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BANGKOK 19 February 2019 05:08
LawrenceN

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

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16 minutes ago, JackThompson said:

The rules never stated one had to "spend 65K+ / mo every month" to qualify for a retirement-extension.

And the rules as yet have not stated that it is not OK to repatriate funds but the rules are now only a few weeks old.

 

You're saying maybe that the IMM folks will continue to allow someone to deposit from overseas 65K baht in a Thai bank account and 5 minutes after it clears send the whole 65K baht minus expenses back from where it came. Even with the 800K  baht in the bank you still have to have funds in addition to the 800K baht or you won't be able to top it off for the following year.

Edited by JLCrab

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20 hours ago, DogNo1 said:

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.

USAA does charge $45.  Interestingly, on its website now (if you look up "international wire transfers"), it actually recommends Transferwise, as being cheaper. 

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3 hours ago, JLCrab said:

And the rules as yet have not stated that it is not OK to repatriate funds but the rules are now only a few weeks old.

 

You're saying maybe that the IMM folks will continue to allow someone to deposit from overseas 65K baht in a Thai bank account and 5 minutes after it clears send the whole 65K baht minus expenses back from where it came. Even with the 800K  baht in the bank you still have to have funds in addition to the 800K baht or you won't be able to top it off for the following year.

If you want to send some funds back...withdraw cash ...

 

Pay it into a different account ..yours or your wifes etc ...

 

Get 'whoever' to send it back using TW ... to your account...or do something like this...

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45 minutes ago, JAS21 said:

If you want to send some funds back...withdraw cash ...

Pay it into a different account ..yours or your wifes etc ...

Get 'whoever' to send it back using TW ... to your account...or do something like this...

Why the devious route -- if it's perfectly OK why not just send it back directly from YOUR Thailand account to YOUR ex-Thailand  account?

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Why the devious route -- if it's perfectly OK why not just send it back directly from YOUR Thailand account to YOUR ex-Thailand  account?
Sounds like its better to go via dee money first
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3 minutes ago, scubascuba3 said:
54 minutes ago, JLCrab said:
Why the devious route -- if it's perfectly OK why not just send it back directly from YOUR Thailand account to YOUR ex-Thailand  account?

Sounds like its better to go via dee money first

Sure so your Thai bank statement shows that you transferred money to DEE Money for transfer out of Thailand.

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Sure so your Thai bank statement shows that you transferred money to DEE Money for transfer out of Thailand.

so therefore transfer to your other thai account first.

 

You think the transfer will show the correct code and name? 555 keep it real

 

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On 1/16/2019 at 6:16 PM, DogNo1 said:

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.

 

From USAA website.  $20 for a domestic wire and $45 for an international wire.

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4 minutes ago, scubascuba3 said:
7 minutes ago, JLCrab said:
Sure so your Thai bank statement shows that you transferred money to DEE Money for transfer out of Thailand.

 

so therefore transfer to your other thai account first.

 

You think the transfer will show the correct code and nthat has been transferred to your account in Thailand back to your account ex-Thailand?ame? 555 keep it real

Why would you feel the need to hide your tracks if there is nothing in the new regs to prohibit your sending money, that has been transferred to your account in Thailand for purposes of extension, back to your account ex-Thailand?

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Why would you feel the need to hide your tracks if there is nothing in the new regs to prohibit your sending money, that has been transferred to your account in Thailand for purposes of extension, back to your account ex-Thailand?
you seem to be worried about using Dee money as if it will incriminate you. I don't see a problem with sending money back to farangland to pay bills. But lets be honest the IOs are loose cannons and a lottery if you get one that follows the rules so best not do anything that gives them an opportunity to ask for tip

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There seems to be nothing in place to prevent anyone from depositing 65K baht from overseas, then withdrawing and converting to either gold or the original currency of origin at a money exchange. What am I missing?

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The best way to "send" THB back to your home account is to find a trusted countryman who doesn't need to show incoming funds to T/L, e.g. someone using the seasoned 4/800k savings.

Simply agree a FX rate, arrange for him to make a bank transfer in the home country (usually free & immediate) and then hand over the baht cash.  Saves fees in both directions.

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On 1/15/2019 at 5:55 PM, LawrenceN said:

It's just bureaucratic pointlessness when using the monthly income method

They excel at this

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6 minutes ago, Lacessit said:

There seems to be nothing in place to prevent anyone from depositing 65K baht from overseas,

Yes -- but when people on here reference it they often suggest a circuitous trail of cash, other accounts, other person's accounts, etc. before sending it back from the Thai bank they use for purposes of the extension and, if it's all legit, why the need to obfuscate?

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2 hours ago, JAS21 said:

If you want to send some funds back...withdraw cash ...

 

Pay it into a different account ..yours or your wifes etc ...

 

Get 'whoever' to send it back using TW ... to your account...or do something like this...

TWise cannot do Baht to foreign bank.

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