Retirement Visa > How to Swap Methods?

[Ebumbu]

Hi all. I have been on a retirement visa for 7 years, meaning yearly extensions based on income. I deposit 65k baht or more every month into my Thai account. I'm not due to extend until October. What would be involved with changing my method to the deposit method? I can deposit 800k baht in a Thai bank now and just leave it there. What are the steps? I happen to be in Phuket, but will move to Pattaya. Thanks! 

[DrJack54]

Thinking you should continue with the 65k+ deposits and two months prior to attending immigration have the 800k+ in your bank account.

When you are given the extension you then continue with the money in bank requirements and the monthly deposits not required. 

Edited March 29, 2022 by DrJack54

[Onerak]

Why change to 800K in a Thai bank and lock up the money. If income method is working, one should continue with it. 

[DrJack54]

1 hour ago, Onerak said:

Why change to 800K in a Thai bank and lock up the money. If income method is working, one should continue with it. 

He appears to want to.

[Hummin]

2 hours ago, DrJack54 said:

Thinking you should continue with the 65k+ deposits and two months prior to attending immigration have the 800k+ in your bank account.

When you are given the extension you then continue with the money in bank requirements and the monthly deposits not required. 

3 months prior to renewal 800k  transfered from oversea account. 

[DrJack54]

7 minutes ago, Hummin said:

3 months prior to renewal 800k  transfered from oversea account. 

Proof of funds came from overseas not required for extensions.

It is required for non O application retirement in Thailand. 

Why 3 months? 

 

Having stated that if the OP has the funds he could deposit in bank anytime minimum 2 months prior to next extension. 

Edited March 29, 2022 by DrJack54

[arick]

Much easy to just get the embassy letter. 

[murraynz]

12 hours ago, Onerak said:

Why change to 800K in a Thai bank and lock up the money. If income method is working, one should continue with it. 

Simple... Because the 800,000 in the bank method, is very much easier.. Having another 400,000 in the bank is peanuts.. 

I have done both methods. 

[DrJack54]

18 minutes ago, arick said:

Much easy to just get the embassy letter. 

Not all embassies provide income letter. 

Notably UK, USA, AU. 

[soisanuk]

12 hours ago, DrJack54 said:

Proof of funds came from overseas not required for extensions.

It is required for non O application retirement in Thailand. 

Why 3 months? 

 

Having stated that if the OP has the funds he could deposit in bank anytime minimum 2 months prior to next extension. 

Correct - the 3 months prior was for renewals & for new applicants it was 2 months.  This was changed a few years ago to 2 months for both.  Although there are reports that some Immigration Offices continued to require 3 months, Chonburi (Pattaya) Immigration follows the new rules and requires only 2 months for both initial application and future renewals. 

 

Pattaya Immigration also requires you appear with your bank book 3 months after your application is approved to prove you still have the 800k on deposit - although most Immigration Offices do not.  Upon renewal using the 800k on deposit method, you must also show your bank book to prove the balance did not fall below 400k during the year and was again at least 800k 2 months before applying. If your bank book has not been regularly updated to show all transaction, i.e. has consolidated (net) entries, Pattaya Immigration will require certified bank statements for the period -- if you use Bangkok Bank, their branches can only produce statements for 6 months; for 12 months it will take at least 5 business days for them to get them from Bangkok HQ.  Pattaya Immigration allows renewal applications within 30 days of the expiration of the latest extension.

[Hummin]

1 hour ago, soisanuk said:

Correct - the 3 months prior was for renewals & for new applicants it was 2 months.  This was changed a few years ago to 2 months for both.  Although there are reports that some Immigration Offices continued to require 3 months, Chonburi (Pattaya) Immigration follows the new rules and requires only 2 months for both initial application and future renewals. 

 

Pattaya Immigration also requires you appear with your bank book 3 months after your application is approved to prove you still have the 800k on deposit - although most Immigration Offices do not.  Upon renewal using the 800k on deposit method, you must also show your bank book to prove the balance did not fall below 400k during the year and was again at least 800k 2 months before applying. If your bank book has not been regularly updated to show all transaction, i.e. has consolidated (net) entries, Pattaya Immigration will require certified bank statements for the period -- if you use Bangkok Bank, their branches can only produce statements for 6 months; for 12 months it will take at least 5 business days for them to get them from Bangkok HQ.  Pattaya Immigration allows renewal applications within 30 days of the expiration of the latest extension.

Seems like some forget it have been different rules, and also different practice from immigration to immigration. 

 

Ask your immigration what their practice is for renewal. 

[khunPer]

14 hours ago, Hummin said:

3 months prior to renewal 800k  transfered from oversea account. 

No, rules changed some years back, now it's two month prior to application for extension of stay based on retirement, no demands from where the money comes.

[scubascuba3]

3 hours ago, khunPer said:

No, rules changed some years back, now it's two month prior to application for extension of stay based on retirement, no demands from where the money comes.

Can't only do that if swapping methods

[Ebumbu]

Alright, so, to be on the safe side, I'll keep depositing 65k each month through October (renewal month). I already have the 800k in the Thai account. When I go to renew, I'll try the deposit method and hopefully it goes fine. If not, I have the deposit method as backup. My embassy no longer offers the affidavit. I understand that 3 months before extension is enough, but TIT, so I would rather be cautious. 

 

I'm doing it because it's easier and I won't forget to make a deposit one month and be screwed. Thanks! 

Edited March 30, 2022 by Ebumbu

[scubascuba3]

13 minutes ago, Ebumbu said:

Alright, so, to be on the safe side, I'll keep depositing 65k each month through October (renewal month). I already have the 800k in the Thai account. When I go to renew, I'll try the deposit method and hopefully it goes fine. If not, I have the deposit method as backup. My embassy no longer offers the affidavit. I understand that 3 months before extension is enough, but TIT, so I would rather be cautious. 

 

I'm doing it because it's easier and I won't forget to make a deposit one month and be screwed. Thanks! 

I can't see them accepting the 800k method this time unless you've complied with the 800\400\800 balances since last extension was granted. Next time no problem

[ubonjoe]

8 minutes ago, scubascuba3 said:

I can't see them accepting the 800k method this time unless you've complied with the 800\400\800 balances since last extension was granted. Next time no problem

If he used the income option for his previous extension immigration would not expect to see the 800/400k baht requirement when changing to the 800k baht in the bank option. He would only need to show the 800k baht in the bank for 2 months.

[scubascuba3]

Just now, ubonjoe said:

If he used the income option for his previous extension immigration would not expect to see the 800/400k baht requirement when changing to the 800k baht in the bank option. He would only need to show the 800k baht in the bank for 2 months.

ah ok so he can stop the 65k income method early then?

[ubonjoe]

2 minutes ago, scubascuba3 said:

ah ok so he can stop the 65k income method early then?

He would still need the 65k baht requirement up to when he puts 800k baht in the bank.

[DrJack54]

1 hour ago, Ebumbu said:

Alright, so, to be on the safe side, I'll keep depositing 65k each month through October (renewal month). I already have the 800k in the Thai account. When I go to renew, I'll try the deposit method and hopefully it goes fine. If not, I have the deposit method as backup

That's exactly correct.

By continuing the deposits right up to extension application you have it covered both ways. 

Cut the transfers after obtain the extension and just follow the requirements for funds in bank after that.

Only a suggestion but many keep 800k+ all year round in the bank.

Works well for me and best to have a designated bank account for that purpose. 

[KannikaP]

1 hour ago, Ebumbu said:

I'm doing it because it's easier and I won't forget to make a deposit one month and be screwed. Thanks! 

Anything else important as this which you forget?   LOL

Set up an alarm/reminder on your phone or PC to visit Mr WISE on say 1st of each month.

Edited March 30, 2022 by KannikaP

[sometimewoodworker]

17 hours ago, DrJack54 said:

That's exactly correct.

By continuing the deposits right up to extension application you have it covered both ways. 

Cut the transfers after obtain the extension and just follow the requirements for funds in bank after that.

Only a suggestion but many keep 800k+ all year round in the bank.

Works well for me and best to have a designated bank account for that purpose. 

Just for information Krungsri has a reasonably good interest rate on a 4 year term deposit, immigration are fine with this in Udon, I doubt that others are different.

[scubascuba3]

1 hour ago, sometimewoodworker said:

Just for information Krungsri has a reasonably good interest rate on a 4 year term deposit, immigration are fine with this in Udon, I doubt that others are different.

What rate? SCB 1.5% with easy access

[Ebumbu]

I see my question was already answered in the thread above. All good. Thanks! 

Edited March 31, 2022 by Ebumbu

[Ebumbu]

4 hours ago, sometimewoodworker said:

Just for information Krungsri has a reasonably good interest rate on a 4 year term deposit, immigration are fine with this in Udon, I doubt that others are different.

Interesting. What's the rate? Thanks! 

[sometimewoodworker]

3 hours ago, scubascuba3 said:

What rate? SCB 1.5% with easy access

Are you sure that you are not

Quote

Non-Resident Personal means an individual having residence outside Thailand as prescribed by Bank of Thailand.

Also the only higher interest account I can find requires monthly savings, and that was at 1.2%. So a url for the account would be appreciated

[sometimewoodworker]

42 minutes ago, Ebumbu said:

Interesting. What's the rate? Thanks! 

Tax Free Time Deposit Account 24 months 1.25

4. Tax Free Time Deposit Account 36 months 1.15

 

https://www.krungsri.com/Krungsri2020/media/Banking-Rate/deposit-rates/en/deposit-rates-21032565-en.pdf

 

[scubascuba3]

10 minutes ago, sometimewoodworker said:

Are you sure that you are not

Also the only higher interest account I can find requires monthly savings, and that was at 1.2%. So a url for the account would be appreciated

Easy savings account 1.5%, I've seen threads on it, plus a retired friend here has an account

 

https://www.scb.co.th/th/personal-banking/deposits/savings-account/easy-saving-account.html

[sometimewoodworker]

19 minutes ago, scubascuba3 said:

Easy savings account 1.5%, I've seen threads on it, plus a retired friend here has an account

 

https://www.scb.co.th/th/personal-banking/deposits/savings-account/easy-saving-account.html

Condition 1 The Applicant shall be an individual and have residence in Thailand. 

It is not clear that those on extensions of stay have residence in Thailand. 

FWIW, that account can only be opened online and I got the message that the transaction is unavailable. This suggests that non permanent residents may not qualify.

[scubascuba3]

23 minutes ago, sometimewoodworker said:

Condition 1 The Applicant shall be an individual and have residence in Thailand. 

It is not clear that those on extensions of stay have residence in Thailand. 

FWIW, that account can only be opened online and I got the message that the transaction is unavailable. This suggests that non permanent residents may not qualify.

Others have managed to open accounts, maybe do a search of threads or start one

[sometimewoodworker]

24 minutes ago, scubascuba3 said:

Others have managed to open accounts, maybe do a search of threads or start one

Since my current deposit has a higher interest rate than the 1.5% It is only of academic interest at the moment. That along with the only way I might be able to qualify would be by going into a branch to possibly validate documents. So no point in searching for opinions when it is SCB that has the only opinion that counts. Since my local branch has recently verified my identity the conclusion that, that account is not available to non PR foreign depositors seems probably correct.