American To Retire In Chiang Mai

[kngdady]

I know you cannot take more than $10,000 usd out of USA, but I was wondering if I could take out $20,000 in travelers checks and deposit in Thai bank to satisfy the 80000 baht rule. Not only that my retirement is around 80000 baht monthly. I was wondering the Bank of Thailand has a branch in New York City can I send funds there before submitting my application for retirement visa or do I have to have an address in Thailand.

[Maestro]

…Not only that my retirement is around 80000 baht monthly…

What do you men with the above?

--

Maestro

[Jingthing]

If your pension is 80K baht a month, you don't need to transfer in 800K baht to a Thai bank account. You just need to go the US embassy in Bangkok and get a letter stating your pension. (Chiang Mai consulate also?) You will want to open a Thai bank account of some size and immigration will want to see that you do. There is no such 10K USD restriction on how much you can wire to a Thai bank account. Once I wired 75K USD for a condo, no problem. I think if the wire is over 10K USD it is reported to IRS, but all SWIFT wires are reported to homeland security. If I were you, I would open a Thai bank account after you arrive in Thailand, live on ATM withdrawals from your US account and later set up wire transfer agreements with your US bank on a trip back there. An easier way is to open an etrade account. You won't have to travel back to the US to do set up a wire agreement with them (and a few other banks). If you already had a Thai bank account it would be better, but you don't.

Also, you need to ask some more questions here because I think you need some more info, but unless you ask, can't figure what you don't know.

Edited January 10, 2008 by Jingthing

[sfokevin]

I know you cannot take more than $10,000 usd out of USA, but I was wondering if I could take out $20,000 in travelers checks and deposit in Thai bank to satisfy the 80000 baht rule. Not only that my retirement is around 80000 baht monthly. I was wondering the Bank of Thailand has a branch in New York City can I send funds there before submitting my application for retirement visa or do I have to have an address in Thailand.

I believe the law states that it is cash or equivalents...

And actually the law does not limit the amount it just states that you must declare amounts over $10,000... Not sure what happens once you make such a declaration... I would allow more time to get through customs though

[cm-happy]

as some one else suggested can also use 65,000 B per month for retirement visa.

But if you want to go the 800,000 B way $20,000 will not be enough with the current exchange rates. That was in the good old days of 40:1. Today it's more like 33:1.

[lopburi3]

1. Make a wire transfer agreement with your bank now. This must be done in person and it will set up a procedure/password for you to use to make transfers in the future. You do not have to know your Thai bank account details to establish the agreement.

2. You have the choice to use Embassy pension income paper or 800k deposit methods. The deposit will require the money be in account three months prior to application. The Embassy paper would not require that.

3. As said, either way, you should establish bank account here. And the money should be wired into your account here as that provides the wanted proof of foreign origin.

4. Bank of Thailand is not a commercial bank. You will want to open an account here in Thailand.

5. You can avoid all this and obtain a non immigrant OA visa in the US with proof of account balance there (US) and normal police/medical check. That visa, if multi entry, allows almost two years of stay before you have to visit immigration for an extension of stay (one year stamp on any entry and one year validity - enter just before it expires for a second year).

[Jingthing]

In two of my US banks you most certainly do need to have the Thai bank account number to initiate a REPETITIVE wiring agreement. In fact for one of them (Wachovia) you have to initiate at least one manual (from their branch in the US) wire to start the repetitive record proess. Each bank has a different policy. Of course, ask your bank.

[lopburi3]

I am only talking about setting up the ability to order a wire transfer - that is non specific general wire transfer agreement - just a method and password that allows you to do this without filling out a form in the bank. A recurring (term my bank uses) of course requires the account data to start it. But wire transfers do not have to be recurring (repetitive). Once you have the agreement on file you can dictate (if by phone) or fax or email or use whatever method your bank allows to send to anyone/anywhere.

At least that is my experience.

[Naam]

I know you cannot take more than $10,000 usd out of USA, but I was wondering if I could take out $20,000 in travelers checks and deposit in Thai bank to satisfy the 80000 baht rule. Not only that my retirement is around 80000 baht monthly. I was wondering the Bank of Thailand has a branch in New York City can I send funds there before submitting my application for retirement visa or do I have to have an address in Thailand.

you can take ANY amount out of the USA if you declare it! you also have to declare traveller's cheques as well as ANY negotiable financial instrument exceeding the value of $10k.

[phuketrichard]

apply for ur first retirement visa in the states and show them the 800,000 or equivilent in ur us bank

Then next year when u apply for ur EXTENSION. go the route that u recieve more than 65,000 baht /month with a letter form the Embassy

[astral]

I would never carry that much cash on my person.

Far too risky.

[vagabond48]

I would never carry that much cash on my person.

Far too risky.

Would a check do? I know, what's a check?

[PeaceBlondie]

It takes six weeks to cash a check.

[vagabond48]

It takes six weeks to cash a check.

Only if it is an "out of world" check.