Foreign Currency Account Used for Thai Retirement Visa

By Rachel Pachica on July 30, 2013 0

Thai retirement money in foreign currency

Foreign currency account for Retirement visa in Thailand

Expats wanting to retire in Thailand often ask, “Can retirement visa money be in another currency?” Some foreigners do not prefer to exchange the foreign currency to Thai baht due to exchange rate issue. Foreigners who apply for a Retirement Visa in Thailand are already acquainted with the fact that they need to meet the financial requirement: an amount of 800,000 Thai Baht which must be deposited in a Thai bank savings account 2 months prior to application for Retirement Visa. The amount in the dollar a/c should be equivalent to the Thai Baht amount and that the prerequisite is met. This joint bank a/c issue is still subject to immigration officer’s discretion. Financial requirement must be met. It should be stated in the letter the amount of money as converted to Thai Baht currency and the exchange rate that day. Spouses of Retirement Visa holder
Spouses of Retirement visa holder may apply for a Retirement visa or a Dependent Visa. Can we use foreign currency account? However there are some districts that allow joint bank a/c provided that: they are legally married; the account is under both spouses’ names; the account shows 1.6 Million Thai Baht in total. They prefer to open a foreign currency account and use another currency on deposit. As a general rule, opening a separate savings account in Thailand is required for each spouse, holding 800,000 THB per account. If the foreigner opened an international bank account, one must open an account in a Thai branch. Supporting letter from the bank is required confirming that the a/c had held the Thai baht equivalent of what they had in their foreign currency account amounting to 800,000THB over 2 months prior to visa application.
Whether it’s British pound, US or sterling dollar, other currencies can be acceptable as substitute if the amount of foreign money’s currency is equivalent to 800,000 Thai Baht per person and must be in a Thai bank savings account. There are some considerations which one is deemed appropriate:
Age. If the spouse is more than 50 years old, automatically he/she needs to make an individual application of his/her own retirement visa; if the spouse is less than 50 years old, he/she may apply for a Dependent Visa.

Rachel Pachica is a consultant at Siam Legal International, Thailand’s largest legal service network. We at Siam Legal will be happy to guide the foreigners who apply for a Retirement Visa in Thailand. Siam Legal provides a wide range of legal and Thailand visa – https://www.thaibounty.com/nine-essential-parts-for-resort/ – services which include Immigration Law, Civil and Criminal Litigation, Corporate Law, Family Law, Property Law and Private Investigation.