More questions on 65K and 800 K Retirement methods

[Dcheech]

Note - I used the search function but never could pull upup exactly what I was looking for

 

Question; the retirement payments of 65 K. I can get that set up and then have say 4 or 5 monthly payments coming into my account by the time I need to file my application for extension. But would that be enough to qualify for the 65 K monthly retirement? Yes, I would keep it going etc. Has anybody done it this way. Starting with just 4 to 6 payments before their application for an extension of the visa?
 

A secondary question. I have used transfer wise to chunk in 3K USD amounts to my account but nothing more. If I go the 800K Thai Baht method. I would be putting through say 25 K USD. Has anyone done that large of amount? (by transferwise) Is there any extra paperwork to fill in? I have already sent in my passport information etc for that 3K USD transfer.

 

Any Advice, & experiences, Thanks

 

 

 

 

Edited July 11, 2019 by Dcheech

[Small Joke]

I do large annual sums, there's no extra paperwork. 

 

Bear in mind our transfers are chump change, billions are shifted daily by the various companies out there. 

 

Just stay away from WU. They should be indicted for robbing poor overseas workers etc. who have no other options. But I digress.

 

I don't use TransferWise, they're a ripoff with cute marketing. 

 

Google and you'll find better deals, I go through ING bank, an online bank with no expensive street branches and therefore less overhead but you'd need an overseas account with them. 

 

The question of a lump sum or small sums, depends on whether you want the hassle, I doubt you'll save on improving exchange rates. 

 

More cogs in the wheel, more shit to go awry. And immigration DGAF if you hit a snag transferring. You'll get no mercy.

 

Hope this helps.

[phuketrichard]

i find my bank gives better transfer rates for large amounts (over $5,000) than Transferwise.

[BobBKK]

I have transferred much more than 25k (for property purchase) just bite the bullet and keep 800k THB in a saving account.

[lopburi3]

1 hour ago, Dcheech said:

But would that be enough to qualify for the 65 K monthly retirement? Yes, I would keep it going etc. Has anybody done it this way.

Some have - but a few report being turned down - seems to depend first on office used and perhaps person processing. 

[Henryford]

1 hour ago, Small Joke said:

I do large annual sums, there's no extra paperwork. 

 

Bear in mind our transfers are chump change, billions are shifted daily by the various companies out there. 

 

Just stay away from WU. They should be indicted for robbing poor overseas workers etc. who have no other options. But I digress.

 

I don't use TransferWise, they're a ripoff with cute marketing. 

 

Google and you'll find better deals, I go through ING bank, an online bank with no expensive street branches and therefore less overhead but you'd need an overseas account with them. 

 

The question of a lump sum or small sums, depends on whether you want the hassle, I doubt you'll save on improving exchange rates. 

 

More cogs in the wheel, more shit to go awry. And immigration DGAF if you hit a snag transferring. You'll get no mercy.

 

Hope this helps.

Why is Transferwise a rip off? Their transfers are fixed at a very good rate. The money comes in the same or next day. No hidden fees. Detailed track of the transfer with PDF receipt. I find them the best of the money tranferers.

[Dcheech]

19 hours ago, Henryford said:

Why is Transferwise a rip off? Their transfers are fixed at a very good rate. The money comes in the same or next day. No hidden fees. Detailed track of the transfer with PDF receipt. I find them the best of the money tranferers.

That is what I came up with, but just looking at my 2 US baks with whom I might do wire transfers with. So no difference doing 26,000 thaN 3,000 ? OK

I had planned to leave the 800K lump sum in the acocunt. BUT likely I will draw it done to 400k after the proscribed wait time, and use that for living. The reason keep more mony, what would be the living expense cash, in the mutual fund for longer.

 

Thanks for your comments

[smedly]

6 hours ago, Dcheech said:

That is what I came up with, but just looking at my 2 US baks with whom I might do wire transfers with. So no difference doing 26,000 thaN 3,000 ? OK

I had planned to leave the 800K lump sum in the acocunt. BUT likely I will draw it done to 400k after the proscribed wait time, and use that for living. The reason keep more mony, what would be the living expense cash, in the mutual fund for longer.

 

Thanks for your comments

The savings from TW are generally not in the fee (unless small amounts under say 2k) it is the exchange rate they offer - the give the "Mid" rate - your home bank and banks in Thailand do not offer this rate for exchange - they offer buy/sell rates which will be above or below the Mid rate by as much as 1.5% or even more - once you have calculated all of this and concluded how much actual baht will go into your account - TW is cheaper even if the fee they charge for larger amounts is more than your home bank swift transfer

 

when I do a swift transfer from the UK the fees are approaching 30GBP once they have all got their fee chunk on both ends and that is irrespective of the amount, then factor in the poor exchange rate 

 

also if I want to transfer say 20k sterling I have to do it 2x10k because my home bank limits transfers to 10k so the fees are 2x getting up to near enough 60GBP - that is what TW will charge for a large amount in fees but the exchange rate is so much better

Edited July 12, 2019 by smedly