Report: Successful retirement extension using monthly income, no consul letter

[JLCrab]

16 minutes ago, JackThompson said:

The rules never stated one had to "spend 65K+ / mo every month" to qualify for a retirement-extension.

And the rules as yet have not stated that it is not OK to repatriate funds but the rules are now only a few weeks old.

 

You're saying maybe that the IMM folks will continue to allow someone to deposit from overseas 65K baht in a Thai bank account and 5 minutes after it clears send the whole 65K baht minus expenses back from where it came. Even with the 800K  baht in the bank you still have to have funds in addition to the 800K baht or you won't be able to top it off for the following year.

Edited January 17, 2019 by JLCrab

[JTXR]

20 hours ago, DogNo1 said:

Fidelity does free Swift transfers and Mapguy says that USAA does also.  I haven't been able to confirm that with USAA yet.  They charged me $45, perhaps improperly.  What I know is free with USAA is domestic transfers but that option goes away on April 1st with Bangkok Bank's policy of only accepting IAT transfers after that.  Bangkok Bank says that after that date, ordinary ACH transfers will be returned.

USAA does charge $45.  Interestingly, on its website now (if you look up "international wire transfers"), it actually recommends Transferwise, as being cheaper. 

[JAS21]

3 hours ago, JLCrab said:

And the rules as yet have not stated that it is not OK to repatriate funds but the rules are now only a few weeks old.

 

You're saying maybe that the IMM folks will continue to allow someone to deposit from overseas 65K baht in a Thai bank account and 5 minutes after it clears send the whole 65K baht minus expenses back from where it came. Even with the 800K  baht in the bank you still have to have funds in addition to the 800K baht or you won't be able to top it off for the following year.

If you want to send some funds back...withdraw cash ...

 

Pay it into a different account ..yours or your wifes etc ...

 

Get 'whoever' to send it back using TW ... to your account...or do something like this...

[JLCrab]

45 minutes ago, JAS21 said:

If you want to send some funds back...withdraw cash ...

Pay it into a different account ..yours or your wifes etc ...

Get 'whoever' to send it back using TW ... to your account...or do something like this...

Why the devious route -- if it's perfectly OK why not just send it back directly from YOUR Thailand account to YOUR ex-Thailand  account?

[scubascuba3]

Why the devious route -- if it's perfectly OK why not just send it back directly from YOUR Thailand account to YOUR ex-Thailand  account?

Sounds like its better to go via dee money first

[JLCrab]

3 minutes ago, scubascuba3 said:

54 minutes ago, JLCrab said:

Why the devious route -- if it's perfectly OK why not just send it back directly from YOUR Thailand account to YOUR ex-Thailand  account?

Sounds like its better to go via dee money first

Sure so your Thai bank statement shows that you transferred money to DEE Money for transfer out of Thailand.

[scubascuba3]

Sure so your Thai bank statement shows that you transferred money to DEE Money for transfer out of Thailand.

so therefore transfer to your other thai account first.

 

You think the transfer will show the correct code and name? 555 keep it real

 

[Pib]

On 1/16/2019 at 6:16 PM, DogNo1 said:

Fidelity does free Swift transfers and Mapguy says that USAA does also.  I haven't been able to confirm that with USAA yet.  They charged me $45, perhaps improperly.  What I know is free with USAA is domestic transfers but that option goes away on April 1st with Bangkok Bank's policy of only accepting IAT transfers after that.  Bangkok Bank says that after that date, ordinary ACH transfers will be returned.

 

From USAA website.  $20 for a domestic wire and $45 for an international wire.

[JLCrab]

4 minutes ago, scubascuba3 said:

7 minutes ago, JLCrab said:

Sure so your Thai bank statement shows that you transferred money to DEE Money for transfer out of Thailand.

 

so therefore transfer to your other thai account first.

 

You think the transfer will show the correct code and nthat has been transferred to your account in Thailand back to your account ex-Thailand?ame? 555 keep it real

Why would you feel the need to hide your tracks if there is nothing in the new regs to prohibit your sending money, that has been transferred to your account in Thailand for purposes of extension, back to your account ex-Thailand?

[scubascuba3]

Why would you feel the need to hide your tracks if there is nothing in the new regs to prohibit your sending money, that has been transferred to your account in Thailand for purposes of extension, back to your account ex-Thailand?

you seem to be worried about using Dee money as if it will incriminate you. I don't see a problem with sending money back to farangland to pay bills. But lets be honest the IOs are loose cannons and a lottery if you get one that follows the rules so best not do anything that gives them an opportunity to ask for tip

[Lacessit]

There seems to be nothing in place to prevent anyone from depositing 65K baht from overseas, then withdrawing and converting to either gold or the original currency of origin at a money exchange. What am I missing?

[steve73]

The best way to "send" THB back to your home account is to find a trusted countryman who doesn't need to show incoming funds to T/L, e.g. someone using the seasoned 4/800k savings.

Simply agree a FX rate, arrange for him to make a bank transfer in the home country (usually free & immediate) and then hand over the baht cash.  Saves fees in both directions.

[kannot]

On 1/15/2019 at 5:55 PM, LawrenceN said:

It's just bureaucratic pointlessness when using the monthly income method

They excel at this

[JLCrab]

6 minutes ago, Lacessit said:

There seems to be nothing in place to prevent anyone from depositing 65K baht from overseas,

Yes -- but when people on here reference it they often suggest a circuitous trail of cash, other accounts, other person's accounts, etc. before sending it back from the Thai bank they use for purposes of the extension and, if it's all legit, why the need to obfuscate?

[wgdanson]

2 hours ago, JAS21 said:

If you want to send some funds back...withdraw cash ...

 

Pay it into a different account ..yours or your wifes etc ...

 

Get 'whoever' to send it back using TW ... to your account...or do something like this...

TWise cannot do Baht to foreign bank.

[scubascuba3]

The best way to "send" THB back to your home account is to find a trusted countryman who doesn't need to show incoming funds to T/L, e.g. someone using the seasoned 4/800k savings.
Simply agree a FX rate, arrange for him to make a bank transfer in the home country (usually free & immediate) and then hand over the baht cash.  Saves fees in both directions.

A bit cheap charlie though, who can be bothered with that, plus you may need to do it monthly

[Caldera]

3 minutes ago, JLCrab said:

Yes -- but when people on here reference it they often suggest a circuitous trail of cash, other accounts, other person's accounts, etc. before sending it back from the Thai bank they use for purposes of the extension and, if it's all legit, why the need to obfuscate?

If you send all or most of the money back, immigration has a legitimate reason to question how you support yourself. So it's that issue that some people rather wouldn't want to be discussing with immigration, not the (lawful) act of sending back money in itself. Pretty obvious, really.

[JLCrab]

6 minutes ago, Caldera said:

not the (lawful) act of sending back money in itself. Pretty obvious, really.

Fine -- and as it is then lawful to deposit 40/65K baht from overseas into your Thai bank account for purpose of extension and then, seconds later, transfer all of it back to the country of origin, you are presuming that, even if the interpretation of the news regs is that it is lawful today, another interpretation of the new regs might be that that modus operandi might not be lawful?

 

 

[Olmate]

8 minutes ago, Caldera said:

If you send all or most of the money back, immigration has a legitimate reason to question how you support yourself. So it's that issue that some people rather wouldn't want to be discussing with immigration, not the (lawful) act of sending back money in itself. Pretty obvious, really.

Seriously bad when TI has the right to virtually audit your finances via your personal banking records to facilitate an extension.Anyone that thinks that’s above board and fair game is kidding themselves.

[yodsak]

14 minutes ago, Caldera said:

If you send all or most of the money back, immigration has a legitimate reason to question how you support yourself. So it's that issue that some people rather wouldn't want to be discussing with immigration, not the (lawful) act of sending back money in itself. Pretty obvious, really.

If you send all of the money back, or some of the money back via Dee money immo' won't have a clue.

[JLCrab]

2 minutes ago, yodsak said:

If you send all of the money back, or some of the money back via Dee money immo' won't have a clue.

Sure they will.

[Olmate]

9 minutes ago, JLCrab said:

Fine -- and as it is then lawful to deposit 40/65K baht from overseas into your Thai bank account for purpose of extension and then, seconds later, transfer all of it back to the country of origin, you are presuming that, even if the interpretation of the news regs is that it is lawful today, another interpretation of the new regs might be that that modus operandi might not be lawful?

 

 

It’s not our MO that’s the worry here!

[JLCrab]

5 minutes ago, Olmate said:

It’s not our MO that’s the worry here!

I don't have any worries -- I've been bringing in and spending in Thailand more than 65K baht for years.

[scubascuba3]

I don't have any worries -- I've been bringing in and spending in Thailand more than 65K baht for years.

Doesn't seem so, you're quite worried about it for some reason

[JLCrab]

7 minutes ago, scubascuba3 said:

Doesn't seem so, you're quite worried about it for some reason

I'm just intrigued by the bunco artists who think that the new regs say that, as long as the overseas deposit for extension of stay purposes remains in their Thai bank account for a few milliseconds, then they can pull it out send it back to from where it came.

Edited January 17, 2019 by JLCrab

[Lacessit]

1 minute ago, JLCrab said:

I'm just intrigued by the bunco artists who think that the new regs say that, as long as the overseas deposit for extension of stay purposes remains in their Thai bank account for a few milliseconds, then then can pull it out send it back to from where it came.

So am I. I'm wondering why it's worth doing with all the transactional costs back and forth in play. Not to mention any Thai Immigration official looking at a bank record will see what is going on.

[holy cow cm]

If they can slide by anyway to show the funds, then more power to them if they are good people. It shouldn’t be as tough as it is 

[yodsak]

3 minutes ago, JLCrab said:

I'm just intrigued by the bunco artists who think that the new regs say that, as long as the overseas deposit for extension of stay purposes remains in their Thai bank account for a few milliseconds, then they can pull it out send it back to from where it came.

i think they can.    and will.      dee money. or a friends A/C..  

If that fails use an agent .

Bunco artists will always find a way

TIT

[JLCrab]

5 minutes ago, yodsak said:

Bunco artists will always find a way

Yes -- very entertaining as I've often said.

[JAS21]

1 hour ago, wgdanson said:

TWise cannot do Baht to foreign bank.

Yes ...you are correct ... you have to use a more conventional method ...thank you for pointing that out.

 

I wrote the TW article for Thailand Starter Kit but I only compared inward transfers ... woops