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BANGKOK 19 May 2019 15:34
FatVern

Questions regarding the 800K Baht Bank Storage for Extension (Retirement)

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I am starting to prepare for my third extension of stay based on retirement next year (February 2020). This time around I am going to try and setup 800K Baht in a Bangkok Bank based account 3 months out. Should I try to obtain a foreign currency dollar account or is a normal baht savings account best? Also, do I need to worry about providing evidence that the money originated from outside Thailand for my situation? I've used the embassy letter the previous two times. 

Thanks!

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Immigration isn't interested WHERE the ฿800,000 came from as long as it's been seasoned properly.

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1 hour ago, FatVern said:

Should I try to obtain a foreign currency dollar account or is a normal baht savings account best? 

It’s a personal choice. It makes no difference regarding the extension application.

 

1 hour ago, FatVern said:

Also, do I need to worry about providing evidence that the money originated from outside Thailand for my situation?

No. They do not, as a general rule, require proof that the funds came from abroad.

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Re " as a general rule, require proof that the funds came from abroad"; please explain how you assert this...in all my years of processing extensions of stay based on retirement using the 800K funds inn a Bangkok Bank Fixed account, I've never been asked where the funds came from.........

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Posted (edited)
1 hour ago, jeffandgop said:

Re " as a general rule, require proof that the funds came from abroad"; please explain how you assert this...in all my years of processing extensions of stay based on retirement using the 800K funds inn a Bangkok Bank Fixed account, I've never been asked where the funds came from.........

You haven’t been asked because it’s a general rule that they don’t ask.

 

Retirement funds are supposed to originate from abroad, whether it’s monthly income or a single transfer. Immigration only require proof if you apply for a non ‘O’ in-country ahead of an extension, but not if you enter with a non ‘O’ obtained abroad.

 

My understanding is that they don’t require proof at the point an extension is applied for because proof of foreign funds should have already been obtained by the ‘agency’ issuing the prerequisite visa.

Edited by elviajero
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OP you did not mention which office you do the extension at. 

I only ask as there may be one or two regional offices who will not accept a foreign currency deposit account. Better to know in  advance before it is too late to do anything about it. 

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5 hours ago, FatVern said:

Should I try to obtain a foreign currency dollar account or is a normal baht savings account best

Does that mean you hold the money in the bank in another currency say like USD, but have not yet changed it to baht? If is an option this is a great idea as you could wait until exchange rates go back up to switch it to Thai baht..

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Just now, holy cow cm said:

Does that mean you hold the money in the bank in another currency say like USD, but have not yet changed it to baht? If is an option this is a great idea as you could wait until exchange rates go back up to switch it to Thai baht..

Yes you can have foreign currency deposit accounts within Thailand. And what you say is one of the selling points. How do  you know exchange rates are going back up?

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1 minute ago, jacko45k said:

Yes you can have foreign currency deposit accounts within Thailand. And what you say is one of the selling points. How do  you know exchange rates are going back up?

It is in my area to keep a close track and relations for what will happen, but no one is a soothsayer. Let's leave it at that. The baht is stabilized for now and thought to go back up in our favor in Q4. Ofcourse something more odd could happen and it could shoot more down/stronger, but in reality Thailand has more to lose in the end if it doesn't return back to where it was resting at 33/34baht to 1 USD with the just say end negative results from North American or many EU countries.. But in a normal year (not like this year) it will fluctuate up and down and then one calculates the result for average.

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2 hours ago, elviajero said:

You haven’t been asked because it’s a general rule that they don’t ask.

 

Retirement funds are supposed to originate from abroad, whether it’s monthly income or a single transfer. Immigration only require proof if you apply for a non ‘O’ in-country ahead of an extension, but not if you enter with a non ‘O’ obtained abroad.

 

My understanding is that they don’t require proof at the point an extension is applied for because proof of foreign funds should have already been obtained by the ‘agency’ issuing the prerequisite visa.

My apologies. I mis-read your statement. Should’ve had coffee first beforehand 

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OP you did not mention which office you do the extension at. 
I only ask as there may be one or two regional offices who will not accept a foreign currency deposit account. Better to know in  advance before it is too late to do anything about it. 


I go to Chaeng Watthana


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

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Does that mean you hold the money in the bank in another currency say like USD, but have not yet changed it to baht? If is an option this is a great idea as you could wait until exchange rates go back up to switch it to Thai baht..

Yes, currently the money is in the US in USD. I guess it is up to the individual to decide what is the best way to maintain value of the money? I am tempted to go with Baht as a tiny hedge against tiny dollar holdings. Any thoughts?  

 

Sent from my iPhone using Thailand Forum - Thaivisa mobile app

 

 

 

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3 minutes ago, FatVern said:


Yes, currently the money is in the US in USD. I guess it is up to the individual to decide what is the best way to maintain value of the money. I am tempted to go with Baht as a hedge against all my dollars. Any thoughts?


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

If you are going to permanently stay here then one day you will change it over to baht. Odd thing is if you do change and decide to pull the plug, you lose money the other way. I'm not sure but the question needs answering if immigration is ok with USD currency in a Thai account that hasn't been flipped into Thai currency. Shouldn't matter what so ever but they can be finicky temperamental ones. You need people to answer this for you who have successfully done it with renewals, and stating at what office.

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If you are going to permanently stay here then one day you will change it over to baht. Odd thing is if you do change and decide to pull the plug, you lose money the other way. I'm not sure but the question needs answering if immigration is ok with USD currency in a Thai account that hasn't been flipped into Thai currency. Shouldn't matter what so ever but they can be finicky temperamental ones. You need people to answer this for you who have successfully done it with renewals, and stating at what office.

Good point. Yes, I’d love confirmation that immigration (Chaeng Watthana) won’t freak if the money is in a foreign currency (dollar) account with Bangkok Bank.


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7 minutes ago, FatVern said:

Good point. Yes, I’d love confirmation that immigration (Chaeng Watthana) won’t freak if the money is in a foreign currency (dollar) account with Bangkok Bank.

They will accept a foreign currency account.

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