What is the best plan for opening a Thai bank account and transitioning to a retirement visa upon my return to Thailand?

Sep 6, 2024
3 months ago
Mike ********
ORIGINAL POSTER
Being 70 y/o now and only just started drawing my 3 uk pensions, I can easily meet the 65k thai baht p/month criteria for having uk/thai money income/transfer, I also have a decent amount of savings to put 400k thai bht in a Thai bank,. I need to open a Thai bank account and will be entering the country on a 60 day visa exempt stamp and will extend this by 30 days,I have a Residense in thailand also, what’s my best plan of action when I arrive back in a few months time ?,.thanks,.
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TLDR : Answer Summary
The post discusses the plans of a 70-year-old retiree returning to Thailand, focusing on the best course of action regarding visa and banking requirements. Key points include the necessity of having 800,000 THB in a Thai bank to apply for a Non-O visa, the option of obtaining an O-A visa before entering Thailand for ease of bank account setup, and the importance of meeting financial regulations for long-term stay. Responses suggest strategies like starting pension transfers to qualify for retirement visas and emphasize that income verification from foreign sources is not accepted by Thai immigration.
NON-O RETIREMENT VISA RESOURCES / SERVICES
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Rick ***********
You will likely find it difficult to open a bank account on a 60 day exempt visa. It can be done but the bank will try to get you to buy a worthless life insurance policy for 15,000 THB.
Ian ********
As others have advised get a non o visa before you come, then getting a bank account will be straight forward without the need to pay an agent.
John ********
More repeats than the BBC 😂
John ********
You doing a runner because your losing the cold weather payment 😂 😂 😂 😂
Mike ********
ORIGINAL POSTER
@John *******
I never had it as I didn’t qualify as I wasn’t drawing pension, plus I was in thailand for 7 months over the uk winter period,.I was cheeky and rang them to see if I could apply for a back payment in arrears but no joy,.
John ********
@Mike *******
Just kidding mate 😂
Vinay ********
Hi Mike. I have someone who can help with opening a bank account. Please text me and I'll send you her contact. You only pay after you get the account opened
Steve *******
Get a Non Imm O visa in the UK.

Job done 👍
Michael ***********
I contacted the embassy several times and options for visa . I will be doing a long stay visa .

These can only be applied through the Royal Thailand embassy in country of residence not Thailand

1 . Retirement visa 50+

2 no working

3 health coverage / insurance

4 finances history

5 criminal record check

Visa type O-A

This is what the Embassy suggested given my specific situation .
Michael ***********
This and the other docs is what the embassy requires
Joel **********
@Michael **********
hello . What do you mean by criminal record check ? If somebody have a criminal record hé cannot go to thailand ?
Michael ***********
Michael ***********
Michael ***********
@Joel *********
it is 1 of the requirements for application for long stay , which has to be done in country of original .
Ruud ******************
If you can meet the criteria for wealthy pensioner on LTR visa, I would advice you to have a look in the BOI/LTR website
Kevin *******
Hi, ok i'm in the same situation I will be arriving in October from the UK I have over 800k in a Thai bank a pension of around 20K and have a Thai residence. I have previously done a 90 day multi entry Non O. I have been back in the UK since May, This trip I will be retiring to Thailand full time except for a three day back to the UK in late February for my daughters wedding. What are my best options? TIA
James *********
@Kevin ******
I'd start your own new post to get a good response Kevin👍
Jim ********
Start off with OA visa, which will do you for two years without having to transfer 800k into Thai bank account. During the two years start transferring 65k into Thai bank account every month (you can access and spend this immediately it registers in your account). By the time the two years is up, you will have sufficient monthly transfers to qualify for the O retirement visa. You will need to exit the country, come back in on visa exempt, and apply for the 90-day O visa. With thirty days remaining on this visa apply for the 12-month extension. Whatever you do, do NOT miss even one monthly transfer from overseas. Keep this regime going indefinitely, and extended every year
David *****
Plus at 65k thb a year, it’s 12 years to put in the 800k. So 70,000 thb the rest if your life is an exaggeration unless you intend on dying in the next 12 years. So…that’s only $24k USD for the hassle and stress of not making a payment for 12 years.
Jim *********
@David ****
65k tb per month for 13 mts
Jim ********
@David ****
I'm talking about the interest I'm missing out by not having my money invested in Australian Super. The 800k must stay in the Thai bank account paying 1% interest until the day you die. The 65k transfer you can spend as soon as you get it
David *****
@Jim *******
got it. Thx.
David *****
@Jim *******
it’s seems easier to just put the 800k thb in from beginning as long as you have it available.
Jim ********
@David ****
Yeah but a really dumb investment decision. I can get 9% tax free on that, and I'm not kissing goodbye to
*****
baht per year for the rest of my life. I mean you have to bring money in to live on anyway! It's a no brainer
Graham ******
@Jim *******
It is not for the rest of your life, it's a minimum of 5 months 800k then 9 months 400k until the 65k transfer method kicks in
David *****
@Jim *******
9% tax free where? US treasuries with zero risk are now less than 5% pre tax.
Jim ********
@David ****
Australian Super Funds. Some are paying even more than that
Stuart ***********
@Jim *******
can I ask please. Do you need to exit Thailand to transfer to the 65k per month method?
Jim ********
@Stuart **********
You only need to exit if changing from OA to O visa. If you're already on O and simply want to switch from 800k to 65k/month there is no need to exit
Brandon ************
First of all, what your income is means nothing. The UK embassy does not provide income verification and that's the only thing immigration will accept, so your only option is 800,000 baht in a Thai bank.

You should get the non-O visa from the Thai embassy using the e-visa system before you leave for Thailand. That's because you must already have the money in a Thai bank to apply to convert to the non-O visa in Thailand, and you won't be able to get a bank account on a visa exempt entry. Unless you already have a Thai bank account, then you can do it either way. If you arrive without the visa and without a bank account, you'll basically be forced to pay an agent to assist you in getting a bank account.
Pete *******
You need 800k in a Thai bank for two months prior to applying for an in country Non-O visa based on retirement. If you do that in the first few weeks after arrival you can transition from visa exempt stamp with extension to the Non-O.
Brandon ************
@Pete ******
only Jomtien immigration requires the money to be in the bank for 2 months before applying to convert to non-O. Every other immigration office only requires that the money is in the bank and was transferred from overseas.
Pete *******
@Brandon ***********
yep Jomtien is my local Immigration office.
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