combination for 800,000

[moontang]

Chase NA has an office in Silom, but it appears to only function as an investment bank.  

[jacko45k]

22 hours ago, sudsy said:

I plan on doing the combination. Thinking of arriving on an exempt but with only 60 days left after quarantine it will be impossible to have the money in a Thai banks for two months.   I can do a month beforehand.   Is there any way to work around this?  Even if I do a Tourist Visa (90 days instead of 75) it still will be tight. 

If you plan on a retirement extension the first step from an Exempt is to convert to a Non-Imm-O, for that the money does not need to be in the bank for 2 months. If you arrive on a Visa Exempt would you not get just 30 days + 15 for the quarantine. 

[Peter Denis]

7 hours ago, sudsy said:

Obviously my money won't be in the account for two months.  Maybe even just days.  Is this an issue?  

 

Once in Thailand: Fidelity, Schwab, Chase any of these banks or brokerage firms is it difficult to transfer money to a Thai bank?

When applying for the 90-day Non Imm O Visa and using the Funds-in-Bank method to meet the financial requirements, the funds only need to be on your personal Thai bank-account (a joint one is not accepted) at the moment of application.  That needs to be done latest when you still have at least 15 days left on your permission to stay (some IOs required 23 days).  

When you have issues with bank-to-bank transfers, you could consider making use of TransferWise to transfer the funds from your foreign bank to you Thai bank-account (will normally take max 2 business days before the funds are available on your Thai account).  Be aware that you also need to prove the foreign origins of the +800K you transferred.

> I did PM you a Guideline document on TransferWise and how to get hold of the evidence that the funds originated from abroad irrespective of the method you used to transfer them or on which Thai bank you have an account.

[ubonjoe]

21 minutes ago, moontang said:

Chase Thailand is not part of the deposit insurance system in Thailand. I have been a Chase, NA customer for decades and living here for seven years and been visiting for 23.  Zero dealings with Chase Thailand, and don't even know what form they exist in here, but it isn't as a Thai bank.

Chase is registered as a Thai bank and can be used for immigration purposes.

See: https://www.jpmorgan.com/TH/en/disclosures

[Tanoshi]

15 minutes ago, ubonjoe said:

Chase is registered as a Thai bank and can be used for immigration purposes.

See: https://www.jpmorgan.com/TH/en/disclosures

Chase is not a Thai Commercial bank and governed by the Countries central bank 'Bank of Thailand' and could therefore be refused as acceptable to Immigration.

[moontang]

24 minutes ago, ubonjoe said:

Chase is registered as a Thai bank and can be used for immigration purposes.

See: https://www.jpmorgan.com/TH/en/disclosures

You are correct, Chase NA is on the list, but look at their fees... 1200 per month account maintenance fee.. 

[Tanoshi]

11 minutes ago, moontang said:

You are correct, Chase NA is on the list,

What list?

 

Chase is a foreign bank with a branch in Thailand, which doesn't make it a Thai Commercial bank.

Immigration mention funds must be held in a Thai Commercial bank, not a foreign bank with a branch in Thailand.

 

List of Thai Commercial banks and other banks in Thailand.

List of banks in Thailand - Wikipedia

 

[moontang]

2 hours ago, Tanoshi said:

What list?

 

Chase is a foreign bank with a branch in Thailand, which doesn't make it a Thai Commercial bank.

Immigration mention funds must be held in a Thai Commercial bank, not a foreign bank with a branch in Thailand.

 

List of Thai Commercial banks and other banks in Thailand.

List of banks in Thailand - Wikipedia

 

The list of banks, whose accounts are covered under the DPA. 

Edited December 27, 2020 by moontang

[OJAS]

2 hours ago, Tanoshi said:

What list?

 

Chase is a foreign bank with a branch in Thailand, which doesn't make it a Thai Commercial bank.

Immigration mention funds must be held in a Thai Commercial bank, not a foreign bank with a branch in Thailand.

 

List of Thai Commercial banks and other banks in Thailand.

List of banks in Thailand - Wikipedia

 

 

See also this BOT link:-

 

https://www.bot.or.th/English/FinancialInstitutions/WebsiteFI/Pages/InstList.aspx

 

[Tanoshi]

50 minutes ago, moontang said:

The list of banks, whose accounts are covered under the DPA. 

Is that an Immigration requirement - no.

What is a requirement is that funds should be in a Thai Commercial bank.

Thai commercial and retail banks

Commercial banks

 

Siam Commercial Bank

Kasikornbank

Bangkok Bank

Krung Thai Bank

Government Savings Bank

Bank of Ayudhya (Krungsri)

Thanachart Bank 

TMB Bank 

Kiatnakin 

CIMB (Thai) (incorporated and licensed as a bank in Thailand, a subsidiary of CIMB of Malaysia)8.2 (2016)[14]

Standard Chartered Bank (Thai) (incorporated and licensed as bank in Thailand, a subsidiary of Standard Chartered Bank of the UK)

United Overseas Bank (Thai) (incorporated and licensed as bank in Thailand, a subsidiary of UOB of Singapore)

TISCO Bank

Industrial and Commercial Bank of China (Thai) (incorporated and licensed in Thailand and is a subsidiary of ICBC of China)

Mega ICB Thailand branch (subsidiary of Mega ICB of Taiwan)

 

Any other bank I would first check with your individual IO it is acceptable.

[ubonjoe]

10 minutes ago, Tanoshi said:

What is a requirement is that funds should be in a Thai Commercial bank.

Which police order states that.

From police order 327/2557. "On the filing date, the applicant must have funds deposited in a bank in Thailand".

[moontang]

10 minutes ago, Tanoshi said:

Is that an Immigration requirement - no.

What is a requirement is that funds should be in a Thai Commercial bank.

Thai commercial and retail banks

Commercial banks

 

Siam Commercial Bank

Kasikornbank

Bangkok Bank

Krung Thai Bank

Government Savings Bank

Bank of Ayudhya (Krungsri)

Thanachart Bank 

TMB Bank 

Kiatnakin 

CIMB (Thai) (incorporated and licensed as a bank in Thailand, a subsidiary of CIMB of Malaysia)8.2 (2016)[14]

Standard Chartered Bank (Thai) (incorporated and licensed as bank in Thailand, a subsidiary of Standard Chartered Bank of the UK)

United Overseas Bank (Thai) (incorporated and licensed as bank in Thailand, a subsidiary of UOB of Singapore)

TISCO Bank

Industrial and Commercial Bank of China (Thai) (incorporated and licensed in Thailand and is a subsidiary of ICBC of China)

Mega ICB Thailand branch (subsidiary of Mega ICB of Taiwan)

 

Any other bank I would first check with your individual IO it is acceptable.

You are quoting laws and using words like "should" and "check with your individual IO.". That is a big problem in dealing with monkeys.  I had the same problem with LMG last week.  Your E-policy SHOULD work.  It didn't.  And they don't care.  Four hours of wasted time.. they do that every day.. and earn about 200 THB. 

 

Perhaps, a link to the official regulation would be helpful.  

[moontang]

And to add.  They didn't like my letter from CIMB.. 3 out of 4 years it has been a problem.  Tomorrow is reconciliation day at CIMB.  I will keep their free atm card that works great at other banks. Krungsri has their shiite together more dealing with foreigners, in my experience.. a lot of that is because the branch manager at Airport Plaza was welcoming, and that is where I originally opened the account, but even they have the same issue with smaller branches making stuff up due to laziness and incompetence.  

Edited December 27, 2020 by moontang

[Tanoshi]

1 minute ago, ubonjoe said:

Which police order states that.

From police order 327/2557. "On the filing date, the applicant must have funds deposited in a bank in Thailand".

35-2561 clause 5.

 

[moontang]

Might even be a bank holiday tomollow. 

[ubonjoe]

16 minutes ago, moontang said:

Might even be a bank holiday tomollow. 

The bank holidays this week are Thursday the 31st and Friday the 1st.

[moontang]

48 minutes ago, ubonjoe said:

The bank holidays this week are Thursday the 31st and Friday the 1st.

Yes, King Taksin Day is tomorrow, but is just an observance.  They will be playing with their phones, er I mean working at the banks.. 

[sudsy]

18 hours ago, jacko45k said:

If you plan on a retirement extension the first step from an Exempt is to convert to a Non-Imm-O, for that the money does not need to be in the bank for 2 months. If you arrive on a Visa Exempt would you not get just 30 days + 15 for the quarantine. 

I was counting the 30 extension before actually getting the Retirement visa. Thus the 75 days.  

[Thaifish]

Stealing this topic a little bit.... Everyone has different scenario's... I can't find an answer to my question in any other thread. This ones the closest.

 

I'm due for my retirement extension on my Non Imm O late January and will use the 800K thb for 5 months method. Correct me if I have it wrong in my assumptions!

 

I intend to change the method of my extension the following year by doing the 12 overseas monthly deposits (+) 65000bht from Australia into my Thai Bank account.

 

Using this method am I correct in saying that in 2022 I do not have to show a balance of over 800k bht 2 months before the extension + 3 months after? Also can I spend below the 400k bht this year so for example can I walk into Immigration next extension with only 100bht in the Thai bank account but showing the 12 monthly payments. Does this meet the Immigration/Police Orders? 

My local IO is in Burriram. 

 

Thank you Guru's in advance

[ubonjoe]

13 minutes ago, Thaifish said:

Using this method am I correct in saying that in 2022 I do not have to show a balance of over 800k bht 2 months before the extension + 3 months after? Also can I spend below the 400k bht this year so for example can I walk into Immigration next extension with only 100bht in the Thai bank account but showing the 12 monthly payments. Does this meet the Immigration/Police Orders? 

No need to have 800k baht in the bank for 2 months if you apply using income next year.

But you will be expected to keep the 800k baht in the bank for 3 months after you apply this year and then 400k baht until you apply for your next extension. People have been denied their extension for not doing that.

You could ask your local office about it but I am sure they will the you what I wrote is correct.

[Thaifish]

Thank you Ubonjoe. I understand what you say. Makes sense. Happy Easter to you...

[Tanoshi]

34 minutes ago, Thaifish said:

Thank you Ubonjoe. I understand what you say. Makes sense. Happy Easter to you...

Ask Buriram of their requirements to change to monthly overseas transfers for next years extension when applying this year as it varies dependant on interpretation.

 

In contrast to UJ comments, I asked the very same question on behalf of a friend at Roi Et Immigration in 2019.

They replied for the 2020 application provided he kept 800K in the bank for 3 months after his 2019 extension and provided 12 x monthly transfers, that was acceptable.

It really depends on what they consider part of the condition of your existing extension, maintaining the 3 month balance of 800K after receiving the extension appears common, but thereafter conditions apply to the following years renewal, so in his case they didn't deem keeping the 400K for the next 7 months as a condition of his 2020 extension as he would be providing 12 x monthly transfers.

Indeed, that is exactly what he did and renewed in November without a hitch.

 

Always best to clarify with your IO beforehand. 

[Thaifish]

28 minutes ago, Tanoshi said:

Always best to clarify with your IO beforehand.

Thanks Tanoshi. I will definitely ask the IO however I'm nervous I will get a different IO the following year with a different interpretation!! Financially I can easy manage without spending the 400k bht I just want to be able to spend it rather than dead $ sitting in the bank earning next to nothing. My Thai account is already cashed up to meet the 800K 5 month stuff so now with the extra monthly top ups I will have problems spending it all!!

Thanks again for your reply