Monthly deposits vs 800,000 on account

[rickudon]

A slight diversion, but i was at the Udon Immigration office last friday and asked on what they will want next year (I am on marriage extension). Was told 400,000 baht in the bank for 2 months OR income via 12 monthly deposits, from abroad, of 40,000 baht. About what i expected them to say.

 

Two issues for me with income option, firstly some months not in Thailand, why would i send money? Secondly, if doing an interbank transfer, costs me about 600 baht a month more than getting it direct from an ATM with my credit card (apart from the ATM gives me on demand). I could use Transferwise but have had issues with them previously so not to keen on RELYING on them. So these issues make the 400,000 in the bank more attractive as it would be more? reliable, and save me about 7200 baht a year. That would offset the interest i lose by parking the 400,000 baht in Thailand. Then i can continue using the ATM.

 

That works for me. If on retirement and needing 800,000 baht then maybe not so attractive. But do your sums, may work out for you.  

 

Now the issue is do i send 10,000 GBP now or after Brexit in the Autumn? A real crystal ball job!

 

 

 

 

[AAArdvark]

21 hours ago, DrJack54 said:

Why is it your understanding when perhaps they wish to see a total amount of transfers that satisfies the ~ 800k

65000 X 12 = 800,000  NOT

[Moon37]

This convoluted situation is due to the coincidental timing of Immigration’s clamp down on financial validation on 1 March 2019 and Bangkok Bank’s decision to all of a sudden adhere to IAT direct deposit deposits on 1 April 2019 have

What does Bangkok Bank have to do with Immigration? And Immigration with Bangkok Bank?
It could have been the Royal Bank of Scotland or England, and then the UK would be all over this.

Bangkok Bank quotes legal adherence to IAT and that’s tough to challenge. Immigration is political and we need to get our Embassy doing it’s job; There’s concessions, reciprocity to Thai citizens in the Land of Freedom. Meet in the middle with the US Department of Treasury backed Social Security, DVA, Retirement checks et al on SF1199. Why would the funds come directly from the USG sources? Once it’t mine, DARN IT, IT’s MINE to choose where proof of sustainability. (You might have to change source accounts to pay off second wife)

Bottom Line: There’s an A.. H... in BB. But the solution is in The Political, Econ, and ACS sections to stop it before it starts and throws our lives in a spin. The USG and Department of State work for US. Getter Dun!


Sent from my iPhone using Thaivisa Connect

[soidog99]

Just thinking outside the box here!

 

If you can’t afford the 800k or 65k a month has anyone thought about wiring 65k out of Thailand and back to your Thai bank account? It would roughly cost you $100 a month for round trip wires and you can recycle the same 65k over and over with a cost of $1200 a year. 

[UKresonant]

4 hours ago, Moon37 said:

 would the funds come directly from the USG sources? Once it’t mine, DARN IT, IT’s MINE to choose where proof of sustainability.

Exactly, we'll said, there is no way ???? I would directly send my pension to a bank in Thailand! There of course be no problem verifying legitimate source to the Thai embassy in home country (if required). I don't have a Thai pension.

[bkk6060]

Just another multi million b property owner with 2 cars and all the bells and whistles complaining that "it is difficult here sometimes". Blah......

[john ianson]

On 2/10/2019 at 3:52 AM, BuckBee said:

Seems a mess to me and that before all the offices interpreting the rules differently etc, wouldn't it been wiser/easier to of maintained the law and arrested/prosecuted agents and officers breaking policy for profit !! supose Big Joker thought be easier make farang fix issue and just scribble out new retirement policy ! Guy certainly deserves his name but not salary or credibility ????‍♂️

So a first time retirement guy going need bum around on other visas for a year to build up 12months of monthly payment proof !

If deposit 800K in one go, how long that need sit before applying ? 2 months I assume and full 800K got still remain 3 months after application ????

Monthly income seems a complete hassle and can many having issues due to weak foreign currencies and bahts growth ... For those with 800K to spare it still pretty easy and best way really .

Think a lot who married and used retirement will be swapping to marriage and many immigration offices won't like that as more paperwork lol .

Big Joke indeed !

 

Agreed BuckBee he attacked the problem from the wrong direction ! But if he attacked the agents as he should have it might have exposed that IO's are on the take also ! Heaven forbid !

 

[jacko45k]

11 hours ago, rickudon said:

 

 

Two issues for me with income option, firstly some months not in Thailand, why would i send money?

 

Now the issue is do i send 10,000 GBP now or after Brexit in the Autumn? A real crystal ball job!

 

 

 

 

Because the terms of your extension require it!

No-one can predict Brexit, past experience says the sooner the better. Consensus is baht will appreciate against many currencies in medium term.

[MyFriend You]

18 hours ago, wpcoe said:

Oh, my.  I hope that does not become the norm.

That appears to be the case, they would like to see money deposited and withdrawn on a regular basis, for what ever reason, beknownst only to them.  Must be a Thainess thing, maybe money going in and out shows you have an income in their mind.

[Henryford]

6 hours ago, soidog99 said:

Just thinking outside the box here!

 

If you can’t afford the 800k or 65k a month has anyone thought about wiring 65k out of Thailand and back to your Thai bank account? It would roughly cost you $100 a month for round trip wires and you can recycle the same 65k over and over with a cost of $1200 a year.  

It's been mentioned before and certainly an option, for some. It wouldn't cost anywhere near $100 though. To send 65000 baht from the Uk to Thailand costs $14, via Transferwise. To send money out via Dee Money costs 150 baht $5.

[logres212]

7 hours ago, soidog99 said:

Just thinking outside the box here!

 

If you can’t afford the 800k or 65k a month has anyone thought about wiring 65k out of Thailand and back to your Thai bank account? It would roughly cost you $100 a month for round trip wires and you can recycle the same 65k over and over with a cost of $1200 a year. 

Yes thought of using that option myself, being out of country for 3 or 4 months a year, I don't think I should have to deposit money in the bank when I am not there. So I would take the cash with me from the Thai bank and just redeposit it from my home account. Have seen some recent posts that two immigration offices have stated that they will require backup proof of that 65,000 baht deposit, ie. Pension statements etc. to limit recycling. But probably won't apply to most offices just these particular ones that tend to make up their own rules. 

Edited February 11, 2019 by logres212

[onera1961]

21 hours ago, moe666 said:

I guess the big rub is that a condo, truck or a'c units are not on the list of requirements for recieving an extension of stay. I do not understand people who constantly want to be treated differently the rules are fairly clear except of course the local interpertation.

May be it is another way to assert their rights to stay in a foreign land based on their purchasing power. 

[onera1961]

3 hours ago, john ianson said:

Agreed BuckBee he attacked the problem from the wrong direction ! But if he attacked the agents as he should have it might have exposed that IO's are on the take also ! Heaven forbid !

Why he is going to attack the agents? They are their friends and they generate incomes for them. 

[onera1961]

1 hour ago, TunnelRat69 said:

That appears to be the case, they would like to see money deposited and withdrawn on a regular basis, for what ever reason, beknownst only to them.  Must be a Thainess thing, maybe money going in and out shows you have an income in their mind.

Do they want to see ATM withdrawals only? Or debit card spend is OK?

Edited February 11, 2019 by onera1961

[MyFriend You]

1 hour ago, onera1961 said:

Do they want to see ATM withdrawals only? Or debit card spend is OK?

debit card transactions and ATM withdrawals both  show on my bankbook so I suppose either is okay.

[MyFriend You]

14 hours ago, AAArdvark said:

65000 X 12 = 800,000  NOT

close enough for Govt work.......????????

[RickTik]

$27,000 × 30 = 810,000

If you can't keep $27,000 for reserve cash, or find a decent way to make that kind of money, you shouldn't be living  there in the first place.

[Ebumbu]

On 2/10/2019 at 5:06 PM, Henryford said:

It's been mentioned before and certainly an option, for some. It wouldn't cost anywhere near $100 though. To send 65000 baht from the Uk to Thailand costs $14, via Transferwise. To send money out via Dee Money costs 150 baht $5.

 Transferwise may or may not work. It may show a local transfer, not international. Transferwise doesn't actually move any money across borders, as you probably know. Safest bet is to wire money to Thailand. 

[Henryford]

On 2/11/2019 at 11:19 AM, RickTik said:

$27,000 × 30 = 810,000

If you can't keep $27,000 for reserve cash, or find a decent way to make that kind of money, you shouldn't be living  there in the first place. 

But the point is you can't touch the 800k, so you need another 800k for emergencies. $50,000 is a sizable sum. I read somewhere that 50% of Americans don't even have $400 saved.