A bank account in Thailand: the bank decides per customer, and your visa hangs on the balance

Yes, as a foreigner you can open a bank account in Thailand, and with a retirement visa you need one. For the annual extension of your stay, the Thai Ministry of Foreign Affairs prescribes evidence of a transfer or an account in Thailand, with at least 800,000 baht, or an income that together with the balance comes to that amount. Which papers a bank asks for when opening is fixed nowhere: the bank decides per customer, under the rules against money laundering. And the pitfall lies with the money you bring: transferring is unlimited, but cash above 15,000 dollars you declare to Customs.

Why do you need a Thai account?

When applying for the O-A visa in the Netherlands, the evidence may be a bank statement with 800,000 baht, or an income certificate of 65,000 baht a month, or a combination. If you choose the balance, an original letter of guarantee from the bank goes with it.

For the extension in Thailand that shifts to Thailand. The ministry then names "evidence of a money transfer or a deposit account in Thailand, or an income certificate", together at least 800,000 baht, and the one-year extension is at the discretion of the immigration officer. How long the money must stay in the account before and after the application, and why you don't touch it in between, is in the four clocks of your Thai stay and the visa routes to Thailand.

Which papers does a bank ask for?

That differs per bank, per branch and per customer. The Board of Investment writes for LTR holders that the documents requested depend on the customer's profile and the purpose of the account, under the rules of the Anti-Money Laundering Office, and that some branches ask for additional papers. You also have to support the purpose of the account with a document.

What a bank may ask for	Why
Passport with valid visa	identity and residence status
A second identity document, from the Thai or Dutch government	for example a driving licence
Proof of your address in Thailand	title deed, rental agreement with a recent utility bill
A document supporting the purpose of the account	pension, daily expenses, work

For the LTR holder opening an account "for retirement", Bangkok Bank according to the BOI does not accept a rental agreement as proof of address, but does accept proof of ownership or house registration; for "daily expenses" a rental agreement of more than a year with a utility bill does count. It shows how precisely banks read. So bring everything you have: your TM30 proof, your rental agreement, a utility bill, and a letter or statement of your pension.

Don't switch in the middle of your bank period. Because the balance for your extension has to sit in one account for months, a move to another bank or a withdrawal at the wrong moment can cost you your extension. Choose the bank where you will stay, and open the account early enough to cover the period before your first extension.

How do you bring your money to Thailand?

The Bank of Thailand allows incoming transfers and baht or foreign currency without limit. For cash the following applies:

Rule	Limit
Cash into Thailand	without limit
Declaration to Customs on entry or exit	above 450,000 baht, or above 15,000 dollars in foreign currency
Baht taken out	50,000 baht, to neighbouring countries, Vietnam and Yunnan 2 million
Foreign currency taken out	up to what you bought at a bank or money changer
Depositing foreign cash into a foreign currency account	up to what you brought in, or 15,000 dollars a day

A non-resident may moreover hold a foreign currency account without limit and freely deposit to and withdraw from it. That is handy for anyone who wants to keep saving in euros. For your extension the balance in baht counts; ask the bank whether a foreign currency account counts for your immigration office, because the ministry only names "a deposit account in Thailand".

What does tax do with your transfers?

This is the point that changed in 2024. If you are in Thailand for 180 days or more in a calendar year, you are a tax resident, and then foreign income earned from 1 January 2024 is taxed as soon as you bring it into Thailand, in the same year or later. Your monthly pension transfer is therefore not neutral for tax. How the tax treaty with the Netherlands intervenes in that is in AOW, pension and tax in Thailand. So keep track separately of what is capital from before 2024 and what is income from after: that distinction determines what is taxed.

Finally, keep your Dutch account, for your pension, your AOW and your Dutch payments. The order of bank, extension and reports is at /thailand.

In Vertrekklaar this is phase 5 of 5 of the journey, step 5.2: the same steps, but for your situation — in your order, tickable, and with the deadlines watched. See the whole journey to Thailand or go straight to step 5.2 in the open plan.