Can the monthly 65k be used?

[neverceasetobeamazed]

Can the monthly FTT 65k deposit be used as and when or must it remain in the bank the same as the 800k?

 

Thank you

[tgeezer]

Yes, it is your means of support.


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[Thailand]

Although the 800K equates to the same and is a means of support you basically cannot use it.

 

The 65K per month can be spent immediately, how much sense does that make?

[wgdanson]

43 minutes ago, Thailand said:

Although the 800K equates to the same and is a means of support you basically cannot use it.

 

The 65K per month can be spent immediately, how much sense does that make?

Makes me wonder why anyone would go down the 800k path.

How can it be a means of support if you cannot touch it? Well 400k of it sometimes.

[marcusarelus]

3 minutes ago, wgdanson said:

Makes me wonder why anyone would go down the 800k path.

How can it be a means of support if you cannot touch it? Well 400k of it sometimes.

If SS messed up my payments for a couple of months I'm out on my ear?

[wgdanson]

Just now, marcusarelus said:

If SS messed up my payments for a couple of months I'm out on my ear?

I get UK Pension, but paid into my personal account so I can take charge of when transfers to Thailand are done each month on 3rd via Transferwise.

They haven't messed up in 7 years, but I do have a buffer. 

[MJCM]

9 minutes ago, wgdanson said:

I get UK Pension, but paid into my personal account so I can take charge of when transfers to Thailand are done each month on 3rd via Transferwise.

They haven't messed up in 7 years, but I do have a buffer. 

Good one !!

 

To keep a buffer that's a very wise decision because if you don't have a buffer and they mess up transferring the pension to your account then transferring that amount to your Thai Account will fail and who knows how the Immigration officer will react when they see that you missed incoming transfers !!

Edited April 8, 2019 by MJCM

[Kelsall]

10 minutes ago, wgdanson said:

I get UK Pension, but paid into my personal account so I can take charge of when transfers to Thailand are done each month on 3rd via Transferwise.

They haven't messed up in 7 years, but I do have a buffer. 

So can you set up automatic transfers with Transferwise?

[wgdanson]

1 minute ago, MJCM said:

Good one !!

 

To keep a buffer that's a very wise decision because if you don't have a buffer and they mess up transferring the pension to your account then transferring that amount to your Thai Account will fail and who knows how the Immigration officer will react when they see that you missed payments !!

In the good old days it was called living from payday to payday, or hand to mouth. Luckily, after 45 years working, I am not in that position. 

[wgdanson]

Just now, Kelsall said:

So can you set up automatic transfers with Transferwise?

I think so. You can also keep an eye on the exchange rate during the month, transfer to your Borderless account GBP to THB when it is good, and then do your 65k each month on the required date.

Automatic transfers is OK, but it only takes 5 minutes online to do it manually.

[Sheryl]

There are a lot of unresolved issues with the 65k method and the way different Imm offices interpret it is still unfolding.

 

Issues include:

 

- proving funds came from abroad especially if using TW or the like

- exactly what bank statement is required and ease of getting it from the bank esp. rural branches

- requirement that money be transferred   every single month (under US Social Security the September payment is sometimes made at end of August so 2 payments in August, none in September)

-some IOs are saying it has to come at more or less the same time each month - whereas UK pensions are paid at 4 week intervals.

-some IOs are requiring additional proof of the source iof the funds not just proof of transfer from aborad

 

etc etc.

 

For which reason I have put 800K into a fixed deposit account (after verifying wiht my IO that FDs are fine). I put it into a 24 month FD with the hope of switching over to the 65k/month method in 2 years time, at which point hopefully things will have settled down/clarified.

 

[wgdanson]

3 minutes ago, Sheryl said:

requirement that money be transferred   every single month (under US Social Security the September payment is sometimes made at end of August so 2 payments in August, none in September)

And this is exactly why one needs a buffer, not rely on each month's payment as and when it is made. 

 

My UK Pension is paid WEEKLY still.

[wgdanson]

17 minutes ago, MJCM said:

Good one !!

 

To keep a buffer that's a very wise decision because if you don't have a buffer and they mess up transferring the pension to your account then transferring that amount to your Thai Account will fail and who knows how the Immigration officer will react when they see that you missed incoming transfers !!

Keep a buffer, or arrange a short term overdraught facility with your bank, enough to cover at least one lot of 65k..

Edited April 8, 2019 by wgdanson

[marcusarelus]

18 minutes ago, wgdanson said:

And this is exactly why one needs a buffer, not rely on each month's payment as and when it is made. 

 

My UK Pension is paid WEEKLY still.

What good is a buffer if you can't use the combo method?  If I'm understanding your term buffer.  SS gets deposited in my Thai bank account how would I set up a buffer if SS messed up like they have done in the past?

[Lacessit]

47 minutes ago, wgdanson said:

Makes me wonder why anyone would go down the 800k path.

How can it be a means of support if you cannot touch it? Well 400k of it sometimes.

Because it's simpler?

The 65K path has a couple of minefields, such as transfer costs, exchange rate fluctuations, and the varying attitudes of Immigration offices and individual officers.

800,000 baht, provided it meets the seasoning rules, is something no IO can quibble with.

[Sheryl]

3 minutes ago, marcusarelus said:

What good is a buffer if you can't use the combo method?  If I'm understanding your term buffer.  SS gets deposited in my Thai bank account how would I set up a buffer if SS messed up like they have done in the past?

 

I think what he means is have your SS/pension etc deposited into a home country bank account which has a cash buffer in it such that you can set up a monthly transfer and be assured of always having enough in it even if the SS/pension for that month had not yet arrived.

 

Of course may incur additional fees that way but it gives you control over the timing of transfers.

 

Personally I am hoping the US SS IDD for Thailand comes into effect in time for me to use that to establish 12 monthly transfers - but the August/September payments may remain an issue depending in how quickly the IDD arrives in Thai banks.

[scubascuba3]

I think so. You can also keep an eye on the exchange rate during the month, transfer to your Borderless account GBP to THB when it is good, and then do your 65k each month on the required date.
Automatic transfers is OK, but it only takes 5 minutes online to do it manually.

Using the borderless account to make transfers to your Thai account how do you ensure they use your local partner? in my case Kasikorn so it is shown as Intl

[ThaiBunny]

7 minutes ago, scubascuba3 said:

1 hour ago, wgdanson said:

I think so. You can also keep an eye on the exchange rate during the month, transfer to your Borderless account GBP to THB when it is good, and then do your 65k each month on the required date.
Automatic transfers is OK, but it only takes 5 minutes online to do it manually.

Using the borderless account to make transfers to your Thai account how do you ensure they use your local partner? in my case Kasikorn so it is shown as Intl

Whether your Transferwise account is borderless or not makes absolutely no difference. A borderless style Transferwise account allows you to have bank accounts in a number of different countries. None of those countries is Thailand.  Whichever bank account you use to send money to Thailand, whether borderless within Transferwise or your own bank account via Transferwise, the Thai recipient bank does not "know" the source of the funds.  All it "knows" is that the source of the funds is outside Thailand, in which case it labels it "International", or inside Thailand in which case it labels it as "domestic transfer". A "Thai baht" account is not a borderless account, it's merely a foreign exchange account sitting inside your Transferwise "wallet"

Edited April 8, 2019 by ThaiBunny

[scubascuba3]

Whether your Transferwise account is borderless or not makes absolutely no difference. A borderless style Transferwise account allows you to have bank accounts in a number of different countries. None of those countries is Thailand.  Whichever bank account you use to send money to Thailand, whether borderless within Transferwise or your own bank account via Transferwise, the Thai recipient bank does not "know" the source of the funds.  All it "knows" is that the source of the funds is outside Thailand, in which case it labels it "International", or inside Thailand in which case it labels it as "domestic transfer". A "Thai baht" account is not a borderless account, it's merely a foreign exchange account sitting inside your Transferwise "wallet"

have you missed the transferwise threads about the 3 local partners and how you need your one in order for it to be Intl?

[Kelsall]

49 minutes ago, Lacessit said:

Because it's simpler?

The 65K path has a couple of minefields, such as transfer costs, exchange rate fluctuations, and the varying attitudes of Immigration offices and individual officers.

800,000 baht, provided it meets the seasoning rules, is something no IO can quibble with.

That is what I thought about the 800k method and did that in January.  However, on other threads some members are now reporting that Imm. is requiring them to go in every 3 months and show that they have not drawn that balance down below 800k (or 400k).

[ubonjoe]

31 minutes ago, Kelsall said:

However, on other threads some members are now reporting that Imm. is requiring them to go in every 3 months and show that they have not drawn that balance down below 800k (or 400k).

The new rules that went into effect on March 1st requires those that applied on or after that day must keep the 800k baht in the bank for 3 months after the application is done and then 400k baht must be kept in the bank until you top up your account 2 months before your next application.

[Kelsall]

 

14 minutes ago, ubonjoe said:

The new rules that went into effect on March 1st requires those that applied on or after that day must keep the 800k baht in the bank for 3 months after the application is done and then 400k baht must be kept in the bank until you top up your account 2 months before your next application.

Yes, but do those same rules require people to physically go to immigration every three months and show them they have not drawn the account down?  Some posters in other threads have reported that Immigration has required them to do so.  This is an additional requirement that makes the 800k method less desirable.

 

 

[Lacessit]

36 minutes ago, Kelsall said:

That is what I thought about the 800k method and did that in January.  However, on other threads some members are now reporting that Imm. is requiring them to go in every 3 months and show that they have not drawn that balance down below 800k (or 400k).

I have heard that too. However, coupling that with the 90 day report seems to be subject to the whims of individual Immigration offices. I have not heard it is a requirement in Chiang Mai. From memory, it was Mukhadan that got a mention.

It sounds fairly messy, because anyone who leaves Thailand and resets the 90 days should ( logically ) reset any bank balance reporting as well. Looks like it could develop into another cluster##ck.

[ubonjoe]

9 minutes ago, Kelsall said:

Yes, but do those same rules require people to physically go to immigration every three months and show them they have not drawn the account down? 

They do not require the check every 3 months or at anytime.

Some offices have told people they need to have it checked after 3 months.

If look further along than the topic you posted a link the OP states that immigration did not tell him it had to be done every 90 days. He only made the assumption it would be every 90 days.

[wgdanson]

1 hour ago, ThaiBunny said:

Whether your Transferwise account is borderless or not makes absolutely no difference. A borderless style Transferwise account allows you to have bank accounts in a number of different countries. None of those countries is Thailand.  Whichever bank account you use to send money to Thailand, whether borderless within Transferwise or your own bank account via Transferwise, the Thai recipient bank does not "know" the source of the funds.  All it "knows" is that the source of the funds is outside Thailand, in which case it labels it "International", or inside Thailand in which case it labels it as "domestic transfer". A "Thai baht" account is not a borderless account, it's merely a foreign exchange account sitting inside your Transferwise "wallet"

Sorry Bunny. My Borderless Account has a Baht section. I put Bht 1000 into it from GBP, then sent it to my Bkk Bank. Arrived in 5 hours as an FTT.

[nputman]

3 hours ago, marcusarelus said:

If SS messed up my payments for a couple of months I'm out on my ear?

I'll let you know, they screwed up my direct deposit changeover by one month. 

[ThaiBunny]

3 hours ago, scubascuba3 said:

4 hours ago, ThaiBunny said:

Whether your Transferwise account is borderless or not makes absolutely no difference. A borderless style Transferwise account allows you to have bank accounts in a number of different countries. None of those countries is Thailand.  Whichever bank account you use to send money to Thailand, whether borderless within Transferwise or your own bank account via Transferwise, the Thai recipient bank does not "know" the source of the funds.  All it "knows" is that the source of the funds is outside Thailand, in which case it labels it "International", or inside Thailand in which case it labels it as "domestic transfer". A "Thai baht" account is not a borderless account, it's merely a foreign exchange account sitting inside your Transferwise "wallet"

have you missed the transferwise threads about the 3 local partners and how you need your one in order for it to be Intl?

No - it has absolutely nothing whatsoever to do with whether the Transferwise account is "borderless" or not.  The three local partners are the ones that will "know" the source of the funds when they receive them from TW. I have a TW account in my national currency and I have a US "borderless" account. I also have a Thai baht account which is not a borderless account because it doesn't have its own external bank account number (the sole criteria for what makes a "borderless account").  No-one can pay into my Thai baht account except me, but anyone with the appropriate routing information can pay into my borderless US account.  Whether I use my "home" currency, my US borderless account or my Thai currency account to fund my TW transfer to Thailand, it always shows up as "International" in my Bangkok Bank account (BB being one of the 3 local partners) - I've tried all three ways and there's no difference at the Bangkok Bank end

[tgeezer]

Some background. There are people who have lived and are able to live in Thailand with far less money than the rules require. Often they have worked illegally in Thailand, or derived income whilst in Thailand. The Bt. 800,000 is an alternative to guaranteed income. The assumption is that it is a proportion of your financial resources. It is enough to satisfy Immigration that you could manage for the coming year if that was all the savings you possess. In that case the coming year would be your final year in Thailand because having not complied with the requirement of Bt 800,000 intact for some months and minimum of Bt 400,000 for the year, the applicant would not be qualified for a further extension. These new provisions gave people a year to prepare. Some Immigration offices have reduced this to 90 days by requiring proof of compliance at the 90 day report, it seems wrong and probably not what the Director of Police intended but up to them.


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[scubascuba3]

No - it has absolutely nothing whatsoever to do with whether the Transferwise account is "borderless" or not.  The three local partners are the ones that will "know" the source of the funds when they receive them from TW. I have a TW account in my national currency and I have a US "borderless" account. I also have a Thai baht account which is not a borderless account because it doesn't have its own external bank account number (the sole criteria for what makes a "borderless account").  No-one can pay into my Thai baht account except me, but anyone with the appropriate routing information can pay into my borderless US account.  Whether I use my "home" currency, my US borderless account or my Thai currency account to fund my TW transfer to Thailand, it always shows up as "International" in my Bangkok Bank account (BB being one of the 3 local partners) - I've tried all three ways and there's no difference at the Bangkok Bank end

I was more interested if when making a transfer from a transferwise Thai baht account to Thai bank account whether you could select which local partner you wanted

[Suradit69]

19 hours ago, marcusarelus said:

If SS messed up my payments for a couple of months I'm out on my ear?

How often has SS  "messed up" your payment for a few months and even if, for some bizarre reason, they underpaid for a month or two, you could send a second small transfer to ensure the monthly total > baht 65,000 for that month.

Edited April 9, 2019 by Suradit69