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What are the best banks to use in Thailand for transferring funds to settle a NON-O retirement visa?

Non-O VisaRetirement VisaBanking in ThailandFund TransferChiang MaiThai BanksATM Usage
Apr 6, 2023
2 years ago
Tony *********
ORIGINAL POSTER
Hi all. I'll be coming back to Thailand next month and will probably settle in Chiang Mai and apply for 12 month extension on a non-O retirement visa (which I've been issued by Thai embassy here in Oz).

Curious about people's experience transferring the 800k baht into their Thai bank account. Any dramas doing that from Australia? Any preferences for whom to bank with in Thailand? I read somewhere that some banks have 50k baht limit on transfers, presumably as an aniti-money-laundering measure, or similar? I read that Bangkok Bank, SCB and Kasikorn do not have this limit. Is one of those preferred? Any big diffs in online banking capabilities between them?
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TLDR : Answer Summary
The discussion revolves around transferring 800,000 baht to Thailand for a 12-month extension on a non-O retirement visa. Users share experiences about bank preferences, noting that Bangkok Bank, SCB, and Kasikorn do not impose transfer limits when using Wise, although Bangkok Bank may better indicate the purpose of the transfer. Suggestions include opening two bank accounts: one for daily transactions and another for the retirement funds to earn interest. Users also emphasize maintaining an ATM card for cash withdrawals, as some locations may not accept cards from other banks.
NON-O RETIREMENT VISA RESOURCES / SERVICES
  • Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
  • For immediate assistance, contact Thai Visa Centre directly via LINE at @ThaiVisaCentre or Email them.
  • Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
  • Join the Thai Visa Advice Facebook Group to ask your questions, and get advice from others.
Brook ********
Open two accounts.

One for day to day banking.

The other should be a separate money market account for your ฿801,000 that will pay about 1.5% annual interest, with an interest only penalty for early withdrawal.

The extra ฿1-3k baht is intentional, in case of unexpected fees.

I also suggest you decline any insurance as well as the ATM card, which is almost completely replaced by the app.
2 years ago
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Paul *******
@Brook *******
Why would you decline an ATM card? How do you withdraw cash or pay for goods without one? OK I know you're going to say QR codes but that system is flawed and sometimes internet outages happen. Much easier to pull out your card and flash that.
2 years ago
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Michael ********
@Brook *******
 keep the atm card
2 years ago
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Steve **********
@Michael *******
 some malls don't have ATM 's for all banks.

Maya Chiangmai has no Bangkok Bank
2 years ago
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Steve **********
@Kim ********
?
2 years ago
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Kim *********
@Steve *********
 maybe I misunderstand but what should be the problem with not your own banks atm? ohh I think I get it - the update? I deleted previous comment
2 years ago
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Steve **********
@Kim ********
 As example, Chiangmai has MALLs that discriminate against some banks.

Ex:

Maya mall has no BKK bank, nor BKK atm's

All other banks are represented
2 years ago
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Steve **********
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Stuart *********
@Brook *******
 Wouldn’t decline the ATM card for sure. Yes rarely used but every now and again you’ll come across a place that doesn’t have your banks ATM so have no option other than to use the card in another banks machine. The “cardless ATM” function won’t work with them.
2 years ago
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Paul *******
@Stuart ********
Rarely used by you, but commonly used by me and most other people. Unlike in some developed countries or even China, cash is still commonly used in Thailand and there are plenty of ATMs everywhere.
2 years ago
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Paul *******
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Tony *********
ORIGINAL POSTER
@Brook *******
 Yes, the two accounts strategy is definitely something I plan to do.
2 years ago
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Tony *********
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Bob **********
If you can open a bank account I would use Bangkok Bank don’t forget you need that money in the bank for 2 months before applying for your yearly extension
2 years ago
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Steve **********
@Bob *********
 Must have changed, I've used income for over 20 years.
2 years ago
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Bob **********
@Steve *********
 like I said on your first Non-O and extension after that yes I use the monthly myself
2 years ago
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Bob **********
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Steve **********
@Bob *********
 Or show proof of income of min 65k from foreign source every month bank book must show foreign transfer.

Saves tying up 800k.
2 years ago
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Bob **********
@Steve *********
 not on your first one year extension you first non-o visa you must show the 800k or use an agent
2 years ago
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Bob **********
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Stuart *********
No real difference between the three. A difference will show if you use Wise to transfer funds as if you have a BB account and choose “funds for long term stay in Thailand” as the reason for the transfer then it will show as a transfer from overseas. The other two may only show a domestic bank to bank transfer and you’d need to their HQ to confirm it was indeed an intentional transfer.

Not a real biggie, but just something to be aware of.

I personally use SCB. Love their phone banking stuff and PLANET “pre paid” credit card. I’m sure the others have similar set ups.
2 years ago
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Tony *********
ORIGINAL POSTER
@Stuart ********
 Cool. Thanks Stuart 😀
2 years ago
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Stuart *********
@Tony ********
 Rarely use cash these days as everywhere uses the QR codes to pay. Even market stalls and street food vendors and the like. No good as a tourist with no account but with a Thai account there’s very few places these days where you have to pay cash.
2 years ago
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Paul *******
@Stuart ********
Actually, Thailand is still largely a cash based society. I would never use QR codes as they enslave you. It's either cash or credit cards for me. Preferably cash, but credit cards are an option for larger purchases or when I've run out of cash.
2 years ago
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Stuart *********
@Tony ********
 ok wow. Just different courses for different horses.
2 years ago
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Stuart *********
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Daniel ************
the limit you talk about is with wise -
2 years ago
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Paul *******
@Daniel ***********
Yes I think if you transfer from your own bank account back home to Thailand this limit doesn't apply. Just your usual bank limit would be applicable.
2 years ago
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Kim *********
@Daniel ***********
 no the limit is from the banks. Remitly does the same
2 years ago
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Daniel ************
@Kim ********
 cause they not sent money from abroad - they sent within a Thai bank account /
2 years ago
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Kim *********
@Daniel ***********
 money are sent from abroad to their Thai partner - but transfer is stopped from the first step because of Thai bank rules - or so they claim
2 years ago
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Kim *********
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Tony *********
ORIGINAL POSTER
@Daniel ***********
 Ah. From Wise to all Thai banks?
2 years ago
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Kim *********
@Tony ********
 not only wise also remitly - it must be the Thai banks that set the limit
2 years ago
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Tony *********
ORIGINAL POSTER
Thanks guys 👍
2 years ago
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Daniel ************
@Tony ********
 make sure to transfer fast - the money need be in the account 2 months if you go for the extension
2 years ago
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Daniel ************
@Tony ********
 to all - except the 3 you mentioned - make a kasikornbank account / they have great app / and reliable /
2 years ago
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Graham ******
@Tony ********
 No, all except the 3 above
2 years ago
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Graham ******
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