Bank account for retirement visa - has something changed?

[kevin2013]

For many years, my visa agent has renewed my retirement visa without me having the 800k in the bank.

I just give them my passport, they do whatever they do, and I get my passport back a couple of days later with the new visa stamp.

This time, I am told I must have a Bangkok Bank account.

Has something changed in the process of renewing retirement visas?

[rog555]

49 minutes ago, kevin2013 said:

For many years, my visa agent has renewed my retirement visa without me having the 800k in the bank.

I just give them my passport, they do whatever they do, and I get my passport back a couple of days later with the new visa stamp.

This time, I am told I must have a Bangkok Bank account.

Has something changed in the process of renewing retirement visas?

Is it possible that you have never actually had a legit retirement visa ? 

For example have you made use of the visa to obtain a re-entry permit, or to return to thailand ?

Could it just be a stamp put in passport by the agent ?

Only asking, I have never used an agent, I go to immigration and do the process myself. 

Money in your thai bank account has always been a key factor in the process.  3 months before. And checked 3 months after too, in more recent years.

Edited June 19, 2023 by rog555

[penboy]

1 hour ago, kevin2013 said:

For many years, my visa agent has renewed my retirement visa without me having the 800k in the bank.

I just give them my passport, they do whatever they do, and I get my passport back a couple of days later with the new visa stamp.

This time, I am told I must have a Bangkok Bank account.

Has something changed in the process of renewing retirement visas?

Have you had another bank account previously?

Did they put 800k in to it briefly for previous extensions?

 

[kevin2013]

2 hours ago, rog555 said:

Is it possible that you have never actually had a legit retirement visa ? 

For example have you made use of the visa to obtain a re-entry permit, or to return to thailand ?

Could it just be a stamp put in passport by the agent ?

Only asking, I have never used an agent, I go to immigration and do the process myself. 

Money in your thai bank account has always been a key factor in the process.  3 months before. And checked 3 months after too, in more recent years.

yes it was a legit visa, used multiple times a year in and out of thailand for many years.

yes if you do it yourself you need the 800k in a thai bank account

[kevin2013]

1 hour ago, penboy said:

Have you had another bank account previously?

Did they put 800k in to it briefly for previous extensions?

 

yes and no

[penboy]

7 minutes ago, kevin2013 said:

yes and no

So I guess that immigration are now insisting that bank statement shows 800k for every extension.

BKK seem to be the easiest bank to deal with for this matter which is why the agents are asking people to open an account with them. I have opened one myself in order to give me a choice as to which agent to use in future. I only found 1 agent who used Kasikorn in January for my extension.

[Edge]

18 minutes ago, kevin2013 said:

yes and no

The "no" answer seems strange?

Can you tell us how much you have been paying?
The t/f in-out is dodgy, but I can't see how the agent got you an Extension without it, assuming that you don't have the 800k deposit in that other a/c?

[rog555]

4 hours ago, kevin2013 said:

yes it was a legit visa, used multiple times a year in and out of thailand for many years.

yes if you do it yourself you need the 800k in a thai bank account

OK, good luck.  Should be easy to open a bank account if you have a retirement visa already.

[kd_traveller]

I think you have been lucky not to have to had 800k transferred into a bank account in previous years! 

What is constantly changing is that even in Thailand "money laundering" rules get tighter and tighter due to international pressure on Thailand. Quick in and out transfers I am sure raise some flags in internal controls in some banks.

Previously Maneerat would transfer funds temporarily into either Bangkok Bank or Kasikorn Bank, but now they will only do Bangkok Bank. I think they started having issues with Kasikorn Bank tightening controls.

It seems easier for them to transfer from their own company Bangkok Bank to the customers Bangkok Bank account and back again than with other banks.  According to the lady in Maneerat, "if you are using my money, you have to have a Bangkok Bank account"!

The 800K in and out "trick" may come to an end someday and it may not be the immigration people who stop it but Thai Central Bank anti money laundering rules.

[penboy]

35 minutes ago, kd_traveller said:

The 800K in and out "trick" may come to an end someday and it may not be the immigration people who stop it but Thai Central Bank anti money laundering rules.

 

Good point. With the improving £ to baht exchange rate, I may well be tempted to do this before next high season..

[az89]

Has anyone opened a Bangkok Bank acc on a visa exemption recently? and if so was it in person or through an agent when they were going to a Non O then extension of stay (retirement) process?

[Hamma]

For many years I have two accounts in Bangkok Bank, one for the daily payments in and out and one 3 month account which has 800.000 B on it. I never touch that money, I only withdraw the interrests. I show that account at Immigration, and I had never any problem, because they can see, that the money has been there all year. No need for an agent or any tricks.

[nunchuck]

9 minutes ago, Hamma said:

For many years I have two accounts in Bangkok Bank, one for the daily payments in and out and one 3 month account which has 800.000 B on it. I never touch that money, I only withdraw the interrests. I show that account at Immigration, and I had never any problem, because they can see, that the money has been there all year. No need for an agent or any tricks.

Going to do exactly same thing.  Sorry to ask but how much interest you get each year on average 

[Hamma]

All too little, it's changing all the time, but right now it looks like 0,6%.

[Hamma]

You can certainly get more in other banks, but not sure, if they will accept you as customer. It's normally easy at Bangkok Bank.

[Hamma]

It's probably 0,75%, that is 0,6% after I paid tax of the interests.

[Hamma]

It's probably 0,75%, that is 0,6% after I paid tax of the interests.

[Jumpin Jack Flash]

On 19/06/2023 at 15:50, Hamma said:

All too little, it's changing all the time, but right now it looks like 0,6%.

which is the main reason why many of us prefer to use an agency. The interest you can earn on 800k in your own bank back home is around 1,000 GBP or 1,300 USD per year. 

[Hamma]

12 hours ago, Jumpin Jack Flash said:

which is the main reason why many of us prefer to use an agency. The interest you can earn on 800k in your own bank back home is around 1,000 GBP or 1,300 USD per year. 

How?

[penboy]

1 hour ago, Hamma said:

How?

Put it in fixed term deposit with challenger banks.

[thainet]

On 29/06/2023 at 07:37, Jumpin Jack Flash said:

which is the main reason why many of us prefer to use an agency. The interest you can earn on 800k in your own bank back home is around 1,000 GBP or 1,300 USD per year. 

You forget that many people do not have a 'back home'...Thailand is their home.

[az89]

10 hours ago, thainet said:

You forget that many people do not have a 'back home'...Thailand is their home.

Then in that case and all their money is in Thailand they should have no problem having 800K baht in a Thai bank account.

Edited June 30, 2023 by az89