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BANGKOK 20 February 2019 19:19
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Refused 1st Retirement extension

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10 minutes ago, tgeezer said:


You are doing rather well, the sum is more than enough.
If anyone can not do that then they they must subtract what they can transfer from the stipulated amount, multiply the remainder by twelve and deposit that amount into a fixed deposit account. It may even be possible to keep that deposit for only three months prior to renewal.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

I believe there is one member applying for extension combo method today, hopefully that will be succesful and indicate the way fwd for those using that approach.

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^

Being Belgian I can rely on a L.o.I..

Being 70, I still want to enjoy my time here.

Spending the 75000 is a nice way ( at least for me ).

 

Sorry to be out of the combo discussion, just wanted to mention one can be perfectly happy here without the 800000 in the bank.

 

Edited by luckyluke
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29 minutes ago, phutoie2 said:

'wouldn't take much to top it up to 800K'.

What do you suggest?, go out and rob a few 7/11's.

Jeez where do these folk come from.

I mean it would only be about $5-10,000. Hardly a lot to live for a year in Thailand. Hardly a lot for someone's life savings.

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^
Being Belgian I can rely on a L.o.I..
Being 70, I still want to enjoy my time here.
Spending the 75000 is a nice way ( at least for me ).
 
Sorry to be out of the combo discussion, just wanted to mention one can be perfectly happy here without the 800000 in the bank.
 

The 800,000 in the bank means that financial checks are short and sweet, a bank letter and bank book plus copies, it doesn’t affect my standard of living. I think that I live on about 1000 a day and I could cut back by a third by giving up golf.
I understand the frustration of people who can live here equally well but are forced to prove more than twice that. The authorities are stuck with the problem that ‘corruption’ is fine in society but where foreigners are involved it gets ugly. Fora like this are bad for us because we blab so much with the result that Immigration feels that it has to treat everyone equally.


Sent from my iPad using Thailand Forum - Thaivisa mobile app

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1 hour ago, Rugon said:

I mean it would only be about $5-10,000. Hardly a lot to live for a year in Thailand. Hardly a lot for someone's life savings.

:w00t:  OMG,

 

800.000 THB divided by the T/T KTB-exchange rate of 31,62 for 1 US$ ( by the moment ) „is only“ 25.300 US $.

 

And when you die the Thai banksters will die for :cheesy: I

 

 

Edited by puck2
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I went to the Phuket IO to transfer my extension to new passport which I did with no issue (no embassy letter was needed as I entered the country with my new pass),  then asked about my problem not being able to get letter from Brit embassy any more ,  they first said no other way, put 800k for 3 months in the bank,  two of them insisted the only way...!  When I went to get the completed passport,  I asked again,  the boss inside who said no other option before saw me saying there is a new rule etc. ,  said okay,  if you show 12xmonthly transfers of 65k that works.  I said but the rule came out a few weeks ago,  I can do 5 transfers,  he said no,  that's not enough... 

So 800k will be, after all it's not worth the hassle,  if I'm not here all year around that 12x65k money will accumulate to the same after a while anyway... 

I will use a £ account,  so at least not exchange in this current climate....

My only concern is safety and security of Thai bank accounts , with all the corruption and scams here,  we are prime targets and a sitting duck with all this money locked up there, in practice,  for year around ...! ?

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On 1/20/2019 at 1:24 PM, smedly said:

I do yearly (or 2x yearly) transfers in sterling to my sterling account in Bangkok Bank, I then do monthly transfers to my Thai baht account.

 

This does in fact tick the boxes for the requirements of income

 

- Foreign transfer from outside Thailand

- Monthly transfer to Thai Bank

 

Where these monthly transfers from a foreign source - yes, the money came from outside Thailand

Smedley my man, you have hit the nail right on the head, that is EXACTLY what I am going to see the IO about tomorrow.

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35 minutes ago, Agusts said:

I went to the Phuket IO to transfer my extension to new passport which I did with no issue (no embassy letter was needed as I entered the country with my new pass),  then asked about my problem not being able to get letter from Brit embassy any more ,  they first said no other way, put 800k for 3 months in the bank,  two of them insisted the only way...!  When I went to get the completed passport,  I asked again,  the boss inside who said no other option before saw me saying there is a new rule etc. ,  said okay,  if you show 12xmonthly transfers of 65k that works.  I said but the rule came out a few weeks ago,  I can do 5 transfers,  he said no,  that's not enough... 

So 800k will be, after all it's not worth the hassle,  if I'm not here all year around that 12x65k money will accumulate to the same after a while anyway... 

I will use a £ account,  so at least not exchange in this current climate....

My only concern is safety and security of Thai bank accounts , with all the corruption and scams here,  we are prime targets and a sitting duck with all this money locked up there, in practice,  for year around ...! ?

Why do people persist with this urban myth? 

 

I have had accounts here for 15 years and never had a problem, even with online banking.  

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56 minutes ago, Psimbo said:

Why do people persist with this urban myth? 

 

I have had accounts here for 15 years and never had a problem, even with online banking.  

You are absolutely right, I don't even have one example that I heard or read of something like this against Thai banks. But just saying it, considering the reputation of officials here (you can not deny that, I have paid off a few myself), if anybody has any evidence or examples would be useful to know - I have one or two of bank scams in other countries, with similar reputation of corruption, but not in LOS. (Also exclude all the ones who are scammed by their Thai wives and girlfriends, that doesn't quite count -:))

 

I was reading on FCA regulation you can authorise a third person to access your account ("after !" you opened it) !? Maybe this is their definition of joint account, but imagine how easy it would be for a corrupt bank staff to make a passport copy and a fake farang signature to get authorisation for someone, sure you can go to the police, would you get back your money though... !!!

 

 

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1 hour ago, wgdanson said:

Smedley my man, you have hit the nail right on the head, that is EXACTLY what I am going to see the IO about tomorrow.

let us know how you get on

 

I think the bank letter is key to this, if it is worded to confirm monthly deposits and confirms that the money came from outside Thailand (both true) which the bank knows then who knows

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8 hours ago, Rugon said:

I mean it would only be about $5-10,000. Hardly a lot to live for a year in Thailand. Hardly a lot for someone's life savings.

You're missing the point, as are a few others on here. The thing is that people have been using the income method for many years and wish to continue to do so, but the refusal of some embassies to stop issuing verification letters means that they have to use bank statements as proof. The problem is that all the banks except Bangkok Bank don't show transfers as coming from abroad. This is the hurdle that we hope we can find a solution to. Smug replies like yours don't help.

 

Edited by jesimps

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3 minutes ago, Pib said:

I would not worry about it unless maybe you have a partner/spouse that is really after your money more than they are after your love...or you have a hard time keeping your banking credentials secured.  Thailand made it thru the terrible Asian 1997 financial crisis without any bank failures...and their current economy is strong based on how the Thai baht continue to appreciate against western currencies.

 

The stories you hear in Thailand about people losing their money in the bank is usually stories about a person letting his banking credentials (ibanking logon, debit card PIN, etc) get compromised.....or the GF or spouse draining their bank account. Stuff like that happens in western countries also and when it's happens your money is still gone. 

 

And Thai bank accounts are currently insured up to Bt10M...but that goes to Bt5M 11 Aug 19 and then finally to  Bt1M 11 Aug 20.  This insurance would cover your Bt800K if the Thai bank expectantly went belly-up.  Or split your money among several different banks (not branches of the same bank, but different banks like Bkk Bk, SCB, K-bank, etc.) to get higher coverage.

 

Now I'm not going to argue that banking consumer protection in western countries is better than Thailand bank consumer protection.   But just because Thailand banking consumer protection may not be as good as western countries does not mean Thailand banking consumer protection is bad...it just means it's not as good.

 

A lot of people who can put Bt800K in a Thai bank account but simply don't want to for various reasons like don't trust Thai banks, well, that's their choice as its their money.   But they might want to have a serious discussion with themselves one day regarding what are my truly "valid" reason(s) for not wanting to put Bt800K in a Thai bank....are my reasons based on fact, perceptions,  rumor/incomplete stories of the GF/wife draining their bank account, etc.   

 

One thing for sure if a person is able, the Bt800K in a Thai bank is the no fuss, no muss method to get your annual extension of stay.

 

"One thing for sure if a person is able, the Bt800K in a Thai bank is the no fuss, no muss method to get your annual extension of stay."

 

So was the monthly income method until recently, I've been using it legally (with genuine proof of pension letters) for 12 years without a problem. I bet most people using this method have the 800,000 to deposit if necessary, but in the meantime, we prefer to try to sort out this Thai bank statement problem. If necessary, I'll reluctantly switch to the deposit method just before the 3 month seasoning is due.

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