Just Received Some Bad News For US Citizens. No More Income Affidavits.

[Suradit69]

16 hours ago, JackThompson said:

65K Baht = ~$2000 USD per-mo - well below the limit.  Meeting this requirement should not trigger a money-laundering audit.  Sending an un-spent part back, so as to include it in the next $2000 should not be a big deal either. 

I would think most people could manage this back and forth movement of funds less often than each month.

 

If you built up a surplus of unspent money it could (hopefully) mean you were able to use the combination method. Baht 10,000 a month unspent over a couple of years would mean your bank balance would be over Baht 200,000. If the combination method is still in play, that could/might mean you only needed to show monthly deposits of about Baht 50,000 to total Baht 800,000.

 

Even if you were more constrained, you could probably repatriate the excess every 3 months or 6 months to be recycled into future monthly Thai bank deposits.

 

Those suggesting they plan to recycle every month are probably making it too much of an unnecessary hassle and doing it that often might attract the attention of bank managers who see the pattern and ask questions.

[galt67]

1 hour ago, RCS said:

If you look at all the news reports about recent immigration crackdowns it is just all about getting rid of foreigners working here illegally without work permits or living off of criminal activity.  It makes sense then that they want people living here without work permits to prove they have resources to live here without doing those things.  No deep hidden agenda here that I can see.

 

Increased scrutiny of Ed. Visas.

Increased scrutiny of 'multiple' Tourist Visas.

Limitation of 'land border runs.'

 

Seems more than 'foreigners working illegally.'

 

 

 

 

[galt67]

1 hour ago, JLCrab said:

If I have a Thai Elite Visa will my Thai driver still be able to get a Thai driver's license?

Yes, 100%.

 

Just did it two weeks ago.

 

I have a TE Visa and received a 'new' license.

 

A friend, who also has a TE Visa, 'renewed' his at the same time.

[zydeco]

2 hours ago, Jeffrey346 said:

Someone said BKK Bank NY will no longer take ACH transfers after April 1, 2019.

Does anyone know of a US bank that will open an account online without a US address?

It's a matter of changing the coding process, apparently.  Bangkok Bank will still accept transfers but the sending institution must change to IAT (International ACH) coding. That is what it says on my notice from BB.

[Jeffrey346]

3 minutes ago, zydeco said:

It's a matter of changing the coding process, apparently.  Bangkok Bank will still accept transfers but the sending institution must change to IAT (International ACH) coding. That is what it says on my notice from BB.

I never got a notice.. Was it via email?

[Suradit69]

16 hours ago, Sheryl said:

(2) You will almost certainly have significant medical expenses sooner or later.

I have medical insurance for life as part of my pension. I also own my own condo. It would be nice if these factors could be considered in the equation by immigrations since they both limit how much money I need to spend each month or the risk of me running up unpaid bills for medical expenses.

 

Probably will need to stop paying my hospital bills (my insurance reimburses me after I've paid for medical expenses or pharmacy charges) or for other shopping using credit cards since that doesn't help me with immigrations and the Baht 65,000 a month.

 

I do not want to suggest that there should be different classes of expat retirees, but circumstances do differ if you own your own home and do have insurance compared to someone renting a bedsit and/or without insurance compared to others who've got that covered.

[Pib]

26 minutes ago, watcharacters said:

 

I'm not sure how it would work online but there is a matter of verifying one's signature.

 

No signature required when I opened my US Schwab account via online....or a couple of other US accounts opened via online. 

[Jingthing]

I have medical insurance for life as part of my pension. I also own my own condo. It would be nice if these factors could be considered in the equation by immigrations since they both limit how much money I need to spend each month or the risk of me running up unpaid bills for medical expenses.
 
Probably will need to stop paying my hospital bills (my insurance reimburses me after I've paid for medical expenses or pharmacy charges) or for other shopping using credit cards since that doesn't help me with immigrations and the Baht 65,000 a month.
 
I do not want to suggest that there should be different classes of expat retirees, but circumstances do differ if you own your own home and do have insurance compared to someone renting a bedsit and/or without insurance compared to others who've got that covered.

That will never happen here. Owning a condo will never give you a credit here. However it is possible that they might require insurance for all.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

[zydeco]

3 minutes ago, Jeffrey346 said:

I never got a notice.. Was it via email?

No. I actually got the notice when I went into my branch office a couple of weeks ago to open a second account.  I have the social security account, but I wanted to have an online ATM account too.  When I went in, gave them my passport and my SS account passbook, they gave me the notice and had me sign and date it.  I sent a copy to SS in the Philippines and they said "looks new, don't know," and said they were passing the info up the line to Baltimore.

[donmeurett]

If I start a new account with Bangkok Bank and have  65,000 per month deposited into it. This money would be from my military retirement and social security (USA). Will my bank book be sufficient to prove the money requirements. I live in Banchang would it be better to have the account with the main Bangkok Bank in Pattaya? Where is the Main Bangkok Bank in Pattaya? Any suggestions from those who are doing what I am thinking about doing.? Please, only serious comments. Thank You

[atyclb]

the embassy never affirmed the content of letter, just notarized the signature of the person making the affirmation.  theoretically if thai government still accepts this type of notarized letter it may suffice to get a notary in the usa to do the same.

[Suradit69]

16 hours ago, drtreelove said:

I just worry about the hit to the Embassy income and how they will pay for that expensive real estate on Wireless.  But I guess they'll figure out another way. Expat tax?

They've already had to deal with budget cuts that made them stop the consular outreach to Pattaya.

 

Have you ever noticed when you're at a window in the embassy getting an income letter how may people behind there are sitting at desks? A few may be locals, but most look like foreigners, presumably Americans. That's in the citizen services section. What could all those people be doing related to citizen services or even other consular services day after day?

 

At $50 a pop for income letters that require a couple of minutes of their time, once that ends their net operational expenses will take a hit.

 

 

[Jeffrey346]

2 minutes ago, zydeco said:

No. I actually got the notice when I went into my branch office a couple of weeks ago to open a second account.  I have the social security account, but I wanted to have an online ATM account too.  When I went in, gave them my passport and my SS account passbook, they gave me the notice and had me sign and date it.  I sent a copy to SS in the Philippines and they said "looks new, don't know," and said they were passing the info up the line to Baltimore.

Thanks very much for the update.   I have my SS direct deposit to US Direct Express who is affiliated with SSA. I also have their debit card that I use for US purchases. 

Monthly, I transfer to BKK Bank NY via ACH. Direct Express charges me $1.50 and I do not have to go to BKK Bank to withdraw funds. It has always been the best deal for me. 

I don't know if Direct Express has the capability to conform to IAT coding but will inquire.

[Suradit69]

8 minutes ago, Jingthing said:

That will never happen here. Owning a condo will never give you a credit here. However it is possible that they might require insurance for all. 

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app
 

Yes, I wasn't holding out the hope of it ever happening, just pointing out that one size fits all is a bit unfair. 

[RCS]

2 hours ago, Pib said:

 

 

Schawb has International accounts and US accounts.  Different animals...different rules....different minimum account opening requirements...etc. 

 

Trying to open a US Schwab account online may require you to have a U.S. IP address (easy enough with a VPN) otherwise the account opening page will be redirected to Schwab's nearest office for new applications based on your IP address.

 

But if trying to open a US Schwab account you will need to have a US address for the application.  Schwab does do hard pull credit agency report on each new application.

 

 

Not fully correct.  They have brokerage accounts and combined brokerage/bank accounts.  For the bank accounts you need a US address.  For a brokerage account they have accounts for US citizens and non-US citizens.  For non-US citizens they redirect you to their nearest overseas office to your location.  I opened a Schwab One account, which is for US citizens living overseas, and did everything online and through mailed signed application forms.  I don't have a US postal address or IP address.

[Pib]

12 minutes ago, Jeffrey346 said:

I never got a notice.. Was it via email?

It's a letter to be given to you by your branch when you make a withdrawal from your Bangkok Bank "Direct Deposit" savings account.  Nope....not to be sent via email or post. See below post for more info....letter is an attachment within below post.

 

 

[zydeco]

3 minutes ago, Suradit69 said:

What could all those people be doing related to citizen services or even other consular services day after day?

Well, not the letters.  And not the passports either, because they have turned that into renewal by mail.  Don't know what they are doing. But my taxes are paying their salary to sit on their cans.

[Jeffrey346]

1 minute ago, RCS said:

Not fully correct.  They have brokerage accounts and combined brokerage/bank accounts.  For the bank accounts you need a US address.  For a brokerage account they have accounts for US citizens and non-US citizens.  For non-US citizens they redirect you to their nearest overseas office to your location.  I opened a Schwab One account, which is for US citizens living overseas, and did everything online and through mailed signed application forms.  I don't have a US postal address or IP address.

Did they require a $25,000 opening deposit?

[Suradit69]

16 minutes ago, Jeffrey346 said:

I never got a notice.. Was it via email?

I thought deposits from government entities ... Social Security, military pension, etc ... were unaffected by the change at Bangkok Bank NY??

[bkk6060]

18 minutes ago, Suradit69 said:

I have medical insurance for life as part of my pension. I also own my own condo. It would be nice if these factors could be considered in the equation by immigrations since they both limit how much money I need to spend each month or the risk of me running up unpaid bills for medical expenses.

 

Probably will need to stop paying my hospital bills (my insurance reimburses me after I've paid for medical expenses or pharmacy charges) or for other shopping using credit cards since that doesn't help me with immigrations and the Baht 65,000 a month.

 

I do not want to suggest that there should be different classes of expat retirees, but circumstances do differ if you own your own home and do have insurance compared to someone renting a bedsit and/or without insurance compared to others who've got that covered.

Sounds good.

Let's hope the forensic accounting division of immigration can make time to investigate and scrutinize every Visa applicants financials.

 

 

[Suradit69]

17 hours ago, Sheryl said:

I transfer more than 10,0000 from a  US bank every single year and have done for the past 11 years straight. I have never been asked where it came from. They know where it came from, it came from my US bank account.

 

I also transfer amounts that large between different US accounts (same bank and different banks) and likewise never been asked a thing.

 

I don't know what regulation you refer to but if it exists I suspect it has to do with funds newly entering the bank system, not existing money in the bank.

Years ago when I transferred a relatively large amount either into or out of the US I asked my bank or brokerage (can't remember which) if I needed to file some US Treasury form and they said it was taken care of automatically by the bank.

[RCS]

8 minutes ago, Jeffrey346 said:

Did they require a $25,000 opening deposit?

Not entirely sure.  I was depositing more than that so the issue never arose.  If so that is just for opening the account.  I have had periods when there was less than that in the account and there were no extra fees or notice about it.  Better to just contact them and ask to be sure.

[Chongalulu]

2 hours ago, marcusarelus said:

OK.  I said the difference between a bad and good investment is peanuts.  The bank (a bad investment but no risk) will make you a hundred or so for three months.  How much will your investments make you for 25 grand in three months with no risk?  For your info the Dow just dropped 600 points and erased all the gains for the year.  Economics is my strong suit.    Apparently not yours.  The Nasdaq plunged 3.8% on the week, its worst since March. The index is on track for its steepest monthly decline since November 2008.

If economics was your strong suit you would not be judging stock markets over a period of a week or two. 5 year timespans are the usual measure and in virtually any 5 year period stock market investments have always outperformed bank deposits which are a slow motion car crash ravaged by inflation.

[marcusarelus]

2 minutes ago, RCS said:

Not entirely sure.  I was depositing more than that so the issue never arose.  If so that is just for opening the account.  I have had periods when there was less than that in the account and there were no extra fees or notice about it.  Better to just contact them and ask to be sure.

There are threads on opening bank accounts in Thailand.  I don't know why the Jeffrey would not read them. 

Edited October 27, 2018 by marcusarelus

[Jeffrey346]

2 minutes ago, RCS said:

Not entirely sure.  I was depositing more than that so the issue never arose.  If so that is just for opening the account.  I have had periods when there was less than that in the account and there were no extra fees or notice about it.  Better to just contact them and ask to be sure.

Exactly what I will do.. Thanks

[blackhorse]

That will never happen here. Owning a condo will never give you a credit here. However it is possible that they might require insurance for all.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app

That's not correct. If you buy a condo at 10 million baht you can get an investment visa.

[Jeffrey346]

1 minute ago, marcusarelus said:

There are threads on opening bank accounts in Thailand.  I don't know why the poster would not read them. 

This is not about opening bank accounts in Thailand.  It's about US banks and moving the required monies to Thailand. 

[Pib]

6 minutes ago, Suradit69 said:

I thought deposits from government entities ... Social Security, military pension, etc ... were unaffected by the change at Bangkok Bank NY??

They are not affected "if the payment is in ACH "IAT" format (i.e., international format).  If in ACH "PPD" format (i.e., domestic format) they will be rejected come Apr 19 payment.   Different info and coding in the two different formats.

 

Some people living in Thailand receiving their SS payment to Bangkok Bank the SS payment the payments are in IAT format; for others their payments are not....they are in PPD format.  As talked in the other thread regarding this subject there is yet no rhythm or reason detected yet as to when SS uses IAT for one person and not for another.  Manila FBU has been clueless on the subject so far.  Trying to talk to someone at Baltimore is like trying to get a dead person to answer the phone.  

 

For military retirement payments made by DFAS they are in ACH PPD format.

 

All depends if your pension paying govt agency uses and codes your payment to be transmitted in ACH IAT format.

 

[Russell17au]

5 minutes ago, bkk6060 said:

Sounds good.

Let's hope the forensic accounting division of immigration can make time to investigate and scrutinize every Visa applicants financials.

 

 

It is not up to Thai Immigration to investigate and scrutinize every Visa applicants financials. It is up to you to supply the correct documentation that is required under Thai Immigration Law and if they want your income verified by your embassy then it is up to your embassy to find a way of doing what Thai Immigration wants. I tried to make some suggestions earlier but I was told by some arrogant American that this is a USA thread and that anything from another country is not wanted.

[ChiangMaiLightning2143]

Yes, 100%.
 
Just did it two weeks ago.
 
I have a TE Visa and received a 'new' license.
 
A friend, who also has a TE Visa, 'renewed' his at the same time.

So did I. Not supposed to be able but temporary license renewed to 5 years, and video course waived. Chiang Mai Land and Transport says as long as you have 1 year stamp you are OK. Can’t get a Yellow book at Amphoe Muang however the queen bee there says PE is unacceptable.