Bank Charges

[PeaceBlondie]

I'm single and might want to go the retirement route for a visa next year. I'm American, living in Chiang Mai, with bank account at Wells Fargo (Texas/California). If the retirement visa normally requires 800,000 baht on deposit, but I want to satisfy the requirement by pension income, what is the monthly pension amount that substitutes for funds? I'd rather keep most of my savings in the US.

Edited March 20, 2005 by PeaceBlondie

[ProThaiExpat]

PeaceBlondie: I went though the retirment qualification process three years ago when Chiang Mai didn't do it, so my dealings were with the 3rd floor at main immigration in BKK. CM immigration may now, but check first as your a "first timer" and they are more careful the first time.

As you may know, an Embassy letter is rquired to verify your pension every time your get an extention based on retirement. The counsulate seems to charge for everything, so you may be looking at a fee of $25-50 every year for the letter.

I believe the amount to qualify via the pension route is 65,000 Baht a month, and with the exchange rate now, you need more pension "dollars" to qualify than one needed when the dollar to baht rate was 44.

I was given the distinct impression that the pension approach was frowned on by immigrtion and made difficult as clearly they find it easier to merely look at your bank letter and they like the idea of your money in Thailand.

If you really want to keep your funds on deposit in Thailand to a minimum, I would bring in the 800k and make sure you have documentation from where it came and when and then after you get your one year extention, move the money back to the U.S., keeping only as much in Thailand as you need to live for the next year.

Immigration wants to see money going out of an account for living expenses.

After a couple of years doing this, you may find the pension route easier to get through customs inspection. The old caveat applies, it depends on the immigration officer involved as to how problematical the pension route is.

There is an early thirties, looks anyway, immigration guy who is especially charming and nice with good English, who often works the long stay window and if you check with him for information regarding the pension route, you will be way ahead, before you do the footwork and only be in a hopeful state when you finally come to that time.

Just joke back when he suggests he needs one million baht to help you. It is a joking request for a bribe.

[PeaceBlondie]

Thanks so much, ProThaiExpat. I'm doing the non-imm B again next month for another year, so that gives me time to prepare.

I guess I'll just transfer the 800K next year, and live off of it. That'll save me all the ATM fees during the year, and I could just let my pension acumulate in my US account. I go 'home' once a year to see family, anyway.

But having to go to BKK just to get a long term visa - Ugggh! I avoid BKK like the plague.

[ProThaiExpat]

PeaceBlondie: When you go into CM immigration next month, please inquire regarding their ability to process completely a one year extention based retirment.

I have read that CM immigration can grant you a one year extention based on retirment if you already hold a long stay B visa. It is only when you want to go from a trourist visa to a long stay retirement that Bkk trip was required, but that was three years ago.

I know I would like to know, as well as others, if CM immigration can change a tourist visa to a long stay extention based on retirement, something they couldn't do three years ago?

Please post your findings. Thanks

[PeaceBlondie]

I won't be posting findings if I have no reason to go into the Immigration offices. I've only been into the office once, to get residency validated for a motorcycle purchase.

[buadhai]

I found,at that time, that Schwab wire transfers was the cheapest at $25 per transfer.  However, I also learned on a thread that at SCB, and others, a "teller point of sale" transaction using a debit card entails minimum fees, only the currency conversion cost.

<{POST_SNAPBACK}>

We went to SCB in Korat today to inquire about Teller Point of Sale transactions and were told it couldn't be done. We insisted, based on this post, that we knew it was possible. The bank agent went to talk to someone else and came back with the same news: "mai dai"

So, at what branch of SCB were you able to set up Teller Point of Sale transactions?

Oddly, we previously inquired with Bangkok Bank about this and were told, via e-mail, that it was possible. When we opened accounts at the Korat branch of Bangkok Bank we were again told that it was possible, but only in Bangkok. When we went to Bangkok to try to transfer funds we go the same answer: "mai dai".

[Crossy]

I must have been really lucky in my choice of banks

Nationwide in the UK --- free overseas ATM withdrawals.

Banque Raiffeissen in Luxembourg --- 5.50Euro for a swift transfer, and the amount that appeared in my Bangkok Bank account was sufficiently close to what was sent that any difference could be associated with exchange rate.

[buadhai]

Nationwide in the UK --- free overseas ATM withdrawals.

<{POST_SNAPBACK}>

My bank also does free ATM withdrawals (foreign and domestic) but can't do a swift transfer.

So, at this point I have no easy way to move funds....

[ProThaiExpat]

I was at the "Night Bazaar" branch in Chiang Mai when I made the inquiry and only one of the staff knew of the procedure and he advised of the 250k Baht per day maximum.

Earlier I tried it my home branch of SCB and with another ATM/debit card, and was advised the card needed to be a Visa/Mastercard logo card for it to be possible.

I haven't done it yet, so can't swear to it based on personal experience. I learned of this method of transfer from Thaivisa, I think Ajarn was the wise one who mentioned this method, but I wouldn't swear to it.

I have learned that SCB does vary considerably as to what services are available at which branches or sub-branches. My guess it that the branch has to have significant falang customers for this service to be even considered as it isn't a money maker for them.

In the next week, I will actually try it at my branch and the branch that said it could be done and will repot back then.