Change from 800k bank balance to 65k per month

[Twod0gs]

What is the process for changing from the requirement to have 800k in the bank when extending Non-O, to 65k per month transfer from OS?

Do I have to maintain the required deposit amounts until I have established 12 months of incoming 65k payments or can I let the 800k slip below the requirements?

 

TIA

[ubonjoe]

You will need to keep the 800k baht in the bank for 3 months after you apply for your curren extension and then 400k baht until you apply for your next extension using the 65k baht income option.

[sirineou]

29 minutes ago, ubonjoe said:

You will need to keep the 800k baht in the bank for 3 months after you apply for your curren extension and then 400k baht until you apply for your next extension using the 65k baht income option.

Same question here but regarding an extension based on marriage . I just did my extension based on marriage by keeping 400k in the bank. So far I have been transferring pension funds via Transferwise , certainly more the required for an extension per month. But as I understand it Transferwise  transfers do not qualify because it does not show the sourse. So I plant to have one of my pensions, probably my SSI deposited to my Thai bank.

  How long before my next extension should these funds  start showing as deposits in my Thai bank?

[ubonjoe]

1 minute ago, sirineou said:

Same question here but regarding an extension based on marriage . I just did my extension based on marriage by keeping 400k in the bank. So far I have been transferring pension funds via Transferwise , certainly more the required for an extension per month. But as I understand it Transferwise  transfers do not qualify because it does not show the sourse. So I plant to have one of my pensions, probably my SSI deposited to my Thai bank.

  How long before my next extension should these funds  start showing as deposits in my Thai bank?

Dependent upon the banks you using you can get credit advisees for the Wise to prove the transfer came from abroad. If using Bangkok Bank will be shown as foreign transfers.

The proof of the source is different from proof it came from abroad. In your case you could use a statement from the SSA to prove the source. 

You will need 12 months of transfers of at least 40k baht to apply for your next extension.

[Moonlover]

37 minutes ago, sirineou said:

Same question here but regarding an extension based on marriage . I just did my extension based on marriage by keeping 400k in the bank. So far I have been transferring pension funds via Transferwise , certainly more the required for an extension per month. But as I understand it Transferwise  transfers do not qualify because it does not show the sourse. So I plant to have one of my pensions, probably my SSI deposited to my Thai bank.

  How long before my next extension should these funds  start showing as deposits in my Thai bank?

I have been using Wise (TransferWise) ever since the withdrawal of the embassy letters. Our IOs accept the Transaction Confirmations (downloadable from Wise) along with my annual pension statements as sufficient proof of income.

 

But you'll need to have that confirmed with your local office as I have read that some IOs do not accept this method. (the notorious inconsistency that prevails here) 

 

However, if you have  a single pension that will provide the necessary income of 40k/month deposited directly into your local bank, that will greatly simply matters.

 

 

 

 

[scubascuba3]

1 hour ago, ubonjoe said:

You will need to keep the 800k baht in the bank for 3 months after you apply for your curren extension and then 400k baht until you apply for your next extension using the 65k baht income option.

how many months of 65k required?

[ubonjoe]

37 minutes ago, scubascuba3 said:

how many months of 65k required?

You have to show 12 months of transfers.

[KannikaP]

2 hours ago, ubonjoe said:

You will need to keep the 800k baht in the bank for 3 months after you apply for your curren extension and then 400k baht until you apply for your next extension using the 65k baht income option.

Do you mean that after the current extension is granted, you must transfer 65k per month as well as keeping the 800/400/800 in the bank?

[ubonjoe]

30 minutes ago, KannikaP said:

Do you mean that after the current extension is granted, you must transfer 65k per month as well as keeping the 800/400/800 in the bank?

You only have to have 800k baht for the first 3 months and then 400k baht until the day you apply using the 65k baht income. No need for the 800k baht 2 months before you apply.

The way the rules are written you have to meet the requirements for the year. You might find a office that does not want proof of the balances for previous year other than the 800k baht 2 months before or proof of income.

[sirineou]

5 hours ago, Moonlover said:

I have been using Wise (TransferWise) ever since the withdrawal of the embassy letters. Our IOs accept the Transaction Confirmations (downloadable from Wise) along with my annual pension statements as sufficient proof of income.

 

But you'll need to have that confirmed with your local office as I have read that some IOs do not accept this method. (the notorious inconsistency that prevails here) 

 

However, if you have  a single pension that will provide the necessary income of 40k/month deposited directly into your local bank, that will greatly simply matters.

 

 

 

 

Thank you for that info.

My SSI is more than 40K per month. I agree that should be the simplest solution. 

[Moonlover]

29 minutes ago, sirineou said:

Thank you for that info.

My SSI is more than 40K per month. I agree that should be the simplest solution. 

That sounds good to me. Do make sure that there is sufficient 'padding' to allow currency fluctuations. However if one should fall below 40k, you can always use one of the Wise transfers to make up the difference.

 

To prove that you SSI payments are foreign deposits you need to get an FET (foreign exchange transaction) certificate from your bank for each deposit.

 

Good luck, I hope it all works well for you and enjoy spending your 800K. ????

 

[STALINGRAD]

Two years ago I felt the 800k was a better option and opened a fixed term foreign currency account.This December I will renew using this method.Next year I will switch to monthly transfers.I am still confused…….If I start transfers of 65k a year ahead of application,I will also need to show 400k for 9 months prior to applying next year?Then after next year’s application can withdrawal the remaining 400k?  

                Since the 65k just has to be transferred in,it can be transferred out.But the 400k must stay.Chai Mai? It is getting more and more like a game of three card Monty on a Philly street corner….

[ubonjoe]

48 minutes ago, STALINGRAD said:

Next year I will switch to monthly transfers.I am still confused…….If I start transfers of 65k a year ahead of application,I will also need to show 400k for 9 months prior to applying next year?Then after next year’s application can withdrawal the remaining 400k?

You will have to keep the 400k baht in the bank until after the day you apply for the extension using the 65k baht income.

The 400k baht is required according to the rules to keep your current extension valid.

[Pib]

7 hours ago, ubonjoe said:

You only have to have 800k baht for the first 3 months and then 400k baht until the day you apply using the 65k baht income. No need for the 800k baht 2 months before you apply.

The way the rules are written you have to meet the requirements for the year. You might find a office that does not want proof of the balances for previous year other than the 800k baht 2 months before or proof of income.

Why is the Bt800K two months before not required in this case?   

 

Since 800K two months before would be part of the requirement if continuing with the 800K deposit method and to show you lived up to the income requirements the current extension was earned under, why isn't the 800K required before switching the 65K/month method.  

 

Yea, I just not getting why the Bt800K would not also be required for the two months before you apply.  You said the way the rules are written you only need to meet the requirements for the year, but I'm not sure what that means/is really saying.

 

[ubonjoe]

19 minutes ago, Pib said:

Why is the Bt800K two months before not required in this case?   

 

The 800k for 2 months before is required to apply for another extension which means it not part of the after the previous extension requirements.

The rules only mention the 400k baht after the 3 months it has to be 800k baht.

[Pib]

15 minutes ago, ubonjoe said:

The 800k for 2 months before is required to apply for another extension which means it not part of the after the previous extension requirements.

The rules only mention the 400k baht after the 3 months it has to be 800k baht.

Thanks.  But my ol' brain is still finding it very hard to understand the point you are making.  Maybe it's because I got my 2nd AstraZeneca jab today.  I'll let my brain digest it some more. 

[STALINGRAD]

Thank you Joe, I understand it clearly now. The foreign currency accounts can be positive as the baht has weakened.However in my case with Bkk bank the charge of 1% to deposit and 1% to withdrawal, and current interest on a year fixed at 60 basis points not very profitable.

[scubascuba3]

8 hours ago, Pib said:

Thanks.  But my ol' brain is still finding it very hard to understand the point you are making.  Maybe it's because I got my 2nd AstraZeneca jab today.  I'll let my brain digest it some more. 

Funny you say that, i felt a bit slow the day after my Astrazeneca

[fceligoj]

The only proof of "where" the money comes from is the normal letter from the SSA that you can get showing the monthly pension amounts, if that meet the total 65K per month.  This is what I have been doing since 2010.  I DO NOT have SSA do a direct deposit into my Bangkok Bank savings account.  I have SSA do Direct Deposits to my US Bank and then I use Wise (new name for TransferWise) to transfer the funds I want to my Bangkok Bank Account.  That way I do not have to pay Bangkok Bank any money for accepting the deposit and converting the funds into bahts.  Having your Thai bank do the conversion is a ripoff.

[STALINGRAD]

Can the 65k transfer be any date in the month? 

[Excel]

Just now, STALINGRAD said:

Can the 65k transfer be any date in the month? 

yes, but it has to be every single month

[ubonjoe]

34 minutes ago, fceligoj said:

The only proof of "where" the money comes from is the normal letter from the SSA that you can get showing the monthly pension amounts, if that meet the total 65K per month.  This is what I have been doing since 2010.

Before 2019 you were doing a income affidavit at the US embassy or consulate in Chiang Mai to prove your income for your extensions.

Since then you have had to prove the transfers from abroad to do your extensions.

[STALINGRAD]

Thanks Excel . I guess I will become a currency trader.

[TimBKK]

I will soon apply for my first extension of stay from a Non OA.  I intend to use the income method.  Am I correct in understanding that only 2 monthly 65k deposits are required before I apply?

 

Do I also need a 400k account balance?

 

And going forward, just so I am clear, I will need a monthly deposit of 65k and to maintain at least a 400k account balance - is this correct?

[ubonjoe]

6 minutes ago, TimBKK said:

I will soon apply for my first extension of stay from a Non OA.  I intend to use the income method.  Am I correct in understanding that only 2 monthly 65k deposits are required before I apply?

Do I also need a 400k account balance?

And going forward, just so I am clear, I will need a monthly deposit of 65k and to maintain at least a 400k account balance - is this correct?

You should check with your local office about the 2 months. Many offices will not accept only 2 months if you have been here for some time already.

If using the 65k baht income option there is not requirement to have or keep 400k baht in the bank. It is only required if using the 800k baht in the bank for 2 months option.

[chilly07]

On 9/22/2021 at 9:12 AM, sirineou said:

Same question here but regarding an extension based on marriage . I just did my extension based on marriage by keeping 400k in the bank. So far I have been transferring pension funds via Transferwise , certainly more the required for an extension per month. But as I understand it Transferwise  transfers do not qualify because it does not show the sourse. So I plant to have one of my pensions, probably my SSI deposited to my Thai bank.

  How long before my next extension should these funds  start showing as deposits in my Thai bank?

Wise transfers do show up as FTTs in your Thai account as long as you tick the Funds for long term stay in the drop down menu. Best to ensure the funds hit your account on the same day give or take a couple each month. Works for me using Wise and Bangkok Bank for last three extensions

[TimBKK]

28 minutes ago, ubonjoe said:

You should check with your local office about the 2 months. Many offices will not accept only 2 months if you have been here for some time already.

Thanks @ubonjoe, always appreciate your insight.  My local office is Jomtien, will give them a shout - unless someone here by chance knows the answer.

[sirineou]

55 minutes ago, chilly07 said:

Wise transfers do show up as FTTs in your Thai account as long as you tick the Funds for long term stay in the drop down menu. Best to ensure the funds hit your account on the same day give or take a couple each month. Works for me using Wise and Bangkok Bank for last three extensions

When you say "as long as you tick the Funds for long term stay in the drop down menu. " what drop down menu is it? Is that a drop down menu on Thansfer wise (now wise)? I have not noticed it. 

That would simplify things. 

[ubonjoe]

37 minutes ago, sirineou said:

Is that a drop down menu on Thansfer wise (now wise)? I have not noticed it. 

If I recall correctly it a drop down menu you to select the reason for the transfer. It is the last one on it.