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

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.
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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.
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.
Michael ********
@Brook *******
keep the atm card
Steve **********
@Michael *******
some malls don't have ATM 's for all banks.

Maya Chiangmai has no Bangkok Bank
Steve **********
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
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
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.
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.
Tony *********
ORIGINAL POSTER
@Brook *******
Yes, the two accounts strategy is definitely something I plan to do.
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
Steve **********
@Bob *********
Must have changed, I've used income for over 20 years.
Bob **********
@Steve *********
like I said on your first Non-O and extension after that yes I use the monthly myself
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.
Bob **********
@Steve *********
not on your first one year extension you first non-o visa you must show the 800k or use an agent
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.
Tony *********
ORIGINAL POSTER
@Stuart ********
Cool. Thanks Stuart 😀
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.
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.
Stuart *********
@Tony ********
ok wow. Just different courses for different horses.
Daniel ************
the limit you talk about is with wise -
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.
Kim *********
@Daniel ***********
no the limit is from the banks. Remitly does the same
Daniel ************
@Kim ********
cause they not sent money from abroad - they sent within a Thai bank account /
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
Tony *********
ORIGINAL POSTER
@Daniel ***********
Ah. From Wise to all Thai banks?
Kim *********
@Tony ********
not only wise also remitly - it must be the Thai banks that set the limit
Tony *********
ORIGINAL POSTER
Thanks guys 👍
Daniel ************
@Tony ********
make sure to transfer fast - the money need be in the account 2 months if you go for the extension
Daniel ************
@Tony ********
to all - except the 3 you mentioned - make a kasikornbank account / they have great app / and reliable /
Graham ******
@Tony ********
No, all except the 3 above
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