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

[TallGuyJohninBKK]

21 minutes ago, James2020 said:

 

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. 

 

 

It comes down to the individual bank or institution and their policies and rules.

 

But the way I look at it is, if you go with a U.S. address, then you don't have anything to worry about regardless..

 

But if you go with a Thai address, you never know when some bank or some credit card you use might kick up a fuss, decline to renew your card, refuse to open a new account, etc etc.  You're creating the potential for trouble when, in my view, it's easily avoided with certainty.

 

 

[ubonjoe]

12 minutes ago, TallGuyJohninBKK said:

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.

I only have one account so that is not possible and it is in my company name that I seldom use. Other accounts I had died a natural death because I did not use them.

Thailand became my home a long time ago. I have not been back to the states in over 11 years if that tells you anything,

[TallGuyJohninBKK]

BTW, another good thing for the OP is the fact he's coming from TX, which has no state income tax. So at least, once he moves to Thailand, he doesn't have to worry about his state trying to claim that he still owes them state income tax even AFTER he's relocated to Thailand!

 

 

[Thailand J]

Schwab is very particular about foreign travel notice. I was locked out once I was in Malaysia. Had to call and waited 24 hours.

Capital One does not require foreign travel notice anymore.

[TallGuyJohninBKK]

2 minutes ago, Thailand J said:

 

Capital One does not require foreign travel notice anymore.

 

Yes, that's a very good change and relatively recent one of their part.

 

C1 USED to be a stickler on foreign travel, and I had my cards locked by them more than once in the past. But these days, they rely more on getting confirmations from the user either by mobile message or emails to confirm anything they flag as a suspicious transactions.

 

I was REALLY surprised some time back when C1 credit cards told me I no longer needed to worry about foreign travel notifications with them!!!!

 

[JLCrab]

If you want to avoid all the ACH BKK Bank brouhaha, credit card fees int'l transaction and other fees, 220 baht ATM withdrawal charges reimbursed or otherwise, you can make one or more trips back to the Estados Unidos and bring undeclared through Thai custom up to $20,000 each trip and as long as you never put more than US$10,000 in combined non-US bank accounts, you can avoid the pesky FBAR stuff.

[TallGuyJohninBKK]

BTW, the OP's request here was for general advice and issues about relocating to Thailand, and we got off onto a bit of a jag about U.S. banking topics, which certainly is part of the broader issue.

 

But there also is another thread running right now specifically on the U.S. banking issues, for those so inclined.

 

https://www.thaivisa.com/forum/topic/1046452-what-is-the-best-american-bank-for-someone-living-in-thailand/

 

I've been trying to post here on a range of items per the OPs request -- banking, visas, health and life insurance, DL, mail forwarding, etc etc...

 

There's also been past threads here on the very pertinent topic of what things to bring and not bring when relocating. Well worth a read for anyone planning to move. Everyone has their comforts, of course. But good quality cotton sheets often have been on many people's lists, considering the high price and relatively poor quality of a lot of the bedding offering here.

 

 

[lopburi3]

This has all become far to complex.  The words can be harder than the actual move.

 

1.  Have multi bank accounts open before you leave and sign electronice transfer agreements in case you want to use such service in future (must be signed in person most banks).

2.  Use retirement as wife is disabled.  You have income and she will not have to visit immigration with you for extensions.

3.  Expect you will have ongoing expenses outside Thailand so probably best not to transfer pensions directly here, to an account only in your name and that you personally have to visit bank to obtain funds.  It is not that hard to obtain local funds using cards or bank or private transfers and deposit to a normal joint bank account here.

4.  Sell electric items in US.  Buy here.  You do not want to use transformers (waste of money/safety/space/and sure to be misused) and clocks will probably not work or motors run slow and overheat (50Hz here).

5.  Get medical insurance that covers you here (now before preconditions cause issues).  Probably only need major medical type and normal outpatient is likely within your budget.

[Just1Voice]

Definitely go with the Retirement Visa and not marriage.  Much less paperwork and hassle involved.  

 

[mike324]

anyone here used transferwise for bank transfers?

[BritManToo]

24 minutes ago, mike324 said:

anyone here used transferwise for bank transfers?

Me,

Opened an account Thursday around 4pm, transferred a test 100 pounds, was in my Bangkok Bank account Friday at 4:30pm

The charge was 2 pounds, exchange rate was 44.16 (XE quoted rate) x 98, no deductions at the Bangkok Bank, 4,326bht in my account.

Edited July 14, 2018 by BritManToo

[Elkski]

Congrats on the long lasting marriage.   4500/ mo should enable a great !!! lifestyle even in a big city,  but more so up country.  

So a Thai national can bring anything into the country? All household?  I was about to get a Bangkok bank account but now there is some doubt about free transfers?

Since I live in an income tax state Utah.  I will need to change addresses once I sell my house a few years after I know Thailand it Vietnam works for me.  

[mejomini]

I tried to use Bkk bank NY for funds transfer.  Expensive and cumbersome.

I had good luck with a Citi Bank Global account.  The only Citi branches are in Bangkok, but ATMs are everywhere. No trouble transferring funds from Citi Bank U.S. to Citi Bank Thailand for free via inter-account transfer....then transfer to local bank like BKK Bank. 

Larger amounts via Wire Transfer (keep them under 50 K USD or they will be held up for a while). 

Have your checks deposited in US account, having them mailed here is a real hassle.  BKK bank took 6 weeks and 500 THB fee to clear a check from a US city.

Maintain a US mailing address.

 

There are videos on You Tube about retiring in Thailand.  Some have really good information.

Good luck 

   

[davhend25]

53 minutes ago, mike324 said:

anyone here used transferwise for bank transfers?

Yes.  I used them to transfer about $17,000 USD to my Thai fiancee for wedding and housing expenses prior to my actually traveling here. If I recall correctly, there was a $4k or 8k transaction limit per transfer, but their rates seemed reasonable (not great) and I was able to do everything online with plenty of verification steps. Very satisfied with their service as my local U.S. bank would not transfer outside the U.S. 

[ubonjoe]

19 minutes ago, mejomini said:

Have your checks deposited in US account, having them mailed here is a real hassle. 

They have not done checks for several years now. The will only do direct deposits now.

[joealx]

4 hours 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).

 

 

 

The Bangkok Bank website doesn't have information  about this. I haven't been notified by the bank that this will happen.  They still have the website page. Google Bangkok Bank ACH transfers.

[keeniau96]

I have used my USA bank ->BKK NY-> BKK Phuket, no hassles and very affordable. Used Transferwise twin in last several months also works very well. All info and costs shown up front before agreeing to transfer.

[Boon Mee]

Pertinent to the discussion is my just completed application for the wife's SS benefit to collect on my existing SS routed thru BB in NYC. 

The procedure took much longer than when I applied thru the PI years ago but was notified today that that it's been given the 'green light' and forwarded to Baltimore for finalization. 

[Kerryd]

For your Visas/Extension of Stays.
Your pension income is more than enough to satisfy the financial requirement whichever way you choose to go, but you will need to have that pension income verified by your Embassy, every year, when you go to renew your Extension of Stay. (Is there a US Consulate in Chiang Mai ? I have no idea.)

 

As UbonJoe noted, the "Retirement" extension requires 800,000 Baht to be in a Thai bank account for 3 months prior to applying for an Extension. However, that isn't needed if you have sufficient pension income (verified by your Embassy) or you can use a combination of cash in the bank (for the required amount of time) and pension income which equals the equivalent of 800,000 baht in a year  - which isn't needed in your case as your pension is more than sufficient.

If you use the "cash in bank" option, then every year all you would need to do is get a form letter from the bank verifying that the money has been there for the minimum period of time, and a copy of your bank book (along with the other, easy to do, paperwork needed). No annual trips to the Embassy/Consulate required. (I prefer that option myself as the money can be used once you've got your new Extension, so long as you replenish it prior to the 3 month deadline before the next Extension. Or you can just leave the money in a Fixed Term account, earn a small amount of interest and have the peace of mind knowing you have that lump sum sitting there "for emergencies" or future Extensions.)

 

The "Marriage" extension is similar except that you only need 400,000 Baht in the bank (or a lesser equivalent of pension and money in the bank totalling 400k over a year).
However, many people report that the Marriage extension is a lot more hassles and it is not uncommon for Immigration to actually visit your home (amongst other things) to verify you actually are married. There have been some who've changed from a "Marriage" to a "Retirement" extension because it was less hassle, even though the financial requirement is double.

 

If you plan on making trips back to the US every year, or any other country (like Laos, Cambodia, Malaysia) make sure you either get a single entry Re-entry permit (if only making a single trip) or a Multi Re-Entry permit (if you think you may be making more than one trip in a year), before you go ! If you do not do that, your Visa/Extension of Stay would become invalid and you'd have to start over again from the beginning.
I usually get the Multi Re-entry Permit immediately after renewing my Extension of Stay every year, for the peace of mind in case I do need to travel outside the country more than once per year. It costs 3,900 baht but you can come and go as often as you like without worry.

 

Also keep in mind that you will have to report to Immigration every 90 days (not "3 months") as well. In some cases the Report can be done online or by mail. The first time may be a minor pain as they will need proof of address and there's a form to fill out, but after that it should be a piece of cake. Takes me about 2-3 minutes (in Jomtien) on a good day (plus the time waiting for the office to open and the Immigration staff to start working). 

There is also a TM.30 Form that will need to be filled out and submitted to your local Immigration office within 24 hours of your arrival. If you are staying at a hotel, they usually do it themselves. If you are at a guesthouse or a rented house/condo/apartment or at a relative's home, the "owner" is supposed to do it but often it seems it is the individual (i.e. you) that has to do it. Failure to do it could result in a fine (of 1,600 baht). 
(Note: some Immigration offices don't require or even ask for that form, others do.)

Once you get settled in though, it's not so bad. The paperwork (in most cases) isn't that hard. The costs aren't to steep. The procedures (i.e. 90 Day reports and yearly Renewals) are pretty simple.

Remember that it is 220v electricity over here !!! Don't bring anything that only runs on 110v (American standard voltage). Many things these days will run on dual voltage, but there are a lot that don't.

Rule of thumb - if the power cord doesn't have a voltage adapter on it (like most phone chargers and laptop power cables do) then it probably isn't "dual voltage" and plugging it in over here could result in it being fried almost immediately and possibly starting a fire. (Most appliances should have a label telling you what voltage(s) they can handle.)

 

Especially important as most Thai electrical outlets are made to accept American style electrical plugs. Things like Hair Dryers, Curling Irons, most kitchen appliances, clocks, stereos, TVs and so on may not be capable of "dual voltage", especially if made in the USA. (On some appliances there may be a switch on the back that allows you to change the voltage. Most household appliances probably don't have that though.)
 

If you still want to use those items, you'd need a converter (or a bunch of them) to "step down" the voltage. Also keep in mind that the US runs on 60 hertz cycles while Thailand is on 50 Hz. That means American made appliances (like clocks) will run slower and can screw up the operation of other things as well (like microwave ovens).

There will be a period of adjustment needed as you will discover many things are not "like home". You'll probably already know a lot of that from the wife but there will be other adjustments. You'll probably need a cable package (or satellite package) to get any American sports like baseball or football (definitely if you want to watch hockey) and they all are on early the morning over here ! Afternoon games in the US mean (very) early morning times in Thailand and evening games (i.e. 7 pm starts) can be 6-8 am over here (depending on time zones and Daylight Savings back in the US). People over here are way more into Soccer than they are most "American" sports. Not a lot of "wrestling" or "Formula 1" or "College Bowl" type events either.

 

Some grocery stores have a limited selection of "American" style foods but you'll probably notice that they don't carry a lot of your favourites. 
 

Health Insurance was mentioned earlier. There are some very good ("private") hospitals and then there are the (much cheaper) government hospitals. Many Insurance providers won't provide coverage to people over 65 unless they have an existing policy. Same thing for "pre-existing" conditions. Best to make sure you have coverage though, especially as you get a wee bit older !

If you have coverage from the USA, double check to make sure they will cover you in Thailand and that Thailand accepts that Insurer. (If you are insured by a smaller, local insurance provider from your home area, they may not be known in Thailand and it could create problems getting a hospital in Thailand to accept that Insurer.)
There are also a number of Medical Insurance providers in Thailand. 

Buy items online and having them shipped to Thailand can be an expensive proposition as well. In addition to the shipping costs, you could get hit with a lot of Duties/Tariffs (and that was before Trump) so expect to pay more. (Along the lines of 30+ % more in many cases, depending on the total value of the goods you order in a shipment.)

(In some cases it may be better to have items delivered to a friend/family member and have them send it over using the Registered Mail System.)

Chiang Mai gets cool in the Winter, even down as low as 40-50 Fahrenheit (or colder) so you will probably want to make sure you have some warm clothes (and bedding).  Don't be surprised if you buy a vehicle and discover it doesn't have a heater (just an air conditioner) !
 

And don't get too stressed out by all the things you might have to do, or not, or all the differences. My dad came over when he was 75 and was managing OK for the time he was here. Should be a piece of cake for most everyone else !

 

[Boon Mee]

"If you use the "cash in bank" option, then every year all you would need to do is get a form letter from the bank verifying that the money has been there for the minimum period of time, and a copy of your bank book (along with the other, easy to do, paperwork needed). No annual trips to the Embassy/Consulate required. (I prefer that option myself as the money can be used once you've got your new Extension, so long as you replenish it prior to the 3 month deadline before the next Extension. Or you can just leave the money in a Fixed Term account, earn a small amount of interest and have the peace of mind knowing you have that lump sum sitting there "for emergencies" or future Extensions.)"

 

The absolute best way to go.  Nothing beats the peace of mind knowing there's just a small amount of paperwork to go thru each year to renew the retirement Visa. 

[lopburi3]

2 minutes ago, Boon Mee said:

The absolute best way to go. 

Not for everyone - money in account would be in your name only and might not available if you are not available and for some entails extra annual paperwork for home country reporting.  Using income is a simple process for many.

[khunPer]

16 hours ago, yankyoakum said:

Guidance and direction here would be highly appreciated.

In my view – I'm also retired here for more than 10-years now, but originates from a Northern Europen country – you should opt. for "retirement visa"; i.e. extension of stay based on retirement, as it might be easier to handle than extension of stay based of marriage. Put 800k baht (if you can afford it, but with $4,500 a month it should probably be possible) in a fixed 12-month bank account, and use that as proof of funds, rather than documentation for monthly income. You'll get a small interest, from 1.2 to 1.5 percent annually, of which 15% tax is withheld, which you can cash out; some up to 10k baht a year. The needed documents for extension varies a bit in different provinces, some of the local forums might have a pinned thread with updates about it; however it's not difficult, and I stay in an area that is known for being among the most difficult. For extension of stay as retired, an Elite card might not at all be worth the money, it's a fairly easy routine.

 

Apart from your wife might be allowed to "import" personal items, a retired is allowed one (smaller) air-shipment, and one surface shipment, which can be a 40-feet container, of personal household. A detailed packing list with values is the trick, and a small (minor) amount of duty and vat will normally be charged. I brought a 20-feet container in from Europe without any problems; the're a number of threads in the forum about "importing" household.

 

Building a house in Thailand can be a bit of a challenge compared to the West, and it also depends of where in Thailand one settles. The are a number of threads about it in the forums, with lots of good advises. Even you have a building contractor, do expect to check a quite a bit yourself. Many of the building construction workers are not educated, so it depends a lot of the foreman, what you get in the end. It may look nice when finished. As just one example, if the primer of the paint job has not been done well enough, and if the building contractor use a relative cheap paint – the paint-job might be an unspecified part of the whole construction agreement – you'll only see it a few years after, but then it's too late to complain, and you might need to repaint your house after three years, instead of 10+ years. It's worse if it there are faults in basic concrete construction, i.e. cracks in the building, or sewer pipes not placed correctly. Invest little time in browsing for advises and experience from others, especially in your area, as local weather conditions is another factor be aware of.

 

You might have decided to settle in Chiang Mai, and already checked areas; otherwise I would normally recommend to check various parts of the nation, and in different times of the year, before "investing" in building a house. If it later shows not to be the right place, a house can in some cases be difficult to sell and recover the investment.

 

With your mentioned $4,500 a month – i.e. ca. 135k baht a month – plus little extra, you should have enough income for a good life in Thailand; of course depending of (expected) life-style. Apart from a health insurance, you should consider to set aside some easy available cash as extra security in a "rainy day account", and for example include a fixed monthly top-up in your budget.

 

There might be lots of detailed questions coming up, and I'm sure the kind posters in this forum will be happy to give you advises, so feel free to ask.

Wish you good luck...?

[Pib]

Me too...met too...in Thailand 73-75 in USAF....even picked up Thai wife before leaving which I'm still with....she is also a dual Thai-U.S. citizen.  We retired here to Thailand a decade ago.   Some recommendations:

 

1. Get an O-A Retirement Visa before coming over....about a zillion threads on that already to include the info already given in this thread. 

 

2.  Ship everything over in the wife's name using Thai passport and Thai ID card for the shipping docs to help maximize your chances of avoiding customs charges.  Ensure each back also includes the description of Used/Second Hand Househld Goods.  More info at this Thai Customs webpage.    I know you and/or the wife may want to ship a lot over but really think that through...only ship the things you truly can not part with.   You will find shipping to be expensive....I know I sure did a decade ago when contacting at least a half dozen of the major U.S. household goods shippers....I shipped out of Hawaii.  I finally ended up using a company called XSBaggage who were by far the cheapest and it worked out very  well....they can arrange packing, pickup and shipping....or you can pack your own boxes and they will arrange everything else.  I used the option of packing my stuff over several months, then XSBaggage arranged picking and shipping to Thailand.   Another ThaiVisa member who lives in Chiang Mai also used XSBaggage over the last year and it worked out well for him also.

 

3.  Ensure the wife enters Thailand on her Thai passport; not U.S. passport.  If she enter on her U.S. passport for immigration purposes she be treated as a foreign in Thailand which means the proper visa is required, every 90 day address reporting, annual extension of stay/Visa, etc.  Ensure she enter on her Thai passport.  She can leave the U.S. on her U.S. or Thai passport; just enter on the Thai passport.

 

4.  Get your U.S. banking and credit cards setup "before" leaving the U.S. while you still have a U.S. address.   Banking can be one of the biggest frustrations/headaches for foreigners in Thailand.   If you are coming over with only a Chuck Schwab account & debit card with plans on opening a Bangkok Bank account and then living happy ever after "banking-wise,"  well, you could be in for a rude surprise at some point as banksters change their polices from time to time, government laws & regulation changes force bank policy changes, and just a variety of things can cause major "banking in Thailand/getting money from the U.S. to Thailand" headaches. 

 

a.  As TallGuyJohninBKK has already identified Bangkok Bank has already began rejecting any new U.S. ibanking transfer link "setups" which use the "trial deposits" method for setup....most U.S. banks only use the trial deposits method but other also offer an alternate method(s).   The trial deposits rejections began over a month ago....multiple ThaiVisa members using multiple U.S. banks have started recent threads identify how Bangkok Bank New York is rejecting all trial deposits used in attempts to setup U.S. ibanking transfer links.  This is because of regulatory changes from the U.S. Treasury Dept and the National Automated Clearing House Organization regarding information that must be included in any funds transfer leaving the U.S.  Basically the International Automated Clearing House Transfer (IAT) format must be used for ACH transfers leaving the U.S.....like if you were going to try to setup a transfer link between your Chuck Schwab account and Bangkok Bank.  However, U.S. banks/financial companies only use the Domestic ACH Transfer format; not the IAT format.  IAT format is pretty much only used by companies using ACH for international transfer of funds for payment of goods/services, payroll, etc.   I doubt there are any U.S. banks that offer IAT for retail accounts like you or I have.  Basically your choice of transfer methods is either Domestic ACH, SWIFT, International Wire....the later two being pricey fee-wise.  While Domestic ACH transfers from already established U.S. ibanking ACH transfer links are still getting through to Bangkok Bank accounts it's highly probable that will stop in the near future.  Will Bangkok Bank come up with an alternate method to easily transfer money from your U.S. bank to your Bangkok Bank account using ACH?  Well, I recommend you don't hold your breath.  I expect they will stick with saying they can only accept ACH transfers which are in the IAT format---which as already mentioned is not available from/offered by U.S. banks to it's retail customers....they only offer Domestic ACH, SWIFT, or International Wire.    Right now it does not appear U.S. govt benefit payments such as social security will be affected (this is good thing) as those transfers from U.S. govt agencies to Bangkok Bank special Direct Deposit accounts appears to satisfy the regulatory requirements for information.   Sorry for using a lot of banking acronyms like IAT, ACH, etc., that may have glazed over your eyes, but do try to understand them.  

 

b.  Would recommend you have at least two U.S. bank accounts to relay on...like you Schwab account and another.  USAA Bank would be a good one as they are expat/military retiree-veteran friendly.   Their debit card reimburses ATM fees like the Schwab debit card,  however, the USAA debit card charges a 1% foreign transaction fee so you may not want to use if to get money from an ATM in Thailand.   But it would serve as a backup to your Schwab debit card in case Schwab one day changes it's policy about reimbursements/foreign transaction fees....or like what has happened to a few Schwab customers living outside the U.S. is Schwab decides the person can not maintain their U.S. account with only a foreign address and notify you of closing it....recommend you open a International  Schwab brokerage account which different rules and is only for brokerage account.

 

c.  You may also want to open an account with a funds transfer service like Transferwise....then you could transfer funds to "any Thai bank" at a cost basically equal to the Bangkok Bank ACH transfer method.  Transferwise debit the funds from your U.S. bank account and then transfer the funds to your Thai bank account.  I recently signed up for a Transferwise account, have done two transfers to Bangkok Bank and Krungsri Bank...works like a charm.

 

d.  Minimize how much money you need to transfer to Thailand by getting a couple of no foreign transaction fee "credit cards" like a Capital One card and use your U.S. bank account to pay the monthly bill.  The wife and I use our U.S. credit cards as much as we can daily here in the Bangkok Metro area.  Greatly cuts down on the need to transfer funds into Thailand, we earn 1.5% cash back on every purchase, and are covered by U.S. Consumer Protection Laws for the cards use.  Financial Consumer Protection Laws for Thailand cards is more like banking protection that issued them versus consumer protection.

 

e.  Keep in mind Medicare A/B provides no coverage outside the U.S.   Since you are a veteran you may have some VA Rated Disabilities which the VA Foreign Medical Program (FMP) may cover here in Thailand...it needs to be a medical issue related to your VA Rated Disability....not just any aliment you come down with.  So, think about what you want to do Medicare-wise.  Even though it don't provide coverage outside of the U.S., if a major illness hits you or the wife here in Thailand that you want to go back to the U.S. for treatment if you stopped your Medicare Part B payments then you have no coverage.  But maybe you have other coverage that will work here in Thailand.  Like I'm a military retiree and have Tricare for Life that provides worldwide coverage but I have to pay Medicare Part B in order to have that....and if I go back to the States I will then still have Tricare for Life coverage and Medicare Part A & B coverage.  Everybody will be different regarding their medical care desires, needs, coverage options, etc.

 

f.   Regarding the annual renewal of your Retirement Visa/Extension of Stay, you can use the income letter from the U.S. Embassy method since your income is high enough or you can use Bt800K in a Thai bank method. I used the income letter from the Embassy for a few years but then switched to the Bt800K in a Thai bank method because I got tired of paying the embassy $50 each year for the letter plus I wanted to have at least in Bt800K in a Thai bank for personal reasons/emergency money/retirement visa purposes.  Now I just get an letter from my Thai bank each year which takes about 15 minutes to get at a cost of Bt100 saying I have Bt800K in the bank and that satisfies extension of stay renewal income requirement.  Note: the  Bt800K needs to be in the account at least 3 months before the renewal (but only 2 months before for the 1st renewal).

 

5.  I'll close now...sorry for all the words on "banking/money" but as I said banking in Thailand, getting money from your home country easily/cheaply is a big headache and frustration for many foreigners in Thailand "unless" they come over with their home country banking and credit/debit cards already setup/in-hand.  Money does make the world go around.  Once you leave the U.S. and no longer have a U.S. address it can get hard to open new U.S. bank or card accounts.  Good luck.

 

 

 

 

 

 

 

 

[4MyEgo]

Do make sure you get some good health insurance for over here.

[Boon Mee]

1 hour ago, lopburi3 said:

Not for everyone - money in account would be in your name only and might not available if you are not available and for some entails extra annual paperwork for home country reporting.  Using income is a simple process for many.

Not really as it's one more step to the final goal of obtaining the Retirement Visa.  Income verification involves getting from ACS another form.

In the end it's Tham Jai  Khun 

[lopburi3]

8 minutes ago, Boon Mee said:

Not really as it's one more step to the final goal of obtaining the Retirement Visa.  Income verification involves getting from ACS another form.

In the end it's Tham Jai  Khun 

The money is in your name only and that could cause problems.  It is not required to obtain retirement visa or extend as you have the income method.  Yes income requires an annual letter from Embassy - just as bank deposit requires letter of account balance from bank and normally passbook copies and maybe ATM receipt from current day.  Some some one will be better than the other.

[TallGuyJohninBKK]

4 hours ago, joealx said:

The Bangkok Bank website doesn't have information  about this. I haven't been notified by the bank that this will happen.  They still have the website page. Google Bangkok Bank ACH transfers.

 

It does actually, though in a misleading, unclear kind of way.

 

Under the NY Branch ACH section, it currently has the following language:

 

Quote

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]

 

When they say "funds transfer services will be available soon," obviously, that suggests they're not available now. Which is wrong, as I've repeated numerous times here now.

 

--What's not available now are NEW ACH links thru the NY branch.

 

--What is available now are regular ACH transfers for those who have existing ACH links.

 

--But, even those are probably going to cease working in the coming months. And BKK Bank will either come up with some alternative approach or give up and do nothing.

 

If you're waiting for BKK Bank Thailand to personally notify you of changes to their NY branch ACH transfer process, good luck in waiting for that.

 

For more details on the status and changes to the NY Branch ACH process, see here:

 

https://www.thaivisa.com/forum/topic/1047921-opened-bangkok-bank-account-tried-to-x-fer-from-us-trial-ach-deposits-failed/?do=findComment&comment=13170470

 

Edited July 14, 2018 by TallGuyJohninBKK

[TallGuyJohninBKK]

7 hours ago, JLCrab said:

If you want to avoid all the ACH BKK Bank brouhaha, credit card fees int'l transaction and other fees, 220 baht ATM withdrawal charges reimbursed or otherwise, you can make one or more trips back to the Estados Unidos and bring undeclared through Thai custom up to $20,000 each trip and as long as you never put more than US$10,000 in combined non-US bank accounts, you can avoid the pesky FBAR stuff.

 

This is Thailand. I'd feel uncomfortable rolling into Swampy with that kind of cash on my person. And for that matter, I'd feel uncomfortable rolling into the U.S. with that kind of cash on my person.

[NancyL]

I'd suggest that the OP obtain a non-imm O visa in the U.S. BEFORE coming to Thailand if he plans to retire in Chiang Mai.  CM Immigration makes it very difficult for newbies to apply to convert visa-exempt entries or tourist visas into a non-imm O visa with picky and uneven enforcement of unwritten rules, last minute demands for more documents, unavailability of appointment times, etc.They're trying to push newbies into using visa agents at huge fees.  Obviously this makes their life easier because they don't have to answer a bunch of questions from uninformed and nervous newcomers, but there may be other less obvious reasons why they want the newbies using agents.   Let's just leave it at that.

 

Like others have said, I definitely recommend using a commercial mail forwarding service in order to keep a U.S. mailing address and also to consolidate and forward online shopping purchases.  Get one that permits shipments via U.S. Postal Service in addition to DHL/UPS/FedEx.  It may seem counter-intuitive, but USPS is the best way to ship goods into Thailand.  Thai Post seems to use a different customs clearance channel than DHL/FedEX/UPS and items shipped to you via good old Uncle Sam's postal service will sail through Thai customs without a raised eyebrow.  Also, the mail forwarding service will consolidate and repack shipments and permit you to describe them for the customs forms.  There are mailforwarding services in Texas, the home state of the OP.  

 

Also, investigate getting a U.S. phone number using a service like MagicJack, with an area code that is the same as the area code of the mailforwarding service.  With MagicJack, you can use your home wifi to have a stand-alone phone "plugged in" all the time as if it were a U.S. phone.  Doesn't need to be connected to your computer.  Great if the bank or credit card company need to call.  If it's not connected, their message goes to a regular voice mailbox and the recording is emailed to you.  

[BobTH]

35 minutes ago, TallGuyJohninBKK said:

 

--What's not available now are NEW ACH links thru the NY branch.

 

--What is available now are regular ACH transfers for those who have existing ACH links.

 

--But, even those are probably going to cease working in the coming months. And BKK Bank will either come up with some alternative approach or give up and do nothing.

 

 

One question TallGuy, ... ok, I have used my smaller bank in the US in the past few years on more than one occasion, to make a larger transfer of funds to my account here using the NYC branch of Bangkok Bank. My question is... Does that mean that my small bank would have an existing ACH link with Bangkok Bank, and that I am still able at this time to do transfers for the time being? Sorry but I wasn't sure if that is what you meant in your previous referrals to existing ACH links. Thanks in advance.