800 K IN BANK OPTION

[marvin1950]

I know there are two options available for meeting the financial requirements for a retirement visa or an extension.

- 800 K in a Thai bank account 2 or 3 months before application date or,

- Monthly income of 65 K being wired from an overseas bank for 12 months into your Thai bank account.

My question is with the 800 K baht in the bank option, you have to have no less than 400 K baht for 90 days in your Thai bank account?

If so, how does immigration know which option you used when they approved your retirement visa or extension when you do your 90 day reporting?

 

[hotandsticky]

Perhaps also add to your question..................... does it make any difference if you do your 90 day reporting online ?

[marvin1950]

90 day reporting all inclusive:

- In persion

- Online

- Mail In?

[ProbPossConf]

The financial requirement has nothing to do for the 90-day reports.

You have to provide the required documentation to show immigration what option used when applying for extension.

[DrJack54]

OP, for "money in bank method" it is 800k 2 months prior to application and maintain for 3 months after. Then not below 400k and back up to 800k 2 months prior to next application.

All this has nothing to do with 90 day reports. The io at your next application will check your bank book or statements to verify you maintained required min balances.

The confusion occurs because some rogue offices such as Jomtien make up their own rules. In Jomtien case making you return 3 months after your application to show bankbook did not drop below 800k

[marvin1950]

Your telling me immigration does not check maintaining the 400 K minimum balance until your next application?

 

What if you want to do the income method on your next application.

 

How would immigration know which option you used for your existing visa.

 

Edited July 17, 2020 by marvin1950
additional

[ubonjoe]

19 minutes ago, marvin1950 said:

What if you want to do the income method on your next application.

Keep 400k baht in the bank until you apply for your extension unless you local office tells you otherwise.

 

19 minutes ago, marvin1950 said:

How would immigration know which option you used for your existing

They can look at you previous application to check that. Or ask for your bank book to check.

[Kerryd]

Note sub-para 4 of the document below. You have to keep 400k in the bank all year.

At Jomtien, you have to return 90 days after getting your Extension to prove you've kept the full 800k in the bank for the full amount of time. After that you can withdraw half the money.
And when you do your next extension they will look at your bank book balances and confirm if you met the requirements or not.

[dsj]

I'm just glad that the Canadian Embassy still provides the income verification letter, after showing them proper documentation.

[lopburi3]

5 minutes ago, dsj said:

I'm just glad that the Canadian Embassy still provides the income verification letter, after showing them proper documentation.

A bit off topic but If you have the required income you can still use that method - just use bank deposits rather than Embassy letter if from a country not providing them.  It does require you bring in the money regularly and perhaps have a bit higher net income but other than that seems to be working OK.  

[marvin1950]

I use the income method.

I transfer my company pension and my Social Security every month.

I do not need to leave approximately $27,000 US in a Thai bank earning little or no interest, or any potential government restrictions on my money.

[stouricks]

Nobody has mentioned the 'Combination' method. My IO has approved my bringing 50k Bht per month via Transferwise into my Bkk Bank as FTTs, and which I can use for day to day living,  and then having over 200kBht in my Foreign Currency Account. Total 800k Bht.

[soisanuk]

28 minutes ago, lopburi3 said:

A bit off topic but If you have the required income you can still use that method - just use bank deposits rather than Embassy letter if from a country not providing them.  It does require you bring in the money regularly and perhaps have a bit higher net income but other than that seems to be working OK.  

It is my understanding that some Immigration Offices will not allow someone to use their monthly deposits of at least 65k into their Thai bank account in lieu of the Embassy letter if that person's Embassy will issue such a letter.

 

Also a CAUTION for those using the 800k method in relying on using their bank book as evidence that they have kept the required minimum amount in their account for the required period.  If you have not updated your bank book on a regular basis, it may contain "combined" entries (net amount for deposits and net amount for withdrawals) for a period of time since the previous update; thus the bank book will not provide the necessary proof.  In such cases, it is likely the person will have to provide bank statements certified by their bank to show the transactions as proof acceptable to Immigration. If using Bangkok Bank, their branches can usually provide for the last 6 months but none prior. To obtain those, the branch will request them their Bangkok HQ and it takes about one week for them to receive it.

[1FinickyOne]

23 hours ago, marvin1950 said:

How would immigration know which option you used for your existing visa.

Hi Marvin - They have computers... and they keep all the paperwork too... if you abide the laws, it doesn't really matter how they know or if... 

[marvin1950]

Immigration is going to keep the paperwork for a year and check?

I have not seen an immigration officer look at a computer screen.

All they do is look at the required documents you hand them when you sit opposite him in the office.

 

[hereforgood]

1 hour ago, Kerryd said:

Note sub-para 4 of the document below. You have to keep 400k in the bank all year.

At Jomtien, you have to return 90 days after getting your Extension to prove you've kept the full 800k in the bank for the full amount of time. After that you can withdraw half the money.
And when you do your next extension they will look at your bank book balances and confirm if you met the requirements or not.

This seems very hit-and-miss for the last two years I was not asked to return to prove the money was still in the bank and a friend that I took down for the first renewal he was not asked as well this letter was not given to us. Typical Jomtien you're okay you're not you're okay you're not etc etc

[lopburi3]

37 minutes ago, soisanuk said:

It is my understanding that some Immigration Offices will not allow someone to use their monthly deposits of at least 65k into their Thai bank account in lieu of the Embassy letter if that person's Embassy will issue such a letter.

Tried to cover that with below "country not providing".

1 hour ago, lopburi3 said:

just use bank deposits rather than Embassy letter if from a country not providing them.

 

[khunjeff]

1 hour ago, marvin1950 said:

Immigration is going to keep the paperwork for a year and check?

I have not seen an immigration officer look at a computer screen.

All they do is look at the required documents you hand them when you sit opposite him in the office.

 

Perhaps it depends on which office you deal with. When I extend at CW, the officer spends literally 80% of the 15 minutes she spends with me entering and adjusting information on the computer (the other 20% is spent putting rubber stamps on every page I hand her).

[EbhB]

2 hours ago, soisanuk said:

....

 

Also a CAUTION for those using the 800k method in relying on using their bank book as evidence that they have kept the required minimum amount in their account for the required period.  If you have not updated your bank book on a regular basis, it may contain "combined" entries (net amount for deposits and net amount for withdrawals) for a period of time since the previous update; thus the bank book will not provide the necessary proof.  In such cases, it is likely the person will have to provide bank statements certified by their bank to show the transactions as proof acceptable to Immigration. If using Bangkok Bank, their branches can usually provide for the last 6 months but none prior. To obtain those, the branch will request them their Bangkok HQ and it takes about one week for them to receive it.

Thanks for that valuable detail ????

 

Just got set up with a couple of accounts & more coming, updated my passbooks at every opportunity - a bit of fun in this, the last time I got cash onto my account in my home country was 1985 or something... ????

[Max69xl]

On 7/17/2020 at 9:21 AM, marvin1950 said:

90 day reporting all inclusive:

- In persion

- Online

- Mail In?

The 90 days report has nothing to do with what money option you choosed when applying for the 1 year extension based on retirement.

[Max69xl]

26 minutes ago, EbhB said:

Thanks for that valuable detail ????

 

Just got set up with a couple of accounts & more coming, updated my passbooks at every opportunity - a bit of fun in this, the last time I got cash onto my account in my home country was 1985 or something... ????

"Cash" is money in the pocket, not in an account. Just saying.

[Max69xl]

4 hours ago, Kerryd said:

Note sub-para 4 of the document below. You have to keep 400k in the bank all year.

At Jomtien, you have to return 90 days after getting your Extension to prove you've kept the full 800k in the bank for the full amount of time. After that you can withdraw half the money.
And when you do your next extension they will look at your bank book balances and confirm if you met the requirements or not.

"to prove you've kept the full 800k in the bank for the full amount of time."

Not the full amount in your account, just not below 800k. 

[Phulublub]

3 hours ago, hereforgood said:

This seems very hit-and-miss for the last two years I was not asked to return to prove the money was still in the bank and a friend that I took down for the first renewal he was not asked as well this letter was not given to us. Typical Jomtien you're okay you're not you're okay you're not etc etc

Not so.  Doing some, not all but that does it make it hit or miss.   Checking a representative sample means for you as an individual it may appear hit or miss, but if they have a number per day, or percentage of visas that is a perfectly valid way of operating.

 

From anecdotes, it appeared they were reducing the numbers, but then increased again and, at the same time, appeared to start properly recording the successul return of the applicant.  If you are not given the letter, you are not required to return to show you still have the balance - though they WILL check at next renewal, which makes it a bit superfluous.  

 

The return to show maintaining 800K may, or may not, coincide with your 90 day report, but is totally independent of that.

 

PH

[stoicccc]

On 7/18/2020 at 9:51 AM, stouricks said:

Nobody has mentioned the 'Combination' method. My IO has approved my bringing 50k Bht per month via Transferwise into my Bkk Bank as FTTs, and which I can use for day to day living,  and then having over 200kBht in my Foreign Currency Account. Total 800k Bht.

Does "Interbank Transfer via SMART" on my BKK Bank online bbanking statement mean transfer from abroad? As opposed to "Transfer from Account at Other Bank" which I assume to be a local bank transfer.

Edited July 22, 2020 by stoicccc

[lopburi3]

12 minutes ago, stoicccc said:

Does "Interbank Transfer via SMART" on my BKK Bank online bbanking statement mean transfer from abroad? As opposed to "Transfer from Account at Other Bank" which I assume to be a local bank transfer.

No that means a local bank transfer.  You can obtain paperwork from bank showing that it came from abroad it that were the case and/or if using Transferwise obtain transfer receipt.  That is why if using Transferwise to Bangkok Bank you want to select reason for transfer is for immigration stay (in which case they use their Bangkok Bank account and it is directly coded as a foreign transfer.  

[UTH001]

On 7/17/2020 at 10:01 AM, DrJack54 said:

OP, for "money in bank method" it is 800k 2 months prior to application and maintain for 3 months after. Then not below 400k and back up to 800k 2 months prior to next application.

All this has nothing to do with 90 day reports. The io at your next application will check your bank book or statements to verify you maintained required min balances.

The confusion occurs because some rogue offices such as Jomtien make up their own rules. In Jomtien case making you return 3 months after your application to show bankbook did not drop below 800k

Question regarding the Bt. 800,000 issue: The Thai Immigration website states that for a renewal of an existing retirement visa, a minimum of Bt. 800,000 has to be in an account for three months prior to renewal. I read about the "two months prior" before, is it 2 months or 3 months or does that depend from office to office?

[lopburi3]

1 minute ago, UTH001 said:

The Thai Immigration website

What website?  Suspect it is not official or has old information - the rule is 2 months prior and remain in account for the next 3 months.  This was a change about 18 months ago.

[UTH001]

21 minutes ago, lopburi3 said:

What website?  Suspect it is not official or has old information - the rule is 2 months prior and remain in account for the next 3 months.  This was a change about 18 months ago.

https://www.immigration.go.th/en/?p=14714 (Section 22)

[fredob43]

Some people make it sound so hard when it's very simple. Provided you put 800k suggest a fix term deposit account (And yes you can take it out but you loose interest) It's simple stick it in for a 3 year term you will get better interest. I received 17k bht interest last year paid in two 6 month lots. No fortunes but better than the 37p UK I got in the UK last year before tax. Then just a letter from your bank 100bht a form photo and your sorted in around 30min: at I/O for the next year. I did that 3 weeks ago without any problems. No going back to have account looked at, just the 90 day report, done whatever way you like. N/B I have had the monies in for over 15 years so I did do it at a great rate.

[ubonjoe]

39 minutes ago, lopburi3 said:

What website?  Suspect it is not official or has old information - the rule is 2 months prior and remain in account for the next 3 months.  This was a change about 18 months ago.

Immigration has not updated the info on their website for years.

It still shows 60 days for first extension and 3 months after that.

Also no mention of the of proof of income by transfers into the country.