Question about changing from Money in the Bank to Income Method for Retirement EOS

[Equatorial]

With Money in the Bank, one has to have seasoned 800k two months prior and three months after the EOS application, then 400k, and then back up to 800k two months prior. 

 

If one intends to switch to the Income Method, and can show 12+ months of 65k foreign sourced deposits, it seems logical that it is not necessary to bring the balance back up to 800k two months prior to the EOS application. 

 

Can anyone confirm, preferably based on experience? Would this also be one of those things that may vary from one office to another? 

[Liquorice]

8 minutes ago, Equatorial said:

If one intends to switch to the Income Method, and can show 12+ months of 65k foreign sourced deposits, it seems logical that it is not necessary to bring the balance back up to 800k two months prior to the EOS application. 

Correct.

The 800K for 5 months and 400K (min) for 7 months covers a 12-month period.

 

However, note that if you intend to change from using the 800K funds method to the 65K monthly income method, then you will have to provide evidence of meeting the requirements of both. When your existing extension was approved using the 800K funds method, the condition was that you would maintain a balance of 800K for 3 months after the extension was granted, and a minimum of 400K for the remaining 7 months. So you need to provide evidence you met that criteria.

 

For the income method, you need to provide evidence of 12 x monthly overseas transfers of min 65K per month for the next extension application.

[Equatorial]

4 hours ago, Liquorice said:

then you will have to provide evidence of meeting the requirements of both.

 

Thanks, @Liquorice, yes, that is my understanding as well. I was just wondering if I need to bring the balance up to 800k for the last two months before the application, after the seven months of 400k. 

[Tod Daniels]

4 hours ago, Equatorial said:

it seems logical that it is not necessary to bring the balance back up to 800k two months prior to the EOS application. 

Totally correct, no need to bring the balance back up as long as you have met the new requirements of the monthly income method for the previous 12 months 

[DrJack54]

1 hour ago, Equatorial said:

...that is my understanding as well. I was just wondering if I need to bring the balance up to 800k for the last two months before the application, after the seven months of 400k

No. For the two months prior to next extension the balance does not need to go back up to 800k...however...   IMO best to take it back up to 800k just in case they reject something regarding the monthly transfers. 

 

The only negative is they may try to push you to continue with money in bank method. 

I'm Just covering all bases 

[Liquorice]

5 hours ago, DrJack54 said:

The only negative is they may try to push you to continue with money in bank method. 

Indeed, Jack, that's exactly what happened with a good friend last year.

He's always kept 800K in a FTD account in Kasikorn, and previously used that as the basis for his retirement extensions, but has also transferred over 65K per month into his Bangkok Bank Savings account for a number of years.

 

Last year he decided to switch to the monthly income method and provided the necessary documentation, however they noticed his previous extension was based on 800K funds in the bank method, so rightly demanded he obtained a 12-month statement from Kasikorn as proof he met the criteria on that basis.

On return, his Kasikorn being a FTD account, they then proceeded to approve his extension, but based on 800K funds method.

They gave him a real grilling and stated by trying to change the method he was causing them a lot of additional work and for further extensions he should proceed with the 800K funds method, otherwise they could make life difficult for him.

 

This month, he withdrew 50K from his Kasikorn account, reducing it to less than 800K and intends to apply again this year using the income method.

He wants to keep the 800K (now 750K) as an emergency fund without any restrictions applied to it.

If you meet the criteria for both funds and income, it's not for Immigration to dictate which method you use.

He's expecting some fun and games.

[DrJack54]

13 minutes ago, Liquorice said:

He's expecting some fun and games.

I am also. However will stick with the plan to satisfy both methods come time for next extension (Oct) 

If they muck me around as per your friend experience then I will accept the extension based on money in bank and after that use an agent

[Liquorice]

8 minutes ago, DrJack54 said:

If they muck me around as per your friend experience then I will accept the extension based on money in bank and after that use an agent

His sentiments exactly.

If they give him grief, applying based on monthly income method, then he intends to use an agent.

[jaideedave]

7 minutes ago, DrJack54 said:

I am also. However will stick with the plan to satisfy both methods come time for next extension (Oct) 

If they muck me around as per your friend experience then I will accept the extension based on money in bank and after that use an agent

I switched from agent 800k to monthly deposits of 65k last March. I showed my Kbank and Wise statements. The IO had to have a chat with a colleague for a minute then approved me okay.

You made a comment at the time that I was lucky they accepted it.(Jomtien)

I intend to do the same again next year and am quite sure I'll have no issues from now on. 

[DrJack54]

9 minutes ago, jaideedave said:

I intend to do the same again next year and am quite sure I'll have no issues from now on. 

As you now have extension based on income you will have no problem continuing with that option. 

For myself the main concern is if the WISE transfers to my Kasikorn account will show as international transfers. 

One solution is obtain "credit advice" 

Another I read on this forum is to ask the 12 month bank statement to be in Thai language. 

The suggestion is that if this is done the coding translates to "money from abroad" 

Do not know if this is factual. 

[Liquorice]

9 minutes ago, DrJack54 said:

Another I read on this forum is to ask the 12 month bank statement to be in Thai language. 

The suggestion is that if this, is done the coding translates to "money from abroad" 

Do not know if this is factual. 

If you have online banking, go to 'statements' and this will confirm if the transfer is detailed as an 'International Transfer'.

[Upnotover]

37 minutes ago, DrJack54 said:

Another I read on this forum is to ask the 12 month bank statement to be in Thai language. 

The suggestion is that if this is done the coding translates to "money from abroad" 

Do not know if this is factual. 

Correct.  I send to Kasikorn and no matter what I use as the purpose the bank book only ever shows "TRN".  However if I download a statement in Thai the entry is described as "รับเงินธุรกรรม ตปท." ("Receive money from overseas transactions") and/or "ธุรกรรมต่างประเทศ" ("Foreign Transactions") - (translations by Google).  The English version of the statement says "Trade Finance Deposit"

[Dan O]

13 hours ago, Equatorial said:

With Money in the Bank, one has to have seasoned 800k two months prior and three months after the EOS application, then 400k, and then back up to 800k two months prior. 

 

If one intends to switch to the Income Method, and can show 12+ months of 65k foreign sourced deposits, it seems logical that it is not necessary to bring the balance back up to 800k two months prior to the EOS application. 

 

Can anyone confirm, preferably based on experience? Would this also be one of those things that may vary from one office to another? 

I've  already done it and I think several others have recently as well.

 

You have to complete the requirement for the original or existing extension first. So you must have the 800k back in the bank for 2 months prior to renewal. Bank letter showing the account balance and the 12 month statement show all transactions. 

 

All the monthly international deposits should have codes listed on them so highlight each monthly deposit. IMM know the code numbers. If in doubt explain your situation and ask the Bank for a Credit Debit Statement for each deposit. Some banks call ( it credit advice)  and it will show all the info for international transfers. Absolutely check with Imm first but don't be surprised if your get a blank stare.

[Equatorial]

17 hours ago, DrJack54 said:

No. For the two months prior to next extension the balance does not need to go back up to 800k...however...   IMO best to take it back up to 800k just in case they reject something regarding the monthly transfers. 

 

The only negative is they may try to push you to continue with money in bank method. 

 

@DrJack54 - Here is a possible strategy to minimize the chance of getting pressure to continue with the Money in the Bank method. 

 

In the bank where you normally keep your 400/800k for the Money in the Bank method, stay at 400k, and do NOT go back up to 800k for the two months leading up to the next EOS application. When you provide those bank statements to the IO, they will see that you do not qualify for the MitB method, so that won't be motivated to pressure you. 

 

As a backup strategy, make sure you have had 400k in a different Thai bank. That way, if your Income Method application is rejected for any reason, you can provide the bank statement showing the additional 400k in the other bank for the last two months, in order to qualify for the MitB method. Given that the funds are cumulative across multiple bank accounts, there seems no additional risk in this approach. 

 

Also, there is plausible deniability - you can claim that you "forgot" about the additional funds, in the unlikely case that the question why you did not provide the bank statements from the second bank. (Of course, providing all information is strictly voluntary, but TIT...)