Non Imm O - Retirement Permission To Stay - 800K Thai Bank Balance

[Carrbhoy]

Hi all - hope you can help. I've been on the Retirement permission to stay using the 800k Thai Bank balance initially and 9 months into the monthly Pension transfer of minimum 65k. Using Bangkok Bank for the 800k & Wise for the monthly transfers. All is going well for the annual renewal process.

 

Over the last 9 months, the Bangkok Bank Savings Account has slowly creeped up to 1M. I had been transferring more than 65k, paying the Condo Rent and Wise Account top ups for Grab Food / Transport from my UK Bank etc. 

 

My question is, can I transfer the Balance above 800k from the Bangkok Bank Savings Account to my Wise Account? This would be around 200k. I will always have above 800k in the Bangkok Bank and won't go below this figure until after the 1st Renwal Q1 next year. Will this cause any issues with Immigration?

 

I'll also stop using my UK Bank account to pay for things to avoid this reoccurring!  

 

Thanks CB

 

[flexomike]

You only have to have the 800,000 in the bank two months before applying for an extension, some offices require three months, also has to stay in your account for three months after the extension, the you can take it down to 400.000 up until the 2-3 months before your extension, answer yes you can take out anything over the 800,000 at any time you want, caution don't get too close to the 800,000 in case there are any bank charges

[Bluetongue]

You can but its probably best to leave a buffer of a good few thousand above the 800k. Last year I allowed mine to slip down to a few hundred above and got caught out by an unexpected bank fee of a few hundred for a card renewal. Immigration took it seriously.

[hotandsticky]

No problem, but why would you transfer money that is 'protected' and earning interest.

[Carrbhoy]

3 minutes ago, hotandsticky said:

No problem, but why would you transfer money that is 'protected' and earning interest.

I thought I was going to spend more each month is the short answer! There are valid reasons. 

[Carrbhoy]

7 minutes ago, Bluetongue said:

You can but its probably best to leave a buffer of a good few thousand above the 800k. Last year I allowed mine to slip down to a few hundred above and got caught out by an unexpected bank fee of a few hundred for a card renewal. Immigration took it seriously.

Thanks for your reply - much appreciated.

[Carrbhoy]

10 minutes ago, flexomike said:

You only have to have the 800,000 in the bank two months before applying for an extension, some offices require three months, also has to stay in your account for three months after the extension, the you can take it down to 400.000 up until the 2-3 months before your extension, answer yes you can take out anything over the 800,000 at any time you want, caution don't get too close to the 800,000 in case there are any bank charges

Thanks for your reply - much appreciated. I will transfer the funds above 800k and leave a small buffer to cover any unexpected bank charges etc.

 

If I move to the monthly 65k+ transfers, can I reduce the Minimum Balance to 400k throughout the year? This was my understanding - I planned on doing this after the 1st Renewal end of Q1 2023. I also want to move the funds from the Savings Account to a Fixed Account which has a slightly higher Interest Rate.

 

[foreverlomsak]

11 minutes ago, Carrbhoy said:

If I move to the monthly 65k+ transfers, can I reduce the Minimum Balance to 400k throughout the year?

If your doing 65k+ per month you do not need any bank balance

[hotandsticky]

21 minutes ago, Carrbhoy said:

I thought I was going to spend more each month is the short answer! There are valid reasons. 

 

 

Fair comment; I personally wouldn't bother to switch back to Wise, just transfer less on subsequent occasions.

[Carrbhoy]

11 minutes ago, hotandsticky said:

 

 

Fair comment; I personally wouldn't bother to switch back to Wise, just transfer less on subsequent occasions.

But I would still need to transfer the minimum 65k per month? I want to use the amount above 800k & then the 400k (800 to 400 end of Q1 next year) towards some outstanding B2L mortgage. 

 

[flexomike]

31 minutes ago, Carrbhoy said:

Thanks for your reply - much appreciated. I will transfer the funds above 800k and leave a small buffer to cover any unexpected bank charges etc.

 

If I move to the monthly 65k+ transfers, can I reduce the Minimum Balance to 400k throughout the year? This was my understanding - I planned on doing this after the 1st Renewal end of Q1 2023. I also want to move the funds from the Savings Account to a Fixed Account which has a slightly higher Interest Rate.

 

If you want to do the monthly method you will have to show 12 months of deposits no less than 65,000 baht every month, no exceptions, I wouldn't mess with the 800,000 until after you get an extension using the monthly method. Once you get that extension no requirement to keep any money in the bank

 

[Carrbhoy]

18 minutes ago, foreverlomsak said:

If your doing 65k+ per month you do not need any bank balance

Really? I thought it was a minimum of 400k and 65k monthly transfers.  

[hotandsticky]

1 minute ago, Carrbhoy said:

But I would still need to transfer the minimum 65k per month? I want to use the amount above 800k & then the 400k (800 to 400 end of Q1 next year) towards some outstanding B2L mortgage. 

 

OK.

 

Not sure if it has been covered above but beware of the implications of switching the basis of your extension.

 

I switched from monthly transfers (which I still make) to money in the bank. I could easily have made the mistake of stopping monthly transfers once I had ensured that 800k was in the bank 2 months before. The Immigration first checked that I had complied with the previous basis of the extension before checking that 800k was in the bank for 2 months.

[Carrbhoy]

1 minute ago, flexomike said:

If you want to do the monthly method you will have to show 12 months of deposits no less than 65,000 baht every month, no exceptions, I wouldn't mess with the 800,000 until after you get an extension using the monthly method. Once you get that extension no requirement to keep any money in the bank

 

That was the plan. I've made the monthly payments of minimum 65k via Wise each month using the correct drop down option for long term stay and will continue to do so (no exceptions). After getting the 1st extension end of Q1 next year, I was going to reduce the bank balance to 400k. That was my understanding until you (and another Poster) confirmed there is no requirement to keep any money in the bank. This is great news - thank you.

 

[Carrbhoy]

2 minutes ago, hotandsticky said:

OK.

 

Not sure if it has been covered above but beware of the implications of switching the basis of your extension.

 

I switched from monthly transfers (which I still make) to money in the bank. I could easily have made the mistake of stopping monthly transfers once I had ensured that 800k was in the bank 2 months before. The Immigration first checked that I had complied with the previous basis of the extension before checking that 800k was in the bank for 2 months.

Ok. I will keep a minimum of 800k in the bank until the 1st extension is secured end of Q1 next year. I will also have made 12 (actually 15) monthly transfers of minimum 65k by then too. That was my plan.

 

I will get the extension and also confirm with Immigration that I can transfer the 800k from the Thai bank account and now move to Monthly Payment method.

 

[hotandsticky]

3 minutes ago, Carrbhoy said:

That was the plan. I've made the monthly payments of minimum 65k via Wise each month using the correct drop down option for long term stay and will continue to do so (no exceptions). After getting the 1st extension end of Q1 next year, I was going to reduce the bank balance to 400k. That was my understanding until you (and another Poster) confirmed there is no requirement to keep any money in the bank. This is great news - thank you.

 

 

Others will correct me if I am wrong but I would think that you need to keep a minimum 400k in the bank until the extension based on monthly transfers is approved....ie ...you will have satisfied the terms of LAST year's approval.

[Digitalbanana]

17 minutes ago, Carrbhoy said:

I will also have made 12 (actually 15) monthly transfers of minimum 65k by then too.

Not mentioned so far, but don't these monthly transfers have to be shown to come from overseas and do your Wise transfers indicate for that event at Bangkok Bank?

[KannikaP]

1 hour ago, Carrbhoy said:

I thought I was going to spend more each month is the short answer! There are valid reasons. 

Why not use the 'excess Baht' to pay for your condo rent, Grab etc. Pointless paying to transfer the money FROM Wise, and then pay to transfer it back.

[Carrbhoy]

23 minutes ago, hotandsticky said:

 

Others will correct me if I am wrong but I would think that you need to keep a minimum 400k in the bank until the extension based on monthly transfers is approved....ie ...you will have satisfied the terms of LAST year's approval.

Ah, is that where the 400k comes into play. So strictly speaking, I could reduce to 400k now and then after the 1st year extension has been granted, reduce to Nil.

 

My intention is to leave at 800k+ & minimum 12 monthly consequtive transfers but good to know.

 

[KannikaP]

37 minutes ago, flexomike said:

If you want to do the monthly method you will have to show 12 months of deposits no less than 65,000 baht every month, no exceptions,

Unless your IO will accept the Combination Method as mine does, ie 50k per month = 600k, plus 220k in the bank = 820k

[Carrbhoy]

Just now, KannikaP said:

Why not use the 'excess Baht' to pay for your condo rent, Grab etc. Pointless paying to transfer the money FROM Wise, and then pay to transfer it back.

I'm working through the Options. the transfer costs are significantly less than the increased B2L interest payments I will be incurring after August so it far from pointless. Thanks for your input.

[Carrbhoy]

Just now, KannikaP said:

Unless your IO will accept the Combination Method as mine does, ie 50k per month = 600k, plus 220k in the bank = 820k

Interesting.....another Option to explore. Thank you.

 

Does anyone know if Chaing Mai IO do accept the combination method? I will ask next time I'm there.

 

[KannikaP]

11 minutes ago, Carrbhoy said:

I'm working through the Options. the transfer costs are significantly less than the increased B2L interest payments I will be incurring after August so it far from pointless. Thanks for your input.

B2L ????

[Carrbhoy]

1 minute ago, KannikaP said:

B2L ????

Buy To Let (B2L) - rental property in the UK.

 

I'll avoid use of acronyms given the international audience!

 

[TheAppletons]

12 hours ago, KannikaP said:

B2L ????

Bx2 + L = Bangkok Bank Limited

 

(Well, it could be.  Apparently not what OP meant though, lol.)

Edited August 1, 2022 by TheAppletons

[OJAS]

32 minutes ago, hotandsticky said:

OK.

 

Not sure if it has been covered above but beware of the implications of switching the basis of your extension.

 

I switched from monthly transfers (which I still make) to money in the bank. I could easily have made the mistake of stopping monthly transfers once I had ensured that 800k was in the bank 2 months before. The Immigration first checked that I had complied with the previous basis of the extension before checking that 800k was in the bank for 2 months.

I, too, have recently switched from the 65k monthly income to the 800k bank balance method for my retirement extensions - and, like you, have continued with making monthly Wise transfers from my UK account to my Bangkok Bank account even after I had accumulated 800k in a separate Krungsri account well before the 2-month seasoning period kicked in. However, even though I had armed myself with a letter + statements from Bangkok Bank to prove my continuing compliance with the 65k monthly income method, Rayong Immigration didn't ask to see these when I applied for my latest retirement extension there a few weeks ago, and were only interested in the Krunsgri letter which I had obtained + passbook confirming compliance with the 800k method.

 

Our seemingly contrasting experiences sound to me like a typical case of different offices, different requirements. IMHO the OP would therefore be strongly advised to check the position at his local office.

 

[Carrbhoy]

1 minute ago, OJAS said:

I, too, have recently switched from the 65k monthly income to the 800k bank balance method for my retirement extensions - and, like you, have continued with making monthly Wise transfers from my UK account to my Bangkok Bank account even after I had accumulated 800k in a separate Krungsri account well before the 2-month seasoning period kicked in. However, even though I had armed myself with a letter + statements from Bangkok Bank to prove my continuing compliance with the 65k monthly income method, Rayong Immigration didn't ask to see these when I applied for my latest retirement extension there a few weeks ago, and were only interested in the Krunsgri letter which I had obtained + passbook confirming compliance with the 800k method.

 

Our seemingly contrasting experiences sound to me like a typical case of different offices, different requirements. IMHO the OP would therefore be strongly advised to check the position at his local office.

 

Thanks for sharing. I will do.

 

I'll be armed with evidience of both too. Hopefully Chaing Mai IO will allow me to renew the 12 month permission to stay based on the minimum 65k monthly transfers so I can release the funds in the low interest account which I would like to use for other matters.

 

[KannikaP]

6 minutes ago, OJAS said:

57 minutes ago, hotandsticky said:

OK.

 

Not sure if it has been covered above but beware of the implications of switching the basis of your extension.

 

I switched from monthly transfers (which I still make) to money in the bank. I could easily have made the mistake of stopping monthly transfers once I had ensured that 800k was in the bank 2 months before. The Immigration first checked that I had complied with the previous basis of the extension before checking that 800k was in the bank for 2 months.

Expand  

I, too, have recently switched from the 65k monthly income to the 800k bank balance method for my retirement extensions - and, like you, have continued with making monthly Wise transfers from my UK account to my Bangkok Bank account even after I had accumulated 800k in a separate Krungsri account well before the 2-month seasoning period kicked in.

The 800k in the bank (400k after three months) cannot be touched so you still need 'money to live on'. When doing the monthly transfer, be it 65k or less, you can spend every last satang.

[hotandsticky]

33 minutes ago, KannikaP said:

The 800k in the bank (400k after three months) cannot be touched so you still need 'money to live on'. When doing the monthly transfer, be it 65k or less, you can spend every last satang.

Indeed - that is why I will revert to the income method. Tying up 800k for 5 months and 400k for 7 months seems pointless to me 

[Carrbhoy]

17 hours ago, hotandsticky said:

Indeed - that is why I will revert to the income method. Tying up 800k for 5 months and 400k for 7 months seems pointless to me 

I'm definitely doing this now that I know it frees up the funds in low interest accounts.