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Which bank should I hold my money in for a retirement visa in Thailand: Thai or UK?
Thailand retirement visaThai bank requirementsNON-O visaimmigrationfinancial requirements for Thai visaexpat banking in Thailandforeign currency accounts
Sep 2, 2020
6 years ago
Simon *******
ORIGINAL POSTERHi guys a nice easy one for you
I’m 55 so looking for a retirement visa but not sure which bank
would I need my money in ? My Thai account or my Uk account I presume Thai because the amount 800,000 is in Bart
Cheers
I’m 55 so looking for a retirement visa but not sure which bank
would I need my money in ? My Thai account or my Uk account I presume Thai because the amount 800,000 is in Bart
Cheers
TLDR : Answer Summary
To obtain a retirement visa in Thailand, you must have your funds deposited in a Thai bank account, specifically in your name, with at least 800,000 THB. Several users confirmed that the money must indeed be in a Thai account, ideally for a period of at least two months before applying. Common banks mentioned include Bangkok Bank and Kasikorn, though opinions on bank services vary greatly among expats. If you are applying for the O-A visa from the UK, you can use a UK bank account as long as the equivalent amount in THB is demonstrated, but it is treated differently if applying inside Thailand.
NON-O RETIREMENT VISA RESOURCES / SERVICES
- Go to the Retirement Visa Section for information on requirements, including age restrictions, financial requirements, and necessary documentation.
- For immediate assistance, contact Thai Visa Centre directly via LINE at @ThaiVisaCentre or Email them.
- Explore recent discussions by using the Non-O Retirement Visa tag in the search box at the top of the page.
- Join the Thai Visa Advice Facebook Group to ask your questions, and get advice from others.
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Andy **********
Why you haha?
Channel **********
Looking at your lady...you might want to get married and then deposit only 400k in the Thai bank 😁
Alan *******
yes it needs to be in Bart, Mr Simpson
Geoff ********
If you want 800k THB in your Thai Bank you can transfer from any UK/European bank into my UK/European bank. I will pay the money into your Thai bank. Best exchange rates for GBP and Euros with no bank fees. Drop me a message for more info.
Brad *******
I’ve been very happy with the customer service at Bangkok Bank. Although I just learned SCB has a better more robust app for paying online accounts like all Utiliities. Do choose a location close to where you live as you will need annual balance letters generated reflecting your ฿800,000 activity. They only do that at your original location. Same for address changes etc. Wire transfers in are smooth and easy. Welcome
Ivan ************
Are you inside or outside Thailand right now? If you are looking to convert within Thailand, it needs to be in a Thai bank. If you are looking at getting the visa in the UK, it can be in a UK bank, and you move it over to do your extension here.
Joe ***********
It depends if you are applying for an O-A Visa in your home country or not. If you are in Thailand you cannot apply for the O-A. Rather you apply for an O Visa to be converted to an Extension of Stay (at some immigration offices). When applying inside Thailand the money has to be in a Thai Bank.
Richard ******
Ask bart
John ********
Bangkok bank
Brian ***********
Open a foreign currency account and keep it in sterling, it doesn’t have to be in baht.
Brian ***********
Fred Mee we are with Krungsri, you set it up and can then transfer currency into it from your Uk or any other country bank. The money stays in whatever currency you transfer, if you also have a baht account you can move money across when there is a good rate of exchange. Krungsri also has on line banking so transfers can be done without visiting the bank.
Simon *******
ORIGINAL POSTER@Brian **********
and do I really need one ?Ivan ************
@Si***
no, you don't really need one. It's an option acceptable to immigration though. One issue with this option is you need to be very careful with the exchange rates, if they move against you you can end up with too little even if it was 800k equivalent when you transferred.Brian ***********
@Ivan ***********
you just make sure you have more than enough, what if you put *****
0 in a baht account and the exchange rate goes up 1 baht then you lose a huge chunk of your money if you leave Thailand. If it is in your own currency you can just send it back to your bank in your own country no problemIvan ************
@Br***
yes if you specifically plan to send the money back after, that is the reason to use a FCD, so you save (a little) on forex costs. These days you need to leave it all there for 5 months and half of it there the rest of the year though."If the exchange rate goes up 1 baht" - but equally it can go down one baht, and you don't know which way it is going to go. The long-term trend against GBP is that THB has been getting more valuable, not less.
If you actually plan on living in Thailand, rather than this being a temporary holiday where you will go home after, you are probably better off having your money in the local currency.
Reply to
Ivan ************
Reply
Simon *******
ORIGINAL POSTER@Brian **********
what’s a foreign currency account??Reply to
Simon *******
Reply
Steve *******
If you go for the Non Imm OA visa, which gives you 2 years then your money can be in a UK bank account to the equivalent of 800,000bt, around £20,000.
Bob **********
@Steve ******
you can only get an O-A in your home country Robert **********
@Steve ******
OA requires insuranceSteve *******
@Robert *********
@Bob *********
Yep and yep. Those werent the questions though.Reply to
Steve *******
Reply
Jan *********
I have kasikorn and use Transferwise to send money. My home bank is of no relevance in this matter....
Alan ***********
I've sent 10.000,- Euro with Transferwise no problem. (To Krungsri).
Jan *********
@Alan **********
I'm sure. Most of the time they won't get alarmed by such a transfer, but over 3000 they might... I prefer not to play with fire... Reply to
Jan *********
Reply
Simon *******
ORIGINAL POSTER@Jan ********
this is my bank but never used transferwise is there’s any problems with the amount you send ?Stan *******
@Simon ******
You won't have a problem with Transferwise or Kasikorn.Jan *********
From 3000 euro they may start to ask questions, eg about the origin of the money...
Petri ********
@Jan ********
I didn't know that. I have already sent 2 times 3000€Jan *********
@Petri *******
I wouldn't worry 😉Reply to
Jan *********
Reply
Jan *********
@Simon ******
to be safe I send maximum 2999 euro...some European money laundering law I heard.... Reply to
Jan *********
Reply
Simon *******
ORIGINAL POSTERCheers guys I’ve got a Thai account but not with Bangkok bank hay ho thanks 🙏🙏
Stan *******
@Simon ******
It doesn't HAVE to be with Bangkok Bank. I'm with Kasikorn and I wouldn't touch BBL with a bargepole after the shitty way I was treated 10 years ago.Kenny ********
@Stan ******
Funny, I feel the same way about Kasikorn. 🙂Stan *******
@Kenny *******
Never had a problem with KK for over 10 years. Had quite a few with BBL and SCB in the previous 6 years though, which is why I moved to KK. Wish I'd done it when I first arrivedKenny ********
@Stan ******
Have never had a problem with BAngkok Bank. Kenny ********
@Stan ******
interesting. Have had many problems with KK plus their exchange rate from US dollars is always the worst. Stan *******
@Kenny *******
That's why I never change with Thai banks, I do it with Transferwise which always gives a better rate. My experiences with Bangkok Bank were terrible. Even Thais say it's the worst bank of all, but if you're happy with it, then fine. Jon ********
@Stan ******
bit of a sweeping statement have you asked all ThaisStan *******
@Jon *******
Of course I haven't because about 70 million might take me a bit of a while. 🙄But I have a lot of my adults students and of those I have asked about it, all have confirmed it's got a bad rep with Thais.
Reply to
Stan *******
Reply
Terry **********
@Simon ******
doesnt have to be Bangkok bankReply to
Terry **********
Reply
Jay *******
It must be in a Thai Bank account which is in your name. The money must have been cleared in the account at least 2 months prior to making your application. Bangkok Bank has a branch in London and is the only Thai bank in the UK. You may find it easier to deal with them and that there are advantages having the same bank in the UK and in Thailand.
Stefan ******
You must have your money in a thai account!
Garry ********
Thai
John *********
Thai account.
Reply to
John *********
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