O conversion denied at Jomtian - Wants 800K in Thai bank only

[Max69xl]

7 minutes ago, lopburi3 said:

I and many other declared actual income and do not appreciate being called a lair.  

There was never any such requirement for a certificate from a pension provider.

At the US Embassy,no. But at many other embassies and consulates there was and still is. That's why an income letter from many countries in Europe are based on stamped and signed certificates from pension providers. Thai immigration knows this and never ever questions them. What do you prefer? An income letter based on true numbers from your pension provider or bank statements from a thai bank showing foreign transfers, a bank book showing correct bank codes + in some cases maybe even credit advices as proof of foreign transfers? I have read hundreds of posts here at TV the last 14 months about the non-existing income letter and the "hard work" compiling the correct documents for immigration. I hope you understand why the US Embassy doesn't issue income letters anymore. 

[Max69xl]

56 minutes ago, Eocene said:

US embassy never issued any affidavit. It is always a sworn statement. Earlier for income statement it was a sworn statement in a standard form but you can still get a sworn statement to say anything you want. And yes,I know it is bogus and you're not supposed to lie. On the other hand, first amendment allows you to lie. Hence, it is difficult for prosecutors to prosecute you for for lying under oath unless it causes great harm to others or breaking another US law by your lies

Even if you get the statement for the 90 days Non-immigrant O Visa, your $500 transfers won't give you a 1 year extension based on 65k monthly transfers. That I can almost guarantee. 

[Eocene]

27 minutes ago, DrJack54 said:

IMO if can afford to retire in Los then stick 800k in bank. Leave it. Simple life. Hells bells that's under 30k USD. Hardly a sheep station amount. 

That is not the issue. There is another alternative and that is monthly income method and that's what I want to use unless it is impossible. If I put 30K in a simple S&P index fund for 10 year, I will get 78K USD at 10% which is historic return of S&P 500. Can buy two nice cars every five year.

 

Edited March 4, 2020 by Eocene

[Max69xl]

10 minutes ago, Eocene said:

I don't have pension statements. 

That's the terminology the consulate in Savannakhet uses. I guess a sworn statement from the US Embassy will do the trick, but who knows? 

[Max69xl]

5 minutes ago, Eocene said:

That is not the issue. There is another alternative and that is monthly income method and that's what I want to use unless it is impossible. If I put 30K in a simple S&P index fund for 10 year, I will get 78K USD at 10% which is historic return of S&P 500. Can buy two nice cars every five year.

 

As I wrote a few minutes ago, you won't be able to use the monthly income method if you keep transferring $500 all the time. Immigration won't accept that. 

[Eocene]

14 minutes ago, Max69xl said:

Even if you get the statement for the 90 days Non-immigrant O Visa, your $500 transfers won't give you a 1 year extension based on 65k monthly transfers. That I can almost guarantee. 

Assumg 30BHT/USD, some months (five Mondays) it will be 75K and some months it wil be 60K (four Mondays). I can send and extra $200 to make it up. Or I can keep a reserve of 100K throughout the year for a combination method. My plan is to keep a reserve of 300K in a Thai bank and keep sending $500 USD every Friday that will reach me Monday. There is another thread my friend started about combination method, hence, I did not start a new thread. But that is not for now. This thread I want to focus on O conversion only, various options, pros and cons, etc. 

[Eocene]

8 minutes ago, Max69xl said:

As I wrote a few minutes ago, you won't be able to use the monthly income method if you keep transferring $500 all the time. Immigration won't accept that. 

Please read my earlier post #33

[mosan]

8 minutes ago, Eocene said:

Please read my earlier post #33

I think you are missing the point about what members here are trying to tell you.  I have not read about "any" immigrations office here accepting multiple deposits (during a one month period) that adds up to 65K.  However, what they will accept is one deposit per month that is equal to or above 65K.  Multiple deposits just don't cut the mustard.  They will NOT do the addition.  One deposit per month equal for 65K period...

[DrJack54]

1 minute ago, mosan said:

I think you are missing the point about what members here are trying to tell you.  I have not read about "any" immigrations office here accepting multiple deposits (during a one month period) that adds up to 65K.  However, what they will accept is one deposit per month that is equal to or above 65K.  Multiple deposits just don't cut the mustard.  They will NOT do the addition.  One deposit per month equal for 65K period...

Some imm office also insist upon the deposit being a "pension". 

I don't qualify for pension, like many others. Yes some folk set up monthly transfer from their "home bank". Some folk have many assets such as rentals etc.

Anyway the OP can do his own gig. 

Good luck with ongoing issues.

[tomazbodner]

29 minutes ago, Eocene said:

Assumg 30BHT/USD, some months (five Mondays) it will be 75K and some months it wil be 60K (four Mondays). I can send and extra $200 to make it up. Or I can keep a reserve of 100K throughout the year for a combination method. My plan is to keep a reserve of 300K in a Thai bank and keep sending $500 USD every Friday that will reach me Monday. There is another thread my friend started about combination method, hence, I did not start a new thread. But that is not for now. This thread I want to focus on O conversion only, various options, pros and cons, etc. 

Immigration won't accept weekly transfers. They need to be in 1 transfer each month. So this is a non-starter. Thai government agencies have their own set of rules that change as they please at a moment's notice. If you're not willing to play by their rules, maybe Thailand isn't for you.

[balo]

It will be a lot easier for you if you pay an agent 15-20 k baht to get a 1 year visa.
I do this every year, and still working despite what you've heard elsewhere.. 
 

 

[Martyp]

3 hours ago, Eocene said:

Assumg 30BHT/USD, some months (five Mondays) it will be 75K and some months it wil be 60K (four Mondays). I can send and extra $200 to make it up. Or I can keep a reserve of 100K throughout the year for a combination method. My plan is to keep a reserve of 300K in a Thai bank and keep sending $500 USD every Friday that will reach me Monday. There is another thread my friend started about combination method, hence, I did not start a new thread. But that is not for now. This thread I want to focus on O conversion only, various options, pros and cons, etc. 

It sounds like you have a plan. Everyone is telling you that you won’t be able to do it. If you don’t like the answers you are getting here you can always go to your immigration office and discuss it with them. Be sure to let us know how that discussion goes

[Eocene]

7 hours ago, Martyp said:

It sounds like you have a plan. Everyone is telling you that you won’t be able to do it. If you don’t like the answers you are getting here you can always go to your immigration office and discuss it with them. Be sure to let us know how that discussion goes

Yes, I will go and ask but right now I'm in the first stage of converting my exemption to Non-O which was denied at Jomtian because I did not have 800K in a Thai bank. After that, I will bring $2,000 USD every month and the rest use with a deposit account and use a combination method. 

Edited March 5, 2020 by Eocene

[ubonjoe]

11 hours ago, mosan said:

I think you are missing the point about what members here are trying to tell you.  I have not read about "any" immigrations office here accepting multiple deposits (during a one month period) that adds up to 65K.  However, what they will accept is one deposit per month that is equal to or above 65K.  Multiple deposits just don't cut the mustard.  They will NOT do the addition.  One deposit per month equal for 65K period...

They would accept a couple of transfers a month. A person could have more than one source of income that are transferred separately.

But not 4 or 5 of them. It would be best to consolidate them into one transfer of at least 65k baht or less if using the combination option.

[Eocene]

27 minutes ago, ubonjoe said:

They would accept a couple of transfers a month. A person could have more than one source of income that are transferred separately.

But not 4 or 5 of them.

Great, so instead of every week, I can transfer every other week $1000 USD and maintain a minimum deposit account of $100K BHT throughout the year, and that will be acceptable. 

[ubonjoe]

3 minutes ago, Eocene said:

Great, so instead of every week, I can transfer every other week $1000 USD and maintain a minimum deposit account of $100K BHT throughout the year, and that will be acceptable. 

Yes but you would have to use the combination option to meet the requirements.

At this time $2000 is less than 65k baht. Using todays T/T rate of 31.25 it is only 62,500 baht.

[mosan]

34 minutes ago, ubonjoe said:

Yes but you would have to use the combination option to meet the requirements.

At this time $2000 is less than 65k baht. Using todays T/T rate of 31.25 it is only 62,500 baht.

Currently (As of 0925 5 March) the rate on XE.com is 31.42 - TransferWise uses the rates equivalent to what's reported on XE.com - Set your Dollar target at $2,100+ so you can clear the 65K hurdle and also have some wiggle room for fluxuating exchange rates...I'm sure you know rates move minute by minute.

[Eocene]

44 minutes ago, ubonjoe said:

es but you would have to use the combination option to meet the requirements.

At this time $2000 is less than 65k baht. Using todays T/T rate of 31.25 it is only 62,500 baht.

Yes, I want the combination method. I did not see any place to select the method in the form I will be using for extension. Do I just verbally communicate that to the IO and supply all bank documents? 

Edited March 5, 2020 by Eocene

[Peter Denis]

6 minutes ago, mosan said:

Currently (As of 0925 5 March) the rate on XE.com is 31.42 - TransferWise uses the rates equivalent to what's reported on XE.com - Set your Dollar target at $2,100+ so you can clear the 65K hurdle and also have some wiggle room for fluxuating exchange rates...I'm sure you know rates move minute by minute.

When using TransferWise there is no need to calculate in some 'wiggle room', because you will know exactly the amount of THB that will arrive in your thai bank-account (and it will be there within 2 working days, often even within minutes).

[Eocene]

17 minutes ago, mosan said:

Currently (As of 0925 5 March) the rate on XE.com is 31.42 - TransferWise uses the rates equivalent to what's reported on XE.com - Set your Dollar target at $2,100+ so you can clear the 65K hurdle and also have some wiggle room for fluxuating exchange rates...I'm sure you know rates move minute by minute.

I will be using a combination  method with a 300K buffer in a deposit account in Bangkok  bank. That will give me a large wiggle room for long-term (5-year) currency fluctuations and emergency money in the deposit account if I a large amount of money for anything instantly.

Edited March 5, 2020 by Eocene

[ubonjoe]

16 minutes ago, mosan said:

Currently (As of 0925 5 March) the rate on XE.com is 31.42 - TransferWise uses the rates equivalent to what's reported on XE.com - Set your Dollar target at $2,100+ so you can clear the 65K hurdle and also have some wiggle room for fluxuating exchange rates...I'm sure you know rates move minute by minute.

Not everybody is using transferwise. I chose to use the rate shown this morning on Bangkok Banks website.

They don't change that often on a banks website.

[brommers]

Just another arrogant Yank who thinks that a third world country should bend to his wishes.  Just try asking US Immigration to flex their rules and see what they say 555. 

 

Get yourself organised as the Thai government  requires or go somewhere else. If I can do it correctly then so can you.

[mosan]

10 minutes ago, Peter Denis said:

When using TransferWise there is no need to calculate in some 'wiggle room', because you will know exactly the amount of THB that will arrive in your thai bank-account (and it will be there within 2 working days, often even within minutes).

In the rare case you didn't notice, this guy is supposedly going to try and use the "combination method".  The wiggle room we are talking about is in the amount he will place on deposit - because at the end of the year, immigrations is going to use whatever the exchange rate is on his date of application. But then people who are always right, already know this...

[mosan]

3 minutes ago, ubonjoe said:

Not everybody is using transferwise. I chose to use the rate shown this morning on Bangkok Banks website.

They don't change that often on a banks website.

Understood - but then, not everybody uses Bangkok Bank either - purely information...

[Eocene]

7 minutes ago, mosan said:

The wiggle room we are talking about is in the amount he will place on deposit - because at the end of the year, immigrations is going to use whatever the exchange rate is on his date of application.

For combination method, I will put 300K BHT in a Thai currency account and it does not depend on day-to-day exchange rate. The monthly transfer of 2K USD depends on exchange rate. when I send the money. But with 300K THB, I will have enough long-term wiggle room for currency fluctuations. 

[Martyp]

1 hour ago, Eocene said:

Great, so instead of every week, I can transfer every other week $1000 USD and maintain a minimum deposit account of $100K BHT throughout the year, and that will be acceptable. 

Once again, you have a plan, but what you are doing is not the "usual". Bring your plan to your Immigration office. If they don't like it then you can have a discussion about what will work. Be careful who you talk to. If the Immigration officer is not high up what you are told may not hold when you go to get your extension. Ultimately you need to ask yourself how important an extension is and what you are willing to pay for it and have a plan B if things go wrong.

Edited March 5, 2020 by Martyp

[Eocene]

21 minutes ago, Martyp said:

Once again, you have a plan, but what you are doing is not the "usual". Bring your plan to your Immigration office. If they don't like it then you can have a discussion about what will work. 

Once again, I will bring the plan to an IO once I convert to an O from my exempt entry. I have talked to agents and they say it is OK. If IO refuses, there is always somebody else who  can do it. What is the big deal? And once again let's focus on conversion part only. 

To summarize discussions in this thread,

 

1. Conversion is impossible using foreign accounts at IO (verified).

2. Conversion is only possible with 800K THB in a Thai account at IO (verified).

3. An O visa is possible from Penang using foreign brokerage accounts (unverified).

4. An agent can do a conversion with foreign account (verified with agents). 

Did I miss any other options?

Edited March 5, 2020 by Eocene

[sameasb4]

agents charge 20k least my agent does in pattaya hassle free retirement ext renewal visa no 800k or transfer nonsense maybe a little more for a first time ext "up 2 u"

[Max69xl]

55 minutes ago, mosan said:

Currently (As of 0925 5 March) the rate on XE.com is 31.42 - TransferWise uses the rates equivalent to what's reported on XE.com - Set your Dollar target at $2,100+ so you can clear the 65K hurdle and also have some wiggle room for fluxuating exchange rates...I'm sure you know rates move minute by minute.

TransferWise uses the so called mid-market rate. If you know how to use TW, then you should know you can type in the amount you want to receive in the lower field = THB. Then you'll see the exact sending sum appear in the upper field. You can play with numbers in the lower field until your satisfied. The rate is guaranteed when you continue the transfer. No need to add a few $ (or any other currency) to be on the safe side. 

[Max69xl]

1 minute ago, sameasb4 said:

agents charge 20k least my agent does in pattaya hassle free retirement ext renewal visa no 800k or transfer nonsense maybe a little more for a first time ext "up 2 u"

If you're using an agent when not having let's say 800k in the bank, you have to use an agent the next year as well. You're not so smart if you prefer paying 20k instead of ฿1900/year. I guess you don't meet any requirement and have to use an agent. My extensions are totally hassle free and runs smoothly every year. No need for agents for people with half a brain.