O-A visa in US Will brokerage account balance meet requirements?

[NokNokJoke]

I plan on applying for an O-A visa in the US in a month or so.

 

SSI income is around 50,000 b a month, and i have adequate other money in IRA and normal brokerage accounts.

 

I bank and have the IRA at USAA,    other brokerage account at Schwab.

 

Will the Thai Embassy accept statements of my brokerage accounts and IRA to meet the 800,000 B requirements?

 

I don't keep much money in normal banking venues.     I can move X thousand $$$ to a normal bank account if I have to meet the 800 K via the combination method, or as an outright sum if I have to, but prefer to use the USAA or Schwab accts, and letter from SSI.

 

Thanks

 

[ubonjoe]

You could combine your income and money in the bank to apply for the OA visa. With 600k baht annual income you would need the equivalent of at least 200k baht in the bank to make up the difference.

Not sure they would accept a brokerage account but they would accept a IRA since it is in a bank.

[gamb00ler]

I wonder if the embassy/consulate would insist on there being "immediate access" to your required funds.  I certainly hope not.  Otherwise, an investment providing such access would likely be at a poor rate of return and inflation would be stealing your money albeit slowly.

 

Like the OP, I would be supporting my upcoming O-A visa application with a very similar financial structure.

 

O-A details from Royal Thai Embassy in DC:  details

[NokNokJoke]

Thanks, Joe.

 

I'm hoping to do this the most foolproof, 'easiest' way, that won't mean shuffling money around too much.

  The IRA is at USAA, and well in excess of 800k.

Quote

 Bank statement or evidence of adequate finance showing a deposit of the amount equal to and not less than 800,000 Baht or an income certificate (an original copy) with a monthly income of not less than 65,000 Baht, or a deposit account plus a monthly income totaling not less than 800,000 Baht In the case of submitting a bank statement, a letter of guarantee from the bank (an original copy) is required

I guess technically USAA is a bank.

 

I'll need to check into the process of getting the letter of guaranty from USAA.   Don't see any on the USAA site.

 

[ubonjoe]

2 minutes ago, NokNokJoke said:

I'll need to check into the process of getting the letter of guaranty from USAA. 

USAA is certainly a bank.

The guarantee letter is just letter confirm your account is real and valid. The could do a statement and stamp it as valid with a signature.

I am certain they will understand what you want if you talk to them.

[ubonjoe]

34 minutes ago, gamb00ler said:

I wonder if the embassy/consulate would insist on there being "immediate access" to your required funds. 

The embassy does not have the same rules as immigration and do not state immediate access is required. They are normally much more flexible than immigration.

[NokNokJoke]

^^^^   That's what I was hoping.     ????

 

 

[onera1961]

I'm going to try using my IRA account next year when I apply for my second O-A . I remember seeing a YouTube video where the applicant was successful using IRA accounts. You may search for that in YouTUbe and contact the poster for first hand information or take the risk and send your IRA statements. I guess it will be accepted. My suggestion is to send minimal information that meets requirement. If you have 800K BHT in IRA (which you have), send three months statements only. No need to mix SSI income with IRA balance. You may send SSI reward letter to prove you're retired.

Edited March 19, 2019 by onera1961

[NokNokJoke]

Tried looking into for that youtube video,  couldn't find it.

Not sure if I'll use LA or DC at this point.

Unless I can't find a place to do the required medical form done for a reasonable cost, I prefer the O-A from the US to the other prospects.

 

my vague plan is to get residency in South Dakota on the way out of the US, transferring my US Drivers license, already have a legal mailing address there.   Then I'd drive to whichever airport I'm flying out of, and sell my car, locally.  (Old junker, but reliable, not worth keeping)

 

 

I can shuffle enough money so any statement from USAA shows both the IRA (Well over 800k b) and a savings account amount sufficient to work with the combined method using SSI monthly income, and the savings acct amount.  I still think overkill isn't so bad if it's basically on one page?

Statements for multiple months don't seem to be required, unlike the extension from within thailand.

 

I don't want to be sitting in the US for a few months after I stop work, trying to get the visa stuff 'right'.

 

The more annoying stuff happens later, trying to get a thai bank account, and get the various documents I'll need in thailand.    

 

????

 

 

 

 

[Langsuan Man]

17 hours ago, NokNokJoke said:

Not sure if I'll use LA or DC at this point

Not optional, it is based upon your US residency address:

Royal Thai Embassy Washington D.C.	Royal Thai Consulate-General, New York
1. Alabama	1. Maine
2. Delaware	2. Massachusetts
3. Florida	3. New Jersey
4. Georgia	4. New York
5. Louisiana	5. Pennsylvania
6. Maryland	6. Rhode Island
7. Mississippi	7. Connecticut
8. North Carolina	8. Vermont
9. South Carolina	9. New Hampshire
10. Tennessee	10. Ohio
11. Texas
12. Virginia
13. West Virginia
14. Puerto Rico
15. District of Columbia

Royal Thai Consulate-General, Chicago	Royal Thai Consulate-General, Los Angeles
1. Arkansas	1. Alaska
2. Illinois	2. Arizona
3. Indiana	3. California
4. Iowa	4. Colorado
5. Kansas	5. Idaho
6. Kentucky	6. Montana
7. Michigan	7. New Mexico
8. Minnesota	8. Nevada
9. Missouri	9. Oregon
10. Nebraska	10. Utah
11. North Dakota	11. Washington
12. Oklahoma	12. Wyoming
13. South Dakota	13. Hawaii and U.S. Pacific Territories
14. Wisconsin

 

[TallGuyJohninBKK]

Just keep in mind, the application policies and practices for O-As do vary some between the Embassy in DC and the 3 official consulates in L.A., Chicago, and New York.  Things like how many copies are required and various other details. So it's always good to specifically check the application details for the particular location where you intend to apply.

 

[NokNokJoke]

Thanks, I live in  the southeast US, but have a mailing address in South Dakota, and will transfer my drivers license and 'legal' residence to SD before I leave the US.    

 

 

[NokNokJoke]

Talked to USAA a few minutes ago,  so far they will  only provide the following single sheet piece of paper showing Savings and checking  account.       For the IRA I have to contact the 'investments' department.

 

Any idea if DC will accept for Non O-A?

 

With my SSI letter the savings amount is sufficient.   (Have 51,000 Baht a month SSi)

 

I have more than 800000b in a USAA IRA, more $$ in a Schwab investment account.

 

 

[gk10002000]

I use Etrade as my primary bank and brokerage.  I have ROTH and Traditional IRA accounts there as well as a regular Brokerage account.  The monies invested in those accounts in various stocks, funds, and bonds, etc. can be liquidated ASAP with the exception that any funds that come from a sale of a stock are held for the normal three day settling rule.  There is no way around that.  Since the Accounts are all within Etrade, once the funds are available it is a one button click to transfer/withdraw the funds from the account to my checking for example.  That is one advantage of having IRA accounts with the same institution as your bank, transferring funds is easy.  Now if you have your IRAs in a separate institution, it may be a bit different.  You may have to fill out transfer forms, or write a check, or submit some sort of online transfer request.  Still not a big deal.  So easily accessible is just a matter of degrees. If I had a large amount of cash, say 800k Baht equivalent in the account, which would be stupid as it would be not earning anything un invested, I could transfer that out on a moment's notice.  I keep my monies invested.  If the Thais have an issue with that or even understand it, well, so be it.  Etrade has told me they would issue "letters" certifying the income estimator values are correct and current, or that the balance is xxxx.

Edited June 7, 2019 by gk10002000
add

[NokNokJoke]

3 hours ago, gk10002000 said:

I use Etrade as my primary bank and brokerage.  I have ROTH and Traditional IRA accounts there as well as a regular Brokerage account.  The monies invested in those accounts in various stocks, funds, and bonds, etc. can be liquidated ASAP with the exception that any funds that come from a sale of a stock 

That's nice, but will the DC embassy accept this for a Non O-A?    

 

 

I am still trying to get up the nerve to get back on the phone with USAA and see what they can provide for my IRA account.

 

The other option I have right now is Schwab,  I have an investors checking account connected to my investor account, but usually only float money through there, don't keep a balance except for pocket change.

It's much easier to get an official looking statement for that checking account, but they also will state the average two month balance for that account.   I can move XX thousands of bucks there and it will reflect as the current balance.

 

I don't have any accounts at banks I can walk into a branch and deal with a human, or sub-human.

 

Just checked with USAA.  

You can download IRA statements from the online banking site that may meet the requirements.

My ROTH IRA only seems to have quarterly statements, the last at the end of March.

My Rollover IRA has monthly statements you can download.  

 

The statement does say 'USAA FINANCIAL BANK' in the header.

 

 

Maybe I'll  just use the rollover statement, (twice the amount I need for combination method) and muy SSI letter, and cross my fingers?

[gk10002000]

1 hour ago, NokNokJoke said:

That's nice, but will the DC embassy accept this for a Non O-A?    

 

 

I am still trying to get up the nerve to get back on the phone with USAA and see what they can provide for my IRA account.

 

The other option I have right now is Schwab,  I have an investors checking account connected to my investor account, but usually only float money through there, don't keep a balance except for pocket change.

It's much easier to get an official looking statement for that checking account, but they also will state the average two month balance for that account.   I can move XX thousands of bucks there and it will reflect as the current balance.

 

I don't have any accounts at banks I can walk into a branch and deal with a human, or sub-human.

 

Just checked with USAA.  

You can download IRA statements from the online banking site that may meet the requirements.

My ROTH IRA only seems to have quarterly statements, the last at the end of March.

My Rollover IRA has monthly statements you can download.  

 

The statement does say 'USAA FINANCIAL BANK' in the header.

 

 

Maybe I'll  just use the rollover statement, (twice the amount I need for combination method) and muy SSI letter, and cross my fingers?

I would just show the embassy a copy of your account statement, be it IRA  or any other.  Maybe get it notarized if you have the time.  That may help.  Etrade issues monthly statements not quarterly statements.  "Bank statement or Evidence".   I am ex Air Force but I left USAA decades ago after they tried to finagle that auto insurance price gouge they got sued over and lost.  I would hope USAA will issue you a letter for your brokerage account similar to what you listed for your checking account.  If not, raise holy hell with their customer service department.   As for the embassy, I doubt you will get a clear answer in advance, as many of their staff would not really understand the question, or understand what bank means, or what a brokerage means, or what they really require.  The fact the header says USAA Bank probably will be very good.  The Etrade IRA statements do not say bank but say Etrade Securities LLC.   I had planned to submit the same things a few years ago when I almost punched out and headed to Thailand, and didn't think there would be any issue at the time.

 

   

 

 

[gk10002000]

Note I was also planning on doing the income method and showing my dividends and interest, income estimator and a letter from Etrade asserting the estimates and equities are current.  But no idea if the embassy would accept that.  I know they are focused on pensions and things like that, but no doubt many people have done the income method using other means of income

[NokNokJoke]

TYped W T F and it got deleted.  ????

OK   "what'?

 

Here is the Schwab BANK letter   (Says BANK also.)   ????

 

 

 

[ubonjoe]

10 hours ago, NokNokJoke said:

Any idea if DC will accept for Non O-A?

 

With my SSI letter the savings amount is sufficient.   (Have 51,000 Baht a month SSi)

 

Your annual  income and the amount shown in the bank totals to more than 800k baht which would be more than enough to use the combination option.

You will need signed statement from USAA of you savings account balance you to submit with your application.

 

Edit: Reply to most recent post. That statement will be enough if it is more than the equivalent of 800k baht.

Edited June 8, 2019 by ubonjoe

[NokNokJoke]

Yes,  the nerd I talked to on the phone said nothing is possible except the statement I can download.

 

On the DC embassy site it doesn't really mention 'signed'.

 

Here is the additional form for the O-A visa via DC.

 

 

 

 

 

 

Additional-Application-Form-For-Non-Immigrant-O-A-Long-Stay-Only.pdf

[JohnOFphon]

 

Never mind...my response was answered already...didn't see it.

 

Edited June 8, 2019 by JohnOFphon

[NokNokJoke]

Thanks, Joe.  Whatever happens I'll post the results.       I had to remind myself if this is confusing and annoying, it's just a warmup for what lies ahead.

????

[mosan]

You guys are waaaay over thinking this.  Got my O-A from the D.C. Embassy in January this year.  The only documents than needed to be signed was the federal or local FBI cover letter for the police check and the Medical Certification form from your physician. Additionally, the Non-Imm. O-A application has two pages--Page two has a spot for you to write in the name of your financial institution and the amount you have in your savings account. The letter I supplied from Social Security is not signed or stamped, it's just their standard form letter mailed out each year showing your monthly and annual amounts due to you. Same, same with the Dept. of Defense letter--standard letterhead, not signed or stamped, just your identifying credentials and the amount you receive monthly.  If anyone would like samples of said letters, PM me and I'll give you a copy. 

Edited June 8, 2019 by mosan
Clarity

[TallGuyJohninBKK]

13 hours ago, NokNokJoke said:

The other option I have right now is Schwab,  I have an investors checking account connected to my investor account,

 

I'm in a similar position to the OP, with most of my funds in brokerage based accounts in various places as opposed to banks. So I'm facing the same question when it comes to O-A financial quals, and have been looking for exactly the same answer as to whether brokerage-based funds will be accepted by the Consulates/Embassy.  It would be great to just have a single account satisfy the requirement vs mucking around with doing a combination method as Joe suggested.

 

Some time back, just for kicks, I explored what kind of letter Schwab will issue, and discovered they have some place on their online banking website where you can automatically request a statement of balance letter for your account(s) with them, which they'll mail out. I got it, and it was nothing fancy, no stamp and no hand signature as I recall. Just a printed letter with my name, account balance, date and a few other details.

 

I haven't taken the next step yet of calling to ask if they can produce something a little more fancy on demand, something with a stamp and actual signature on it, that might go further toward satisfying the Thai bureaucrats.

 

[TallGuyJohninBKK]

32 minutes ago, mosan said:

The letter I supplied from Social Security is not signed or stamped, it's just their standard form letter mailed out each year showing your monthly and annual amounts due to you. Same, same with the Dept. of Defense letter--standard letterhead, not signed or stamped, just your identifying credentials and the amount you receive monthly.

 

Except none of those are relating to BANK deposits, which is the other category of meeting the financial requirement for O-As.  And your info doesn't resolve the question of whether the Consulates/Embassy will accept BROKERAGE deposit letters as opposed to BANK deposit letters, regardless of whether the letters are signed, stamped, etc. Because the actual posted requirements say only BANK and not any other type of deposit, depending on how literally they mean the term.

 

 

[TallGuyJohninBKK]

8 hours ago, NokNokJoke said:

TYped W T F and it got deleted.  ????

OK   "what'?

 

Here is the Schwab BANK letter   (Says BANK also.)   ????

 

 

 

 

Hmm.... when I generated my letter from Schwab's online banking, it was specifically for the brokerage side of things, since I keep little money in the checking account. And thus the letter I got is different than yours above, including no "Bank" in the letterhead.

 

 

Not exactly the style, format and content likely to warm the hearts of Thai bureaucrats.

 

Edited June 8, 2019 by TallGuyJohninBKK

[TallGuyJohninBKK]

8 hours ago, NokNokJoke said:

Yes,  the nerd I talked to on the phone said nothing is possible except the statement I can download.

 

On the DC embassy site it doesn't really mention 'signed'.

 

Here is the additional form for the O-A visa via DC.

Additional-Application-Form-For-Non-Immigrant-O-A-Long-Stay-Only.pdf 56.14 kB · 2 downloads

 

So the form they gave you again uses the term "banks" when asking for the savings amount... but then down below uses the odd additional reference....

 

Quote

Must be an accurate amount indicated clearly by financial statement from a competent financial institution.

 

Whatever that's supposed to mean... But at least it doesn't reference stamped and signed...

 

The specific language on the DC Embassy website only says the following:

 

Quote

6. US or Thai bank statement or evidence of adequate finance showing a deposit of the amount equal to and not less than 800,000 Baht or an income certificate (an original copy) with a monthly income of not less than 65,000 Baht, or a deposit account plus a monthly income totaling not less than 800,000 Baht In the case of submitting a bank statement, a letter of guarantee from the bank (an original copy) is required

 

Interesting that the first sentence has ORs in it, with the last item being "or evidence of adequate finance." Which suggests they might be willing to accept something other than a Thai or US bank statement.

 

Edited June 8, 2019 by TallGuyJohninBKK

[TallGuyJohninBKK]

18 hours ago, gk10002000 said:

 Etrade has told me they would issue "letters" certifying the income estimator values are correct and current, or that the balance is xxxx.

 

I think you're coming up against the same underlying, and as yet unanswered question... will the Thais accept brokerage account statements as opposed to bank statements?

 

Just like Schwab, E*Trade has separate bank and brokerage sides of its house, each with separate account statements, etc etc.  Like you, I keep my money invested on the brokerage side of things, and only pocket change on the bank side of things where it might be earning 0.5% APR...

 

I would NOT be inclined to sell a bunch of brokerage investments out of a regular IRA account for deposit into one of my banking accounts, and then have those funds treated as a taxable IRA income distribution by the feds, just to satisfy the Thai MFA.

[mosan]

38 minutes ago, TallGuyJohninBKK said:

 

Except none of those are relating to BANK deposits, which is the other category of meeting the financial requirement for O-As.  And your info doesn't resolve the question of whether the Consulates/Embassy will accept BROKERAGE deposit letters as opposed to BANK deposit letters, regardless of whether the letters are signed, stamped, etc. Because the actual posted requirements say only BANK and not any other type of deposit, depending on how literally they mean the term.

 

 

However, if you had read what I wrote instead of racing to try and be the best know it all on ThaiVISA, you would have noticed that I mentioned there is a second part of the application that provides a place for you to name your financial institution and the amount of you deposit.  But then after looking over many of your previous posts, that's you're standard mode of operation...  

I've spoken to some of the workers at the Embassy in Washington, D.C., they seemed to be an informed bunch. I asked if it really mattered if I used my brokerage account or my credit union, and their reply was just list your financial institution and the amount of your savings...no worry about instant access or seasoning like in Thailand.  After the conversation it was apparent they were operating on a different level and understanding.

 

Carry on...no love lost here.

 

[TallGuyJohninBKK]

4 minutes ago, mosan said:

I've spoken to some of the workers at the Embassy in Washington, D.C., they seemed to be an informed bunch. I asked if it really mattered if I used my brokerage account or my credit union, and their reply was just list your financial institution and the amount of your savings...no worry about instant access or seasoning like in Thailand.  After the conversation it was apparent they were operating on a different level and understanding.

 

At least that's an answer to the question being asked here... so thanks for that... 

 

BTW, I read exactly what you said... and what you didn't say prior.  The additional info sheet--the one Nok Nok posted a copy of above from the DC Embassy -- doesn't/didn't in any way make clear whether brokerage accounts would be acceptable or not.

 

 

Edited June 8, 2019 by TallGuyJohninBKK