Dipped below 800k for money in bank method

[DrJack54]

2 minutes ago, hotandsticky said:

 

 

At Jomtien I was told the same - Plus, 400k minimum for the remainder of the approval period.

I'm actually going to do 3 months after 800k and maintain 400k then back up to 800k two months prior to next extension.

Also continue with the monthly transfers 

Just to have all bases covered.

 

[hotandsticky]

Just now, DrJack54 said:

I'm actually going to do 3 months after 800k and maintain 400k then back up to 800k two months prior to next extension.

Just to have all bases covered.

 

 

Good idea.

 

 

Simplistically, I was told that I had to satisfy both criteria; 800k/400k under the terms on which the extension was agreed for THIS year and 12 x 65k min p.m. to satisfy the terms of the application for NEXT year.

[WDSmart]

6 minutes ago, DrJack54 said:

I'm also changing to income method (65k/month) the io at CW made it very clear ..yes can change showing 12 monthly transfers however MUST maintain the 800k for 3 months after current extension approved. 

My Immigration here in Phetchabun does not require 800K in your account if you meet the 65K monthly deposits. This is backed up by the information online: How to Get a 1-Year Extension of Non-Immigrant (O) Visa in Thailand? | Strictly Thailand

[Lacessit]

32 minutes ago, WDSmart said:

I have most recently been on a Type O visa and have gotten a one-year extension based on Retirement with 800K in the bank. Last year, my balance dipped below 800K, so I thought I would have to switch to a Marriage one-year extension, which takes a lot more paperwork. When I talked it over with my local Immigrations, they suggested I look at a Monthly Deposits extension. For that, you have to show you make monthly deposits into your Thai bank account for more than THB 67K (I think this is the amount). I transfer my USA Social Security monthly payments to my Thai bank account every month, so I easily qualified.

Long story short... Last week, I went down and got a one-year extension based on my Retirement using monthly deposits.

Just a suggestion for you to check out... 

I tried the income transfer method once. I found it was a major PITA, because I was having to transfer a mix of pension and capital, and also be wary of exchange rate fluctuations.

 

YMMV, but to me the 800K is far simpler. I transfer lump sums from the pension accumulating in an Australian account.

 

Lower  fees that way as well, and I can time transfers for better exchange rates.

[WDSmart]

1 minute ago, Lacessit said:

I tried the income transfer method once. I found it was a major PITA, because I was having to transfer a mix of pension and capital, and also be wary of exchange rate fluctuations.

 

YMMV, but to me the 800K is far simpler. I transfer lump sums from the pension accumulating in an Australian account.

 

Lower  fees that way as well, and I can time transfers for better exchange rates.

Yes, I understand all that, but some of us just don't have 800K that we can keep in a bank. I used to do that, but recently, my balance dipped below the 800K threshold, so I've gone with the 65K or more monthly deposits. My monthly Social Security pension is about 90K, and it is deposited in my USA bank account. So, I have no problem meeting the 65K minimum, even if I have to use some of those funds out of my USA bank account for other things. 

But, yes, it does cost me a little more in money transfer fees, but that's the price I have to pay to stay in Thailand with less than 800K in the bank unless I want to go with a one-year extension based on Marriage, which requires a lot more paperwork. I'd rather pay $50 a month or so in transfer fees rather than go through all that hassle of gathering up the Marriage paperwork. 

[DrJack54]

11 minutes ago, Lacessit said:

I tried the income transfer method once. I found it was a major PITA, because I was having to transfer a mix of pension and capital, and also be wary of exchange rate fluctuations.

I find the opposite is the case.

You consolidate any income streams, pensions, rents etc into one bank account in home country.

 

Use WISE for periodic transfer each month.

I transfer on 15 of every month 120k.

Right now the AU exchange is poor so be it. 

 

The two main disadvantages of money in bank method is opportunity cost and money being locked in bank if owner passes.

Moreso for unmarried folk.

Yes can make a Will. 

 

The other consideration is that even if using money in bank method., you still need to transfer money every month to live off. 

To each their own. 

[Lacessit]

Question for the OP:

 

My last extension was November 3, 2024.

 

Prior to that, I had BB and KK accounts, both with over 800K. The 800K in the BB account was used to support the retirement extension.

The BB account is with a Chiang Mai branch. The KK account is in Chiang Rai.

I would like to close the CM account, and transfer to CR as more convenient. There is also the fact BB needs a week to get a 12 month statement, whereas KK can do the statement immediately.

 

Can I use the KK account to support my 2025 extension?

[Lacessit]

10 minutes ago, WDSmart said:

Yes, I understand all that, but some of us just don't have 800K that we can keep in a bank. I used to do that, but recently, my balance dipped below the 800K threshold, so I've gone with the 65K or more monthly deposits. My monthly Social Security pension is about 90K, and it is deposited in my USA bank account. So, I have no problem meeting the 65K minimum, even if I have to use some of those funds out of my USA bank account for other things. 

But, yes, it does cost me a little more in money transfer fees, but that's the price I have to pay to stay in Thailand with less than 800K in the bank unless I want to go with a one-year extension based on Marriage, which requires a lot more paperwork. I'd rather pay $50 a month or so in transfer fees rather than go through all that hassle of gathering up the Marriage paperwork. 

Each to his own. You have a fair margin of safety with your US pension on exchange rates. Australian pensions are not as generous.

[DrJack54]

13 minutes ago, Lacessit said:

Can I use the KK account to support my 2025 extension?

Yes. 

One tip: when you close the BBL (CM) account keep the bank book (even though closed) 

Prior to my most recent extension (Nov 5) I had used 2 accounts.

One savings 400k plus and one FD 400k + both with Kasikorn.

 

I cancelled the FD during the minimum 400k period. 

Anyway...on application for my extension (Nov 5). I provided bank statements for both accounts.

 

The issue: immigration not happy I could not provide the bank book for the FD account.

No applicable to you as both your bank accounts have 800k 

 

Pointing out the issue for others. 

[Lacessit]

19 minutes ago, DrJack54 said:

I find the opposite is the case.

You consolidate any income streams, pensions, rents etc into one bank account in home country.

 

Use WISE for periodic transfer each month.

I transfer on 15 of every month 120k.

Right now the AU exchange is poor so be it. 

 

The two main disadvantages of money in bank method is opportunity cost and money being locked in bank if owner passes.

Moreso for unmarried folk.

Yes can make a Will. 

 

The other consideration is that even if using money in bank method., you still need to transfer money every month to live off. 

To each their own. 

I transfer lump sums via WISE every 3-4 months.

 

I made Thai and Australian wills more than 5 years ago. What's in Thailand goes to my GF, what's in Australia goes to my son.

 

I understand probate in Thailand is about six months.

 

I have a joint account with my GF. It has enough in it to last her several years.

 

Apologies for going off topic.

 

 

[LivingNThailand]

26 minutes ago, Lacessit said:

There is also the fact BB needs a week to get a 12 month statement, whereas KK can do the statement immediately.

You can now get the 12 month statement from Bangkok Bank in about 2 days.  I've done it twice.   You need to go to the bank and apply for the 12 month, then they send you an email the next day and you go back to the bank the same day you get the email or the following morning and pick up the statement and letter.  BB stamps  everything with the purple stamp. 

For Phuket it works well because immigration accepts the letter and statement up to 7 days.   I usually go to the bank on Thursday, they send an email on Friday.  I go back to the bank on Monday to pick everything up and off to immigration on Tuesday.    It's two times to the bank, but there is a lovely coffee shop across the street.

update:  you can get a 12 month statement free with mobile banking, but it is generic.   Your name and address will not be on the statement.  I'm pretty sure immigration wants those details on the statement

[bubblegum]

On 12/5/2024 at 11:07 AM, DrJack54 said:

So it happened...the old story partner "accidentally" withdrew from my "immigration bank account". Down to 798k and just now replaced after one/two days.

 

Extension obtained Nov 5 valid till Nov 8 2025.

So my choices: 

1. Start over. Either border bounce and obtain new non O at CW or fly somewhere such as Saigon and obtain eVisa non O retirement.

2. Use an agent for next extension.

3. See what happens with DTV 

Any suggestions welcome.

 

Main reason of posting, is all the threads I have read of guys similar story I have just thought how ridiculous to allow that to happen.

Yet it does. 

 

 

That's why I keep 2 accounts. 1 with and 1 without debit card.

[Lacessit]

4 minutes ago, LivingNThailand said:

You can now get the 12 month statement from Bangkok Bank in about 2 days.  I've done it twice.   You need to go to the bank and apply for the 12 month, then they send you an email the next day and you go back to the bank the same day you get the email or the following morning and pick up the statement and letter.  BB stamps  everything with the purple stamp. 

For Phuket it works well because immigration accepts the letter and statement up to 7 days.   I usually go to the bank on Thursday, they send an email on Friday.  I go back to the bank on Monday to pick everything up and off to immigration on Tuesday.    It's two times to the bank, but there is a lovely coffee shop across the street.

update:  you can get a 12 month statement free with mobile banking, but it is generic.   Your name and address will not be on the statement.  I'm pretty sure immigration wants those details on the statement

It did not work that way for me in Chiang Rai. I suppose like Immigration, banks have rules which vary from branch to branch.

 

For years, Chiang Rai Immigration accepted a 6 month bank statement. This year, they changed it to 12.

[DrJack54]

6 minutes ago, Lacessit said:

I made Thai and Australian wills more than 5 years ago. What's in Thailand goes to my GF, what's in Australia goes to my son.

My situation very similar.

 

My main reason to change to income method is to allow for minimal balance in my savings account.

The monthly transfers hit my bank (using WISE) and instantly transferred to Thai partner account.

If hit by bus there is minimal funds in bank (locked up) 

 

I have nothing here in Thailand in my name..

Car, properties etc all in Thai partner name.

Yes we are off topic however good opportunity to remind expats to have plans in place re probate.

Even more so if not married. 

[DrJack54]

12 minutes ago, LivingNThailand said:

you can get a 12 month statement free with mobile banking, but it is generic.

That is of no use for immigration purposes.

The bank statements (if required) must be from bank and stamped, signed etc.

Frankly I don't understand why folk use BBL.

Kasikorn along with most banks can provide 12 month bank statement on the spot.

Also K bank are one of the three banks that do not have to 50k limit for WISE. 

 

[LivingNThailand]

20 minutes ago, Lacessit said:

It did not work that way for me in Chiang Rai. I suppose like Immigration, banks have rules which vary from branch to branch.

That's too bad. I was pleasantly surprised when I found this option.  It went from 12 month statement in 7days, to in 10 days, to "Not Sure".  Very frustrating when planning your annual trip to immigration.

I go to the downtown branch.  I have this sneaky suspicion that if I went to the Central Festival branch they would say no.   They are a bit difficult there.  Maybe branch by branch, like you say. 

Well, everyone needs to do what is easiest and best for them.

[OJAS]

1 hour ago, bubblegum said:

That's why I keep 2 accounts. 1 with and 1 without debit card.

 

Is your debit-card-less account also without internet/app access? I can only make cash withdrawals from my dedicated 800k account (should I ever be minded to do so) in person at a branch.

[LivingNThailand]

1 hour ago, DrJack54 said:

Frankly I don't understand why folk use BBL.

Nine years ago when I moved here, I was told that Bangkok Bank had a contract with the US Social Security system, and that was the way to send my SS money to Thailand.  I don't know if that was true, but things have changed a lot in the past few years with money transfers, wires etc.   Personally, the thought of going to a new bank and filling out the massive amount of forms and paperwork needed to open 3-4 new bank accounts (mine, immigration, wifes), interent banking and mobile banking is mind-boggling and frankly, it's not worth the time or energy for me.  Especially now that there is an easier way to get the 12 month statement.  It's just one extra trip to the bank a year and a nice cup of coffee at the On On Hotel. 

But I agree, if I started today, I would definitely go with the K-Bank and skip BBL.
 

[SouthThailand]

On 12/6/2024 at 6:27 AM, DrJack54 said:

Every couple have their own "system". 

Obviously she has my card. Also knows pin. 

She made an error. 

 

Obviously, your system is flawed.

Blame the wife.

 

Your flawed system enabled her to make a mistake.

Your responsibility. 

 

[DrJack54]

7 minutes ago, SouthThailand said:

Your flawed system enabled her to make a mistake.

I will continue with what (suits) works for us.

One slip in 12 years I'm ok with.

As it turns out, I won't need to start over. 

Anything else useful..

[pub2022]

so, bit off topic sorry...

is a will here in Thailand enough to allow the wife/girlfriend access to my bank account saldo if a bus hit me?

Or I need one in my home country as well?

thanks

[DrJack54]

11 minutes ago, pub2022 said:

so, bit off topic sorry...

is a will here in Thailand enough to allow the wife/girlfriend access to my bank account saldo if a bus hit me?

Or I need one in my home country as well?

thanks

You can make a Will in Thailand specific to your Thai assets.

The obvious one being bank account especially if using money in bank method. 

 

Alternatively use income method and that ensures funds in account for immigration has almost zero balance. 

 

[DrJack54]

Trolling post removed

[scottiejohn]

11 minutes ago, DrJack54 said:

You can make a Will in Thailand specific to your Thai assets.

The obvious one being bank account especially if using money in bank method. 

Do you know of a simple method of doing that wrt just a simple fixed account going to the partner?

[DrJack54]

10 minutes ago, scottiejohn said:

Do you know of a simple method of doing that wrt just a simple fixed account going to the partner?

Here is link to thread discussing Will.

https://aseannow.com/topic/1329171-thai-last-will-and-testament-question/ 

 

Thinking Will good idea especially if you have/use an FD account.

As pointed out earlier if using "income method" you can set it up so there is very little money in your account. 

[bubblegum]

6 hours ago, OJAS said:

 

Is your debit-card-less account also without internet/app access? I can only make cash withdrawals from my dedicated 800k account (should I ever be minded to do so) in person at a branch.

no I'm not that paranoid, she won't tough the savings account.

[Card]

Mine once dipped below by a small amt but I topped it up to above the 800 within a day and they let me pass at Chonburi immigration. You have loads of time to wait. If you have another bank account with funds that could be added on to bring the total over the 800 then just keep the paperwork and statement to prove it when you need to prove the 800 again. The regs don't specify the 800 has to be in the same account although it has to be accessible and immigration assume it should be.

[Sydebolle]

Thai logic - explained! 

Word to the wise, park a cushion above the 800K to avoid this; will cost you much more, not only money but also inconvenience. Maybe an "agent" can intermediate as a fixer? 

[DEKEM]

decided that after this coming year, I will stop maintaining 800k baht in a bank.  I like thailand a lot.  but you know, there are many other places in the world where you can live on less than 1000 usa dollars a month.  PI, vietnam, cambodia, malaysia, indonesia, etc.  EVEN japan if you don't mind living in a share house.   after this coming year, I will just stay in thailand on their 60 day visa free option.  I hear you can even do them back to back at least twice a year with no issues.  lots of my friends do this.  come to thailand twice each year.  if you do it 3 times, thats 6 months. japan has 90 days visa free which you can do twice each year.  back to back too.  in PI you can stay an entire year by just paying 250 usa dollars each year in extension fees.

[DrJack54]

47 minutes ago, DEKEM said:

decided that after this coming year, I will stop maintaining 800k baht in a bank. 

No offense but who cares.

I'm well aware of all option for living elsewhere. 

Been to Japan MANY times.

I live in Thailand.

The plan you outline for yourself seems sensible (for you)