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

[ubonjoe]

8 minutes ago, ocddave said:

"Cannot locate the item error" on your second file.

Try again you might of been trying after I deleted the file before I uploaded a new one after correcting the name.

[ocddave]

24 minutes ago, ubonjoe said:

Try again you might of been trying after I deleted the file before I uploaded a new one after correcting the name.

Still getting the following......EDIT: Working now.

Sorry, there is a problem

We could not locate the item you are trying to view.

 

 

 

Edited January 10, 2019 by ocddave

[pontious]

Fine for me.

[Pib]

2 hours ago, Pib said:

Which exchange rate does immigration use:  The Notes (Cash) rate like used when exchanging hard cash or TT Buying Rate used for incoming international transfers?

 

And which Thai bank exchange rate do they use?  Bangkok Bank, K-bank, the applicant's bank, etc.?

 

Thanks.

 

1 hour ago, ubonjoe said:

I have never noticed what rate they used since I was not concerned about it since the amount on my affidavits were well above the 40k baht I needed.

I have seen posts that said they used Bangkok Bank's rate. Some people have said it was the TT rate and others the $100 cash rate.

 

 

Over the years I've seen posters say their immigration office used the Cash rate....then other posters said their immigration office used the TT Buying Rate.   Some posters didn't say which bank's rate was used (i.e., Bangkok Bank, K-bank, SCB, etc)...and I remember one poster saying a Bank of Thailand rate was used.  Just all over the map type stuff but maybe that was because individual immigration offices have their own policy on which bank's rate they would use and which rate (Notes or TT Buying).   Then again, maybe the immigration offices do have specific HQ Thai Immigration guidance as to which exchange rate to use.  Lots of internal guidance/policy followed that never appears on any immigration office public webpage/paper handout.

 

But the exchange rate is only a player for those using a Foreign Currency Deposit account or nationalities still able to use an embassy income letter/affidavit where a foreign currency is quoted (i.e., I make X-amount dollars/pounds/euros/etc per year/month).  Preaching to the choir I know. 

 

Oh, the good ol' days when UK, US, AU, Danish folks could use embassy income letters.   I used the embassy income letter for my first year or two in Thailand but after that I switched to the Bt800K deposit in a Thai bank method as I was able to, it gives me an emergency fund, and I consider Thai banks safe enough.   

 

The new monthly income method requiring monthly international transfers unless a person can still use an embassy income letter is definitely a "sh*t just hit the fan" event for many...,and even for those who can do the monthly transfers but they just don't want/need to bring that much money into Thailand to meet their living needs. 

[JLCrab]

Try this:

 

https://www.immigration.go.th/download/1547117185923.pdf

[mogandave]

 
Over the years I've seen posters say their immigration office used the Cash rate....then other posters said their immigration office used the TT Buying Rate.   Some posters didn't say which bank's rate was used (i.e., Bangkok Bank, K-bank, SCB, etc)...and I remember one poster saying a Bank of Thailand rate was used.  Just all over the map type stuff but maybe that was because individual immigration offices have their own policy on which bank's rate they would use and which rate (Notes or TT Buying).   Then again, maybe the immigration offices do have specific HQ Thai Immigration guidance as to which exchange rate to use.  Lots of internal guidance/policy followed that never appears on any immigration office public webpage/paper handout.
 
But the exchange rate is only a player for those using a Foreign Currency Deposit account or nationalities still able to use an embassy income letter/affidavit where a foreign currency is quoted (i.e., I make X-amount dollars/pounds/euros/etc per year/month).  Preaching to the choir I know. 
 
Oh, the good ol' days when UK, US, AU, Danish folks could use embassy income letters.   I used the embassy income letter for my first year or two in Thailand but after that I switched to the Bt800K deposit in a Thai bank method as I was able to, it gives me an emergency fund, and I consider Thai banks safe enough.   
 
The new monthly income method requiring monthly international transfers unless a person can still use an embassy income letter is definitely a "sh*t just hit the fan" event for many...,and even for those who can do the monthly transfers but they just don't want/need to bring that much money into Thailand to meet their living needs. 

There’s nothing compelling them to spend the overage.

[Pib]

6 minutes ago, mogandave said:

There’s nothing compelling them to spend the overage.

 

Correct....but it may not leave enough in their home country bank account to pay home country bills....or for some that simply do not want to bring in a penny more than they have to in order to meet their day-to-day living needs because they simply don't trust Thai banks....afraid it's too hard to get the money out of Thailand.  Thailand can be the Land of Smiles for incoming money but the Land of Frowns for outgoing money.

Edited January 10, 2019 by Pib

[mogandave]

Correct....but it may not leave enough in their home country bank account to pay home country bills....or for some that simply do not want to bring in a penny more than they have to in order to meet their day-to-day living needs because they simply don't trust Thai banks....afraid it's too hard to get the money out of Thailand.  Thailand can be the Land of Smiles for incoming money but the Land of Frowns for outgoing money.

But it is not that difficult to send money back.

While unfortunate for some, it is, what it is.

In any event, the issue likely stems from people previously using the income letter illegally that did not actually have the income.

[Pib]

Just now, mogandave said:

In any event, the issue likely stems from people previously using the income letter illegally that did not actually have the income.

 

 

No doubt that happened a lot.

[Mango Bob]

The Thai immgration officer always ask me what the rate of exchange is when they process my extnesion of stay.

[Colabamumbai]

Unlike some embassys, the Canadian makes us show a bank statement with sufficient funds coming into a Canadian bank account or other. 

[mogandave]

The Thai immgration officer always ask me what the rate of exchange is when they process my extnesion of stay.

Do you tell them?

[Pib]

6 minutes ago, Mango Bob said:

The Thai immgration officer always ask me what the rate of exchange is when they process my extnesion of stay.

Yes ma'am....the exchange rate today is 50 baht per US dollar.  

Yes ma'am...the exchange rate today 70 baht per pound.

Yes ma'am...the exchange rate today is 50 baht per Euro.

Yes ma'am....the exchange rate today is 40 baht per Australian dollar.

 

One can dream.   ????

 

 

 

 

[Mango Bob]

Of course, I tell them the truth as of that day.  I have no reason like some people do to lie about it.

Edited January 10, 2019 by Mango Bob

[Olmate]

8 hours ago, scubascuba3 said:

9 hours ago, JackThompson said:

Do you mean for the combo-method?  I think that will still require the "income" part of the combo be monthly transfers, and the "non-international" transfer would not count / would not show up on the bank's official "foreign-transfer" letter for immigration.
 
If doing combo, one's monthly transfers could be less than the minimum-required, depending on how much "Seasoned in a Thai bank" money you have to use - but I think they will still want to see transfers every month without fail, or will disqualify the income-portion of the combo.

Problem with that is you could repeat a month payment hoping its classed as Intl, if its not repeat again? gets ridiculous

If using Swift to ensure transfers are acceptable, what would a ball park figure be for the cost of 12 x 65k? Is it worth the added work for these other workarounds?Depends on each bank I know but a guesstimate .Sorry if it’s been asked previously.

[mogandave]

If using Swift to ensure transfers are acceptable, what would a ball park figure be for the cost of 12 x 65k? Is it worth the added work for these other workarounds?Depends on each bank I know but a guesstimate .Sorry if it’s been asked previously.

About $30 a month I think

[Pib]

10 minutes ago, Olmate said:

If using Swift to ensure transfers are acceptable, what would a ball park figure be for the cost of 12 x 65k? Is it worth the added work for these other workarounds?Depends on each bank I know but a guesstimate .Sorry if it’s been asked previously.

If sending from the US, SWIFT Sending fees vary from bank to bank....typically in the $20 to $45 range.  There "may" be also an intermediary/correspondent bank fee of $10 to $20 in a few cases....depends on your sending bank....you won't know if your sending bank must use an intermediary/correspondent bank until you get one transfer under your belt....banks usually warn there "may" be such a fee in some cases.  And you will have the Thai bank international transfer receiving fee of approx 0.25% (Bt200 min, Bt500 max)....this receiving fee is deducted "before" posting to your account & not reflected on the receiving bank account...fools some folks into thinking no receiving fee was applied but indeed it is.

 

 

 

Edited January 10, 2019 by Pib

[mogandave]

Depending on you account (at least in the US) you can get free international transfers, but you have to know to ask.

[scubascuba3]

If using Swift to ensure transfers are acceptable, what would a ball park figure be for the cost of 12 x 65k? Is it worth the added work for these other workarounds?Depends on each bank I know but a guesstimate .Sorry if it’s been asked previously.

In the UK its around £25. Some UK banks offer it cheaper but often a monthly account charge. I think swift will be less problematic than transferwise, in terms of it being deemed intl payment

[Olmate]

12 minutes ago, Pib said:

If sending from the US, SWIFT Sending fees vary from bank to bank....typically in the $20 to $45 range.  There "may" be also an intermediary/correspondent bank fee of $10 to $20 in a few cases....depends on your sending bank....you won't know if your sending bank must use an intermediary/correspondent bank until you get one transfer under your belt....banks usually warn there "may" be such a fee in some cases.  And you will have the Thai bank international transfer receiving fee of approx 0.25% (Bt200 min, Bt500 max)....this receiving fee is deducted "before" posting to your account & not reflected on the receiving bank account...fools some folks into thinking no receiving fee was applied but indeed it is.

 

 

 

Thanks for those ! So it’s around 20k annually, not small change.Makes a trip home  to start over very do able, especially for two years worth. Or of course the agent route!

[johnjohn2]

So I am wondering about the folks that didnt get an embassy letter before the cut off end of December and the ones who come due after the 6 months from December (July-onward). What are the options for these people? If they haven't been transferring money for 12 months prior then they are out of luck with income method this year? I assume the only option would be that they have at least the 400/800 seasoned deposit option? My guess is most folks didnt start to transfer money until around November when all this talk came out here in ThaiVisa. Or I assume they could go for the combo method?

[mogandave]

Thanks for those ! So it’s around 20k annually, not small change.Makes a trip home  to start over very do able, especially for two years worth. Or of course the agent route!

Hard to imagine anyone would move to a different country for ฿20,000 a year.

[ocddave]

15 minutes ago, johnjohn2 said:

So I am wondering about the folks that didnt get an embassy letter before the cut off end of December and the ones who come due after the 6 months from December (July-onward). What are the options for these people? If they haven't been transferring money for 12 months prior then they are out of luck with income method this year? I assume the only option would be that they have at least the 400/800 seasoned deposit option? My guess is most folks didnt start to transfer money until around November when all this talk came out here in ThaiVisa. Or I assume they could go for the combo method?

I avoided the Income Letter, wasn't sure it would work, plus the mad-rush to get one from the US Embassy, then head over to MFA for a stamp seemed a waste of time and money. I went ahead in November with depositing 500K in a Thai bank just to be sure, now waiting as it seasons for my early March extension based on marriage.

[Olmate]

13 minutes ago, mogandave said:

 

Hard to imagine anyone would move to a different country for ฿20,000 a year.

 

Not move, trip back to re do OA Multi, home to see the kids, that type of thing, might take 2/3 weeks,things here stay as is.

[TallGuyJohninBKK]

30 minutes ago, Olmate said:

Thanks for those ! So it’s around 20k annually, not small change.Makes a trip home  to start over very do able, especially for two years worth. Or of course the agent route!

 

It really depends on the individual U.S. banks/CUs or brokerages that you may have accounts with, as the fees for traditional international wire xfers can vary quite widely from place to place. Pib's post above was a very good overview and recap.

 

But in my experience, these days, I've seen some U.S. financial institutions charging much more, up to $50 to $65 for an international xfer. I'm not saying that's the average. I'm saying that's the high end of the range that some banks are actually charging these days.

 

For whatever reason, individual international fund transfers out of U.S. banks are treated like some kind of rare and unusual breed of transaction that the U.S. banks figure none of their customers really typically do. And they price their fees for doing those international xfers accordingly.

 

So, especially if someone is going to be doing 12 of them per year because of Thai Immigration and the U.S. Embassy's cockup, then it really pays to shop around and find the best deal available to you -- $20 to $25 per international wire transfer is probably the low end of the fee range, but there probably a few places that will do international xfers for free, but those are rare, and often not offered as part of generally available accounts.

 

Of course, right now, AFAIK, there's also every expectation that much less expensive Transferwise transfers to BKK Bank "should" be OK in meeting Thai Immigration's requirement because they've been getting properly coded as international transactions.

 

 

Edited January 10, 2019 by TallGuyJohninBKK

[Olmate]

9 minutes ago, TallGuyJohninBKK said:

 

It really depends on the individual U.S. banks/CUs or brokerages that you may have accounts with, as the fees for traditional international wire xfers can vary quite widely from place to place. Pib's post above was a very good overview and recap.

 

But in my experience, these days, I've seen some U.S. financial institutions charging much more, up to $50 to $65 for an international xfer. I'm not saying that's the average. I'm saying that's the high end of the range that some banks are actually charging these days.

 

For whatever reason, individual international fund transfers out of U.S. banks are treated like some kind of rare and unusual breed of transaction that the U.S. banks figure none of their customers really typically do. And they price their fees for doing those international xfers accordingly.

 

So, especially if someone is going to be doing 12 of them per year because of Thai Immigration and the U.S. Embassy's cockup, then it really pays to shop around and find the best deal available to you -- $20 to $25 per international wire transfer is probably the low end of the fee range, but there probably a few places that will do international xfers for free, but those are rare, and often not offered as part of generally available accounts.

 

Of course, right now, AFAIK, there's also every expectation that much less expensive Transferwise transfers to BKK Bank "should" be OK in meeting Thai Immigration's requirement because they've been getting properly coded as international transactions.

 

 

Yes that’s more in line with my situation.An Oz Credit Union $57 AUD plus add ons

 

Edited January 10, 2019 by Olmate

[sfokevin]

22 minutes ago, TallGuyJohninBKK said:

For whatever reason, individual international fund transfers out of U.S. banks are treated like some kind of rare and unusual breed of transaction that the U.S. banks figure none of their customers really typically do. And they price their fees for doing those international xfers accordingly.

Another problem is that many require you to sign up for international wire service in person... My Fidelity Brokerage account requires a form to be completed and signed in the presence of a Fidelity agent or Medallion Signature Guarantee... Both of which can only be done in the US in person....

Edited January 10, 2019 by sfokevin

[sometimewoodworker]

On 1/9/2019 at 8:50 AM, jacko45k said:

Check the OP. It reads 'bank statement showing money transfer from overseas every month for past 12 months' Although not explicit it does seem to suggest this is to be a Thailand account statement. This has not been tested yet, and interpretation may vary from that, and also from region to region. I would nevertheless presume for now the evidence should show money transfers from overseas every month for into a Thai account.

BS. It is explicitly Thailand you need your glasses checked

 

 

 

 

[TallGuyJohninBKK]

9 minutes ago, sfokevin said:

Another problem is that many require you to sign up in person... My Fidelity Brokerage account requires a form to be completed and signed in the presence of a Fidelity agent or Medallion Signature Guarantee... Both of which can only be done in the US in person....

 

Kevin, I can't remember, is that signature requirement just a one-time initial setup thing with Fidelity, or are they going to require one or the other every time someone goes to do a new transfer to a repeat recipient?

 

I had thought it was only a one-time initial setup requirement for any particular transfer recipient.  (Fidelity, BTW, has among the lowest intl xfer fees for their clients that are available in the U.S., IIRC).

 

Edited January 10, 2019 by TallGuyJohninBKK

[sfokevin]

3 minutes ago, TallGuyJohninBKK said:

 

Kevin, I can't remember, is that signature requirement just a one-time initial setup thing with Fidelity, or are they going to require one or the other every time someone goes to do a new transfer to a repeat recipient?

 

I had thought it was only a one-time initial setup requirement for any particular transfer recipient.  (Fidelity, BTW, has among the lowest intl xfer fees for their clients that are available in the U.S., IIRC).

 

Yes it’s only a one time setup for each beneficiary that can then be accessed online in the future... But one would need to fly home to set it up ;-(...

 

I have been spoiled by BK Banks ACH/NY Branch for many years that is about to end....Transferwise seems to be the best alternative but many report that their transfers are coded and domestic by many of the Thai banks...