Thai banks have the normal types of bank accounts – personal, business, savings, etc. The interest rate on savings accounts is generally very low – about 0.5%; therefore, it is advantageous to keep the bulk of your capital in other vehicles which pay more interest.
However, some visa extensions have significant bank balance requirements upon application.
Marriage visa – if you plan to marry while living in Thailand, you must have a bank account with a minimum balance of 400,000 baht at the time you apply for the visa.
Retirement visa – if you are retired when you move to Thailand or retire after you establish residency in Thailand, you must have an account balance of at least 800,000 baht at the time you apply for the visa.
It is relatively simple to open a bank account in Thailand; usually presenting your passport is all that is necessary. Some banks in Thailand can be more troublesome, requiring things like a letter from your Embassy verifying your identification; if you encounter such problems, just try other banks in Thailand or even another branch of the same Thai banks as they each have their own rules. Any personal account (i.e. not a business account) will include an ATM card. You can typically set the daily limit on your ATM withdrawals to any amount you want.
6 thoughts on “Banking in Thailand”
What exactly do we need to get a retirement visa, to live with our family in Thailand. Apart from signing forms, having a bank in Thailand do we need pictures etc.
You can find the requirements for the Thai retirement visa application on the website below. Also, we would be glad to talk to you regarding your concern. If you can provide us with your contact number, we can give you a call and provide you further recommendation.
http://www.siam-legal.com/thailand-visa/Thailand-Retirement-Visa.php
I am moving to Chiang Mai in the next couple of months to be with my Thai girlfriend. I will be 68 this year we intend to marry but not strait away. What is the be visa for me to apply for?
My girlfriend is 56 and a Thai national our plans to rent for six months and then buy our own home we are also thinking of opening a small business.
I would greatly appreciate your advice.
Regards,
Noel Taylor
You may apply for a tourist visa to travel to Thailand. The multiple-entry tourist visa will allow you to stay inside the Kingdom for 6 months or more. When you finally marry your Thai girlfriend, then you may apply for the Thai Marriage Visa.
Our firm can also assist you with opening of business in Thailand. We will be forwarding your phone number to one of our staff to contact you and give you more information about our service.
I live in Thailand on a retirement visa and I am to do my 3 month report soon.
My wife and I are in NZ visiting my family so do I need to report here in Auckland or when we return?
Also, my 12 months ends on 4th of May when we will be in Australia. So my thoughts are to return on a 30 day no visa and to renew my visa during that period.
I spoke to immigration on our way out from Thailand and the officer assured me I can do that. Is this correct?
Regards, W Clark
When you are outside Thailand, you are not required to do 90-day reporting. If you already meet the requirements for the visa application, you may be able to start and do the application again in Thailand when you come back here with the 30-day visa stamp. However, we are unable to confirm this to you since this can be a case-to-case basis.