to do a combination of money in the bank, and so much a month direct deposited, but that option ended three years ago. Now it is only bt800,000 in your bank account, with the time requirements, or direct deposit of bt65,000+ every month. You can no longer combine them to reach the bt800,000.
Wayne ********
i think u need min 800,000 but a period after issued u allowed to use some of this but u must always maintain non 400k at anyone time ... maybe things changed but that was last time i read abd the 800k must be in bank minimum 3 months prior to obtaining your extension so if extension due april and i only have 400k in bank u better top it up to 800k and they will check asper your bank statements so it’s 11 jan now so u would only be able go for extension after 11 april if u top up now
Richard ********
OP@Wayne *******
due 27th April, I will clarify at Immigration in Udonthani on the 17th of this month.Richard ********
OP@Wayne *******
thanks Wayne David *********
You are right you need to keep a minimum balance of 400,000 BHT at all times. Three months before you renew the balance has to be 800,000 BHT. After two months the balance can go down to 400,000 BHT again. You will need photocopies of your bank book now going back 12 months. Don’t forget Bank letter and your bank book updated on the day you go to immigration.
Richard ********
OP@David ********
Thanks David, but I also have a monthly income or transfer of 70,000bht per month, I thought that negated the need for the 800,000bht for 2 months prior to the extension? Kool *******
@Richard *******
it does, but, those deposits have to be for the last 12 months. It does not apply if they are not for the whole 12 months. If the deposits were not for a full 12 months before you apply, then you must do the bt800,000 at least 2 months before you apply the first time for your extension. Richard ********
OP@Jeff *********
I also use TW and Bangkok Bank for this reason. Richard ********
OP@Kool ******
they have been going in for 15 months. Thanks 
Jeff **********
@Kool ******
one can use Transferwise, because one of the pulldown menu choices for why you are making the transfer is "Funds for long-term stay in Thailand."Kool *******
@Sammy ******
that is usually very evident in the header attached to the direct deposit, as to where it came from, and who sent it. But, this would defeat anyone using TransferWise, and lots of people in Chiang Mai use it successfully.
Sammy *******
@Kool ******
yes, and then in chiang mai, anyway, they also want a document showing that the monthly transfers are "pension " money.Tod *********
@Richard *******
totally does negate the need to boost the banked money back up 2 months before your next extension :) you are "changing methods" to meet the proof of funds so you only need to keep the 400K in the bank until you apply for your new extension using monthly transfers David *********
@Richard *******
What I wrote was if you did not have an income. I was mistaken with the months prior to and after. It is 2 months before and 3 months after. Go to immigration now and ask them. Activity
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