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

[ubonjoe]

3 minutes ago, HuskerDo said:

Thanks Ubon!! I'm assuming that ALL TI understands that or is it still a work in progress now?

They should by now since it has been almost a month since the change was sent out.

Really no different than before other than how the income is proven,

[rexall]

18 minutes ago, CMNightRider said:

I used the consulate letter along with showing proof of my monthly pension funds being deposited into a US bank.  I was issued my one year extension.  

 

I asked the immigration officer about what will be required next year since the consulate in their infinite wisdom has decided not to issue income verification letters anymore.  The officer said no ones knows yet.  

 

I couldn't help notice the dwindling numbers of foreigners lined up for their one year extensions.  I believe immigration is being successful in weeding out the people who are unable to meet the monthly financial threshold.   The next group to go will be the people who won't buy into depositing their monthly income or depositing 800,000 baht into a Thai bank just to qualify for a one year extension.

 

I think by this time next year, CM Immigration staff will be sitting in their immigration complex looking at each other wondering when they will be laid off due to most of the foreigners having moved to greener pastures.

 

As soon as their Thai bank deposit requirement starts, this will the end of Thailand, being touted as one of the top retirement destinations for foreigners. ????  

 

  

 

 

Maybe. But Thailand sees to have an irresistible draw for tourists and long-stays regardless of the creeping restrictions.  You are right, however, certain groups of expats will be more or less forced to seek "greener pastures."  Costa Rica and Panama only require around B30,000 per month for retirement visa.  And in Panama, that amount is reduced to B22,500 if you buy (Yes, "buy") a house.  Most U.S. retirees would qualify for that on Social Security income alone.

Edited January 18, 2019 by rexall

[HuskerDo]

2 minutes ago, ubonjoe said:

They should by now since it has been almost a month since the change was sent out.

Really no different than before other than how the income is proven,

Are two accounts ok? One for the 200,000 (which I don't plan on ever touching) and the second for the monthly 55,000 deposits? Also, are they just focused on the deposited amount and not how much of it you spent?

[ubonjoe]

6 minutes ago, HuskerDo said:

Are two accounts ok? One for the 200,000 (which I don't plan on ever touching) and the second for the monthly 55,000 deposits? Also, are they just focused on the deposited amount and not how much of it you spent?

No problem to use more than one account. That will not care how much you spend or don't spend as long as the total of the 2 is 800k baht or more.

[HuskerDo]

4 minutes ago, ubonjoe said:

No problem to use more than one account. That will not care how much you spend or don't spend as long as the total of the 2 is 800k baht or more.

Thank you Ubon. Much appreciated!!

[ubonjoe]

Now some more off topic posts that were deflecting the topic of been removed. No further notice of removed posts will be given from now on. If your post is removed you can assume it stepped over the line.

[Rugon]

How long does the money have to stay in the bank? these days.

 

I work but plan to retire in 5 years.

[HuskerDo]

1 minute ago, Rugon said:

How long does the money have to stay in the bank? these days.

 

I work but plan to retire in 5 years.

"I work but plan to retire in 5 years".... Get ready Rugon. You are going to LOVE retirement.

[Rugon]

4 minutes ago, HuskerDo said:

"I work but plan to retire in 5 years".... Get ready Rugon. You are going to LOVE retirement.

I can't wait. Actually, I've just applied for Thai citizenship to avoid all these retirement hassle but that might take more than 5 years, with all this political turmoil! 

[HuskerDo]

3 minutes ago, Rugon said:

I can't wait. Actually, I've just applied for Thai citizenship to avoid all these retirement hassle but that might take more than 5 years, with all this political turmoil! 

Where are you now if you don't mind me asking?

[Rugon]

2 minutes ago, HuskerDo said:

Where are you now if you don't mind me asking?

Saraburi

[HuskerDo]

2 minutes ago, Rugon said:

Saraburi 

Oh, sorry for my poor assumption. When you said you just applied for Thai citizenship I thought you were outside of the country.  

[Rugon]

3 minutes ago, HuskerDo said:

Oh, sorry for my poor assumption. When you said you just applied for Thai citizenship I thought you were outside of the country.  

For citizenship, you must have been working for at least 3 years in Thailand.

[HuskerDo]

2 minutes ago, Rugon said:

For citizenship, you must have been working for at least 3 years in Thailand.

I didn't know there was political turmoil there. 

[Pib]

2 hours ago, rexall said:

Thanks. I was just trying to find out from Transferwise how the deposits are coded. What do the receipts say?

A Transferwise (TW) receipt is pretty basic.  

 

- Has a "Transfer Confirmation" section that shows you name, address, member number, funded, paid out date.   

 

- A "Transfer Overview" area that show how much sent, exchange rate, and fee.

 

- A "Sent To" area that shows who you sent the money to, their bank account number, and address.

 

- And finally a "Paid Out From" area which look likes below snapshot which shows who the money was paid out on behalf of (your name goes there), shows the final leg of the transfer was via local bank transfer, the banking partner TW used, and a banking partner reference number.   

 

  Now in below transfer I was sending myself money to my Bangkok Bank account, TW happened to use Bangkok Bank as their banking partner for this transfer but they could have used TMB or Kaiskorn (and may in the future), and my transfer was coded "FTT/International Transfer" on my Bangkok Bank account. 

 

   Just because TW currently uses Bangkok Bank, TMB, and K-bank as their current banking partners doesn't mean they always will....TW could change one or more of those banks tomorrow....switch to other Thai banks (maybe SCB and KrungThai...who knows....up to TW).   TW's requirement is to get the money delivered to your Thai bank account; not ensure the coding/description appears a certain way. I'm sure TW would like it to appear a certain way if it makes it's customers happier, but the receiving bank controls its own coding/descriptions.

 

  The FTT/International Transfer coding/description is purely Bangkok Bank's doing based on how it handled the transfer.  I fully expect if the bank partner had been TMB or Kaiskorn it would have been coded as just another domestic transfer from another Thai bank.  And the one transfer I did do my Krungsri account the bank partner used was TMB and the transfer coded as just another domestic transfer....no international coding/description.   

 

  TW really has no to little control over the coding/description a receiving bank posts as each bank is different with their coding and descriptions.  Generally, the receiving bank extracts/relies on/modifies coding/description received from the last bank that relayed the transfer.   But one thing for sure, the Bangkok Bank method of coding/describing TW transfers is perfect for those needing Thai bank easy & quick proof/documentation the TW transfer was an international transfer for extension of stay renewal purposes.  Takes the guessing game out of "will immigration my proof (like a TW receipt)" that these Bt65K/40K monthly transfers are really money transferred into Thailand. 

 

  But I sincerely hope immigration understands coding/descriptions among Thai banks varies and with some of the "new, non-traditional" ways of transferring money (like using TW) that accepting non-Thai bank docs like a TW receipt matching up with a statement/passbook transaction shown as domestic is proof the transfer was actually an international transfer.  Time will tell.

 

 

[ubonjoe]

39 minutes ago, Rugon said:

How long does the money have to stay in the bank? these days.

I work but plan to retire in 5 years.

Still 3 months on the date your apply for the money in the bank option.

32 minutes ago, Rugon said:

I can't wait. Actually, I've just applied for Thai citizenship to avoid all these retirement hassle but that might take more than 5 years,

You will not be able to stop working. You cannot do that until you get citizenship.

Now to get back on topic.

[scubascuba3]

A Transferwise (TW) receipt is pretty basic.  
 
- Has a "Transfer Confirmation" section that shows you name, address, member number, funded, paid out date.   
 
- A "Transfer Overview" area that show how much sent, exchange rate, and fee.
 
- A "Sent To" area that shows who you sent the money to, their bank account number, and address.
 
- And finally a "Paid Out From" area which look likes below snapshot which shows who the money was paid out on behalf of (your name goes there), shows the final leg of the transfer was via local bank transfer, the banking partner TW used, and a banking partner reference number.   
 
  Now in below transfer I was sending myself money to my Bangkok Bank account, TW happened to use Bangkok Bank as their banking partner for this transfer but they could have used TMB or Kaiskorn (and may in the future), and my transfer was coded "FTT/International Transfer" on my Bangkok Bank account. 
 
   Just because TW currently uses Bangkok Bank, TMB, and K-bank as their current banking partners doesn't mean they always will....TW could change one or more of those banks tomorrow....switch to other Thai banks (maybe SCB and KrungThai...who knows....up to TW).   TW's requirement is to get the money delivered to your Thai bank account; not ensure the coding/description appears a certain way. I'm sure TW would like it to appear a certain way if it makes it's customers happier, but the receiving bank controls its own coding/descriptions.
 
  The FTT/International Transfer coding/description is purely Bangkok Bank's doing based on how it handled the transfer.  I fully expect if the bank partner had been TMB or Kaiskorn it would have been coded as just another domestic transfer from another Thai bank.  And the one transfer I did do my Krungsri account the bank partner used was TMB and the transfer coded as just another domestic transfer....no international coding/description.   
 
  TW really has no to little control over the coding/description a receiving bank posts as each bank is different with their coding and descriptions.  Generally, the receiving bank extracts/relies on/modifies coding/description received from the last bank that relayed the transfer.   But one thing for sure, the Bangkok Bank method of coding/describing TW transfers is perfect for those needing Thai bank easy & quick proof/documentation the TW transfer was an international transfer for extension of stay renewal purposes.  Takes the guessing game out of "will immigration my proof (like a TW receipt)" that these Bt65K/40K monthly transfers are really money transferred into Thailand. 
 
  But I sincerely hope immigration understands coding/descriptions among Thai banks varies and with some of the "new, non-traditional" ways of transferring money (like using TW) that accepting non-Thai bank docs like a TW receipt matching up with a statement/passbook transaction shown as domestic is proof the transfer was actually an international transfer.  Time will tell.
 

 

I'd like to hear from anyone using Transferwise where some transfers are showing as local/domestic, what the IO says. A real life example would be good

[OJAS]

On 1/16/2019 at 9:18 PM, Kalasin Jo said:

If you transfer directly from your out of Thailand bank account to BB Thai account perhaps they do, but I transfer by internet banking from my UK bank to BB London branch ( free) then BB London do a transfer in baht with a £10 charge at the exchange rate they offer on the day to my BB Thai account. A service I found on their website. However, this does not show on passbook or internet account print out as international, just as "auto". There is no paper trail either. It's very quick but is it no use for visas and visa extensions? Been doing it for some years and never a problem with the 800/400 k baht in the bank. The IO only paid attention to the balance for the seasoning period, letter from bank confirming balance and an in/ out cash transaction on the day.

"BB London do a transfer in baht with a £10 charge"

 

Don't recognise this figure at all! In GBP terms BKKB levy a £15 charge where the GBP-to-THB conversion is performed in London prior to the transfer, or £20 where the conversion is performed in Bangkok afterwards.

 

'However, this does not show on passbook or internet account print out as international, just as "auto".'

 

As far as your passbook is concerned, the crucial entry is the 3-letter code in the third column, which should be "FTT" (standing for "Foreign Telegraphic Transfer") in the case of a transfer via BKKB's London branch. At least that is how all the transfers which I have hitherto made via BKKB's London branch (most recently as last week) have been classified.

[jacko45k]

1 hour ago, scubascuba3 said:

4 hours ago, Pib said:

A Transferwise (TW) receipt is pretty basic.  
 
- Has a "Transfer Confirmation" section that shows you name, address, member number, funded, paid out date.   
 
- A "Transfer Overview" area that show how much sent, exchange rate, and fee.
 
- A "Sent To" area that shows who you sent the money to, their bank account number, and address.
 
- And finally a "Paid Out From" area which look likes below snapshot which shows who the money was paid out on behalf of (your name goes there), shows the final leg of the transfer was via local bank transfer, the banking partner TW used, and a banking partner reference number.   
 
  Now in below transfer I was sending myself money to my Bangkok Bank account, TW happened to use Bangkok Bank as their banking partner for this transfer but they could have used TMB or Kaiskorn (and may in the future), and my transfer was coded "FTT/International Transfer" on my Bangkok Bank account. 
 
   Just because TW currently uses Bangkok Bank, TMB, and K-bank as their current banking partners doesn't mean they always will....TW could change one or more of those banks tomorrow....switch to other Thai banks (maybe SCB and KrungThai...who knows....up to TW).   TW's requirement is to get the money delivered to your Thai bank account; not ensure the coding/description appears a certain way. I'm sure TW would like it to appear a certain way if it makes it's customers happier, but the receiving bank controls its own coding/descriptions.
 
  The FTT/International Transfer coding/description is purely Bangkok Bank's doing based on how it handled the transfer.  I fully expect if the bank partner had been TMB or Kaiskorn it would have been coded as just another domestic transfer from another Thai bank.  And the one transfer I did do my Krungsri account the bank partner used was TMB and the transfer coded as just another domestic transfer....no international coding/description.   
 
  TW really has no to little control over the coding/description a receiving bank posts as each bank is different with their coding and descriptions.  Generally, the receiving bank extracts/relies on/modifies coding/description received from the last bank that relayed the transfer.   But one thing for sure, the Bangkok Bank method of coding/describing TW transfers is perfect for those needing Thai bank easy & quick proof/documentation the TW transfer was an international transfer for extension of stay renewal purposes.  Takes the guessing game out of "will immigration my proof (like a TW receipt)" that these Bt65K/40K monthly transfers are really money transferred into Thailand. 
 
  But I sincerely hope immigration understands coding/descriptions among Thai banks varies and with some of the "new, non-traditional" ways of transferring money (like using TW) that accepting non-Thai bank docs like a TW receipt matching up with a statement/passbook transaction shown as domestic is proof the transfer was actually an international transfer.  Time will tell.
 

 

I'd like to hear from anyone using Transferwise where some transfers are showing as local/domestic, what the IO says. A real life example would be good

I have posted already but my recent transfer with Transferwise to Bangkok Bank showed up as SMART Transfer, and appeared to be domestic, When I do it directly from my UK bank and Bangkok Bank receive Sterling, it is labelled FTT, Foreign Telex Transfer.

[sumrit]

17 hours ago, billd766 said:

My renewal is in August, 

 

I opened a BBK Bank account this morning which took nearly 2 hours using only my passport, yellow house book and my Thai driving licence.

 

The lady that did it for me was not quite sure what I wanted but a colleague gave me her mobile and I spoke to somebody at BBKK central. I explained to her what I needed, a sole account in my name, internet banking, debit card and that I needed it for Thai Immigration.

 

Then she knew exactly what was needed so I passed the phone over to the desk lady. After that it was a smooth job though I must have signed about 15 sheets of paper. I have to log in to my account within 3 days to validate the account and I will do that in the morning.

 

As I said my extension is due in August and this year I will be dropping to a marriage extension due to the Forex rate.

 

Form November last year I started to use TransferWise in my KBank sole account, before October my 3 pensions were sent to my joint account but not via TW. This year I will need a letter from KBank for both accounts and another from BKKBK for January through to July.

 

There is no way that I can get the 400,000 into my account other that winning the lottery. I may have a problem this year.

3

My extension is due next month so I managed to get an income letter from the BE before they stopped doing them. So I'll get next months extension under the old system and won't have to use the money transfer rules until next year, but like you, because of the unreliable UK exchange rate I'll probably change to a marriage extension to cover any exchange rate fluctuations in the future.

I did the same as you and opened a Bangkok Bank account last Friday, in Si Racha. Ended up using just my passport, yellow house book and the BE income letter I received last month. All very straight forward.

 

As I understand it, because these new rules only started from the beginning of January, you will only have to provide proof of income transfers from then and TI will accept the reduced number of months for this year. They won't expect you to provide proof for any months of last year.

[scubascuba3]

I have posted already but my recent transfer with Transferwise to Bangkok Bank showed up as SMART Transfer, and appeared to be domestic, When I do it directly from my UK bank and Bangkok Bank receive Sterling, it is labelled FTT, Foreign Telex Transfer.

it varies, but I'm still waiting for actual examples if the IO accepts the domestic ones

[rexall]

7 hours ago, Pib said:

A Transferwise (TW) receipt is pretty basic.  

 

 

 

 

Thanks Pib, very helpful.

[billd766]

4 hours ago, scubascuba3 said:

7 hours ago, Pib said:

A Transferwise (TW) receipt is pretty basic.  
 
- Has a "Transfer Confirmation" section that shows you name, address, member number, funded, paid out date.   
 
- A "Transfer Overview" area that show how much sent, exchange rate, and fee.
 
- A "Sent To" area that shows who you sent the money to, their bank account number, and address.
 
- And finally a "Paid Out From" area which look likes below snapshot which shows who the money was paid out on behalf of (your name goes there), shows the final leg of the transfer was via local bank transfer, the banking partner TW used, and a banking partner reference number.   
 
  Now in below transfer I was sending myself money to my Bangkok Bank account, TW happened to use Bangkok Bank as their banking partner for this transfer but they could have used TMB or Kaiskorn (and may in the future), and my transfer was coded "FTT/International Transfer" on my Bangkok Bank account. 
 
   Just because TW currently uses Bangkok Bank, TMB, and K-bank as their current banking partners doesn't mean they always will....TW could change one or more of those banks tomorrow....switch to other Thai banks (maybe SCB and KrungThai...who knows....up to TW).   TW's requirement is to get the money delivered to your Thai bank account; not ensure the coding/description appears a certain way. I'm sure TW would like it to appear a certain way if it makes it's customers happier, but the receiving bank controls its own coding/descriptions.
 
  The FTT/International Transfer coding/description is purely Bangkok Bank's doing based on how it handled the transfer.  I fully expect if the bank partner had been TMB or Kaiskorn it would have been coded as just another domestic transfer from another Thai bank.  And the one transfer I did do my Krungsri account the bank partner used was TMB and the transfer coded as just another domestic transfer....no international coding/description.   
 
  TW really has no to little control over the coding/description a receiving bank posts as each bank is different with their coding and descriptions.  Generally, the receiving bank extracts/relies on/modifies coding/description received from the last bank that relayed the transfer.   But one thing for sure, the Bangkok Bank method of coding/describing TW transfers is perfect for those needing Thai bank easy & quick proof/documentation the TW transfer was an international transfer for extension of stay renewal purposes.  Takes the guessing game out of "will immigration my proof (like a TW receipt)" that these Bt65K/40K monthly transfers are really money transferred into Thailand. 
 
  But I sincerely hope immigration understands coding/descriptions among Thai banks varies and with some of the "new, non-traditional" ways of transferring money (like using TW) that accepting non-Thai bank docs like a TW receipt matching up with a statement/passbook transaction shown as domestic is proof the transfer was actually an international transfer.  Time will tell.
 

 

I'd like to hear from anyone using Transferwise where some transfers are showing as local/domestic, what the IO says. A real life example would be good

I might be able to do it next week as I sent money from TW this afternoon to my new BKK bank account, but as no bank staff work the weekend I wont know the result until Monday afternoon.

 

3 hours ago, OJAS said:

"BB London do a transfer in baht with a £10 charge"

 

Don't recognise this figure at all! In GBP terms BKKB levy a £15 charge where the GBP-to-THB conversion is performed in London prior to the transfer, or £20 where the conversion is performed in Bangkok afterwards.

 

'However, this does not show on passbook or internet account print out as international, just as "auto".'

 

As far as your passbook is concerned, the crucial entry is the 3-letter code in the third column, which should be "FTT" (standing for "Foreign Telegraphic Transfer") in the case of a transfer via BKKB's London branch. At least that is how all the transfers which I have hitherto made via BKKB's London branch (most recently as last week) have been classified.

 

I know how much I transferred by TW both in GBP and THB so when I log on to my BKK account I will know how much should be there and if there is a difference.

[Pib]

3 hours ago, jacko45k said:

I have posted already but my recent transfer with Transferwise to Bangkok Bank showed up as SMART Transfer, and appeared to be domestic, When I do it directly from my UK bank and Bangkok Bank receive Sterling, it is labelled FTT, Foreign Telex Transfer.

When you look at your TW receipt for that transfer in the receipt's "Paid Out From" area, which Thai banking partner does it show?

 

 I expect either TMB or Kaiskorn vs Bangkok Bank.

[jacko45k]

13 hours ago, Pib said:

When you look at your TW receipt for that transfer in the receipt's "Paid Out From" area, which Thai banking partner does it show?

 

 I expect either TMB or Kaiskorn vs Bangkok Bank.

Correct, TMB.

I don't know how Transferwise select which Thai banking partner to use, but simplistically you would expect them to select the final target if they can. Obviously not.

[hgma]

we are almost 3 + weeks in 2019, doesn't any TV member applied on the 400 and 800K or the 65 -12 issues, and having for example 12 deposits with some lower and some higher then 65K equaling 800K+ , so far i have seen ONE member successfully obtained extension of stay based on new rules. (or did i miss a few?)

[Olmate]

8 minutes ago, hgma said:

we are almost 3 + weeks in 2019, doesn't any TV member applied on the 400 and 800K or the 65 -12 issues, and having for example 12 deposits with some lower and some higher then 65K equaling 800K+ , so far i have seen ONE member successfully obtained extension of stay based on new rules. (or did i miss a few?)

A new post late yesterday on another thread of an Un Succesful attempt at combo method but that’s all I have read apart from old letter extensions .

[billd766]

17 hours ago, Pib said:

When you look at your TW receipt for that transfer in the receipt's "Paid Out From" area, which Thai banking partner does it show?

 

 I expect either TMB or Kasikorn vs Bangkok Bank.

I looked up one from December and it said Beneficiary bank 004. I looked a little further back and they all show Beneficiary bank 004.

 

I opened a new account on Thursday at my local (65 km away) BKK Bank and did a transfer yesterday but it won't happen until Monday afternoon as the Thai banks don't work the weekends and holidays. They even give the international parts of the computer the weekend off too.

 

[scubascuba3]

i think if someone has a mix of intl and local transfers, try looking positive, poker face, confident and see if the IO just signs it off. Maybe highlighting any domestic ones will make it more likely to be rejected. Have backup docs to hand in case IO wants to see for the domestic ones

[gk10002000]

On 1/17/2019 at 4:38 PM, JLCrab said:

I would say that an IMM officer always has the right to ask for corroborating information or documents just as they did with the prior embassy income affidavit regime.

And I would be happy to provide such proof, although without any guidelines or examples of what they would want to see, I can see nothing but problems.  I have stocks, bonds, funds, etc.  that pay me over $60,000 USD each year.  Said monies are in various IRA accounts, Roth and Traditional, and my regular Brokerage account.  Each account has records I could print out of past incomes generated as well as Etrade has an extremely simple and accurate income estimator tool that simply applies the past historical dividend and interest data and shows what the estimate would be for the next year.   Would Thais understand that?  Probably not. Would they want a letter from Etrade certifying my current holdings?  Etrade has told me they would generate that and simply reference the current holdings I have.  I would gladly supply the Thais with the list of equities, my account holding records, etc.  But I would not be surprised that the Thais would then say, "fine, but what if you sell every thing... then you have no income".  Well, technically that is possible, just as some private pensions go bankrupt, people sell their rental properties, etc.  My main point is, that the so called corroboration, documents are open season and no guidance is available that I'm aware of.