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

[xylophone]

17 minutes ago, Pib said:

 

Sounds like when you registered with Bangkok Bank London you chose the "clearing service option" of 92 00 10 00 which means the London branch does the exchange...and their exchange rate is worst than the Thai bank TT Buying Rate.  Basically you are getting a western bank's exchange rate which x-percent lower than Thai bank TT Buying Rate.   You should have chosen clearing option 92 00 20 00.

 

Yes, you get a lower direct sending fee of 15 pounds by allowing the London branch to do the exchange compared to 20 pounds if "not" letting them do the exchange.  But the London branch more than makes up for that 5 pounds difference when they zap you with their lower exchange rate.  Always send your home country currency....do not let the sending bank do the exchange....let the receiving Thai bank in Thailand accomplish the conversion.

 

Thank you also for your information Pib, which I have only just seen after my last post.

 

As I mentioned in that post, I did some recalculating and the fees still amount to 5.5% of my total pension sent over a year and although it's an option to change to the "sending pounds" route, it still seems a little high to me, but as I have said, investigations are ongoing..............!!

[wayned]

Just now, xylophone said:

Thanks (again) for the info and the Bkk Bank link, Tanoshi, very much appreciated. 

 

You did say that either method using Bkk Bank will show as an FTT payment, however the one I use currently which is the conversion to baht in the UK and then transferred to Thailand shows up on my Thai account as purely, "Transfer" with a notation as "Auto"?? If it did show up as an FTT payment I would be happy, that is of course presupposing that immigration know what that actually means (as you quite rightly pointed out in your post)!

 

I have contacted the UK pension folk to see what their charges are for transferring money directly into my Thailand account, however I seem to recall (maybe I'm wrong on this as time and red wine do not help the remaining brain cell) that they use Citibank to distribute UK pensions?? Maybe that's the case, maybe it isn't, however I'm still waiting for a reply from them.

 

You did state that paying the UK pension directly into my Thai bank account is the cheapest, and if that is the case, I will surely take it as my recalculation of the fees to send pounds to Bangkok bank here equates to 5.5% of the amount sent – – far too high when other options are available. And on that subject maybe Transferwise is the best bet, however again others have said that it does not show as an FTT payment whereas you seem to have been lucky in that regard.

 

Anyway for the moment I thank you for your information and I'm still waiting for the UK pension folk to reply and also keeping in mind your Transferwise info.

I'm American and have my retirement deposited in BBL New York each month in US dollars.  They deduct $5.00 there and BBL does the conversion at the current rate here when it is deposited and deduct 200 baht here, aproximately 0.05% of the amount deposited.

[xylophone]

5 minutes ago, wayned said:

I'm American and have my retirement deposited in BBL New York each month in US dollars.  They deduct $5.00 there and BBL does the conversion at the current rate here when it is deposited and deduct 200 baht here, aproximately 0.05% of the amount deposited.

Thank you also for the information wayned, and perhaps I need to check my maths, however I don't mind sharing this with you and others, so here goes.

 

The Bangkok bank London "branch" charges £20 per transaction if my pension is sent to my Thai bank in pounds.

 

I get 13 x 4 weekly pension payments per annum, so that equates to 13 transfers at £20 each = £260 pa.

 

Then there is the charge at the Thailand Bangkok bank end which equates to 200 baht per transaction.

13 transactions per annum equates to 2600 baht, which is around £65 (keeping it all in pounds) = £65 pa.

 

So there is a total of £325 of fees per annum to be paid out of my pension.

 

I only get a part pension from the UK of £5900 per annum, so the above figure of £325 represents around 5.5% of the total pension amount.........and I find that far too high!

[Tanoshi]

19 minutes ago, wayned said:

I'm American and have my retirement deposited in BBL New York each month in US dollars.  They deduct $5.00 there and BBL does the conversion at the current rate here when it is deposited and deduct 200 baht here, aproximately 0.05% of the amount deposited.

The rates charged vary considerably between those of BBL New York and BBL London for some reason.

[bikerlou47]

My issue is with 65,000 a month, this is a lot of money.

Consider the guy who came here with savings and with those saving he did the following:

Bought a house for his GF so they could live together with no rent.

Paid cah for a vehicle so they could travel with no car payments.

Bought a property and a house for his GF parents.

Educated the GF children so they could get better jobs, here and abroad.

So now most of the savings is gone but he still has his pension which they can live comfortably.

65000 is a lot of money!

[JLCrab]

So how has the gent above been maintaining his visa/extension of stay up until now?

[Olmate]

2 minutes ago, JLCrab said:

So how has the gent above been maintaining his visa/extension of stay up until now?

Probably same way u did

[notamember]

from another thread:

 

Him : ‘’I have recently retired and have been issued a multiple entry retirement visa’’

Me : ‘’Is it an O-A visa ?’’

Him: ’’It's an O-A visa and I have an Australian passport.’’

 

Confusing huh? Unless you are Australian

the Thai Embassy in OZ punts it as something it is not

It is not a retirement visa

[Tanoshi]

21 minutes ago, xylophone said:

I only get a part pension from the UK of £5900 per annum, so the above figure of £325 represents around 5.5% of the total pension amount.........and I find that far too high!

Agree, which is why I changed to Transferwise.

Bangkok bank appear to be the only bank that record the source of the transfers, as in FTT.

I can send you scans by PM of deposits made through BKK London and Transferwise as proof, all coded as FTT.

 

All payments from a foreign bank to a Thai bank go through the Head office branches, then forwarded to your local branch, which is why your local branch record it as 'local', or 'dummy branch' deposits, with the exception of BKK.

Payments through Transferwise are paid locally from one of their 3 accounts in Thailand via a telex transfer instruction, which again is coded as FTT by BKK. 

Government bodies and larger financial institutions such as many private pension providers make transfers using the Bank of Thailand, to reduce charges. These are coded as BTN. If it went through BoT is was an overseas transfer.

 

£5,900 divide 13 = £453.84 every 4 weeks.

Through BKK London, deduct £20 fee, transfer of £433.84x

At todays BKK TT rate of 40.270 = 17,470.73BHT - 200 exchange fee = deposit of 17,270.73BHT.

 

Transferwise.

£453.84 - £3.97 charge @ 40.63533 exchange rate = deposit of 18,280.62BHT.

 

The problem will be convincing TI the source of the deposits came from overseas.

Personally, I believe provided you meet the financial requirement, they won't be bothered with the source. It's purely to much hassle and work for them.

[Pib]

1 hour ago, xylophone said:

Thank you also for your information Pib, which I have only just seen after my last post.

 

As I mentioned in that post, I did some recalculating and the fees still amount to 5.5% of my total pension sent over a year and although it's an option to change to the "sending pounds" route, it still seems a little high to me, but as I have said, investigations are ongoing..............!!

Over the years I've seen posts from UK folks who detailed out using the two different London conversion options....people who had actually used both options.  Using the option that did "not" allow them to convert at London was always a clear winner when considering exchange rates and all fees.

[David Walden]

9 hours ago, Jingthing said:

Dude, many or most retired expats do not have 65K month income!?! What do you think the bank method and combo method are about? Speaking as an American, I can say the vast majority of Americans on social security don't have as much as 65K as the average check is closer to 45K.

I know people who live in Thailand that own an unencumbered house back in Australia and only the Aussie pension and use the illegal methods in Thailand to get a retirement visa that has been costing about Bt20,000.  They don't want to give an Aussie or Thai bank the deeds to their house to get a Bt800,000 plus costs personal loan at 9% to put in a Thai bank at 1% return to get a retirement visa.  They are happy to just pay some corrupt person in Thailand Bt20,000 and all happens in 3/4 days.  I have in the past made inquiries about getting my retirement visa the corrupt way.  Just only in the last few weeks, I have received follow up emails from some of the biggest legal firms in Thailand that this service is still available.  Soon after you arrive in Thailand they will have your retirement visa all in place.  It will now cost Bt25,000 and an extra Bt4000 for a multi-entry visa.  Yes, the price has already gone up.  TIT

[David Walden]

2 hours ago, JLCrab said:

I don't have the slightest idea but I think the embassies, that are still issuing income letters, have taken the attitude that, if we need to certify to the Thai IMM folks that the moon is made of green cheese to help our citizens in Thailand get an extension, that's what we're going to do.

Yes,  Embassies cannot be prosecuted for telling whoppers.  They can say anything they like with diplomatic immunity.   What a wonderful world. 

[JackThompson]

8 minutes ago, David Walden said:

some of the biggest legal firms in Thailand that this service is still available

That one can get the same "agent" service (sometimes quoted as 2x the price) from the large legal firms says a lot.  Posters often pointed this out to me, whenever I said using agents carried some risk. 

Clearly, the "agent-system" is not just an arrangement between this or that "low level IO" and the agent, or big-name law-firms would not risk their reputations to be part of it.

[David Walden]

23 minutes ago, notamember said:

from another thread:

 

Him : ‘’I have recently retired and have been issued a multiple entry retirement visa’’

Me : ‘’Is it an O-A visa ?’’

Him: ’’It's an O-A visa and I have an Australian passport.’’

 

Confusing huh? Unless you are Australian

the Thai Embassy in OZ punts it as something it is not

It is not a retirement visa

Well, that's what they call it.

[xylophone]

12 minutes ago, Tanoshi said:

Agree, which is why I changed to Transferwise.

Bangkok bank appear to be the only bank that record the source of the transfers, as in FTT.

I can send you scans by PM of deposits made through BKK London and Transferwise as proof, all coded as FTT.

Yes and we can see why!!!!

 

I do get deposits made from Bkk bank London and as I mentioned earlier, just notated "Transfer" and "Auto" on my acct here???? But if I changed to the '"pounds transfer method" this should read International Transfer........but the bloody cost!!!!!

 

Certainly Transferwise looks the best bet........and no need for a PM as I trust you, your knowledge and judgement! 

[JLCrab]

32 minutes ago, Olmate said:

Probably same way u did

The post says 65,000 baht is a lot money. It certainly is if you don't have it.

[JLCrab]

10 minutes ago, JackThompson said:

Clearly, the "agent-system" is not just an arrangement between this or that "low level IO" and the agent, or big-name law-firms would not risk their reputations to be part of it.

That's bcz the fall-back is to say that they merely are lending the expat 800K baht for 3 months.

 

Big name law firms -- Tillike & Gibbins, Baker-McKenzie types huh?

[Tanoshi]

10 hours ago, Jingthing said:

Dude, many or most retired expats do not have 65K month income!?! What do you think the bank method and combo method are about? Speaking as an American, I can say the vast majority of Americans on social security don't have as much as 65K as the average check is closer to 45K.

If that is truly their only income, then you've just hanged your fellow nationals out to dry.

You've just highlighted the cause of the situation that's now arisen.

How were they previously obtaining their extensions, if their incomes have only been 45K per month.

Don't answer, we already know, that's becoming more and more evident in this topic.

 

[Olmate]

9 minutes ago, JLCrab said:

The post says 65,000 baht is a lot money. It certainly is if you don't have it.

I’ve no idea but I do sympathise.

[Spidey]

13 minutes ago, David Walden said:

Who the hell are you talking about?  None of my posts fit your description but they keep on disappearing.

I've given up posting in this thread.

[Tanoshi]

12 minutes ago, xylophone said:

Yes and we can see why!!!!

 

I do get deposits made from Bkk bank London and as I mentioned earlier, just notated "Transfer" and "Auto" on my acct here???? But if I changed to the '"pounds transfer method" this should read International Transfer........but the bloody cost!!!!!

 

Certainly Transferwise looks the best bet........and no need for a PM as I trust you, your knowledge and judgement! 

Try one monthly transfer using TW, then update your BKK passbook.

If, as with me, it's coded as FTT, it answers one of your questions.

 

I'd still pursue the direct transfer of funds from the DWP into your BKK account.

That is assuming your pension is already frozen, otherwise don't go down that route.

Although no personal experience using that method, friends who do use that tell me it gives the best return.

[Tanoshi]

3 minutes ago, Spidey said:

I've given up posting in this thread.

You just did ……. what changed your mind.    ????

[Spidey]

3 minutes ago, Tanoshi said:

You just did ……. what changed your mind.    ????

I'd give you a smiley emoji but it really isn't funny. Just wanted to empathise with @David Walden and give my reasons for dipping out of the thread.

[xenophon]

On 1/31/2019 at 7:33 PM, Aforek said:

And for people who have a fixed deposit with 800000 bahts or more, how does it work ?

on the saving account, according to "and the remaining balance must be no less than THB 400,000 or; ", we must have always  at least  400000 bahts ? 

Hi Aforek

Have not seen a clear response to your query. What is the story? Can you hold 800000 in a fixed deposit and meet the requirements?

 

Can you let me know if you found out pls

[xylophone]

2 minutes ago, xenophon said:

Hi Aforek

Have not seen a clear response to your query. What is the story? Can you hold 800000 in a fixed deposit and meet the requirements?

 

Can you let me know if you found out pls

I have done this in the past with no problems..........

[xenophon]

10 minutes ago, xylophone said:

I have done this in the past with no problems..........

Thank you very big

X

[Tanoshi]

1 hour ago, notamember said:

from another thread:

 

Him : ‘’I have recently retired and have been issued a multiple entry retirement visa’’

Me : ‘’Is it an O-A visa ?’’

Him: ’’It's an O-A visa and I have an Australian passport.’’

 

Confusing huh? Unless you are Australian

the Thai Embassy in OZ punts it as something it is not

It is not a retirement visa

Your absolutely correct, but those who can't or won't try to understand, try to drag you down to their level of intelligence, then try to beat you with experience.

[Pattaya46]

35 minutes ago, Tanoshi said:

1 hour ago, notamember said:

// the Thai Embassy in OZ punts it as something it is not

It is not a retirement visa

Your absolutely correct, but those who can't or won't try to understand, try to drag you down to their level of intelligence, then try to beat you with experience.

 

I don't understand this crusade against the Non O-A being called Retirement Visa.

It's the only Visa that allows most retirees to stay 1 years (or more) in Thailand

and this visa is reserved to "old people" with interdiction to work in Thailand.

So yes, Non O-A is the Visa that qualifies the most to be called Retirement Visa... IMHO.

 

[elviajero]

2 hours ago, bikerlou47 said:

My issue is with 65,000 a month, this is a lot of money.

Consider the guy who came here with savings and with those saving he did the following:

Bought a house for his GF so they could live together with no rent.

Paid cah for a vehicle so they could travel with no car payments.

Bought a property and a house for his GF parents.

Educated the GF children so they could get better jobs, here and abroad.

So now most of the savings is gone but he still has his pension which they can live comfortably.

65000 is a lot of money!

He must have known he needed 65K pm, or cash in the bank. Probably shouldn’t have bought a house for the parents, and used the money to subsidise his income! Sounds like bad financial management. 

 

If he’s in a serious relationship he could get married; then only he needs 40K pm.

[Aforek]

2 hours ago, xylophone said:

I have done this in the past with no problems..........

I know, I have done it too, but there are no changes with the new rules, we can still do it ? thanks