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BANGKOK 20 February 2019 05:43
LawrenceN

Report: Successful retirement extension using monthly income, no consul letter

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3 minutes ago, HuskerDo said:

Thanks Ubon!! I'm assuming that ALL TI understands that or is it still a work in progress now?

They should by now since it has been almost a month since the change was sent out.

Really no different than before other than how the income is proven,

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18 minutes ago, CMNightRider said:

I used the consulate letter along with showing proof of my monthly pension funds being deposited into a US bank.  I was issued my one year extension.  

 

I asked the immigration officer about what will be required next year since the consulate in their infinite wisdom has decided not to issue income verification letters anymore.  The officer said no ones knows yet.  

 

I couldn't help notice the dwindling numbers of foreigners lined up for their one year extensions.  I believe immigration is being successful in weeding out the people who are unable to meet the monthly financial threshold.   The next group to go will be the people who won't buy into depositing their monthly income or depositing 800,000 baht into a Thai bank just to qualify for a one year extension.

 

I think by this time next year, CM Immigration staff will be sitting in their immigration complex looking at each other wondering when they will be laid off due to most of the foreigners having moved to greener pastures.

 

As soon as their Thai bank deposit requirement starts, this will the end of Thailand, being touted as one of the top retirement destinations for foreigners. 😞  

 

  

 

 

Maybe. But Thailand sees to have an irresistible draw for tourists and long-stays regardless of the creeping restrictions.  You are right, however, certain groups of expats will be more or less forced to seek "greener pastures."  Costa Rica and Panama only require around B30,000 per month for retirement visa.  And in Panama, that amount is reduced to B22,500 if you buy (Yes, "buy") a house.  Most U.S. retirees would qualify for that on Social Security income alone.

Edited by rexall
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2 minutes ago, ubonjoe said:

They should by now since it has been almost a month since the change was sent out.

Really no different than before other than how the income is proven,

Are two accounts ok? One for the 200,000 (which I don't plan on ever touching) and the second for the monthly 55,000 deposits? Also, are they just focused on the deposited amount and not how much of it you spent?

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6 minutes ago, HuskerDo said:

Are two accounts ok? One for the 200,000 (which I don't plan on ever touching) and the second for the monthly 55,000 deposits? Also, are they just focused on the deposited amount and not how much of it you spent?

No problem to use more than one account. That will not care how much you spend or don't spend as long as the total of the 2 is 800k baht or more.

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4 minutes ago, ubonjoe said:

No problem to use more than one account. That will not care how much you spend or don't spend as long as the total of the 2 is 800k baht or more.

Thank you Ubon. Much appreciated!!

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Now some more off topic posts that were deflecting the topic of been removed. No further notice of removed posts will be given from now on. If your post is removed you can assume it stepped over the line.

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How long does the money have to stay in the bank? these days.

 

I work but plan to retire in 5 years.

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1 minute ago, Rugon said:

How long does the money have to stay in the bank? these days.

 

I work but plan to retire in 5 years.

"I work but plan to retire in 5 years".... Get ready Rugon. You are going to LOVE retirement.

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4 minutes ago, HuskerDo said:

"I work but plan to retire in 5 years".... Get ready Rugon. You are going to LOVE retirement.

I can't wait. Actually, I've just applied for Thai citizenship to avoid all these retirement hassle but that might take more than 5 years, with all this political turmoil! 

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3 minutes ago, Rugon said:

I can't wait. Actually, I've just applied for Thai citizenship to avoid all these retirement hassle but that might take more than 5 years, with all this political turmoil! 

Where are you now if you don't mind me asking?

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2 minutes ago, HuskerDo said:

Where are you now if you don't mind me asking?

Saraburi

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2 minutes ago, Rugon said:

Saraburi 

Oh, sorry for my poor assumption. When you said you just applied for Thai citizenship I thought you were outside of the country.  

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3 minutes ago, HuskerDo said:

Oh, sorry for my poor assumption. When you said you just applied for Thai citizenship I thought you were outside of the country.  

For citizenship, you must have been working for at least 3 years in Thailand.

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2 minutes ago, Rugon said:

For citizenship, you must have been working for at least 3 years in Thailand.

I didn't know there was political turmoil there. 

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2 hours ago, rexall said:

Thanks. I was just trying to find out from Transferwise how the deposits are coded. What do the receipts say?

A Transferwise (TW) receipt is pretty basic.  

 

- Has a "Transfer Confirmation" section that shows you name, address, member number, funded, paid out date.   

 

- A "Transfer Overview" area that show how much sent, exchange rate, and fee.

 

- A "Sent To" area that shows who you sent the money to, their bank account number, and address.

 

- And finally a "Paid Out From" area which look likes below snapshot which shows who the money was paid out on behalf of (your name goes there), shows the final leg of the transfer was via local bank transfer, the banking partner TW used, and a banking partner reference number.   

 

  Now in below transfer I was sending myself money to my Bangkok Bank account, TW happened to use Bangkok Bank as their banking partner for this transfer but they could have used TMB or Kaiskorn (and may in the future), and my transfer was coded "FTT/International Transfer" on my Bangkok Bank account. 

 

   Just because TW currently uses Bangkok Bank, TMB, and K-bank as their current banking partners doesn't mean they always will....TW could change one or more of those banks tomorrow....switch to other Thai banks (maybe SCB and KrungThai...who knows....up to TW).   TW's requirement is to get the money delivered to your Thai bank account; not ensure the coding/description appears a certain way. I'm sure TW would like it to appear a certain way if it makes it's customers happier, but the receiving bank controls its own coding/descriptions.

 

  The FTT/International Transfer coding/description is purely Bangkok Bank's doing based on how it handled the transfer.  I fully expect if the bank partner had been TMB or Kaiskorn it would have been coded as just another domestic transfer from another Thai bank.  And the one transfer I did do my Krungsri account the bank partner used was TMB and the transfer coded as just another domestic transfer....no international coding/description.   

 

  TW really has no to little control over the coding/description a receiving bank posts as each bank is different with their coding and descriptions.  Generally, the receiving bank extracts/relies on/modifies coding/description received from the last bank that relayed the transfer.   But one thing for sure, the Bangkok Bank method of coding/describing TW transfers is perfect for those needing Thai bank easy & quick proof/documentation the TW transfer was an international transfer for extension of stay renewal purposes.  Takes the guessing game out of "will immigration my proof (like a TW receipt)" that these Bt65K/40K monthly transfers are really money transferred into Thailand. 

 

  But I sincerely hope immigration understands coding/descriptions among Thai banks varies and with some of the "new, non-traditional" ways of transferring money (like using TW) that accepting non-Thai bank docs like a TW receipt matching up with a statement/passbook transaction shown as domestic is proof the transfer was actually an international transfer.  Time will tell.

 

image.png.e1d7130b2b72f9135c404b2da13db5e5.png

 

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