Jump to content

Establishing bank deposits from foreign sources


Recommended Posts

On 8/10/2019 at 12:42 PM, Tanoshi said:

One of the issues I've witnessed was monthly overseas transfers of between 67-69,000 baht verified by Thai bank statements and bank letter confirming the sole account holders details.

 

They requested supported documentation as the source of income, which was provided in the form of a Pension statement letter.

However when they calculated his monthly pension payments and converted to baht, his monthly pension fell short of the required 65,000 baht per month due to the current exchange rate.

He has sufficient funds in his home bank (an accumulation of pension payments over the years) to make up the current shortfall in the exchange rate in order to meet the 65K per month transfers.

 

The new requirement states proof of overseas transfers to a Thai bank of 65K per month, not a Pension letter (unless an Embassy Income letter). His extension was refused on the basis of his Pension letter.

Which Imm office was this?

In reporting these incidents, it would helpful to say which Imm office if you feel safe so doing.

That is a perverse and arbitrary misinterpretation of the regulation. What if you don't have a pension? What if you are sending the funds from savings? What if you have several income streams from dividends, interest payments, and other investments? "Retired" means you don't have to work because you have means. It does not mean you received a pension.  Besides, Imm allows retirement from age 50 (52?). How many 50 year olds receive pensions.

  • Like 1
Link to comment
Share on other sites

This is a really dumb idea for many reasons.

 

Even in BKK it's totally up to the IO to acce6this and then what about returning at 30 days they'll flip out bc it's not in thb. Moreover, you'll need a bank letter and the bank may not have a prewritten letter for foreign currency and the pretty but relatively dumb bank clerk can't modify the letter both due to her own abilities or corporate policy.

 

Many banks reluctant to open foreign accounts. UOB will.

 

There will be minimums which if using for visa should not be issue.

 

There are costs/fees like 1% a year, costs on withdrawals and most likely no interest.

 

I came to conclusion that foreign account in Thailand not worthwhile.

 

Edited by Number 6
Link to comment
Share on other sites

On 8/10/2019 at 10:56 AM, adam1948 said:

 I'm probably one of a few hundred thousand Expats who have retired to Thailand, got married to a wonderful Thai Lady and have built a home for our family of four ... Since I(we) have invested at least 1,000,000 baht or more in our home and plan to live the rest of our lives here why not make it easy on us by allowing us to use our property value(1,000,000 Baht) to satisfy the monetary portion of "Marriage O" visa extension

many of us are property owners, why not use the property as the collateral and allow us to use the cash for daily living expenses,

Because your 1m shotgun shack in issarn is a very illiquid asset. If you needed to go to the hospital owning this property you think an asset will not help with anyone but loan sharks. In fact, I could even argue it's a liability.

 

Even a condo in Bangkok.

 

  • Like 1
Link to comment
Share on other sites

2 hours ago, rexall said:

Regarding the comments about TransferWise deposits being marked as international deposits.  Many of us with a BBL account have been calling TW just after we initiate a transfer and requesting that TW manually route it through BBL.  TW have been quite clear that they can make the request but cannot guarantee the results. However, after deposits began showing up in July as SWIFT and people began requesting manual routing, I have not heard of one that did not get noted as International Transfer.  Perhaps some have, and there isn't a huge sample in any case, but the preliminary results seem positive.

When making transfers, TW now have a new option in the 'reason for transfer' dropdown box that says something like long term stay in Thailand.Providing you've requested your preferred Thai bank route it will now be transferred correctly, giving a FTT code.

Link to comment
Share on other sites

On 8/8/2019 at 11:59 AM, ubonjoe said:

As far as one transfer showing in the same month it may depend upon how many you have done.

I have my SSA payments direct deposited to my Bangkok Bank account via their New York branch. I had two transfers showing in August of last year with one coming in on the 31st due to the 3rd of September being labor day last year. Just had my extension application accepted yesterday with no questions asked about it. But I had 12 months of bank statements showing all the others coming from the 1st to the 3rd of the month. My bank book showed over 2 year of transfers going into my account as well.

I was asked to show the proof of the source of my income also. Showed them the SSA statement for 2018 and the letter informing me of my payments for this year I got in December.

Since my entry into Thailand years ago I have only used the income method to meet non O-A Visa extension requirements.

For my extension request this month (August), the CW Immigration officer only wanted to see my Thai bank letter issued in July summarizing each of the twelve monthly foreign transfers and their amounts that support a minimum deposit of Bt65,000. I had attached to the letter from the bank matching my foreign twelve Credit Advice Receipts matching my foreign transfer amounts but she seems uninterested. I also had printouts of my Thai bank passbook, twelve monthly statements from the Thai bank and foreign bank wire transfers as substantiating evidence as well as letters from the pension and social security programs indicating monthly compensation but the officer was again uninterested.

  • After 'haggling' back & forth (despite evidence officer was going to deny extension using the income method) about the date the bank issued the letter (older than 1 week from when I was at CW for the extension) and passbook update (didn't show a Bt100 deposit on the day of my extension application "as required by law"), the officer accepted my proof of foreign income for the extension.

Then the officer gave me a blank sheet of paper (no standardized official government form?) and told me to self-certify in writing that I will provide proof for non O-A extension applications of twelve monthly Bt65,000 deposits from "foreign sources." I did so though I failed to understand in light of all the evidence I had produced wherein I had greatly exceeded the minimum monthly income requirements - reading it aloud several times to make sure I had the officer's words correct. After I signed it, the officer then included my statement as part of my extension application file, not giving me any written acknowledgement or copy of my statement. This statement seemed more like a kind of retribution than official procedure.

 

  • Sad 1
Link to comment
Share on other sites

Using minor oversights such as not depositing B100 on the day of the application is playing a sadistic game of "gotcha."  A an oversight like that can disrupt your life in a serious way! If they just want to mess with your head, fine. Smile until it hurts and then get the hell out of there.  But potentially having to travel to Laos to apply for a 90 day "B" so you can apply for a new extension, which may or may not be granted. Unbelievable!

Link to comment
Share on other sites

On 8/10/2019 at 10:56 AM, adam1948 said:

Since I(we) have invested at least 1,000,000 baht or more in our home and plan to live the rest of our lives here why not make it easy on us by allowing us to use our property value(1,000,000 Baht) to satisfy the monetary portion of "Marriage O" visa extension

Probably because it's her property and not yours.

Should have invested the 1,000,000bht in a bank account in your name.

Edited by BritManToo
  • Like 1
Link to comment
Share on other sites

On 8/10/2019 at 8:19 AM, smedly said:

correct

 

Nationwide in UK use HSBC in Thailand for swift transfers

 

 

I just did a  SWIFT for £12k from my investment company to my Bkk Bank FCA in GBP. £12 to them, £13 to Bkk Bank. So really not too much.

Of course sending to FCA does not need to be FTT, but it MUST be cos it's in GBP. This is for my 800k in the bank.

Link to comment
Share on other sites

On 8/9/2019 at 10:25 AM, Henryford said:

Your post just confirms my feeling that the 65k monthly method is just too unreliable for a visa. The IO could refuse for any of a number of reasons by which time it is too late to do anything else (except for an illegal agent). The whole issue around "proving" it comes from abroad is another massive minefield. I have concluded to ONLY rely on the 800k bank method.

The 65k monthly-method is only unreliable if you come from one of the four countries that stopped issuing affidavits = USA,UK, Australia and Denmark. On top of that, the way different Immigration Offices interprets the new rules. The new boss for the Immigration Police emphasized that Immigration Offices in Thailand shouldn't be very strict the first year regarding the 65k monthly-method from the countries i mentioned.

Link to comment
Share on other sites

On 8/8/2019 at 12:16 PM, rexall said:

I used an agent one time 20 years ago when I was a young sprout in between visas.  I wouldn't even know how to go about it now.  If anyone has time, I would be grateful if you could PM me any details and how to hook up with agents. I imagine the discussing it in too much detail publicly and exchanging info on the forum is against the rules.

My advice is staying away from agents. 

  • Like 1
Link to comment
Share on other sites

18 minutes ago, Max69xl said:

My advice is staying away from agents. 

There are many agents that for around the amount of 25-28k (including a reentry permit) will make all this bureaucratic nightmarish pain go away for those of us that don't have 800k sleeping in a Thai bank account. I believe that's what the immigration officers really wanted in the first place. It's a "big joke" on us. 

Link to comment
Share on other sites

38 minutes ago, Isaan Alan said:

There are many agents that for around the amount of 25-28k (including a reentry permit) will make all this bureaucratic nightmarish pain go away for those of us that don't have 800k sleeping in a Thai bank account. I believe that's what the immigration officers really wanted in the first place. It's a "big joke" on us. 

I prefer paying 1900 baht for my 1-year extension instead of 25-28k, and Immigration will get tougher regarding the use of agents.

Edited by Max69xl
typo
  • Like 1
Link to comment
Share on other sites

46 minutes ago, Max69xl said:

I prefer paying 1900 baht for my 1-year extension instead of 25-28k, and Immigration will get tougher regarding the use of agents.

For every opinion against agents there’s an opinion in favour. Who is right? Everyone and no one. In the end it’s the individuals choice.

For me I’m edging towards using an agent because I hate going to CW. Add to that the fact that leaving all that cash in the bank costs me the loss of a healthy investment return, the fee to an agent would be more than made up.

The biggest issue for me would be finding an agent in Bangkok that could guarantee my extension would be done at CW and not somewhere I don’t live.

Link to comment
Share on other sites

16 minutes ago, Fairynuff said:

For every opinion against agents there’s an opinion in favour. Who is right? Everyone and no one. In the end it’s the individuals choice.

For me I’m edging towards using an agent because I hate going to CW. Add to that the fact that leaving all that cash in the bank costs me the loss of a healthy investment return, the fee to an agent would be more than made up.

The biggest issue for me would be finding an agent in Bangkok that could guarantee my extension would be done at CW and not somewhere I don’t live. 

I am not staying in BKK. I did my last 1-year extension three months ago. I had everything in order and it took 5-6 min in the Immigration office, incl. waiting. You can put the 800k in a Fixed Deposit Account with a quite nice interest.

 

Link to comment
Share on other sites

1 hour ago, Max69xl said:

I am not staying in BKK. I did my last 1-year extension three months ago. I had everything in order and it took 5-6 min in the Immigration office, incl. waiting. You can put the 800k in a Fixed Deposit Account with a quite nice interest.

 

You can’t even pass through security at CW in 5-6 mins. 5-6 hours would be quick to do an extension . As far as a fixed deposit account.... relative peanuts I’m afraid.

Link to comment
Share on other sites

45 minutes ago, Fairynuff said:

You can’t even pass through security at CW in 5-6 mins. 5-6 hours would be quick to do an extension . As far as a fixed deposit account.... relative peanuts I’m afraid.

Well, compare for example 5 years x 1900 baht and the interest from the money in a FDA, with 5x 25-28k and no money. Do the math.

On top of that, I don't need the money I have in the bank in Thailand. I'm lucky that way. 

Link to comment
Share on other sites

7 hours ago, Max69xl said:

Well, compare for example 5 years x 1900 baht and the interest from the money in a FDA, with 5x 25-28k and no money. Do the math.

On top of that, I don't need the money I have in the bank in Thailand. I'm lucky that way. 

5years of interest on 800k invested properly is a damn sight more than a FDA. Whether I actually need it is irrelevant.

Link to comment
Share on other sites

13 hours ago, wgdanson said:

Of course sending to FCA does not need to be FTT, but it MUST be cos it's in GBP. This is for my 800k in the bank.

Of course, whether it is FTT or not is irrelevant in the case of seasoned 800k (or equivalent), used to support a retirement extension application.

  • Like 1
Link to comment
Share on other sites

1 hour ago, FredGallaher said:

I intend to use monthly deposits for my renewal in April 2020. I have been making monthly >65K Swift transfers since last March via BOA. This went fine and immigration said it looked good last April. I started SS IDD in August this year to Kasikorn Bank. The first arrived as Bahtnet which could be a problem. I will ask for Credit Advice receipts but am not sure. I will continue making BOA Swift transfer just in case. I expect by April 2020 this issue with Bahtnet will be solved but I don't mind the additional transfers. I also have >800K sitting in my account so I'm well covered. 

As I recall the SS IDD was the US embassy's solution to the discontinuation of the embassy letters, so maybe they will help with clarifying transfers. Have to wait and see. I really like it because I don't have to worry about going on line monthly and making a transfer. 

I can't assume everything will work out, so being prepared is best. 

Same goes for two payments one month and non the next. It will work out or I just transfer via Swift for that month.

"I really like it because I don't have to worry about going on line monthly and making a transfer."

It must be real hard or difficult for you to go online once a month and transfer money. The upside doing it yourself,is that you decide when to do it and you will know the money will arrive in time.

  • Like 1
Link to comment
Share on other sites

13 hours ago, Max69xl said:

I am not staying in BKK. I did my last 1-year extension three months ago. I had everything in order and it took 5-6 min in the Immigration office, incl. waiting. You can put the 800k in a Fixed Deposit Account with a quite nice interest.

 

3 years ago my friend in Samui had his money in a fixed interest account on the advice of the manager of BKK Bank. The immigration officer said the money was not liquid and rejected his application. He has used agents every year since to make the pain of Thai bureaucratic randomness go away.

 

  • Like 1
Link to comment
Share on other sites

27 minutes ago, FredGallaher said:

Its easy to go on line and do it. K Bank sends an SMS when it arrives. BOA sends confirmation via e-mail. I need to work at getting money from IRAs and 401K without incurring a lot of taxes. So my US bank account always has enough.

I have a Bangkok Bank account and I'm using TransferWise monthly. Lower fees and better exchange rates. Making the transfers manually is in my opinion better, then I know exactly when the money arrives.  

Link to comment
Share on other sites

On 8/9/2019 at 10:25 AM, Henryford said:

I have concluded to ONLY rely on the 800k bank method.

 

On 8/10/2019 at 7:16 AM, rickudon said:

As a result, i am now opting for the 400,000/800,000 in the bank method

No cast-iron guarantee with this method either as a number of foreigners living in Uttadaradit who were under the impression that they had 400k/800k safely stashed away in their Bangkok Bank accounts might well have found out to their detriment:-

 

https://www.nationthailand.com/national/30357034

 

  • Thanks 1
Link to comment
Share on other sites

I’m still looking at various options for my next extension (jan/20). Looking at transferwise the fee for sending $28k is a little over $200. My bank would charge me a flat fee of around $30 so if m struggling to see how, even considering the better FX transferwise would beat the Thai bank.

I may switch to monthly for the following year in which case  transferwise may be the better option although I believe my bank could offer me free transfers.

Link to comment
Share on other sites

19 minutes ago, OJAS said:

 

No cast-iron guarantee with this method either as a number of foreigners living in Uttadaradit who were under the impression that they had 400k/800k safely stashed away in their Bangkok Bank accounts might well have found out to their detriment:-

 

https://www.nationthailand.com/national/30357034

 

Do you really think that Bangkok Bank wouldn't return the money when it was stolen by an employee? You seem a bit paranoid.

  • Like 1
  • Confused 1
  • Sad 1
Link to comment
Share on other sites

The latest from TransferWise, received today.  Hopefully this should solve the foreign/domestic transfer issue.  A special category for Thailand now available in the drop-down list of reasons for the transfer.                                                     

"Currently, to assist our customer staying in Thailand to obtain their Visa, we have added the transfer purpose ""Buying Property Abroad" or "Funds For Long Term Stay in Thailand". When you select one of the transfer purpose the payment would be routed to the our partner that is same as your recipient bank account which is either "Kbank" or "Bangkok bank".

Unfortunately, in the case of unforeseen scenario whereby the preferred bank encounters a technical issue, the system will still route the payment via another available partner to ensure same day delivery. However, when this happen you are able to obtain the FET forms from the bank that was used to send out the payment. For more information please refer to our FAQ page on THB Transfers: FET forms."

  • Like 1
Link to comment
Share on other sites

20 hours ago, rexall said:

Using minor oversights such as not depositing B100 on the day of the application is playing a sadistic game of "gotcha."  A an oversight like that can disrupt your life in a serious way! If they just want to mess with your head, fine. Smile until it hurts and then get the hell out of there.  But potentially having to travel to Laos to apply for a 90 day "B" so you can apply for a new extension, which may or may not be granted. Unbelievable!

At Chonburi Immigration they want to see a transaction on the day of the application. I just withdraw 2000 baht, 100 baht for the bank letter and 1900 baht for the extension. Everybody is happy.

Link to comment
Share on other sites

12 minutes ago, FredGallaher said:

I believe Kasikorn calls them Credit Advices . Its still not clear if immigration will look at these.

Different forms.

If you bank with KK and the transfer goes through their HQ to your local branch, then you request a credit advice receipt for proof of the International transfer.

 

If you bank with BKK and the transfer goes through KK HQ, then you request an FET form from KK.

The FET form is only available from one of KK's International Trade centres, which are far and few between.

 

Simpler to find out if your IO will accept other forms of proof, such as TW's pdf receipts.

 

  • Like 1
Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.





×
×
  • Create New...