Immigration's Method Of Determining Foreign Currency Value

[sriracha john]

Does anyone who is on a yearly extension for retirement, know what Immigration uses for determining the value of foreign currency income in regards to meeting their minimum standards?

Particularly for someone wishing to meet the requirement based upon a combination of retirement pension and savings?

I would assume it gets updated periodically based upon the changing nature of foreign exchange rates. Is it updated online anywhere? How often has it changed over the past several years?

Anyone who has done this recently, what currency exchange rate was used?

Most of their requirement would be met by a pension paid in foreign currency with the remainder met with a topped up savings account in Thailand bank (obviously in baht for that portion).

Thank you.

[digitele]

17,046 posts and don't know this?

[JAS21]

Does anyone who is on a yearly extension for retirement, know what Immigration uses for determining the value of foreign currency income in regards to meeting their minimum standards?

Particularly for someone wishing to meet the requirement based upon a combination of retirement pension and savings?

I would assume it gets updated periodically based upon the changing nature of foreign exchange rates. Is it updated online anywhere? How often has it changed over the past several years?

Anyone who has done this recently, what currency exchange rate was used?

Most of their requirement would be met by a pension paid in foreign currency with the remainder met with a topped up savings account in Thailand bank (obviously in baht for that portion).

Thank you.

If you use figures in this link you wont go far wrong http://www.bangkokbank.com/bangkok+bank/pe...tes/default.htm

I just looked a few post lower and see a simular question..you could have looked at that answer..better than mine!

[taxexile]

digitelle

17,046 posts and don't know this?

so what is the correct answer then einstein ?

[sriracha john]

17,046 posts and don't know this?

Never needed to know previously.

[sriracha john]

Does anyone who is on a yearly extension for retirement, know what Immigration uses for determining the value of foreign currency income in regards to meeting their minimum standards?

Particularly for someone wishing to meet the requirement based upon a combination of retirement pension and savings?

I would assume it gets updated periodically based upon the changing nature of foreign exchange rates. Is it updated online anywhere? How often has it changed over the past several years?

Anyone who has done this recently, what currency exchange rate was used?

Most of their requirement would be met by a pension paid in foreign currency with the remainder met with a topped up savings account in Thailand bank (obviously in baht for that portion).

Thank you.

If you use figures in this link you wont go far wrong http://www.bangkokbank.com/bangkok+bank/pe...tes/default.htm

I just looked a few post lower and see a simular question..you could have looked at that answer..better than mine!

The other thread concerned a one-time conversion of the entire 800K.

As I would be seeking a monthly pension, I'm wondering how often the rate changes.

Mr. Lopburi, do you know any precise section of the law that covers this? Within a span of 12 months, the potential for a significant variance exists, especially with our hapless U.S. dollar.

While one would hope that current bank-posted rates would be a good guideline, but as with many things Imm.-concerned, it's not always a reliable standard to depend on what would be logical or sensible.

Are these valuations and their periodic changes posted anywhere by Immigration?

If any members using this within the past 3 months, can you say what the rate Imm. used in your case and how much, if any, did that differ from what were the bank-posted rates at the time?

[Tywais]

I guess I'm a bit confused about the question because, AFAIK, immigration could care less about what the initial currency was but the resulting value in Baht. Since the requirement is 65k/month pension (using a letter of verification from the Embassy) or 800k in the bank or a combination of both - all in Baht.

[ovenman]

I guess I'm a bit confused about the question because, AFAIK, immigration could care less about what the initial currency was but the resulting value in Baht. Since the requirement is 65k/month pension (using a letter of verification from the Embassy) or 800k in the bank or a combination of both - all in Baht.

I think what SJ is trying to ask is that of the exchange rate used by immigrations in regards his pension which is paid to him in dollars. But if what you are saying is that the letter one gets notarized at the embassy attests to this pension amount in baht (i.e. not in dollars), then it's a moot question.

[JimGant]

"He affirms that he receives in amount of US$ [fill in] every month from the United States Government and/or other sources."

This is a direct quote from the affirmation statement one receives from the US Embassy or Consulate.

Since I believe SJ is a Yank, then, yes, it does become important what exchange rate is being used by Immigration when you submit your monthly dollar figure for affirmation. And, I seem to recall reading on this forum a situation where Immigration used the most recent published exchange rate (probably TT), not a more friendly 'average' or other such measure.

If you're close to the line -- and worry about Immigration validating your figures (which they rarely do, at least as reported here) -- it's nice to know that they apparently look at "gross" income, not disposable income. And, of course, you can meet shortfalls with money in a Thai bank if going the income route alone gets dicey using a 'worst case' exchange rate (which is what I'd use).

[sriracha john]

"He affirms that he receives in amount of US$ [fill in] every month from the United States Government and/or other sources."

This is a direct quote from the affirmation statement one receives from the US Embassy or Consulate.

Since I believe SJ is a Yank, then, yes, it does become important what exchange rate is being used by Immigration when you submit your monthly dollar figure for affirmation. And, I seem to recall reading on this forum a situation where Immigration used the most recent published exchange rate (probably TT), not a more friendly 'average' or other such measure.

If you're close to the line -- and worry about Immigration validating your figures (which they rarely do, at least as reported here) -- it's nice to know that they apparently look at "gross" income, not disposable income. And, of course, you can meet shortfalls with money in a Thai bank if going the income route alone gets dicey using a 'worst case' exchange rate (which is what I'd use).

Yes, that is what I'm doing. I was just looking at what I may be expected to show in a Thai savings account to make up the difference between the required 65K baht monthly and what I will be actually getting as a pension in $.

The result was there quite a difference in the required amount, depending on what the exchange rate they used for figuring my monthly pension. Even with worse case scenario, I can easily the deposit to savings required. and but of course, the less I have tied up in a non-productive Thai savings account, the better, so I was just wondering how they go about determining the Thai baht value of a foreign pension paid in another currency.

Surely with specific rules for nearly every possible scenario, they have written guidelines they go by....

I understand about what the U.S. would require on my statement that they are merely affirming whatever it is I say I on the statement. I had presumed that for this situation of a monthly foreign pension used in combination with savings that one would have with a Thai bank, that they would require a letter or statement from the payer of the retirement pension.... and then assign a currency value in Thai baht to whatever that statement indicates....

Do they not require verification and simply accept the statement letter affirming what I say is my pension?

[Maestro]

...Do they not require verification and simply accept the statement letter affirming what I say is my pension?

This is at the discretion of the immigration officer handling the application. There have been a few reports by members that they were asked for supporting documentation. The best thing to do is to bring it along but show it only if asked.

--

Maestro

[lopburi3]

They seem to accept any reasonable conversion and as they do not require the money to be in account for any fixed period I would show up with 31/$ today when market is 32/$ and feel safe that I had plenty extra.

[Mosha]

Does anyone who is on a yearly extension for retirement, know what Immigration uses for determining the value of foreign currency income in regards to meeting their minimum standards?

Particularly for someone wishing to meet the requirement based upon a combination of retirement pension and savings?

I would assume it gets updated periodically based upon the changing nature of foreign exchange rates. Is it updated online anywhere? How often has it changed over the past several years?

Anyone who has done this recently, what currency exchange rate was used?

Most of their requirement would be met by a pension paid in foreign currency with the remainder met with a topped up savings account in Thailand bank (obviously in baht for that portion).

Thank you.

Last year when applyng for an extension for the 1st time. I showed them a letter from the bank, which gave account(s) details. This included how long I have banked with them. Plus proof of income. This included showing them a pay slip with my pension, and a tax receipt from my wife. A letter cfrom the pension company confirming the pension. When asked why I did not apply for a tetirement visa. (Their words not mine) As I met the minimum requirements with income/money in the bank combined. I just said I did not wish to go up to Bangkok.

However I hope the first part answers your question I do remember the rate they used was slightly lower than I was actually getting.

[vagabond48]

Last year when applyng for an extension for the 1st time. I showed them a letter from the bank, which gave account(s) details. This included how long I have banked with them. Plus proof of income. This included showing them a pay slip with my pension, and a tax receipt from my wife. A letter cfrom the pension company confirming the pension. When asked why I did not apply for a tetirement visa. (Their words not mine) As I met the minimum requirements with income/money in the bank combined. I just said I did not wish to go up to Bangkok.

However I hope the first part answers your question I do remember the rate they used was slightly lower than I was actually getting.

Pardon my ignorance, but what kind of visa did you extend if not a retirement one?

[lopburi3]

It appears that he extended a non immigrant O (other) visa entry on the basis of family (40k per month income). If over age 50 and with income of 65k per month Immigration will normally request you used the retirement option as it is less paperwork and can be immediately approved.