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Retirement Visa - What are the new requirements.


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Not sure about CW but something interesting happened to me on Thursday

I went to get my renewal.  God, it is so much fun to do at PT.

 

Anyway, usually, she just takes the letter from the Canadian government and tells me she does not need my bank statement from Canada.  This time she took it all.

No changes to the system it all went well.

40 minutes in done and 90 days completed

 

Did I say that I love Pathum Thani immigration?

 

 

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7 minutes ago, ubonjoe said:

I you cannot proof of income from your embassy there is requirement now to prove it.

From the amendment to police order 138/2557 issued last month.

OK, I wasnt aware of that. Odd that it is needed for the income method and not the deposit method.

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A friend of mine opened an MTD savings account at Krungsri in Pattaya recently without any trouble at all. He had no visa, just the usual 30 days given at the airport on arrival.
 
The only requirements were a passport, a certificate of residence from Immigration (available instantly to anyone who has 300B to pass over, or for free after a few weeks delay), and a couple of thousand Baht to deposit.
 
It beats me why people waste so much time with Bangkok Bank when they dont offer any accounts that pay decent interest.


Which branch of Krungsri in Pattaya?


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58 minutes ago, KittenKong said:

The Krungsri MTD account (which is a savings account not a term account) pays around 1.1-1.3% (or did, the last time I checked). Their online banking service is second to none of all the Thai banks I have had experience with.

from Baht 100,000 to Baht 50 million 1.30%

 

The Bangkok Bank which offers you nothing, offers me 1.25 for 4 months FD, 1.375 for 7 months and 1.625% for 9 months. It seems hard enough to open accounts these days so I won't be trying to for a few peanut percentages more.

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8 minutes ago, KittenKong said:

OK, I wasnt aware of that. Odd that it is needed for the income method and not the deposit method.

Where have you been for the past few weeks since Immigration published their new requirements.

 

65k per month starting the month after your last extension into a Thai bank account from abroad verified by a letter from the bank.

 

A lesser amount per month from abroad, topped up to 800k annually, the top up being in the bank for 3 months, verified by a letter from your bank.

 

Or as it always has been, 800k in the bank for 3 months before you do your extension, the source not needed to be disclosed, verified by a letter from the bank.

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1 minute ago, jacko45k said:

The Bangkok Bank which offers you nothing, offers me 1.25 for 4 months FD, 1.375 for 7 months and 1.625% for 9 months. It seems hard enough to open accounts these days so I won't be trying to for a few peanut percentages more.

Bangkok Bank offers nothing worth having on savings accounts, and several other banks beat them soundly on term deposits.

 

The Krungsri MTD account is a savings account, not a term account. Mine pays me about 1000B a month, which suits me. And, unlike Bangkok Bank accounts as widely reported, it is easy to open.

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46 minutes ago, KittenKong said:

Is there even a requirement at all that monthly funds for a retirement extension must come from abroad? If so, I wasnt aware of it. There doesnt seem to be any such requirement for the 800kB deposit.

Very much so if you can't get an Embassy letter! Agreed not required for 800k deposit, unless you precede it with a conversion to a Non-Imm-O entry. 

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11 minutes ago, Olmate said:

It’s the coding as International that’s critical

In my case all SWIFT transfers show as Foreign, as do Transferwise to Bangkok Bank and also transfers in GBP to a Foreign Currency Account.

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Just now, wgdanson said:

Where have you been for the past few weeks since Immigration published their new requirements.

In my usual armchair!

 

I'm just not very interested in the income methods as I dont use them myself, which is why I did qualify my comment.

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43 minutes ago, KittenKong said:

But people from Europe and elsewhere probably have many other simpler and cheaper alternatives. I know that I pay nothing at all for SWIFT transfers from the UK, and several other UK banks also offer very low cost transfer services these days.

I also do not pay for a Swift transfer from the UK (well actually Jersey), although Transferwise still come out better slightly, as they offer better rates than Bangkok Bank nor is there any charge when the money lands .

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7 minutes ago, KittenKong said:

Bangkok Bank offers nothing worth having on savings accounts, and several other banks beat them soundly on term deposits.

 

There is no point having larger amounts in a savings account, a FD account can be used to obtain a retirement extension. I opened my BB accounts rather a long time ago and have no recollection of it being onerous. I believe when I opened them their ATMs were far easier to find. My feet are well stuck in the mud now. 

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1 minute ago, KittenKong said:

In my usual armchair!

 

I'm just not very interested in the income methods as I dont use them myself, which is why I did qualify my comment.

Good morning Mr KK. If you are not interested in income method and using the 'money in the bank' method, why are you asking questions about SWIFT transfers.

But as you noted, it is strange that income method needs evidence of foreign transfer but Deposit method does not. So I guess you could (if you had enough) transfer 100,000 per month for 8 months from anywhere, anyway you wanted, into an account totalling 800k, leave it there for 3 months and hey presto, extension granted, whereas if you did 65k for 12 months you have to show that it is foreign money.

TIT. 

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9 minutes ago, wgdanson said:

In my case all SWIFT transfers show as Foreign, as do Transferwise to Bangkok Bank and also transfers in GBP to a Foreign Currency Account.

Well I will parrot again that yes my Swifts show up  as International, as to TWise 50:50 (for 2) to my BB account. Strangely, the one that didn't, going via TMB, was much quicker. Go figure!

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8 minutes ago, jacko45k said:

I also do not pay for a Swift transfer from the UK (well actually Jersey), although Transferwise still come out better slightly, as they offer better rates than Bangkok Bank nor is there any charge when the money lands .

First Direct also do free transfers.

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1 minute ago, jacko45k said:

Well I will parrot again that yes my Swifts show up  as International, as to TWise 50:50 (for 2) to my BB account. Strangely, the one that didn't, going via TMB, was much quicker. Go figure!

How much quicker than next day do you want.   LOL

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37 minutes ago, jacko45k said:

There is no point having larger amounts in a savings account, a FD account can be used to obtain a retirement extension. I opened my BB accounts rather a long time ago and have no recollection of it being onerous. I believe when I opened them their ATMs were far easier to find. My feet are well stuck in the mud now. 

I have a time deposit for my 800kB, and when it matures I review my options for the best place to put it. CIMB usually wins.

 

But I also like to have a worthwhile buffer in immediately accessible cash, just in case of emergencies. Even if it paid no interest at all I would still want it. But luckily the Krungsri MTD is immediately available and also pays better interest than your Bangkok Bank 4 month time deposit. So for me that's a no-brainer. Such an account could also be extremely suitable for those using the deposit method but who also spend the deposit money during the year and top it up once a year, a few months before their extension renewal. Bangkok Bank offers nothing comparable.

 

As for Bangkok Bank accounts being hard to open, it may have been easy for you years ago, but there are many up-to-date reports of it being much harder today. So I like to compare Bangkok Bank today with other banks today, and to my knowledge Krungsri beats Bangkok Bank for ease of account opening.

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19 hours ago, ubonjoe said:

The new requirement is to show at least 65k baht transferred into the country from abroad.

That has been discussed in other topics already. This one has the new requirements shown in it.

Just a 'for instance'

If I put 800000 in the account ( from an overseas bank) but never spent it, just left it would that cover me henceforth?

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47 minutes ago, wgdanson said:

If you are not interested in income method and using the 'money in the bank' method, why are you asking questions about SWIFT transfers.

I wasnt really asking anything about SWIFT transfers (my UK bank charges nothing, so it's not an issue for me). I was wondering why so many people seem so determined to use Bangkok Bank here. It has been explained that it may be of interest for US citizens who want to transfer smaller sums regularly, or possibly for people who use Transferwise, to meet the requirements of an extension based on income. I dont see much attraction for anyone else though.

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46 minutes ago, Thomas J said:

 

I tried two branches of Krungsri.  One was in the Big C shopping plaza and the other was on beach road  Jomtien beach.  I tried two SCB branches as well.  The Bangkok branch in the Big C plaza would open the account without the immigration authorization  but I had to purchase an $7,000 baht insurance policy.  The one on Jomtien beach would only open the account with the authorization letter from the immigration office and it was a $2,000 baht insurance policy required. 

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2 minutes ago, Respectthailand said:

Just a 'for instance'

If I put 800000 in the account ( from an overseas bank) but never spent it, just left it would that cover me henceforth?

You are describing the deposit method which I and many others use. This method requires no documentation apart from the Thai bank book showing the deposit and a covering letter confirming it from your Thai bank (usually 100B). It does not have to come from abroad, but it can if you like.

 

Also any such money only has to be on deposit for the three months immediately preceding the application, and so it can be used for other things if needed for the rest of the year. This method offers many advantages for those who have the 800kB available.

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1 minute ago, Thomas J said:

I tried two branches of Krungsri.  One was in the Big C shopping plaza and the other was on beach road  Jomtien beach.  I tried two SCB branches as well.  The Bangkok branch in the Big C plaza would open the account without the immigration authorization  but I had to purchase an $7,000 baht insurance policy.  The one on Jomtien beach would only open the account with the authorization letter from the immigration office and it was a $2,000 baht insurance policy required. 

These "must buy insurance" scams are just that: scams. The local staff try to insist on this simply because it earns them commission. There is NO real requirement for this at all and a call to head office will confirm it.

 

The Krungsri branch in Central is wildly unhelpful, to the point of saying "cannot" to a friend who wanted to open foreign currency account without a work permit. I dont know about the other branch you mention, though the one near View Talay 7 always used to be helpful. Perhaps you should try the main branch on South Road, near Friendship. My friend had no trouble there.

 

You will need a residence certificate from Jomtien Immigration, but this is easily obtained in return for a 300B obligatory tip (this is not an official fee). Or you can get it for free by waiting a week or two. It is not an authorisation letter.

 

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20 minutes ago, Respectthailand said:

Just a 'for instance'

If I put 800000 in the account ( from an overseas bank) but never spent it, just left it would that cover me henceforth?

Yes that would meet the 800k baht in bank for 3 months requirement for that option to apply for the extension of stay.

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1 minute ago, ubonjoe said:

Yes that would meet the 800k baht in bank for 3 months requirement for that option to apply for the extension of stay.

To really beat a dead horse, no one has responded to how you deposit any money in a Thai bank if the Thai banks are refusing to open an account without the proper Visa and you can't obtain the Visa without the bank account. 

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14 hours ago, KittenKong said:

A friend of mine opened an MTD savings account at Krungsri in Pattaya recently without any trouble at all. He had no visa, just the usual 30 days given at the airport on arrival.

 

The only requirements were a passport, a certificate of residence from Immigration (available instantly to anyone who has 300B to pass over, or for free after a few weeks delay), and a couple of thousand Baht to deposit.

 

It beats me why people waste so much time with Bangkok Bank when they dont offer any accounts that pay decent interest.

Which bank/s give any interest on anything other that fixed term deposit? 

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2 minutes ago, DrJack54 said:

Which bank/s give any interest on anything other that fixed term deposit? 

Krungsri MTD is one. 1.3% as mentioned in this very topic. Some other banks have similar accounts, but as far as I know Krungsri's MTD is the best.

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Regarding the B800k for 3 months. I have just transferred B813k from UK (Transferwise shows as intl transfer &  saved me circa B6k over bank transfer), I will be sending smaller monthly amounts over to live, all of which will come into my account within the 3 month lockdown, so money will be going in & out over the 3 month period but I will always maintain at least B800k in the account.

 

Is that OK, or could they argue that I have 'spent' the original transfer money first on my monthly expenses & replaced it with transfers in that have not been in the account for 90 days. So are they just looking at a balance of at least B800k being maintained in the account for 90 days or do they look at it in a more sophisticated way?

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