Change from 800,000 in the bank to 65,000 a month income?

[ScotlandtheBrave]

Next year I will start to receive my UK State Pension which on top of my NHS pension will give me the 65,000 a month income and could potentially free up the 800,000 I have kept in the bank for my annual retirement visa renewal. How do I demonstrate to Immigration that this is valid? I usually transfer my pension monthly using Wise.

[TheAppletons]

To switch, you'll need the previous twelve consecutive months' worth of bank statements showing 65K or more THB transferred into the account from outside of the country - FTT is the bank code, IIRC.

 

Edit to add:  when transferring with WISE, make certain the check the box "funds for long term stay" as the reason.  

Edited October 16, 2023 by TheAppletons
Clarification

[brianthainess]

2 minutes ago, TheAppletons said:

To switch, you'll need the previous twelve consecutive months' worth of bank statements showing 65K or more THB transferred into the account from outside of the country -

So can you spend that 65k every month once it shows in your account?

[TheAppletons]

12 hours ago, brianthainess said:

So can you spend that 65k every month once it shows in your account?

Yup.

[BritTim]

If you have made the 65k+ transfer each month, you should be able to make the change. There are a couple of points to add.

 

First, if the Wise transfer is not to a Bangkok Bank or Kasikorn Bank account (even using the "money for long term stay" reason for the transfer) the money will not show up as a foreign transfer into your account. The money will appear to be a domestic transfer. At most offices, you can just show the record of your Wise transfers, and that the dates match up with the receipts into your account and that will be accepted. At some offices, you may need the credit advice documents from your Thai bank that prove the money originated abroad.

 

Technically, even once you have a new extension of stay (based on money in the bank) having already a few months of 65k+ transfers, you are probably supposed to maintain the 800k in your bank account for three further months. This is to prove it was really your money, and not just a short term loan. For a subsequent extension 12 months later (when you have already made over 12 months of 65k+ transfers) this may be checked.

 

Outside of this, there are as always some rogue offices that may interpret the rules incorrectly, and insist that the 800k/400k baht must remain in your account the whole year if the previous extension was based on money in the bank. For that reason, unless you are using an office that is known to follow the official interpretation, I suggest you clearly explain your plans at the time of your last extension based on money in the bank, and receive their agreement that you will be able to use income in the future.

[flexomike]

When changing from the 800,000 baht to the 65,000 baht most Immigration offices will require you to have had 12 consecutive deposits of no less than 65,000 baht and must show that it came from a foreign source

[KannikaP]

7 minutes ago, flexomike said:

When changing from the 800,000 baht to the 65,000 baht most Immigration offices will require you to have had 12 consecutive deposits of no less than 65,000 baht and must show that it came from a foreign source

So to change over, you need the 800k in the bank PLUS 12 x 65k transfers?

Ask about the Combination Method, which I use at Phitsanulok. 400k in the bank and 12 x 40k. 

[KhunLA]

The deposits need to be traceable back to the overseas source.   This is done & verified, need at Imm by your Thai banks' 'Credit Advice' of your account, they will provide, when asked. 

 

Along with a statement of your account for those 12 months, and statement of your current balance, and best to have on the day you apply for extension.

[flexomike]

4 hours ago, KannikaP said:

So to change over, you need the 800k in the bank PLUS 12 x 65k transfers?

Ask about the Combination Method, which I use at Phitsanulok. 400k in the bank and 12 x 40k. 

I am in Rayong, did not need to show the 800,000 when I switched, just a twelve month statement of transfers, this was in December of 2022

[KannikaP]

Just now, flexomike said:

I am in Rayong, did not need to show the 800,000 when I switched, just a twelve month statement of transfers, this was in December of 2022

So you had 800k in the bank in November (or October) 2021 which got you the Extension in December 21. You then had to keep it for 3 months before you could withdraw 400k. Were you simultaneously transferring 65k a month since then until renewal in Dec 22

[flexomike]

8 minutes ago, KannikaP said:

So you had 800k in the bank in November (or October) 2021 which got you the Extension in December 21. You then had to keep it for 3 months before you could withdraw 400k. Were you simultaneously transferring 65k a month since then until renewal in Dec 22

 

8 minutes ago, KannikaP said:

So you had 800k in the bank in November (or October) 2021 which got you the Extension in December 21. You then had to keep it for 3 months before you could withdraw 400k. Were you simultaneously transferring 65k a month since then until renewal in Dec 22

never touched the 800,000, and Immigration never questioned it, I have had 65,000 coming in for a few years. If I was someone that was switching over I would not touch the 800,000 until I received my extension using the 65,000 baht method.

[DrJack54]

22 minutes ago, flexomike said:

If I was someone that was switching over I would not touch the 800,000 until I received my extension using the 65,000 baht method.

Agree.

I obtained 12 month extension Oct 4 using 800k+ in bank all year round for many years

 

I will now start 65k+ monthly transfers and also maintain the 800k until my next extension.

At that point with 12 months of transfers I can use that ongoing method ongoing.

 

If there is a snag I can fall back on money in bank method. 

(Oz pp no embassy letter available) 

[wwest5829]

On 10/16/2023 at 10:26 AM, TheAppletons said:

Yup.

Agree. Chiang Mai and our family of 3 have no trouble spending the 65K every month. Sometimes a trip, extra is put in the savings account for trips.