Bank Statement for Extension of Retirement Visa

[Jim7777]

7 minutes ago, patsfangr said:

I have a quick follow up question on this bank statement/letter requirement. Does anyone know what limit TI (Jomtien office) has on the number of days prior to applying for extension the bank statement/letter must be dated? I had read earlier that it has to be within a day or two. Since the banks are not consistent as to the days required to complete the letter, that could become a problem. 

That’s actually a good question.  I’m gonna ask my local Immigration office that before I do my next extension next year.  

[MikeN]

52 minutes ago, sfokevin said:

I think TransferWise works fine... Very convenient app, low cost and to date all transfers have shown up on my BK Bank as foreign...

Transferwise use Bangkok Bank as their local intermediary, that’s why your transfers show as international. If you were using another bank here it would be a domestic transfer from BKK Bank into your account.

 As for the cost, because of their sliding scale fee structure means they can get quite expensive for larger amounts. I did a practical test, sending AU$1500 by both my bank internet transfer and Transfer-wise and despite TW’s better exchange rate and using their cheapest payment option I ended up with more baht from my bank because of their fixed, flat rate, fee.

[Sheryl]

Transfetwise does not always use BB. And when they don't, it comes as a domestic transfer and there is no way to predict if/when this will happen.

What I think we do not yet know is, in cases where it first arrived in a different commercial Thai bank:

1. How it will show on a detailed bank HQ statement. We know that in passbook, online and ordinary branch statements it reads as domestic transfer or "dummy transfer".

2. Whether bank Credit Advice will show its initial origin overseas -- it should but I haven't seen any reports yet.

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app

[sfokevin]

1 hour ago, Jim7777 said:

That’s actually a good question.  I’m gonna ask my local Immigration office that before I do my next extension next year.  

While your there ask if one is using the 800k bank balance method will they be able to move it from one Thai bank to another - To say get a better internet rate promotion?

Edited February 25, 2019 by sfokevin

[jesimps]

1 hour ago, Jim7777 said:

Do not use Bahtnet, transfer wise or any of that crap.  Just call your bank in your home country and have them make the International wire transfers manually.  Then ask for the Credit Advice at the bank the day after your wire transfers posts.  The Credit Advice is free I never pay anything for it and it perfectly verifies everything such as your name, address in Thailand, the origin of your wire transfers including the name of the bank in your home country that it came from, the amount of each transfer in Thai Baht, and your Thai bank account name and account number which will match your pass book.  

 

The Credit Advice is free and it verifies everything you need I have them printed every month at my bank and it doesn’t cost me anything.  When you actually get your extension you’ll probably need a letter from your bank which verifies the same information for all of your International wire transfers but according to my bank they are free as well and can also be easily produced by the bank.  Of course that’s my branch but as far as the Credit Advice I know any bank in Thailand can provide those for free you just have to specify the Credit Advice, and I think it’s best to make your International wire transfers manually over the phone with your bank in your home country because that way can be easily verified by your Thai bank.  

 

I’ve looked into transfer wise and other apps that people have advised me about and I’m not liking the transfer apps very much if it’s to good and easy to be true it probably is.  

TW from UK saves me 2000 baht a month, but your choice as to what you use.

[hargri]

2 hours ago, sfokevin said:

I think TransferWise works fine... Very convenient app, low cost and to date all transfers have shown up on my BK Bank as foreign...

I changed my TransferWise destination account from SCB to Bangkok Bank on hearing that transfers showed as international. Unfortunately that is not always the case. The attached screenshot shows 4 transactions. 2 show as international and 2 as 'interbank transfer via smart'. Back to the drawing board!

[Pib]

1 hour ago, MikeN said:

Transferwise use Bangkok Bank as their local intermediary, that’s why your transfers show as international. If you were using another bank here it would be a domestic transfer from BKK Bank into your account.

 As for the cost, because of their sliding scale fee structure means they can get quite expensive for larger amounts. I did a practical test, sending AU$1500 by both my bank internet transfer and Transfer-wise and despite TW’s better exchange rate and using their cheapest payment option I ended up with more baht from my bank because of their fixed, flat rate, fee.

Bangkok Bank is only one of the three Thai partner banks Transferwise uses.  The other two are TMB and Kaiskorn.   Which one TW decides to use for the final leg of the transfer will vary and this can cause your transfer to end up being coded as a domestic transfer.

[Pib]

44 minutes ago, hargri said:

I changed my TransferWise destination account from SCB to Bangkok Bank on hearing that transfers showed as international. Unfortunately that is not always the case. The attached screenshot shows 4 transactions. 2 show as international and 2 as 'interbank transfer via smart'. Back to the drawing board!

And if you go look at your Transferwise PDF receipt in the "Paid Out From" section of the receipt it will show whether Bankgok Bank, TMB or Kaiskon was used for the final leg.  Note: sometimes your PDF receipt may not have a "Paid Out From" section depending on how your originally setup that Recipient in Transferwise.

[Sheryl]

3 hours ago, Jim7777 said:

Do not use Bahtnet, transfer wise or any of that crap.  Just call your bank in your home country and have them make the International wire transfers manually.  Then ask for the Credit Advice at the bank the day after your wire transfers posts.  The Credit Advice is free I never pay anything for it and it perfectly verifies everything such as your name, address in Thailand, the origin of your wire transfers including the name of the bank in your home country that it came from, the amount of each transfer in Thai Baht, and your Thai bank account name and account number which will match your pass book.  

 

The Credit Advice is free and it verifies everything you need I have them printed every month at my bank and it doesn’t cost me anything.  When you actually get your extension you’ll probably need a letter from your bank which verifies the same information for all of your International wire transfers but according to my bank they are free as well and can also be easily produced by the bank.  Of course that’s my branch but as far as the Credit Advice I know any bank in Thailand can provide those for free you just have to specify the Credit Advice, and I think it’s best to make your International wire transfers manually over the phone with your bank in your home country because that way can be easily verified by your Thai bank.  

 

I’ve looked into transfer wise and other apps that people have advised me about and I’m not liking the transfer apps very much if it’s to good and easy to be true it probably is.  

Credit Advices are free (and obtainable at any branch) only within a short time of the transfer. Not sure how long but maybe a week. Once time has passed, you can still get them but may have to go through the HQ and also pay a small fee.

 

If you are doing SWIFT transfers no need to have the Thai bank on the phone or do anything else special with them. Just provide the correct SWIFT code, correspondent bank details (found on bank website or call them for it) and account number.

 

Re Transferwise, it used out of the UK it apparently works well. Not always so "easy" when used out of the US. They de-activated my account mid transfer for no known reason, and thsi has happened to many others.  though if first transfer goes through OK you will likely be OK thereafter. The other issue with TW which has been discussed in detail here and in other threads is that it may first pass through a different bank and show as a domestic or "dummy"  transfer.  Still being determined if more detailed bank HQ statements or Credit Advices would in that instance show the international origin.

 

Bahtnet is not a transfer service, it is the banking code that shows that funds were remitted through the Bank of Thailand, these are international payments e.g. some government pensions are paid that way. Banks and hopefully IOs will recognize those as international transfers.

[BertM]

2 hours ago, jesimps said:

TW from UK saves me 2000 baht a month, but your choice as to what you use.

My international SWIFT wire transfer fees are free, so I don't need TW. But, I read where some brokerage firms offer very low or free wire transfer fees. That's another option people can look into.

Edited February 25, 2019 by BertM

[sfokevin]

13 minutes ago, BertM said:

My international SWIFT wire transfer fees are free, so I don't need TW. I also read where some brokerage firms offer very low or free wire transfer fees for those who have sufficient assets.

My brokerage firm has a similar low fee swift but sadly you can only set it up by going in person to one of their offices or a bank medallion which are only located in the US...

Edited February 25, 2019 by sfokevin

[BertM]

22 minutes ago, sfokevin said:

My brokerage firm has a similar low fee swift but sadly you can only set it up by going in person to one of their offices or a bank medallion which are only located in the US...

Last time I was in the US, I didn't have time to get that medallion stamp to set up my Fidelity account for wire xfers. Luckily, my bank relationship provides me with free wire xfers.

Edited February 25, 2019 by BertM

[Moonlover]

5 hours ago, Jim7777 said:

Do not use Bahtnet, transfer wise or any of that crap.  Just call your bank in your home country and have them make the International wire transfers manually.

At 20 GBP (820 THB) per transaction, 'buy rate' exchange rate AND a local credit fee? No thank you.

 

TransferWise works just fine for me.

[DogNo1]

Note to Fidelity clients: You can bypass the Medallion requirement if you have a US-based financial advisor.  Just sign the bank wire standing order, probably best done with blue ink, scan it into a PDF, and email it to your advisor.  Make sure that the standing order is attached to your cash management account.  There is a $30 charge for wires from advised accounts.  Clients with advised accounts can open a separate cash management account online.  Only wires from an individual's cash management are free.

[ChouDoufu]

3 hours ago, sfokevin said:

My brokerage firm has a similar low fee swift but sadly you can only set it up by going in person to one of their offices or a bank medallion which are only located in the US...

i believe the medallion is required to setup a standing order so that you can send swift yourself online without assistance.  without it, you have the option to call their customer service to send a swift.  sadly, not possible to set up automated transfers.  you'll need to remember to call or go online each month.  no senior moments allowed.

 

i was in contact with them last week, wanted to set up the standing order but no medallion available here.  they said i could send the form without medallion, then call in and customer service would set it up after going through some security procedures over the phone.

[sunnyboy2018]

On 2/24/2019 at 2:31 PM, onera1961 said:

Why they should be? They are not paid anything extra. 

Because the information might be legally valid information that should be subject to review,  That's how jobs are done in any area of work. Its also helpful

[steve73]

5 hours ago, hargri said:

I changed my TransferWise destination account from SCB to Bangkok Bank on hearing that transfers showed as international. Unfortunately that is not always the case. The attached screenshot shows 4 transactions. 2 show as international and 2 as 'interbank transfer via smart'. Back to the drawing board!

I would recommend you to show this statement to your immigration Office beforehand and ask if this is the format they will want to see for your extension - point out that some of the international deposits have been incorrectly coded by your bank due to using a currency exchange specialist. 

Or challenge your bank to re-code them if you show them the TW receipts, since it's their fault they've coded incorrectly.

[sfokevin]

2 hours ago, ChouDoufu said:

They said i could send the form without medallion, then call in and customer service would set it up after going through some security procedures over the phone.

Which brokerage did you get this option?... Fidelity?

 

What currency do you transfer USD to or Thai baht? do you have a foreign currency account here in Thailand?

 

Fidelity seems to only support transfering about 20 of the basic currencies?...

https://www.fidelity.com/trading/about-foreign-currency-transfers

 

Edited February 25, 2019 by sfokevin

[DogNo1]

Fidelity will transfer US dollars.  Bangkok Bank converts into baht for a fee.  I wire $2,200 and I am charged 200 baht.  Be careful!  If you tell Fidelity to transfer baht, there is a 3% foreign transaction fee.   BTW, thanks choudoufu for letting us know that Fidelity has a way to verify our identities and accept the standing order without the Medallion raised seal.

[ChouDoufu]

yes, fidelity.  i have domestic transfer set up, but that's going away soon.  currently using the 800k method, and want to have another option depending on how things turn out.  i send usd to bkk, let them do the currency exchange into my baht savings.

 

their system is focused on american domestic accounts, the average rep doesn't seem to understand medallions are not available outside the usa.  sent them an email explaining that thai banks don't offer them, and the us embassy doesn't have the authority.  premium services rep contacted me and gave me the over the phone method, which i can do after i've mailed the form.

 

if i decide to go with monthly transfers, don't want to have to call each time, would rather do it myself online.  sending swift incurs no fee from fidelity, so only on the hook for the bkk bank receiving fee, and possibly a correspondent bank fee.

Edited February 25, 2019 by ChouDoufu

[OJAS]

On 2/24/2019 at 12:01 PM, sfokevin said:

The bank statement you received is the standard one banks have always issued on the spot (6 months)... I was thinking of getting this statement at my 6 month mark and a second just before my extension then I would have a full years history - But then again will TI accept the older (6 month old) statement. Or must we preorder a special 12 month statement that the bank say takes an undetermined “couple of days” to get (My bank said “about a week”)... How do we coordinate a current statement to our appointment with TI...

This is what I'm planning to do as well, and there has already been a report on here of someone who has successfully obtained a retirement extension on this basis:-

 

 

[asiaexpat]

2 hours ago, ChouDoufu said:

i believe the medallion is required to setup a standing order so that you can send swift yourself online without assistance.  without it, you have the option to call their customer service to send a swift.  sadly, not possible to set up automated transfers.  you'll need to remember to call or go online each month.  no senior moments allowed.

 

i was in contact with them last week, wanted to set up the standing order but no medallion available here.  they said i could send the form without medallion, then call in and customer service would set it up after going through some security procedures over the phone.

I was told the same information about not needing a medallion and attempted to set up as it seems others have. Customer service was no help setting up a standing order and required a medallion unless I call them each time I need to transfer money. The process was time consuming and Fidelity Customer Service poorly trained to handle this. I finally got the International Transfer desk and made the one time order. My personal rep was also unable to help.

[AAArdvark]

12 hours ago, hargri said:

I changed my TransferWise destination account from SCB to Bangkok Bank on hearing that transfers showed as international. Unfortunately that is not always the case. The attached screenshot shows 4 transactions. 2 show as international and 2 as 'interbank transfer via smart'. Back to the drawing board!

Two days ago, I spoke to TW customer service about a different matter but I did ask about this issue.  I asked the person that I was speaking to if he was familiar with the issues with Thai immigration.  He said he was and that there was no way to guarantee that the transfers would always show up as international.  However, he did say that they are "sure" that the various PDF files, that come with a transfer, would be acceptable by immigration.

I think this is a wait and see thing and I'm glad I won't be one of the early ones to try it.

[jacko45k]

21 hours ago, sfokevin said:

I think TransferWise works fine... Very convenient app, low cost and to date all transfers have shown up on my BK Bank as foreign...

So far.....

[DogNo1]

For bank wires to a foreign bank, you must call Fidelity every time even if you have a standing order.  I recommend calling their direct service number, entering your SSN and when the system asks what the call is about say “bank wire.”  That will take you directly to the bank wire representative.  Only domestic wires and transfers can be done on line and automated.

[dallen52]

On 2/24/2019 at 2:05 PM, Pattaya46 said:

You should indicate in which Immigration Office you were (and same in the thread you started).

High probability that not all places apply the exact same rules...

True, so true. 

Renewed extension a couple of weeks ago at Jomtien. 

Bank accounts were not even used, reviewed,  inspected, etc 

Its my local office. 

The new stamps are in place, and receipts issued. 

Quite possibly my last one anyway..

 

I can't meet the new requirements if they are applied eventually.