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

[Kadilo]

6 minutes ago, Spidey said:

3 - 5 days for me using SWIFT transfers.

 

Thought that I'd give TransferWise a try but sign up is being a real bitch.

Really. I did it on the app. Took minutes. I’m not sure what the rules are re limits but I’ve never shown them my passport etc and send 65,000/month no problem from my UK.bank. 

Edit. Just looked back. I sent them a photo of my passport page. 

Edited January 21, 2019 by Kadilo

[billd766]

19 minutes ago, Kadilo said:

When I transfer the money from UK accounts the money is usually in my KK within 2-3 working days. 

Mine take about 24 hours except on Fridays as they Thai banks don't work at the weekends.

 

The one I did last Friday was in my BKK Bank account at 2:03 pm today. 

[Kadilo]

Just now, billd766 said:

Mine take about 24 hours except on Fridays as they Thai banks don't work at the weekends.

 

The one I did last Friday was in my BKK Bank account at 2:03 pm today. 

To be honest mate I can’t fault their service. The only reason I’m moving away for now is this issue around international codes etc. if they manage to sort this or it ends up not being a problem I’ll be back using them in a flash. 

[billd766]

6 minutes ago, Kadilo said:

To be honest mate I can’t fault their service. The only reason I’m moving away for now is this issue around international codes etc. if they manage to sort this or it ends up not being a problem I’ll be back using them in a flash. 

 

I opened a Bangkok Bank account last Thursday on my own using my passport, Thai driving licence and yellow book. It took about 1 1/2 hours between me, two ladies in the branch and another lady at the call centre.

 

My Thai is poor because I am partly deaf and tone deaf but between us all it worked.

 

I had to deposit 1,000 baht but the cost of the account was only 400 baht and the rest stayed in the account.

 

I did a test from TW to the BKK Bank Friday and the money was in my new account at 2:03 pm and listed ass an International Transfer.

 

I hope that this helps you.

Edited January 21, 2019 by billd766
added extra text

[Kadilo]

1 minute ago, billd766 said:

 

I opened a Bangkok Bank account last Thursday on my own using my passport, Thai driving licence and yellow book. It took about 1 1/2 hours between me, two ladies in the branch and another lady at the call centre. I had to deposit 1,000 baht but the cost of the account was only 400 baht and the rest stayed in the account.

 

I did a test from TW to the BKK Bank Friday and the money was in my new account at 2:03 pm and listed ass an International Transfer.

 

I hope that this helps you.

Very helpful.  Thanks. I think I will be opening one myself in the near future as an extra insurance policy so to speak. Pays to try and keep one step ahead. 

[jimn]

27 minutes ago, Kadilo said:

Really. I did it on the app. Took minutes. I’m not sure what the rules are re limits but I’ve never shown them my passport etc and send 65,000/month no problem from my UK.bank. 

Edit. Just looked back. I sent them a photo of my passport page. 

I signed up with TW a couple if years ago via the app, I cant remember it being that onerous. Easy to send money, once transaction carried out on the app, payment to TW is done via faster payments direct from my UK bank account. Always arrives pretty quickly in my Bangkok Bank account.

[Spidey]

22 minutes ago, jimn said:

I signed up with TW a couple if years ago via the app, I cant remember it being that onerous. Easy to send money, once transaction carried out on the app, payment to TW is done via faster payments direct from my UK bank account. Always arrives pretty quickly in my Bangkok Bank account.

Wanted it on my laptop. Struggled so completed signup on Android tablet. No problem and can now access on laptop. Strange that I was asked for a copy of my passport when signing up on laptop. Not asked for passport or any ID when completing signup on Android.  Exchange rate looks good. Will use in anger next month.

[jimn]

2 minutes ago, Spidey said:

Wanted it on my laptop. Struggled so completed signup on Android tablet. No problem and can now access on laptop. Strange that I was asked for a copy of my passport when signing up on laptop. Not asked for passport or any ID when completing signup on Android.  Exchange rate looks good. Will use in anger next month.

Nice one thats pretty much how I remembered it.

[onera1961]

8 minutes ago, Spidey said:

Not asked for passport or any ID when completing signup on Android. 

They may ask yo after 6-months when they will do their account audit. I signed up when Transferwise was in beta and for three/four years they did not ask me for any id. But one day I tried to log in and they blocked me and asked for id.  

[steve73]

20 minutes ago, Spidey said:

Wanted it on my laptop. Struggled so completed signup on Android tablet. No problem and can now access on laptop. Strange that I was asked for a copy of my passport when signing up on laptop. Not asked for passport or any ID when completing signup on Android.  Exchange rate looks good. Will use in anger next month.

Spidey, you can also set up alerts on TW, such as a minimum FX rate, or a 2 week high.. Which can be useful if you're not watching the rate regularly.

Also, since their fee is a 1.50BGP fixed then 0.55% of the balance, there is little extra cost in making 2 smaller transactions..  e.g. if you send say 500 @ 41, then the rate only needs to increase to 41.12 to cover an extra 1.50 in sending a further 500.   Also it's worth using a site to track & chart daily Fx as it can help you choose the highs.  GBP can be +/-around 1% in any 24 hour period, usually when one of the politicians opens their mouth about Brexit. 

[wgdanson]

36 minutes ago, Spidey said:

Wanted it on my laptop. Struggled so completed signup on Android tablet. No problem and can now access on laptop. Strange that I was asked for a copy of my passport when signing up on laptop. Not asked for passport or any ID when completing signup on Android.  Exchange rate looks good. Will use in anger next month.

Will the details you gave them when signing up on Laptop not be sufficient when you do the Android app. They will see your email, bank details are the same. I can log on from PC, Android or iPhone.

[Spidey]

11 minutes ago, wgdanson said:

Will the details you gave them when signing up on Laptop not be sufficient when you do the Android app. They will see your email, bank details are the same. I can log on from PC, Android or iPhone.

when I tried initially, on my laptop, they asked for a copy of my passport. I logged out, went to take a photo of my passport, but couldn't log in again.

 

Eventually logged in via android, including email verification but they didn't ask for my passport again. Logged back in on my laptop and sailed straight through to the transfer page. Problem solved.

[Thailao3]

 

On 1/7/2019 at 4:27 PM, Vacuum said:

Where did you read that part?

Ask at your nearest immigration office. They will confirm that there are no changes in the 400/800k method.

[KhunFred]

Still not clear. (I am dense, I admit). If I apply for my extension in October of 2019, does ALL of my income have to be deposited in Bangkok Bank? Presently, only my Social Security payment is direct deposited in Bangkok Bank. The rest of my income is in my credit union in the USA. The Social Security payment alone should suffice if I am married, since it is around 43 thousand baht. The balance, which is in the USA, would bring my income to very near 80 thousand baht a month. On the other hand, if I remained single, would I need to use an agent, to get my extension? It does not appear that this arrangement would work if I were applying on my own. I intend to marry, but this could fall through, due to family factors. Any advice is welcome.

[elviajero]

36 minutes ago, KhunFred said:

Still not clear. (I am dense, I admit). If I apply for my extension in October of 2019, does ALL of my income have to be deposited in Bangkok Bank? Presently, only my Social Security payment is direct deposited in Bangkok Bank. The rest of my income is in my credit union in the USA. The Social Security payment alone should suffice if I am married, since it is around 43 thousand baht. The balance, which is in the USA, would bring my income to very near 80 thousand baht a month. On the other hand, if I remained single, would I need to use an agent, to get my extension? It does not appear that this arrangement would work if I were applying on my own. I intend to marry, but this could fall through, due to family factors. Any advice is welcome.

When you apply in October you will need to show transfers from abroad of 40K if applying as a spouse, or 65K if applying on the basis of retirement. Any income you keep in the US will not be counted.

 

If you need/want to apply based on retirement you could make a transfer from your credit union every month to your Bangkok Bank account. As long as the two transfers total 65K or more you should be good to go.

 

There is no need to use an agent unless you're looking for one to bend the rules.

 

[zolanana]

On 1/7/2019 at 4:15 AM, taichiplanet said:

the heading is misleading as it is not exactly what is needed for these 'visas', it is only exactly what is needed if you are using the income method. We are still presuming that the money in a bank account method remains the same.

 

On 1/7/2019 at 4:16 AM, DrJack54 said:

So the existing "money in Thai bank" 800/400, still continues and the changes only concern expats using "income, combo"?

BTW...personally I use money in the bank. I would not be happy now showing monthly income. Like many others, I have income from rentals, super/shares etc. Do not qualify for pension, because of super fund/assets. Would certainly not like the changes to replace embassy SD.

Do I understand it right. We have the choice of leaving the 800/400 on the Thai account or need to proof retirement for 65K. Because I do not have much retirement and will not have ever, but will have no problems to leave the 800 on the account and bring extra money in every year. I am lost now. I can't proof 65k retirement. If so, I could still staying in the US or go back to Germany. Thats why I want move to live on $1000 a month, not $2000 here in Florida. Any advice?

[zolanana]

Do I understand it right. We have the choice of leaving the 800/400 on the Thai account or need to proof retirement for 65K. Because I do not have much retirement and will not have ever, but will have no problems to leave the 800 on the account and bring extra money in every year. I am lost now. I can't proof 65k retirement. If so, I could still staying in the US or go back to Germany. Thats why I want move to live on $1000 a month, not $2000 here in Florida. Any advice?

[zolanana]

On 1/7/2019 at 4:32 AM, ocddave said:

Its confusing though, as this letter shows 2.18 and 2.22 (changes), and gives reasons/documents/procedures. Is there a 2.XX that states the 400K/800K that would not be affected by this notice? Because if the 400K/800K is part of 2.18 or 2.22, then this letter/memo looks a little scary.

Do I understand it right? We have the choice of leaving the 800/400 on the Thai account or need to proof retirement for 65K. Because I do not have much retirement and will not have ever, but will have no problems to leave the 800 on the account and bring extra money in every year. I am lost now. I can't proof 65k retirement. If so, I could still staying in the US or go back to Germany. Thats why I want move to live on $1000 a month, not $2000 here in Florida. Any advice?

[DrJack54]

15 minutes ago, zolanana said:

Do I understand it right. We have the choice of leaving the 800/400 on the Thai account or need to proof retirement for 65K. Because I do not have much retirement and will not have ever, but will have no problems to leave the 800 on the account and bring extra money in every year. I am lost now. I can't proof 65k retirement. If so, I could still staying in the US or go back to Germany. Thats why I want move to live on $1000 a month, not $2000 here in Florida. Any advice?

Visa based on retirement are called a non o. You can obtain that in a thai consulate. That is a 90 day visa. Before it expires you apply at immigration office in Thailand for 12 month "permission of stay". The financial requirements for that vary. One of which is " money in a Thai bank" another is "monthly income from abroad" and also combination of those to show a minimum required amount. Personally I use money in thai bank. You then apply for subsequent 12 month stays every year. Easy

Edited February 22, 2019 by DrJack54
Error

[zolanana]

On 1/7/2019 at 5:08 AM, DrJack54 said:

Not easy. I'm not going to sidetrack this thread, except to say I bing in aud cash in one or two hits every year. I'm aware of various ways to transfer money. The best is to bring in cash and exchange here. Only suited to those that have reason to visit home country.

But if you don't have the income? Because you know you can live on less than 65K a month in Thailand, but not in US or Germany. Thats why you want to move to Thailand. That don't make any sense for me now :O(

[JackThompson]

20 minutes ago, zolanana said:

Do I understand it right? We have the choice of leaving the 800/400 on the Thai account or need to proof retirement for 65K

Yes.  You can transfer 800K Baht from your country to a Thai bank, then apply for your 1-year extensions using that "money in the bank" to support the financial requirements.  You will not need to show income also. 

 

20 minutes ago, zolanana said:

Thats why I want move to live on $1000 a month, not $2000 here in Florida.

8 minutes ago, zolanana said:

But if you don't have the income? Because you know you can live on less than 65K a month in Thailand, but not in US or Germany. Thats why you want to move to Thailand. That don't make any sense for me now :O(

Of course.  It's why 90%+ expats live here.  Your 800K+ "in the bank" means you don't need to show/prove income.

 

The crazy high income-requirement (if not using "money in the bank") is based on a wish that only rich people would retire here, when they could just - as you point out - retire in a more developed country.

 

18 minutes ago, DrJack54 said:

Visa based on retirement are called a non o. You can obtain that in a thai consulate. That is a 90 day visa.

They will not get this Visa in the USA any more - but could get one in Savannakhet, Laos.  They could also come in on a Tourist Visa, then get a "Non-O Stamp" from some immigration-offices within Thailand. 

 

It would be best to start off living in Bangkok during a "Non-O Stamp" step, given some other offices make it difficult or impossible to obtain (why many end up going to Savannakhet). 

Edited February 22, 2019 by JackThompson

[DrJack54]

15 minutes ago, zolanana said:

But if you don't have the income? Because you know you can live on less than 65K a month in Thailand, but not in US or Germany. Thats why you want to move to Thailand. That don't make any sense for me now :O(

True but those are the rules. If you have 25k USD then stick it in Thai bank and leave it. No need to show income. And yes you could scrape by on your 1000usd a month. Good luck. Remember the 25large in your Thai bank is yours. You can even get tiny interest on it. Maybe 1.5%. Every year you just obtain 12 month extension and show your bank book. 25usd isn't a lot to have in Thai bank.

[Bugsy777]

On 1/7/2019 at 5:15 PM, taichiplanet said:

the heading is misleading as it is not exactly what is needed for these 'visas', it is only exactly what is needed if you are using the income method. We are still presuming that the money in a bank account method remains the same.

First time here. I am married to a Thai national and living in Australia. If we choose to retire in Thailand is the single Australian pension enough (about $900 per fortnight) Do I need 65,000 baht per month or 40,000 per month and do I need to have 800,000 in a Thai bank? I've read these posts and I'm none the wiser.

[Henryford]

8 minutes ago, Bugsy777 said:

First time here. I am married to a Thai national and living in Australia. If we choose to retire in Thailand is the single Australian pension enough (about $900 per fortnight) Do I need 65,000 baht per month or 40,000 per month and do I need to have 800,000 in a Thai bank? I've read these posts and I'm none the wiser.

If you are married you need either 400k in a thai bank or a monthly income of 40,000. Your $900 a fortnight is just enough, at current rates.

[Olmate]

8 minutes ago, Bugsy777 said:

First time here. I am married to a Thai national and living in Australia. If we choose to retire in Thailand is the single Australian pension enough (about $900 per fortnight) Do I need 65,000 baht per month or 40,000 per month and do I need to have 800,000 in a Thai bank? I've read these posts and I'm none the wiser.

Mate your married but on a single pension? You can get OAMulti retirement at Canberra Embassy with combo income and bank deposit in Oz with equal to 800k baht ,good for 2 yrs. here you.ll need either 40/65kmonthly into Thailand bank or have 400/800 in Thai bank, depending if you extend as retiree or marriage. 

[Bugsy777]

10 hours ago, Henryford said:

If you are married you need either 400k in a thai bank or a monthly income of 40,000. Your $900 a fortnight is just enough, at current rates.

Thanks Henryford. I can easily keep 400k in a Thai bank so does that mean that the single pension isn't needed or doesn't matter or can I do a combination pension and savings?

[Bugsy777]

10 hours ago, Olmate said:

Mate your married but on a single pension? You can get OAMulti retirement at Canberra Embassy with combo income and bank deposit in Oz with equal to 800k baht ,good for 2 yrs. here you.ll need either 40/65kmonthly into Thailand bank or have 400/800 in Thai bank, depending if you extend as retiree or marriage. 

Not on the pension yet. Still working but trying to get my head around this so that we can plan. What do you mean 400/800? Is it 400 or 800. I was going to buy a place but I don't want to end up not being able to stay there and then maybe not be able to sell it.

[mogandave]

400k married, 800k single.

One should also assume it will increase at some point, so saving additional funds for when it is does would be a good idea...

[Henryford]

10 hours ago, Bugsy777 said:

Thanks Henryford. I can easily keep 400k in a Thai bank so does that mean that the single pension isn't needed or doesn't matter or can I do a combination pension and savings? 

If you keep the 400k in the bank the income isn't needed. If you can easily afford that i wouldn't bother with any comination methods.

[Olmate]

11 hours ago, Bugsy777 said:

Not on the pension yet. Still working but trying to get my head around this so that we can plan. What do you mean 400/800? Is it 400 or 800. I was going to buy a place but I don't want to end up not being able to stay there and then maybe not be able to sell it.

your married you won’t get single pension even if living in Thailand, so it’s married rate of Aus pension, not sure what that is so guessing about 30k baht month...bit light on if only income.?