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The Latest Info on Retirement Visas from Immigrations

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So much conflicting info, the only opinion that is going to matter is the one of the IO in front of you when you are renewing the extension, that is unpredictable at any time.

Edited by Orton Rd
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56 minutes ago, Chodi25 said:

I never seriously considered keeping a minimum balance of 800k in my Thai savings account before just because it is a waste of a lot of money. You get little or no interest on that savings from a Thai bank. I wonder if they would accept money in a Thai brokerage account. There are some large international brokerage firms in Bangkok. At least that would put the money to work.�

Probably not as the amount is not guaranteed?

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1 hour ago, sniggie said:

he embassies that have withdrawn the income letters will have to have a serious rethink

I vehemently disagree.  Consider it is Thailand that should seriously rethink.  It is their regulation, not the regulation of the U.S., U.K., Australia, or Denmark.  Thailand is for all intents demanding that the rest of the world be their auditors to comply with their rules.  Thai immigration already approves numerous foreign documents such as marriage, divorce, police, medical etc.  For them to get 12 monthly statements from a local thai bank or for that matter 112 statements from any foreign bank that shows a 65K baht minimum pension is a no brainer.  They just are pushing to get more foreign money into the Thai banks. 

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Just read through the PDF Bill posted and that is me totally screwed for the retirement combo method. My pension is just a small amount from the required funds and just keep a small sum in a Thai bank. Extension is due in a few weeks time, I already have the UK Embassy letter. Will not have time to get the 400K.

The IO Bill is commenting on is Phetchabun, they have only been open a few years, before that we all came under Phitsanulok. 

 

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1 minute ago, Sheryl said:

We have been through this ad nauseum on other threads. It shows as an international transfer if your bank is the bank they used for the transfer - they use a total of 3 different Thai banks and currently seem to use Bangkok Bank far more often than the other 2. But not always, and there have been posters who report an occasional transfer to their BB account appearing as a domestic transfer.

 

If  TW uses a bank other than yours, the bank that first receives it will do a domestic transfer to your bank and that, obviously, will show as a domestic transfer.

 

I personally emailed TW about this and they informed me that they might use any of 3 Thai banks and that they cannot say (and customers cannot choose) in advance which one it will be. 

 

I would be cautious about continuing to use TW for the income method of extension and assuming that because your account is with BB it will always show as FTT.  This is not guaranteed. At present it will show as FTT most of the time but sooner or later you will get a transfer or two that does not.

 

 

Hi Sheryl,  I've spent many hours/days researching the International ACH Transfer Direct Deposits.  One has to have a Direct Deposit to receive the IAT DD.  US Banks shy away from all the point to point verification etc  Currently the only US Fianacial Institution that issues IAT Direct Deposits is the Dept of Treasury (ie.  All USG agencies)..   Bangkok Bank NY linked up with Social Security as a starter.  I suggest you recontact TW and ask them for one US Bank they use so you can set up an account (direct deposit).   See my previous post below (ignore my comments on Marshalls SS security,  But Everything I've summarized above is in detail below.  Also ask 

 

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On ‎2‎/‎7‎/‎2019 at 11:19 AM, cmarshall said:

Bangkok Bank must have a contractual obligation with the US govt. to verify that the SS beneficiary is still living.  Expat beneficiaries pose a special risk of fraud to the SSA, since in the US the funeral directors have the obligation to inform the SSA of every death.  There is no such reliable notification of death available in Thailand. 

Marshall: NEGATIVE, How about the body being repatriated with the US Embassy,

 

The requirement for IAT direct deposit has been around for quite a while.  Bangkok Bank just recently brushed off the books and want to be in compliance.   Bangkok Bank NYC is the only bank in the US that can process IAT transfers direct deposits from the US to Bangkok Bank BKK.  At first it sounds like one just has to switch income source to social security and make sure their Thai home address is on the receiver's information.   Well afer researching is much more involved, limiting access to your funds etc.

 

An International ACHH Transfer is not just a modified ACHT.  It'[s a system that validates point to point originator and receiver such that there is always a money trail. No US banks want to go through the extra effort to confirm that the originator Financial Institution is IAT compliant as well as the receivers'.  It's at least more than half as much manhours with the back and forth processing and confirmation.

 

Right now the USG/s departments are the only institution that conducts all financial transactions through the complete IAT system.   Bangkok Bank is only using  Social Security as a method that they've figured out.  But checkout the form and proces by searching "social security sf 1199a direct deposit form". and its https://www.rfmsonline.com/downloads/forms/sf1199.pdf applicationt to the USG for approval.  And one has to have s a direct deposit account different from savings and needs to get permission from the Ministry of Commerce.

 

How many ex-pat's  SS check are greater than $2100 approx. 65,000 THB),  So I ght to look at two iAT direct deposits per month :  SS and the DVA iAT DIrect Deposit process and searched DVA Direct Deposit Enrollment and at first found the DV Direct Deposit Enrollment  FM DVA 24-096 (Enrollment) Continue searching DFAS, CIVIAL SERVAT ETC ALL CAN HAVE IAT TRANSFERS THROUGT, if ONE WANTS.

 

BOTTOM  LINE:  Marshall you conspiracy theory is bunk.    BUT, I'm not going to have my financial hands tied. I'm going to pay a little more and use Swift.   I've already got the Bangkok Bank account and Bank of America has been transferrigng to BB NYC for over 5 years. Just got to get it going by the 1 March as 1 Apr could be how long it takes to validate the move.

 

Tough times ahead:  "Don't Fight it, just enjoy it!"

 

Moon

"Speed is Life, Life is Speed:

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7 minutes ago, Moon37 said:

 I suggest you recontact TW and ask them for one US Bank they use so you can set up an account (direct deposit).  

 

 

I don't follow this. If I had an international  direct deposit arrangement why would I need to involve TW?

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