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

[xylophone]

5 minutes ago, Aforek said:

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

I have seen no information or posts on this which would lead one to believe that anything has changed in this regard, but I'm afraid that's the best I can do.

 

Like many other posters, we are a little in the dark as to the finer points of quite how this new/proposed requirement is going to work, or if there are any more fishhooks in it?

[farangx]

3 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!

Surely he knew his extension was for only a 1 year stay here.  So why gamble?

[Jingthing]

2 hours ago, Tanoshi said:

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.

Wasn't there a report that sometimes TW transfers going into BB show up as domestic? So you could have five international and then get tripped up, right? You don't have control on how they do it, right?

[Jingthing]

3 hours ago, Tanoshi said:

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.

 

Don't be silly, dude!

Do you know what the combo method is? Full 65K not required.

Do you know what  the 800K bank method is? No income import has ever been required.

Neither have required a full 65K income and they still don't.

But with rule changes, cut off embassy letters, etc. the actual enforcement mechanics of the combo letter are under massive doubt.

Which is why I suggest for this current year anyway, combo method people should try to switch the 800K bank method if they can. That is much more clear about how to meet that. 

[Jingthing]

2 hours ago, Pattaya46 said:

 

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.

 

It's a good option if it's convenient for you.

For many, it just isn't. 

[steve73]

2 minutes ago, Jingthing said:

Wasn't there a report that sometimes TW transfers going into BB show up as domestic? So you could have five international and then get tripped up, right? You don't have control on how they do it, right?

If that happened you'd need to send the money back using Dee, and then resend it to T/L using SWIFT.  It would be a PITA with additional costs, but unless you had to do this more than once or twice per year TW would still probably work out cheaper overall.  

[Jingthing]

3 minutes ago, steve73 said:

If that happened you'd need to send the money back using Dee, and then resend it to T/L using SWIFT.  It would be a PITA with additional costs, but unless you had to do this more than once or twice per year TW would still probably work out cheaper overall.  

Lots of people are gaining sophisticated banking skills they never thought they'd need. Or not. In the case of Americans, many people don't have robust setups for international transfers, many banks close accounts based on living abroad, so many people are going to caught up in mechanical problems that directly mess up their immigration status here. Of course that was already a concern, but rather at this intensity for those now needing MONTHLY transfers, every month, showing as foreign transfers. Good luck to all!

[Pattaya46]

5 minutes ago, Jingthing said:

It's a good option if it's convenient for you.

For many, it just isn't. 

No...

My post was not at all to promote Non O-A as an option,

but to try to stop those who post "It's not a Visa Retirement!"

every time someone call a Non O-A a "Visa Retirement"... 

It's IMHO the best candidate to this name. 

[Jingthing]

Just now, Pattaya46 said:

No...

My post was not at all to promote Non O-A as an option,

but to try to stop those who post "It's not a Visa Retirement!"

every time someone call a Non O-A a "Visa Retirement"... 

It's IMHO the best candidate to this name. 

Well actually I think people should just call it an O-A visa. But whatever makes you happy.

[RJRS1301]

On 2/1/2019 at 1:09 AM, Wake Up said:

Surely you don’t have all your money invested in investments earning 6.4 percent. You have to have some cash for the down times when investments lose money and cash does not earn 6.4 percent annum. 

 

 If you are moving over the “opportunity costs” of 800,000 baht then you should move on. Good luck. ???????? 

I think those considering Cambodia/Vietnam or Laos should look at the human rights records of those countries, also consider the equality of gender roles.

Or is that too "western"??
 

[keemapoot]

2 minutes ago, Jingthing said:

Lots of people are gaining sophisticated banking skills they never thought they'd need. Or not. In the case of Americans, many people don't have robust setups for international transfers, many banks close accounts based on living abroad, so many people are going to caught up in mechanical problems that directly mess up their immigration status here. Of course that was already a concern, but rather at this intensity for those now needing MONTHLY transfers, every month, showing as foreign transfers. Good luck to all!

You are correct on this one. I have been observing but not commenting much, but I can say that from a life of global business dealing with international banking all these things are not difficult for me. But for the average retiree, pensioner these must be daunting things to learn and conquer. And, I do agree with you that people who retire abroad do so because they want to live their golden years in peace and quiet, on a long-term planned income and revenue stream with rational visa schemes. They do not need surprises like this. Moreover, I agree that most retirees carefully planned their retirement destination, and to disrupt the surety they feel is disquieting to many. 

[Jingthing]

2 minutes ago, keemapoot said:

You are correct on this one. I have been observing but not commenting much, but I can say that from a life of global business dealing with international banking all these things are not difficult for me. But for the average retiree, pensioner these must be daunting things to learn and conquer. And, I do agree with you that people who retire abroad do so because they want to live their golden years in peace and quiet, on a long-term planned income and revenue stream with rational visa schemes. They do not need surprises like this. Moreover, I agree that most retirees carefully planned their retirement destination, and to disrupt the surety they feel is disquieting to many. 

Especially if you're aged 90 and haven't been back to the "homeland" in 30 years. What a mess. People are going to be really hurt by these changes. Many people and very badly. 

[RJRS1301]

16 minutes ago, Jingthing said:

Well actually I think people should just call it an O-A visa. But whatever makes you happy.

The form I completed in Australia called it a Non O-A retirement visa

[Jingthing]

Just now, RJRS1301 said:

The form I completed in Australia called it a Non O-A retirement visa

OK. Fine. But what people should not call retirement visas are regular O visas and retirement extensions.

[TheThai]

40 minutes ago, Jingthing said:

Wasn't there a report that sometimes TW transfers going into BB show up as domestic? So you could have five international and then get tripped up, right? You don't have control on how they do it, right?

I have read this BUT it is only 1 poster that I read state this, so as I see it,  It is a RARE occurrence rather than a probable one.  I have transferred using Transferwise for over 8 months and ALL have FTT codes .. so until I see otherwise, they will be my process for transferring funds. 

[Jingthing]

Just now, TheThai said:

I have read this BUT it is only 1 poster that I read state this, so as I see it,  It is a RARE occurrence rather than a probable one.  I have transferred using Transferwise for over 8 months and ALL have FTT codes .. so until I see otherwise, they will be my process for transferring funds. 

Well, good luck on continuing success then. 

[EVENKEEL]

8 hours ago, Andrew Dwyer said:

Extension is done in Thailand, which is where the financial requirements ( money in Thai bank, international transfer, etc etc ) come into place.

Hence the option to obtain a new OA ( in your home country) every two years is great as it does not need a Thai bank or transfers etc etc .

 

Not an option for everyone, but if you visit your home country every two years, for example, is worth considering.

 

( or are you referring to how to get 2 years from an OA ? ) 

( or are you referring to how to get 2 years from an OA ? )  Yes, How exactly does the 2nd year kick in? 

[farangx]

25 minutes ago, Jingthing said:

OK. Fine. But what people should not call retirement visas are regular O visas and retirement extensions.

They are categorized as Non O-A and Non O for obvious reasons.

[Jingthing]

2 minutes ago, farangx said:

They are categorized as Non O-A and Non O for obvious reasons.

Yes. But people confuse them all the time, thinking one thing is the other thing, and vice versa, including extensions too. I still think the cleanest thing is to not call anything a retirement visa. Just say O visa, O-A visa, and annual retirement extension.

[farangx]

1 minute ago, Jingthing said:

Yes. But people confuse them all the time, thinking one thing is the other thing, and vice versa, including extensions too. I still think the cleanest thing is to not call anything a retirement visa. Just say O visa, O-A visa, and annual retirement extension.

I can understand your confusion. Embassies refer to the Non O-A visa as retirement visa.  A Non O visa is a visa with no name attached to it, so sorry about that.  Prior to the expiration of a Non O visa, an extension is possible subject to approval and this can be for Marriage or Retirement.  So a farang can be here on a Retirement Visa or an extension based on Retirement, completely 2 different things.

 

[Jingthing]

Just now, farangx said:

I can understand your confusion. Embassies refer to the Non O-A visa as retirement visa.  A Non O visa is a visa with no name attached to it, so sorry about that.  Prior to the expiration of a Non O visa, an extension is possible subject to approval and this can be for Marriage or Retirement.  So a farang can be here on a Retirement Visa or an extension based on Retirement, completely 2 different things.

 

Don't put words in my mouth. I am not confused. Much of the public is. I know exactly what the differences are between O, O-A, and annual extensions. 

[farangx]

23 minutes ago, Jingthing said:

Don't put words in my mouth. I am not confused. Much of the public is. I know exactly what the differences are between O, O-A, and annual extensions. 

I thought you were confused like the others.  By others I meant some and not much of the public.

 

[madmen]

delete

[Jingthing]

5 minutes ago, farangx said:

I thought you were confused like the others.  By others I meant some and not much of the public.

 

If you thought I was confused, then it was you that was confused.

[Jingthing]

Just now, madmen said:

You have chosen extremes to make your point. Do you even know anyone aged 90?  the reality is they will go back to their 1st world nanny state in an nice new plane where they will be cuddled until they die with no visa stress issues . biggest problem is finding accommodation but with air bnb there is a short term solution

Its hardly a big deal, we are not talking a Marco polo type of adventure

Smug city.

[madmen]

1 hour ago, Jingthing said:

Especially if you're aged 90 and haven't been back to the "homeland" in 30 years. What a mess. People are going to be really hurt by these changes. Many people and very badly. 

You have chosen extremes to make your point. Do you even know anyone aged 90?  the reality is they will go back to their 1st world nanny state in an nice new plane where they will be cuddled until they die with no visa stress issues . biggest problem is finding accommodation but with air bnb there is a short term solution

Its hardly a big deal, we are not talking a Marco polo type of adventure

[farangx]

1 minute ago, madmen said:

You have chosen extremes to make your point. Do you even know anyone aged 90?  the reality is they will go back to their 1st world nanny state in an nice new plane where they will be cuddled until they die with no visa stress issues . biggest problem is finding accommodation but with air bnb there is a short term solution

Its hardly a big deal, we are not talking a Marco polo type of adventure

The usual drama to justify the paranoia, hysteria etc.  I wonder how many here are over 90.

 

[Olmate]

2 hours ago, Pattaya46 said:

No...

My post was not at all to promote Non O-A as an option,

but to try to stop those who post "It's not a Visa Retirement!"

every time someone call a Non O-A a "Visa Retirement"... 

It's IMHO the best candidate to this name. 

Agree but don,t waste your time, the few pedants are likely to screw up this post again!????

[ubonjoe]

Some off topic post and replies to them have been removed. Time to end the bickering over the wording used for a visa on a embassy website. The topic is about extension of stay not visas.

Edti: And now a comment on moderation has been removed.

[BertM]

Mr. Ubonjoe,

Can you answer a question please. I read where someone said on one of these threads that after getting your extension that you had to maintain a minimum 400k throughout the year and then top it back up to 800k 3 mths prior to the next extension if based on retirement. Is that the new rule? I thought you could spend it down during the year to zero then top it back up to 800k 3 mths prior. Kindly..