Depositing 800k for retirement extension

[Issanraider]

I am hoping to return to Thailand permanently by the end of this year and have a residence with my common law wife in Khon Kaen.

I have had 2 accounts with Siam Commercial Bank for several years, having lived in Thailand for 7 years before returning to England in 2012 to look after my father who has now passed away. 

One of the accounts is a regular savings account i.e a current account and the other a Fixed Deposit Account.

When I sell my property in England which is currently going through, my plan was to send about 1 million baht to the Fixed Deposit Account by way of telegraphic transfer and leave it there for the required period in order to get my 1 year extension of stay.

However upon recently visiting a branch of SCB in Khon Kaen I told by one of their English speaking staff of my intention and she told me that it is not possible to transfer money into that account telegraphically and that the money will need to be sent to the savings account and then transferred over to the Fixed Deposit Account by doing a personal visit.

I find it difficult to believe that I can't do it by way of direct transfer but would appreciate hearing from anyone who has encountered this problem, or indeed managed to do a successful transfer in the manner I was proposing.

many thanks

[KhunLA]

Personally, if you are going back, I would simply carry it over as cash.  Make the declaration when leaving UK, if required.  Don't need to entering TH, I don't think, and deposit it.

 

This way you won't get hit with an income tax on those funds, as guessing getting taxed enough already.

 

First time, Imm office dependent, I don't think they care where the deposit comes from, although you could surely show paperwork, of UK withdrawal.

 

Saying this as my extension bank paperwork got screwed up a bit, and deposits were off for my marriage extension.   Imm officer asked if I had 400k, told yes, but would rather change to retirement, again, do you have the 800k, yes.  No prob, gave me a 60 day extension, and told me to deposit the money that day.   Returned, seasoned 2 months and approved.   Money simply withdrawn from play money account, (wife's name) an deposited in my account.  Not showing from out of TH.

 

Do ask at you Imm office to verify they'll accept.

[DrJack54]

3 minutes ago, KhunLA said:

Personally, if you are going back, I would simply carry it over as cash.  Make the declaration when leaving UK, if required.  Don't need to entering TH, I don't think, and deposit it.

 

I think this is poor advice.

OP, why are you making easy difficult.

You can transfer funds into saving account using various methods.

Once in Thailand you can set up a FD account. 

BTW: why mention "common law wife" 

Means zip in Thailand. 

Is she Thai national. 

[Upnotover]

Assuming you have online access to the accounts I would try sending 1000 baht using Wise to the fixed deposit account.  Then see if it turns up - should do in seconds.  That would establish if or not you can indeed deposit money online.

[KhunLA]

7 minutes ago, DrJack54 said:

I think this is poor advice.

OP, why are you making easy difficult.

You can transfer funds into saving account using various methods.

Once in Thailand you can set up a FD account. 

BTW: why mention "common law wife" 

Means zip in Thailand. 

Is she Thai national. 

Why for me would be ...

 

 

 

[DrJack54]

@Mike Lister any advice on bringing large sums of cash into Thailand to avoid potential tax laws. 

[Mike Lister]

2 minutes ago, DrJack54 said:

@Mike Lister any advice on bringing large sums of cash into Thailand to avoid potential tax laws. 

 

There's a discussion underway currently in the long tax thread on the subject of whether or not funds remitted to Thailand in a year when the tax payer is not tax resident are taxable or not. The emerging picture is that those funds MAY not be taxable. If that continues to be the case, it will be important to ensure the funds are not remitted to Thailand in a year when you are tax resident here (180 days or more in a calendar year).

 

Regarding the transfer to a fixed account: I strongly suspect that it is not possible to transfer directly to a Fixed Account and that the funds must be deposited into a feeder account first, something such as a regular savings account. I have had that same issue in the past with UOB where a feeder account had to be used. Why? There's no logical reason as far as I can see, other than the fact a Fixed Account is fixed by date and duration and the passbook will need to confirm those things. But given that rates here, even on Fixed Accounts, are so low, I wouldn't be overly concerned at losing out on quite small amounts of interest. 

[mlkik]

43 minutes ago, KhunLA said:

Personally, if you are going back, I would simply carry it over as cash.  Make the declaration when leaving UK, if required.  Don't need to entering TH, I don't think, and deposit it.

 

 

Individuals or tourists may bring foreign currency in the form of banknotes or coins out of or into the Kingdom without limits.  But if the total value exceeds USD 20,000 or its equivalent, a declaration must be made to the customs officer at the time of passing through Customs. Failure to declare items or declaring items incorrectly is a criminal offense.

[KhunLA]

2 minutes ago, mlkik said:

Individuals or tourists may bring foreign currency in the form of banknotes or coins out of or into the Kingdom without limits.  But if the total value exceeds USD 20,000 or its equivalent, a declaration must be made to the customs officer at the time of passing through Customs. Failure to declare items or declaring items incorrectly is a criminal offense.

THANKS for clarifying as I wasn't sure, and violated that one a few times 

[Digitalbanana]

13 minutes ago, Mike Lister said:

it will be important to ensure the funds are not remitted to Thailand in a year when you are tax resident here (180 days or more in a calendar year).

Why would funds be taxed if they are just funds being moved from another country ? The money being transferred is not considered income, but rather a movement of existing assets.

[Mike Lister]

Just now, Digitalbanana said:

Why would funds be taxed if they are just funds being moved from another country ? The money being transferred is not considered income, but rather a movement of existing assets.

If those funds were earned before 1 January 2024, there is no Thai tax issue, similarly, if they are not assessible funds, and the person is not tax resident here, there is also no Thai tax issue.

[brianburi]

What you were told in the bank is correct. Transfer the funds to your main saving account and when you get here go and transfer the funds to your fixed deposit account.

Fixed deposit accounts are strange beasts with their own rules.......

[Pattaya57]

1 hour ago, KhunLA said:

Personally, if you are going back, I would simply carry it over as cash.  Make the declaration when leaving UK, if required.  Don't need to entering TH, I don't think, and deposit it.

Are you seriously advising someone to walk around with £22,000 cash on them while they fly from UK to Bangkok and then travel to Khon Kean?

 

That would be madness....

[KhunLA]

10 minutes ago, Pattaya57 said:

Are you seriously advising someone to walk around with £22,000 cash on them while they fly from UK to Bangkok and then travel to Khon Kean?

 

That would be madness....

If you're prone to loosing things, I guess not.  I've travelled with more than that before.  To each their own.

 

[david555]

27 minutes ago, KhunLA said:

If you're prone to loosing things, I guess not.  I've traveled with more than that before.  To each their own.

 

same for me , just keep awake and aware you carry it on you ....., don't take taxi but take bus (Safe as many people on board 👍) to your destination ......and FORGET the thought to visit a bar before the bank 😏

[scottiejohn]

30 minutes ago, KhunLA said:

If you're prone to loosing things, I guess not.  I've travelled with more than that before.  To each their own.

 

You of course declare these amounts as and when required!

 

 

 

 

[KhunLA]

20 minutes ago, scottiejohn said:

You of course declare these amounts as and when required!

Nah, though can't say I'd do it again, as didn't know at the time, if true, security X-ray, if paying attention, can actually identify money.  Though did make sure all notes lined up, so the strip was all aligned, not sure if good or bad Idea   Did have paperwork/signed contract, justifying the amount.

 

I've carried large sums, in manila envelops, bottom, with folded paperwork on top.  Multiple stacks in briefcase, and would appear to be nothing but paperwork.   Only a couple times.

 

All irrelevant, but since you asked, as I know how authorities in USA like confiscating people's money ... unjustly.

[scottiejohn]

7 minutes ago, KhunLA said:

security X-ray, if paying attention, can actually identify money.

So can the sniffer at dogs at major airports etc!

money sniffing dogs - Search (bing.com)

[Phulublub]

3 hours ago, Issanraider said:

When I sell my property in England which is currently going through, my plan was to send about 1 million baht to the Fixed Deposit Account by way of telegraphic transfer and leave it there for the required period in order to get my 1 year extension of stay.

If you cannot transfer direct, then transferring to your Savings Account will start the clock in any case...then you can transfer to Fixed when here.  All you need do is show both Account balances etc when applying for your Visa.

 

PH

[KhunLA]

6 minutes ago, scottiejohn said:

So can the sniffer at dogs at major airports etc!

money sniffing dogs - Search (bing.com)

Sniffer dogs are always/usually at the checked baggage belt, when being loaded out of sight of passengers.   We use to have a flight from Amsterdam, and almost every flight, they'd find ganga in at least 1 bad.

[Mike Lister]

The bigger problem with carrying large amounts of cash is, what do you do with it when you get to your Thai home? If you put it in the bank, the teller will probably make a note or raise a flag somewhere. In the past I've withdrawn 2 million Baht in cash and walked it across the mall to another bank and deposited it there and nobody said a word. Today, I'm not so sure you can do that any more.

[david555]

8 minutes ago, Mike Lister said:

The bigger problem with carrying large amounts of cash is, what do you do with it when you get to your Thai home? If you put it in the bank, the teller will probably make a note or raise a flag somewhere. In the past I've withdrawn 2 million Baht in cash and walked it across the mall to another bank and deposited it there and nobody said a word. Today, I'm not so sure you can do that any more.

if you withdraw the amount cash from bank , you can ask a proof of withdraw i guess , and can show to the depositing bank teller ......or do i missing something here....?

And if bringing it cash from your home country same procedure , and eventually reporting out , and in to Thailand reporting by the RED channel

 

following regulations make it easy you know 😉

[Mike Lister]

3 minutes ago, david555 said:

if you withdraw the amount cash from bank , you can ask a proof of withdraw i guess , and can show to the depositing bank teller ......or do i missing something here....?

Yes, I suppose you can do that within Thailand and it may work. But trying to withdraw cash in one country, fly it over here and then try to deposit in cash at a Thai bank, I think will be problematic.

[scoutman360]

4 hours ago, Issanraider said:

 

When I sell my property in England which is currently going through, my plan was to send about 1 million baht to the Fixed Deposit Account by way of telegraphic transfer and leave it there for the required period in order to get my 1 year extension of stay.

However upon recently visiting a branch of SCB in Khon Kaen I told by one of their English speaking staff of my intention and she told me that it is not possible to transfer money into that account telegraphically and that the money will need to be sent to the savings account and then transferred over to the Fixed Deposit Account by doing a personal visit.

SCB told me the same thing. Cannot wire to a fixed account. You can wire it to your savings account. But your bigger problem is that the money hasn't been seasoned long enough. Check the requirements for extension at your local IO. Bangkok's CW wants to see a 1 year bank statement showing you had the full fund amount "x" months after your last VISA was issued and "x" months before your extension request.

[Phulublub]

8 minutes ago, scoutman360 said:

SCB told me the same thing. Cannot wire to a fixed account. You can wire it to your savings account. But your bigger problem is that the money hasn't been seasoned long enough. Check the requirements for extension at your local IO. Bangkok's CW wants to see a 1 year bank statement showing you had the full fund amount "x" months after your last VISA was issued and "x" months before your extension request.

But the money IS being seasoned....just using two accounts with one of them always having the required amount.  Yes, you will have to provide two lots of statements, but that is all.

 

PH

[scoutman360]

13 minutes ago, Phulublub said:

But the money IS being seasoned....just using two accounts with one of them always having the required amount.  Yes, you will have to provide two lots of statements, but that is all.

 

PH

I have the same problem. Money stretched across a few accounts. Not sure how each office will deal with that. However, I can say for sure that some IO's will not accept money in fixed accounts. The money needs to be accessible at all times. If it is a fixed account where you cannot get your money until the expiration, immigration may not approve you. These are the rules in Bangkok's CW office. The author needs to check the local requirements. 

[david555]

20 minutes ago, Mike Lister said:

Yes, I suppose you can do that within Thailand and it may work. But trying to withdraw cash in one country, fly it over here and then try to deposit in cash at a Thai bank, I think will be problematic.

Why ? as  you have the proof of withdraw , AND if you reported it when entering Thailand on the RED channel of customs  .

 

as i did that , even whiteout red channel reporting as the sum was under the value of 15000 us dollars ( in Euro bills )

 

Only thing you need is traceable documentation(s)

[Mike Lister]

Just now, david555 said:

Why ? as  you have the proof of withdraw , AND if you reported it when entering Thailand on the RED channel of customs  .

 

as i did that , even whiteout red channel reporting as the sum was under the value of 15000 us dollars ( in Euro bills )

 

Only thing you need is traceable documentation(s)

Yes for sure you're OK if you report it to Customs but I'd assumed that wasn't going to happen, if it was, why not just do a SWIFT transfer and reduce risk.

[Phulublub]

3 minutes ago, scoutman360 said:

I have the same problem. Money stretched across a few accounts. Not sure how each office will deal with that. However, I can say for sure that some IO's will not accept money in fixed accounts. The money needs to be accessible at all times. If it is a fixed account where you cannot get your money until the expiration, immigration may not approve you. These are the rules in Bangkok's CW office. The author needs to check the local requirements. 

Haivng money in a fixed account where you cannot withdraw is a different problem and, as you state, not allowed by many (most? all?) IOs.  Many fixed accounts, though, allow access but with loss of interest and that is perfectly acceptable.

 

PH

[david555]

14 minutes ago, Mike Lister said:

Yes for sure you're OK if you report it to Customs but I'd assumed that wasn't going to happen, if it was, why not just do a SWIFT transfer and reduce risk.

no swift , as i carry it myself i am sure it arrives whiteout any delay or compliance at my Thai bank depositing it in person with my documentations , swift works too but "can" have any  hassle , and even a customs red channel reporting gives you the proof it came cash way foreign way to Thailand if that would be needed for the depositing purpose .......

 

ONLY do not bring gold !(even when reporting it ) as monetary gold importing to Thailand needs import license ,..... not for gold jewels