Bank Requirement Information Help

[skatewash]

4 hours ago, Martin Brit said:

Great information thanks, so as long as I transfer £1,625 (65,000 THB) from the UK to Wise then into a Thai Bank once a month, are Thai immigration only looking at the Wise to Thai Bank transaction on the Thai Bank statement. So are not going to know if that is from pension / rental income/ savings investment or whatever. Just as long as they see a regular deposit is set up basically they would be accepting of it?

There are 70 some different immigration offices in Thailand and I believe immigration officers are allowed to ask you about the source of your incoming deposits.  I have heard some take the restrictive view that it must be from a pension.  I don't know if they are within their rights to insist on this, but I guess it could cause problems if they did.  There are certainly people who are funding their monthly deposits in other ways than just from a pension.  So I guess bottom line is that's it's possible to do so but perhaps comes with some risk if you run into an immigration officer who believe it should be coming from a pension exclusively.

I guess you could try to discuss this with your immigration office beforehand and see if it is acceptable to them.  To be honest it's one of the reasons I'm not doing the monthly deposit method for my retirement extension because in my case it would be coming entirely from my savings with no pension component at all.

[skatewash]

9 hours ago, LoeiI said:

Hi all

 

My daughter works for a UK bank and has recently sent money to my Kbank account in 2 different ways the first as Thai baht which took 3 days and comes up as a Bahtnet deposit automatic transfer on my Kbank app, the second was sent as a sterling transaction which arrived in 1 day and comes up as a Trade Finance deposit on the Kbank app does anyone know if these terms signify a deposit from an overseas source as required for visa extensions ? not sure about the charges incurred with the transactions only that i wasn't charged by the UK bank.  

 

Thanks in advance for any help

First, it is generally not a good idea to send baht to Thailand as the exchange rate obtained for baht outside of Thailand is almost universally lower than can be had within Thailand.  This is true for most minor currencies, that is currencies which are not as widely traded as USD, EUR, or sterling.

Bahtnet deposit automatic transfer is an indication of a domestic transfer within Thailand.  For a description of what BAHTNET is:

https://www.bot.or.th/English/PaymentSystems/PSServices/bahtnet/Pages/default.aspx

I'm not familiar with the particular codes that Kbank uses but in general terms I think a Trade Finance deposit would be indicative of an international transfer.  I'm basing  this statement off of the definition of Trade Finance from here:

https://www.investopedia.com/terms/t/tradefinance.asp

So, I think you would have an easy time getting immigration to accept the second (Trade finance deposit) as an international transfer.  I think you would have a difficult time getting immigration to accept the first (BAHTNET) but I guess with proper documentation from sending bank and the receiving bank it might be possible to convince them it was an international transfer.

[DrJack54]

19 minutes ago, skatewash said:

I guess you could try to discuss this with your immigration office beforehand and see if it is acceptable to them.  To be honest it's one of the reasons I'm not doing the monthly deposit method for my retirement extension because in my case it would be coming entirely from my savings with no pension component at all

My experience is mirror image.

I did 'try' and discuss income method option with immigration.

I ran into the word Pension few times and decided to skip it.

In my case (which is not uncommon) I have rental investments. The income far exceeds the 65k per month. 

I can see the argument that this is different from a 'Pension'. 

Rentals in theory can stop due to non payment or whatever.

 

Only one person's opinion....I'm thinking in cases such as mine that the 'money in bank' method is the bullet proof option and income method likely to become more problematic. 

Note. Oz guy so no embassy income letter option

Edited September 7, 2021 by DrJack54

[skatewash]

2 minutes ago, DrJack54 said:

My experience is mirror image.

I did 'try' and discuss income method option with immigration.

I ran into the word Pension few times and decided to skip it.

In my case (which is not uncommon) I have rental investments. The income far exceeds the 65k per month. 

I can see the agreement that this is different from a 'Pension'. 

Rentals in theory can stop due to non payment or whatever.

 

Only one person's opinion....I'm thinking in cases such as mine that the 'money in bank' method is the bullet proof option and income method likely to become more problematic. 

Note. Oz guy so no embassy income letter option

Yes, I was quite content in older days when we could draw down our lump-sums for most of the year on the retirement extension and just top it back up to 800k a few months before the application.   When the year-round minimum balance requirement came in I investigated switching to the monthly-deposit method.  Financially, I could have done it without concern but then I started hearing about applicants being asked about their pensions and as I won't have anything that could be considered a pension until social security kicks in I was not sure I wanted to risk having my retirement application rejected due to the money not coming from a pension.  Also, the monthly-deposit method is simply more work, with you having to worry about it being made correctly each and every month.

Also, as you say the lump-sum method is nearly bullet-proof.  I like going to apply for my annual extension of stay knowing that I've got everything they need to see and there will be no questions.  Peace of mind.

[LoeiI]

1 hour ago, skatewash said:

First, it is generally not a good idea to send baht to Thailand as the exchange rate obtained for baht outside of Thailand is almost universally lower than can be had within Thailand.  This is true for most minor currencies, that is currencies which are not as widely traded as USD, EUR, or sterling.

Bahtnet deposit automatic transfer is an indication of a domestic transfer within Thailand.  For a description of what BAHTNET is:

https://www.bot.or.th/English/PaymentSystems/PSServices/bahtnet/Pages/default.aspx

I'm not familiar with the particular codes that Kbank uses but in general terms I think a Trade Finance deposit would be indicative of an international transfer.  I'm basing  this statement off of the definition of Trade Finance from here:

https://www.investopedia.com/terms/t/tradefinance.asp

So, I think you would have an easy time getting immigration to accept the second (Trade finance deposit) as an international transfer.  I think you would have a difficult time getting immigration to accept the first (BAHTNET) but I guess with proper documentation from sending bank and the receiving bank it might be possible to convince them it was an international transfer.

Many thanks for this excellent info I would never have found it in a month of Sundays thanks again  

[Martin Brit]

On 9/7/2021 at 2:59 AM, skatewash said:

There are 70 some different immigration offices in Thailand and I believe immigration officers are allowed to ask you about the source of your incoming deposits.  I have heard some take the restrictive view that it must be from a pension.  I don't know if they are within their rights to insist on this, but I guess it could cause problems if they did.  There are certainly people who are funding their monthly deposits in other ways than just from a pension.  So I guess bottom line is that's it's possible to do so but perhaps comes with some risk if you run into an immigration officer who believe it should be coming from a pension exclusively.

I guess you could try to discuss this with your immigration office beforehand and see if it is acceptable to them.  To be honest it's one of the reasons I'm not doing the monthly deposit method for my retirement extension because in my case it would be coming entirely from my savings with no pension component at all.

Many thanks for your input - so inconsistent isn't it. I will probably use a visa agent so I would guess they may have a regular contact for finding the required solution? Who knows.