My Experience Extending my Retirement "Visa" last Friday.

[TallGuyJohninBKK]

1 hour ago, gentlemanjackdarby said:

However, and not meaning to be too pedantic about, but when folks say that 'it's up to the bank' to code an ACH transfer in accordance with IAT standards, it creates misunderstanding by those reading that post and worse, it misleads them into believing that that the problem lies with their bank and not, for example, with the payor of their pension.

 

The issue you're talking about needs to distinguish between what government or private entity pension payers do vs. the separate issue of what's available to U.S. retail banking customers with their own individual accounts.

 

On the latter score, the simple fact is NONE of the banking/financial entity providers I deal with offer me any option to send or otherwise initiate a IAT transfer. They simply don't, none of mine, and none that anyone else seems to know of. So when it comes to me trying to send/transfer my own money, I'm SOL when it comes to IAT.

 

On the former score, obviously that depends on the pension payer. So Social Security CAN send IAT compatible payments, but clearly is not yet to the point of being able to do it across the board even when requested or desired. And in my personal state pension provider's case, they have a blanket policy against sending electronic payments outside the U.S., so IAT is an irrelevant issue for them. They're not going there, period.

 

[marcusarelus]

9 hours ago, auntyedna said:

Thanks for a useful post.  Two questions:

1.   What happens if one has repatriated all his worldly wealth in Thailand and is using the proceeds as pension income?

2.  The health insurance providers offer "private hospital care".  I don't want to use the private hospitals any more, having been ripped big time - now I use the public hospitals.  Is anyone aware of a "public hospital only" health insurance at an affordable price?

Hopefully all your worldly wealth is worth more than 800k so no problems there and there is no requirement for health care attached to visa extensions so ask that question in the health forum.

[ubonjoe]

10 hours ago, auntyedna said:

2.  The health insurance providers offer "private hospital care".  I don't want to use the private hospitals any more, having been ripped big time - now I use the public hospitals.  Is anyone aware of a "public hospital only" health insurance at an affordable price?

There is info here from a insurance broker that has set a group insurance plan that is only for public hospitals.

http://www.insurance-in-thailand.com/affordable-health-insurance-for-anyone-in-thailand/

[graemeaylward]

So the bank will respond to some random call from someone claiming to be an immigration officer and give out personal information about anybody's account? And they will tell them that the money arrived in Bangkok Bank as a Smart domestic transfer from TMB. Then they will call TMB to backtrack the transfer further? I'm guessing some IOs won't.

I would be extremely concerned about security at a bank which gave out details of my account to anyone other than me over the telephone! Whenever I have had to contact my UK bank by telephone (rarely), I have to go through a whole series of security questions etc before they will reveal any information! I am happy that this is the case, and would expect the same level of security from any bank.

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[boonrawdcnx]

First of all thanks for the post - very informative!

What still puzzles me is the account with the 800.000 Baht deposit - which I have been using also over the last few years - and the new rules actually defying the purpose it was intended for!
If the requirements are a monthly income of 65.000 or the equal amount as a lump sum in a bank account to cover living expenses - then they have just made it impossible to use the funds in the bank as living expenses during the year.

Once again honest people are being punished for dishonest and corrupt immigration officers and agents abusing the system.
And believe me - TIT - they will find a way around it very likely with dummy bank statements / financial transactions if the price is right.







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[BertM]

37 minutes ago, boonrawdcnx said:

If the requirements are a monthly income of 65.000 or the equal amount as a lump sum in a bank account to cover living expenses - then they have just made it impossible to use the funds in the bank as living expenses during the year.

Once again honest people are being punished for dishonest and corrupt immigration officers and agents abusing the system.

Maybe, the honest people are also being punished for some of the dishonest expats who obtained income affidavits and letters falsely stating their incomes. Or, the dishonest expats who used the corrupt agents. It's pretty clear from many complaining on this forum that they don't and didn't really meet the requirements. If you're going to blame IO & agents, you have to blame the expats who hire & use them to abuse the system.

Edited February 27, 2019 by BertM

[BertM]

59 minutes ago, boonrawdcnx said:

Once again honest people are being punished for dishonest and corrupt immigration officers and agents abusing the system.

Agree... And, who hired the dishonest & corrupt IOs & agents to abuse the system? The dishonest & corrupt foreigners & expats...

Edited February 27, 2019 by BertM

[Sheryl]

Thanks for a useful post.  Two questions:
1.   What happens if one has repatriated all his worldly wealth in Thailand and is using the proceeds as pension income?
2.  The health insurance providers offer "private hospital care".  I don't want to use the private hospitals any more, having been ripped big time - now I use the public hospitals.  Is anyone aware of a "public hospital only" health insurance at an affordable price?

1. You either:

- keep 800k balance in one account and use the lump sum method

OR

- send money back out of the country and then transfer 65k to your Thai account monthly.

2. There is one supposedly being set up (see link UbonJoe provided) but AFAIK it is not yet operational.

You are not required to use private hospitals with any health insurance policy, costs in govt hospitals will be covered. But you may have to pay upfront and be reimbursed afterwards with many govt hospitals and this is likely to be true with the govt hospital-only scheme as well.

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[Mattd]

34 minutes ago, BertM said:

Agree... And, who hired the dishonest & corrupt IOs & agents to abuse the system? The dishonest & corrupt foreigners & expats...

That is a bit like the chicken and egg question...................

[steve73]

1 hour ago, boonrawdcnx said:

First of all thanks for the post - very informative!

What still puzzles me is the account with the 800.000 Baht deposit - which I have been using also over the last few years - and the new rules actually defying the purpose it was intended for!
If the requirements are a monthly income of 65.000 or the equal amount as a lump sum in a bank account to cover living expenses - then they have just made it impossible to use the funds in the bank as living expenses during the year.
 

I mentioned this to the I/O I was talking with... that the 800k I maintain was partly for my "immediate emergency health needs" in lieu of insurance, at which point she started discussing the need for adequate insurance... I disagreed, that it was largely pointless for anyone with pre-conditions. 

 

When I asked if I needed to use it for an emergency, would this then mean I would be denied my extension next year... Unfortunately, yes, I would be denied and have to "start-over".  That was the point I started exploring the combo method with her.. in order to free up some of this savings.... but the combo method has its own set of problems as I discussed in the OP.

 

[sometimewoodworker]

On 2/26/2019 at 11:16 AM, Tanoshi said:

I have made several transactions through my UK bank to my Thai bank, then several transactions through Transferwise and in each and every case they appear as FTT transactions in my passbook and statements.

That is all that really matters for Immigration purposes.

Just for information purposes 

 

Here is the relevant part of a PDF of TW transfer I have just made this morning.

 

 

[jacko45k]

2 hours ago, boonrawdcnx said:

then they have just made it impossible to use the funds in the bank as living expenses during the year.

They have created their own conundrum.... in the effort to ensure you have enough to live off for the next 12 months of the extension they are considering, they have created a rule that doesn't allow you to spend the money they wanted to ensure you had to live off. 

[Tanoshi]

54 minutes ago, sometimewoodworker said:

Just for information purposes 

 

Here is the relevant part of a PDF of TW transfer I have just made this morning.

 

 

Your point being what exactly?

 

Who do you bank with?

 

 

Edited February 27, 2019 by Tanoshi

[sometimewoodworker]

7 minutes ago, Tanoshi said:

Your point being what exactly?

 

 

Delivered Via !

[Tanoshi]

1 minute ago, sometimewoodworker said:

Delivered Via !

That's the same on all receipts, delivered via local bank transfer.

That's for your reference only, not for Immigration.

Those 'local bank transfers' show as FTT in my passbook, which is what matters.

[dcnx]

On 2/24/2019 at 1:54 PM, steve73 said:

12month FD would pay 1.55%/yr, 24mon @1.7%/yr, and 36mon @1.85%/yr.

I suppose it’s better than 0%. 

 

Amazing what people will put up with to stay here.

Edited February 27, 2019 by dcnx

[Tanoshi]

3 minutes ago, dcnx said:

I’m amused that anyone would even consider that. It’s insulting.

Please amuse us with the rate you get in Thailand.

[steve73]

 

2 minutes ago, dcnx said:

  On ‎2‎/‎24‎/‎2019 at 1:54 PM, steve73 said:

12month FD would pay 1.55%/yr, 24mon @1.7%/yr, and 36mon @1.85%/yr.

2 minutes ago, dcnx said:

I’m amused that anyone would even consider that. It’s insulting.

 

It's a lot better than the 0,5% the standard saving account pays.. and also better than the UK - "High Interest" account offers.

 

Since I can't use the Income method this is the best of a bad bunch.

[steve73]

BTW, I've just found this recent thread which looks to confirm the Bank's "Foreign income only" statement required by my Imm. Officer.  It sounds promising...

 

 

[skatewash]

15 minutes ago, dcnx said:

I suppose it’s better than 0%. 

 

Amazing what people will put up with to stay here.

I'm not sure why someone would prefer to go the Fixed Deposit route when they can get a Mee Tae Dai savings account at Krungsri Bank currently paying 1.3%.  With a non-fixed deposit, there is no automatic 15% withholding of interest, consequently no need to file a Thai Personal Income Tax return to get back the interest withheld.  As the interest is earned daily and paid monthly you don't lose already earned interest when you withdraw money from the account as you do with a fixed deposit.  At a time when interest rates are more likely to increase rather than decrease (my opinion), I'm not sure why it would be preferable to lock in relatively low-interest rates when an account like MTD has a variable interest rate that can go up (and down).

[roobaa01]

great report also confirms for combo 1. w or w/o letter money must come ea. month from overseas for a consecutive period i.e 3 months 2. minimum balance in the acc. required the whole year.

 

why the need for a certificate of resi to open a new td if having been with the bank for donky years ??

 

wbr

roobaa01

[steve73]

1 minute ago, roobaa01 said:

 

why the need for a certificate of resi to open a new td if having been with the bank for donky years ??

New rules perhaps?  I did question it with my branch and was told that FD accounts are actually held in their Bangkok Head Office branch.

Or perhaps just a "you scratch my back, I'll scratch yours" arrangement between Imm and the banks..? 

[Tanoshi]

11 minutes ago, roobaa01 said:

why the need for a certificate of resi to open a new td

What's a 'td' another kind of infectious disease?

[Tanoshi]

9 minutes ago, steve73 said:

New rules perhaps?  I did question it with my branch and was told that FD accounts are actually held in their Bangkok Head Office branch.

Would that be Fixed Deposit account, or Foreign Currency Deposit account.

[skatewash]

4 minutes ago, Tanoshi said:

What's a 'td' another kind of infectious disease?

Term deposit, otherwise known a fixed-term deposit or fixed deposit?

[roobaa01]

 

7 minutes ago, Tanoshi said:

What's a 'td' another kind of infectious disease?

td =term deposit

wbr

roobaa01

[Tanoshi]

21 minutes ago, steve73 said:

New rules perhaps?  I did question it with my branch and was told that FD accounts are actually held in their Bangkok Head Office branch.

Or perhaps just a "you scratch my back, I'll scratch yours" arrangement between Imm and the banks..? 

Incorrect.

Fixed term deposit accounts are opened local at your branch.

If you had an existing Savings account at that branch then your passport and proof of address is all that's required.

If you didn't have a Tabien Baan, or other proof of address, then they are quite entitled to request a CR as evidence.

 

Interestingly enough I helped a friend open a Foreign currency fixed term deposit account the other day at BKK.

Although his documents were in order, including his Yellow Tabien Baan, they requested a CofR additionally.

When I question this requirement (not listed on their website) they stated it was now required to check his legal immigration status to be in Thailand.

[steve73]

35 minutes ago, Tanoshi said:

Incorrect.

Fixed term deposit accounts are opened local at your branch.

If you had an existing Savings account at that branch then your passport and proof of address is all that's required.

If you didn't have a Tabien Baan, or other proof of address, then they are quite entitled to request a CR as evidence.

 

Interestingly enough I helped a friend open a Foreign currency fixed term deposit account the other day at BKK.

Although his documents were in order, including his Yellow Tabien Baan, they requested a CofR additionally.

When I question this requirement (not listed on their website) they stated it was now required to check his legal immigration status to be in Thailand.

I don't have a yellow book.. the TM30 receipt I keep in my passport was insufficient proof.  I've been with the bank over 11 years, all with the same registered address but they still wanted the CoR. 

While opening the account the clerk was continually on the phone to head office, and the new account number has a different 3 numbers (which I always thought was the branch number)...

 

Whatever, I'm all sorted now.  Just need to arrange the local tax number to claim back the tax.. but I've a year to worry about that. 

[Tanoshi]

3 hours ago, steve73 said:

I don't have a yellow book.. the TM30 receipt I keep in my passport was insufficient proof.  I've been with the bank over 11 years, all with the same registered address but they still wanted the CoR. 

Now I understand why.

 

3 hours ago, steve73 said:

While opening the account the clerk was continually on the phone to head office, and the new account number has a different 3 numbers (which I always thought was the branch number)…

I've just checked my Savings and Fixed deposit account, the first 3 digits are also different, but the branch name is the same.

 

3 hours ago, steve73 said:

Whatever, I'm all sorted now.  Just need to arrange the local tax number to claim back the tax.. but I've a year to worry about that. 

The Thai tax year runs from Jan - Dec and tax returns/claims are submitted between Jan - Mar the following year.

Next year when your account matures, (I roll it over again so the account number remains the same) the interest and tax deducted is printed in the book. Ask them for a receipt of interest and tax deducted.

Submit that to your local tax office before the end of March. They'll open an account for you with a username and password.

Usually takes 4 weeks to get a cheque in the post.

You can do the returns/claims online but it's completely Thai. 

I just pop them into my local office each year and it's all completed in 10 minutes.

[steve73]

4 minutes ago, Tanoshi said:

The Thai tax year runs from Jan - Dec and tax returns/claims are submitted between Jan - Mar the following year.

Next year when your account matures, (I roll it over again so the account number remains the same) the interest and tax deducted is printed in the book. Ask them for a receipt of interest and tax deducted.

Submit that to your local tax office before the end of March. They'll open an account for you with a username and password.

Usually takes 4 weeks to get a cheque in the post.

You can do the returns/claims online but it's completely Thai. 

I just pop them into my local office each year and it's all completed in 10 minutes.

Thanks Tanoshi, useful info.

I opened my FD account in Feb 2019, and will get the first interest payment in Feb 2020 - it'll just keep going as it a 24 month account.

So I will need to submit my claim in Jan-Mar 2021...  Is that correct?

Can you remind me again then please ;-))