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

[ubonjoe]

6 minutes ago, elviajero said:

They do not expect someone wanting permission to be live full time in the country to be working unless working in Thailand. So you cannot use your pay stubs or tax records to prove your income in the way someone working in Thailand can.

It could be used for investments, dividends and etc legally earned here.

Clause 2.22 of 327/2557 "3. Evidence of income such as a retirement pension, interest or dividends".

 

[scubascuba3]

Transferwise already said the money did not come from overseas.  If the bank says otherwise, it would be quite safe to have your money laundered with them .... [emoji1787]
 
 

I guess we have gone round in circles on that 100 times already. Personally i think all Transferwise transfers should be deemed as overseas as they originate from overseas. Transferwise then has an alternative process flow to reduce costs, but the FX deal originated from overseas. If only we had a representative to discuss with a banking group / immigration, but sadly all 1000s of us will just do our own thing

[JLCrab]

2 minutes ago, scubascuba3 said:

I guess we have gone round in circles on that 100 times already. Personally

Personally, my attitude on using Transferwise instead of SWIFT for monthly international deposits for extension of stay purpose is:

 

You go first.

[scubascuba3]

Personally, my attitude on using Transferwise instead of SWIFT for monthly international deposits for extension of stay purpose is:
 
You go first.

luckily i have a few months to see how it pans out, but you're right in that any transferwise monthly transfers now could be futile for income purposes

[Kadilo]

3 minutes ago, scubascuba3 said:

5 minutes ago, JLCrab said:

Personally, my attitude on using Transferwise instead of SWIFT for monthly international deposits for extension of stay purpose is:
 
You go first.

luckily i have a few months to see how it pans out, but you're right in that any transferwise monthly transfers now could be futile for income purposes

I would be surprised if down the road they don’t do something to assist the process for people using them but until that time I agree Swift all the way. 

[likerdup1]

14 minutes ago, ubonjoe said:

It could be used for investments, dividends and etc legally earned here.

Clause 2.22 of 327/2557 "3. Evidence of income such as a retirement pension, interest or dividends".

 

Ah, so if I bring in the 800k requirement a few months from my application date IN dollars AND put it in some investment instruments here in Thailand that qualifies?? That would be nice because leaving 26,000 dollars in a Thai bank account without making any income just sucks.. ... making a few baht on the investments would also add to my "income" also which is always nice ????

Edited January 14, 2019 by likerdup1

[mogandave]

luckily i have a few months to see how it pans out, but you're right in that any transferwise monthly transfers now could be futile for income purposes

Agree, given the relative low cost of transfers, going with TW “in the blind” I would think is foolish.

We’ll know in six months one way or another.

[ubonjoe]

6 minutes ago, likerdup1 said:

Ah, so if I bring in the 800k requirement a few months from my application date IN dollars AND put it in some investment instruments here in Thailand that qualifies??

You would have to prove the income earned here with a Thai tax return from the investment. 

For example rental income from a condo you own. Or from owning part of business or company here.

[likerdup1]

3 minutes ago, ubonjoe said:

You would have to prove the income earned here with a Thai tax return from the investment. 

For example rental income from a condo you own. Or from owning part of business or company here.

My question is would having the money in Investment instruments say Bonds or a Certificate of Deposit account be acceptable to Immigration for the 800k baht financial requirement. Rather than 800k Baht or the equivilant in dollars held in a regular savings account COULD THE MONEY BE IN INVESTMENT INSTRUMENTS like Bonds, CD's, etc.. These types of investment instruments are available in Thailand .. they are offered by Thai banks and financial instituations. Money Market Funds, Bonds, Mutual Funds etc..

Edited January 14, 2019 by likerdup1

[onera1961]

19 minutes ago, ubonjoe said:

you would have to prove the income earned here with a Thai tax return from the investment. 

For example rental income from a condo you own. Or from owning part of business or company here.

Repeated questions on the same subject indicate some people are terrified because they were tax cheaters and "income letter cheaters" If somebody has already paid Thai taxes, there is nothing to worry if the money is earned in Thailand and taxes paid.

[onera1961]

55 minutes ago, farangx said:

If the bank says otherwise, it would be quite safe to have your money laundered with them .... ????

Analysis paralysis

[ubonjoe]

21 minutes ago, likerdup1 said:

My question is would having the money in Investment instruments say Bonds or a Certificate of Deposit account be acceptable to Immigration for the 800k baht financial requirement. Rather than 800k Baht or the equivilant in dollars held in a regular savings account

The could not be used to meet the 800k baht in bank side. It has to be in a bank account that allows immediate withdrawals without any penalties other than loss of interest. Even government bonds are not allowed.

[farangx]

21 minutes ago, likerdup1 said:

Rather than 800k Baht or the equivilant in dollars held in a regular savings account COULD THE MONEY BE IN INVESTMENT INSTRUMENTS like Bonds, CD's, etc.. These types of investment instruments are available in Thailand .. they are offered by Thai banks and financial instituations. Money Market Funds, Bonds, Mutual Funds etc..

They are not part of your bank account.  However if you liquidated enough of them for 800K worth in cash and throw this cash into a bank account in Thailand, that will work. ????

 

[farangx]

40 minutes ago, scubascuba3 said:

42 minutes ago, JLCrab said:

Personally, my attitude on using Transferwise instead of SWIFT for monthly international deposits for extension of stay purpose is:
 
You go first.

luckily i have a few months to see how it pans out, but you're right in that any transferwise monthly transfers now could be futile for income purposes

Suddenly, you are getting there ....

 

[scubascuba3]

Suddenly, you are getting there ....
 

I'm ahead of you son don't worry about that

[Pib]

1 hour ago, mogandave said:

Assuming the banks will provide confirmation letters, I don’t imagine the coding on individual transfers will be significant.

The bank knows TransferWise transfers come from TransferWise, which as far as I can tell do not facilitate transfers originating in Thailand.

I think the safe bet is to make swift transfers for the time being, but ultimately TW and others will be acceptable.

 

I'm glad you have faith that the bank clerk that is pushing a certain button on their computer screen to generate a statement for you knows about Transferwise and will ensure the statement confirms Tranferwise transfers from a local bank coded as a local transfer in many cases (unless having a Bangkok Bank account) is really an international transfer.   

 

But my bet is the bank clerk will give you a "Deer in the Headlights" type look when you start talking Transferwise....how you need certain transaction coded/identified as really international transfers.    And it will then be on your shoulders to convince the immigration office the transfers were really international transfers. 

 

As I mentioned earlier, I expect in 2019 some immigration officers will buy off on your Transferwise docs to support the Thai bank docs; and other immigration officers will not as they will follow the wording in the police order requiring Thai bank docs shows the transfers were international.  

 

Good to have faith...but not sure it always works out.

[Thaidream]

9 minutes ago, Pib said:

Good to have faith...but not sure it always works out.

Too much a roll of the dice- if you're the one sitting there and the IO states All these transfers are coded domestic and he has no knowledge of transferwise- I don't know how you could convince him otherwise-  the same look as the bank clerk- 

Kiss principle applies to Immigration Officer- sure doesn't apply to many of us.

[ubonjoe]

Baiting posts have been removed. Anymore baiting and bickering posts will be removed without notice.

[mogandave]

 
Your first post seems to support a person will be good to go using Transferwise....now you switch it would be foolish to assume Transferwise will be accepted.  Which one is it?  Help me with my comprehension skills.
 

My first post indicates one should continue making swift transfers.

My second post reconfirms that.

[mogandave]

TW website and info attached clearly explains how there system operates and your deposits are not international,so how can they be accepted?

If immigration accepts them.

Complex l know...

[farangx]

1 hour ago, Olmate said:

TW website and info attached clearly explains how there system operates and your deposits are not international,so how can they be accepted?

It would be a matter of time before Transferwise inform TI that they do not transfer funds from overseas into Thailand.

????

 

[Mango Bob]

53 minutes ago, mogandave said:

 

If immigration accepts them.

Complex l know...

 

My American Bank Statement shows the money was paid to Transwise and was deposited in my Bangkok Bank Account, Bank Code FTT.  I received a SMS that Bangkok Bank received an international transfer of $_____ on such and such a date.   My money was sent from an American Bank and put in a Thai Bank to me that is an international transfer.

[elviajero]

2 hours ago, farangx said:

3 hours ago, scubascuba3 said:

3 hours ago, JLCrab said:

Personally, my attitude on using Transferwise instead of SWIFT for monthly international deposits for extension of stay purpose is:
 
You go first.

luckily i have a few months to see how it pans out, but you're right in that any transferwise monthly transfers now could be futile for income purposes

Suddenly, you are getting there ....

I don’t think immigration are going to be decoding the codes used in bank books for the transfers. I beleive they are going to go solely by the bank letter that will/should confirm that the funds originate from abroad.

[farangx]

30 minutes ago, elviajero said:

I don’t think immigration are going to be decoding the codes used in bank books for the transfers. I beleive they are going to go solely by the bank letter that will/should confirm that the funds originate from abroad.

That is what I said days ago, that the banks and not TI know all about the activities in the bank account.  If the bank is satisfied that all the money transferred from overseas for the 12 months are in order, they will have to issue the letter (may include combo?) requested. TI will accept this letter from the bank as compliant.  It is not TI's nature of business to have such financial expertise.

 

My assumption is that the farang is using only 1 account for the bank letter.  He can use multiple bank accounts from multiple banks to mess up that IO. Revenge is a dish best served cold. ????

 

Edited January 14, 2019 by farangx

[scubascuba3]

That is what I said days ago, that the banks and not TI know all about the activities in the bank account.  If the bank is satisfied that all the money transferred from overseas for the 12 months are in order, they will have to issue the letter (may include combo?) requested. TI will accept this letter from the bank as compliant.  It is not TI's nature of business to have such financial expertise.

 

My assumption is that the farang is using only 1 account for the bank letter.  He can use multiple bank accounts from multiple banks to mess up that IO. Revenge is a dish best served cold. [emoji3]

 

But i bet 10 baht some bank branches will show all Transferwise payments as overseas, some mixed and some all local, unlikely to be consistency

 

[DrJack54]

1 hour ago, elviajero said:

I don’t think immigration are going to be decoding the codes used in bank books for the transfers. I beleive they are going to go solely by the bank letter that will/should confirm that the funds originate from abroad.

This is exactly how it will occur. 75 pages of rubbish. Just go sideways for second or 5. What I notice every year when I do my extensions (granted I use money in bank method, but irrelevant), the io just snaps at docs, grabs this and that etc. You members really think they are looking for codes as to where funds come from etc. If it was so important why did they previously accept nonsense SD income letters from embassies. News flash...they don't give a flying f. All take a chill pill. All will be fine. Threads running about codes for transfers, etc etc.

Geezus. If your using monthly income method (most least cost effective) ...just continue. Show 65k+ deposit every month your done. Forget codes. 

[farangx]

1 hour ago, Mango Bob said:

My American Bank Statement shows the money was paid to Transwise and was deposited in my Bangkok Bank Account, Bank Code FTT.  I received a SMS that Bangkok Bank received an international transfer of $_____ on such and such a date.   My money was sent from an American Bank and put in a Thai Bank to me that is an international transfer.

And what if you transfer the money by Transferwise converted from USD to Thai baht into your Thai bank here.  Will it still be an international transfer?

 

[sfokevin]

1 hour ago, scubascuba3 said:

But i bet 10 baht some bank branches will show all Transferwise payments as overseas, some mixed and some all local, unlikely to be consistency

 

Sounds like they will fit in with TI procedures perfectly... 

[farangx]

12 minutes ago, ocddave said:

The IO could insist on "ALL" the letters and bank passbooks being done on the same day of the visit, should make for a long day, Revenge is a dish best served cold ????

I recommend start small, with 3 bank accounts this year.  Next year try 5, with experience comes speed.  More than that bring the IO along with you.

 

[Mango Bob]

2 hours ago, farangx said:

And what if you transfer the money by Transferwise converted from USD to Thai baht into your Thai bank here.  Will it still be an international transfer?

 

It doesn't matter.   It is my money that was transferred from my bank in the US and was deposited in My Bank in Thailand.  Baht or dollars it is still my money and it still comes here from New York to Bangkok and that makes it International and TI isn't going to care less about it.