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BANGKOK 26 May 2019 06:23
boomerexpat

Looking for bank recommendation for retirement VISA

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I am on the first year of the retirement visa and need to renew by mid-August. I need to start doing the transfers of my US social security to Thailand monthly and deposit some money in a bank account here to make up for shortfall since my SS is below 800,000 year.

 

I currently have an account with K Bank but have heard that they aren't reliable for this process.

 

I would prefer to have my ss deposited in a bank here. Bangkok Bank was referred to me as the best to do business with on visas but they insist if I have the money direct deposited to Thailand or their NYC office I can't have ATM and need to go into their office to switch the money to another account once a month. I would really prefer not to do that especially given I could be traveling.

 

So, some questions:

 

1. Have you found any type of workaround with BB on the no ATM issue?

 

2. What bank would you recommend?

 

3. My other option is to wire the money each month.  If you have wired you money here what has your experience been with it being done efficiently and what bank do you use?

 

4. The portion of the retirement in the bank deposit. Does that need to stay in the bank at that level all year of just the three months before the next extension?

 

Thanks!

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Posted (edited)

No one is really sure but it used to be Bank of Bangkok was the only bank you could use for SS deposits.  I think you may need to show 12 months of deposits to get an extension.  Or use the 800,000 method. 

 

If you are on an O-A visa you have 2 years. 

Edited by marcusarelus
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9 minutes ago, marcusarelus said:

 

If you are on an O-A visa you have 2 years. 

I have never heard that the O-A is two years. My has to be renewed in August.

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Posted (edited)
7 minutes ago, boomerexpat said:

I have never heard that the O-A is two years. My has to be renewed in August.

Leave the country and come back in and they will stamp you for another year. Check with Immigration to make sure.  But that is how it should work. 

Edited by marcusarelus
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1 minute ago, marcusarelus said:

Leave the country and come back in and they will stamp you for another year. 

I knew of someone who was stamped for another 6 months. If it is extended do I need to show the money in the bank during that time or just the 3 months before my new exp date. the reason I'm asking is that this year I will be taxed on part of the amount in the US that I will be withdrawing from my retirement account but next year I won't so would be great to be able to wait until Jan.

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Posted (edited)

Bangkok Bank using New York international ACH is currently the only way to direct deposit and that requires the special account with no access but visit.  There is no requirement to keep funds in account or that you take anything out each month if using 65k per month income method.

 

Transferwise appears to be most used for transfer if not using BBL New York.  It done to Bangkok Bank account there is good chance of it being marked as international transfer (although it is a baht account in Thailand providing the funds).  SWIFT transfer is more expensive but should be marked international.  At this point nobody knows how strict immigration will be.

 

 

Edited by lopburi3
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2 minutes ago, lopburi3 said:

Bangkok Bank using New York international ACH is currently the only way to direct deposit and that requires the special account with no access but visit. 

Bangkok Bank told me that I can have it deposited directly to Thailand without going through NYC and that is the approach most US customers are taking.

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10 minutes ago, boomerexpat said:

I knew of someone who was stamped for another 6 months. If it is extended do I need to show the money in the bank during that time or just the 3 months before my new exp date. the reason I'm asking is that this year I will be taxed on part of the amount in the US that I will be withdrawing from my retirement account but next year I won't so would be great to be able to wait until Jan.

Don't think so but I'm not the expert.  Bangkok Bank will accept the deposit and you have to call Manila SS to arrange the transfer. 

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5 minutes ago, boomerexpat said:

Bangkok Bank told me that I can have it deposited directly to Thailand without going through NYC and that is the approach most US customers are taking.

That is supposedly a new option but definitely not what most use.

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10 hours ago, boomerexpat said:

Bangkok Bank told me that I can have it deposited directly to Thailand without going through NYC and that is the approach most US customers are taking.

That would be the new International Direct Deposit (IDD). Maybe Bangkok Bank knows that we don't. The last info was that Manila has stated it was still in the testing phase.

10 hours ago, marcusarelus said:

Don't think so but I'm not the expert.  Bangkok Bank will accept the deposit and you have to call Manila SS to arrange the transfer. 

A phone call will not be enough a IDD sign up form for Thailand must be completed and be sent to Manila.

Form is here: https://www.ssa.gov/forms/SSA-1199-OP107.pdf

 

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