CONFIRMED: Here is exactly what’s needed for retirement & marriage extensions (income method) from 2019

[GregKeo]

1 hour ago, Skeptic7 said:

Give TransferWise a go. Dunno about AUD and Oz, but those of us transferring from USA using TW shows as "International Transfer". 

I transfer from Australia to the Bangkok Bank using TW ... it's the same, shows as International Transfer.

I rarely plug financial institutions of any kind, however TW deserve a look - they bypass bank fees, charge about 1% fee per transaction and exchange rates are generally at, and sometimes above the real-time rate. They advise the rate you will receive prior to you pressing the Go button to authorise any transfer transaction. 

[elviajero]

36 minutes ago, ChokDee4213 said:

Quick question: if I transfer 480,000฿ in one month does this equate to the 12 month average of 40,000฿? So if ,my income averages 0-39,999.99฿/month, in the final months I can just transfer the difference from 480,000฿?

 

As usual, I'm sure a few 1,000฿ notes forgoes any real scrutiny anyway.

No. They clearly want to see 12 separate transfers.

 

The only question is whether they will accept an average of the 12 if some are under/over the required amounts. The existing rules suggest they will for family extensions, but won’t for retirement extensions.

 

Until it’s clarified I suggest people transfer at least 40K every month for family based extensions. However, IMO an average will be accepted.

[davhend25]

29 minutes ago, skatewash said:

Not in any way offering a recommendation, but if you were to marry your Thai partner, the financial requirements would drop to 40,000 baht a month or 400,000 in a Thai bank account.  Just saying ????

You're right, my friend...probably my best option. Thanks for the kind and helpful advice. ????    

[Nyezhov]

1 hour ago, EricTh said:

I have seen many of these people who go for cheap meals like 20-30 baht and riding bicycles even though they have 65000 money transferred every month?

yeah Im a player I do 75 baht meals

[Russell17au]

11 minutes ago, farangx said:

 

Okay, then how do the new rules affect you financially?  And believe me I do know some are sensitive on issues like this.

 

I just go to my bank and present my bank book and get the letter of certification and do a couple of copies of my bank book and pay about 100baht and then go to immigration, instead of all the rubbish of traveling to Bangkok and going and getting a B******t Stat Dec and paying the embassy 1700baht. So it saves me 1600baht in fees plus travel expenses to go to Bangkok and it is all done in a couple of hours instead of a couple of days

[ubonjoe]

10 minutes ago, DPKANKAN said:

Supposedly yes. But as I pointed out before, read it again!! It states "...since January 2019, to proceed to good orders and INconsistent procedures..." Unfortunately, it is the inconsistent procedures (and English translations) that lead to confusion!

That was my reply to this post not yours.

2 hours ago, ubonjoe said:

That was just a preliminary rough translation of the amendment. The one posted is in this topic the important one to read.

2 hours ago, madmen said:

For retirement extensions of no more than 1 year evidence of average monthly income of B65,000 is required.

 

What you pointed out is a minor error in the full translation. It should be "to proceed in good order and with consistent procedures". Not the first time I have seen an errors in a translation.

[skatewash]

2 minutes ago, Nyezhov said:

yeah Im a player I do 75 baht meals

You guys grind my gears.  Walking into the restaurant like you owned the place.  Expecting the waitress to come to the table to take your order.  Throwing around 75 baht like it was nothing.  Nothing!  Wearing your Casio watches and Big C sunglasses.  Arrrrrggghhh!

[farangx]

5 minutes ago, totally thaied up said:

Well, when one day the AUD will drop a lot more and your Australian pension does not meet the 40K you need for the monthly amount. The 400K method is currently much safer I feel but I suppose I better learn how to use the Reserve bank of Australia method to save on a few fees. 

The fees won't kill you but the exchange rates can.  As I said a few weeks back in another thread that I transferred more than 800K with AUD when it was about 26 baht, it would costs me thousands more in aussies today.  Hedging to protect.

 

[garyk]

20 minutes ago, farangx said:

 

Okay, then how do the new rules affect you financially?  And believe me I do know some are sensitive on issues like this.

 

I am sensitive on this issue, it has given me a rash on my posteriour. ????

In the US it is referred to as having the "Red Ass"

I'm sure other nations have a similar acronym to describe it!

 

[davhend25]

15 minutes ago, sqwakvfr said:

Davhend25, I am in the same position.  I could do the 65,000 monthly transfers but I would often have to send part of it back to the US Bank on a reverse transfer.  The 65K Transfer is ideal for anyone who has pretty much cut ites with his/her home country.  I still have financial assets and obligations back in the US.  I also have US Bank issue credit cards and I often use them for travel.  

Yes, all of my credit card accounts are U.S. based and I have used them all extensively here in Thailand. All of my retirement benefits, including Social Security are direct deposited into my U.S. based Federal Credit Union.

 

Another kind forum member suggested marrying my Thai partner which would reduce the 65k baht to 40k baht and would essentially solve the problem of needing to transfer some money back to U.S. account every month. It would also open the possibility of using the 400K seasoned in a Thai bank option. It would also make my Thai partner happy (not a small thing...Lol). 

 

Hope you find a workable solution, my friend. ????    

 

[ocddave]

15 minutes ago, skatewash said:

You guys grind my gears.  Walking into the restaurant like you owned the place.  Expecting the waitress to come to the table to take your order.  Throwing around 75 baht like it was nothing.  Nothing!  Wearing your Casio watches and Big C sunglasses.  Arrrrrggghhh!

Hey, I collect G-Shocks while I've been here, and I sometimes leave 20baht tips when I go out to eat, does that make me a player too? ???? 

[JackThompson]

1 hour ago, EricTh said:

The old system is far worse because there are many people who swear on false affidavits. 

How many.  Was TI reporting them so they would do felony-time in their home countries?  That would have put a damper on any fibbing.

 

Quote

I have seen many of these people who go for cheap meals like 20-30 baht

So what?  Is the vendor complaining?  Sometimes you want a snack, and there it is.

 

Quote

 and riding bicycles even though they have 65000 money transferred every month?

Health benefits?

 

Quote

If they really have 65000 baht per month, they can even buy a small car.

Could or "want to"?  Cars are a PITA.  Taxis and pickups are cheap to rent here.  I was very glad not to have to EVER deal with owning a car again when I left the USA.  It is so easy to get around without one in most countries.

 

And were these "cheap eating" and "bicycle riding" expats using the embassy-letter, or the much more likely "agent" solution that immigration encourages?  

Edited January 8, 2019 by JackThompson

[madmen]

Yes, all of my credit card accounts are U.S. based and I have used them all extensively here in Thailand. All of my retirement benefits, including Social Security are direct deposited into my U.S. based Federal Credit Union.
 
Another kind forum member suggested marrying my Thai partner which would reduce the 65k baht to 40k baht and would essentially solve the problem of needing to transfer some money back to U.S. account every month. It would also open the possibility of using the 400K seasoned in a Thai bank option. It would also make my Thai partner happy (not a small thing...Lol). 
 
Hope you find a workable solution, my friend. [emoji846]    
 

Your partner will be happy you married her to save 25 k a month? Hmmmm...

[ocddave]

5 minutes ago, davhend25 said:

Yes, all of my credit card accounts are U.S. based and I have used them all extensively here in Thailand. All of my retirement benefits, including Social Security are direct deposited into my U.S. based Federal Credit Union.

 

Another kind forum member suggested marrying my Thai partner which would reduce the 65k baht to 40k baht and would essentially solve the problem of needing to transfer some money back to U.S. account every month. It would also open the possibility of using the 400K seasoned in a Thai bank option. It would also make my Thai partner happy (not a small thing...Lol). 

 

Hope you find a workable solution, my friend. ????    

 

You can also declare your new wife on your US Federal Taxes as a "non-resident alien for US Tax purposes" ????

[Spidey]

2 minutes ago, madmen said:

7 minutes ago, davhend25 said:

Yes, all of my credit card accounts are U.S. based and I have used them all extensively here in Thailand. All of my retirement benefits, including Social Security are direct deposited into my U.S. based Federal Credit Union.
 
Another kind forum member suggested marrying my Thai partner which would reduce the 65k baht to 40k baht and would essentially solve the problem of needing to transfer some money back to U.S. account every month. It would also open the possibility of using the 400K seasoned in a Thai bank option. It would also make my Thai partner happy (not a small thing...Lol). 
 
Hope you find a workable solution, my friend.     
 

Your partner will be happy you married her to save 25 k a month? Hmmmm...

More than happy if you spent it on her!

[totally thaied up]

2 minutes ago, madmen said:

Your partner will be happy you married her to save 25 k a month? Hmmmm...

I am married and can live on 28K a month.

 

Need to find out more about the Reserve Bank in Australia transferring over pensions. Do they do this every two weeks or just once a month?

[Nyezhov]

20 minutes ago, skatewash said:

You guys grind my gears.  Walking into the restaurant like you owned the place.  Expecting the waitress to come to the table to take your order.  Throwing around 75 baht like it was nothing.  Nothing!  Wearing your Casio watches and Big C sunglasses.  Arrrrrggghhh!

Jealous? I even have REAL Crocs, not those 100 baht ones you see piled up in markets....

[madmen]

The old system is far worse because there are many people who swear on false affidavits.
 
I have seen many of these people who go for cheap meals like 20-30 baht and riding bicycles even though they have 65000 money transferred every month?
 
If they really have 65000 baht per month, they can even buy a small car.

Who in their right mind would drive a car in Thailand unless they are out in the sticks and have no form of public transport eg bts, mrt, baht bus etc

[madmen]

I am married and can live on 28K a month.
 
Need to find out more about the Reserve Bank in Australia transferring over pensions. Do they do this every two weeks or just once a month?

Once a month

[Nyezhov]

6 minutes ago, ocddave said:

Hey, I collect G-Shocks while I've been here, and I sometimes leave 20baht tips when I go out to eat, does that make me a player too?

If you are tipping, we know you arent European ???? ???? ???? 

 

But surely you over tip, I do a consistent 10% and round up, so I leave 8baht on my 75 baht meals.

[JackThompson]

1 hour ago, ChokDee4213 said:

Quick question: if I transfer 480,000฿ in one month does this equate to the 12 month average of 40,000฿? So if ,my income averages 0-39,999.99฿/month, in the final months I can just transfer the difference from 480,000฿?

 

As usual, I'm sure a few 1,000฿ notes forgoes any real scrutiny anyway.

No.  You need 12 monthly transfers.  Maybe less than 12 in the first year of the new system - but "monthly transfers" are what they want.

 

1 hour ago, davhend25 said:

'm from the U.S. I live in a small village in Eastern Thailand (Chanthaburi Province).  I currently withdraw monthly about 35,000 baht from my local Bangkok Bank ATM. This amount covers all of my and my Thai partner's expenses each month. It also leaves me enough money in my U.S. bank account to cover my bills each month back there. 

 

If I transfer 65,000 each month into a Thai account, it won't leave me enough in my U.S. bank account to pay my U.S. based debts. So, I will need to transfer some back each month (which I'm not sure is kosher to the new law) What a headache!! I also don't have a Thai bank account, and from what I've been reading on this forum, and elsewhere, opening one is a giant hassle as well.  

As the rule is "income" - not "net-income after everything outside of Thailand" - I don't see why transferring some back to pay passport-country bills would be prohibited.  To be safe, in case of an IO who thinks you should "spend it all here" (since some don't care what the law actually says), just use a 2nd account for this.

 

Opening an account may require some bank-branch shopping, but is not impossible.

[Spidey]

4 minutes ago, madmen said:

Who in their right mind would drive a car in Thailand unless they are out in the sticks and have no form of public transport eg bts, mrt, baht bus etc

I couldn't live without my little runabout here in Pattaya.

[elviajero]

38 minutes ago, sqwakvfr said:

Davhend25, I am in the same position.  I could do the 65,000 monthly transfers but I would often have to send part of it back to the US Bank on a reverse transfer.  The 65K Transfer is ideal for anyone who has pretty much cut ites with his/her home country.  I still have financial assets and obligations back in the US.  I also have US Bank issue credit cards and I often use them for travel.  

Then use a combination of income/cash; send less than 65K and keep a balance in your bank to cover the shortfall.

 

e.g. 50K x 12 = 600K and keep 200K at least in the bank for 3 months prior to renewal.

[Russell17au]

5 minutes ago, madmen said:

8 minutes ago, totally thaied up said:

I am married and can live on 28K a month.
 
Need to find out more about the Reserve Bank in Australia transferring over pensions. Do they do this every two weeks or just once a month?

Once a month

You are incorrect. It is paid on a 4 weekly basis. You will get 13 payments for the year

[onera1961]

31 minutes ago, farangx said:

The fees won't kill you but the exchange rates can.  As I said a few weeks back in another thread that I transferred more than 800K with AUD when it was about 26 baht, it would costs me thousands more in aussies today.  Hedging to protect.

I like this hedging approach. May be I should start looking into it. Thai baht is getting stronger due to massive public and private investments from outside and more people's desires to move here for retirement. I was reading currency prediction for 2023 when I will be able to draw my SS, and they are predicting 25 baht/USD. 

Edited January 8, 2019 by onera1961

[Thaidream]

5 minutes ago, JackThompson said:

How many.  Was TI reporting them so they would do felony-time in their home countries?  That would have put a damper on any fibbing.

Absolutely correct- they could have reported a false statement to the US Embassy who has an FBI office and could investigate  and then recommend prosecution.  TI could ask for added proof and if they suspected fraud- give an under consideration stamp and investigate.

I will never believe that TI 'demanded' the Embassies certify back to original source or demand anything.  Thais do not speak like that- the Embassies blew it out of all proportion and had they continued the Letter  in the same manner- it would be accepted just like the current change states.

 

As far as the agents- still in business and more clients lining up for service.  No monthly transfers; no worry about transfer wise being accepted; no worries about having to send money back to home country to pay bills. No worry about missing a month of transfers and will TI accept averages. You pay your fee and get the extension. 

 

I am not their advocate but I understand completely why people who have the  65K/40K  don't want the hassle.

[madmen]

You are incorrect. It is paid on a 4 weekly basis. You will get 13 payments for the year

Ok [emoji108]Mr pedantic.

[skatewash]

22 minutes ago, ocddave said:

You can also declare your new wife on your US Federal Taxes as a "non-resident alien for US Tax purposes" ????

Ahhh, I would be tempted to leave out both the drop in balance requirements and the potential dependent deduction from the proposal itself.  In any case, it would be too long an explanation to make while balanced on one knee ????

Edited January 8, 2019 by skatewash

[elviajero]

1 hour ago, TMEXSUB said:

Rather than trawl the thread. Can someone just explain if the combo method is still an option. 

I have 50k (thb) every month from UK and have approx 300k sat in the same account. Therefore this should satisfy the combo "rule" if it is still allowed. 

 

Many thanks in advance

Yes it is still an option, and based on your numbers you qualify.

[Dugdown]

9 hours ago, Nyezhov said:

Of course there isnt anything preventing it. The Embassy is obligated to notarize that which you put in front of them.

 

Id be happy to do draft an affidavit in Word for someone to fill in and take to the US Embassy. I dont have to worry myself until 2020

A simple copy/paste of the wording as found on the existing Income Affidavit form would be the easiest