How are agents dealing with the bank account requirements for a retirement extension ?

[Barry864]

Hi guys, 

I am getting yearly retirement extensions since 2018 and all this time I have parked 1 million baht in my bank account that is just staying there untouched and not generating any income. 

Somebody suggested in a forum to use an agent to free up that money, but I never used one. A friend though, that he had no sufficient funds in the bank, went today to a reputable agent and he was asked to give them his phone with the banking app and the password for that. He was also told that he has to go to his bank and increase his bank transfer limit to 1 million baht. My question is how exactly do they go about to solve the problem of insufficient funds ? If they deposit money on your behalf how do they get it back and when ? How safe is that ? I mean I would certainly not give accesss to anyone to use my phone with my banking apps. Please tell me your experience

[DrJack54]

OP, where are you located.

Where is your friend located. Asking as the account you relate is not normal procedure.

 

Common is agent opens a bank account in your name.

You don't keep funds in that account.

 

[DrJack54]

Troll post removed

[Barry864]

6 minutes ago, DrJack54 said:

OP, where are you located.

Where is your friend located. Asking as the account you relate is not normal procedure.

 

Common is agent opens a bank account in your name.

You don't keep funds in that account.

 

I live in Pattaya as my friend does, and we both hold BKK Bank accounts with Pattaya branches . Andfrom what I understood they would not open a new account but use his already existent one. The thing is, he has already some funds deposited there, not enough but not insignificant either

[DrJack54]

4 minutes ago, Barry864 said:

I live in Pattaya as my friend does, and we both hold BKK Bank accounts with Pattaya branches

That is why I asked.

Plenty of good agents in Pattaya.

Up to you if you change to using agent. 

Changing back to DIY is messy.

Suggest you visit agent office for full explanation. 

For agents in Pattaya you will still need to attend Jomitien immigration. 

 

[DrJack54]

Note to forum.

Any posts debating legality of agents will be removed

[DrJack54]

Post with quote and no comment removed. 

[Barry864]

4 minutes ago, DrJack54 said:

That is why I asked.

Plenty of good agents in Pattaya.

Up to you if you change to using agent. 

Changing back to DIY is messy.

Suggest you visit agent office for full explanation. 

For agents in Pattaya you will still need to attend Jomitien immigration. 

 

why is it messy ? do you mean if you use an agent once, you are stuck with agents forever ?

and would you care PM me with some good agents in Pattaya ? Thanks in advance

[DrJack54]

Just now, Barry864 said:

why is it messy ? do you mean if you use an agent once, you are stuck with agents forever ?

No.

However financials for extensions are retrospective.

Not huge hurdle to change back however best option would be to exit Thailand without reentry permit just prior to expiry.

Reenter Thailand visa exempt and "start over" 

Visa exempt entry to non O retirement and subsequent extension 

[1FinickyOne]

If you need an agent to put up the funds, it will surely cost you more than the interest lost on having the money in the bank on your own. 

[Barry864]

1 minute ago, DrJack54 said:

No.

However financials for extensions are retrospective.

Not huge hurdle to change back however best option would be to exit Thailand without reentry permit just prior to expiry.

Reenter Thailand visa exempt and "start over" 

Visa exempt entry to non O retirement and subsequent extension 

Thanks a lot. One more question, if I may. My retirement extension is due for renewal in a couple of weeks, but probably I will need to stay in Thailand for less than a month after that and go back to the UK, from where I might return after a few months. So I was wondering, is it worth the hassle renewing my extension now or is there a way to extend my stay for a month or so after my retirement extension expires ?

[scubascuba3]

Needs to be Bangkok Bank, they open a new account if you don't already have one. 800k get transferred in, bank letter gets printed showing the balance and the 800k goes back out, not a secret

[Barry864]

Just now, scubascuba3 said:

Needs to be Bangkok Bank, they open a new account if you don't already have one. 800k get transferred in, bank letter gets printed showing the balance and the 800k goes back out, not a secret

I have a BKK Bank account already. The question is, how do they get their money back ? I would certainly not give my phone with my banking passwords to anyone

[scubascuba3]

1 minute ago, Barry864 said:

I have a BKK Bank account already. The question is, how do they get their money back ? I would certainly not give my phone with my banking passwords to anyone

Usually you give permission by signing the bank forms in branch, sounds like now they may be using the app. You can just specify no app and you'll have to go to the bank

[DrJack54]

Just now, Barry864 said:

I have a BKK Bank account already. The question is, how do they get their money back ? I would certainly not give my phone with my banking passwords to anyone

You don't need to do that.

Started to type details however best to drop into agent let them explain and answer question.

Maneerat Soi 13/2 is just one of many. 

 

[Barry864]

One more question, if I may. My retirement extension is due for renewal in a couple of weeks, but probably I will need to stay in Thailand for less than a month after that and go back to the UK, from where I might return after a few months. So I was wondering, is it worth the hassle renewing my extension now or is there a way to extend my stay for a month or so after my retirement extension expires ?

[DrJack54]

6 minutes ago, Barry864 said:

I was wondering, is it worth the hassle renewing my extension now or is there a way to extend my stay for a month or so after my retirement extension expires ?

There is no "extension for month or two" unless married to a Thai.

Your options bit influenced by plans for next 12 months..

If you don't wish to renew 12 month extension and buy reentry permit then you could border bounce for 60 day visa exempt stamp

[Barry864]

Just now, DrJack54 said:

There is no "extension for month or two" unless married to a Thai.

Your options bit influenced by plans for next 12 months..

If you don't wish to renew 12 month extension and buy reentry permit then you could border bounce for 60 day visa exempt stamp

Border bounce would be more of a hassle. So I guess, I would go for the renewal. Thanks a lot

[Barry864]

12 minutes ago, DrJack54 said:

You don't need to do that.

Started to type details however best to drop into agent let them explain and answer question.

Maneerat Soi 13/2 is just one of many. 

 

My friend went to Maneerat this AM. But he said they were too busy and very little explanation was given despite him asking questions. He was just told to go to his bank and have his transfer limit increased. Any other good agents that you would suggest ?

[Caldera]

19 minutes ago, Barry864 said:

I would certainly not give my phone with my banking passwords to anyone

 

I have to agree, that would be insane. Not the first time I've heard that an agent asks for this, but it's mind-boggling to think that some people would go along with that.

[DrJack54]

2 minutes ago, Barry864 said:

Border bounce would be more of a hassle. So I guess, I would go for the renewal. Thanks a lot

Yep really depends where you are located 

If you do the renewal + reentry permit then you can return any time.

Kill it off would mean start over.

Downside is locking up funds in Thai bank account 

[DrJack54]

Trolling post removed and reported

[Barry864]

7 minutes ago, DrJack54 said:

Yep really depends where you are located 

If you do the renewal + reentry permit then you can return any time.

Kill it off would mean start over.

Downside is locking up funds in Thai bank account 

I wouldn't mind starting over after a few months upon returning from the UK, but I would need to stay a few weeks more after my retirement extension expires, and you said there is no way to extend that without a border bounce

[DrJack54]

10 minutes ago, Barry864 said:

I wouldn't mind starting over after a few months upon returning from the UK, but I would need to stay a few weeks more after my retirement extension expires, and you said there is no way to extend that without a border bounce

Correct. 

If married to a Thai you could obtain 60 day extension to visit wife.

There is no other extension to your current permission of stay.

 

Don't overstay. Your options are clear 

 

[scubascuba3]

10 hours ago, Barry864 said:

One more question, if I may. My retirement extension is due for renewal in a couple of weeks, but probably I will need to stay in Thailand for less than a month after that and go back to the UK, from where I might return after a few months. So I was wondering, is it worth the hassle renewing my extension now or is there a way to extend my stay for a month or so after my retirement extension expires ?

Just get the year extension and a reentry permit 1000 baht

[PJ71]

14 hours ago, DrJack54 said:

Changing back to DIY is messy.

Can you elaborate?

[Marcous]

14 hours ago, scubascuba3 said:

Needs to be Bangkok Bank, they open a new account if you don't already have one. 800k get transferred in, bank letter gets printed showing the balance and the 800k goes back out, not a secret

Or sometimes a Kasikorn bank account which may make the extension cheaper. 

[DrJack54]

2 hours ago, PJ71 said:

Can you elaborate?

I answered earlier how to change from agent to DIY

 

"Not huge hurdle to change back however best option would be to exit Thailand without reentry permit just prior to expiry.

Reenter Thailand visa exempt and "start over" 

Visa exempt entry to non O retirement and subsequent extension"

[scubascuba3]

1 hour ago, Marcous said:

Or sometimes a Kasikorn bank account which may make the extension cheaper. 

Are you sure? in Pattaya Kasikorn was no longer an option a few years ago

[TimBKK]

I use CAMBODIA INTER TOUR & TRAVEL (one of 2 that seem the most reputable, the other being Maneerat).  The Bangkok Bank process is pretty straightforward, IMO.

 

First, you’ll need to make sure your account transfer limits are at least 1,000,000.  If you’ve not done this already you may need to visit a BB branch - they do a required face scan thing (fraud prevention)  and any subsequent transfer over a certain limit (i think it is 50,000) requires a scan of your face via the BB app, to verify it is you making the large transfer.  This has always worked flawlessly for me, no worries at all.

 

On the day of your extension, the agent takes you to BB - for Cambodia it is the branch close to Big C on Klang.  There will likely be others getting an extension with you - the agent simply takes 800,000b and transfers it from one customer to the next - it gets transferred to your account, then immediately transferred out.  You don’t need to give your account password to anyone, you really just need to know your BB PIN number (from the app) in order to transfer the 800k out of your account.

 

Works like a charm, if you ask me.