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Thaifish

Question. Extension of stay changing from the 800,00 bht system to monthly deposits instead.

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Hello. If this topic has been answered already in the forum my apologies. I cant find an answer with my searches.

 

I currently have 800k Bht (plus some) cooking in the bank to meet the Non-Im O extension of stay requirements no problems. I am considering next year switching over to doing the monthly cash transfers instead. How do you go about starting the transfers to meet the extension requirements.

 

It irks me to have MY money trapped in a Thai Bank when I could be making better use of it.

 

Thank you and Merry Xmas.

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Why not open a separate bank account, and show >=SWIFT / from overseas 12 in No transfers with a value of more than 65kTHB or equiv. if from U.K. U.S. or Australia...  Show that account at renewal

 

Split the 800k account into two, one with the "and some" and the remaining 800k account drawn down to <799999THB after the other account is fully established.(i.e.. always total more than). Perhaps same action if you can get an embassy income letter... Don't show these at renewal, keep them as a fall-back option.

 

If your not from the specially treated countries 🙄, check you can get a income letter from your Embassy well in advance!

 

(All of this from what I've read, not what I've done)

Edited by UKresonant
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You will need to show 12 transfers, one each month, of at least 65,000 baht into a Thai bank account from abroad. Don't be too quick spending your 800k....  you may have a requirement to show you maintained the money for 3 months after your current extension was granted, and 400,000 for at least 9 further months. 

The deposits must clearly show as being from overseas. Some IOs have been asking to see the source of the money.

 

Edited by jacko45k
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If this is not your first 1 year extension of stay then you probably will need 12 months of monthly transfers. While you are doing that you may also have to comply with the 800,000/400,000 minimum deposit rules you agreed to on your last extension. I’ve seen this question ask before and complying with both rules seems unclear. You really need to ask your immigration office because, as usual, it will vary from office to office. It may seem crazy to comply with both rules. You could decide not to do this and risk your next extension application denied.

 

 I don’t know what visa you arrived on but this may also be an opportunity to leave and come back on an O visa. Then maybe you will only need 2-3 months of monthly deposits.

Edited by Martyp
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Thank you for your replies. You are on my x-mass mail list for your time and effort replying. This is my 7th extension. Being a self funded retiree and having not much to do but spend it and have fun doing it I do not like the idea of the Thai Bank holding literally dead money. I can get a better return on this trapped money investing it back home in Australia. From your Posts it looks like I will have a chat with the IO in Burriram and suspect I will have to make 12 money transfers. Its crazy as I have well in excess of 800k Bht sitting in the Bank already and with the 12 transfers on top I will seriously have trouble spending it all. Also the 12 transfers will eat into my Investments back in Australia unnecessarily as I do not need the cash here. My 7th O visa extension is due January. This is the first time using the new requirements 800k/400k.

Edited by Thaifish
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22 hours ago, Thaifish said:

Hello. If this topic has been answered already in the forum my apologies. I cant find an answer with my searches.

It has been discussed before.

When did you apply for your current extension of stay?

If you can show 12 months of at least 65k baht being transfered you could use that option to apply for your next extension. The only thing unknown is the minimum of 400k  baht remaining in your account if you applied after March 1st of this year. You might need to leave in it in the bank until you apply for your next extension using the income option.

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My current extension was issued January 2019 prior to the latest rules. I have averaged a 10% return over the last 15 years on my Australian Investments and here in Thailand I'm getting less than 1%. Even if I put $ into a 6 month term deposit or something over here I would not get much more of a return. The reason I initially started using the 800k thb cooking in the bank option was because you could get a better return bringing AUD cash into the Kingdom rather than electronic transfers. I could put up with money being trapped for 3 months. It irks me now to have MY 800K thb locked up for 5 months and 400k thb which is just dead money for the banks to use. 10% x 400,000 thb = 40,000 thb just for a start. I appreciate the banks still win with transfer fees and lousy exchange rates anyway! I will put my head on the chopping block saying this but I am predicting that the THB will weaken this year. I will search more through the forum for other posts on the topic...

 

Cop Kun Lie Lie.

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23 minutes ago, scubascuba3 said:

Op could use combination method, although I haven't seen any Brits posting about it recently

Sounds like an interesting option... 🙂

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1 minute ago, Thaifish said:

Sounds like an interesting option... 🙂

Yes, the 12 monthly transfers plus balance at the end must be at least 800k. Good idea if you only want to transfer lower amounts for example 12*35k=420k, +380k balance = 800k

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1 minute ago, Thaifish said:

Sounds like an interesting option... 🙂

If I were you, I'd talk to my local immigrations office and try to see if this method is even acceptable to them now--understanding that things may change in the future.  Unless someone from your particular office can tell you first hand that they had success...

 

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