what date are you allowed to withdraw your 800,000 term deposit?

[paddypower]

Excuse that may be off-topic or a duplicate request: this year, I am switching to the income method, for my retirement visa expension. It expires Feb 12. I have 12 months pension income receipts, coming into my Thai bank account., Each one exceeding 65k, one for each month. Also for the months of Jan and Feb 2025, if needed. I have followed the rules for maintaining the 800,000 term deposit. I am aware of the documentation requirements, including the new one requiring that you show 12 months bank statement of your 800,000 term deposit. My quetsion is this : can someone refer  me to the specific Regulation which identifies by which date you can withdraw the 800000 baht depost.? Thanks. 

[Upnotover]

My guess is you'll be lucky to find any document/regulation where this is officially specified.  However, given the timing, why not just go next week for the extension?  

[DrJack54]

1 hour ago, paddypower said:

Also for the months of Jan and Feb 2025, if needed. I have followed the rules for maintaining the 800,000 term deposit.

So simple answer ...leave the 800k in bank until day of application for next extension. 

Meaning you have both methods covered.

Since your extension expires Feb 12 you can apply for extension now.

What am I missing. 

[Tod Daniels]

This is how the official rules are written;

 

For banked money method on retirement extensions you need 800k in the bank 2 months before you apply for the extension. The 800k stays in the account for 3 months after the extension is granted. And then the balance cannot go below 400k for the rest of the year.

 

So in your case you would have had to kept 800k in the bank for 3 months after your extension was issued last year and then not let the balance go below 400k the rest of the year.

 

Plus as you are stretching mysterious for proof of funds you would have to had transferred in a minimum of 65k per month, each month, every month, for the previous 12 months before you apply for this next extension

 

In essence you are meeting requirements for two extensions the one you're currently on that you used banked money method and the monthly income method that you will be using to apply for the next extension that requires monthly international transfers.

[paddypower]

2 hours ago, Tod Daniels said:

This is how the official rules are written;

 

For banked money method on retirement extensions you need 800k in the bank 2 months before you apply for the extension. The 800k stays in the account for 3 months after the extension is granted. And then the balance cannot go below 400k for the rest of the year.

 

So in your case you would have had to kept 800k in the bank for 3 months after your extension was issued last year and then not let the balance go below 400k the rest of the year.

 

Plus as you are stretching mysterious for proof of funds you would have to had transferred in a minimum of 65k per month, each month, every month, for the previous 12 months before you apply for this next extension

 

In essence you are meeting requirements for two extensions the one you're currently on that you used banked money method and the monthly income method that you will be using to apply for the next extension that requires monthly international transfers.

Thank you for suplying those regulations. However, after I obtain my new exstension next month, I still do not know when can I withdraw my 800k. The reason i met both requirements during the past 12 months is based on advice on another AN forum ( which i have been unable to locate). The advice given there was that if you want to change from the 800k deposit method to the income method, you have to qualify yourself by using both methods for 12 months. this make sense, as in Feb 2024, i used the 800k deposit method. so you are correct in saying that i needed to (and did)  follow the deposit rules for the 800k deposit for 12 months, until now. I still find the next part a mystery:  I will go IO and apply for my extension. I will present proof that i followed both methods, when requesting that my new extension be based on the income method (after showing proof of income for Feb 2024 to Feb 2025). But, as I write: , I still do not know when can I withdraw my 800k. thanks in advance. 

 

[DrJack54]

10 minutes ago, paddypower said:

I will present proof that i followed both methods, when requesting that my new extension be based on the income method (after showing proof of income for Feb 2024 to Feb 2025). But, as I write: , I still do not know when can I withdraw my 800k. thanks in advance. 

Your plan is good.

When you obtain the extension based on income (this Feb) just ask the senior io for what she wants. 

My feeling is that you could have done the 800k 2 months prior and 3 months after for last extension and not below 400k after that. 

No need to even up it to the 800k 2 months prior to next extension.

However you have so you have all bases covered.

I'm doing exactly what you have done.

I plan to follow the financials for money in bank at same time monthly transfers. 

When I obtain next extension (Nov 2025) I will as io can I take out the 800k.

Her answer will be yes. 

 

[paddypower]

2 minutes ago, DrJack54 said:

Your plan is good.

When you obtain the extension based on income (this Feb) just ask the senior io for what she wants. 

My feeling is that you could have done the 800k 2 months prior and 3 months after for last extension and not below 400k after that. 

No need to even up it to the 800k 2 months prior to next extension.

However you have so you have all bases covered.

I'm doing exactly what you have done.

I plan to follow the financials for money in bank at same time monthly transfers. 

When I obtain next extension (Nov 2025) I will as io can I take out the 800k.

Her answer will be yes. 

 

thanks Doc. that is a huge plus, to my moring coffee......subject of course to the ruling from the new senior 'btch' IO who arrived at our provincial office last year. 'anal retentive' comes to mind 😉 dear Lord, when will the IO regs be written in stone,  without individual officers being able to 'game' you, with individual  interpretations? I've been doing this for 28 years. 🙂

[DrJack54]

8 minutes ago, paddypower said:

....when will the IO regs be written in stone,  without individual officers being able to 'game' you, with individual  interpretations? I've been doing this for 28 years

From an older thread asking about changing from money in bank to income method 

Here is cut and paste from ubonjoe.

 

"You will need to keep the 800k baht in the bank for 3 months after you apply for your curren extension and then 400k baht until you apply for your next extension using the 65k baht income option.'

 

Notice uj did not say need to take it back up to 800k for the two months prior to next application.

You and I (it seems) have played it safe and covering both options.

Money in bank and income.

My reason (off topic) for changing is that will then maintain almost zero balance. 

Hit by bus then long term partner does not need to chase money from bank account in my name. 

[paddypower]

6 hours ago, DrJack54 said:

From an older thread asking about changing from money in bank to income method 

Here is cut and paste from ubonjoe.

 

"You will need to keep the 800k baht in the bank for 3 months after you apply for your curren extension and then 400k baht until you apply for your next extension using the 65k baht income option.'

 

Notice uj did not say need to take it back up to 800k for the two months prior to next application.

You and I (it seems) have played it safe and covering both options.

Money in bank and income.

My reason (off topic) for changing is that will then maintain almost zero balance. 

Hit by bus then long term partner does not need to chase money from bank account in my name. 

yes, what a loss ubonjoe was. one of a kind. RIP. allow me to be dense. please. my plan: i go in to IO, say  Feb 1st. I present all my papers including (i) 12 months proof of pension income in excess of 65k/month, (every month); (ii) proof that I have followed the 800k rules since Feb 2024. Then I request that my new extension be based on the previous 12 months pension income. i thought i have a simple question. I want to cash out mt 800k asap. how long do i have to wait to do that. ? Logically, once i have extended my visa on the income basis, I should have no need to leave the 800k on deposit. I really want to put that money to work for me, asap, earning Thai dividend income. 

[paddypower]

I am wandering all over Google, with the search question ' immigration thailand regulations'. cannot find it. please help. 

 

[DrJack54]

28 minutes ago, paddypower said:

Logically, once i have extended my visa on the income basis, I should have no need to leave the 800k on deposit.

That's exactly what I plan to do.

Myself and you are maintaining the 800k in bank 2 months prior to application. 

I will have over 12 months of transfers from abroad.

Informing immigration that I'm applying for extension based on income method.

Have 12 month bank statement with transfers every month. Same date similar amount. Also making sure shown as international transfers and not Thai bank to bank.

There should be no issue.

I will then ask the head io lady ..."can I now withdraw the 800k and continue with the income method.

Her answer will be Yes.

 

[Tod Daniels]

Switching from the proof of funds by banked money method on a retirement extension to the proof of funds by monthly income (by international transfer) is one of the hardest switches to do
 

That's because you have to meet the requirements for the banked money on the extension you're currently ON now (have kept the 800K baht in a thai bank account in your name only for 3 months after the extension was granted, then not let the balance go below 400K baht the rest of the year)
AND
you have to transfer IN to a thai bank account in your name only from abroad a minimum of 65K baht a month, each month, every month, for the previous 12 months so you can show proof of funds by monthly income method on this next (the upcoming) extension
 

[DrJack54]

2 hours ago, Tod Daniels said:

That's because you have to meet the requirements for the banked money on the extension you're currently ON now (have kept the 800K baht in a thai bank account in your name only for 3 months after the extension was granted, then not let the balance go below 400K baht the rest of the year)

Yes and that's exactly what uj posted few years back. 

At the time I questioned if the 400k had to go back up to 800k for the two months prior to next extension.

The answer was NO.

 

Seems both the OP and myself (I'm doing same thing) are aware we can just maintain the 400k till next extension however have opted to "play it safe" by going back up to 800k two months prior to application. 

Covers both methods

[paddypower]

On 1/11/2025 at 9:58 AM, paddypower said:

thanks Doc. that is a huge plus, to my moring coffee......subject of course to the ruling from the new senior 'btch' IO who arrived at our provincial office last year. 'anal retentive' comes to mind 😉 dear Lord, when will the IO regs be written in stone,  without individual officers being able to 'game' you, with individual  interpretations? I've been doing this for 28 years. 🙂

I am eating my hat. visited IO yesterday, due to missing the 90 day filing deadline online. Met the same officer as last year - and chatted about my next visa extension. last year was just  a 'bad hair day'.  -this very friendly officer provided me with the most up to dale list of info requirements. since it is for a different province to Phuket I will post it here later.

[paddypower]

On 1/14/2025 at 6:53 AM, Tod Daniels said:

Switching from the proof of funds by banked money method on a retirement extension to the proof of funds by monthly income (by international transfer) is one of the hardest switches to do
 

That's because you have to meet the requirements for the banked money on the extension you're currently ON now (have kept the 800K baht in a thai bank account in your name only for 3 months after the extension was granted, then not let the balance go below 400K baht the rest of the year)
AND
you have to transfer IN to a thai bank account in your name only from abroad a minimum of 65K baht a month, each month, every month, for the previous 12 months so you can show proof of funds by monthly income method on this next (the upcoming) extension
 

thanks. i've followed your advice and Dr Jack's. I've been transferring in 65k + every month x 13 months and at the same time following the 800k rules. OA Visa Extension is due on Feb 12. I was so keen to get my hands on that 800k, during the past year. now when i look at the SET (where I invest for dividend income) i am really lucky that i was unable to invest that money last year. the SET is a very unhealthy place, at the best of times.