cherp Posted February 7, 2018 Share Posted February 7, 2018 About to transfer funds to covert my current visa to an O based on retirement. Can I transfer 800k equivalent in a foreign currency and hold it in a Thai bank in a foreign currency account, or does it have to be converted to THB? I don't need the money here so much better to hold it in USD so I don't get hit by currency fluctuations. Link to comment Share on other sites More sharing options...
wgdanson Posted February 7, 2018 Share Posted February 7, 2018 Yes you can as long as it is immediately available. Link to comment Share on other sites More sharing options...
ubonjoe Posted February 7, 2018 Share Posted February 7, 2018 23 minutes ago, cherp said: Can I transfer 800k equivalent in a foreign currency and hold it in a Thai bank in a foreign currency account, or does it have to be converted to THB? A foreign currency account will be accepted at most immigration offices. Edit: Be sure you deposit enough to allow for exchange rate fluctuations. The amount in baht shown on the letter from the bank will be based upon the rate on the date it is written. Link to comment Share on other sites More sharing options...
cherp Posted February 7, 2018 Author Share Posted February 7, 2018 Thanks for your replies Link to comment Share on other sites More sharing options...
buick Posted February 7, 2018 Share Posted February 7, 2018 i used a foreign currency account (USD) plus a THB account for my 800K (most of it in USD). it was accepted at CW in bangkok. unfortunately, i sent most of the money when the THB was 35+ to 1 (hoping it was headed to 37 !!). so you never know, i 'lost' the battle so far on the currency conversion. Link to comment Share on other sites More sharing options...
crazykopite Posted February 7, 2018 Share Posted February 7, 2018 I was always under the impression that if you had a bank account in another country with savings in excess of 800,000 baht that this could be used providing you had proof by a bank statement is this not the case. Link to comment Share on other sites More sharing options...
ubonjoe Posted February 7, 2018 Share Posted February 7, 2018 46 minutes ago, crazykopite said: I was always under the impression that if you had a bank account in another country with savings in excess of 800,000 baht that this could be used providing you had proof by a bank statement is this not the case. Not to apply for an extension of stay at immigration. You can keep the money in a bank in your home country if you apply for a OA long stay visa at the Thai embassy there. Link to comment Share on other sites More sharing options...
Suradit69 Posted February 7, 2018 Share Posted February 7, 2018 3 hours ago, cherp said: About to transfer funds to covert my current visa to an O based on retirement Are you converting to a non-imm O or are you applying for an extension of stay (not a visa) based on retirement? It may seem like a pedantic exercise in semantics, but it's a good idea to understand the difference between having a valid visa and having an extension of stay based on retirement since there are differences between the two. 3 hours ago, cherp said: I don't need the money here so much better to hold it in USD so I don't get hit by currency fluctuations. Depending on your timing, holding money in US$ means you will certainly be hit by currency fluctuations. Granted that at the moment there's at least a chance that the currency rates will improve sometime going forward, but whatever happens, the Thai baht value of your dollars will fluctuate. On the other hand Baht 800,000 today will be Baht 800,000 tomorrow or next month or whenever. 1 Link to comment Share on other sites More sharing options...
ubonjoe Posted February 7, 2018 Share Posted February 7, 2018 A post in capital letters has been removed. Forum rule Quote Forum Netiquette 1. Please do not post in all capital letters, bold, unusual fonts, sizes or colors. It can be difficult to read. Link to comment Share on other sites More sharing options...
owenm Posted February 7, 2018 Share Posted February 7, 2018 Not to apply for an extension of stay at immigration. You can keep the money in a bank in your home country if you apply for a OA long stay visa at the Thai embassy there.Is this min 800k or equivalent in your home country when applying for OA visa only acceptable for the first year? When seasoning the funds for the following year, I'd presume that the funds have to be in a Thai bank account, or can funds in an overseas account still be used for IO? Sent from my [device_name] using http://Thailand Forum - Thaivisa mobile app Link to comment Share on other sites More sharing options...
BritTim Posted February 7, 2018 Share Posted February 7, 2018 16 minutes ago, owenm said: Is this min 800k or equivalent in your home country when applying for OA visa only acceptable for the first year? When seasoning the funds for the following year, I'd presume that the funds have to be in a Thai bank account, or can funds in an overseas account still be used for IO? Funds in your home country when applying for an O-A visa (which you can have last about two years by getting a new entry just before the visa expires). Funds in a Thai account, appropriately seasoned, when applying for an extension of stay inside Thailand. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now