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

[PeachCH]

The agents have an agreement with Bangkok Bank and only with them!

 

The 800,000 Baht remains only for about 15 minutes in the newly opened customers account, after it will be transferred back into the agents account.

 

Of course the agent is paying an "appreciation fee" to the bank.

 

Works since many, many years just fine.

 

[zzzzz]

14 minutes ago, PeachCH said:

The agents have an agreement with Bangkok Bank and only with them!

 

The 800,000 Baht remains only for about 15 minutes in the newly opened customers account, after it will be transferred back into the agents account.

 

Of course the agent is paying an "appreciation fee" to the bank.

 

Works since many, many years just fine.

 

**
I used my SCB ( with 2 different agents) 

[zzzzz]

17 hours ago, 1FinickyOne said:

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. 

HUH?

agent charge , 18,000 baht for 1 year extension
interest in us Citibank  4.5% of 800,000 = 36,000  ( in Cambodia i could get 6.5%=52,000)
PLUS when i pass no problem for my daughter to get my funds

[quake]

Keeping the dosh in the bank is not a bad idea.

it can also act as part of your emergency fund.

if things go south.

 

[Seppius]

Anyone know if Maneerat have put up the fee this year? Have to do mine at the end of this month.

 

Been 12.5 for the last few years

[Joebuzzz]

Greetings all,

I'll ask a question a different way.  My 3rd year non-O renewal is coming. Always had 800K plus. Don't want to continue that way. No problem in March, I'll take care of it myself. However,  after that I want to send most of my money back home.  So let's say I send back 800K, leave 200K here at BB.  Come next year, March 2026, will an agent have trouble extending my retirement visa?  Then, if I do that, could I just send most of my cash back and woul I need to continue the 65K a month to my BB account?

Thank in advance.

[DrJack54]

8 minutes ago, Seppius said:

Anyone know if Maneerat have put up the fee this year?

Have not increased. 

Was there few months back on unrelated matter. 

[DrJack54]

6 minutes ago, Joebuzzz said:

No problem in March, I'll take care of it myself.

What's that mean.

You either continue with extensions and meet the financial requirements OR use an agent 

7 minutes ago, Joebuzzz said:

However,  after that I want to send most of my money back home. 

DEE Money is good option..

 

8 minutes ago, Joebuzzz said:

Then, if I do that, could I just send most of my cash back and woul I need to continue the 65K a month to my BB account?

The 65k per month transfers is for income method. 

 

Don't understand much of your post..

[Joebuzzz]

8 minutes ago, DrJack54 said:

What's that mean.

You either continue with extensions and meet the financial requirements OR use an agent 

DEE Money is good option..

 

The 65k per month transfers is for income method. 

 

Don't understand much of your post..

Sorry for lack of clarity.

March I will just do extension myself, again. It's not difficult.

After that I want to send most all my money home due to the difficulty my family would have recovering $25K if I dropped dead.

I don't plan on leaving.

So let's say, April I send most all my money back, wait until next year, get an agent.  That would work?

My error on the 65K a month. Been doing it because I spend most of it anyway.

Thanks for your reply DrJack.

 

[ChrisKC]

18 hours ago, Barry864 said:

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

I will send you a private message

[scubascuba3]

52 minutes ago, zzzzz said:

**
I used my SCB ( with 2 different agents) 

Agent put their 800k in and out your SCB account? Pattaya?

[proton]

18 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

 

So it's not in there for the required 2 months then, so how do they manage to get it accepted by immigration?

[scubascuba3]

5 minutes ago, proton said:

 

So it's not in there for the required 2 months then, so how do they manage to get it accepted by immigration?

Immigration sign it off, they know the process

[In Full Agreement]

18 hours ago, DrJack54 said:

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

 

 

Fortunately that's a very brief event.    

[proton]

4 minutes ago, scubascuba3 said:

Immigration sign it off, they know the process

 

Shocking but we cant say why!

[Lacessit]

What agents are there in Chiang Rai who will do this? Asking for a friend....

[DrJack54]

19 minutes ago, Joebuzzz said:

So let's say, April I send most all my money back, wait until next year, get an agent.  That would work?

Yes.

 

21 minutes ago, Joebuzzz said:

My error on the 65K a month. Been doing it because I spend most of it anyway.

Understand now.

I would probably have done it differently.

Just run down the 800k and the 65k transfers you have been doing stop and allow the funds consolidate in home country.

At 65k/month living expenses the 800k will be gone in a year.

 

I have similar (but different) situation.

Currently using money in bank method. 

Don't want issues with my Thai partner not having access to the 800k.

I considered using agent and ultimately have decided to switch to income method.

With forward planning that would have been an option for you. 

[tandor]

18 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

..and what about the much scrutinised 'seasoning' period, how is this overcome?

[DrJack54]

12 minutes ago, In Full Agreement said:

 

 

Fortunately that's a very brief event.    

Not if you live in Bangkokk

[scubascuba3]

2 minutes ago, tandor said:

..and what about the much scrutinised 'seasoning' period, how is this overcome?

Not required, only for the plebs trying to comply 

[madone]

18 hours 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

There is no need for that. You either sign the withdrawal slip for 800k before they deposit the cash or use the app yourself to transfer it back to them.

You can increase your transaction limit from the app itself.    

[tandor]

1 minute ago, scubascuba3 said:

Not required, only for the plebs trying to comply 

...so i could save 400b by not providing a 12 month statement, just a Bank Letter confirming my 800k plus and Updated Bank book!

[scubascuba3]

9 minutes ago, tandor said:

...so i could save 400b by not providing a 12 month statement, just a Bank Letter confirming my 800k plus and Updated Bank book!

If you have your own 800k in the bank, i think agents are charging 8k, wouldn't need 12 month statement 

[jaideedave]

34 minutes ago, proton said:

 

So it's not in there for the required 2 months then, so how do they manage to get it accepted by immigration?

Because they're all in on the same gig...have been for years.It's easy $ for agents and Imm .

[zzzzz]

4 hours ago, scubascuba3 said:

Agent put their 800k in and out your SCB account? Pattaya?

NOt pattaya and its not for me to explain what an agent did 
BUT i ONLY had a scb account

[zzzzz]

3 hours ago, Lacessit said:

What agents are there in Chiang Rai who will do this? Asking for a friend....

Use thai visa centre and by mail

[scubascuba3]

24 minutes ago, zzzzz said:

NOt pattaya and its not for me to explain what an agent did 
BUT i ONLY had a scb account

ok so not relevant, we were talking about Pattaya

[DrJack54]

32 minutes ago, zzzzz said:

NOt pattaya and its not for me to explain what an agent did 
BUT i ONLY had a scb account

Exactly. Not Pattaya.

The guy you quoted was replying/posting to matters particular to Pattaya agents.

They use BBL.

 

Then provide no useful information re agent that you used your SCB account.

You are in  Bangkok and some agents there can use your non BBL bank account. 

 

[kidneyw]

The agent goes with you to the bank. Then transfers 800,000 Baht to your account.

The bank then makes a paper saying you have 800,000 Baht in your account.

You then use the bank app on your phone to transfer the money back to their account.

Nobody sees your password.

[Joebuzzz]

4 hours ago, DrJack54 said:

Yes.

 

Understand now.

I would probably have done it differently.

Just run down the 800k and the 65k transfers you have been doing stop and allow the funds consolidate in home country.

At 65k/month living expenses the 800k will be gone in a year.

 

I have similar (but different) situation.

Currently using money in bank method. 

Don't want issues with my Thai partner not having access to the 800k.

I considered using agent and ultimately have decided to switch to income method.

With forward planning that would have been an option for you. 

Thank you!  Last renewal they said I had to return in 90 days to prove my 800K.  When I showed up, it was a joke.  They didn't seem to care that they ordered me back in 90 days.  I realised then, that there is no continuity between my new visa and 3 months 800K account holding.