Can the monthly 65k be used?

[jacko45k]

19 hours ago, wgdanson said:

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

That is a good point. My UK account seems to have a 400 quid overdraft option I have never availed myself of. 

[jacko45k]

19 hours ago, marcusarelus said:

What good is a buffer if you can't use the combo method?

Why not, someone recently reported they used it fine in Jomtiem. 

[wgdanson]

20 hours ago, Lacessit said:

The 65K path has a couple of minefields, such as transfer costs, exchange rate fluctuations

So how do you get your 800k into Thailand please?

[hadi8253]

How many IO can / do spend 65K every month? Support a mia noi OK, but I do not have one ...

800K- no problem, but: every day dye 80 people (on road or in bed) I'm not married. where do the 800K go to?

If I leave the money in EU, my children have access, but here in TH ...? much more difficult!

 

[apetryxx]

I don’t even transfer it but just withdraw what I need from the ATM periodically. The Hua Hin office (so far) has been happy to look at my US Bank statements as proof that I have a steady income of more than 65K a month. Oddly, my wife who works for a Thai company, makes 150K/mo but they won’t count that as family income. Totally weird!

[AAArdvark]

21 hours ago, wgdanson said:

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

Both methods have pitfalls.  One of the 65k's might not show up as international or you have ฿1,000,000 in the bank and have an emergency that requires ฿200,001.  Both of these could be cause of extension denial.  A system that leaves room for reason would be great but we don't have that.

[Jim7777]

22 hours 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?

I agree you should be able to spend your 800K as you please but the reasoning behind it is that your 800K is theoretically all your money for the whole year so they want to make sure you still have funds available throughout the year.  The monthly income can be spent as we please because you have money coming in every month that’s theoretically supposed to be guaranteed every single month.  I get paid once a month for example, and it is guaranteed.  

 

If you’re going by the 800K Baht method that’s theoretically your money for the whole year and basically they want to make sure that you didn’t spend it all in one day or something.  Or transfer it out of Thailand more likely.  The monthly income can be spent as you please because you are supposed to be getting paid every month it’s as simple as that.  

 

So actually it makes perfect sense even though I agree with you that you should be allowed to spend your money as you please regardless of what method you use.  I would never transfer my savings over here or go by the 800K option because I agree it’s too complicated.  

 

Lucky I receive monthly pension payments of more than 180K per month so I will always go by the monthly International wire transfers every month (my monthly income) it’s easier, you don’t lose that much if the exchange rate happens to be having a low month for the USD, and because that’s the money I really do live on my monthly pension payments.  And no one is going to tell me when and how much of my money I can spend.  So I would never use that option.  Actually for me it would only be 400K minimum even though I am retired here but I’m on a marriage visa regardless I will always go by my monthly income even if I ever decided to switch to a retirement visa.  But I agree the rules for the 800K method are a bit too intrusive.  That’s why I will always go by my monthly income transferred into my Thai bank account.  

 

If you're getting paid every month then there’s no reason for them to check your balance ever so often or every 3 months or whatever it is because your account will be replenished once a month no matter how much you spend.  Although when you renew your retirement OR marriage extension you better be able to show 12 full months of transfers for every month into your Thai bank account at least 12 full months of transfers by next year from what I understand, I believe this year they are supposedly making exceptions because of the transition period away from the income affidavits.  

 

If you are using the 800K method that’s your money for the entire year in one lump sum theoretically.  That’s how immigration sees it at least regardless of your financial situation so it actually does make perfect sense even though I don’t agree with the rules for the 800K method for retirement extensions.  I think what you do with your 800K is your business.  But I’m lucky I don’t have to worry about that as a monthly pensioner.  If you get paid monthly why would they need to verify your balance every 3 months but I do understand your point it’s YOUR MONEY and you should be able to spend it as you please when you please.  So I’m not disagreeing with you but that’s just the logic behind it and their logic does make sense regardless of whether or not I agree with it.  If you’re theoretically using all your money for the entire year then they watch it to make sure that you have money throughout the year.  

 

If you are getting paid a monthly pension every month then there’s no reason for immigration to keep an eye on it except for the once a year when you renew your extension, and that’s basically their logic which does make sense.  But again I do agree your money is your money and no one should be allowed to tell you when and how much you can spend.  Although their logic behind it does make sense if you look at it objectively.  But again I do agree that you should be allowed to spend your 800K if you go by that option as you please it’s your money.  If you consider their logic behind it then it does make perfect sense love it or hate it.  

[saminoz]

22 hours 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. 

I moved my military pension to Gibraltar a few years ago.  The only options are quarterly or yearly payments (much cheaper, fee-wise to do it annually).

Apparently I can't qualify with my nice pension but thank dog I have more than enough monthly income to cover the other requirement.

If it wasn;t for the fact that my kids are in school in Thailand and we have a couple of properties there, I would bring my family over to Myanmar to live.  Cheaper and the people are much, much nicer.  think Singapore in the late 70s - early 80s.

[Henryford]

21 hours 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. 

But, as others have said, the BIG drawback with the 800k is that you can not touch it, whereas you can spend all the 65k from day one. I am worried i might have a big expense just before my renewal (say medical) which drops me below the 800k, bye bye visa.

[musicscene]

22 hours 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.

Do SS think you are still in the Uk?

[wgdanson]

3 minutes ago, musicscene said:

Do SS think you are still in the Uk?

I thought the SS finished in 1945 !   LOL

No seriously, the SS is the US pension service, no?

The UK Pension Service (DWP) will pay into any account you want, but if it is into a Thai account you forego your £3 a week increase each year.

Edited April 9, 2019 by wgdanson

[sumrit]

23 hours ago, marcusarelus said:

23 hours 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?

By buffer he means keeping a small amount in his UK bank account to enable him to transfer a monthly payment if his pension fails to materialize for whatever reason. 

 

There'd be no point in keeping a buffer in his Thai bank, he can't prove that money came from abroad when he needs to show it.

[sumrit]

22 hours ago, scubascuba3 said:

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

Have you missed the Transferwise threads about being able to ask them to send your transfers to the Thai partner bank of your choice? By doing that you can guarantee the transfer being shown as an International Transfer.  

[Tropposurfer]

800K in the bank no need to think about whether you have deposits of this or that amount per month, just need an income to cover your needs without touching the 800K. What could be simpler ????

Interest rates offered by Thai banks on that 800K is a small amount (similar to Aussie banks) but would pay for, or nearly pay for, a damn good premium health insurance. GOLDEN ???? 

 

 

[sumrit]

22 minutes ago, Tropposurfer said:

 just need an income to cover your needs without touching the 800K. What could be simpler ????

Not so simple if you have to prove that income is sourced from abroad every month in the same way the income method is.

 

That will mean 800k PLUS proof of an income to cover living expenses. Would be better off just using the income method and not having to tie up your savings in a Thai Bank.????

Edited April 9, 2019 by sumrit

[musicscene]

2 hours ago, wgdanson said:

I thought the SS finished in 1945 !   LOL

No seriously, the SS is the US pension service, no?

The UK Pension Service (DWP) will pay into any account you want, but if it is into a Thai account you forego your £3 a week increase each year.

Thats what I was wondering as my pension has not increased all the time I live in Thailand and the money is transferred into Bkk Bank

[musicscene]

Just now, musicscene said:

Thats what I was wondering as my pension has not increased all the time I live in Thailand and the money is transferred into Bkk Bank

If I have it paid into a UK bank would I get the increases do you know?

[wgdanson]

1 hour ago, Tropposurfer said:

800K in the bank no need to think about whether you have deposits of this or that amount per month, just need an income to cover your needs without touching the 800K. What could be simpler ????

Interest rates offered by Thai banks on that 800K is a small amount (similar to Aussie banks) but would pay for, or nearly pay for, a damn good premium health insurance. GOLDEN ???? 

 

 

800k @ 1.5% = Bht 12,000. Good health insurance premium?

[wgdanson]

2 minutes ago, musicscene said:

If I have it paid into a UK bank would I get the increases do you know?

YES, if you say you are living in UK.

[bkk6060]

On 4/8/2019 at 11:20 AM, 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?

?

Well, it certainly makes a lot of sense for those who do not have the 65,000 b coming in every month. If in fact they care about getting their extension.

 

Edited April 9, 2019 by bkk6060

[scubascuba3]

Have you missed the Transferwise threads about being able to ask them to send your transfers to the Thai partner bank of your choice? By doing that you can guarantee the transfer being shown as an International Transfer.  

Not missed those, but I'm asking about something different, no one has reported doing that yet for Kasikorn, understand?

[sumrit]

9 minutes ago, scubascuba3 said:

5 hours ago, sumrit said:

Have you missed the Transferwise threads about being able to ask them to send your transfers to the Thai partner bank of your choice? By doing that you can guarantee the transfer being shown as an International Transfer.  

Not missed those, but I'm asking about something different, no one has reported doing that yet for Kasikorn, understand?

If you make the effort and do a small transfer via Transfervise yourself and contact them to ask that the transfer is routed via Kasikorn bank then you could be the first to report the success (or otherwise) to posters on this forum.

[scubascuba3]

If you make the effort and do a small transfer via Transfervise yourself and contact them to ask that the transfer is routed via Kasikorn bank then you could be the first to report the success (or otherwise) to posters on this forum.

But I don't have the Transferwise Thai baht account discussed hence the question

 

[Skallywag]

Am using the 800,000 baht method, but am wondering how the monthly would work for me.

 

At visa renewal time,  you show your certified/ signed by bank manager bank book / pages to the IO.  

 

The IO only looks to see that 65,000 baht TOTAL has been deposited every month - correct?  

 

Does it matter what method of transfer or what bank?  Must it be from a foreign bank if you are on a retirement Non-imm/OA visa?     

[sumrit]

3 minutes ago, Skallywag said:

Does it matter what method of transfer or what bank?  Must it be from a foreign bank if you are on a retirement Non-imm/OA visa? 

You must transfer a minimum of 65k baht from a foreign financial institution into your own Thai bank account each month. Each deposit must be shown as an International Transfer in your Thai Account from abroad.

[PAWNEESE]

Posted 4 hours ago

  4 hours ago, musicscene said:

If I have it paid into a UK bank would I get the increases do you know?

"YES, if you say you are living in UK."

 

 

Good luck with that one. That is fraud. Plain and simple. You would be breaking the law.   I am no expert on the consequences if found out but it wont be pleasant. I guess some will take the risk. 

 

Personally I like honesty. Jeez .. hark at me ????

Edited April 9, 2019 by PAWNEESE

[wwest5829]

On 4/8/2019 at 12:12 PM, 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. 

I have just switched to TransferWise and made test deposits after Bangkok Bank in N.yC said it could no longer service my transfer. 65K for the past 7 1/2 years. We will see if Thai Immigration wishes to throw problems my way. If so, I am a free man and have a world of choices. Yes, there will be costs, but I refuse to be held captive by any government. My own included.

[wwest5829]

1 hour ago, Skallywag said:

Am using the 800,000 baht method, but am wondering how the monthly would work for me.

 

At visa renewal time,  you show your certified/ signed by bank manager bank book / pages to the IO.  

 

The IO only looks to see that 65,000 baht TOTAL has been deposited every month - correct?  

 

Does it matter what method of transfer or what bank?  Must it be from a foreign bank if you are on a retirement Non-imm/OA visa?     

Edited April 9, 2019 by wwest5829
Have confirmed FTT now.

[wwest5829]

1 hour ago, scubascuba3 said:

But I don't have the Transferwise Thai baht account discussed hence the question

 

I established a TransferWise accoun5. Next, they sent two “test” deposits to my US bank account. Next I chose to transfer an amount charged to my credit card and a like amount transferred directly from my US bank account. All has worked without issues. The transfers were deposited into my Bangkok Bank account here in Chiang Mai without issue.

[wwest5829]

Sorry folks. Posts seem to be screwed up. Not directed by me!