BREAKING NEWS Foreigners now need to keep 800k in Thai bank for three months AFTER retirement extension is granted

[55Jay]

Wow!  33 pages in 5 hours since posted!  This is radioactive!  ????

 

[KCM]

5 minutes ago, inThailand said:

So what are the possible options if you can't or won't meet these amended deposit requirements? 

 

1. Pack up and move to a new country.  

2. Become an overstayer. 

3. Switch to tourist visas.

 

Since they here by choice  known of the three options are good, and at best will be short term options, because they will find overstayers and they will make getting a multiple tourist visas more difficult to get. And maybe harsher penalties coming for overstayers as well. 

 

The only real option, is to pony up the 400K or 800k, if you want to live here. 

 

 

 

 

Or get an OA visa in your home country every two years.

[indepth]

5 hours ago, Psimbo said:

Bearing in mind there will be about 20 pages of frothing to follow I take it the proof will mean a bank statement every ninety days rocking up to Imm in person. With the (rickety) advent of 90 day on line reporting and rumours of 90 day reports being abolished I think this is a case of one hand not knowing what the other is doing and is doomed to failure.

 

I am looking forward to all the wailing and beating of chests here though. ????

the only complainers will be from those who are here illegally anyway, ie. no money,  so, no harm done.

[tlandtday]

1 minute ago, indepth said:

the only complainers will be from those who are here illegally anyway, ie. no money,  so, no harm done.

completely untrue the problem here is the process... I myself am getting a bit tired of the xenophobia and making farang jump through hoops like lap dogs...

[skatewash]

5 minutes ago, inThailand said:

So what are the possible options if you can't or won't meet these amended deposit requirements? 

 

1. Pack up and move to a new country.  

2. Become an overstayer. 

3. Switch to tourist visas.

 

Since they here by choice none of the three options are good, and at best will be short term solutions, because they will find overstayers and they will make getting multiple tourist visas more difficult to get. And maybe harsher penalties coming for overstayers as well. 

 

The only real option, is to pony up the 400K or 800k, if you want to live here. 

 

 

 

 

Other options:

 

Switch to the new monthly deposit method.  If you had 800,000 to move over to Thailand for the lump sum method then you can deposit 65,000 each month to Thailand instead.  Under the new monthly deposit method you can do with the money what you will, it does not have to be maintained in the bank once deposited.  The new rules announced make the lump sum method less desirable than the monthly deposit method.

 

Visit your home country and get a NON-OA visa that is good for nearly two years and the money can all stay in your home country.  Repeat every two years.

[Tchooptip]

4 hours ago, Spellforce said:

But why can't they do things easier for people doing their extention for more than 5 or 10 years ?

In my own country (France) we give the french ID card for thai people living more than 7 years.

5

But why...

France is probably on the podium regarding the "nanny states" and aid to the destitute of all origins, suffice to see the Roma from Romania begging in almost complete freedom in France. As for Thailand, in this field, it should be a little after the one hundred fiftieths place.
That's the explanation!

[Roy Baht]

3 hours ago, Bazle said:

Not necessarily for me and others in the same situation. It will depend on what they will require regarding having the funds in the account for 3 months after the extension.

 

I'm in and out of the country frequently, and it might well be that I won't be around at the precise time of the 3 months after. If they are going to be flexible and let me establish that I've maintained the funds appropriately, say, at the time of the next renewal, fine, no problem. Otherwise, I foresee difficulties.

I think that for people like you (and myself on occasion), you have to get the Non-O, 1 year, multiple-entry visa, which allows you to avoid 90 day reporting, but you have to leave the country every 90 days.

 

[gentlemanjackdarby]

2 hours ago, TallGuyJohninBKK said:

 

If you're referring to current ACH transfers thru BKKB New York, then of course, that domestic ACH method is going to be closed starting this April as previously announced... leaving only regular wire transfers in its place.

 

No, the domestic ACH method is not going to be stopped in April.

 

If the domestic transfer is coded in accordance IAT (International ACH Transfer) standards, they will be sent internationally as before.

 

So if the entity sending the payment adds the additional information required by IAT, BB NY will accept it.

[55Jay]

For the agents in the "agent-money" scheme, who actually do a physical transfer in and out in of a Thai account on behalf of their client - this is going to make things velly expensive leaving lumps of cash stuck for months. 

 

That is, if this happens for reals, or not so reals. 

 

[chickenslegs]

38 minutes ago, wobalt said:

This is the death of the retirement extension.nobody which a brain can accept such conditions.


Gesendet von iPad mit Thaivisa Connect

As I see it: So long as I deposit 65,000+ Baht into my Bangkok Bank account on the first day of every month, from my UK bank account, it does not matter whether I have only 1 Baht remaining in the account at the end of each month - I will qualify for my extension.

 

But, if I choose the 800,000 Baht in the bank method, I will need to keep all that money in my account for 5/6 months and never let it fall below 400,000 Baht during the rest of the year.

 

For people who have 800,000 Baht that can be left untouched year round, there is no problem (except the additional visits to Immi.)

 

For others, the choice between those two methods seems obvious.

 

 

Edited January 31, 2019 by chickenslegs
punctuation

[dcnx]

1 hour ago, Jingthing said:

Or Latin America where you can actually fairly easily gain permanent residence status in some countries.

Some are very friendly offering investor and business visas that can easily turn into temporary residency which can then roll into permanent residency. For not much more than you’re already wasting here. 

 

No check-in’s, no mindless policy interpretations, and once you’re in, you’re in. 

 

It makes more sense for long stay.

 

 

[TallGuyJohninBKK]

5 minutes ago, gentlemanjackdarby said:

No, the domestic ACH method is not going to be stopped in April.

 

If the domestic transfer is coded in accordance IAT (International ACH Transfer) standards, they will be sent internationally as before.

 

So if the entity sending the payment adds the additional information required by IAT, BB NY will accept it.

 

No known U.S. banks or credit unions at present offer IAT formatted ACH transfers to their retail banking customers. And none have any plans to offer that format, as best as is known. So the effect is the same, which is the ACH method to BKKB NY enroute to Thailand is effectively ending for American banking customers.

 

Edited January 31, 2019 by TallGuyJohninBKK

[Roy Baht]

4 hours ago, Badrabbit said:

My 800k has been in the bank for ten years and that shows in the bank book, why would I need to prove it with a bank statement when the book does the same thing?

Sent from my SM-G610F using Thailand Forum - Thaivisa mobile app
 

1. They don't want to you to just put 800K in an account and leave it there for ever. They want an 800K baht infusion of cash "annually" (that's in the document).

 

2. Bank statement gives more detailed info about the transfer (e.g., its source)--and the Thai bank makes 200 baht off it--so they sometimes want a bank statement. (My IO does.)

[sfokevin]

3 hours ago, Naam said:

i don't think for the last 15 years we ever had less than 3 million Baht credit balance in our Thai bank account.

Your wife must not be 100% Thai... 

[Khaeng Mak]

1 hour ago, chang50 said:

My extension based on retirement 800 k in the bank date is Mar 5th but I always go earlier certainly before Mar 1st.If I am granted an extension before Mar 1st will these rule changes apply in my case?If not when will they kick in?Thanks.

Yes. I want some clarity on this point as well:

 

 

 

[AAArdvark]

5 minutes ago, gentlemanjackdarby said:

No, the domestic ACH method is not going to be stopped in April.

 

If the domestic transfer is coded in accordance IAT (International ACH Transfer) standards, they will be sent internationally as before.

 

So if the entity sending the payment adds the additional information required by IAT, BB NY will accept it.

I personally have not been able to find a US bank that actually does IAT coding.  Do you know of one or more?

[skatewash]

4 minutes ago, gentlemanjackdarby said:

No, the domestic ACH method is not going to be stopped in April.

 

If the domestic transfer is coded in accordance IAT (International ACH Transfer) standards, they will be sent internationally as before.

 

So if the entity sending the payment adds the additional information required by IAT, BB NY will accept it.

You're right, but I know of no US financial institutions that have adopted IAT for their customer initiated ACH transactions.  Some institutions may use IAT for their own purposes but I don't know of any that do so for customer initiated ACH transactions.  My bank and credit union do not and I don't see that changing.

What you say is true, but for all practical purposes for me and others it means that the service is effectively ending.

[Jingthing]

3 minutes ago, dcnx said:

Some are very friendly offering investor and business visas that can easily turn into temporary residency which can then roll into permanent residency. For not much more than you’re already wasting here. 

 

No check-in’s, no mindless policy interpretations, and once you’re in, you’re in. 

 

It makes more sense for long stay.

 

 

Yes, it does. But you generally need to learn Spanish to function in those countries, where Thailand did have that advantage of being very easy to get by with English in the expat centers anyway. 

[inThailand]

How is immigration going to monitor the 400K minimum is being adhered too?

 

This sounds like 90 day reporting has to remain in effect for this reason alone. 

 

As usual there are more questions than answers when they issue a new well thought out policy. Wink wink. 

Edited January 31, 2019 by inThailand

[Jingthing]

Just now, inThailand said:

How is immigration going to monitor the 400K minimum is being adhered too?

 

This sounds like 90 day reporting has to remain in effect for this reason alone. 

Good question. I'm wondering if he's going to order the banks to report people. 

[baansgr]

1 hour ago, Fairynuff said:

12 years with a woman with that kind of attitude....WOW

Pretty much par for the course

When was the last time if ever, you saw a thai/Foreign couple having a pleasant or meaningful conversation, maybe about politics or world affairs, lets be real, it dosnt go much more than gin kow or bi talat

Edited January 31, 2019 by baansgr

[gentlemanjackdarby]

2 hours ago, dontoearth said:

     I never ever got a straight answer if the Thai Banking system was insured and guaranteed.  In other words in most of the developed world the banks are insured against deposit losses which might occur during a great natural disaster, economic destabilization or government change over that backfires.  Some TVF members swore YES YES YES.  Others said it was as complicated question.  A few said only for Thai citizens.  Others said there was a law that the original deposit had to be in Thai currency to make it insured.  Or a thai citizen had to be on the account also. 

  

Yes, deposits in Thai banks are protected by deposit insurance.

 

However, Thailand banking regulators have steadily decreased the amount of bank deposit protection - when initially implemented, deposits were insured up to THB 100,000,000 (about USD 3,000,000) and that amount has been stepped down over time with the final step set to go into effect in about 18 months to only THB 1,000,000 (USD 31,000). Not very much protection at all.

 

According to Bangkok Bank's website, foreign currency deposits are not covered by deposit insurance.

 

It seems to me that if the Thailand banking sector was extremely sound, that amount wouldn't be so low; after all, just like a well-made car, if something is 'great', it costs nothing to give a great 'warranty' since customers should very rarely need to use it and it helps with 'sales', which in this case is getting folks to deposit money.

 

As with any deposit insurance scheme, the plan can be whatever the financial regulator wishes it to be; the proof of the pudding is in the eating, if it comes to that.

[Ebumbu]

I am going through the pages, again, on this madness. 

 

Can anyone put into plain English how this effects the income (or combined) method for retirement? I deposited $2500 in January (more than 65,000 baht). I'll deposit $2500 in Feb. And once a month, every month. I renew on October. What else do they want from me? Three more months of deposits? A hula dance? The peacock pose? I'm totally lost now on this merry go round. I came here for the simple life.  ????

 

How does this effect the income method or combined method of "proof"? Anyone? 

[skatewash]

3 minutes ago, inThailand said:

How is immigration going to monitor the 400K minimum is being adhered too?

 

This sounds like 90 day reporting has to remain in effect for this reason alone. 

The easiest thing to do would be to retrospectively look at the balance for the three months after your last extension when you go to get your new extension.   A year-long bank statement would indicate if you maintained 800,000 for three months after your last extension and for three months before your new extension (being applied for), and if you maintained at least 400,000 year-long.  If you did then you get the new extension.  If you didn't then you don't.

I think it's a mistake to conflate this with the 90 day reporting.  They are completely unrelated.  Implementing the new requirements as outlined above requires no real changes from immigration's viewpoint.  It doesn't matter if 90 day reporting continues or not, the new scheme could be implemented with or without it.

[peterbkk2]

1. They don't want to you to just put 800K in an account and leave it there for ever. They want an 800K baht infusion of cash "annually" (that's in the document).
 

May I ask where it says that in the document? I don’t see it say that.


Sent from my iPhone using Tapatalk

[Lovethailandelite]

I have not gone through 34 pages so no idea if the point has been made but the 400k minimum to be left in the account applies to EVERYBODY using the 800k method, even those that already having there extension in the passport as well as new applicants from 1st March. It doesn't only apply too new applications.

[Khaeng Mak]

1 hour ago, Jingthing said:

Do you think anyone really knows such details yet? 

Yeah.  Not even Big Joke knows. They are all just making it up as they go along.

[ukrules]

1 hour ago, tlandtday said:

PM Mark was educated in the usa.

lol

[gentlemanjackdarby]

14 minutes ago, TallGuyJohninBKK said:

 

No known U.S. banks or credit unions at present offer IAT formatted ACH transfers to their retail banking customers. And none have any plans to offer that format, as best as is known. So the effect is the same, which is the ACH method to BKKB NY enroute to Thailand is effectively ending for American banking customers.

 

At this point, I'll agree with you a little bit about U.S. banks and credit unions for consumer-initiated transfers because I've been looking and have not yet been able to find a bank or a credit union, but I'm still looking.

 

However, for folks receiving a pension, that isn't necessarily true - U.S. Social Security will send retirement benefit payments as international transfers; likely, there are other pension payers who are doing the same.

 

U.S. based businesses can easily send IAT ACH transfers - I'm exploring that as well since one never knows.

 

I expect that sooner or later a business will likely pop up catering to folks needing that service; after all, that's essentially what Deemoney does for people wishing to transfer money FROM Thailand. Deemoney is just making an International ACH payment (which must conform to IAT ACH standards coming INTO the U.S.), not a wire (SWIFT) transfer, which is why the cost is low and it takes a few days.

 

 

[Lovethailandelite]

1 hour ago, johnny1966 said:

My extension was granted June 2018. Next 90 day report due 10th March 2019. Next application for extension due June 2019. Does this mean I have to show 800k on my next 90 day report in March this year or this applies to the new extension application in June?

A minimum of 400k in your account on the 1st March and not to dip below that figure. You then need to top it up to 800k 2 months before your extension due date. That then 800k cannot be touched until 3 months after you get the extension when you can use up to 400k but not dropping below a balance of 400k again right up until 2 months before you apply for the next extension when you top it back up too 800k starting the cycle again. 

Edited January 31, 2019 by Lovethailandelite