Retirement Visa / Monthly Deposit into a Thai Bank.

[lscottbutler]

I think I've boxed myself into a corner here.  Any suggestions as to how to rectify my situation would be greatly appreciated.

 

I'm 55.  I've had a retirement visa for five years now.  [I used the US Embassy Income statements to satisfy Thai Immigration]  My Retirement Visa expires on August 08, 2019.  I have an annuity with a US bank but they will not deposit into a foreign bank.  

 

Aside from depositing the 800K, I'm thinking my only option would be to;

 

1.  Set up a Bangkok Bank Account here in Bangkok and have it linked to a direct deposit account at the Bangkok Bank New York Branch. 

 

2. Do you think this will work? 

 

3.  Does Thai immigration even recognize the monthly Bangkok Bank New York branch Direct Deposits as a legitimate way of showing the monthly minimum guaranteed income in order to keep my retirement visa. It will be about 80K per month.

 

4.  If Thai Immigration does accept the BBK Bank NY Branch Option, I will not have had the direct deposits going into my Thai bank account for the previous 12 month.  It will only have been five months if I get it all going before April 1st.  Does anyone know how

this will affect my visa renewal.  Will I be forced to go the 800K route because I didn't have the transfers going for the previous 12 months? Or will there be some lenience as they implement these new procedures.

 

5.  When is the cut off day to have the 800,000 baht in a Thai Bank?   ---Visa Expires on August 8th, 2019-- 90 days prior to my visa expiration date??

And do we know exactly what the 800K requirements are in terms of how long they can't be touched?

 

Thanks Everybody...

 

 

 

Edited March 19, 2019 by lscottbutler

[DrJack54]

I'm just a mug. Not expert. 

Here is what I plan. Put the 800k into a Thai bank. Some say 2 month before some say 3. Play it safe. 3.

Keep untouched for next 3 month. Then not below 400k till your next extension. Personally given risk if messing up dates, I'm putting 800+ into term deposit and leaving it. Extensions simple till Thai imm next bull#### rule change. Thinking some folk are overlooking income method problems. Rogue imm offices to name one. So many threads about transfer wise, mainly USA folk. Don't be surprised if imm want other "stuff", such as pension letter from home country etc. Play it safe if you can afford it.

[elviajero]

1 hour ago, lscottbutler said:

1.  Set up a Bangkok Bank Account here in Bangkok and have it linked to a direct deposit account at the Bangkok Bank New York Branch. 

 

2. Do you think this will work? 

No.

 

Quote

3.  Does Thai immigration even recognize the monthly Bangkok Bank New York branch Direct Deposits as a legitimate way of showing the monthly minimum guaranteed income in order to keep my retirement visa. It will be about 80K per month.

No.

 

Quote

5.  When is the cut off day to have the 800,000 baht in a Thai Bank?   ---Visa Expires on August 8th, 2019-- 90 days prior to my visa expiration date??

And do we know exactly what the 800K requirements are in terms of how long they can't be touched?

According to the new rules it’s 2 months, but I suggest you plan for 3 if you can.

 

You need to keep minimum balances of 800K for 3 months after the extension starts, 2 months before the next renewal, and 400K during the months in between.

 

If you want to use the income method just have your annuity paid into your US account and make monthly transfers yourself to a Thai bank account. That should be accepted; however, immigration might want proof of the source of the income. 2/3 months of transfers should be enough prior to the 2019 extension application.

Edited March 19, 2019 by elviajero

[DrJack54]

27 minutes ago, elviajero said:

No.

 

No.

 

According to the new rules it’s 2 months, but I suggest you plan for 3 if you can.

 

You need to keep minimum balances of 800K for 3 months after the extension starts, 2 months before the next renewal, and 400K during the months in between.

 

If you want to use the income method just have your annuity paid into your US account and make monthly transfers yourself to a Thai bank account. That should be accepted; however, immigration might want proof of the source of the income. 2/3 months of transfers should be enough prior to the 2019 extension application.

Elvia...just a hypothetical. If you were currently on extensions based on retirement, what method would you use. In particular, not embassy letter available and no "pension" or government letter from farang land confirming social security etc, available. Just relying on bank statements alone? 

[ChouDoufu]

2 hours ago, lscottbutler said:

1.  Set up a Bangkok Bank Account here in Bangkok and have it linked to a direct deposit account at the Bangkok Bank New York Branch. 

 

2. Do you think this will work? 

 

i believe this method goes away as of april 1st, if you mean doing a domestic transfer from your bank to bkk new york.  only options would be a swift or one of the money xfer services.

[elviajero]

5 hours ago, DrJack54 said:

Elvia...just a hypothetical. If you were currently on extensions based on retirement, what method would you use. In particular, not embassy letter available and no "pension" or government letter from farang land confirming social security etc, available. Just relying on bank statements alone? 

Clearly the simplest way forward is to deposit 800K in the bank, forget about it, and use it solely for immigration purpose.

 

If it turns out that immigration only want to see monthly transfers my preference would be to leave the capital in my home country and transfer 65K pm to Thailand. I don’t like needlessly tying money up.

[ubonjoe]

8 hours ago, lscottbutler said:

1.  Set up a Bangkok Bank Account here in Bangkok and have it linked to a direct deposit account at the Bangkok Bank New York Branch. 

It would have to be direct deposit account set up at Bangklok Bank branch here. You cannot have an account at the branch in New York.

A direct deposit account can only be set up for  certain pension funds such as Social security. And after April 1st the transfers must be in the IAT form.

Info is here: https://www.bangkokbank.com/en/Personal/Other-Services/Transfers/Transferring-Into-Thailand/Transfer-money-from-US-to-Thailand-via-Bangkok-Bank-NewYork-branch

[mtls2005]

It may be too late to start making monthly transfers of 65,000 at this point unless you are prepared to "start over" (leave, re-enter on a visa exemption, transition to a 90 day then begin to extend that). Hence this may be why most are recommending the 800,000 approach. 

 

But then you could get six months (Mar-Aug) in, which may be enough to satisfy the "leniency" clause. 

[ubonjoe]

13 minutes ago, mtls2005 said:

But then you could get six months (Mar-Aug) in, which may be enough to satisfy the "leniency" clause. 

Not sure where you came up with 6 months for the "leniency" clause. There is no set number for it.

In theory a person would only need 2 or 3 months of transfers if they were being lenient. Since the rules state only one transfer is needed for a new application it is even possible a office would accept that for a extension done this year.

[mtls2005]

37 minutes ago, ubonjoe said:

Not sure where you came up with 6 months for the "leniency" clause. There is no set number for it.

 

I "came up" with the six-months because this seems like the greatest number of months that the OP could squeeze in. It was specific to his/her situation, this being March already.

 

I'd like to think that one transfer will be satisfactory for a new Extension, or even two or three for a second++ Extension, but until we start to see reports it may be best to keep everyone grounded.

 

37 minutes ago, ubonjoe said:

There is no set number for it.

Exactly. I couldn't have said it better.

 

 

 

 

Edited March 20, 2019 by mtls2005

[ubonjoe]

1 hour ago, mtls2005 said:

I'd like to think that one transfer will be satisfactory for a new Extension, or even two or three for a second++ Extension, but until we start to see reports it may be best to keep everyone grounded.

 

It is only for this year. In the future it will have to be a full year for all extensions after the first one.

The problem for this year is that many people may not even be aware they cannot get proof of income from their embassy this year until they try to get one (that has already happened).

[Thailand]

6 hours ago, ubonjoe said:

Not sure where you came up with 6 months for the "leniency" clause. There is no set number for it.

In theory a person would only need 2 or 3 months of transfers if they were being lenient. Since the rules state only one transfer is needed for a new application it is even possible a office would accept that for a extension done this year.

Perhaps accidentally include a copy of the directive in your income based extension of stay documents? 

 

[ubonjoe]

1 minute ago, Thailand said:

Perhaps accidentally include a copy of the directive in your income based extension of stay documents? 

I already have a copy of the original and the translation of it.

 

[Thailand]

15 minutes ago, ubonjoe said:

I already have a copy of the original and the translation of it.

 

Can you provide a copy of the official Thai version please.

[ubonjoe]

17 minutes ago, Thailand said:

Can you provide a copy of the official Thai version please.

Here it is. Immigration Memo For Income Proof.pdf

[EricTh]

No. the 800k must be in a Thai bank in Thailand and not in a foreign country.

 

 

[EricTh]

6 hours ago, ubonjoe said:

Not sure where you came up with 6 months for the "leniency" clause. There is no set number for it.

In theory a person would only need 2 or 3 months of transfers if they were being lenient. Since the rules state only one transfer is needed for a new application it is even possible a office would accept that for a extension done this year.

Only 1 month? That's too easy. What if the following months, there were only transfers for 5 months instead of 12 months? 

 

Yes, there are people recycling part of the money.

[MikeN]

 IWhen is the cut off day to have the 800,000 baht in a Thai Bank?   ---Visa Expires on August 8th, 2019-- 90 days prior to my visa expiration date??

And do we know exactly what the 800K requirements are in terms of how long they can't be touched?

Under the old rules it was 90 days before the actual renewal date, not the expiration date. That’s how Chang Wattana worked at least...

 So under the new rules I would assume it is counted back from the renewal date too ?

 Which brings up the matter of the post renewal period .... do you have to keep the 800k in the bank for 3 months from the renewal date or the day the new extension starts ? If you renew early there can be nearly a month difference in the date.

 

Edited March 20, 2019 by MikeN

[ubonjoe]

5 minutes ago, EricTh said:

Only 1 month? That's too easy. What if the following months, there were only transfers for 5 months instead of 12 months? 

There would be no check that funds were coming into the country until the next extension application. If less than 12 months was shown then the application would not be accepted. 

[Headgame]

OK, I'm a bit confused. Canada still issues the required income verification letter. Must I also bring BBK bank statements for the preceding 12 months showing deposits of 65K B for each month when applying for my next extension in August? Probably advisable to have them available if not a requirement. Thoughts?

[Sheryl]

While the letter instructed IOs they could be "lenient" regarding less than a full 12 months of transfers there have been reports of some offices (inc Jomtien) refusing ot accept less than 12 full months.

 

So if your plan is to try based on 6 months, have a fall back plan and leave yourself enough time to enact it.

 

One alternative you did nto mention is to do a SWIFT transfer from a US account to your Thai account each month. These can be costly (anywhere from $20 - $60 with $40-45 being most common) but are sure and always coded as international transfers.  To be doubly protected, get a copy of the "Credit Advice" after each transfer, most banks will provide these free of charge for at least a few months after the transfer comes in.

 

Personally if I were you, I would put aside 800K for this year's extension and then work on getting 12 65L international transfers documented in time for the next.  This should be risk proof, if you can afford to do it.  Note that you will have to keep the money unspent for at least 3 months after the extension date and spend not more than half of it thereafter until the time of next extension i.e. even if switching then to the income method you'll need to have maintained the balance of 800 x 3 months then 400 x 9 months or risk having next extension denied.

[jacko45k]

6 minutes ago, Headgame said:

OK, I'm a bit confused. Canada still issues the required income verification letter. Must I also bring BBK bank statements for the preceding 12 months showing deposits of 65K B for each month when applying for my next extension in August? Probably advisable to have them available if not a requirement. Thoughts?

You may be asked to show the pension or funds as described on the Canadian Embassy letter of income.

[ubonjoe]

19 minutes ago, Headgame said:

OK, I'm a bit confused. Canada still issues the required income verification letter. Must I also bring BBK bank statements for the preceding 12 months showing deposits of 65K B for each month when applying for my next extension in August? Probably advisable to have them available if not a requirement. Thoughts?

You will not need to show the funds going into a Thai bank.

You might be asked for backup proof for your statutory declaration.

[pontious]

46 minutes ago, ubonjoe said:

Here it is. Immigration Memo For Income Proof.pdf

If they refuse less than 12 months have you seen any reports where phoning the hotline IO has achieved any change.? Not this subject, but any other topic.? I have never read any reports where someone has phoned and reported the outcome.

 

[Danthai]

Is there a separate memorandum for lieniency based on new marriage visa based on the direct deposit of 40,000 or more pfir a number if months or is all covered by the memorandum above?

[Mavideol]

16 hours ago, DrJack54 said:

I'm just a mug. Not expert. 

Here is what I plan. Put the 800k into a Thai bank. Some say 2 month before some say 3. Play it safe. 3.

Keep untouched for next 3 month. Then not below 400k till your next extension. Personally given risk if messing up dates, I'm putting 800+ into term deposit and leaving it. Extensions simple till Thai imm next bull#### rule change. Thinking some folk are overlooking income method problems. Rogue imm offices to name one. So many threads about transfer wise, mainly USA folk. Don't be surprised if imm want other "stuff", such as pension letter from home country etc. Play it safe if you can afford it.

am with you +1

[ubonjoe]

16 minutes ago, Danthai said:

Is there a separate memorandum for lieniency based on new marriage visa based on the direct deposit of 40,000 or more pfir a number if months or is all covered by the memorandum above?

One memo for both.

The memo is not for a new extension since that is covered under the amendment to the police for order. It is for those on extensions already and are doing it for the first time under the new rules for income proof.

[Headgame]

47 minutes ago, ubonjoe said:

You will not need to show the funds going into a Thai bank.

You might be asked for backup proof for your statutory declaration.

OK, that makes sense. Always be prepared. 
Thanks Joe.

[natway09]

As an individual they will not open any form of BKB account overseas. Fullstop

[bkk6060]

2 hours ago, Sheryl said:

 

 

Personally if I were you, I would put aside 800K for this year's extension and then work on getting 12 65L international transfers documented in time for the next.  This should be risk proof, if you can afford to do it.  Note that you will have to keep the money unspent for at least 3 months after the extension date and spend not more than half of it thereafter until the time of next extension i.e. even if switching then to the income method you'll need to have maintained the balance of 800 x 3 months then 400 x 9 months or risk having next extension denied.

Perfect explanation and the best advise to get thru all this.