Another visa question

[jeffo999 0]

One thing that I learned and have done is open an HSBC Premier account. This will allow me to open an account in Thailand and the Philippines before even leaving home. The ATM is no charge at any ATM machine worldwide and no fee for credit card transactions. Wire xfer's are also free and supposedly done in seconds. For signing up they wil give me a dell netbook or points redeemable for $300 cash. Minimum balance is USA 100k$. I have not tried this yet so do not know if there will be a charge at the ATM where I withdraw. They may refund that too.

 

I have decided to try the Philippines first but will get my Thai retirement visa anyways.

 

Thanks for the info!

[Emil 0]

The money has to be in a savings account and not in a term deposit account, so that you can access your funds immediately if needed.

 

Not true, at least from my experience. In Aug 09 and again a few weeks ago I renewed my retirement visa and had the 800k in a term deposit. Unless you need the funds when the bank is closed it's no problem pulling any funds out early, you do lose some interest. I heard (not official source but it does make sense) that the immigration office actually prefers seeing the term deposit because they know that the applicant hasn't gone and borrowed some funds just for the purpose of getting the visa.

[jeffo999 0]

Looks like the renewal vs the initial retire visa from your home country is different. Makes sense since is hard to verify funds in a Thai bank from abroad.

[Emil 0]

Looks like the renewal vs the initial retire visa from your home country is different. Makes sense since is hard to verify funds in a Thai bank from abroad.

 

For Americans I think its just as easy or even easier to get the initial retirement visa while in LOS. You can do it with only the 30 day entry stamp in your passport and no medical or police verification forms required.

[kaiser71 30]

"The Deposit Insurance Act, taking effect on 13 February 2008, establishes a Deposit Insurance Agency to guarantee depositors' funds in the event of a bank bankruptcy. The Agency will reduce the amount insured for each depositor for all deposits insured in the first year, to a maximum insured of 100 million baht the second year, 50 million baht the third year, 10 million baht the fourth year, and 1 million baht the fifth year."

 

Is this right? For a foreigner? Do you have confidence in it?

[jeffo999 0]

For Americans I think its just as easy or even easier to get the initial retirement visa while in LOS. You can do it with only the 30 day entry stamp in your passport and no medical or police verification forms required.

 

Need to hire an agency for this? I want to know more.

[jacko 8,814]

Need to hire an agency for this? I want to know more.

You can do it yourself......

It is likely easier to arrive with a Non-Imm O visa, issued in your home country.

You need to be over 50....

ONE YEAR 'EXTENSION' FOR A NON-IMMIGRANT 'O' VISA.

 

When in possession of an 'O' visa (either single entry, or multiple), if over 50 years of age, or legally supporting a Thai national, obtaining a '1-year' extension (officially classified a retirement extension - or spousal extension) is fairly straightforward and can be obtained locally at the Immigration Office for 1900 baht. This is where the 'money in the bank' part raises it's ugly head.

 

1. Retirement Extension: In order to qualify for a 1yr 'extension' for retirement purposes, you must show an official Bank letter confirming a Thai bank statement in the amount of at least 800,000 baht (there is an alternative available - see below). You may be required to show confirmation from your Embassy as to your 'Wish to retire in Thailand', and (very occasionally) a recent, local, medical certificate from a government approved medical facility. This minimum Bank balance will need to be maintained and shown for 2 months prior to the application (3 months for subsequent renewals). (The medical certificate is largely redundant now, but may be required if you are deemed to be 'very sick')

 

The first time you get this type of 'extension' your current 'permission to enter stamp' of 90-days will be extended by 12 months. Thereafter, renewal is for 1 complete year periods. Although an application for this type of extension may be problematic the first time (proving your qualification), upon expiry a repeat extension for one year at a time will be granted to this group of people as long as they continue to meet the requirements as earlier stated, but is at the discretion of the immigration department. Each further extension currently costs 1900 baht/year (July 2009), provided you continue to qualify, without the need to depart from Thailand at any time.

 

(alternative) Applicants for a retirement visa may use income as part of their financial support (pension or other guaranteed income), but must get their Embassy to confirm and stamp the original proof of income documents, and confirm the amount, for later application at Immigration. Original documents will be inspected by Immigration - and returned.

 

Source...Expats Club

[Gary 4,119]

For those who have serious questions, keep in mind that there are no hard, fast or firm rules within Thailand. Each immigration office is different and then each official puts his own spin on the requirements. I once tried to explain and even showed that asshole official the rules that I had printed out. The guy got pissed off at me and still hassles me because I questioned him. That was several years ago. His reply to the printed rules was to throw then back at me and tell me he has his own rules.

 

Rule number one is that there are no official rules. Do what the official asks and NEVER argue. If they like you they will sometimes cut corners and make your extension pleasant rather than nit pick everything. I would love to change immigration offices but now you must apply in the area you reside.

[Emil 0]

Need to hire an agency for this? I want to know more.

 

No agency required and no need of getting a Non-Immigrant "O" visa prior. I did it 4 years ago and assisted a friend get his this past April. If your going to use money deposited in a Thai bank as part of the equation for the financial requirement, then you need to have those funds deposited 3 months prior to you applying for the visa. If your going the 65,000 baht monthly income for the requirement then you need to visit the US Embassy in Bangkok first and get the certified form. It will cost you $50 USD, you will raise your hand and affirm that the income that you stated on the form is correct, (no proof required) and they will notarize it and off you go. (took me about 15 minutes at the Embassy).

 

You will need the following when you go to the immigration office to apply for the retirement visa:

 

1. This proof of income letter from the embassy if your not meeting the 800k requirement.

 

2. A Thai bank book along with a letter from the bank (cost me 100 baht for this letter at Bangkok Bank). The funds in this account do not need to have been there for 3 months if your satisfying the financial requiremnt entirely by having 65K baht or more of monthly income. I heard that they wanted to see at least 100k in the account but I can't verify because I do the 800k deposit and my friend had about 200k in his account when he received his visa.

 

3. A passport which has at least 18 month till expiration.

 

4. Passport photos and copies of your info page of your passport, entry stamp page and of your departure card.

 

5. Some type of proof of where your staying. Rental agreement, electric bill, true vision bill, etc.

 

6. You'll complete a form that will be given to you at the immigration office.

 

7. and some baht. Cost of the retirement visa is 1900 baht, however if you only have the 30 day entry stamp in your passport they will want 3900 baht. When I got mine 4 years ago I first had to get the non immigrant "O" visa in my passport. Cost was 2000 baht and it was stamped into my visa and then stamped "Used" a second later, then I proceeded on to the retirement visa station. They've streamlined the process now and you do it all at once at the retirement visa desk, but they still want that extra 2000 baht.

 

The first time I applied it took me about 30 minutes because I had to go to two different stations, they will keep the passport overnight and you'll pick it up the next business day. The pickup is fast because they give you a number and you go directly to the retirement station and pick up your passport, maybe 1 or 2 minutes.

[joekicker 53]

Is this right? For a foreigner? Do you have confidence in it?

 

No one has lost their money in a Thai bank since... well, Creation.

 

.

[jacko 8,814]

No one has lost their money in a Thai bank since... well, Creation.

 

.

Ha, you should have been at the Expats club last week.......

A guy there stood up and related how he had left Thailand 4 years ago, and just returned to find that the 2 accounts he had left behind had gone! One drained of 4 and 1 million baht gone respectively.

He was told one account was still there, and he would be issued a new ATM card on it the next day. The next day it had vanished!

A tale of woe.......

Beware of leaving a dormant account here......

 

I know you didn't use the word 'never' Joe, we both know why!

Edited September 4, 2010 by jacko

[Gary 4,119]

Ha, you should have been at the Expats club last week.......

A guy there stood up and related how he had left Thailand 4 years ago, and just returned to find that the 2 accounts he had left behind had gone! One drained of 4 and 1 million baht gone respectively.

He was told one account was still there, and he would be issued a new ATM card on it the next day. The next day it had vanished!

A tale of woe.......

Beware of leaving a dormant account here......

 

I know you didn't use the word 'never' Joe, we both know why!

 

Anyone stupid enough to leave 5 million baht in dormant accounts for four years apparently wasn't concerned about that money and deserves to lose it.

[jacko 8,814]

Anyone stupid enough to leave 5 million baht in dormant accounts for four years apparently wasn't concerned about that money and deserves to lose it.

That is a bit harsh, he may have had his reasons. One of which was the child he had......

In hindsight, sure it was dumb, whether he deserved to lose it is another matter. Westerners have this crazy idea that bank employees won't steal their money.

[Idefix 2,275]

A guy there stood up and related how he had left Thailand 4 years ago, and just returned to find that the 2 accounts he had left behind had gone! One drained of 4 and 1 million baht gone respectively.

He was told one account was still there, and he would be issued a new ATM card on it the next day. The next day it had vanished!

Hi,

Do you have any more info about that ? A link on expats club site ?

Thai banks have a very good reputation : reliable and safe. . I never heard of a big problem before that.

There is no way they "let the money go" if you don't give a card, a passbook to anyone.

 

BTW, all banks will close accounts if not use during a long time. Everywhere and not only in Thailand. Happened to me in Europe. That does not mean that you lost this money : there is always a procedure to get it back.

[jacko 8,814]

Hi,

Do you have any more info about that ? A link on expats club site ?

Thai banks have a very good reputation : reliable and safe. . I never heard of a big problem before that.

There is no way they "let the money go" if you don't give a card, a passbook to anyone.

 

BTW, all banks will close accounts if not use during a long time. Everywhere and not only in Thailand. Happened to me in Europe. That does not mean that you lost this money : there is always a procedure to get it back.

No it was just a 'question'... some distraught guy wondering what he could do next.

Not so sure regarding your statement there, surely the bank is as good as it's employees?

His other statement was that he was receiving 'not my problem shrugs', which I can well imagine.

 

I think one of the new governments ideas in the UK to garnish funds is to make a smash and grab on dormant bank accounts. Scary that government and banks would unite to do such.

[kaiser71 30]

So, what's the takeaway here? Keep your 800k there and very little more?

[joekicker 53]

Ha, you should have been at the Expats club last week.......

A guy there stood up and related how he had left Thailand 4 years ago, and just returned to find that the 2 accounts he had left behind had gone! One drained of 4 and 1 million baht gone respectively.

 

The question wasn't whether someone could rob the bank or many of its accounts, since the obvious question is obviously "yes, obviously". The question was whether accounts are safe/insured in Thai banks, and the answer is that when a bank goes broke, you get your money. There has NEVER been a case of accounts collapsing when Thai banks collapsed, unlike in many western countries such as Britain and the US -- where thousands HAVE lost their savings in bank collapses until very recent (in history) government-backed insurance schemes.

 

If someone uses your ATM card or online info or does a good cheque forgery or otherwise manages to get into your account to drain that account, tough bananas, yes, same as anywhere.

 

.

[jacko 8,814]

The question wasn't whether someone could rob the bank or many of its accounts, since the obvious question is obviously "yes, obviously". The question was whether accounts are safe/insured in Thai banks, and the answer is that when a bank goes broke, you get your money. There has NEVER been a case of accounts collapsing when Thai banks collapsed, unlike in many western countries such as Britain and the US -- where thousands HAVE lost their savings in bank collapses until very recent (in history) government-backed insurance schemes.

 

If someone uses your ATM card or online info or does a good cheque forgery or otherwise manages to get into your account to drain that account, tough bananas, yes, same as anywhere.

 

.

As he stated, infront of me and many, but presumably not in front of you.... but of course you know much more.

He said, one of the 2 accounts was there and intact, and he was told come back tomorrow for a new ATM card.

Tomorrow the account could 'no longer be found'.....and people acted dumb. I belivee it is one of the banks that now has a new name.

 

Some guy lost a lot of money from his Thai accounts, claiming one was drained by persons unknown, another account went away.

What is the regulation within Thailand regarding dormant accounts?