Can I use ATM withdrawals to satisfy monthly income requirements for Non Imm O visa retirement

[gk10012001]

I am aware of the costs and fees, but for simplicity can I use ATM withdrawals to satisfy my monthly income transfer requirements?

[DrJack54]

No

[Dan O]

No, you need the money deposited into a Thai Bank monthly. Each deposit must be coded as an International Transfer into the bank. You will be required to show proof of bank deposits for each month when you go for the extension of stay.  You'll need a full 12 months of deposits to use this type extension option unless you combine deposits with money already in the bank 

[FritsSikkink]

An ATM withdrawal is not an income transfer, so that would be a no.

[likerdup1]

No. Gonna need documentation for Immigration officials my friend. Bank transfers. Wires, Switft etc. have a good paper trail. And it is gonna have to be one years worth of transactions from what I recall. (check it out)

 

Going with the 800k in the bank is a better option IMHO.

[jerrymahoney]

Also, depending upon the office and the individual IO within the office, you may need a "source of income" letter to go with the 65K+ monthly income requirement.

[KannikaP]

10 hours ago, Dan O said:

No, you need the money deposited into a Thai Bank monthly. Each deposit must be coded as an International Transfer into the bank. You will be required to show proof of bank deposits for each month when you go for the extension of stay.  You'll need a full 12 months of deposits to use this type extension option unless you combine deposits with money already in the bank 

You still need 12 months of regular transfers, each in different months.

I do 40k per month = 480k plus 320k in the bank. My IO has OKed this.

[gk10012001]

19 hours ago, jerrymahoney said:

Also, depending upon the office and the individual IO within the office, you may need a "source of income" letter to go with the 65K+ monthly income requirement.

yeah, I have heard rumors of needing a source of income statement.  I also pointed out years ago when the USA stopped doing the income affidavits, that somebody could be just spending down some money and sending it to Thailand every month in the required 65k baht amounts.  Those transfers in no way prove a source of income in the traditional sense of the word.  Many people cash out their 401ks or IRAs due to market uncertainty and decide to just spend it down. 

 

Anyway, thanks.

[Balance]

On 3/20/2023 at 1:05 AM, gk10012001 said:

yeah, I have heard rumors of needing a source of income statement.  I also pointed out years ago when the USA stopped doing the income affidavits, that somebody could be just spending down some money and sending it to Thailand every month in the required 65k baht amounts.  Those transfers in no way prove a source of income in the traditional sense of the word.  Many people cash out their 401ks or IRAs due to market uncertainty and decide to just spend it down. 

 

Anyway, thanks.

My Social Security transfers go from the SS adminiatration to Bangkok Bank in New York and then to Thailand.  Since the bank knows where the transfer came from, that should be a sufficient Source of Payment that could be matched up with the annual annual SS benefits letter that the embasey refuses to acknowledge.  The trick now is to get the bank to issue a letter to that effect. 

 

[Srikcir]

Based on my past 10 annual non O-A extensions to document minimum 65k baht foreign transfers per month, my KB will generate a Credit Advice Report (CAR) that documents the exchange rate, sender, receiver, accounts & address information, date, transfer fees, etc. These 12 monthly CAR transfers would then have to match the bank's annual summary of all the monthly foreign transfers. My IO's would match up each of the 12 CAR'S with the bank annual summary to verify completeness (?).

 

Currently,  I hold a LTR visa that doesn't require any proof of foreign deposits to Thailand - only need to document annual income. 

[DodgerRodger]

I was thinking that, if no source of income documentation is asked for, would it not be possible to recycle the same 65K every month into and out of Thailand at the cost of the FX transfer fees?

[arick]

You need a letter from your embassy so up to your embassy. Non O requires a letter from your embassy no bank details. 

[arick]

On 3/18/2023 at 10:10 PM, Dan O said:

No, you need the money deposited into a Thai Bank monthly. Each deposit must be coded as an International Transfer into the bank. You will be required to show proof of bank deposits for each month when you go for the extension of stay.  You'll need a full 12 months of deposits to use this type extension option unless you combine deposits with money already in the bank 

No you doesn't . You need a letter from your embassy stating you have an income totally 60-65,000 a month. I have never been asked for any bank details from immigration.  That is why immigration loves the embassy letter it makes their life much easier. Monthly income can be from any legal sources even here in Thailand 

Edited March 21, 2023 by arick

[jerrymahoney]

11 hours ago, DodgerRodger said:

I was thinking that, if no source of income documentation is asked for, would it not be possible to recycle the same 65K every month into and out of Thailand at the cost of the FX transfer fees?

Maybe. But that's why some offices/IO's at least ask for proof as to source of funds.

[Dan O]

40 minutes ago, arick said:

No you doesn't . You need a letter from your embassy stating you have an income totally 60-65,000 a month. I have never been asked for any bank details from immigration.  That is why immigration loves the embassy letter it makes their life much easier. Monthly income can be from any legal sources even here in Thailand 

Correct that is only if you can get a letter from your embassy. Many embassies don't provide income letters any longer 

[gk10012001]

On 3/21/2023 at 7:43 PM, Dan O said:

Correct that is only if you can get a letter from your embassy. Many embassies don't provide income letters any longer 

As Dan O stated.  USA in my case does not issue the letter.  Quite a nuisance that I was not expecting when I retire to Thailand.  That would have just made financial things simpler and less other agencies one would have to deal with.  Setting up monthly transfers.  None of my current three USA banks do that automatically to overseas accounts.  I have to contact them each month, and usually deal with somebody on their staff that has little to no experience with it. Then of course one has to check and hope it gets coded properly on the Thailand end.  As for 800k baht on deposit, well, that would now require that FINCEN or FBAR report.  Easy yes, but it would require me to report that on some other forms due to my work and security clearance.  Just one more thing I don't desire to have some US Government official asking about.  Anything dealing with foreign countries can lead to time loss due to inquiries, etc.

[DrJack54]

10 minutes ago, gk10012001 said:

As Dan O stated.  USA in my case does not issue the letter.  Quite a nuisance that I was not expecting when I retire to Thailand.  That would have just made financial things simpler and less other agencies one would have to deal with.  Setting up monthly transfers.  None of my current three USA banks do that automatically to overseas accounts.  I have to contact them each month, and usually deal with somebody on their staff that has little to no experience with it. Then of course one has to check and hope it gets coded properly on the Thailand end.  As for 800k baht on deposit, well, that would now require that FINCEN or FBAR report.  Easy yes, but it would require me to report that on some other forms due to my work and security clearance.  Just one more thing I don't desire to have some US Government official asking about.  Anything dealing with foreign countries can lead to time loss due to inquiries, etc.

Put 800k in bank and leave it there OR use an agent to avoid financials. 

Many USA folk on AseanNow have had no issue. 

Using monthly transfers or money in bank method. 

Edited March 26, 2023 by DrJack54

[Shop mak]

On 3/22/2023 at 6:01 AM, arick said:

No you doesn't . You need a letter from your embassy stating you have an income totally 60-65,000 a month. I have never been asked for any bank details from immigration.  That is why immigration loves the embassy letter it makes their life much easier. Monthly income can be from any legal sources even here in Thailand 

+1.

I can also confirm this, Pension more than 800k + embassy letter. That's it.

 

In OP's more complicated situation, I would personally use a agent (that half of the forum members seems to hate). Ask for recommended agent in the area you plan to stay, and it would run smooth with less requirements. If need to borrow 800k from a agent, one would typically have to pay 25,000+ for this assistance.

[DrJack54]

3 minutes ago, Shop mak said:

If need to borrow 800k from a agent, one would typically have to pay 25,000+ for this assistance.

Where did 25k come from.

Presumably he has the non O and just needs annual extensions.

That will be more like 14k 

[Shop mak]

33 minutes ago, gk10012001 said:

Setting up monthly transfers.  None of my current three USA banks do that automatically to overseas accounts.  I have to contact them each month, and usually deal with somebody on their staff that has little to no experience with it. Then of course one has to check and hope it gets coded properly on the Thailand end.  As for 800k baht on deposit, well, that would now require that FINCEN or FBAR report.  Easy yes, but it would require me to report that on some other forms due to my work and security clearance.  Just one more thing I don't desire to have some US Government official asking about.  Anything dealing with foreign countries can lead to time loss due to inquiries, etc

From THIS, I take it as OP find transfer difficult and look for alternative ways, to avoid FINCEN FBAR reports that jepardize OP'S work / security clearance etc etc.

To avoid above multiple problems, borrowing 800k from a agent is a easy way out, of which a agent will want 25,000 baht for.

[DrJack54]

36 minutes ago, Shop mak said:

To avoid above multiple problems, borrowing 800k from a agent is a easy way out, of which a agent will want 25,000 baht for.

Do you understand how agents work to cover the money in bank option.

 

You do not "borrow money from agent" 

The agent deposits funds and withdraw.

 

When someone has a non O the cost of the extension will be 12,500b in Pattaya and higher in other areas. 

Not 25k

Edited March 26, 2023 by DrJack54

[riclag]

1 hour ago, DrJack54 said:

Do you understand how agents work to cover the money in bank option.

 

You do not "borrow money from agent" 

The agent deposits funds and withdraw.

 

When someone has a non O the cost of the extension will be 12,500b in Pattaya and higher in other areas. 

Not 25k

Ihave a question you mentioned The agent deposits funds and withdraw.

Whos bank account  is the agent depositing in?

I never used a agent and don’t intend to but just curious .

[DrJack54]

2 minutes ago, riclag said:

Ihave a question you mentioned The agent deposits funds and withdraw.

Whos bank account  is the agent depositing in?

I never used a agent and don’t intend to but just curious .

Applicants bank account.

If farang does not have a Thai bank account then that would be extra ~4k .

[riclag]

36 minutes ago, DrJack54 said:

Applicants bank account.

If farang does not have a Thai bank account then that would be extra ~4k .

Ok thanks, Doesn’t the op want to avoid filing a FBAR ?

If he has money over $10k even for 1 day he has to file, right.

Im just saying!

 

Edited March 26, 2023 by riclag

[Shop mak]

OP @gk10012001 

Can you clarify your bottom line: do you need to use a agent for the 800k, or have you found a way to transfer, even with the issues you mentioned earlier?

 

 

Too others, well I moved here in the 90's and used agent since they started, know better than you how they work.

My last yearly extension was less than 10k, and a popular agent who sadly passed away, formerly in soi LK Metro, then near Big C south Pattaya wanted 25k-35k.

Do you know how agents actually work, and what they charge. Rhetoric Q.

Edited March 26, 2023 by Shop mak

[Maestro]

Removed a spam post.

[Lemsta69]

4 hours ago, Shop mak said:

of which a agent will want 25,000 baht for.

Maneerat in Soi Post in Patts do extensions for B12.5k*. That's the lowest I've heard of on here for the Full Monty. I'm happy with them and will continue using them unless someone can convince me otherwise ????

 

* there may be extra fees for the bank. B4,700 to open a BBL a/c at the preferred branch or B1,600 if you have an out-of-province BBL a/c.

Edited March 26, 2023 by Lemsta69
added caveat

[OJAS]

On 3/22/2023 at 6:43 AM, Dan O said:

Correct that is only if you can get a letter from your embassy. Many embassies don't provide income letters any longer 

Only 3 embassies don't to the best of my knowledge - USA, UK and Australia. That said those 3 do represent a sizeable chunk of the expat population here in LOS, I strongly suspect.

 

[DrJack54]

8 hours ago, Shop mak said:

Do you know how agents actually work, and what they charge. Rhetoric Q.

Yes so you used Darren Key Visa fine...

An annual extension at Maneerat Soi post office is 12,500baht.

More expensive elsewhere eg Bangkok. 

 

You mentioned 25k.

That would be for obtaining a non O along with 12 month extension..

Perhaps also require opening bank account so perhaps 30k + for Big Mac.

Do you understand? Rhetorical question. 

[jacko45k]

On 3/19/2023 at 9:06 AM, KannikaP said:

You still need 12 months of regular transfers, each in different months.

I do 40k per month = 480k plus 320k in the bank. My IO has OKed this.

Interesting, I thought the combi-method had gone, but apparently not.