when switching to retirement monthly 65,000 deposits when can I stop keeping 800,000/400,000 in bank?

[Delight]

  To my mind the transition from 800/400K is not too complicated

 

The 800/400K cycle starts 2 months prior to application date. So 800K in your bank  2 months prior to application date

.On  the  actual application date (or maybe a few weeks earlier) you commence the 65 K per month money into Thailand  routine.

Remember you can spend this money immediately.

 

When you apply for your new  method extension you will need a letter(to show to immigration) from your bank which confirms 2 pieces of evidence.

 

1) That  at least 800k has been in your bank for the  3 months beyond the  earlier application date and at least 400 k in your  bank the last  9 months  of that  extension.

 

2 Evidence that you have brought in an average of 65K per month for the last 12 months. You have to bring money in every month.

Photo copy evidence-of the contents of you bank book(s)- is also required

 

With a successful application in place the 400K is your to spend-should you wish.

 

 

 

'

Edited January 21, 2020 by Delight
Added detail

[mojaco]

3 hours ago, Delight said:

  To my mind the transition from 800/400K is not too complicated

 

The 800/400K cycle starts 2 months prior to application date. So 800K in your bank  2 months prior to application date

.On  the  actual application date (or maybe a few weeks earlier) you commence the 65 K per month money into Thailand  routine.

Remember you can spend this money immediately.

 

When you apply for your new  method extension you will need a letter(to show to immigration) from your bank which confirms 2 pieces of evidence.

 

1) That  at least 800k has been in your bank for the  3 months beyond the  earlier application date and at least 400 k in your  bank the last  9 months  of that  extension.

 

2 Evidence that you have brought in an average of 65K per month for the last 12 months. You have to bring money in every month.

Photo copy evidence-of the contents of you bank book(s)- is also required

 

With a successful application in place the 400K is your to spend-should you wish.

 

 

 

'

That seems like it would be OK but it still means I must keep the 800/400 in the bank while also bringin 65K monthly.  So I will do that unless IO tell me differently tomorriow.

[Thaifish]

I renewed my extension Non Im O last week in Burriram. I also want to change from the 800/400 to the monthly transfer system. I did a transfer into my Bangkok Bank account using Transfer Wise from Australia and showed the Imm officer asking if he would accept the code SMT as an international transfer. There are many posts about IO's not accepting Transfer Wise. Was told I need to show paperwork that it is an international transfer. You do this then too much paperwork you are better to use 800bht in bank 2 months before and 3 after. It was obvious he didn't want to do the extra paperwork. I said but I want to spend the 400K bht not just leave it in the bank. The Imm officer said no problem you can spend the 400k bht (using the 800/400 method) not worried about that!!!!!! The obvious question is what happens if he wins the lottery and quits and the next IO see's bank balance under 400k bht. I plan to keep the monthly transfers up and have 800k bht in a separate account. Next extension I will show the monthly transfer money trail and have the 800kbht on the side if there is an issue.

[mojaco]

I just did my 800K Retirement Extension in Chiang Rai this morning.  They said I will have to keep the 800K/400K going all this next year AND put 65K monthly international transfers in order to switch to the monthly system next year.  Using Bangkok Bank for TransferWise all of my past 10 or so transfers have come in as FTT (international transfer), so I don't think that will be a problem.  I just hate to have the funds locked away in case I would ever need to use them.  So we will see how it goes a year from now.

[Thaifish]

31 minutes ago, mojaco said:

Using Bangkok Bank for TransferWise all of my past 10 or so transfers have come in as FTT (international transfer),

Mojaco my TransferWise code shows as SMT in my Bangkok Bank acc. May I ask which country you are sending it from? Why does mine show SMT and not FTT? I am transferring from Australia.

 

SMT

System for Managing Automated Retail Funds Transfer

Service for interbank funds transfer via online order submission

Edited January 22, 2020 by Thaifish
My country

[mojaco]

41 minutes ago, Thaifish said:

Mojaco my TransferWise code shows as SMT in my Bangkok Bank acc. May I ask which country you are sending it from? Why does mine show SMT and not FTT? I am transferring from Australia.

 

SMT

System for Managing Automated Retail Funds Transfer

Service for interbank funds transfer via online order submission

I am sending from the USA.  Does your TransferWise have a "reason code" at the very end of their list something like "Funds for Long Term Stay in Thailand".  But that assures that the funds they send will use Bangkok Bank as the corresponding (intermediary) bank so that the funds show up as FTT.  There are some lengthy discussions about this on ThaiVisa.com.  I also early last year contacted them by email and asked them to "tag" my transfers to always use Bangkok Bank as the intermediary bank.

 

One other thing TransferWise "pulls" funds out of my USA bank for the transfer.  I don't "send" funds to TransferWise.

Edited January 22, 2020 by mojaco
clarity

[Thaifish]

4 hours ago, mojaco said:

Does your TransferWise have a "reason code"

Mojaco….Yes, Yes and Yes... Just Checked Transferwise.... This forum worth its weight in gold... Thank you, thank you, thank you.... I will do my next transfer nxt month using this reason code...

[mojaco]

You might send a minor sum now like $100 to see if it shows as FTT.  If not then email (message them on their website "contact us") them and explain that like many people your transfers are for Thai Immigration and MUST be tagged for Bankgok Bank as the intermediary bank.

Edited January 22, 2020 by mojaco
clarification

[warrenv]

On 1/20/2020 at 11:01 AM, Matzzon said:

It kind of speak for itself, doesn´t it. If you have 12 month of 65k per month then you will not need 800k in the bank. That was exactly what I wrote.

If his extension is due in 2, 3 or 7 month, then he have to use the money for his extension and directly start to make monthly deposits at the same time extension has been granted or better up, one month before to be sure. That is same you have explained a hundred times on this forum ???? 

 

[warrenv]

The letter from the Bank is all they looked at when I just extended my Visa at Jomtien. At least 12 monthly payments at 65,000 bt. a month. I even had two months below the 65,000 and used the combination with 35,000 and had no issues.

[jacko45k]

23 hours ago, Thaifish said:

Next extension I will show the monthly transfer money trail and have the 800kbht on the side if there is an issue.

You probably know SMT is definitely not an International transfer, but a domestic one. So you likely would need the TW receipt to prove it as international. You should be able to force TW to make direct deposits to Bangkok Bank, TMB or Kasikorn which will show up as required. You spending below 400,000 baht also makes me a bit nervous. After March this year, one year after the money on deposit requirements changed, Immigration offices may want to back-check retirees complied by keeping the 800k for 3 months and then the 400k for the rest of the year.

If indeed many offices start doing these checks, Buriram may well fall into line too. 

Edited January 23, 2020 by jacko45k

[berybert]

The code in my Kasikorn bank book is TRN for my Transferwise transfer. I do not have the option of FFT or SMT.

Would that count as an overseas transfer ? 

I do have print outs of the money being sent from my English account to TransferWise and also from Transferwise to my Thai account, which I assume would prove it came from abroad. 

 

 

 

[stouricks]

On 1/20/2020 at 5:41 PM, bilbofarang said:

3 months before, 2 months after

Is it not 2 months before and three months after?

[jacko45k]

14 minutes ago, berybert said:

The code in my Kasikorn bank book is TRN for my Transferwise transfer. I do not have the option of FFT or SMT.

Would that count as an overseas transfer ? 

I do have print outs of the money being sent from my English account to TransferWise and also from Transferwise to my Thai account, which I assume would prove it came from abroad. 

 

 

 

I believe the code for an International Transfer is TFN, The codes are likely listed in the book.

If you have supporting printouts  Jomtien will accept them. 

 

[berybert]

1 hour ago, jacko45k said:

I believe the code for an International Transfer is TFN, The codes are likely listed in the book.

If you have supporting printouts  Jomtien will accept them. 

 

Ah ha that should all be good then. Marvellous.

Oh I will be doing my changes at CW.

 

 

Edited January 23, 2020 by berybert

[Thaifish]

7 hours ago, jacko45k said:

After March this year, one year after the money on deposit requirements changed, Immigration offices may want to back-check retirees complied by keeping the 800k for 3 months and then the 400k for the rest of the year.

If indeed many offices start doing these checks, Buriram may well fall into line too. 

Scares the heck out of me also.... I will go by the rules and also have a back up with the 800K just in case needed in another bank account to show... Some things in Thailand drive you crazy with their non compliant ad hock rules...