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britishjohn

OA visa extension funding questions...

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Posted (edited)

Interesting. I just checked how 2 of my Uk banks compares to Transferwise. Both Barclays and First Direct don't charge a fee but obviously give you a worse exchange rate.

Taking all that into consideration for a transfer of £1,900 :

 

First direct £63 or 3.3%

Barclays £55 or 2.9%

Transferwise £12 or 0.6%

 

So if I did 12 transfers a year of £1900, it would cost me about £500 more a year to use Barclays over Transferwise. However if you can save parking 800k THB into a bank account here, it could still be worth doing, as you would only need to earn about 2% p.a on it to compensate for the extra cost.

 

There's also the Transferwise cost of sending 800k of £125

 

Edited by britishjohn

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10 minutes ago, britishjohn said:

Interesting. I just checked how 2 of my Uk banks compares to Transferwise. Both Barclays and First Direct don't charge a fee but obviously give you a worse exchange rate.

Taking all that into consideration for a transfer of £1,900 :

 

First direct £63 or 3.3%

Barclays £55 or 2.9%

Transferwise £12 or 0.6%

 

So if I did 12 transfers a year of £1900, it would cost me about £500 more a year to use Barclays over Transferwise. However if you can save parking 800k THB into a bank account here, it could still be worth doing, as you would only need to earn about 2% p.a on it to compensate for the extra cost.

 

There's also the Transferwise cost of sending 800k of £125

 

There's another option that at least works in Chonburi (must work in more provinces): Park at least 800k in a Fixed Deposit Account.

But there must be a FDA without special requirements, just loss of interest when withdrawing money.

1 year at Bangkok Bank, with at least 1,5% interest is 12000 baht minus a small tax. Better than a Savings Account if you have to park the money in the bank. 

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4 minutes ago, britishjohn said:

Is a fixed deposit account accepted when renewing the visa ?

You mean extending the visa.

Like I said, it's ok in Chonburi,and most likely in some other Immigration offices. Just ask.  

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yes wrong terminology, I meant extending...

Anyway I'm fed up with trying to resolve the income thing, I'll just pay in the 800k. Next year I may do swift transfers so I can revert to the income method. 

 

When do the funds need to be in the account prior to the application date ? Is it 2 and 3 months ? I have heard both.

What are the rules about leaving funds in the account after extension ?

How recent do the bank documents need to be ?

I have heard people talk about making a cash withdrawal on the day of application. what's that all about ?

 

 

 

 

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37 minutes ago, britishjohn said:

yes wrong terminology, I meant extending...

Anyway I'm fed up with trying to resolve the income thing, I'll just pay in the 800k. Next year I may do swift transfers so I can revert to the income method. 

 

When do the funds need to be in the account prior to the application date ? Is it 2 and 3 months ? I have heard both.

What are the rules about leaving funds in the account after extension ?

How recent do the bank documents need to be ?

I have heard people talk about making a cash withdrawal on the day of application. what's that all about ?

Money in the bank 2 months before applying when doing an extension, if you have changed visa from TR to Non-imm Retirement O, then you just need the 800k in the bank.  

After extension you need >800k in your account 90 days,and you have to show that to immigration.

Same day (important) you apply for extension,you go to your bank and ask for a bank letter (ask for guarantee for immigration, 100 baht at BB),withdraw the cost for the guarantee and extension= 2000 baht total.Update the bank book (important) so the amount in the book is same as in the bank letter . With the withdraw you showed immigration an active account.

You then need copies of the first page in the book + copies of the pages for the last 2 months. Then you sign the copies yourself at the bottom on each copy. Always use a pen with blue ink when signing documents.

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Thanks that's useful, the mist is slowly clearing. 

If we didn't have a forum like this I wonder how we would be expected to know all this minutiae. I'm not aware it's on any immigration website.

Isn't there also some rule about leaving 400k in the bank after the first 90 days ?

 

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3 minutes ago, britishjohn said:

Thanks that's useful, the mist is slowly clearing. 

If we didn't have a forum like this I wonder how we would be expected to know all this minutiae. I'm not aware it's on any immigration website.

Isn't there also some rule about leaving 400k in the bank after the first 90 days ?

 

Yes,that's the new crappy rule from March 1. You need >400k until next 1 year extension. That's the reason I mentioned the FDA with better interest.

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Really? I read the newsletter from PCEC a couple of months ago, and the word was the combo method was denied in Jomtien. 
His example had an embassy letter.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

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So you have to return to immigration after 90 days to show the 800k, presumably with bank certificates, bank book updated etc etc again.

But what about the 400k, do you have to prove that at any stage ?

I'm just wondering if I had a separate account for the following year in which I received the proper swift monthly receipts, might I be able to get my second extension without them even looking at the 400k ? just an idle thought...

 

 

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1 minute ago, Jingthing said:

His example had an embassy letter.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app
 

Yes, you're correct. But earlier this year PCEC wrote that they heard about people being denied the combo-method. The whole idea with the combo-method was to use an affidavit from your embassy in combination with money in the bank.

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2 minutes ago, britishjohn said:

So you have to return to immigration after 90 days to show the 800k, presumably with bank certificates, bank book updated etc etc again.

But what about the 400k, do you have to prove that at any stage ?

I'm just wondering if I had a separate account for the following year in which I received the proper swift monthly receipts, might I be able to get my second extension without them even looking at the 400k ? just an idle thought...

 

 

You only need a copy of the info page and last extension in the passport, copy of the first page with your name and a copy of the last page in your bank book,updated of course,and signed at the bottom. Just 4 copies. I would have the bank book in my pocket just to be sure. You must have the >400k until next extension but topped up with another 400k, because you need >800k for next extension.

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