What should I consider when transferring my 800k for a retirement visa in Thailand?

retirement visa 800k bank requirement bank account transfer Thailand immigration Siam Commercial Bank Bangkok Bank visa renewal process financial requirements for visa

Dec 6, 2023

a year ago

Stephane *****

ORIGINAL POSTER

I have a question about the 800k in regards to retirement visa.

Since I am in Thailand, I never touched the 800k which i had in a fixed deposit with Bangkok Bank.

So far so good, never a problem. Now I want to move all my Bangkok Bank accounts to Siam Commercial Bank.

Is there anything I need to be aware of in regards to the 800k? I renewed my retirement visa on 31st of October 2023. It expires on 6th of November 2024.

Is there a time limit the 800k need to stay in the Bangkok Bank account given I renewed my visa on 31st of October? If yes, do I need a confirmation letter from Bangkok Bank that the money stayed in the account for the required period?

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TLDR : Answer Summary

The user seeks advice about transferring their 800,000 baht from Bangkok Bank to Siam Commercial Bank while maintaining compliance with retirement visa requirements in Thailand. Key points discussed include the need to keep the 800k for at least two months before the renewal, the possibility of closing one account and opening another on the same day while providing bank statements, and the importance of consulting local immigration for specific procedures. The community suggests ensuring no cash flow gap during the transfer to meet immigration's requirements.

NON-O RETIREMENT VISA RESOURCES / SERVICES

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Ellie *******

I think OP got his answers. Again, be sure to talk with your local office before you move anything on your own, for example, they are okay with letters and transaction histories from two different accounts for the next application (that is supposed to be okay, but who knows what officer who handles your application would say...)

a year ago

Michael ******

Surely if you close an account one day and open another account with the exact amount the same day….

Wouldn’t you just get two statements when it’s time to renew the visa.

The two statements would show the 800,000 closing and the new 800,000 opening on the same day…??

I’m in a similar position. If you have a term deposit with an old interest rate…and you want to get the new better interest rate with the same bank…then you technically have to close one account and open another …with another account number.

a year ago

Barry *******

@Michael *****

@Tod ********

I'm not sure if you can lock up the 800 k for a term to get a better interest rate. I think it has to be on hand at all time's as technically its your spending money in their eyes. This topic has been addressed before on here

a year ago

Ellie *******

@Barry ******

, not sure what you mean by "lock up". Your account has to be accessible (which means you can withdraw your money) anytime even with some fee. You cannot use the fixed account that makes you wait until a specific period is up to withdraw your money.

But this is away from the original post..

a year ago

Reply to

Ellie *******

Stephane *****

ORIGINAL POSTER

@Michael *****

I fully agree with you, but unfortunately, common sense works rarely when dealing with such issues…

a year ago

Reply to

Stephane *****

Wayne ********

After the initial 90 day after, move 400 to new bank. Wait a month more the rest. This way you keep 400 constant on deposit. I would not do all on the same day.

a year ago

Tod *********

@Wayne *******

that is a safe option to meet the requirements the whole time and make sure there's no slip ups (y)

a year ago

Barry *******

@Tod ********

Thats how I did it If you do it all at one go. It needs to be online and simultaneously and as usual different provinces may have different views. They will also need to see all the info from both accounts for that year

a year ago

Reply to

Barry *******

Adi ********

Immigration told me once that if I want to change banks I have to make sure there is no gap meaning the transfer has to be done same day. So, if you do transfer make sure there is no gab. Best is to take a cashiers check and physically bring it and deposit it at the new bank on the same day.

a year ago

Brown ********

@Adi *******

good advice

a year ago

Reply to

Brown ********

Graham ******

If you do an online transfer transfer half in two transfers, the second after the first has arrived. That way you never fall below 400k in one account should there be a gap between sending and receiving.

a year ago

Ellie *******

The financial requirement for banked money is:

At least 2 months prior to the filing date and 3 months after being granted permission, an alien must have a deposit in a commercial bank located in Thailand of no less than 800,000 baht. After being granted permission for 3 months, an alien can withdraw the said deposit and must have the remaining balance in the bank account of no less than 400,00 baht.

As long as you keep meeting this, you can change.

You better talk with your local immigration office for detailed procedures such as timing, what you need for moving your money from both banks, etc.

a year ago

Florence ******

@Ellie ******

yes changing bank is not a good idea even same bank different account will be a problem.

a year ago

Ellie *******

@Florence *****

, right , that's why i wrote "better talk with your local immigration office".

a year ago

Reply to

Ellie *******

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