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Questions regarding the 800K Baht Bank Storage for Extension (Retirement)


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I am starting to prepare for my third extension of stay based on retirement next year (February 2020). This time around I am going to try and setup 800K Baht in a Bangkok Bank based account 3 months out. Should I try to obtain a foreign currency dollar account or is a normal baht savings account best? Also, do I need to worry about providing evidence that the money originated from outside Thailand for my situation? I've used the embassy letter the previous two times. 

Thanks!

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1 hour ago, FatVern said:

Should I try to obtain a foreign currency dollar account or is a normal baht savings account best? 

It’s a personal choice. It makes no difference regarding the extension application.

 

1 hour ago, FatVern said:

Also, do I need to worry about providing evidence that the money originated from outside Thailand for my situation?

No. They do not, as a general rule, require proof that the funds came from abroad.

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Re " as a general rule, require proof that the funds came from abroad"; please explain how you assert this...in all my years of processing extensions of stay based on retirement using the 800K funds inn a Bangkok Bank Fixed account, I've never been asked where the funds came from.........

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1 hour ago, jeffandgop said:

Re " as a general rule, require proof that the funds came from abroad"; please explain how you assert this...in all my years of processing extensions of stay based on retirement using the 800K funds inn a Bangkok Bank Fixed account, I've never been asked where the funds came from.........

You haven’t been asked because it’s a general rule that they don’t ask.

 

Retirement funds are supposed to originate from abroad, whether it’s monthly income or a single transfer. Immigration only require proof if you apply for a non ‘O’ in-country ahead of an extension, but not if you enter with a non ‘O’ obtained abroad.

 

My understanding is that they don’t require proof at the point an extension is applied for because proof of foreign funds should have already been obtained by the ‘agency’ issuing the prerequisite visa.

Edited by elviajero
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OP you did not mention which office you do the extension at. 

I only ask as there may be one or two regional offices who will not accept a foreign currency deposit account. Better to know in  advance before it is too late to do anything about it. 

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5 hours ago, FatVern said:

Should I try to obtain a foreign currency dollar account or is a normal baht savings account best

Does that mean you hold the money in the bank in another currency say like USD, but have not yet changed it to baht? If is an option this is a great idea as you could wait until exchange rates go back up to switch it to Thai baht..

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Just now, holy cow cm said:

Does that mean you hold the money in the bank in another currency say like USD, but have not yet changed it to baht? If is an option this is a great idea as you could wait until exchange rates go back up to switch it to Thai baht..

Yes you can have foreign currency deposit accounts within Thailand. And what you say is one of the selling points. How do  you know exchange rates are going back up?

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1 minute ago, jacko45k said:

Yes you can have foreign currency deposit accounts within Thailand. And what you say is one of the selling points. How do  you know exchange rates are going back up?

It is in my area to keep a close track and relations for what will happen, but no one is a soothsayer. Let's leave it at that. The baht is stabilized for now and thought to go back up in our favor in Q4. Ofcourse something more odd could happen and it could shoot more down/stronger, but in reality Thailand has more to lose in the end if it doesn't return back to where it was resting at 33/34baht to 1 USD with the just say end negative results from North American or many EU countries.. But in a normal year (not like this year) it will fluctuate up and down and then one calculates the result for average.

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2 hours ago, elviajero said:

You haven’t been asked because it’s a general rule that they don’t ask.

 

Retirement funds are supposed to originate from abroad, whether it’s monthly income or a single transfer. Immigration only require proof if you apply for a non ‘O’ in-country ahead of an extension, but not if you enter with a non ‘O’ obtained abroad.

 

My understanding is that they don’t require proof at the point an extension is applied for because proof of foreign funds should have already been obtained by the ‘agency’ issuing the prerequisite visa.

My apologies. I mis-read your statement. Should’ve had coffee first beforehand 

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Does that mean you hold the money in the bank in another currency say like USD, but have not yet changed it to baht? If is an option this is a great idea as you could wait until exchange rates go back up to switch it to Thai baht..

Yes, currently the money is in the US in USD. I guess it is up to the individual to decide what is the best way to maintain value of the money? I am tempted to go with Baht as a tiny hedge against tiny dollar holdings. Any thoughts?  

 

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3 minutes ago, FatVern said:


Yes, currently the money is in the US in USD. I guess it is up to the individual to decide what is the best way to maintain value of the money. I am tempted to go with Baht as a hedge against all my dollars. Any thoughts?


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If you are going to permanently stay here then one day you will change it over to baht. Odd thing is if you do change and decide to pull the plug, you lose money the other way. I'm not sure but the question needs answering if immigration is ok with USD currency in a Thai account that hasn't been flipped into Thai currency. Shouldn't matter what so ever but they can be finicky temperamental ones. You need people to answer this for you who have successfully done it with renewals, and stating at what office.

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If you are going to permanently stay here then one day you will change it over to baht. Odd thing is if you do change and decide to pull the plug, you lose money the other way. I'm not sure but the question needs answering if immigration is ok with USD currency in a Thai account that hasn't been flipped into Thai currency. Shouldn't matter what so ever but they can be finicky temperamental ones. You need people to answer this for you who have successfully done it with renewals, and stating at what office.

Good point. Yes, I’d love confirmation that immigration (Chaeng Watthana) won’t freak if the money is in a foreign currency (dollar) account with Bangkok Bank.


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7 minutes ago, FatVern said:

Good point. Yes, I’d love confirmation that immigration (Chaeng Watthana) won’t freak if the money is in a foreign currency (dollar) account with Bangkok Bank.

They will accept a foreign currency account.

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they accept a foreign currency account..... today...

 

they do not require FTT or the like to show or be shown by additional statements.... today...

 

but nonetheless Thai Baht for someone retired in Thailand makes more sense overall, in a regular account as well..... unless you are from Zimbabwe as the AEC and Asia in general still, which includes Thailand, increasingly looks like the only place on Earth with sustainable high growth rates.... and the THB has still not fully recovered, let alone adjusted, post Tum Yung Goong.

 

it’s been a really big winner for some time now, and no sign of anything big enough to knock it away as the larger trend.

Edited by WeekendRaider
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they accept a foreign currency account..... today...
 
they do not require FTT or the like to show or be shown by additional statements.... today...
 
but nonetheless Thai Baht for someone retired in Thailand makes more sense overall, in a regular account as well..... unless you are from Zimbabwe as the AEC and Asia in general still, which includes Thailand, increasingly looks like the only place on Earth with sustainable high growth rates.... and the THB has still not fully recovered, let alone adjusted, post Tum Yung Goong. it’s been a really big winner for some time now, and no sign of anything big enough to knock it away as the larger trend.

Excellent food for thought. Thanks. Still, I have never understood how the Baht maintains its value... to a novice it seems like manipulation. Any comments on how to trust Baht valuation? Thanks


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19 minutes ago, ubonjoe said:

They will accept a foreign currency account.

So if yes like you confirmed, then Fatvern's only concern is that he has enough USD over the 800k baht money to cover the any exchange rate under any circumstance when the IO calcualtes. As I had said prior, you never know if something odd could happen which spirals the exchange even lower than say 30 or to even 29 to the buck. 

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So if yes like you confirmed, then Fatvern's only concern is that he has enough USD over the 800k baht money to cover the any exchange rate under any circumstance when the IO calcualtes. As I had said prior, you never know if something odd could happen which spirals the exchange even lower than say 30 or to even 29 to the buck. 

True I had thought that if dollar account I’ll have to have some pad. Thanks. It’s a tough decision. Dollar vs Baht. I believe in the Baht but soooo much experience on the dollar side

 

 

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If held in a foreign currency account how and when would it’s value in Thai baht be determined by immigration?... Would they be so sophisticated as to look back the entire year and see if it value in baht was above 800k all year or just at the day of extension?... 

 

I would think a foreign currency account would need a ~20% cushion to cover most regular currency fluctuations...

 

And what would one do in the event of a plunge in the value of the foreign currency (Think Brexit)... Would hate to be in a situation where I needed to get the account back up to 800k value by transferring funds in such a market environment...

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16 minutes ago, sfokevin said:

If held in a foreign currency account how and when would it’s value in Thai baht be determined by immigration?.

When the bank does the letter for a foreign currency account they calculate the balance in the account in baht based upon the exchange rate on the day it is written.

Immigration would possibley check the balance on the date of application using the exchange rate for that day.

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56 minutes ago, ubonjoe said:

When the bank does the letter for a foreign currency account they calculate the balance in the account in baht based upon the exchange rate on the day it is written.

Immigration would possibley check the balance on the date of application using the exchange rate for that day.

I assume that the rate/balance would also be checked at any interim balance check such as the 90 day after extension checking that some are being required to do?

Edited by sfokevin
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I assume that the rate/balance would also be checked at any interim balance check such as the 90 day after extension checking that some are being required to do?

Is the plan that someone from immigration will actually somehow obtain your balance at an interim point, or will the retiree be burdened to provide? Seems like a very bizarre thing to try and do


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6 minutes ago, FatVern said:


Is the plan that someone from immigration will actually somehow obtain your balance at an interim point, or will the retiree be burdened to provide? Seems like a very bizarre thing to try and do


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Retiree will be burdened... :coffee1:

 

Some people are reporting that they must report back 90 days after their extension with their bankbook to confirm the balance of 800k remained thru the post 3 month seasoning period...

 

 

Edited by sfokevin
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6 minutes ago, FatVern said:


Is the plan that someone from immigration will actually somehow obtain your balance at an interim point, or will the retiree be burdened to provide? Seems like a very bizarre thing to try and do


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Bizarre. Onerous. Scary. Unreasonable. What have you.

At least one large office (Jomtien) is ordering a three months after extension bank book check in.

The consequences of failing are now known -- cancellation of annual extension. Further consequences (deportation, etc.?) not yet known. Later 90 day reports during the 400k lock in phase, not yet known. Jomtien doesn't require a bank letter for these reports, only showing the actual bank book.

 

What really amazes me is the brigade trying to sell the big lie that nothing has changed in Thai immigration policy. The changes for many are truly awful. Such as those wanting to do the combination method without an embassy letter. Good luck -- you're gonna need it. 

Edited by Jingthing
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