Retirement visa and Transferwise

[unclejohnchonburi]

Does anyone know the exact procedure and requirements for renewing a retirement visa, using ฿65,000+ sent monthly from the home country? My money is sent over via Transferwise: Does that raise any additional problems?  Thanks, - John.

[theoldgit]

As you’re asking about satisfying the requirements for extending your stay in Thailand, I’ll move your question to the appropriate forum.

 

Basically you have to satisfy your Immigration Office that you receive at least 65,000 every month from overseas.

 

it would help if you could advise us which is your local office, whilst the laws are national, they are interpreted differently at some offices.

 

I use TransferWise and have to supply a statement detailing twelve months of compliant transfers, credit advices detailing the same transfers, my bank book also showing the same transfers, and a letter from my bank.

[unclejohnchonburi]

Thanks. I use the Chonburi Pattaya office at Jomtien.

[treetops]

Does your Thai bank account show the transfers as international?  If so then their statement(s) is OK.  If not there are reports of Transferwise transaction reports being OK but not a lot of them and I don't recall where from.

Edited November 10, 2020 by treetops

[unclejohnchonburi]

Hi treetops, The transfers are not shown on my Ayudhya bank account as international. When I bought a condo recently, I went to the international desk of the bank which received the funds into Thailand (Kasikorn) and they verified the funds as originating abroad, to the satisfaction of the Land Office. I was wondering if anybody had gone down the same route to verify incoming funds for the purpose of retirement visa renewal?

[treetops]

7 minutes ago, unclejohnchonburi said:

Hi treetops, The transfers are not shown on my Ayudhya bank account as international.

 

Ayudhaya is not a partner bank of Transferwise so that explains that.

 

The Transferwise transaction notes (go into your account and you should find them) may satisfy immigration as they will show their intermediary bank between your home country and Thailand.

 

Finally there is something known as a Confirmation Letter or Credit Advice Letter which may do what you want but I don't know enough about that to advise where or how to get it.

[bangkokgalaxy]

I use the 65k method and use Transferwise to bring monthly funds into Thailand. I choose the option in Transferwise that says "For Retirement" that is "supposed" to ensure your funds are coded correctly as FFT (foreign funds transfer) or "International" on your bank statements. 

 

However, they've made mistakes. I had several bank statements that did not say FFT and instead said "SMART" or something that indicates they first passed through another bank on the way to my bank and look to immigration like domestic transfers, which will cause problems.

 

Check your statements/bank book closely. If any transfers are not properly coded as foreign transfers, call your bank and ask them which third party Thai bank was involved in moving the money between Transferwise and your own bank.

 

Then, go to that bank and get a letter and/or a credit advice saying that these were received from outside Thailand via Transferwise.

 

Last year, I had four months that were not properly coded as FFT. I had to combine a letter from my bank confirming all FFT transfers they received, and more documentation from a third party Thai bank to confirm the other months.

 

PM me if you have any questions.

[unclejohnchonburi]

Related question folks, - assuming you've used this route to get your visa, does that mean you don't have to show money in the bank after 3 months, or maintain a balance (400k for instance) throughout the year?

[daviddunham]

2 hours ago, treetops said:

Does your Thai bank account show the transfers as international?  If so then their statement(s) is OK.  If not there are reports of Transferwise transaction reports being OK but not a lot of them and I don't recall where from.

 

Hi Transferwise-transfers are never international! That is the whole point of Transferwise.

You transfer to transferwise account they have at a local bank, then Transferwise pays out the money from their account with a bank in the country of your destination account.

Edited November 10, 2020 by daviddunham

[treetops]

4 minutes ago, daviddunham said:

Hi Transferwise-transfers are never international! That is the whole point of Transferwise.

You transfer to transferwise account they have at a local bank, then Transferwise pays out the money from their account with a bank in the country of your destination account.

I take it you've never used them or followed the process then?  Or even read all this forum's threads on it?

 

If you use the Bangkok Bank (and maybe one of their other partners?) and specify the reason is for a long stay visa here it will show up as an international transfer due to way they do their transactions.  It screwed up for a while over a year ago but is now pretty much (but not 100%) guaranteed.

[ubonjoe]

10 hours ago, unclejohnchonburi said:

Related question folks, - assuming you've used this route to get your visa, does that mean you don't have to show money in the bank after 3 months, or maintain a balance (400k for instance) throughout the year?

If you apply for the extension using proof of 65k baht income you do not need to keep any money in the bank.

[OneEyedJack]

Hi, new to the forum and am considering the retirement visa.  So the "income" stipulation is not necessarily "income", but really just cashflow?  In other words, you can satisfy the income requirement by simply sending money to yourself?

I am only planning on staying in Thailand for 4-6 months a year, do I have to transfer 65k just for the months that I'm there?

[JusticeGB]

I happen to bank with Bangkok Bank and transferwise has a box to tick saying "funds for long term term stay in Thailand" these transfers are shown as international transfers by Bangkok Bank. I have no idea if your bank does the same. 

[DrJack54]

1 hour ago, OneEyedJack said:

I am only planning on staying in Thailand for 4-6 months a year, do I have to transfer 65k just for the months that I'm there?

You need to do the transfer every month for the year. Which country are you from. Can you obtain income letter from your embassy.

 

[unclejohnchonburi]

Hi JusticeGB. Is the option "funds for long term term stay in Thailand" in the same drop down list in Transferwise as the one that includes options like: 'routine living expenses", "medical expenses" etc.?

 

[treetops]

1 minute ago, unclejohnchonburi said:

Hi JusticeGB. Is the option "funds for long term term stay in Thailand" in the same drop down list in Transferwise as the one that includes options like: 'routine living expenses", "medical expenses" etc.?

Yes, last one in the list IIRC.

[OJAS]

1 hour ago, JusticeGB said:

I happen to bank with Bangkok Bank and transferwise has a box to tick saying "funds for long term term stay in Thailand" these transfers are shown as international transfers by Bangkok Bank. I have no idea if your bank does the same. 

 

I, too, have a Bangkok account and select the "funds for long-term stay in Thailand" reason for my monthly transfers. As a "belt and braces" measure I have also asked TransferWise to "tag" my account with them to ensure that all my transfers are routed through Bangkok Bank as their partner bank here as a matter of course.

 

On your "international transfer" point, I understand that Bangkok Bank are alone among the Thai banking fraternity in using a specific coding (FTT, standing for "Foreign Telegraphic Transfer", as it appears in passbooks) for transfers originating from abroad. Not even TransferWise's other partner banks (Kasikorn and TMB) use a specific coding to denote the foreign origin of particular transfers, I gather.

 

 

19 hours ago, treetops said:

Finally there is something known as a Confirmation Letter or Credit Advice Letter which may do what you want but I don't know enough about that to advise where or how to get it.

 

Once TransferWise have informed you that they have sent your funds on their merry way to Thailand it will then be possible for you to download a "Transfer Confirmation" report in pdf format which gives details of how much was transferred in your home country currency, how much this converts to in THB, and details of the Thai bank account into which the THB conversion is to be credited.

 

Edited November 11, 2020 by OJAS

[soisanuk]

14 minutes ago, treetops said:

Yes, last one in the list IIRC.

I use the 65k monthly income method and do my extensions at Chonburi (Pattaya) Immigration on Jomtien Soi 5.  I also use Transferwise for my monthly transfers to my Bangkok Bank Account.

 

Transferwise uses 2 or 3 partner banks in Thailand. If you use Bangkok Bank, the transfers to Bangkok Bank will be coded FTT (International). However, if they use a different partner bank, then Bangkok Bank will show it as a SMART transfer, which means it is a transfer from a bank within Thailand.  This happened to me once and after contacting Transferwise, they said they would code my account to use Bangkok Bank rather than a partner - but, they could not guarantee that would always be the case. 

 

Since then, and I surmise because of the number of contacts/complaints they received, they added the "Long Stay" in Thailand to their drop down menu of reasons for the transfer. It is the last item on the list.  I have been using that for my transfers ever since and they have all gone to Bangkok Bank and are coded as FTT.

 

As mentioned by a previous post, if you are using the 65k per month transfer method, there is no requirement for any minimum amounts to be in a Thai bank.  Chonburi Immigration requires, if you do not have a letter from your Embassy certifying your monthly income, then you have to have a letter from your bank that lists all foreign (international) deposits to your account for the 12 months preceding the application for extension.

 

Chonburi Immigration has also been known to ask for evidence from your pension provider showing the amount of your monthly pension even when you have an Embassy letter. 

 

 

 

[treetops]

17 minutes ago, OJAS said:

Once TransferWise have informed you that they have sent your funds on their merry way to Thailand it will then be possible for you to download a "Transfer Confirmation" report in pdf format which gives details of how much was transferred in your home country currency, how much this converts to in THB, and details of the Thai bank account into which the THB conversion is to be credited.

Yes, agreed, but I've only seen a couple of reports of these Transferwise docs being accepted by immigration, and suspect some offices may not be keen on them.  The Confirmation Letter or Credit Advice Letter I referred to comes from a Thai bank (maybe the TW partner the transaction routed through?) and coming from a Thai source is acceptable to immigration.  A hassle to get no doubt, but may help the OP if he needs it.

[maqui]

On 11/10/2020 at 3:49 PM, treetops said:

If you use the Bangkok Bank (and maybe one of their other partners?) and specify the reason is for a long stay visa here it will show up as an international transfer due to way they do their transactions

correct, I also see my Transferwise transfers to Bangkok Bank as "FFT" in the bank book, since 2019

 

[jacko45k]

20 hours ago, OneEyedJack said:

Hi, new to the forum and am considering the retirement visa.  So the "income" stipulation is not necessarily "income", but really just cashflow?  In other words, you can satisfy the income requirement by simply sending money to yourself?

I am only planning on staying in Thailand for 4-6 months a year, do I have to transfer 65k just for the months that I'm there?

You are talking of a retirement extension rather than a Visa I expect. 

So long as the money arrives in a Thai bank account, and you can show it came from outside Thailand, that will satisfy the requirements. So yes.....

No, the requirement to renew a retirement extension is to show a deposit of at least 65,000 baht, each month for 12 months. The exception is the first Extension where 2-3 months of deposits will suffice (except for a few wayward offices insisting on 12 months). 

[wwest5829]

On 11/10/2020 at 5:49 PM, unclejohnchonburi said:

Does anyone know the exact procedure and requirements for renewing a retirement visa, using ฿65,000+ sent monthly from the home country? My money is sent over via Transferwise: Does that raise any additional problems?  Thanks, - John.

My monthly Transferwise deposit will arrive later today. Their "dropdown" menu shows a "reason" as being long term stay in Thailand so Bangkok Bank logs it in as an FTT transfer. Upon request for annual Extension of Stay, Bangkok Bank supplies a letter documenting my 12 months of deposits. I have been here going on 10 years and always have used the monthly deposit method with Chiang Mai Immigration Office (I do use an agency to handle all immigration needs.

[theoldgit]

On 11/10/2020 at 7:15 PM, treetops said:

Finally there is something known as a Confirmation Letter or Credit Advice Letter which may do what you want but I don't know enough about that to advise where or how to get it.

 

You request it from your bank, if you bank with Bangkok Bank you can register your request to receive them and they will automatically send them following receipt of the deposit, other banks may well offer the same service. 

[Peter Denis]

On 11/10/2020 at 11:49 AM, unclejohnchonburi said:

Does anyone know the exact procedure and requirements for renewing a retirement visa, using ฿65,000+ sent monthly from the home country? My money is sent over via Transferwise: Does that raise any additional problems?  Thanks, - John.

> I did PM you a Guideline document on use of TransferWise and how to ensure - irrespective of the Thai bank you are transferring the funds to - that you meet the IO-requirements by proving your monthly transfers were from foreign origin.

[lopburi3]

 

 

On 11/10/2020 at 9:49 PM, treetops said:

It screwed up for a while over a year ago but is now pretty much (but not 100%) guaranteed.

Transfers to Bangkok Bank have not screwed up for me or in any reports I have seen since they began to offer the retirement in Thailand option as a reason for funds transfer as long as that option was selected.  So if using BBL bankbook (which may not be complete) and hqs one year printout of account activity, along with a normal bank letter of current ownership/balance seems to be what most want.  But for accounts without the foreign transfer indigitation bank paperwork and Transferwise paperwork seems to work - but may need to check exactly what they need as can vary a bit.

 

Edit:  just noted in above post that PD sent guide so that should have good information as he seems to be keeping on top of such issues.  

Edited November 12, 2020 by lopburi3

[OJAS]

23 hours ago, treetops said:

Yes, agreed, but I've only seen a couple of reports of these Transferwise docs being accepted by immigration, and suspect some offices may not be keen on them.  The Confirmation Letter or Credit Advice Letter I referred to comes from a Thai bank (maybe the TW partner the transaction routed through?) and coming from a Thai source is acceptable to immigration.  A hassle to get no doubt, but may help the OP if he needs it.

 

But have you actually seen any specific reports on here of these TW docs being explicitly rejected by certain offices? I certainly haven't - and I'm sure that we would have heard by now if some were proving problematical in that regard.

 

Incidentally is my attachment a typical example of what you mean by Confirmation Letter or Credit Advice Letter as issued by Bangkok Bank?

 

 

Foreign transaction confirmation.pdf

[treetops]

23 hours ago, OJAS said:

Incidentally is my attachment a typical example of what you mean by Confirmation Letter or Credit Advice Letter as issued by Bangkok Bank?

Sorry no idea, as I've never seen one and only know about them through discussions on here.

[Pib]

On 11/12/2020 at 2:13 PM, OJAS said:

 

But have you actually seen any specific reports on here of these TW docs being explicitly rejected by certain offices? I certainly haven't - and I'm sure that we would have heard by now if some were proving problematical in that regard.

 

Incidentally is my attachment a typical example of what you mean by Confirmation Letter or Credit Advice Letter as issued by Bangkok Bank?

 

 

Foreign transaction confirmation.pdf 31.99 kB · 10 downloads

 

Above attached letter is one I posted a while back...I actually went to Bangkok Bank to get the letter...then posted the redacted copy.   It's an example of the "letter" Bangkok Bank uses to list "international" transfers.   The transfers need to have received their "FTT" coding....FTT is Bangkok Bank passbook code for an international transfer....no FTT code and Bangkok Bank will tell you that you must go to the intermediary bank within Thailand to get a credit advice for that transfer.

 

Now a credit advice looks different....it's a computer generated form-looking document that list details of a transfer....like where it originated from and maybe any intermediary banks it may have went through.