Non-0 based on 65k income with 2 monthly international deposits

[atpeace]

Have a pension that equals 67k at todays exchange rate sent to Bangkok Bank.  If the rate worsens and it is reduced to less than 65k, can I use a international wire transfer  to make up the difference?

 

E.g., pension 63k pension + 2k Wire

Edited September 29, 2023 by atpeace

[Presnock]

I use the 65K monthly monetary extension each year.  From everything that I have read including numerous questions and answers on this forum, If I were you I would make sure that every month you transfer at least 65K into your Thai bank from abroad.  Sending exactly 65K each month can be hazardous unless you check it out every month to ensure that there is at least 65K transferred into your account.  Good luck.

[atpeace]

2 hours ago, Presnock said:

I use the 65K monthly monetary extension each year.  From everything that I have read including numerous questions and answers on this forum, If I were you I would make sure that every month you transfer at least 65K into your Thai bank from abroad.  Sending exactly 65K each month can be hazardous unless you check it out every month to ensure that there is at least 65K transferred into your account.  Good luck.

Thanks but I was wondering if it could be done in 2 transfers.  63k and 10k for example.  I have searched for hours for an answer with no luck.   There has to be people that have two pensions sent to Thailand,   Maybe not...

[DrJack54]

Have your pension deposited into your bank account in home country.

 

Subsequently transfer 65k+ from home bank account using WISE or similar 

Edited September 30, 2023 by DrJack54

[Dazinoz]

20 minutes ago, atpeace said:

Thanks but I was wondering if it could be done in 2 transfers.  63k and 10k for example.  I have searched for hours for an answer with no luck.   There has to be people that have two pensions sent to Thailand,   Maybe not...

I use Wise and usually transfer 65k or more. This one month I must have clicked some thing wrong and a bit less came. I contacted my agent and he suggested I transfer a little more so the total was at least 65k. It went through immigration ok. So I am sure what you ask is ok.

[Crazy Noobie]

35 minutes ago, atpeace said:

Thanks but I was wondering if it could be done in 2 transfers.  63k and 10k for example.  I have searched for hours for an answer with no luck.   There has to be people that have two pensions sent to Thailand,   Maybe not...

Yes, you can have as many transfers per month as you want, as long as the total for the entire month is over the 65,000 baht requirement. Of course the bank code has to be FTT. I always transfer a min. of 70,000 baht per month, so I don't have an issue with the exchange rate changing on me.

[atpeace]

15 minutes ago, Crazy Noobie said:

Yes, you can have as many transfers per month as you want, as long as the total for the entire month is over the 65,000 baht requirement. Of course the bank code has to be FTT. I always transfer a min. of 70,000 baht per month, so I don't have an issue with the exchange rate changing on me.

Thanks everybody and the above answers my question.  I could use Wise but would rather just have the money deposited into my Bangkok Bank account because my wire transfer are free and easy.   Initially I will have one pension deposit that may be short of the 65k but a few years after I will have two that will be well over the limit. Cheers - my old age plans are coming together which is miraculous considering all my financial issues the last 5 years.

Edited September 30, 2023 by atpeace

[LikeItHot]

1 hour ago, Dazinoz said:

I use Wise and usually transfer 65k or more. This one month I must have clicked some thing wrong and a bit less came. I contacted my agent and he suggested I transfer a little more so the total was at least 65k. It went through immigration ok. So I am sure what you ask is ok.

WISE now has recurring transfers. Set it at 65k to be received at your Thai bank in the beginning of the month and forget it. The amount leaving the US can fluctuate without effecting the amount received.  No way to "click wrong"

[LikeItHot]

1 hour ago, atpeace said:

Thanks everybody and the above answers my question.  I could use Wise but would rather just have the money deposited into my Bangkok Bank account because my wire transfer are free and easy.   Initially I will have one pension deposit that may be short of the 65k but a few years after I will have two that will be well over the limit. Cheers - my old age plans are coming together which is miraculous considering all my financial issues the last 5 years.

No wires are free.  You may not see a fee, they may not list a fee but it comes out somewhere usually in the rate.

[Dazinoz]

5 minutes ago, LikeItHot said:

WISE now has recurring transfers. Set it at 65k to be received at your Thai bank in the beginning of the month and forget it. The amount leaving the US can fluctuate without effecting the amount received.  No way to "click wrong"

I prefer control of what I transfer. Only did one wrong click in many years. And we all don’t come from the US.

[LikeItHot]

8 minutes ago, Dazinoz said:

I prefer control of what I transfer. Only did one wrong click in many years. And we all don’t come from the US.

Setting a computer to automate a function is not relinquishing control.  You have proven your self clicking system fails.  I never said you were from the US or that the service was specifically for US expats.  You have trouble using technology and reading comprehension and could benefit from technology.  Look into it or stick it. Makes no difference to me.

[Dazinoz]

1 minute ago, LikeItHot said:

Setting a computer to automate a function is not relinquishing control.  You have proven your self clicking system fails.  I never said you were from the US or that the service was specifically for US expats.  You have trouble using technology and reading comprehension and could benefit from technology.  Look into it or stick it. Makes no difference to me.

Another blocked member. 

[atpeace]

50 minutes ago, LikeItHot said:

No wires are free.  You may not see a fee, they may not list a fee but it comes out somewhere usually in the rate.

They are with certain balances in your account.  They make their money using my money for investments and trading fees.  I get more money with a direct wire than using Wise but it is not the reason(tiny difference).  It is convenient to just have the money sent direct and setup another transfer every month of 10k baht using Wise if needed and it won't be needed in a few years.  I, like you,  think Wise is a great option but not the best IMO for me.  

[atpeace]

44 minutes ago, Dazinoz said:

Another blocked member. 

I replied to him but I have my doubts he is a real person.  Hard to imagine how someone could be so angry and ill mannered.  Then again after reading the dog fetish thread yesterday,  his type isn't all that hard to handle in comparison.

[Dazinoz]

12 minutes ago, atpeace said:

I replied to him but I have my doubts he is a real person.  Hard to imagine how someone could be so angry and ill mannered.  Then again after reading the dog fetish thread yesterday,  his type isn't all that hard to handle in comparison.

Oh there are a lot on here. I have been warned about my comments to some of them so I just block now.

 

His comments of "You have proven your self clicking system fails." after I said I had made one mistake in probably 7 years and "You have trouble using technology and reading comprehension and could benefit from technology."  just shows how arrogant some people are.

 

Its good to know so many perfect people out there.

Edited September 30, 2023 by Dazinoz

[AAArdvark]

3 hours ago, Dazinoz said:

I use Wise and usually transfer 65k or more. This one month I must have clicked some thing wrong and a bit less came. I contacted my agent and he suggested I transfer a little more so the total was at least 65k. It went through immigration ok. So I am sure what you ask is ok.

I use Wise scheduled transfers using the receiving amount. This will always give the exact amount that I set up to receive ,like  ฿ 65,000.00, and always within the a day or two of the date I specified. 

[Dazinoz]

1 minute ago, AAArdvark said:

I use Wise scheduled transfers using the receiving amount. This will always give the exact amount that I set up to receive ,like  ฿ 65,000.00, and always within the a day or two of the date I specified. 

Yes, mine too. Just one month a few less baht arrived. I must have done something wrong. I was like only 3 baht less.

[Liverpool Lou]

2 hours ago, Dazinoz said:

Another blocked member. 

Another member who seems to think that grandly announcing his blocking someone has any significance, or any effect on that member!

[1happykamper]

I would like to do my non o this way BUT... all deposits must be marked international transfers.. I've heard "stories" that sometimes they are not... So one payment can screw up everything. 

 

Also I would prefer to direct deposit my usa SS income direct to a Thailand bank... But that's sorta complicated to? Yes? It used to be only Bangkok Bank could be used by the government.. Is that Still the same situation? 

[flexomike]

8 hours ago, 1happykamper said:

I would like to do my non o this way BUT... all deposits must be marked international transfers.. I've heard "stories" that sometimes they are not... So one payment can screw up everything. 

 

Also I would prefer to direct deposit my usa SS income direct to a Thailand bank... But that's sorta complicated to? Yes? It used to be only Bangkok Bank could be used by the government.. Is that Still the same situation? 

I use Bangkok Bank, wife uses Krungthai, you can use almost any Thai bank for the transfer 

[Presnock]

21 hours ago, atpeace said:

Thanks but I was wondering if it could be done in 2 transfers.  63k and 10k for example.  I have searched for hours for an answer with no luck.   There has to be people that have two pensions sent to Thailand,   Maybe not...

from all that I read, the bank statements show how much "monthly" is transferred and includes multiple deposits.  BUT, the only problem I have heard of is whenever the deposits do not meet at LEAST 65K but, TIT and while I have been retired here for almost 20 years, I am not an expert by any means.

[Presnock]

14 hours ago, 1happykamper said:

I would like to do my non o this way BUT... all deposits must be marked international transfers.. I've heard "stories" that sometimes they are not... So one payment can screw up everything. 

 

Also I would prefer to direct deposit my usa SS income direct to a Thailand bank... But that's sorta complicated to? Yes? It used to be only Bangkok Bank could be used by the government.. Is that Still the same situation? 

I hae heard thatit may be possible but I really do not know for sure.  I know that my wife will want to do that in case of my demise.  Good luck, maybe someone else can advise all the info on that...might need to contact SS and ask

 

[5davidhen1]

From reading some comments on this thread, It appears that for the 65k method, one only needs to prove the monthly transfers from overseas, regardless of the source.

I was previously of the understanding that the transfers must come from my (UK) pension.

My UK pension(s), state and occupational, which are paid into my UK bank a/c currently fall a little short of the 65k.

Please, can someone who already annually extends their stay using a monthly wire transfer (I use Wise into my Bangkok bank a/c) assure me that this method is acceptable to Jomtien immigration?

Until now, I've been using a very good agent but, if it proves not too difficult using the 65k method, I'd like to "give it a go." 

 

[Ben Zioner]

On 9/30/2023 at 6:48 AM, atpeace said:

Thanks but I was wondering if it could be done in 2 transfers.  63k and 10k for example.  I have searched for hours for an answer with no luck.   There has to be people that have two pensions sent to Thailand,   Maybe not...

I think this is a very bad idea. It would be much better to merge all your pension payments into a single account at home and wire 66 or 67k yourself. Also having a one year buffer (800k) in your account at all time could save you being asked to pay income tax for money transferred before the end of this year. Next year you will have to pay 75000 income tax on that income. Retiring to Thailand in the current climate isn't a good idea.

[atpeace]

Do you really believe they will tax transfers?  I don't and from what I've read it seems nobody understands what might be implemented.  The odds of the money being taxed in your home country and again in Thailand is remote IMO.  Might be wrong but I try not to worry about things that seem logically insane.  

 

[Ben Zioner]

2 hours ago, atpeace said:

Do you really believe they will tax transfers?  I don't and from what I've read it seems nobody understands what might be implemented.  The odds of the money being taxed in your home country and again in Thailand is remote IMO.  Might be wrong but I try not to worry about things that seem logically insane.  

 

Yes they will, and bear some consequences, just as we will.. 

 

We don't know wether OP pays tax at the source of his pensions.

 

Hence my advice was not to plan o move to Thailand, at least for the next couple of years. I'd run if I could.

Edited October 1, 2023 by Ben Zioner

[atpeace]

2 hours ago, Ben Zioner said:

Yes they will, and bear some consequences, just as we will.. 

 

We don't know wether OP pays tax at the source of his pensions.

 

Hence my advice was not to plan o move to Thailand, at least for the next couple of years. I'd run if I could.

I've read the code and how you came to the conclusion that foreigner's will be taxed is a stretch. 

 I don't understand why the 800k reduces your tax risk as you stated.  In my estimation it increases it.  The first year you bring in the 800k would be taxable and all your transfer throughout the year to cover living expenses.  Not even close IMO.

[Ben Zioner]

8 hours ago, atpeace said:

I've read the code and how you came to the conclusion that foreigner's will be taxed is a stretch. 

 I don't understand why the 800k reduces your tax risk as you stated.  In my estimation it increases it.  The first year you bring in the 800k would be taxable and all your transfer throughout the year to cover living expenses.  Not even close IMO.

Not if you  spend less than 180 days in Thailand during the first calendar year.

[atpeace]

4 hours ago, Ben Zioner said:

Not if you  spend less than 180 days in Thailand during the first calendar year.

Hmm, Ok but not realistic for most that go the non-o route.  Seems like your reaching to justify your logic when simply you could state I like the simplicity of keeping 800k in a bank account which has been my belief the last 14 years.  Cheers 

[Ben Zioner]

9 minutes ago, atpeace said:

Hmm, Ok but not realistic for most that go the non-o route.  Seems like your reaching to justify your logic when simply you could state I like the simplicity of keeping 800k in a bank account which has been my belief the last 14 years.  Cheers 

You just don't get it. Someone who comes in in January 2024, with a non O, makes his 800k deposit for his extension of stay, under the new rules as they are known now,  will have to pay income tax on the 800k. Someone else doing the same in July 2024 would not. Is that too difficult for you? 

 

And what has "my logic" to do with all this? They make rules, we  have to think, act and react. Digging our heads in the sand certainly won't help.