800,000b When?

[soleddy]

My question is regarding the 800,000 for retirement extn. I have used the regular embassy letter for about 8 yrs. I have differing opinions re. how early this 800,000b should be placed in the bank. One opinion is 3 months before the due visit. Another guy told me that 3 months is first-timers only and that old hands can place in the bank 2 months before. Further question: my bank is SCB in city centre (near my old job). I believe I have to show a letter certifying that they have my money. Do I need to get the letter from the actual branch? (I don't live there now). My friend banks with BKK Bank far from CW but he pops downstairs and gets his letter at CW the same day (even though it costs 200b). Also--Can I keep the 800,000 there for 12 months, or must I spend 400,000 after 4 months. I'm confused. Thx.

[Sheryl]

It is 2 months in advance for the first time.

 

Thereafter, opinions and interpretations are divided as to whether it is 2 or 3 months. To be safe, make it 3 for now until/unless things get clarified.

 

Whether you can get the needed letter from other than your branch depends on the bank. I've never tried at other than my own branch.

 

You can certainly just keep the 800K there untouched, in fact IO will like that as it makes it much easier to check. You do not have to spend any of it. If you want to spend, you can do so only during a 6 month interval starting 3 months after the extension is granted, and then, not more than half. So indeed it is easier to just leave it.

 

If you are going to do that yuou might prefer to put it in a Fixed deposit account for more interest. but make sure your IO allows this. The rules allow it and most IOs agree but it has been reported a few do not.

 

 

[DrJack54]

OP, where are you doing your extension. If it is CW then most banks are in building. You can obtain bank letter there. Charge often 200baht. Also make small deposit at that time the bank clerk is doing letter. As per good advice above....I use money in bank method. For my next extension will have deposit of 800k 3 month prior (to be safe) and then leave it there ongoing. Fixed term deposit. Easy to make mistake and have deposit dip below the 400k. In fact if I had been using income method (being oz) I would change to money in bank method.

[marcusarelus]

47 minutes ago, Sheryl said:

It is 2 months in advance for the first time.

 

Thereafter, opinions and interpretations are divided as to whether it is 2 or 3 months. To be safe, make it 3 for now until/unless things get clarified.

 

Whether you can get the needed letter from other than your branch depends on the bank. I've never tried at other than my own branch.

 

You can certainly just keep the 800K there untouched, in fact IO will like that as it makes it much easier to check. You do not have to spend any of it. If you want to spend, you can do so only during a 6 month interval starting 3 months after the extension is granted, and then, not more than half. So indeed it is easier to just leave it.

 

If you are going to do that yuou might prefer to put it in a Fixed deposit account for more interest. but make sure your IO allows this. The rules allow it and most IOs agree but it has been reported a few do not.

Is there a list of the ones that do not?

[Hummingbird]

Does anyone have recent experience with Chiang Mai for retirement extension after March 1st using only two months seasoning? This is my 5th extension. I have been told 800,000 baht in bank 2 months prior and also 3 months prior. Hoping it is 2 months. 

[bkk6060]

2 hours ago, Hummingbird said:

Does anyone have recent experience with Chiang Mai for retirement extension after March 1st using only two months seasoning? This is my 5th extension. I have been told 800,000 baht in bank 2 months prior and also 3 months prior. Hoping it is 2 months. 

Why don't contact them or go there and ask them?

[elviajero]

Under the old rules it was 60 days for new retirees making their first application, and 3 months thereafter.

 

Under the new rules (March 1st) it’s 2 months for new and renewal applications. Although some interpretations claim it’s 3 for renewals.

 

As you are renewing an extension I would recommend you assume 3 months as the worst case, but I expect it’s 2.

 

The only way to get a definitive answer at this time is to ask at your local office.

[bradiston]

I went to my IO at Laem Ngop down in Trad today to check if I needed the 400k in my bank from 1st March. My retirement extension isn't until September. I know about the 800k and will ensure it's in there 3 months prior. But there seems to be some confusion over whether everybody, irrespective of renewal dates, has to have the minimum 400k in, from March 1st 2019. The IOs didn't know either, and rang somebody who also didn't have a clue, so the advice was, put it in, just in case. Well, good advice, no doubt, but I ask you!

 

So, does anyone know how the 400k plays out? Does it kick in immediately, or only subsequent to your next extension? If it's the former, have Thai banks suddenly seen an avalanche of deposits? Just <deleted> is the point of all this?

[ubonjoe]

9 minutes ago, bradiston said:

So, does anyone know how the 400k plays out? Does it kick in immediately, or only subsequent to your next extension?

It went into effect for extensions of stay done after March 1st. It is not retroactive for extensions done before March 1st.

[bradiston]

1 hour ago, ubonjoe said:

It went into effect for extensions of stay done after March 1st. It is not retroactive for extensions done before March 1st.

Sorry if I'm a little slow on the uptake. So you think if I have to extend in September 2019, I will need to show minimum 400k right through from March 1st 2019 as well as the 800k 3 months prior. Is that right?

[ubonjoe]

10 hours ago, bradiston said:

Sorry if I'm a little slow on the uptake. So you think if I have to extend in September 2019, I will need to show minimum 400k right through from March 1st 2019 as well as the 800k 3 months prior. Is that right?

No

When you apply in September of this year is when the new rules will be in effect for you. It does not apply until then.

[bradiston]

Thanks, that's what I had originally assumed, but after seeking clarification at the IO, they were unable to confirm this, and like I said, advised "playing it safe". So I've basically had to assume the worst, and topped up my account from the UK 6 months in advance. Hugely annoying, but I guess on the bright side it means I'll only need another 400k in June.

 

On a personal note, I'm beginning to think the 400 rule might prove a deal breaker for me. Basically seems like they're requiring we post a 400k bond. £10,000 wrapped up in perpetuity. 

[Russ McD]

I would add that when juggling the 800k funds, remember Immigration go by the application date, and not the visa expiry date.

Last year I moved money to ensure I just about complied with the 3 month seasoning rules.  To be safe, I applied for my extension one month before expiry (so the funds had only been in just over 2 months) ... the Agency said to come back and apply once the funds had been in for 3 months ... which was just a few days before the actual visa ran out.

A bit close for comfort, a wasted statement from the bank, and a lesson learned there !

[Suradit69]

20 hours ago, Sheryl said:

her you can get the needed letter from other than your branch depends on the bank. I've never tried at other than my own branch.

I assume that proof of the two or three months before and the maintenance of  the required balance for the following year is still bank manager's letter and copies of passbook ??

 

i've read some posts about detailed bank statements being required, but I assume that's for people using the income method ??

[Percy P]

As it's been pointed out 2 months for 1st time applicant for RV.

I have two accounts with Bkk Bank.

1 Foreign currency account holding Pound Stirling. GBP.

2 Thai Baht account.

My advise is to keep the bulk of your home country's money in the FCAcc and change what

you require into your Baht Acc when needed. Once

changed that's it.

The Bank will give you a letter stating Pound stirling/Thai Baht for immigration.

Last week the £/Baht was 40.B/£ .today it's 42.18/£ . Get it !

Another good thing about keeping money in your own Currency in a FCAcc is that it hasn't got to be changed from Baht should you need to send it back to your country.

Edited March 5, 2019 by Percy P
Addition

[alanrchase]

I did my retirement extension this morning in Ratchaburi. They confirmed the money has to be in the bank for the previous 2 months. I use the bank branch nearest Immigration for my letter (not my own branch) as they are more likely to know what I want. I asked about the 800k in the bank for the next three months, they had a chat amongst themselves and told me to bring my bank book with me for my next 90 day report.

[Percy P]

22 hours ago, Sheryl said:

It is 2 months in advance for the first time.

 

Thereafter, opinions and interpretations are divided as to whether it is 2 or 3 months. To be safe, make it 3 for now until/unless things get clarified.

 

Whether you can get the needed letter from other than your branch depends on the bank. I've never tried at other than my own branch.

 

You can certainly just keep the 800K there untouched, in fact IO will like that as it makes it much easier to check. You do not have to spend any of it. If you want to spend, you can do so only during a 6 month interval starting 3 months after the extension is granted, and then, not more than half. So indeed it is easier to just leave it.

 

If you are going to do that yuou might prefer to put it in a Fixed deposit account for more interest. but make sure your IO allows this. The rules allow it and most IOs agree but it has been reported a few do not.

 

 

Correct.

[Suradit69]

7 minutes ago, alanrchase said:

told me to bring my bank book with me for my next 90 day report.

I thought they were checking the post extension 800,000 and then 400,000 when you do your next annual extension.

[sometimewoodworker]

7 minutes ago, Percy P said:

As it's been pointed out 2 months for 1st time applicant for RV.

I have two accounts with Bkk Bank.

1 Foreign currency account holding Pound Stirling. GBP.

2 Thai Baht account.

My advise is to keep the bulk of your home country's money in the FCAcc and change what you require into your Baht Acc when needed. Once changed that's it.

Last week the £/Baht was 40.B/£ .today it's 42.18/£ . Get it !

Another good thing about keeping money in your own Currency in a FCAcc is that it hasn't got to be changed from Baht should you need to send it back to your country.

The other thing you can do short term is keep the money in a TransferWise borderless account, that way you can take immediate action on a exchange rate change. 

[alanrchase]

I thought they were checking the post extension 800,000 and then 400,000 when you do your next annual extension.

As they had a chat amongst themselves I doubt that they were too sure on any procedure. I am only relaying the outcome of their discussion.

Sent from my SM-A500F using Thailand Forum - Thaivisa mobile app

[Almer]

4 hours ago, ubonjoe said:

No

When you apply in September of this year is when the new rules will be in effect for you. It does not apply until then.

Ubonjoe, if you are slow i am asleep 555, there is a lot of people guessing and posting, the painfull fact is this is going to hurt good meaning people, by good meaning people i  mean a person  who has sold up joined his thai wife paid for a hoouse and improved her and her families lifestyle beyond there dreams, but now its time to rub the salt in the wound, if all foreigners leave a large  proportion of there assets money will find ( lawfully) its way out and pension money will stop comeing in, is that not counter productive, i spend all my 80.000 bt a minth in the lical area and locals show there gratitude from the barber to plumber to the candlestick maker, i think i am correct in thinking my RV is due for extention in Dec19 so i exspect a pep  talk and Dec 20 will be kick in time for me, or maybe i will be a sell it on get it out before the next wave of crap hits the fan, have a good day  all.

[JackThompson]

6 hours ago, Suradit69 said:

I thought they were checking the post extension 800,000 and then 400,000 when you do your next annual extension.

So far, some in-person reports indicate needing to show the bank-book for 90-day reporting.  There was a rumor it wouldn't be looked-at until the next extension - but no official confirmation on how they intended to enforce the "post application" seasoning.   It could vary by office. 

 

No idea what happens if one travels out of Thailand, so doesn't need to do 90-day reporting at all. 

No idea if those who don't keep the money in-place could just "start over" with a fresh Non-O (delay period?).

No idea if one's extension instantly-invalid the day the bank-balance goes below the proscribed limits- how it works with marriage (if divorced) and work (job ends).  If so, there would be overstay, banning, etc involved. 

 

No official word on any of this, and the "new rules" are already in-effect now.

[Suradit69]

1 hour ago, JackThompson said:

No idea what happens if one travels out of Thailand, so doesn't need to do 90-day reporting at all. 

No idea if those who don't keep the money in-place could just "start over" with a fresh Non-O (delay period?).

No idea if one's extension instantly-invalid the day the bank-balance goes below the proscribed limits- how it works with marriage (if divorced) and work (job ends).  If so, there would be overstay, banning, etc involved. 

Well my current extension was based on income affidavit and next renewal  isn't due until January 2020, so I guess there will be some clarity by then.

 

Presumably bank passbook copies and a letter from the bank manager will suffice as proof ... hopefully not 3 or 4 times per year.

[DrJack54]

8 hours ago, Suradit69 said:

I thought they were checking the post extension 800,000 and then 400,000 when you do your next annual extension.

Yes of course they are. Its the only possible way to do it. The post re bank staff comment you responded to are wrong. Also 90 day reports have zero to do with the 800k next 3 month and 400k after. Also to add, the new rules will apply to next extension after any granted march 1 on. For example, (myself) current extension granted Nov 2018. Next extension late 2020 I will not need to have maintained the 800 post extension and thereafter 400. etc etc. New rules (example my case) will be reviewed by io extension Nov 2020

Edited March 5, 2019 by DrJack54
Error

[JackThompson]

1 hour ago, DrJack54 said:

Yes of course they are. Its the only possible way to do it. The post re bank staff comment you responded to are wrong. Also 90 day reports have zero to do with the 800k next 3 month and 400k after. Also to add, the new rules will apply to next extension after any granted march 1 on. For example, (myself) current extension granted Nov 2018. Next extension late 2020 I will not need to have maintained the 800 post extension and thereafter 400. etc etc. New rules (example my case) will be reviewed by io extension Nov 2020

See post here, for how Jomtien is requiring a "check in" to show your bank-book, 3-mo after you get your retirement extension there:

 

Reports from at least one other office are the same - though they are tying it to 90-day reporting (reset the count when you do the extension).

 

Every office may be making up its own enforcement on post-application-seasoning, given no public statement on how it "should" be handled.

 

EDIT:

Also Phuket - saying they will issue 90-day "under consideration" stamps "randomly":

Again - enforcement seems to vary by office.

Edited March 5, 2019 by JackThompson

[DrJack54]

2 minutes ago, JackThompson said:

See post here, for how Jomtien is requiring a "check in" to show your bank-book, 3-mo after you get your retirement extension there:

 

Reports from at least one other office are the same - though they are tying it to 90-day reporting (reset the count when you do the extension).

 

Every office may be making up its own enforcement on post-application-seasoning, given no public statement on how it "should" be handled.

Those im offices are stating that because they are clueless. I have been on extensions 7 yrs. Never done a 90 day report. Many others same. People travel. Its part of being retired. Esp if you have the dosh. 

[JackThompson]

4 minutes ago, DrJack54 said:

Those im offices are stating that because they are clueless. I have been on extensions 7 yrs. Never done a 90 day report. Many others same. People travel. Its part of being retired. Esp if you have the dosh. 

In the Jomtien case, not tied to 90-day reports - is a separate "show up" appointment of sorts. 

 

The "tied to 90-day reporting" case was this below (and one other, I don't have the link saved):

Just added the "Phuket-solution" via edit to my post after you responded - they are evidently planning to use "randomly given" (i.e. "didn't use an agent") 90-day "under consideration" stamps.

[Fairynuff]

6 minutes ago, DrJack54 said:

Those im offices are stating that because they are clueless. I have been on extensions 7 yrs. Never done a 90 day report. Many others same. People travel. Its part of being retired. Esp if you have the dosh. 

Basically it’s all a big mess and nobody really knows what’s going on....on either side of the counter 

[fforest1]

2 minutes ago, Fairynuff said:

Basically it’s all a big mess and nobody really knows what’s going on....on either side of the counter 

They want a big confusing mess....If they did not the problems would be clarified and fixed in short order...

[jacko45k]

13 hours ago, DrJack54 said:

Yes of course they are. Its the only possible way to do it

There is another thread today of some people receiving a special sheet after doing their extension, having it approved. This sheet gives them a 90 day report back date, with bank book requirement. 

Edited March 6, 2019 by jacko45k