Change from 400k to monthly depost

[HarshMellow]

I have a marriage extension (from Jomtien) that expires in November 2024. I used the 400k deposit method to meet the financial requirement. I have done this a couple times already.

 

For my next extension in November, I would like to change to the THB40,000 per month deposit from a foreign bank. Question: in this situation, how many months would the 40k monthly deposit need to be made in order to qualify for the monthly deposit method? Would it still need to be 12 months?

 

 

Edited April 24 by HarshMellow

[Liquorice]

8 minutes ago, HarshMellow said:

Question: in this situation, how many months would the 40k monthly deposit need to be made in order to qualify for the monthly deposit method? Would it still need to be 12 months?

Yes, 12 x 40K monthly overseas transfers into a Thai bank account, if you're a UK, US or AU national, otherwise an Embassy Income letter.

[colinchaffers]

Some immigration offices do not allow you to swap, talk to them first. 

[Red Phoenix]

1 hour ago, Liquorice said:

Yes, 12 x 40K monthly overseas transfers into a Thai bank account, if you're a UK, US or AU national, otherwise an Embassy Income letter.

That's correct, and it means that unless you already started to do these +40K monthly transfers from abroad you won't be able to meet the 12 monthly transfers criterium to do the switch.

Also be aware as another poster mentioned that not all Imm Offices do allow to switch method, or might have some additional requirements that need to be met when they would allow it.  So best to talk to your local Imm Office to learn about their requirements. 

Edited April 24 by Red Phoenix

[AAArdvark]

I just did the change at Jomtien one month ago.  

Absolutely need 12 full months of deposits and a letter from your bank showing just your 12 deposits and in the letter there would be a statement stating that the deposits were foreign transfers. I didn't  need to, but best not to touch the ฿ 400K until you complete the switch. 

[paddypower]

22 hours ago, colinchaffers said:

Some immigration offices do not allow you to swap, talk to them first. 

once when i questioned my IO about his misunderstanding about the number of months needed for the bank deposit to remain intact, prior to extension application date, he said i was a 'dark influence' (seriously!). Lucky he doesn't carry a Glock. 🙂 

[paddypower]

14 minutes ago, AAArdvark said:

I just did the change at Jomtien one month ago.  

Absolutely need 12 full months of deposits and a letter from your bank showing just your 12 deposits and in the letter there would be a statement stating that the deposits were foreign transfers. I didn't  need to, but best not to touch the ฿ 400K until you complete the switch. 

would he not be able to apply the rule where you can withdraw 50% after 3 months and top up his deposit to 400k, 2 months before extension application date? or does that only apply to the 800k 'gang (of which I am a member).

[paddypower]

22 hours ago, Red Phoenix said:

That's correct, and it means that unless you already started to do these +40K monthly transfers from abroad you won't be able to meet the 12 monthly transfers criterium to do the switch.

Also be aware as another poster mentioned that not all Imm Offices do allow to switch method, or might have some additional requirements that need to be met when they would allow it.  So best to talk to your local Imm Office to learn about their requirements. 

yep. I'm going to take my deposit book to IO next month (the 3 months anniversary of my extension application date) and seek approval for a draw-down to 400,100 baht (just to be safe) 

[KannikaP]

31 minutes ago, AAArdvark said:

I just did the change at Jomtien one month ago.  

Absolutely need 12 full months of deposits and a letter from your bank showing just your 12 deposits and in the letter there would be a statement stating that the deposits were foreign transfers. I didn't  need to, but best not to touch the ฿ 400K until you complete the switch. 

So you will have to keep the 400k in the bank for 12 months until you have transferred 12 x 40k = 480k. At least you can spend the 40k each month.

[Red Phoenix]

11 minutes ago, paddypower said:

yep. I'm going to take my deposit book to IO next month (the 3 months anniversary of my extension application date) and seek approval for a draw-down to 400,100 baht (just to be safe) 

Better leave 401.000 THB on your Thai bank-account, in case 'annual account admin costs' are deducted by the Bank with the risk of slipping under the 400K tresshold when you have to little buffer.

[Liquorice]

1 hour ago, paddypower said:

would he not be able to apply the rule where you can withdraw 50% after 3 months and top up his deposit to 400k, 2 months before extension application date? or does that only apply to the 800k 'gang (of which I am a member).

 

50 minutes ago, KannikaP said:

So you will have to keep the 400k in the bank for 12 months until you have transferred 12 x 40k = 480k. At least you can spend the 40k each month.

No.

When using the 400K funds in the bank, method for extensions based on Thai spouse, the only requirement is to have 400K in a Thai bank account for 2 months prior to the date of application. Although it's recommended to keep those 400K funds in the bank until the extension is granted, you can then immediately withdraw the 400K.
There is no requirement to keep funds in the bank throughout the year, as with retirement extensions.

 

When switching to the income method, only 12 x 40K monthly overseas transfers are required for subsequent extensions, or an Embassy Income letter.

 

Edited April 25 by Liquorice

[Red Phoenix]

53 minutes ago, Red Phoenix said:

Better leave 401.000 THB on your Thai bank-account, in case 'annual account admin costs' are deducted by the Bank with the risk of slipping under the 400K tresshold when you have to little buffer.

It's not fully clear from @paddypower's post whether the 400K he mentions, is meant to cover the 2 month + consideration period from a Marriage extension, or the 7 'in between' months from a Retirement extension. 

I presumed he was staying on a Non Imm O Retirement extension, as he would only need +400K during the 2 months pre-application + consideration period when on a Marriage extension.

[Liquorice]

2 minutes ago, Red Phoenix said:

It's not fully clear from @paddypower's post whether the 400K he mentions, is meant to cover the 2 month + consideration period from a Marriage extension, or the 7 'in between' months from a Retirement extension. 

I presumed he was staying on a Non Imm O Retirement extension, as he would only need +400K during the 2 months pre-application + consideration period when on a Marriage extension.

Yep, he's clearly confusing the requirements for an extension based on retirement with those based on Thai spouse.

Two clearly different sets of requirements.

[paddypower]

48 minutes ago, Liquorice said:

Yep, he's clearly confusing the requirements for an extension based on retirement with those based on Thai spouse.

Two clearly different sets of requirements.

Thanks!! both responses to my post are correct. My problem is, I forgot to collect my Thai wife, when I arrived at the airport 26 years.ago. 🙂

[paddypower]

very curious to know, since there are 2 types of extensions, do the restrictions on working apply to both types of extensions?

[couchpotato]

2 hours ago, paddypower said:

would he not be able to apply the rule where you can withdraw 50% after 3 months and top up his deposit to 400k, 2 months before extension application date? or does that only apply to the 800k 'gang (of which I am a member).

You are getting your Visas/Extensions mixed up. Suggest you do some research first.

Plus the OP is wanting to change to the monthly income method..read his post.

[DrJack54]

6 minutes ago, paddypower said:

very curious to know, since there are 2 types of extensions, do the restrictions on working apply to both types of extensions?

Work is only prohibited for those on extensions based on retirement. 

Your earlier posts re extensions based on retirement are confusing the thread. 

Retirement and marriage have very different financial requirements. 

[couchpotato]

9 minutes ago, paddypower said:

very curious to know, since there are 2 types of extensions, do the restrictions on working apply to both types of extensions?

You can apply for WP on a 'Marriage Visa/Extension' only. Not on a Retirement Visa/Extension.

But once again you are very confused about the types of extensions and there financial requirements. Check out older threads before posting again.

Edited April 25 by couchpotato

[Liquorice]

13 minutes ago, paddypower said:

very curious to know, since there are 2 types of extensions, do the restrictions on working apply to both types of extensions?

Already answered by @DrJack54, but I'll just add, although work is permitted on an extension based on Thai spouse, you still require a work permit to be legal.

 

Current criteria for permits of stay based on retirement.

35-2561 (2019 (changed clause 2.22 of 327-2557 ENG.pdf 

 

Current criteria for permits of stay based on Thai spouse/family.

327-2557 (2014) - Criteria for extension ENG.pdf 

Scroll down to section 2.18

 

[paddypower]

21 minutes ago, couchpotato said:

You can apply for WP on a 'Marriage Visa/Extension' only. Not on a Retirement Visa/Extension.

But once again you are very confused about the types of extensions and there financial requirements. Check out older threads before posting again.

thanks you for clarifying. I got sidetracked by the Thai spouse extension, which I have no interest in, since I am married to a Canadian. It wont happen again I promise, and, for Heavens' sake, please don't report me to a moderator. You must have been a headmaster in a previous life?   :)

[paddypower]

10 minutes ago, Liquorice said:

Already answered by @DrJack54, but I'll just add, although work is permitted on an extension based on Thai spouse, you still require a work permit to be legal.

 

Current criteria for permits of stay based on retirement.

35-2561 (2019 (changed clause 2.22 of 327-2557 ENG.pdf 217.77 kB · 0 downloads  

 

Current criteria for permits of stay based on Thai spouse/family.

327-2557 (2014) - Criteria for extension ENG.pdf 504.7 kB · 3 downloads  

Scroll down to section 2.18

 

Thank you for the detailed references.

Edited April 25 by paddypower
spell

[fittobethaied]

I have an additional question to add to the OP's initial question. It's important to know exactly when to start those 40K Baht deposits for the 12 consecutive months. My Extension of Stay based on Marriage ends on May 17th, 2025, and I usually make application for the extension 1 month in advance, so April 17th. So, if I started my 40K international transfers in early May of this year and conclude them in early April next year just before I go for my Annual Extension of Stay, I will have made exactly 12 transfers to show at my Extension appointment. WOULD THAT BE CORRECT? If I get it wrong, then I'm screwed!

[paddypower]

good question, especially as I'm the ''gun shy guy'' from Nakohn Si. in my situation (where my application in Feb 2024 to switch from capital to income got rejected) the rules I was quoted (using your example of 40k/month) was this: i had the total income for the 2023 year, but it was deposited in 11 of the 12 calendar months - i.e. January to December, excluding May, which was credited on the 1st of June. Consequently, I had 2 pension deposits in June/none in May. That's fair enough - no argument with their ruling. My experience seems to imply that IO will look at the period from Jan - Dec for you. Then again, maybe not. my advice is - go to IO and ask them for what their ruling will be based on.

[paddypower]

an odd answer from IO: 3 months after my retirement extension renewal date, i had a well connected Thai  friend call the same IO officer we dealt with (and whom she regularly deals with for other expats) asking to confirm the date i could withdraw 400k out of my 800k. the answer was ''any time and you can withdraw ''any'' amount of the 800k,  so long as your re-deposit it 2 months before the date of you next renewal extension.'' I am 99% confident this is the wrong info. anyone else had a similar experience ? tia   (edit: i should add that i am deposited the minimum amount of pension income every month this year, with a plan to switch from the 800k method to  the pension income method, in Feb 2025. but that should be irrelevant to the IO ).

Edited May 27 by paddypower

[DrJack54]

38 minutes ago, paddypower said:

'' I am 99% confident this is the wrong info. anyone else had a similar experience ?

 

Discussed in this thread 

https://aseannow.com/topic/1232496-change-from-800k-bank-balance-to-65k-per-month/ 

 

You should also chat with your immigration office and outline your plan..

I'm currently doing same process.

Playing it safe will maintain the 800/400/800 till next extension and at same time started 65k+ transfers at time of last renewal.

Hence I cover both options. 

If any issue with the income method will just continue with funds in bank method. 

[paddypower]

On 4/25/2024 at 8:07 AM, AAArdvark said:

I just did the change at Jomtien one month ago.  

Absolutely need 12 full months of deposits and a letter from your bank showing just your 12 deposits and in the letter there would be a statement stating that the deposits were foreign transfers. I didn't  need to, but best not to touch the ฿ 400K until you complete the switch. 

interesting post. for me, i had 800k, just withdrew 400k . IO said i could withdraw the other 400k and reinvest it within 2 months before my next extension date. like you, i think i will play it safe. leave 400k intact, top it up at the appropriate time. you never know when IO is having a 'bad hair' day 🙂

[Liquorice]

6 hours ago, paddypower said:

interesting post. for me, i had 800k, just withdrew 400k . IO said i could withdraw the other 400k and reinvest it within 2 months before my next extension date. like you, i think i will play it safe. leave 400k intact, top it up at the appropriate time. you never know when IO is having a 'bad hair' day 🙂

Maybe, she never saw Immigrations updated policy regarding funds in the bank based on retirement  😉

35-2561 (2019 (changed clause 2.22 of 327-2557 ENG.pdf  

[paddypower]

On 5/27/2024 at 5:18 PM, Liquorice said:

Maybe, she never saw Immigrations updated policy regarding funds in the bank based on retirement  😉

35-2561 (2019 (changed clause 2.22 of 327-2557 ENG.pdf 217.77 kB · 0 downloads   

yep. seen that. no way am i going put on a limb, by withdrawal the balance of 400k on deposit. happy to see the 400k i withdrew is now earning 10% pa after tax.

[AAArdvark]

On 4/25/2024 at 8:24 AM, paddypower said:

would he not be able to apply the rule where you can withdraw 50% after 3 months and top up his deposit to 400k, 2 months before extension application date? or does that only apply to the 800k 'gang (of which I am a member).

Safety thing.  My passbook routinely showed a balance of near 0 but I was not question about it.  Being that it is a one time thing, it is safest to keep the money in your account until the new extension actually happens.