JohnnyBD

Just for the record, I completely agree with your comments. Now, I admit I keep a lot of money here, but only because I'm married, and my wife will need money to live on when I pass, while my loved ones settle my estate. But, that is my choice, and is specific to my situation. If I wasn't married, I would keep very little money in a Thai bank. Take care...

No problem. To each his own. I used an agent for my marriage extension, and that made things so much easier. But, now I don't have to worry about paying an agent or waiting in a queue. I can just relax & enjoy for the next 10 years before I need to renew my LTR-WP visa. 😊

You are correct. So let me understand. Instead of keeping 800k in a Thai bank for your Non-O visa extension based on retirement, you keep the 800k in your home country where you can earn maybe 20k THB more in interest compared to what you could earn in a Thai bank, then you pay a Thai agent who pays an IM officer to approve your yearly extension without you having to keep 800k in a Thai bank. I think I got it. That's certainly one way of getting an extension. I suspect most people prefer getting theirs using the more accepted & approved methods, by using 800k in the bank or 65k per month, even it it costs them a few thousand baht more than what you're doing. And, just to add, this doesn't affect me, but it still interests me in knowing how things are done in THA. I'm on a LTR-WP visa now, but was on marriage extension for the past several years. Best of luck to you...

I received my LTR-WP visa in July 2024. It took 4 weeks in step 4 to get the endorsements from government agencies with no additional requests for docs. Mine was very simple. I submitted my Social Security verification letter & payment history, company pension verification letter & payment history, and my 2023 tax return. Good luck...

It's probably less of a difference for some, because I believe those using the 800k method only has to keep 800k in the bank for 2 mths prior to getting their 1-year extension, then they can withdraw 400k to use for living expenses. That way, they can xfer less and leave more money in their home country if the interest rates are higher. I am fortuante to be on a LTR visa, so I don't have the bank requirements anymore and I don't need to pay an agent to avoid the bank requirements.

No, it was not a requirement. Neither bank, SCB or Bangkok Bank asked me about it.

I didn't have any problems earlier this year when I opened new accounts with SCB and Bangkok Bank. Neither bank asked me any of the questions you mentioned. Maybe it's because I'm married to a Thai, and have lived here for several years. I don't know why it's harder for some, and easier for others to open new accounts.

SCB updated the rates on their website 8 times so far today, yesterday it was 11 times. Bangkok Bank updated their rates 4 times so far today.

Thanks. I had a friend show me yesterday, how he sends with Wise, and the cost, and it worked out about the same as me wiring from Chase Bank in US (no fees) to Bangkok Bank (200B incoming fee). He did a $1,000 GBP test, and he would have gotten 44,160 THB with the spot rate being 44.59 at the time, so it would have cost him about 430B difference. I did an equal USD test of $1,280, and it would have cost me about 380B (200B incoming fee + .14 THB below the USD/THB spot rate at the time).

For those who use SWIFT wire transfers; Please share your thoughts (pros & cons) on sending USD (via SWIFT) to your Thai bank FCD acct versus sending it directly to your THB acct. For those of you who send USD (via SWIFT) directly to your THB accts, are you satisfied with letting the bank do the conversions? No problems? In the past, I wired to my USD FCD acct first, then watched for a good exchange rate before converting to THB, but now I'm thinking it would be easier to just send USD directly to my THB acct, and let the bank do the conversion whenever they receive it at whatever exchange rate it is that day. It used to be so easy when I had my Citibank TH accts. I could wire USD from Chase Bank (no fees) to my Citibank TH FCD acct (no fees), then convert to THB online 24/7 without having to go into the bank. Now, that UOB has taken over Citibank TH, I have to go into UOB to convert from my USD acct to THB acct. I opened new accts with Bangkok Bank because they allow online conversions during banking hours, but at least that's better than having to go into the bank to convert. Again, just curious if most people send USD straight to their THB accts and then let the bank do the conversions, or do some still send to their USD FCD accts, and then have to go into the bank to convert. Thanks for sharing.

I knew a work colleague who was from the UK, but lived in Thailand. He told me he didn't pay income taxes anywhere because he worked in Saudi which was a non-income tax country, he stayed in Thailand less than 180 days due to his job, and he had no income from the UK. If what he was doing was legal, then it appears he wasn't a tax resident anywhere.

Sounds like your plan is staying less than 180 days in Thailand, less than 183 days in Cambodia and several days in another nearby country, then you won't be a tax resident anywhere. Am I understanding correctly?

Just wondering... What are the benefits and/or the reasons for wanting to transfer a savings account from one SCB branch to another SCB branch within the same city? I understand wanting to, if one is moving to another city, but transferring an account for example, from Asoke to Phrom Phong, just 1 mile away, I don't understand the benefits and/or reasons for the transfer. Please enlighten me. Thanks.

It was easy to separate. I opened a new acct online in Jan to put my 2024 income. I left 2023 income in my old acct. I opened a new acct to put my US Social Security. Then, I got my LTR-WP visa in May. I transferred only SS money so far this year, so I think I'm pretty safe. I know it's a pain, but better to be safe until we know all the rules.

I agree. The simpler one's finances, the better odds of being approved quickly. I was fortunate to have traditional pensions in order to qualify. I submitted my two pension verification letters, pension payments history, 1099-R tax forms, US tax return, and the LTR approved AXA Thailand insurance certificate & policy. My LTR-P visa was approved within 6 weeks with no additional requests from BOI. it was very easy...