Proving 65K monthly transfers from abroad when using Wise

[foreverlomsak]

1 hour ago, GypsyT said:

May I ask this;

if somebody uses 65k a month for visa can that money be taken out? Or has it to be kept in the account for certain time? If so, how long?

 

As @BritTim has said it fully usable and that then makes your 800K fully available for use as well.

[GypsyT]

What "800 000"? I think 65k a month is only what you need.

800k in the bank is an OPTION in case you don't meet 65l a month.

 

However, I get confused why they talk about "combination of both".

If you bring in 65k a month do you need to keep any in the bank?

According to Brit Tim you don't.

 

The other think; Can I pay monthly salary to myself from my "Trust account"?

 

 

[BritTim]

6 hours ago, GypsyT said:

What "800 000"? I think 65k a month is only what you need.

800k in the bank is an OPTION in case you don't meet 65l a month.

 

However, I get confused why they talk about "combination of both".

If you bring in 65k a month do you need to keep any in the bank?

According to Brit Tim you don't.

 

The other think; Can I pay monthly salary to myself from my "Trust account"?

The combo option (which is supposed to be available, but which some offices will refuse to allow) is used when you cannot qualify on income or money in the bank individually. For example, someone might only be able to transfer 50k baht per month (600k per year). To qualify for a retirement extension, they could, in addition, show a bank balance of 200k baht.

 

These days, just satisfying income by itself is painful enough. The combo method is certainly not something I would do if I could find a reasonable alternative.

[foreverlomsak]

10 hours ago, GypsyT said:

What "800 000"? I think 65k a month is only what you need.

800k in the bank is an OPTION in case you don't meet 65l a month.

 

However, I get confused why they talk about "combination of both".

If you bring in 65k a month do you need to keep any in the bank?

According to Brit Tim you don't.

 

The other think; Can I pay monthly salary to myself from my "Trust account"?

 

 

yes it's either or,  65k per month or 800k in the bank

combination or combo is when you can only bring in say 40k pm, then you need 320k+ in the bank e.g.  40k pm x 12 months = 480k + 320k = 800k

the only time you will need both concurrently is if you are changing from 1 to the other, say this years extension is based on money in the bank, you need to prove you have maintained 800k for 3 months after, and 400k thereafter until you increase to 800k 2 months before, meanwhile you will need to be able to show 12 months of 65k income for your subsequent extension.

not all IO's accept all options, apparently mine will only accept the 800k in the bank, they will not accept 65k per month or the combo approach.

 

[GypsyT]

Thank you all!

Looks like best to keep 800k in the Thailand bank all the time ????

It's only 23 000 USD. Not worth rotating 65k and jumping through the Thai hoops.

[lopburi3]

8 minutes ago, GypsyT said:

Thank you all!

Looks like best to keep 800k in the Thailand bank all the time ????

It's only 23 000 USD. Not worth rotating 65k and jumping through the Thai hoops.

You are not rotating or jumping through any more hoops.  This is your living money from overseas source that you spend as you wish.  You would still need living money if using 800k in bank method.  So for most people with retirement income the income method works fine.

[foreverlomsak]

I am on the 800k in the bank, and well aware of the conditions.

In a few weeks I will start to get UK State Pension, this combined with the private pensions fall a little short of the 65k, so instead of having 800k sitting in bank account and bringing in spending money I thought I'd explore the income route, only issue I could see was proving origin of the funds (i.e. foreign), where I came in with the questions.

This has turned out to be an academic exercise for me at the end of the day, as apparently my IO will not allow me to go the income route, but maybe we have broken loose some info that may help somebody else.

Thanks to all that contributed.

[GypsyT]

"You are not rotating or jumping through any more hoops.  This is your living money from overseas source that you spend as you wish'

 

I WAS going to rotate 65k back 'n forth ????

Why to have 800k sitting in the bank?

For expenses I use Card to get Airline Points for free tix.

I also carry cash, always. Pics of dead prez has power!

 

[lopburi3]

49 minutes ago, GypsyT said:

"You are not rotating or jumping through any more hoops.  This is your living money from overseas source that you spend as you wish'

 

I WAS going to rotate 65k back 'n forth ????

Why to have 800k sitting in the bank?

For expenses I use Card to get Airline Points for free tix.

I also carry cash, always. Pics of dead prez has power!

 

You might want to check real costs of those airline points - exchange rate will be less than Wise - ATM use fee - Card foreign use fee - the money in pocket here is Baht and 65k transfer each month helps to take care of that.

But do understand some prefer cash in account and some will have no fee cards making their use more attractive.