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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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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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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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1 hour ago, gk10002000 said:

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

You'll need a thai bank account,and regular transfers of at least 65k every month.

On top of that you'll need bank letters and bank statements from your thai bank showing Immigration your transfers are foreign. The source of income can never be your own bank account in your home country. If Immigration ask you to verify the source of income, then that's what you have to do. 

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I, also have used the 800k in bank, for past visas. 

I now refuse to transfer extra money from Nz while exchange rates are so low... I also dislike having 800k as dead money.... So I'm now doing income plus money in bank combo.. 

 

I got notarised declaration from Nz embassy in BKK, showing my pension transfers I to BKK bank account, all shown as FTT transfers. The bank gave me a statement with a full years transactions.. 

 

Last week I went to jomtien  Immigration with copy of house book, copy of visa and tm6,copy of passport, latest statement and letter from bank, plus income declaration.

 

I had 3 copies of everything and signed every page.... 

The office was very busy. 

Officer called my number, almost straight away... I VERY quickly went through all my papers, removing extra copies... 

He then asked me for 1900thb and said 'come back 2pm tomorrow for passport..'

OMG, I couldn't believe my luck, was there less than 5 minutes. 

He said... I have to apply for multi entry separate when I pick up my passport.. 

Next day, I filled out another paper for multi entry, short wait.... Paid 3,800thb....another short wait, then handed back my passport with new visa stamps for next 12mths.

I was a very happy chappy... Can't complain about their service... 

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@Pilotman my income method submission for this last year comprised 29 deposits spread throughout year being a mix of pension payments and TransferWise payments. There was nothing regular about the dates at all. But the sums per month did meet the criteria and I was able to prove, without the benefit of these much discussed 'transaction codes' that they were foreign deposits.

Edited by Moonlover
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36 minutes ago, murraynz said:

I, also have used the 800k in bank, for past visas. 

I now refuse to transfer extra money from Nz while exchange rates are so low... I also dislike having 800k as dead money.... So I'm now doing income plus money in bank combo.. 

 

I got notarised declaration from Nz embassy in BKK, showing my pension transfers I to BKK bank account, all shown as FTT transfers. The bank gave me a statement with a full years transactions.. 

 

Last week I went to jomtien  Immigration with copy of house book, copy of visa and tm6,copy of passport, latest statement and letter from bank, plus income declaration.

 

I had 3 copies of everything and signed every page.... 

The office was very busy. 

Officer called my number, almost straight away... I VERY quickly went through all my papers, removing extra copies... 

He then asked me for 1900thb and said 'come back 2pm tomorrow for passport..'

OMG, I couldn't believe my luck, was there less than 5 minutes. 

He said... I have to apply for multi entry separate when I pick up my passport.. 

Next day, I filled out another paper for multi entry, short wait.... Paid 3,800thb....another short wait, then handed back my passport with new visa stamps for next 12mths.

I was a very happy chappy... Can't complain about their service... 

Why did you need bank statements from Bangkok Bank if you had an income letter from your NZ embassy? The bank letter showing your money in the bank, yes. And why 3 copies of everything,when they only require 1 copy of the required documents? It seems like an overkill imo. 

Edited by Max69xl
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36 minutes ago, Moonlover said:

@Pilotman my income method submission for this last year comprised 29 deposits spread throughout year being a mix of pension payments and TransferWise payments. There was nothing regular about the dates at all. But the sums per month did meet the criteria and I was able to prove, without the benefit of these much discussed 'transaction codes' that they were foreign deposits.

Where are you staying in Thailand? 

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5 hours ago, motorcycguy said:

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.

TransferWise payments into KTB and TMB show up as local payments.

Problem?

I keep the transfer from the Dutch bank to TransferWise and the transfer from TW into the Thai bank.

That should be enough?

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11 minutes ago, Moonlover said:

Sakon Nakhon, just like it says in my profile!

Just out of curiosity,do you honestly think loads of deposits, pensions + TransferWise deposits would satisfy let's say CW Immigration in BKK? There are a few other tough immigration offices in Thailand. 

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14 minutes ago, hansnl said:

TransferWise payments into KTB and TMB show up as local payments.

Problem?

I keep the transfer from the Dutch bank to TransferWise and the transfer from TW into the Thai bank.

That should be enough?

Depends on the Immigration office.

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17 minutes ago, Max69xl said:
31 minutes ago, Moonlover said:

Sakon Nakhon, just like it says in my profile!

 

17 minutes ago, Max69xl said:

Just out of curiosity,do you honestly think loads of deposits, pensions + TransferWise deposits would satisfy let's say CW Immigration in BKK? There are a few other tough immigration offices in Thailand. 

How on Earth can I possibly answer that? I have only used 2 offices in my time here, Udon Thani and Sakon Nakhon. And as with all of us, this was my 1st post embassy letter submission.

 

But let me turn the question around. If you can provide sufficient unequivocal proof of monthly income, no matter what the format, throughout the year, why shouldn't they accept it?

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4 minutes ago, Exploring Thailand said:

Is that explicitly stated anywhere on the Immigration websites, or is it just a rule they apply in practice?

A transfer from a personal account back home doesn't show the source. That's why several Immigration offices asks for the source. Money from a rich dad isn't an income.

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On 11/18/2019 at 2:06 PM, 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.

exactly right 

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On 11/19/2019 at 1:39 PM, Moonlover said:

@Pilotman my income method submission for this last year comprised 29 deposits spread throughout year being a mix of pension payments and TransferWise payments. There was nothing regular about the dates at all. But the sums per month did meet the criteria and I was able to prove, without the benefit of these much discussed 'transaction codes' that they were foreign deposits.

That's exactly what I wanted to hear.  Many thanks for that info. 

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