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Pilotman

800K in the Bank, but Regular Transfers as well

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I haven't taken that much notice of the income method for Extensions of Stay, as I am keeping 800K in the bank to qualify.  However, I also make many regular, smaller transfers into my SCB account using Transferwise, that exceed the income requirement in a month, but are not on regular dates.  They are sometimes once or twice a week of 10K, maybe adding up to 80K/100K a month.  When I do go for my Extension next year I will ask the question, do I also qualify under the income method. I have no idea if what I do meets the Immigration requirement, but they are regular transfers. albeit at irregular dates during any one month. Any views on what answer I may get? 

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Would it not be a good idea to keep the money in your UK (?) account and just do one Transferwise on roughly the same day every month, you would save on fees, and keep the IO happier.

 

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You already have the 800k in the bank. Why complicate things unnecessarily?

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5 minutes ago, Gweiloman said:

You already have the 800k in the bank. Why complicate things unnecessarily?

Perhaps because if he qualifies for the monthly income option, he can free up the 800K to use more productively? I had that option, but went for the 800K. A mistake.

Edited by zydeco
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14 minutes ago, zydeco said:

Perhaps because if he qualifies for the monthly income option, he can free up the 800K to use more productively? I had that option, but went for the 800K. A mistake.

I think you can change the option if you think that the income one is better for you. Ask at the immigration office.

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Hi,

 

I'd like to ask a question here if I may, this might be a bit newbie but please humour me, just looking for some clarity.

 

1. If I'm getting an income from UK and it is being paid into a local Thai bank account held in my name and it is above the threshold I can use that as my visa extension qualification?

 

2. The threshold for these income receipts to my Thai bank account needs to amount to THB65,000 per month single or married?

 

3. The transfer of income needs to have a demonstrated history of how long?

 

Hopefully these are fairly straightforward yes or no answers. I'll take a depends with clarification 😄

 

Cheers

Bob

 

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13 minutes ago, bobnuts said:

Hi,

 

I'd like to ask a question here if I may, this might be a bit newbie but please humour me, just looking for some clarity.

 

1. If I'm getting an income from UK and it is being paid into a local Thai bank account held in my name and it is above the threshold I can use that as my visa extension qualification?

 

2. The threshold for these income receipts to my Thai bank account needs to amount to THB65,000 per month single or married?

 

3. The transfer of income needs to have a demonstrated history of how long?

 

Hopefully these are fairly straightforward yes or no answers. I'll take a depends with clarification 😄

 

Cheers

Bob

 

If you are married to a Thai it needs to be over 40K per month every month for 12 months for your extension of stay,proof of funds from overseas.

 

If extension of stay based on retirement then it needs to be in excess of 65K per month every  month for 12 months from overseas,unless there is leniency applied but maybe unlikely now.

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My experience using the 65K method just last week was they not only wanted to see that the monthly transfers came internationally, they also wanted proof of the source of the income. I provided 'pay stubs' from each monthly transfer from my benefits fund. It was a lot of paperwork and I plan on using the 800K method next year, They said they do not require any 'proof' of where the funds originate, they only want to see the balance. This occurred at SamutPrakran Immigration.

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18 hours ago, wgdanson said:

Would it not be a good idea to keep the money in your UK (?) account and just do one Transferwise on roughly the same day every month, you would save on fees, and keep the IO happier.

 

That sounds a good idea, let it buffer in a UK account and send those savings from last year in regular monthly SWIFT transfers >than 67kTHB/m equiv.? Income stream perhaps better in a parallel separate account for presentaion purposes? 

Edited by UKresonant
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Be careful when you do the transfers it has to say international fund transfer. Upon my attempt to renew my Visa this month I had a few from transferwise that said Swift transfer and they DQ them.

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22 hours ago, Thailand said:

Provided they equate to a minimum of 65K per month and are all shown as international transfers they should qualify. Some offices may "average" but I would not count on that.

They don't accept average income for retirement extensions.

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21 hours ago, zydeco said:

Perhaps because if he qualifies for the monthly income option, he can free up the 800K to use more productively? I had that option, but went for the 800K. A mistake.

His income does not come regularly = about the same time every month. Immigration won't like small portions once in a while. They might ask for the source. 

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4 hours ago, bobonzo said:

My experience using the 65K method just last week was they not only wanted to see that the monthly transfers came internationally, they also wanted proof of the source of the income. I provided 'pay stubs' from each monthly transfer from my benefits fund. It was a lot of paperwork and I plan on using the 800K method next year, They said they do not require any 'proof' of where the funds originate, they only want to see the balance. This occurred at SamutPrakran Immigration.

I won't be working.  The income comes from my passive investments, dividends, interest, etc.  And my income will be from three different accounts, My ROTH IRA, my Traditional IRA and my regular brokerage account.  In order to get the required 65K baht, I will use a buffer account, my checking account as a buffer account and as I take distributions from my IRAs and Brokerage accounts, I will transfer them into my checking account.  That way I can make sure I always have enough money to transfer.  Some of my dividends and interest come quarterly, some monthly, etc.  The yearly total will be well over $60,000 USD.  And my social security will kick in, in about one year and that $25,000 USD a year will go into my US checking account.  I won't be dealing with foreign banks when it comes to things like that. 

 

  So if they are asking for source of income?  Well layer one will be my checking account.  Layer 2 will be from two IRAs, a Brokerage account, and my Social Security benefit.  I doubt the Thais will comprehend that.  I don't plan to provide them all my account numbers, details of my stock holdings etc.  Income transfer is supposed to be income transfer!  If they want proof of income, well, they should of course accept some sort of income verification, which as most know they are not accepting letters for

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