Extension Retirement Visa Requirements.

[buadhai]

If you're going to extend a retirement visa based solely on income rather than on a bank deposit, do you have to show that the income was deposited in a Thai bank, or is simple proof of the income enough?

I will have my pension deposited in a US bank and I want to use that money via ATM withdrawals and debit card payments. I don't want to have to transfer money each month to a Thai bank account.

Will that work?

[Sojourner]

"If you're going to extend a retirement visa based solely on income rather than on a bank deposit, do you have to show that the income was deposited in a Thai bank, or is simple proof of the income enough?"

Mgnewman,

For all intents and purposes Immigration wants to see money wired into Thailand. They want to see it deposited into a Thai bank and they want to see it spent here. The more money they see in your account here the better they like it. I never considered wiring money monthly because it's too expensive so I have it sent to me quarterly. I've read where some do it annually. Just so it meets or exceeds the minimum requirements.

[buadhai]

Well, I guess I can have my pension directly deposited into a Bangkok Bank account. I suppose that would work....

[harpman88]

Hi Mike,Ive seen numerous posts saying that Thai imm.is not at all

interested in ATM or debit card receipts from foreign banks. Sojurner is right.You should keep as much as as you can in your Thai bank acct.and use that for living expenses and "topping it up" occasionally with wire transfers.

I got my acct.with BKK bank on Sukhumvit Rd.with no problem and only a tourist visa. Just out of curiosity, why the aversion to the Thai bank acct. if your retirement visa is something you obviously value highly?? Going for my O/OA??

next week here in U.S, all the best ,the Harpman

[taxexile]

the bank letter stating the amount in the account should not be more than one month old when you apply for the extension.

[buadhai]

Just out of curiosity, why the aversion to the Thai bank acct. if your retirement visa is something you obviously value highly??

<{POST_SNAPBACK}>

No aversion really, I just like my current account with the Bank of the Internet. They have great on-line banking and bill payment services, I get 2% interest on the checking account and they don't charge for using other banks' ATM machines.

I don't think I'll get a deal like that with a Thai bank.

I suppose I can split my pension so that the minimum required goes in to the Thai bank and the rest into the US bank.

I do not have enough in the way of savings to qualify that way.

My monthly gross monthly pension will be in the area of US$4K, but the net will be somewhat less.

[lopburi3]

You do not have to deposit pension into a Thai bank account but you should have a considerable amount in a local account even if not the full 800k when you apply for extension of stay. I would try to have 400k myself if also using income as confirmed by your Embassy. As other poster advised there is not need to deposit monthly so every year before you apply top it up, or more often if you spend enough. Once you get used to using a local ATM card with no fee or restrictions on what atm accepts it believe you will prefer the local account. But keep your foreign account for investment/foreign bills/visa card and whatever - just set up a wire transfer agreement with them so you can call when funds are needed and have them transferred.

Bank letter of the amount in your account must be within 7 days of your extension of stay application. It makes no matter when the money is transferred as long as it is in your account when you apply and it appears that you are living on it.

[dr_Pat_Pong]

the bank letter stating the amount in the account should not be more than one month old when you apply for the extension.

<{POST_SNAPBACK}>

Ten days maximum actually Tax.

[harpman88]

No aversion really, I just like my current account with the Bank of the Internet. They have great on-line banking and bill payment services, I get 2% interest on the checking account and they don't charge for using other banks' ATM machines.

I don't think I'll get a deal like that with a Thai bank.

I suppose I can split my pension so that the minimum required goes in to the Thai bank and the rest into the US bank.

I do not have enough in the way of savings to qualify that way.

My monthly gross monthly pension will be in the area of US$4K, but the net will be somewhat less.

<{POST_SNAPBACK}>

I see what you mean Mike,sounds like a great deal you're getting there,(I may do a search on Bank of the Internet myself!) I feel much the same way about my tax exempt money mkt. acct. with Vanguard.

Anyway,since you say that you can't meet the savings requirements I would heed Lop's advice and go with the 400K if you can swing it.

The $4K is more than enough,obviously,but again after reading numerous posts from retirees using the"combo" method,a substantial amount in a Thai bank for living expenses,with the bankbook showing that you're actually using

the funds therein is what Thai imm.wants to see.

As for myself,Ive decided to put the full 800K baht in AND also provide the pension/income letter notarized by the embassy....

All the best ,the Harpman.