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Answered3 years ago

What is the procedure for moving ฿800k for a retirement visa in Thailand and how does it impact my visa renewal?

Brook ********
asked Apr 2, 2024
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What is the process and considerations for moving ฿800k associated with a retirement visa from one bank to another to chase a higher interest rate.

Is same day generally ok?

Do I need both updated bank books and both bank letters for the next visa renewal?

I’m in Chiangmai.

Edit: Interest bearing fixed deposit accounts are available in Thailand and are perfectly acceptable to immigration authorities for visa purposes. I’m well aware of the balance requirements.

I’m certain people change banks. Specifically I’m looking for the procedure.
Answer summary
This discussion outlines the process of transferring ฿800,000 associated with a retirement visa in Thailand and addresses concerns around how such a transfer impacts visa renewals. Key points include the necessity to keep the amount in the same account for a stipulated period after obtaining the visa extension, as well as advice on maintaining the required balance during transfers. Users also discuss interest-bearing accounts and the implications of recent tax regulations on remittances, all of which are crucial for expats considering changes in their banking arrangements.
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Ken ******
Ken ******
some one interpret as below:

those people

from countries which have

a double tax agreement

with Thailand could still need to pay new

tax in Thailand,

double tax means that you

will receive tax credit for

taxes paid outside of

Thailand. So, if you are

assed as having to pay

usd200 in USA and usd300

in Thailand, In Thailand you

would pay 300-200=100

dollars in Thailand.

anyway the risk is that one still likely to fill a tax report form with income and asset and let authority decide which is taxable and which be exempt. Filling the form could be a tedious process, depending on how it is designed, and whether there is english translation, or chinese? if not, hopefully no.need to seek professional help. And how can one prove whether the remitted income already taxed in other jurisdiction?(for example you have multiple income sources, and some sources already taxed but some exempted due to different tax law in another country )

does double tax exemption imply blanket tax exemption without need for exemption on an item by item basis (income source item/category) or need comparison of individual category, eg investment income, rental collected or simply pensions
Ken ******
Ken ******
there may be impact of the new thai overseas tax rule on moving money into thailand, like remitting b
*****
Steve *******
Steve *******
@Ken *****
not if your country has a tax treaty were pension are taxed at source.
John ********
John ********
@Ken *****
“may”? Huh?
John *********
John *********
I am interested in information on this too. I will return in October and I feel stupid for leaving my B400k in a Thai bank earning 0% interest.
Brook ********
Brook ********
OP
********************************************************
*****
140
Mel *********
Mel *********
Would love to know what higher interest bearing fixed deposit account you found? Which bank? Thanks
Steve *******
Steve *******
@Mel ********
none in Thailand
Graham ******
Graham ******
Transfer half first so that you have at least 400k in your original account until the other 400k arrives at your new account then transfer the rest. Doing it this way ensures you have at least 400k in a Thai bank account at all times to meet the Extension requirements.
Damo ***********
Damo ***********
@Graham *****
100% correct and sound advice... I am myself about to do exactly that.
Nongnuch ********
Nongnuch ********
@Brook *******
You will need to keep the 800K in the bank account you used to get the retirement extension.

THERE IS NO WAY AROUND IT

You are NOT allowed to move it, if you do, Immigration will revoke your Extension of Stay Permit and you will be in overstay beginning from this day

After being issued the Extension, the 800K must remain in this account for 3 more months, and shall never go under this amount

For the rest of the year, a minimum of 400,000 THB need to remain sitting in the account

Then again, two months before the next application, 800K need to be seasoned for 2 months on the day of application

You are NOT allowed to move it to another account

You COULD ask your Immigration if they accept that you move the 800K into a fixed deposit account, but I HIGHLY doubt they will accept it
Brook ********
Brook ********
OP
@Nongnuch *******
Yes, I already know all this.

It’s already been in a interest bearing fixed deposit account for the last two renewals. No issue at all.

I’m sure people change banks. That’s the process I’m looking for.
Nongnuch ********
Nongnuch ********
@Brook *******
ask Immigration, as these things are Immigration specific. Don't risk loosing your Extension
Ron ******
Ron ******
Interest on bank deposits in Thailand?
Nongnuch ********
Nongnuch ********
@Ron *****
yes, I got a savings account for my 800,000 THB finnancial proof. Earns me around 3000.- THB interest per year. This pays all the fees (debit card is 500.- THB a year and withdrawal fees) and much more .
Steve *******
Steve *******
@Nongnuch *******
plus withholding tax
Ron ******
Ron ******
The equivalent amount in my UK easy access savings account returns 40k baht per year so pays the agent with plenty left over.
Steve **********
Steve **********
@Nongnuch *******
greasing palms is the culture.

Talking about it, is a farang thing.
Steve **********
Steve **********
@Ron *****
no naivety, just different thought patterns.
Steve **********
Steve **********
@Nongnuch *******
one way or another..all countries, agencies etc are corrupt.

Just pick one, and participate.
Steve **********
Steve **********
@Ron *****
good point.

I use income, so lose nothing.
Ron ******
Ron ******
I stated my visa was quite legal, you are the only person insinuating corruption! I have had no contact with any officials.
Nongnuch ********
Nongnuch ********
@Ron *****
greasing the palms of corrupt officials and talking about it being legal. How naive! 😎🤣
Ron ******
Ron ******
It's quite simple, 800k baht equals around £17k @ .0508% (UK interest rate) realises £860 pa. £860 pa @ 45 baht to the £ is around 38k baht! I've rounded the figures down. My visa is quite legal and issued by the relevant Thai authorities. I live and sleep well.
Ron ******
Ron ******
So naive!
Nongnuch ********
Nongnuch ********
at least I got a LEGAL Extension Of Stay Permit. I don't need your alleged 40,000 THB interest (which I doubt anyways)
Ron ******
Ron ******
@Nongnuch *******
I do sleep well and you are very naive 555.
Nongnuch ********
Nongnuch ********
@Ron *****
well, it might pay the agent. Yet - if you feel better with a 1-year extension of stay permit that has been illegally achieved by greasing the palms of an Immigration officer, I hope you enjoy a sound sleep
Brook ********
Brook ********
OP
@Ron *****
Yes 1.5% for many years.

2.x% after I change banks.

It’s called a fixed deposit account and because the ฿800k is always immediately available, it has always met immigration requirements.
Anthonie *******
Anthonie *******
@Brook *******
which Thai bank offers 1.5%?
Steve *******
Steve *******
@Anthonie ******
all on fixed term deposits, minus 10% withholding tax
Brook ********
Brook ********
OP
@Anthonie ******
Many, including Kasikorn
Ron ******
Ron ******
@Brook *******
Surely it is not "always" readily available to meet immigration office requirements (not drop below 400k and be in the account 3 months before and 2 months after?)
Steve *******
Steve *******
@Ron *****
it is acceptable to immigration. You can close anytime and lose the whopping 1.5%
Tony **********
Tony **********
I believe the money has to be in an account that is immediately available (liquid). So anything that has any delay would not be acceptable. Should just consider it dead money and move on.

The 800k is the government's way of ensuring the likelihood of you getting public assistance (ie hospital bills) is extremely low.
Steve *******
Steve *******
@Tony *********
that's not correct, fixed is acceptable at least ar some offices
John ********
John ********
@Tony *********
“dead money” 😂😂
Brook ********
Brook ********
OP
@John *******
฿20,000 is better than zero or flying home every year or spending time every month making sure ฿65,000 was correctly transferred.
John ********
John ********
@Brook *******
Good advice, thank you
Brook ********
Brook ********
OP
@John *******
The substantial interest penalty depends on the bank, but it is typically all or most of the 1.5 - 2.6% the bank would have paid you in annual profits.

If you leave the money in for the full year as agreed, then you retain all the interest.

A reason for this includes that the banks may purchase high yield US treasury bonds, that also have a one-year term, with your funds.
John ********
John ********
@Brook *******
Considering your financial wealth of knowledge (tongue in cheek).

What is the “substantial interest penalty” for early withdrawal? What is this time limitations?

Obviously having the account with the sums required by Thai Law is the necessity.

The sum is required, you mention no alternative to having “dead money” 😂😂
Brook ********
Brook ********
OP
@John *******
For the finance or lingually challenged, interest is paid annually on fixed deposit accounts… somewhere from 1-2.5%.

The interest can be withdrawn at any time.

With regard to the ฿800k principal, you can withdraw it at any time, however, there is a substantial interest penalty for early withdrawal, as well as immigration implications, especially if you go below ฿800k or ฿400k depending on timing of your visa renewal.
John ********
John ********
@Brook *******
Nor do I but similar to dead money.
Brook ********
Brook ********
OP
@John *******
I have no idea what alive money is.
John ********
John ********
@Brook *******
Is the 20K considered “alive money”?
Brook ********
Brook ********
OP
@Tony *********
Yes, I already know all this.

The account meets all immigration requirements because the money is always available immediately with only an interest penalty for early withdrawal.

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