We retiring in Thailand next year, what should we do?

[yankyoakum]

OK I am a US vet, was stationed in Thailand 73-74-75 USAF, met a Thai girl and was married in USA 1976.

Now we are going to sell out in Texas and retire in Thailand. She is a dual citizen, just got her Thai Passport back this year.

Is there a link on things we need to consider, do's and don'ts. Advice? Check lists?

This is a great website but quite overwhelming on content for a barely computer literate kind of guy.

I am told she can bring her possessions back duty free and she intends to one way or another....all of them.

Couple of things, her Thai passport is in her maiden name. Her US PP is in married name.

She is an invalid whose paralyzed on right side but that barely slows her down.

We will not be returning to US except to maybe visit. I understand we need to open an account at Bangkok Bank if we elect to send our SS checks there.

Otherwise what is thought of keeping Charles Schwab accounts and the ease of access funds from US or other financial institution?

My thought is to have everything go to Chuck and just keep our operating capital in Thai bank.

We will be up country north of Chiang Mai but looking for some guidance.

For me do I get retirement visa? I will be 66 when we pull plug here, or get a different visa.

That is some confusing stuff with all the acronyms everyone uses.

We will have 4500US a month incoming aside from little dab of retirement stocks.

Not rich enough for the elite visa stuff

She owns land but have to build a house. 

 

Guidance and direction here would be highly appreciated.

 

Regards

Michael yankee Yoakum

 

 

 

 

 

 

 

 

[ubonjoe]

Your wife can ship your household goods and import them duty free. See: http://en.customs.go.th/content.php?ini_content=individuals_151007_02&lang=en&left_menu=menu_individuals_151007_02

She can enter Thailand on her Thai passport. She will show both passport to the airline when departing the US to prove she does not need a visa. Be prepared to show your marriage certificate if they question the different names on the passports.

If you have time it would be a good idea to have your marriage certificate legalized before departing the states. See: http://thaiembdc.org/consular-services/legalization/ If not done you could do a self certification at the US emassy in Bangkok or the consulate in Chiang Mai. The legalization will be needed to register your foreign marriage at a Amphoe and do a name change to your family name. 

It is not mandatory for you to have your social security payments direct deposited to a Thai bank. Bangkok Bank is the only bank where you can have them direct deposited to your account via their Branch in New York. Even if you do not have them direct deposited having a Bangkok Bank would be best since your can do a ACH transfer directly to your account which saves a lot on fees compared to doing them by SWIFT.  Info is here on their website.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

Your your visa you have more than one choice. You could apply for a OA long stay visa at Thai embassy that would allow unlimited 1 year entries for a year from the date of issue. By getting a new one year entry you can get a total of almost 2 years of total stay from it. Info here: http://thaiembdc.org/consular-services/non-immigrant-visas/non-immigrant-category-oa/

You could also get a single entry non-o visa based upon marriage to a Thai by mail to the embassy or in person at the honorary consulate in Dallas or Houston. 

Contact info is here for the consulates. http://thaiembdc.org/royal-thai-honorary-consulates-general-in-the-u-s/

With the single entry non-o visa you could apply for a one year extension of stay at immigration based upon marriage to a Thai or retirement. For one based upon marriage you will need 400k baht in a Thai bank in your name only for 2 months or proof of 40k baht income proven by a income affidavit done at the US embassy or consulate. For retirement you would need 800k baht in a Thai bank for 60 days for the first extension and 3 months after that or proof of 65k baht income proven by a income affidavit.

 

[utalkin2me]

We have schwab too and do just as you say and we are fine. Love the flexibility. 

[prism]

25 minutes ago, utalkin2me said:

We have schwab too and do just as you say and we are fine. Love the flexibility. 

Keep your Schwab accounts and complete and sign an ACH transfer authorization form with them. Transferring funds should be easy using Bangkok Banks New York branch. Always transfer funds to Thailand in U.S. currency.     

Edited July 14, 2018 by prism

[TallGuyJohninBKK]

47 minutes ago, ubonjoe said:

Even if you do not have them direct deposited having a Bangkok Bank would be best since your can do a ACH transfer directly to your account which saves a lot on fees compared to doing them by SWIFT.  Info is here on their website.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

 

The BKK Bank NY ACH transfer method is on HOLD at present, and not accepting any new U.S. banking links. So no one should be relying on that for the future. (Though for right now, people with existing banking links can continue using it, perhaps for the next few months).

 

However, the method of having one's SS checks direct deposited into BKK Bank via their New York branch is still fine and should be unaffected by the likely coming end to their domestic ACH transfer method. BKKB is looking for some solution to replace the current domestic ACH method that's being phased out, but it's not clear at present what that will be or if they'll be able to find a replacement method.

 

[mamypoko]

Make sure you have the Schwab One debit card. All ATM fees are refunded at the end of the month.

[TallGuyJohninBKK]

21 minutes ago, prism said:

Keep your Schwab accounts and complete and sign an ACH transfer authorization form with them. Transferring funds should be easy using Bangkok Banks New York branch. .    

 

See my post above, BKKB's NY ACH transfer method is being phased out, and not accepting new links right now.

 

But Schwab is a great account to have for a Thailand expat, and its international wire transfers are only $25 per, which is one of the best rates around, and can be initiated online.

 

[TallGuyJohninBKK]

3 minutes ago, mamypoko said:

Make sure you have the Schwab One debit card. All ATM fees are refunded at the end of the month.

 

Plus no foreign currency conversion surcharge when their card is used for either foreign ATM withdrawals or foreign POS Point of Sale purchases.

 

[ubonjoe]

9 minutes ago, TallGuyJohninBKK said:

 

The BKK Bank NY ACH transfer method is on HOLD at present, and not accepting any new U.S. banking links. So no one should be relying on that for the future. (Though for right now, people with existing banking links can continue using it, perhaps for the next few months).

However, the method of having one's SS checks direct deposited into BKK Bank via their New York branch is still fine and should be unaffected by the likely coming end to their domestic ACH transfer method. BKKB is looking for some solution to replace the current domestic ACH method that's being phased out, but it's not clear at present what that will be or if they'll be able to find a replacement method.

I don't think Bangkok Bank s going to do away with the ACH transfers.

The problem according to what I have read is the test deposits done by banks is the problem. Apparently they are sending them in such a way that they are requesting a drawback of them that cannot be done. Transfers out of Thailand cannot be done. If the bank does not do a test transfer or does not want a drawback it may not be a problem at all.

Established transfers are not a problem.

[TallGuyJohninBKK]

1 hour ago, ubonjoe said:

Your your visa you have more than one choice. You could apply for a OA long stay visa at Thai embassy that would allow unlimited 1 year entries for a year from the date of issue. By getting a new one year entry you can get a total of almost 2 years of total stay from it. Info here: http://thaiembdc.org/consular-services/non-immigrant-visas/non-immigrant-category-oa/

You could also get a single entry non-o visa based upon marriage to a Thai by mail to the embassy or in person at the honorary consulate in Dallas or Houston. 

Contact info is here for the consulates. http://thaiembdc.org/royal-thai-honorary-consulates-general-in-the-u-s/

With the single entry non-o visa you could apply for a one year extension of stay at immigration based upon marriage to a Thai or retirement. For one based upon marriage you will need 400k baht in a Thai bank in your name only for 2 months or proof of 40k baht income proven by a income affidavit done at the US embassy or consulate. For retirement you would need 800k baht in a Thai bank for 60 days for the first extension and 3 months after that or proof of 65k baht income proven by a income affidavit.

 

Joe's advice on visas is excellent as always. I'll just make one added note re the OP's original post, which mentioned not planning regular trips back to the U.S.

 

If you want to stay in Thailand and NOT have to make periodic trips back to the U.S., the annual retirement extension done in Thailand via Thai Immigration is the best bet on an ongoing basis. Can be done entirely in Thailand, and absolutely no requirement to ever leave the country.

 

The visas mentioned have to be obtained from the Thai Embassy or Consulates in the U.S., requiring that the applicant travel back there either once a year or almost once every two years. No problem if you're planning to go anyway, but not necessary if you'd rather avoid the trips.

 

Edited July 14, 2018 by TallGuyJohninBKK

[TallGuyJohninBKK]

4 minutes ago, ubonjoe said:

I don't think Bangkok Bank s going to do away with the ACH transfers.

The problem according to what I have read is the test deposits done by banks is the problem. Apparently they are sending them in such a way that they are requesting a drawback of them that cannot be done. Transfers out of Thailand cannot be done. If the bank does not do a test transfer it may not be a problem at all.

Established transfers are not a problem.

 

Joe, you're not up to date on that info. You can see the details in the other threads on the subject. What I reported has been confirmed by staff at BKKB NY.

 

 

Edited July 14, 2018 by TallGuyJohninBKK

[ubonjoe]

2 minutes ago, TallGuyJohninBKK said:

The visas mentioned have to be obtained from the Thai Embassy or Consulates in the U.S., requiring that the applicant travel back there either once a year or almost once every two years. No problem if you're planning to go anyway, but not necessary if you'd rather avoid the trips.

Only if he wanted another OA visa would he have to return to the states. When the last one year entry from the OA visa is near ending he could then apply for a extension of stay at immigration based upon retirement or marriage

[prism]

16 minutes ago, TallGuyJohninBKK said:

 

The BKK Bank NY ACH transfer method is on HOLD at present, and not accepting any new U.S. banking links. So no one should be relying on that for the future. (Though for right now, people with existing banking links can continue using it, perhaps for the next few months).

 

However, the method of having one's SS checks direct deposited into BKK Bank via their New York branch is still fine and should be unaffected by the likely coming end to their domestic ACH transfer method. BKKB is looking for some solution to replace the current domestic ACH method that's being phased out, but it's not clear at present what that will be or if they'll be able to find a replacement method.

 

Bad news but thank you for the heads up. It's a great system that I and other Americans depend on. 

[TallGuyJohninBKK]

4 minutes ago, ubonjoe said:

Only if he wanted another OA visa would he have to return to the states. When the last one year entry from the OA visa is near ending he could then apply for a extension of stay at immigration based upon retirement or marriage

 

Yep, that's why I mentioned the extensions as perhaps his preferred solution "on an ongoing basis." -- in other words, after his initial arrival here on a visa that can be easily obtained BEFORE he makes his initial relocation departure from the U.S.

 

In other words, arrive on a visa, but stay on retirement or marriage extensions done in country annually.

 

 

Edited July 14, 2018 by TallGuyJohninBKK

[ubonjoe]

5 minutes ago, TallGuyJohninBKK said:

 

Joe, you're not up to date on that info. You can see the details in the other threads on the subject. What I reported has been confirmed by staff at BKKB NY.

 

I am not sure that info is factual. I cannot see them doing away with ACH transfers since many businesses use them to transfer funds and payments.

As far as I know ACH is the only way to do the transfers.

Evidently the ACH is still working and being used since the direct posits and established ACH transfers are still working.

[TallGuyJohninBKK]

14 minutes ago, prism said:

Bad news but thank you for the heads up. It's a great system that I and other Americans depend on. 

 

BKKB, as I mentioned, is working to find some alternate/replacement solution. But at present, they don't know what that might be or even if they'll be able to identify one.

 

But the one thing my contact at BKKB NY was clear about for now was, that they're not accepting any NEW ACH account links from U.S. banks at present  -- and multiple posts in threads here from members reporting rejected efforts at new links bear that out.

 

The current domestic ACH system that the NY branch is using, supposedly, is not viable for the future under federal banking regulations because it doesn't include enough details about the sender and recipient as the feds want these days for international funds transfers.

 

 

Edited July 14, 2018 by TallGuyJohninBKK

[ubonjoe]

5 minutes ago, TallGuyJohninBKK said:

Yep, that's why I mentioned the extensions as perhaps his preferred solution "on an ongoing basis." -- in other words, after his initial arrival here on a visa that can be easily obtained BEFORE he makes his initial relocation departure from the U.S.

That is not what you wrote here.

14 minutes ago, TallGuyJohninBKK said:

The visas mentioned have to be obtained from the Thai Embassy or Consulates in the U.S., requiring that the applicant travel back there either once a year or almost once every two years. No problem if you're planning to go anyway, but not necessary if you'd rather avoid the trips.

 

[TallGuyJohninBKK]

18 minutes ago, ubonjoe said:

I am not sure that info is factual. I cannot see them doing away with ACH transfers since many businesses use them to transfer funds and payments.

As far as I know ACH is the only way to do the transfers.

Evidently the ACH is still working and being used since the direct posits and established ACH transfers are still working.

 

You need the read the post I linked to above that has the pertinent details.

 

As it explains, currently linked U.S. accounts are able to continue doing ACHs thru BKKB for the time being under a grace period. But that's going to end at some point.

 

Businesses are an entirely different matter, because they do have access to something different that satisfies the feds called IAT -- International ACH Transactions.  But average consumer accountholders do NOT have access to that, so it's not a solution for the average Joes like you and me.

 

And as I've mentioned pretty much every time I've posted on this, the current and coming changes to the BKKB ACH transfers issue should NOT have any impact on the separate BKKB NY direct deposits channel for people's Social Security payments. So SS deposits should be unaffected regardless.

 

 

Edited July 14, 2018 by TallGuyJohninBKK

[TallGuyJohninBKK]

11 minutes ago, ubonjoe said:

That is not what you wrote here.

 

 

It's what I wrote HERE:

 

(I'd highlight the "on an ongoing basis" part below for emphasis. But one of the mods warned me lately it's against forum rules to even bold text in quoted material for emphasis.)

 

27 minutes ago, TallGuyJohninBKK said:

If you want to stay in Thailand and NOT have to make periodic trips back to the U.S., the annual retirement extension done in Thailand via Thai Immigration is the best bet on an ongoing basis. Can be done entirely in Thailand, and absolutely no requirement to ever leave the country.

 

Same for extension of stay based on marriage to a Thai citizen, of course.

 

Edited July 14, 2018 by TallGuyJohninBKK

[ubonjoe]

26 minutes ago, TallGuyJohninBKK said:

Joe, you're not up to date on that info. You can see the details in the other threads on the subject. What I reported has been confirmed by staff at BKKB NY.

I read it and you did admit in it that it was only one source of the info. Call me a skeptic but I have learned not to accept the work one of person in cases like this.

I will wait for an official announcement from Bangkok Bank confirming it. They would certainly have to formally inform their customers before the cut it off entirely.

Also a confirmation or a explanation of this is needed.

Quote

My source said the bank has cut off those new ACH link connections, because of the coming changes to their system required by U.S. federal banking regulations.

Also not sure what this means.

Quote

My source indicated that those current Social Security direct deposit arrangements should continue un-affected, because the feds include in their sending information the extra account holder details now required for international funds transfers.

I get my SS payments direct deposited. As far as I know it is only my name that is transmitted to them by the SSA along with the  amount and account number which is the same as normal ACH transfers.

[TallGuyJohninBKK]

So back to the general broader topic for the OP...

 

--If you think you're going to need or want to continue receiving U.S. mail to a U.S. address, there are various mail forwarding services you can use, including a very good one for letter mail located in Houston called USA2Me. They have a website under the same name.

 

The reason I mention this is, a lot of U.S. financial institutions can get hinky if you start using a foreign address as your address of record on U.S. accounts. So in general for banking purposes, I always advise people to keep some U.S. address as their address of record for financial matters. It can be your own U.S. address if you're keeping one, or a mail forwarding service like USA2Me that will provide you with your own U.S. mailing address, if you're not.

 

--Check all your bank accounts and debit and credit cards carefully. A lot of the major U.S. banks and credit card companies have 3% foreign currency fees on any foreign purchases or foreign ATM withdrawals, as well as their own per use fees on foreign ATM withdrawals, apart from the 220b amount the Thai banks charge when foreign cards are used.  So, ideally, when you relocate here, IF you plan to continue using any US bank cards in Thailand, you'd want them to be low or no foreign currency fee cards. Schwab checks all the marks in that regard, but they're not the only one.

 

--Make sure you know the details of your health insurance coverage and how that's going to work in Thailand. Medicare doesn't cover in Thailand for expat residents. Thai health insurance is available and can be decently priced, but often doesn't provide as broad coverage as international or U.S. plans. And typically will exclude any prior conditions if you're taking out a new policy.  Ideally, you don't want to be going uninsured in Thailand and relying on your savings to cover any major medical expenses.

 

--Likewise with life insurance, the U.S. is a much better market for legitimate life insurance than Thailand. So if you already have it, keep it. If you don't already have it, because U.S. life insurance is written based on state of residence, if you think you might need or want life insurance, please arrange to take out a U.S. policy before you relocate.

 

--Driver's License --  If you have a U.S. license, you can continue using that in Thailand for some months after relocating provided you get, before you depart, an accompanying International Driving Permit from somebody like AAA that's good for a full year. But ultimately, if you plan to continue driving in Thailand beyond a few months after relocating, you'd best plan to apply for a Thai DL after getting settled.

 

--Shopping -- Depending on you and your wife's lifestyle and shopping habits, you may find that some things/comforts you like and want are not available in Thailand, or not available here in good quality or at reasonable prices. Which makes continuing to use a service like Amazon important for some folks.

 

Amazon lately has begun offering an international shipping service that can send SOME things to Thailand, but a lot of things are not included in that. So, again, depending on your habits, it might be worthwhile to also consider a package forwarding service that will provide you with your own U.S. address you can use to receive U.S. purchases and have them sent along to Thailand at much more reasonable rates. USA2Me I mentioned above is great for postal mail, but their prices for sending boxes are very high and not a good deal. Other options are better.

 

 

Edited July 14, 2018 by TallGuyJohninBKK

[TallGuyJohninBKK]

1 minute ago, ubonjoe said:

I read it and you did admit in it that it was only one source of the info. Call me a skeptic but I have learned not to accept the work one of person in cases like this.

I will wait for an official announcement from Bangkok Bank confirming it. They would certainly have to formally inform their customers before the cut it off entirely.

 

 

FWIW Joe, BKKB NY cut off new links for the ACH service lately and made no announcement of it.

 

When I asked my contact yesterday about the fact that no one in BKK Bank in Thailand seemed to have any info on all these issues and changes, the person's response was that the U.S. ACH route (leaving aside the unaffected SS direct deposits) is a pretty small fish in a big barrel for BKK Bank.

 

It may be a big deal for Americans who stand to be impacted, but in the broader scheme of things for BKK Bank focused on its business and customers in Thailand, it's not.

 

[James2020]

1 hour ago, utalkin2me said:

We have schwab too and do just as you say and we are fine. Love the flexibility. 

Just a 'heads up' about Schwab.  I opened an account before we left the US, and when we arrived in Thailand and tried to change our address, I found that I couldn't - the account required a US address.  We needed to open a new account for international users that is not the same as a regular account.  I didn't bother to look further into it, and just canceled our account because I didn't need it anyway, but you may want to check it out before you leave the US.  I have a small bank that I've been using for 25 years, and they have no problem with my foreign address.  

Also, much has been written here about maintaining an address in the US vs just having one in Thailand.  It can be done either way, and there are pros and cons to each. 

 

[Thailand J]

56 minutes ago, TallGuyJohninBKK said:

 

See my post above, BKKB's NY ACH transfer method is being phased out, and not accepting new links right now.

 

But Schwab is a great account to have for a Thailand expat, and its international wire transfers are only $25 per, which is one of the best rates around, and can be initiated online.

 

You may have a different type of account. I have International One Account with Schwab. I get 3 free international wire transfers per quarter, after that is $25. I can't order transfers online, have to call.

[ubonjoe]

6 minutes ago, TallGuyJohninBKK said:

FWIW Joe, BKKB NY cut off new links for the ACH service lately and made no announcement of it.

They do have this on their website (see link to the page in my first post).

Quote

Advice to senders using US bank internet banking services Funds Transfer services will be available soon as there has been some changes to our terms and conditions. If you wish to enquire more information, please contact us via email [email protected]

 

[TallGuyJohninBKK]

2 minutes ago, James2020 said:

Just a 'heads up' about Schwab.  I opened an account before we left the US, and when we arrived in Thailand and tried to change our address, I found that I couldn't - the account required a US address.  We needed to open a new account for international users that is not the same as a regular account.  I didn't bother to look further into it, and just canceled our account because I didn't need it anyway, but you may want to check it out before you leave the US.  I have a small bank that I've been using for 25 years, and they have no problem with my foreign address.  

Also, much has been written here about maintaining an address in the US vs just having one in Thailand.  It can be done either way, and there are pros and cons to each. 

 

 

Schwab has two different kinds of accounts -- one for U.S. residents and a different kind for international residents. The terms and perks are better with the one for U.S. residents, so it's definitely better to take out or keep a U.S. account with Schwab.  As I mentioned above, there can be pitfalls in listing a foreign address on one's U.S. banking or brokerage accounts, perhaps even moreso for brokerage accounts.

 

One difference with the Schwab U.S. accounts vs. their international accounts is the U.S. accounts have basically no minimum balance to open, whereas the international accounts -- which you'd get if you tried to open with a Thai address -- have I believe a minimum $10K to open.

 

[TallGuyJohninBKK]

3 minutes ago, ubonjoe said:

They do have this on their website (see link to the page in my first post).

 

 

That's been there the past couple months. It's indicative of the changes that are occurring with their NY ACH system, as I've already posted. But it's hardly clear in terms of what it actually means.

 

For example, it would give one the impression that you can't do ACH transfers right now (since it says that those "will be available soon."  When as I've already posted, people with existing linked accounts right now are still able to do ACH transfers, at least for the time being.

 

Here's a deal for you Joe. If you don't believe what I'm saying, go ahead now and try to create a new ACH link to BKKB NY from one of your U.S. accounts, and see what happens, and post back here.

 

 

Edited July 14, 2018 by TallGuyJohninBKK

[Thailand J]

I have just found out my Schwab ATM card can also be used for purchases without oversea transaction charges.

Now I can leave my Capital One card at home.

 

[TallGuyJohninBKK]

11 minutes ago, Thailand J said:

You may have a different type of account. I have International One Account with Schwab. I get 3 free international wire transfers per quarter, after that is $25. I can't order transfers online, have to call.

 

I was talking about U.S. domestic Schwab accounts primarily.

 

But what you mention re wire transfers is interesting because.... Some months back, a general CSR Schwab rep told me that for customers with $100K balances on their U.S. accounts, they'd be entitled to 3 free international wire transfers per quarter.

 

But just yesterday, a specialist in their Transfers Department told me that was wrong, and that for U.S. Schwab accounts over $100K, the 3 free wire transfer per quarter are ONLY for domestic wires, and there's still a $25 fee for international wires, regardless.

 

If you're correct, that may be another difference between their U.S. and international accounts.

 

[TallGuyJohninBKK]

5 minutes ago, Thailand J said:

I have just found out my Schwab ATM card can also be used for purchases without oversea transaction charges.

Now I can leave my Capital One card at home.

 

 

yes, that's corrrect, no foreign currency fee for purchases or ATM withdrawals with Schwab's debit card. Although, Cap One's credit cards are even better in that they have no foreign currency fee AND typically have some cash back element, like 1.5% or better. So I'd bring along the C1 credit card as well!

 

But re using EITHER U.S. credit cards or debit cards on an ongoing basis in Thailand, you want to make sure to check with your bank or credit card issuer re their rules for making "foreign travel" notifications to them.

 

Some are very picky about that, and some less so. But if you have one that's pick and DON'T tell them you're planning to use their card in a foreign country during a certain timeframe, you could find the embarrassment of having your charge declined at the merchant and finding your card locked -- until you call the card issuer to verify and explain.

 

 

 

Edited July 14, 2018 by TallGuyJohninBKK