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

Question

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?

Ask Thailand · Answer

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.

Ellie ******* · Answer

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...)

Michael ****** · Answer

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.

Wayne ******** · Answer

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.

Adi ******** · Answer

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.

Graham ****** · Answer

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.

Ellie ******* · Answer

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.

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

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