What are the current visa extension requirements and issues for expats in Thailand, particularly regarding bank statements?

@Luit ****************

same in Ireland

@Lee **********

it seems for the extension in country, some Immigration offices mandate Thai bank accounts. Which makes no sense, and is neither necessary, as a flight in and out would grant 180 fresh days, anyways.

@Lee **********

oh the way it was phrased i thought they meant a thai bank

@Luit ****************

well another issue is having to hold the funds in one single bank account and maintain a 500k baht balance for a month. For many people here that have investments and multiple accounts that’s not the most desirable option.

@Biff ******

: Exactly this. Banks are looking at complying with 1) Banking regulations as per the Bank of Thailand and 2) commercially profitable/viable accounts. The new banking regulations effect number 2 ie CRS reporting etc.

@Luit ****************

yes thats true. but i would still not put substantial sums of money into it. too many horror stories

@Wannikea ********

most stories i read are digital nomads / freelancer that use wise for their banking. customers / companies paying them on that account. and then they get locked out. happening all the time… its a pretty dumb idea to have large sums in a service that isnt a real bank. Wise is great for transfers, but not for holding money.

@Marta ************

Wise is not a bank, so your money is not protected in the same way it would be in a traditional bank. If Wise were to go bankrupt, your money may not be fully protected.

In the UK, if you hold money with a bank that is authorised by the Financial Conduct Authority (FCA) and covered by the Financial Services Compensation Scheme (FSCS), your money is protected up to £85,000 per person, per bank. This means that if the bank fails, the government-backed FSCS will reimburse you up to that limit.

However, since Wise is an electronic money institution (EMI) and not a bank, your funds are not covered by the FSCS. Instead, Wise uses a process called ‘safeguarding’. This means they are legally required to keep your money separate from their own and held in low-risk accounts, but this does not offer the same level of protection as FSCS. If Wise went bankrupt, you may face delays or losses before getting your money back.

Revolut’s Banking Status in Europe

Licensed Bank in the EU: Revolut holds a European banking license from the Bank of Lithuania. This allows it to operate as a bank in several EEA (European Economic Area) countries, offering deposit protection under the EU Deposit Guarantee Scheme (up to €100,000).

EMI in Some Countries: In other parts of Europe, Revolut still operates as an Electronic Money Institution (EMI) rather than a full-fledged bank.

UK Status: Revolut is not yet a bank in the UK. It operates under an EMI license regulated by the Financial Conduct Authority (FCA) but has applied for a UK banking license.

@Marta ************

got my account frozen at revolut with 10k euro on it, had to wait about a week after a lot of emails trying to explain everything.

@Marta ************

sharing for you also -

I don’t recall any specific cases but there have been reports of wise not being safe for keeping funds. It’s great for transferring but not a great idea to keep money IN the wise account. I don’t know about revolut.

@Marta ************

Several users have reported sudden account closures and difficulties accessing their funds with Wise. Here are some discussions detailing their experiences:

• “Wise account got closed. What happens with my money?”

A Reddit user shares their experience of Wise closing their account and the subsequent challenges in retrieving their funds.



• “Wise closed my account, I sent my friend’s IBAN for the refund, and now he says he never received the money. What should I do?”

This thread discusses issues faced when attempting to retrieve funds after an account closure.



• “Wise deactivated my account. Anyone dealt with this?”

A user describes their Wise account deactivation and seeks advice from others who might have faced similar issues.



• “Wise/TransferWise Sudden Account Closure”

Discussion about unexpected account closures by Wise and the potential reasons behind them.



• “WISE lost my money. Here’s how I got them to send it back.”

A user details their experience with a frozen transfer and the steps they took to recover their funds.



• “Nomads Beware: Wise Blocked My Account with €14,000 – No Resolution”

An account of a Wise user whose account was blocked with a significant amount of money and the challenges faced in resolving the issue.

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• “Account closed”

A user narrates their experience of their Wise account being closed shortly after creation.



• “Warning to Wise Users - random suspension of account”

A cautionary tale about unexpected account suspension and the subsequent challenges faced.



• “Wise closed my account and doesn’t let other people with a Wise account send to my bank account”

Discussion on issues faced after Wise account closure and restrictions on receiving funds.



• “Transferwise/Wise closed my account for no obvious reason”

A user shares their experience of account closure without clear explanation and seeks alternatives.

@Marta ************

follow the digital nomad groups, especially on Reddit. Or revolut, wise, etc… there is so many reports.

@Iv**

or they changed their policies in between said person getting the visa and applying for extension… would be my bet.

@Ivan ***********

very true

@Ivan ***********

why? Some embassies accept it some don't. Some immigration offices might accept it (unlikely in my view) some might not. You are supposed to show money in a bank account and Wise most certainly isn't

@Sean **************

this is the whole idea.

@Sean **************

nope. This is the way.

@James *******

exactly this

@Winston ***********

oh there may be plenty of questions asked

@Andi **********

definitely seems like the safe option

@Sefton *******

I saw a rejection that said foreign accounts are fine but they wanted certain documentation. Chiang Mai seem to be more particular in the case of extensions, not DTV, than other offices such as Jomtien. An agent told me they wanted a bank in Chiang Mai. I could use my Bangkok or Pattaya accounts but the documentation would have to come from the holding branch directly and not from a branch in CM.

Anonymous participant 193 This is a strange prediction as they don’t allow DTV holders to have Thai bank accounts

Anonymous participant 193 Agree. They changed the tax rules in late 2023 for 2024 regarding tax on foreign income remitted to Thailand. This was aimed at wealthy Thais, but other tax residents could be caught up too. This has resulted in a lot less money coming into the country last year. They are already talking about rescinding the changes as the foreign currency coming in is worth more than the marginal taxes they gained. However, there is still the issue of those on non-long term visas not being able to open bank accounts easily

@Ibrahim *****

Totally agree it's is strange. I spoke to an agent about an extension (Not DTV) in Chiang Mai 2 weeks ago. She said they would like a local bank account in Chiang Mai rather than my Bangkok or Pattaya accounts. No logic or rationale behind it

@Winston ***********

its not complicated if you know what you need. and now thats very well documented by the people who extended ;)

@Marta ************

interesting. Yeah it seems like you have to leave the country every 6 months. Many people have complained about extensions

@Marta ************

Wise cannot give bank statements, as long as it does not have a bank license, but it is strange that the Wise account is accepted when you apply and not when you extend. Obviously immigration here is more strict than MFA. But it also means transferring the money to a real bank account before extending and transferring back to Wise afterwards should work. Wise normally does this within seconds, so you can show during visit immigration.

@Marta ************

Weird contradiction but at least you can just do a border run and get a fresh 6 mth stamp.

@Greg *******

that’s kinda crazy that they’re requiring a Thai bank account when so many of us are having a hard time even getting one

@Greg *******

ok so different rules for different districts.