# Banking Catch 22?



## dollarability (Aug 22, 2010)

Hello, I thought I read online that a nonresident can set up a Thai denominated bank account in Thailand and I thought since the baht is increasing in value I would setup such an account and start making regular monthly deposits to the Thai account from my Canadian bank account since i have to save 800,000 baht in a Thai bank account to qualify for a retirement visa. However, after contacting a large Thai bank I was informed that I can only set up such an account with a visa. However, I find this confusing since I can't get a retirement visa without having a Thai bank aco**** with 800,000 baht. Also, the balance has to be 800,000 or above for the previous three months I understand. Can something help me to understand the logistics here? If one cant get a bank account without a visa and one can't get a visa without a bank account, how does one retire in Thailand? What is the actual procedure? thanks.


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## eyecatcher (Aug 26, 2010)

yes, i just returned from a 3 month trip to phuket and chiang mai and i was aware from various other forums that tourists had difficulty opening a bank account yet some found it simple.
because i was on a 3 month stay i didnt want to keep a wad of cash in my room so i decided to chance my luck at opening an account.
like you i went to a couple of so called tourist friendly banks but they said sorry cannot open an account until you have retirement visa or business visa.
and as you say catch 22, i was saying but i want to buy a business, how can i get money into a thai bank...
however i was told go to the kasikorn bank, dead easy, just take 500bt in your pocket thats all you need.
so i went to kasikorn, had no problem whatso ever, sat down with an advisor, just asked if i can open an account with a cashcard and online bank account.
i had my passport with me, with my ed visa..............they did not want to see it!
i had no permanent address....they said no porblem what is the name of your hotel...
how much do you want to put in to open.....i said is 500bt ok..yes

they printed me a deposit book, gave me a cashcard which i simply had to go to the machine to create a pin number and that was it.
i think if i remeber correctly, they charged me 100bt for the cashcard/service to open the account.
so my advice, go to a kasikorn, in a tourist area..will have no problem


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## dollarability (Aug 22, 2010)

Wow, thanks very much. Will remember Kasikorn.


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## duncanb (Sep 5, 2010)

dollarability said:


> Wow, thanks very much. Will remember Kasikorn.


Similar happened to me. I was told by Krung Thai bank that I needed a work permit. I got a work permit and they never asked for it. Rules change a lot and the implimentation of the rules vary from bank to bank, branch to branch and day to day


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## dollarability (Aug 22, 2010)

Accordin gto the Royal Thai Consulate of Canada one can obtain a retirement visa in Canada, but two banks have told me now that I need a work visa. Ive written to the consulate here to get a better explanation. However, Ive also found this company online:

Thailand Lawyers, Attorneys, Solicitors - Visa, Property, Business - Siam Legal Thailand US UK Visas


They describe the process, which implies that you CANNOT get a retirement visa while in Canada, but they also guarantee that one will obtain a retirement visa once one arrives in Thailand. The deadlines seem very short. One has to have a 90 day visa, the 800,000 baht have to be in a bank account in Thailand for 60 days, and one has to have 30 days remaining on one's visa to submit an application for a retirement visa. This means basically you have to open a bank account the day you arrive, and apply for the visa on the 60th day. 

Anybody know what the reputation of this company is?

Thailand Lawyers, Attorneys, Solicitors - Visa, Property, Business - Siam Legal Thailand US UK Visas






duncanb said:


> Similar happened to me. I was told by Krung Thai bank that I needed a work permit. I got a work permit and they never asked for it. Rules change a lot and the implimentation of the rules vary from bank to bank, branch to branch and day to day


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## duncanb (Sep 5, 2010)

can't help regarding the company you mention BUT, you could come over set up the account and start the retirement process, then go to somewhere such as laos to get a new 90 day visa, thus you have more time and have the at least 30 days left on your visa.
Also, I honestly think it is better to sort out the visa yourself. Immigration in Chang Wattana seem slow and lethargic, but they do get things done providing you have all of the right paperwork.


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## Thai Bigfoot (Aug 29, 2009)

*Bank Account*



dollarability said:


> Wow, thanks very much. Will remember Kasikorn.


Sure, just use any kind of visa. Education, tourist, etc. Then you can open anaccount. I did mine with the Siam Bank.


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## GarryG (Aug 12, 2010)

dollarability said:


> Hello, I thought I read online that a nonresident can set up a Thai denominated bank account in Thailand and I thought since the baht is increasing in value I would setup such an account and start making regular monthly deposits to the Thai account from my Canadian bank account since i have to save 800,000 baht in a Thai bank account to qualify for a retirement visa. However, after contacting a large Thai bank I was informed that I can only set up such an account with a visa. However, I find this confusing since I can't get a retirement visa without having a Thai bank aco**** with 800,000 baht. Also, the balance has to be 800,000 or above for the previous three months I understand. Can something help me to understand the logistics here? If one cant get a bank account without a visa and one can't get a visa without a bank account, how does one retire in Thailand? What is the actual procedure? thanks.



What you should be doing is applying for a 1 year non immigration Visa "O" from the Thai embassy in your home country, then when you go to Thailand you can open an account with any bank very easily. Then about 3 months from when You have to renew your Non immigration Visa "O" you should have 800,000 Baht in a Thai bank. That is the time you should have to show you have that much money, If you are married to a Thai person then it is 400,000.


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## eyecatcher (Aug 26, 2010)

The point i was trying to make was, i had my visa in my passport, but they did not want to see it.
i think they only looked at my passport to check the spelling of my name. simple.
the bkk bank were most particular and difficullt to deal with, wanting this that and the other, but ironically seem to offer the best tourist exchange rates most of the time.


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## tony121 (Oct 17, 2010)

Hi I tried last week to open an account was told by one all i needed was passport, 500 baht and an address not a hotel but a friends address was okay, bank across the road wanted passport and a certificate from british embasssy in Bangkok


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