Retirement Visa Pension Funds - Need To Be Sent To Thailand Or Just Documented?

[rainman]

My mom will be making her retirement visa application. She has a monthly pension that she will be using in combination with funds in the bank for the 800k needed. My questions are:

1. Does she need to show the pension funds coming from overseas into Thailand every month through a bank statement from a Thai bank? Or will a letter from the embassy confirming the pension be enough? She usually uses the pension funds to pay for things in her home country, so she only sends a part of it here.

2. She has a joint bank account with me that she would like to use for the combination of funds, however it's in a foreign currency. Does Immigration accept a foreign currency bank account if the bank writes a letter how much it is worth in Thai baht? And can a joint bank account be used? There's a few times the needed amount in the account so even if they divide the total amount 50/50 there's still enough. The reason we have this joint bank account is because if something happens to her, I own the funds. If something happens to me, she does.

[Maestro]

Rainman, for the pension your mother will need to show evidence only of income, not of remittances to Thailand. As evidence, Immigration accepts a letter from the embassy and in some cases also asks to see the supporting documentation for the income.

Where the application is based on 800k in the bank or, as in your mother’s case, a combination of money in the bank and income, Immigration has as a rule insisted that it be solely in the applicant’s name. This means that for joint rights of withdrawals you will have to rely on the ATM card. The portion of money in the bank to arrive at minimum 800k in addition to the pension must come from abroad. Have the bank certify that provenance of the funds in the letter it needs to give you to confirm also the balance, and get from the bank a signed credit note for the inward remittance, show it to Immigration and give them a copy of it.

--

Maestro

[Jingthing]

The issue of foreign currency accounts wasn't addressed so I will step in. Most people transfer the money in their home currency and convert it to baht into a baht account in Thailand. I think that doing anything else is non-standard and would run a risk of being rejected.

[Krub]

The issue of foreign currency accounts wasn't addressed so I will step in. Most people transfer the money in their home currency and convert it to baht into a baht account in Thailand. I think that doing anything else is non-standard and would run a risk of being rejected.

The standard in international funds transfer is to send the money in the currency of the receiving account. (for ex you have an invoice to pay to a beneficiary in Thailand, the beneficiary wants his full amount, youwillconvert your currency in your country and send him baht)

HOWEVER doing that for private transfers for yourself would result in not getting the best exchange rate as that rate is applied on exchnage in Thailand.

I would recommend as stated by Jingthing to send your money in your home currency to your account in a Thai bank in Thailand, it will be converted to baht in Thailand at the better rate.

[rainman]

The funds that are currently on the joint account came from her account from overseas, just in foreign currency. If she transferred part of them from the joint foreign currency account to her account into Thai baht, both of them here in Thailand at the same bank branch, would that suffice for immigration? ie:

1. Show the funds came from her name to the joint account.

2. Show the funds were then transferred from the joint account to an account in her name.

Otherwise she would have to send the funds back into her home country and here again, losing a lot on the exchange rate.

[lopburi3]

I believe most immigration officers would allow transfer into a new account in her name only without a problem but it is probably best to ask the office/officer first. Perhaps asking what he would suggest.

[rainman]

I think the best is another trip to Immigration on Tuesday. We wanted to change her tourist visa to a non-imm "O" yesterday which was 20 days before expiry and they wouldn't accept it, saying it needs to be done at least 21 days before expiry. When I called a few weeks ago however, the Immigration officer on the phone told me "you need to change in last 21 days". I guess I should have researched myself better and not believing them, as always. Now she'll need to go out and get a non-imm "O" from outside Thailand, then come back and make the application. So I hope they will accept the funds being transferred from the foreign currency joint account, otherwise we'll need to wait another 3 months and transfer them to outside Thailand and back in again.

[lopburi3]

Normally they will also accept a 30 day visa exempt entry if you have 21 days remaining and issue a non immigrant visa from that (different form number but same principle).

[distortedlink]

My mom will be making her retirement visa application. She has a monthly pension that she will be using in combination with funds in the bank for the 800k needed. My questions are:

1. Does she need to show the pension funds coming from overseas into Thailand every month through a bank statement from a Thai bank? Or will a letter from the embassy confirming the pension be enough? She usually uses the pension funds to pay for things in her home country, so she only sends a part of it here.

2. She has a joint bank account with me that she would like to use for the combination of funds, however it's in a foreign currency. Does Immigration accept a foreign currency bank account if the bank writes a letter how much it is worth in Thai baht? And can a joint bank account be used? There's a few times the needed amount in the account so even if they divide the total amount 50/50 there's still enough. The reason we have this joint bank account is because if something happens to her, I own the funds. If something happens to me, she does.

Answers to your questions:

Firstly a joint account is not acceptable unless account names are married, both living in Thailand, has 1600000 baht in a Thai bank meaning 800000 for both husband and wife. Mother and son joint bank account non - applicable.

For pensioners applying for a non immigrant (O) visa or extension must show 800000 baht invested with a Thai bank (bank account, bonds etc) or a pension income of 65000 baht a month or a mix of both to add up to 800000 baht. If do not have 800000 baht in a Thai bank and applies for non immigrant visa on pension income or part pension income, a letter of certification must be obtain from the British embassy in Bangkok or a British consulate on Thailand. The letter is good for 5 years.

The imposed funds required to be shown at immigration must always be in Thai baht. Immigration will not accept other currencies for various reasons such as: fluctuating exchange rates meaning the pension amount if coming from abroad may not stay the same and could become lower than the required amount if the ex rates decrease and the Thai government is only interested in taking those that benefit Thailand's economy with investments in Thai baht.

The imposed funds required for obtaining visa must be invested in Thailand 3 months prior to visa application or extension. The home country Thai embassy will give a 3 months visa, time enough to make applicable the 3 months investment rule prior to one-year visa application in Thailand.

The above is imposed Thai immigration policy and exceptions are rarely given.

Pleasure to be of service.

Edited August 12, 2007 by distortedlink

[lopburi3]

1. If you are using combined method there should not be any requirement for the money to be in account three months.

2. A three month visa would not allow three months of money in account and thus allow extension if you did not have bank account prior to arrival - anyone planning to use bank account method should plan on at least one extra arrival prior to extension of stay.

3. At last report bonds may not be acceptable (but immigration officers often make exceptions for many things). What should always be allowed is passport savings account.

4. There is no fixed bank letter validity. Some officers allow use as long as passport has same numbers as letter and accept copy. Other officers want original letter each year.

[wineman]

1. If you are using combined method there should not be any requirement for the money to be in account three months.

2. A three month visa would not allow three months of money in account and thus allow extension if you did not have bank account prior to arrival - anyone planning to use bank account method should plan on at least one extra arrival prior to extension of stay.

3. At last report bonds may not be acceptable (but immigration officers often make exceptions for many things). What should always be allowed is passport savings account.

4. There is no fixed bank letter validity. Some officers allow use as long as passport has same numbers as letter and accept copy. Other officers want original letter each year.

I use the combined method, i.e. part pension and balance in a Thai bank in my name. Are you sure about your first point? I was told by Jomtien immigration that the cash balance had to be in my account here at least three months prior to application.

[JimGant]

2. A three month visa would not allow three months of money in account and thus allow extension if you did not have bank account prior to arrival - anyone planning to use bank account method should plan on at least one extra arrival prior to extension of stay.

Lop,

Isn't this a situation where converting a 30-day stamp or Tourist Visa in-country would be superior? It seems from what a couple of posters said ("after converting to a Non Imm O, Immigration said to come back in no less than 60 days if you want to apply for an extension") that the 90-day permtted to stay clock begins on date of conversion, not date of last entry into Thailand. If this is the case, then you wouldn't have to have that one extra arrival prior to extension. Admittedly, with a 30-day stamp, you would be a little cramped (assuming the 21-days before expiration criteria), having to set up that bank account in the first few days after arrrival, then having to wait until the last week of your 90-day permitted to stay period to apply for the extension (to allow for the required period of funds in the bank).

Anyway, it's the part about the 90-day clock restarting at conversion date, and not from last date of entry, that seems out-of-character. I probably misinterpreted what the 'come back in 60 days' implied -- I assumed it meant 'come back when there are 30 days (or less) remaining on your permitted to stay period'.......thus indicating the clock restarted(?).

Also, if you did come in on a Non Imm O, then opened a bank account (but then didn't have the requisite 90-day maturing period), wouldn't Immigration (well, some anyway) give you a "one month under consideration" to accomodate this shortfall?

[lopburi3]

I suspect the time in account will be up to the officers but several recent posts have been that they had not required the 3 months for combined method. Hopefully that will be the case for most people.

Immigration will normally only provide a 7 day extension these days so would not count on 30 days. Also the requirement for conversion may well require the 3 month rule at some point (they have not updated those requirements since the October rules came into effect).

[rainman]

1. If you are using combined method there should not be any requirement for the money to be in account three months.

That would certainly be a big plus. We'll go to Immigration again tomorrow to confirm, but since the funds are currently in the joint account and she can show they came from an account in her name from overseas, if Immigration doesn't accept the funds to be moved into a THB account in her name, she would need to send the funds back to overseas and back into Thailand. Wouldn't lose much sending it overseas since the currency stays the same, but just the transfer fees and she'd need to wait another 3 months before applying.

She can show a pension of around 590,000 Baht per year, so she'd just need around 210,000 in the bank - hopefully they won't require the 3 month "money in the bank".

What about while she's on a non-immigrant "O" visa waiting to apply for the annual extension, or already on the stamp pending the annual extension, can she travel outside Thailand during this time with a re-entry permit? Or do they only grant re-entry permits for those who already have annual extensions?

[lopburi3]

Any kind of visa entry or extension of stay can use a re-entry permit, so yes she could.

[rainman]

Well, we went to Immigration today and asked if the 300k in the bank had to be there for 3+ months if used in addition to the pension letter. Two Immigration officers, including one on the 3rd floor, responded with "I don't know". Great, that makes me feel really good about the whole process.

On another note, my mom will be doing a 30 days visa run on Saturday and then she'll go to Immigration on Monday to change it to a non-immigrant "O". We'll see how that goes.

[lopburi3]

Probably not too well if they are observing the holiday Monday.