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simon43

Source of 65,000 baht monthly income

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Just considering all my options well in advance....

 

If one applies for a retirement visa or extension based on 65,000 baht being deposited into one's Thai bank account each and every month, do those funds need to come from a verifiable, overseas pension/investment source?  Or is it simply a requirement that 65,000 baht must be deposited every month from overseas?

 

And if one deposits that amount each month, what is to stop one simply recycling the 65,000 each month, sending the funds out again and repeating ad infinitum?

 

In my case, funds are received into my Bangkok Bank account monthly from Paypal.

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In my case, funds are received into my Bangkok Bank account monthly from Paypal.

 

Update:  I note on the Bangkok Bank mobile app that my Paypal transfers from China are listed as 'Interbank transfer via SMART'.  

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2 minutes ago, simon43 said:

 

 

 

Update:  I note on the Bangkok Bank mobile app that my Paypal transfers from China are listed as 'Interbank transfer via SMART'.  

That is a domestic transfer, so must be going via another bank in Thailand. 

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9 minutes ago, simon43 said:

do those funds need to come from a verifiable, overseas pension/investment source? 

 

Not sure what you're asking as you've chosen your words very carefully. The police order says,

 

 

"Evidence showing income, such as pension or interest received or dividend received"
 

the keyword is "income", the source of which could, but is not limited to the three examples given. It could be other sources (IRA/Roth, annuity, capital gains, rent received, subsidy, lottery/gambling winnings, inheritance, to name just a few), but perhaps not a result of illegal activities.
 

Qualifying foreign transfers need to be certified by your receiving bank, to the satisfaction of the IO you're dealing with.

 

 

13 minutes ago, simon43 said:

Or is it simply a requirement that 65,000 baht must be deposited every month from overseas?

 

 

This is certainly one requirement. Repeat: Qualifying foreign transfers need to be certified by your receiving bank, to the satisfaction of the IO you're dealing with.

 

13 minutes ago, simon43 said:

And if one deposits that amount each month, what is to stop one simply recycling the 65,000 each month, sending the funds out again and repeating ad infinitum?

 

Well, if you have to supply a bank statement or copies of your passbook, then the recycling of funds is sure to draw some scrutiny? Unless you plan to withdraw amounts throughout the month, then somehow get it back to the source, then transfer it again? Suspect this sort of activity will lead to further restrictions.

 

 

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My question about cycling 65,000 baht was asked out of curiosity.  I receive about 100,000 baht a month from legal activities.

 



Qualifying foreign transfers need to be certified by your receiving bank,

 

What exactly does "need to be certified" mean?  Bangkok Bank has received funds into my savings account for well on 18 years, and they simply update my account balance each month.  Do I need to take some specific action to ensure that my monthly fund credits from overseas 'qualify'?  

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8 minutes ago, simon43 said:

My question about cycling 65,000 baht was asked out of curiosity.  I receive about 100,000 baht a month from legal activities.

 

 

 

 

What exactly does "need to be certified" mean?  Bangkok Bank has received funds into my savings account for well on 18 years, and they simply update my account balance each month.  Do I need to take some specific action to ensure that my monthly fund credits from overseas 'qualify'?  

That is the big unknown question about using (and relying) on the income method. I have a Bangkok bank account and have the magical FTT prefix on my transfers in. But that could easily be missed on any one of my monthly transfers in which blows your visa application.

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25 minutes ago, simon43 said:

What exactly does "need to be certified" mean?

 

Been covered here ad nauseam.

 

 

BBL_FTT.jpg

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10 minutes ago, simon43 said:

My question about cycling 65,000 baht was asked out of curiosity.  I receive about 100,000 baht a month from legal activities.

 

 

 

 

What exactly does "need to be certified" mean?  Bangkok Bank has received funds into my savings account for well on 18 years, and they simply update my account balance each month.  Do I need to take some specific action to ensure that my monthly fund credits from overseas 'qualify'?  

Providing your incoming transfers are listed as FTT, you only need to provide a bank letter to that effect, which includes the 12 monthly transactions. However, the letter is in Thai, and I find it easier to use my visa agent to obtain it for me (at no extra cost) - which cuts down any hassle that could arise.

 

BKK bank is the leading Thai bank at ensuring this code, and if you use Transferwise  - who have an agreement with BKK Bank, and a few others, the FTT code is automatic. 

 

As to transferring money back, there will be an exchange rate buying/selling cost, and while the Baht is strong against US and Aus $, and GB £ right now, what's the point? The excess money could be invested in 3 year GSB bonds, which earn a tax-free interest rate, comparable to foreign bank deposits.

 

And in my opinion, while it is hassle free, leaving 800k in a commercial Thai bank deposit account is 'dead' money earning minimum interest, and bereft of the opportunity for compounding growth. 

 

 

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17 minutes ago, Henryford said:

That is the big unknown question about using (and relying) on the income method. I have a Bangkok bank account and have the magical FTT prefix on my transfers in. But that could easily be missed on any one of my monthly transfers in which blows your visa application.

It is very unlikely a foreign transfer code would be 'missed', for the obvious reason - why should it? However, it is essential that you update your bank book as soon as you receive the transfer, because if you leave it too long, to save space, the bank combines all of the transactions with a combined code. The only solution in that event is to request a printout of all the transactions, which would show each individual incomings and outgoings with the correct FTT code for the foreign incoming transactions.  

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Simon, it's not going to work with paypal, simple as that.

 

Anyway, this is a blessing is disguise.

 

I wanted to deposit my 400,000 for marriage extension, but after the TM30 rules it is much easier for me to just leave the country every 90 days than play the reporting game every time I need to take a dump.

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54 minutes ago, simon43 said:

 

 

 

Update:  I note on the Bangkok Bank mobile app that my Paypal transfers from China are listed as 'Interbank transfer via SMART'.  

A 2 party transaction can get expensive, PayPal already takes 5 baht off a dollar as a security (fee) and then applies their own exchange rate. Passing your money through a second broker via bank transfer is another added fee and currency exchange rate decrease. I use Krungthai, love the bank and the people I deal with, but using their transfer service is sometimes 2x that of Western Union. Anyone that has ever used an ATM and at the very last screen, seen " with conversion or without " can attest to this. 

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Depends WHERE you get your O-A Non-res Visa. 

I have previously got mine from the UK. The Thai Embassy in London  need an "income letter" from whichever company is providing the money, dated and signed within 3 months of visa application date. 

That PLUS bank statememts showing the money coming into your UK bank account (certified correct by your bank or a solicitor /notary public,). 

 

I think the general gist to read into this, anywhere you apply, is make sure your evidence of income can be proved to apply to the last 3 months. 

 

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Posted (edited)

I'm just going to add my question here as this thread has answered many of the questions I had regarding the 65000 a month

 

So just for convenience I've been relying on the stat dec from the embassy in the past. I have my extension coming up next march. So I'm wondering does it need to show 65000 a month or as long as the total is 800,000 or more that has been transferred is that okay? It is also my understanding that in this first year they are going to be lenient. As there is only 10 months until March next year I would not be able to show 12 months of the 65000. 

 

Edit. Actually I just realized I had a deposit in April of almost 300,000 but only a deposit of 45000 in May. It seems to me if they accept dividend income they should understand inconsistency?

 

Cheers 

Edited by 1

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