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Answered5 years ago

What are the requirements for transferring funds and applying for a retirement visa in Thailand?

JD *******
asked Oct 7, 2021
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Hello, I am preparing to retire in Thailand in the next few months and am trying to get my ducks in order for the VISA. I already have a Thai bank (Krungsri) and transferred 800,000 from my home bank to the account. Does it need to show it was an international transfer? My Krungsuri bank statement shows a transaction code of TN. Does anyone who may use Krungsuri know what this code means? Or how I can find out if it shows as an international transfer? Online has been no help.

Second question is how long does it need to season before I can apply for the applicable VISA? I will initially be arriving on a Tourist VISA. Appreciate any insight.
Answer summary
The user is preparing for retirement in Thailand and has transferred 800,000 baht to their Krungsri bank account. They seek clarification on whether the funds need to show as an international transfer and the time requirements ('seasoning') before applying for a NON-O visa. Community members confirm that for the initial application, proof of international transfer is necessary, but for subsequent extensions, such proof is not required as long as the funds remain in a Thai bank account for at least two months.
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Ken ********
Ken ********
I'd probably keep me paperwork from home back incase
Tod *********
Tod *********
Okay, here's how this works

To apply for the INITIAL 90 day Non-O visa based on retirement at the immigration office at Chaengwattana in Bangkok using the 800K baht banked money method you DO need to show that the funds originated from overseas. Period, end of story. Your immigration office might not require it BUT Bangkok does.

Now with that being said once you have the 90 day Non-O visa to apply for a yearly extension of stay based on retirement using banked money method there is NO requirement that you show where the funds came from (it can be a domestic transfer/deposit). The ONLY requirement is that the funds are in a thai bank account in your name only for 2 months before you apply for the yearly extension.

And to answer your other question, you can bring in the funds in multiple transfers if you want as long as you can prove they all came from abroad AND they total more than the 800K baht
Stephen *********
Stephen *********
Hi Tod, im wondering if the Thai bank can be Wise’s Thai currency account? Has this been tried?
Benjamin ******
Benjamin ******
@Stephen ********
What is the Wise Thai Currency account? Is this from a registered bank in Thailand?
Stephen *********
Stephen *********
@Benjamin *****
I think you’re right.. shame
Benjamin ******
Benjamin ******
@Stephen ********
I will say no, because Wise is not a registered bank in Thailand.
Stephen *********
Stephen *********
It’s a personal account which can hold money in various currencies. I have GbP,Euro & thai b.. you can move money between based upon the current exchange rate. Ive heard that wise use bangkok bank to hold the funds but that’s unconfirmed
Benjamin ******
Benjamin ******
>Does it need to show it was an international transfer?

Yes it does

> My Krungsuri bank statement shows a transaction code of TN

You'd have to ask them.

>Second question is how long does it need to season before I can apply for the applicable VISA?

There is no seasoning requirements for an in-country Non-O visa. There is a seasoning requirement for a one year extension of stay based on retirement. The money must be seasoned in a bank account for TWO months.
George *************
George *************
JD Skate Using Wise with Bangkok Bank and choosing "long term stay in Thailand" as the purpose of the transfer will result in an FTT (Foreign Telegraphic Transfer) in your passbook which immigration recognizes as designating a foreign transfer.
George *************
George *************
TN - Transfer no book is a designation for a domestic transfer.

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80-krungsri-bank-report/?do=findComment&comment=
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810
Richard *****
Richard *****
@Benjamin *****
many thanks. (Yes based on employment) I will do that. Much appreciated .
Peter ****************
Peter ****************
TN means T-ransfer N-o book by the way. With kasikorn you can see a international swift transfer only with downloading the excel data or ask the Kasikorn for a doc.. Bangkokbank does it right.
Tod *********
Tod *********
@JD ******
you will probably need to get a "credit advice" from them showing that the funds originated from overseas because unless I'm mistaken that TN code doesn't mean it came from abroad 😮
Peter ****************
Peter ****************
And there is a difference for the 800k asking a visa, or asking an extension of stay.
Paul *******
Paul *******
@Benjamin *****
Mate, Usually your posts are spot on but I believe that the 800,000 thb for an extension of stay based on being retired does not have to be shown as an overseas transfer. Please confirm for me.
Benjamin ******
Benjamin ******
@Paul ******
Might be a "depends on the immigration office". According to
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/8-1.pdf

"5.3 Evidence of foreign currency fund transferred to Thailand"
Richard *****
Richard *****
@Simon *******
Thanks so much
Simon ********
Simon ********
@Richard *****
no need to do that.
Benjamin ******
Benjamin ******
@Richard *****
IF you're currently on an extension of stay (based on employment?) I recommend talking to the immigration office about changing the reason for the extension of stay from your current extension to retirement.
Richard *****
Richard *****
@Benjamin *****
thank you. I am in a similar situation . Retiring in 6 months. But as I have lived in Thailand for 30 years, the money is in my TH bank account. Would I need to transfer it to my overseas bank and transfer it back ? Sorry if it's a silly question .
Benjamin ******
Benjamin ******
@Paul ******
Clause 7 is using the mixed method (part savings, part income).
Paul *******
Paul *******
@Benjamin *****
But not shown as required here: 7. Evidence of deposited money under Clause 5 and evidence of income under Clause 6 (for one year) showing the total amount not less than Baht 800,000

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