Retirement Visa - Changing from 800,000 in bank to 65,000 per month

[raylspence]

I'm thinking of changing from 800,000 in the bank, to 65,000 per month for my next renewal and have two questions.

(1) Can the money be transferred into a Bangkok Bank Foreign Currency Accout?

(2) Does it have to be a minimum of 65,000 each and every month for the 12 months prior to renewal, or can it be 2 or 3 months in advance, maybe 4 or 5 times in the year, as long as the cumulative is always equivalent to 65,000 per month?

Many thanks.

 

[KhunLA]

#1 ... don't know

#2 ... 65k each & every month for -0- ret visa & ext.

[DrJack54]

You can't do the cumulative transfer that you suggest. Needs to be monthly 65k+

Does your country do income letters. 

You might also wish to check with your immigration office how many previous months of transfers they require for your next extension using income method. 

You can use foreign currency account.

Edited November 16, 2021 by DrJack54

[raylspence]

Thanks for the info.

UK doesn't do income letters.

Renewal is not due until July 2022, but I will only be able to show regular monthly transfers from November 2021 onwards, i.e. only 8 or 9 transfers prior to renewal. Otherwise, I'll have to wait until July 2023 to change

[KhunLA]

Maybe not, and start DD asap.  When I switched over from lump to DD, I was shy a few months also, as started after my last extension.  The always compassionate IO simply issued me an extension for couple months to meet the 1 yr time, then I reapplied for the year long extension afterwards.  Of course that cost 1900 for the short (2 months, I think) extension, then another 1900 for the usual year long extension.   All good with me.

[cnx1204]

You will have to wait until July 2023.  It must be a full 12 months of foreign currency transfers.   

 

Wait for UbonJoe's reponse on whether or not it can be a foreign currency account.  I don't know.  Mine just goes into a savings account.

 

 

[thaivisareader]

the imm office where I live requires 65k every month- no skipping months or accumulation to average 65k per month. They wanna see a 1 yr. bank statement showing it was from foreign source. BKKBank code is FTT. Account in applicant's name only. Other imm. office's rules may vary.

[thaivisareader]

3 yrs ago they asked for  pension & SS statements. Don't think they could read them. Not asked for that since. 

[DrJack54]

10 minutes ago, thaivisareader said:

3 yrs ago they asked for  pension & SS statements. Don't think they could read them. Not asked for that since. 

That's also something the OP should check out with his immigration office. 

I think some offices want to see some sort the "pension statements" or some evidence.

Apparently the like the word pension.

Like many I life off income that comes from investments. Don't have any pensions or similar source. 

Some offices are not happy with that type of income.

[Delight]

 Using the SWIFT system guarantees that the incoming monies are stated as   coming from abroad.

The receiving  bank adds a charge.

 

This adds cost -as compared with  the Wise standard system-as an example.

 

 

[raylspence]

17 minutes ago, Delight said:

 Using the SWIFT system guarantees that the incoming monies are stated as   coming from abroad.

The receiving  bank adds a charge.

 

This adds cost -as compared with  the Wise standard system-as an example.

 

 

Is it clearly shown on bank statements that the Wise transfers are "Foreign Transfers"?

[lexilis]

21 minutes ago, mackemray said:

Is it clearly shown on bank statements that the Wise transfers are "Foreign Transfers"?

Warning: this is a complicated and contentious issue. Over the last month there been a thread running (linked below) with 33 pages of comments. The short answer is, well, there really is no short answer. the consensus that is there are two things you have to do: 1. inform Wise they need to "tag" your account to utilize BBK bank for transfers to Thailand, and 2. to always select "funds for long term stay in Thailand" as the reason for the transfer. This is working for us now. Is it a 100% guarantee of an FTT code? No, probably not. 

 

https://aseannow.com/topic/1234763-wise-transfers-not-being-processed-as-international-specifically-bangkok-bank/page/33/#comments

 

[mackemray]

27 minutes ago, lexilis said:

Warning: this is a complicated and contentious issue. Over the last month there been a thread running (linked below) with 33 pages of comments. The short answer is, well, there really is no short answer. the consensus that is there are two things you have to do: 1. inform Wise they need to "tag" your account to utilize BBK bank for transfers to Thailand, and 2. to always select "funds for long term stay in Thailand" as the reason for the transfer. This is working for us now. Is it a 100% guarantee of an FTT code? No, probably not. 

 

https://aseannow.com/topic/1234763-wise-transfers-not-being-processed-as-international-specifically-bangkok-bank/page/33/#comments

 

Thanks for that excellent info.

 

[lexilis]

Let me add to that. Background: Wise has two partner banks in Thailand, Bangkok Bank and Kasikorn. If you use ANY other Thai bank a transfer from Wise will come in as a domestic Thai (not foreign) transfer because it has to go through one of those two banks first. I do not know what happens with Kasikorn. If you are transferring to Bangkok Bank, what I said in the earlier post applies.