What should I consider before depositing 800,000 THB in a Thai bank for a retirement visa?

@Tom ******

wnd a well respected and known organisation.... From a single "economist" predicting it. That's not news

@Tom ******

up to you

Jim Patterson while you’re quite correct that there are a lot of very unsavory agents doing illegal business with the local immigration offices, this is only one side of the argument. You could also strengthen your argument by stating that once you go down that route, once you employ a visa agent to do all of that for you, it becomes difficult to switch back to the legal system later on, and also that agent now has quite a lot of power over you and could easily report you to the immigration police which could end up in deportation. Not likely, but definitely possible.

However, the other side of the argument is probably just as risky but in a different way. Should you decide to leave 800,000 Thai baht in a Thai bank, you are taking a huge risk that you will not be able to get access to it when you want and not lose it. It’s also possible that should the global crash happen while your money is being seasoned in the Thai bank, it could also, without your permission, be converted into a Thai Central Bank Digital Currency (CBDC) which the Thai government stated will be introduced this year e.g. 2023. (It’s currently in a pilot phase.)

Moreover, this CBDC also comes with a range of negatives, for example, that you might only be able to spend it within 4 kms of your house and it might also be only valid to be spent during a specified period of time (6 months) or expire as legal tender. This is what will happen with the 10,000 THB in digital currency each Thai person has been promised by the PheuThai party in the next election starting next week.

“The 10,000 baht is to be spent within a 4-kilometre community radius within six months during the project's early phase in a bid to attract international digital currencies.“

74/cash-handouts-spark-concern.

People need to realize that there are major changes in the global financial arena and, if you do enough research, you can find the best way to protect your income and the income of those in your family. Good luck!

@Tom ******

excellent

@Tom ******

absolutely correct

@Tom ******

I mean that ignores the FDIC or international versions like FCS in Australia or the Deposit Protection Agency Act in Thailand. You're funds are literally backed by the government.

@Arely ***********

easy to say " avoid ATMs " difficult in practise in a cash economy .

@Nick ***********

I think your experiences fall into the “don’t let the desire for perfection keep you from achieving the merely good” category.

I have horror stories too -although from USA rather than Thai banks.

But I continue to use American banks, because despite their imperfection, not using them would be even worse.

Not a criticism - just an observation.

@Tom ******

excellent advice

@Tom ******

I wouldn’t cross the street again, were I you.

@Michael *****

Hey Michael, can I ask what sort of interest rate you get?

@Sean ********

Yes I think that's correct. It changes though when you need a new extension then you need to show money in thai bank or apply for a non OA again out of Thailand.

@Wyn *********

You can, if you can prove income.

@Ken *****

if you earn 4% it's much same as paying agent.

@Ken *****

Very sensible comment. I'm probably going to start the retirement visa process soon, but I'll wait to see what happens immediately after the election. I'm no prophet when it comes to currency exchange rates, but I reckon a volatile post-election period could affect them (possibly to my advantage). Would not want to spend 800k buying baht when it's most expensive, and sell a few years later when cheap. But, of course, it may just end up just being another retirement cost that I choose to accept.

@Alessandro *********

totally agree.

@Paulo ********

it is getting a bigger and bigger problems with people have lost money in there bank account,including my wife,she lost a lot of money some few years ago

@Paulo ********

go and google it. Posting links here is defamation incase you didn't know. AKA Ruining the image of Thailand and it's against the computer crimes act.

@Paulo ********

How long have you been in Thailand, Paolo?

Steve Greir totally agree, if he's unsure, don't come to Thailand, fkin simple

@Shayne *********

FACT

@Kevin ******

that’s nonsense. Bank systems here are safer than in the US.

@Donna *****

Eligibility for a Thailand Retirement Visa O-A

You must fulfill one of the following financial requirements:

A security deposit of 800,000 Thai Baht in a bank account in Thailand for 2 months before the visa application

A monthly income of 65,000 Thai Baht

A combination of the security deposit and annual income of 800,000 Thai Baht

This last sentence doesn’t add up. I’ve never heard anything of an annual income of 800,000 Thai baht. Did somebody not proofread?

@Donna *****

Bullshit! You need 800k Thai Baht for a non imm O based on being over 50 and issued in Thailand.

@Rob *********

I agree. I'm with the KBank and you have an app which allows you to keep a check and whilst you are not using, allows you to block any debits taking place.

Not krijgsroem bank but krungsri bank

@Martin ****

where?

@Martin ****

baht won't even get you a non o visa ?

@Martin ****

.

For retirement visa/extension I advise to use the 65k/month transfer method. This way you never have to tie the money up in a Thai bank account. As soon as it hits the deck, it's yours to spend. The first thing I do within a day of receiving the dosh is pay the rent, pay electricity and water, and pay the internet. That's the month's obligations taken care of, the remainder is then technically "fun" money. I invariably use QR code payments for just about everything. Helps keep tabs on monthly spending.