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BANGKOK 17 February 2019 22:27
LawrenceN

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

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15 minutes ago, DogNo1 said:

Ubonjoe mentioned an easy alternative to a bank statement - copies of the bank book countersigned by the bank.  To my mind, this plus a bank letter is the easiest proof.  My understanding is that the bank letter must be dated on the day that the application is made.  I assume (hope) that the bank book copies could be countersigned at an earlier date in the month of application provided that they showed  a transfer deposit for that month.

Not all offices want it on the same day. Some want it done the day for and other a fews is allowed. Not sure they will be so tight on the requirement to when proving income. Before they wanted the letter on the same day to prove the 400k or 800k was still in the bank on the date of application.

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1 hour ago, ubonjoe said:

First he asked for one to verify his income by showing the transfers into the country. Then immigration told him to get the standard letter used to verify his account.  That is the same standard letter used for the 400k or 800k baht in the bank for that option.

As usual, ubonjoe is correct. I did not save a copy of the letter. I walked straight from the mall back to the IO's counter. To me, it was nonsensical administrivia. Why verify my balance when monthly deposits are what matters? The only answer is that that's what the rules demand. AFAIK, they would have accepted the letter if my balance was ten baht. The banks don't know about verifying monthly income, just standing balance.

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2 hours ago, OJAS said:

Attached is a specimen example of what I believe to be the current version of the letter issued by Bangkok Bank (with acknowledgements to @KhunBENQ)

BKKB letter example.pdf

Yes, like that.

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4 hours ago, JackThompson said:

Correct - and the new rules state they will be flexible in the 1st year, so 7 mo of monthly international-transfer history should be plenty.

 

I'd be interested to hear from any Danes that have or are about to extend this month.. It's possible they can show no satisfactory deposits.

 

Also UK, US, & Oz citizens who missed the opportunity to get income letters/affadivits who may not even managed to get one suitable deposit as yet.

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5 hours ago, Psimbo said:

Is having the 800k in the bank no longer valid?

People keep asking the same question thousand times? If it's not clear by now, it will never be clear. 

Edited by onera1961
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56 minutes ago, DogNo1 said:

It turns out that several financial institutions in the US offer free SWIFT wire transfers.   Check with your institution.

Can you please list a few (if not credit unions)? I have accounts in almost all US banks and I will open an account if needed. I use transferwise every week to transfer to Bangkok bank and they are coded as FTT.  If SWIFT is free, I may give it a go to check out the exchange rates. Thanks

Edited by onera1961

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26 minutes ago, LawrenceN said:

The banks don't know about verifying monthly income, just standing balance.

I read in TVF that banks are working with immigration to standardize the letter. We have to wait and see what it turns out. may be the same as 800K letter. 

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It doesn`t actually have to be pension income, right ? Just so long as the transfers are proven to be international the source is irrelevant, is that correct ? You wouldn`t need a pension letter confirming pensionable income in access of 65K

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Pib, you are correct.  It IS April 1st.  My mistake🤣

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5 minutes ago, Jim P said:

It doesn`t actually have to be pension income, right ? Just so long as the transfers are proven to be international the source is irrelevant, is that correct ? You wouldn`t need a pension letter confirming pensionable income in access of 65K

The New Rules for income-based financials say "pension" - but it is debatable whether the meaning of the Thai specifies the exact English definition.  Some IOs in the past have used the English version of the word "pension" to block extensions, usually for marriage-based extensions, and usually when trying to divert the applicant to get an agent-commission.  

 

But, in general, an IO can always ask to see backup-documentation regarding the origin of your income, for any income-based extension - same as they could and have before (and still can) with an embassy-letter. 

Edited by JackThompson
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Fidelity does free Swift transfers and Mapguy says that USAA does also.  I haven't been able to confirm that with USAA yet.  They charged me $45, perhaps improperly.  What I know is free with USAA is domestic transfers but that option goes away on April 1st with Bangkok Bank's policy of only accepting IAT transfers after that.  Bangkok Bank says that after that date, ordinary ACH transfers will be returned.

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30 minutes ago, onera1961 said:

Can you please list a few (if not credit unions)? I have accounts in almost all US banks and I will open an account if needed. I use transferwise every week to transfer to Bangkok bank and they are coded as FTT.  If SWIFT is free, I may give it a go to check out the exchange rates. Thanks

Why every week, there is a minimum charge. Do it monthly.

In UK, a SWIFT from my Nationwide account cost £20. HSBC £4, First Direct...FREE. Guess who I use !

 

Edited by wgdanson

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3 minutes ago, JackThompson said:

The New Rules for income-based financials say "pension" - but it is debatable whether the meaning of the Thai specifies the exact English definition.  Some IOs in the past have used the English version of the word "pension" to block extensions, usually for marriage-based extensions, and usually when trying to divert the applicant to get an agent-commission.  

 

But, in general, an IO can always ask to see backup-documentation regarding the origin of your income, for any income-based extension - same as they could and have before (and still can) with an embassy-letter. 

My income is derived from both pension and private rental, Im not yet in receipt of a state pension and my private pension at current ex rates now falls short of 65K. Funny it looks like I can just deposit the 800k and no questions asked?

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OP Lawrence, thanks for this info, especially for me since I am planning to immigrate and retire in Thailand in the next two years.

 

Please, if it's not too much trouble, would you provide a list, in sequential order, of what you provided to the IO for your Visa?  

This will assist me now as I plan my future.  I'm asking for this info in case I choose to use the Income Method vs 800k in a Thai Bank.  Thanks.   Note: I shall not use the Combination Method. 

Edited by Lipoman

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Why every week, there is a minimum charge. Do it monthly.
In UK, a SWIFT from my Nationwide account cost £20. HSBC £4, First Direct...FREE. Guess who I use !
 
First Direct? also has a monthly account fee plus poor interest rate
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