Jump to content
typhoon42

800k in bank for retirement extension. 90 or 60 days?

Recommended Posts

typhoon42

I recently (5 September) transferred $30K from my U.S. credit union into my Kasikorn Bank in preparation for my retirement visa extension/re entry permit  (800k baht method).

The SWIFT transfer was made in USD.

I have heard conflicting reports about the time the money has to be in the account before application for the extension.

I've heard 90 days and 60 days.  Both from agents and individuals.

Has anyone done this recently and can provide accurate information.

I'll be using the Jomtien office and my extension expires 24 December 2019. 

I still have time but will leave Thailand in early December for about a month and a half.

Thanks

 

Share this post


Link to post
Share on other sites
petermik
23 hours ago, typhoon42 said:

So 60 it is!

AND 90 days after :ThumbUp6:

Share this post


Link to post
Share on other sites
bkkjunkie

first time 60 - after 90 ....

Share this post


Link to post
Share on other sites
typhoon42
54 minutes ago, bkkjunkie said:

first time 60 - after 90 ....

Hmmmm.  This is about my 3rd extension on my original OA visa.  In the past i have done the pension/income verification letter from my Embassy.

I do have verifiable  pensions but as many know the Embassy no longer issues the letters as they use to. 

This is my first time using the 800k baht in bank method.

 

Share this post


Link to post
Share on other sites
bkkjunkie
1 hour ago, typhoon42 said:

Hmmmm.  This is about my 3rd extension on my original OA visa.  In the past i have done the pension/income verification letter from my Embassy.

I do have verifiable  pensions but as many know the Embassy no longer issues the letters as they use to. 

This is my first time using the 800k baht in bank method.

 

but u been here already - if u get a 3 month outside country and do the extension - you need only 60 days - they year after - 90 days - and after now as well - 

Share this post


Link to post
Share on other sites
sulu
23 hours ago, typhoon42 said:

I recently (5 September) transferred $30K from my U.S. credit union into my Kasikorn Bank in preparation for my retirement visa extension/re entry permit  (800k baht method).

The SWIFT transfer was made in USD.

I have heard conflicting reports about the time the money has to be in the account before application for the extension.

I've heard 90 days and 60 days.  Both from agents and individuals.

Has anyone done this recently and can provide accurate information.

I'll be using the Jomtien office and my extension expires 24 December 2019. 

I still have time but will leave Thailand in early December for about a month and a half.

Thanks

 

Don't have any monthly income stream over (approx) $1,900 USD per month ? Pension ? Annuity ? Social Security Income ?

Share this post


Link to post
Share on other sites
typhoon42
1 hour ago, sulu said:

Don't have any monthly income stream over (approx) $1,900 USD per month ? Pension ? Annuity ? Social Security Income ?

Yes, I have all of that which exceeds the requirements.  In the past, that''s what I used to obtain the Embassy letter requirement for immigration.

The letter is no longer issued by the U.S. Embassy in BKK so i'm using the 800k baht in the bank method.

One SWIFT transfer in USD cost $25.00 with my credit union.  $30K transfer.

If I transferred the required monthly amount of 65k baht (which is another option) with Transfer Wise (TW) , the fees would be about the same x12.  Also TW transfers do not or may not show up as a USD transfer which is required.

 

 

Share this post


Link to post
Share on other sites
typhoon42
1 hour ago, bkkjunkie said:

but u been here already - if u get a 3 month outside country and do the extension - you need only 60 days - they year after - 90 days - and after now as well - 

I get your point but I don't need to get a new visa as mine in combination with my current valid extension is still valid.  

thanks anyway.

Share this post


Link to post
Share on other sites
sulu
42 minutes ago, typhoon42 said:

Yes, I have all of that which exceeds the requirements.  In the past, that''s what I used to obtain the Embassy letter requirement for immigration.

The letter is no longer issued by the U.S. Embassy in BKK so i'm using the 800k baht in the bank method.

One SWIFT transfer in USD cost $25.00 with my credit union.  $30K transfer.

If I transferred the required monthly amount of 65k baht (which is another option) with Transfer Wise (TW) , the fees would be about the same x12.  Also TW transfers do not or may not show up as a USD transfer which is required.

The Embassy letter was a notarization of your signature on a document. It was NOT the Embassy verifying such income.

That has recently (this year ?) been changed as the Embassy will no longer issue such letters, presumably because people got their signatures notarized but did NOT have the required income.

 

Item 3 in the requirements linked to by @kansuwan says "Must have evidence of having income of no less than 65,000 per month" (followed by  a few "ors").

Hence, if you show such "evidence", you don't have to have the 800,000 in a Thai bank anymore.

That's my understanding of the current requirements. I'm sure if I'm mistaken, someone will say so.

 

In fact, I wonder if, forgetting the income, if you need the 800,000 Baht (or USD equivalent) IN a Thai Bank ? The Thai Embassy US site says for a Non O-A visa one needs to only show proof of having (properly matured of course) USD funds in a US BANK.

Now, that's to get the Non O-A visa before going to Thailand so, knowing how Thailand works(?), since your situation is slightly different, you might have to show proof of income or the funds in a THAI bank.

Who knows ? :Dunno1:

 

 

Edited by sulu

Share this post


Link to post
Share on other sites
dave01
8 hours ago, typhoon42 said:

Also TW transfers do not or may not show up as a USD transfer which is required.

 

 

Only needs to be shown as International Transfer.  When using Transferwise there is a question asked what the money is for. There is a drop down box of answers. Choose the last one in the box... Worded something like "funds for Long term stay in Thailand"... That will show as International Transfer..

Share this post


Link to post
Share on other sites
usexpat46
9 hours ago, typhoon42 said:

Yes, I have all of that which exceeds the requirements.  In the past, that''s what I used to obtain the Embassy letter requirement for immigration.

The letter is no longer issued by the U.S. Embassy in BKK so i'm using the 800k baht in the bank method.

One SWIFT transfer in USD cost $25.00 with my credit union.  $30K transfer.

If I transferred the required monthly amount of 65k baht (which is another option) with Transfer Wise (TW) , the fees would be about the same x12.  Also TW transfers do not or may not show up as a USD transfer which is required.

 

 

The US Embassy I think is foolish to stop issuing the letters as they are losing $50 USD on each letter.  They should have just required proof like asking for prior years 1099 Form which shows pension income.  The cheapest method I found for bring money over was writing a check to myself on my US credit union account and depositing it into my Bangkok Bank account.  No fees from my credit union and Bangkok Bank charged a small fee based on the amount of the check not to exceed 500 baht.  Exchange rate was better than what they show on their exchange booths but a little less than TT's exchange booths and the funds showed that they were received outside LOS and could be used to purchase a condo.  It does take about 3 weeks for the check to clear so the exchange rate could either go up or down from the date you deposit the check.  Also don't forget to notify the US Treasury that you have over 10K USDs in a foreign bank.  FINCIN/FBAR is required each year prior to US income tax day (around April 15th).  Another new requirement this year from Thai Immigration is that at least 800K must remain in your Thai account for 90 days after you receive your retirement extension as you will receive a 90 day report letter when do your extension.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.