What are the best strategies for managing funds and converting currency while on a Non-O retirement visa in Thailand?

Question

Kind of strategizing about how to do this.

From US - living now in Thailand-  I put in 800,000 in Bangkok bank and will be getting non-O retirement visa end of next month - all squared away. 
I also started putting 65,000 THB in every month - probably prematurely already done for 2 months, but was planning on doing that as well for a year - so that I can take back out the 800,000 THB the next cycle (and continue to put in 65,000).
That ties up a lot of money that could be drawing interest - and exposure to the vagaries of the Thai Bhat  - and if I keep going ahead with this I wonder whats the best way to get it back out?
I assume they just want it consistently going in- don't care too much how it goes out.  I can use the debit card all i can, of course expenses here that are in THB... But wondering about going direct through the bank/debit card for things that are in dollars.... will I eat a lot of exchange fee this way?  Vs, transferring some of it back to a US bank through Wise the other way around.  And I guess making cash withdrawels and exchanging for dollars at money places before I'd go back to the US perhaps - which would be infrequent.
Thoughts?

Ask Thailand · Answer

This discussion revolves around the financial management strategies for someone residing in Thailand on a Non-O retirement visa. The participant outlines their banking setup, which includes depositing 800,000 THB into a Bangkok bank account and making monthly contributions of 65,000 THB. Concerns about currency conversion fees, how to efficiently withdraw or transfer money back to the US, and the potential tax implications next year are raised. Comments offer various suggestions including the use of services like Deemoney for transferring funds, maintaining a foreign currency account, and alternatives like buying gold for investment.

Brooke *********** · Answer

Save the hassle, leave your money invested in home country…hire a local agent. No headaches, got non Thai spouse onto my retirement visa. Worth every penny. As to Wise…exchange baht into US$ inside Wise…you can pull out at ATMs stateside when back home.

Ken ******** · Answer

I believe I'm ok with lowering it to above 400,000 after I get the non-O going for some time period? .. until closer to renewal time or something ?(unless doing renewal with having 65,000 in every month I won't need to bump it back up to 800,000) ??   So I can take out some of what I put in so far at that point too (w/ Deemoney possibly)

Sharon ******* · Answer

If you're worried about exchange rates you can have a foriegn curreny account with most Thai banks & acceptable by Immigration. Your problem now if you did this would be showing the money came from overseas

Terary ********** · Answer

My plan is to buy gold with the extra cash I don't need here in Thailand.

Gold trades a little differently here so be prepared for a learning exercise.

Andy ********** · Answer

Or buy gold. Stick it in a safe.

Melissa ********* · Answer

Make sure you keep an eye on the potential new taxing method next year. It might be based on amounts coming into thailand. If so I might just stick with leaving 800k in Bangkok bank getting tiny interest.

Keith ************ · Answer

Wise doesn't transfer out to the US. Deemoney does.

Brandon ************ · Answer

There's never any reason to pay for anything in baht that will need to be converted to dollars.  If you're doing that you should be paying with a credit card or something from home, and not double converting your money as losing twice.

Once you get your extension next year using the monthly transfer method, you can use Deemoney to transfer the money back to your home bank account. Wise cannot transfer money out of Thailand, only into Thailand.

What are the best strategies for managing funds and converting currency while on a Non-O retirement visa in Thailand?

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