Wired Money *only* Required For Retirement Account Records?

[MaiThaiMai]

I recall reading a couple times way back where financial requirements to fulfill a retirement visa retirees need to show "wired money from foreign country" in proper amounts to be considered a valid financial fulfillment of the retirement extension rules.

Now the time has come to line-up the retirement move but I don't have an account in Thailand and my bank here tells me I cannot wire money to myself over the phone once I get there and have opened a Thai account, which means ... I'll have to fly over to LOS, open a Thai account, fly back home personally wire money from my home bank to myself in Thailand just to meet the Thai "wired money from foreign country" blurbs I have read about and my home bank rules about no wires over the phone once I retire there.

My question would be; A cashier's check is not good enough to satisfy a bank in Thailand that I am retiring with extension visa in place and that my retirement money is coming from foreign bank? Does it have to SPECIFICALLY show in my Thai account records that the money was wired? The cashier's check will obviously be drawn on my (foreign) home bank.

Any clarity on this would be greatly appreciated, even other links that did not show in my searches if they exist? (NOTHING was returned in the searches, not even when searching one word like "retirement" = *NO* results)

I could fly over and open the account and fly back home to do the wire back to LOS but the trip is a killer layover and length and I want to avoid the extra trip if at all possible...

Thank you very much for *ANY* help...

MaiThaiMai

[lopburi3]

1. Do not believe any office is giving anyone a hard time about proof these days but you never know until you apply - suggest you change your bank.

2. Check another bank - all you should have to do is sign a wire transfer agreement (that you take responsibility for the instructions you provide) and once that is on file they should be able to transfer with phone or internet or fax (different banks use different methods) using password or whatever system they use.

I have been using phone to send to my Thai account for the last decade (last time two weeks ago). My bank is a normal regional bank.

Believe another method that would work is use debit card at bank counter - believe you can withdraw up to much higher limit than using ATM that way and there is paperwork available to show the transaction. It does not all have to be sent the same day.

Edited July 3, 2009 by lopburi3

[12DrinkMore]

I have never been asked to show that the money was "wired in" from abroad. Maybe you could "Western Union" the funds to yourself at a Thai bank and then pick up the cash when you get here.

On the other hand, why not apply for the visa in your own country?

[chiang mai]

I recall reading a couple times way back where financial requirements to fulfill a retirement visa retirees need to show "wired money from foreign country" in proper amounts to be considered a valid financial fulfillment of the retirement extension rules.

Now the time has come to line-up the retirement move but I don't have an account in Thailand and my bank here tells me I cannot wire money to myself over the phone once I get there and have opened a Thai account, which means ... I'll have to fly over to LOS, open a Thai account, fly back home personally wire money from my home bank to myself in Thailand just to meet the Thai "wired money from foreign country" blurbs I have read about and my home bank rules about no wires over the phone once I retire there.

My question would be; A cashier's check is not good enough to satisfy a bank in Thailand that I am retiring with extension visa in place and that my retirement money is coming from foreign bank? Does it have to SPECIFICALLY show in my Thai account records that the money was wired? The cashier's check will obviously be drawn on my (foreign) home bank.

Any clarity on this would be greatly appreciated, even other links that did not show in my searches if they exist? (NOTHING was returned in the searches, not even when searching one word like "retirement" = *NO* results)

I could fly over and open the account and fly back home to do the wire back to LOS but the trip is a killer layover and length and I want to avoid the extra trip if at all possible...

Thank you very much for *ANY* help...

MaiThaiMai

I think that the term is "transferred", or "remitted", never have I seen the term "wired" used anywhere in connection with retirement funds.

[mosquitobill]

This is the method I have been using for 5yrs and it takes about 5wks for the money to arrive in your Thai account so its not quick but its simple.I just pay into my Thai bank a Natwest cheque made out in sterling and payable to myself and thats it like I say not quick but simple.

[pagallim]

OK, it looks like you are going the route of the 800,000 baht in a Thai account route for your Retirement Visa? The criteria is that you must have had a minimum of 800,000 baht in the account for 3 months prior to the Retirement Visa application. You may also find that they like to see some working transactions (credits/withdrawals etc) during this 3 month period, but maintaining the 800,000 baht minimum. A letter from your Thai bank confirming the minimum balance, plus photocopies of your bank passbook showing transactions, are also required. The alternative is for a pension income certificate from your Embassy, stating that you have a pension of a minimum 65,000 baht/month (the statement also has to be translated into Thai).

In the event that you have a Thai wife, the minimum amounts are reduced to 400,000 baht bank balance/45,000 baht a month income.

Suggest that you look through the immigration forum for further information, as all of this detail is well posted. The only difference appears to be between local Immigration Office interpretations (i.e. Bangkok/Chiang Mai/Pattaya/Phuket etc), as often it comes down to individual Immigration Officers on duty.

[Jingthing]

The criteria is that you must have had a minimum of 800,000 baht in the account for 3 months prior to the Retirement Visa application.

It is TWO MONTHS for the FIRST extension. Current word also out of Jomtien: NO money seasoning requirements for SUBSEQUENT extensions. NONE.

[Maestro]

...Current word also out of Jomtien: NO money seasoning requirements for SUBSEQUENT extensions. NONE.

The operative word being “current”. From one day to the next the immigration office in Jomtien (Pataya) may decide – or be ordered – to follow the official rules again.

--

Maestro

[Jingthing]

...Current word also out of Jomtien: NO money seasoning requirements for SUBSEQUENT extensions. NONE.

The operative word being “current”. From one day to the next the immigration office in Jomtien (Pataya) may decide – or be ordered – to follow the official rules again.

--

Maestro

That is all we have, the present ...

[basjke]

All I can add is that 6 months prior to my first extension based on retirement I went to the immigration office in jomtien and showed them the bank book.Answer was that it would be ok,no question about the source of the money.

When the time came for the apply for the extension again no questions were asked about where the money came from.

Edited July 3, 2009 by basjke

[delmersomsri]

I've used my computer to wire transfer funds from the States to my wife's two banks here in Thailand for 3 years now. Have had no problems and the money is there within 24 hrs. Just recently arrived in Bangkok and have used my online banking to transfer 500k baht to my wife's account with Siam Commercial Bank here in Bangkok since arriving. Once I establish an account for myself I plan to move funds to cover my visa requirement via internet banking. The transfer fee is $40 each time. Not cheap but fast and dependable. The transaction is encrypted so it is about as secure as you can get nowadays. If you are computer literate find a bank at home that allows internet banking with wire transfer capability. Set it up before you arrive in Thailand and use it to ensure everything is in working order. Once you find a bank that will allow you to open an account in your name only make sure they will accept wire transfers into your account. Any bank worth dealing with will. I transfer funds in dollars. Not in Thai baht. I found that my bank will give me less amount in exchange if I transfer in Thai baht. The Thai banks charge little to nothing to receive wired transfers and give a decent exchange rate. The fees are grabbed by the central banks in New York before it even arrives in Thailand. Hope this helps you. There are smart and experienced people on this forum. So stay tuned.

[MaiThaiMai]

Sorry it took so long to reply, I had to get some badly needed stress relief sleep...

Thanks for all the replies and input folks, I'll sit back and absorb what has been posted.

I really only need to put a small amount in the bank to satisfy the rules as I will be using my annual pension and baht in-the-bank to add up to the 800,000 per year.

My [original] plan is/was to enter on a tourist visa, open a bank account immediately then apply for a 90-day extension also immediately then when the number of days winds down to [less than 27 or is it 21?] I'll apply for a retiement extension (having all necessary docs in hand of cousre) 2 months will have gone by bank-wise then I should be good to go - eh?

I'll be on the Jomtien side of LOS, if I should know of any hiccups or big speed bumps in my plan(s) I'd appreciate a heads-up. I've learned (in life) the hard way plans don't always work no matter how well planned , this one is too critical to mess up and if anyone can that would be me

FYI - Before I posted this topic I did do a search for "wire", "retirement", "retirement account", etc. and all searches returned zero results, no links for anything not even for something as common as "retirement" but I did look for the thread that mentioned bank records must show money wired from foreign bank when it pertained to retirement extensions...anywhoo, it's not important I guess but I did try the search with no results...

Thanks again for all the input...

MaiThaiMai

Edited July 3, 2009 by MaiThaiMai

[MaiThaiMai]

Sorry it took so long to reply, I had to get some badly needed stress relief sleep...

Thanks for all the replies and input folks, I'll sit back and absorb what has been posted.

I really only need to put a small amount in the bank to satisfy the rules as I will be using my annual pension and baht in-the-bank to add up to the 800,000 per year.

My [original] plan is/was to enter on a tourist visa, open a bank account immediately then apply for a 90-day extension also immediately then when the number of days winds down to [less than 27 or is it 21?] I'll apply for a retiement extension (having all necessary docs in hand of cousre) 2 months will have gone by bank-wise then I should be good to go - eh?

I'll be on the Jomtien side of LOS, if I should know of any hiccups or big speed bumps in my plan(s) I'd appreciate a heads-up. I've learned (in life) the hard way plans don't always work no matter how well planned , this one is too critical to mess up and if anyone can that would be me

FYI - Before I posted this topic I did do a search for "wire", "retirement", "retirement account", etc. and all searches returned zero results, no links for anything not even for something as common as "retirement" but I did look for the thread that mentioned bank records must show money wired from foreign bank when it pertained to retirement extensions...anywhoo, it's not important I guess but I did try the search with no results...

Thanks again for all the input...

MaiThaiMai

Follow-up with new info I just got that may help someone else.

I called my bank's 1-800 customer service number (not my personal local branch) and was told of a "Global Remittance" service where I could wire myself cash to my bank-of-choice in Thailand, then when I get there get my cash and open an account at that bank. Once the LOS account is opened I call same 1-800 customer service people back at my home bank and give them the new LOS account number in Thailand then I can wire myself to my hearts content...since this new info satisfied my initial question I didn't ask if I could simply transfer more money online in the future through a web browser once both accounts were established. That'll be my next question to the bank of choice in Thailand before wiring myself cash...HTH

MaiThaiMai

[flying]

.since this new info satisfied my initial question I didn't ask if I could simply transfer more money online in the future through a web browser once both accounts were established. That'll be my next question to the bank of choice in Thailand before wiring myself cash...HTH

MaiThaiMai

I may be wrong for other countries but....If your account is US based then probably not. I have never seen one anyway.

Of course you can browser based trans within US or within Thailand as I do between SCB & BKB & even Ayudya

But not between my US accounts & my TL accounts

Since it is a International transfer they need me on the phone with password.

What you may be able to do is transfer from your US account to the New York branch of Bangkok Bank once you have a BKB account set up from Thailand.

Then you would have it in your TL BKB acct.

PS: I agree the search function is odd

PSS: You never said your country of origin. But if in the USA.....Here is the NY BKB Transfer info

http://www.bangkokbank.com/Bangkok+Bank/Pe...ds+from+USA.htm

Edited July 4, 2009 by flying

[longball53098]

.since this new info satisfied my initial question I didn't ask if I could simply transfer more money online in the future through a web browser once both accounts were established. That'll be my next question to the bank of choice in Thailand before wiring myself cash...HTH

MaiThaiMai

I may be wrong for other countries but....If your account is US based then probably not. I have never seen one anyway.

Of course you can browser based trans within this country or within Thailand as I do between SCB & BKB & even Ayudya

But not between my US accounts & my TL accounts

Since it is a International transfer they need me on the phone with password.

What you may be able to do is transfer from your US account to the New York branch of Bangkok Bank once you have a BKB account set up from Thailand.

Then you would have it in your TL BKB acct.

PS: I agree the search function is odd

I have been transferring funds to my Thai SCB account from my Chase Bank account(in the USA) for over 4 years now. I started using this service by filling out paperwork at my Home USA branch of Chase. In the beginning it was telephonic transfers using secret passwords that the wire transfer department issued to me. A year or so later Chase implemented an online wire transfer system and I was automatically included in this but I still had to create the online wire transfer accounts and get them approved in their system. This step was simple and since then I have have been doing online wire transfers(Swift transfers) to my SCB accounts with ease. I log in to Chase system, click to the wire transfer tab and initiate the transfer to the account of my choice. 10 to 15 hours later the money is in my SCB account. No problems or questions or phone calls.

In the process I never asked my local SCB branch any questions as I had all the needed info. Bank name, address, my 10 digit account number and Swift code numbers for SCB. The only contact I ever have from SCB is if I make a transfer valued at more than 20k USD. They will call me and ask what the money is being used for.

[flying]

I have been transferring funds to my Thai SCB account from my Chase Bank account(in the USA) for over 4 years now.

Thanks ! Very good info

[Naam]

In the process I never asked my local SCB branch any questions as I had all the needed info. Bank name, address, my 10 digit account number and Swift code numbers for SCB. The only contact I ever have from SCB is if I make a transfer valued at more than 20k USD. They will call me and ask what the money is being used for.

i am getting a call from Bangkok Bank asking me whether i agree with an offered exchange rate "x/y" or whether they should hold the amount of foreign currency for a certain time before forwarding it to my account with SBC. never been asked what the money is used for as i state that purpose in my SWIFT order.

[Naam]

I have been transferring funds to my Thai SCB account from my Chase Bank account(in the USA) for over 4 years now.

me same same but slightly different as i transfer from Switzerland, Luxembourg and Singapore to SBC since years. never ever any problems!

[TongueThaied]

I've used my computer to wire transfer funds from the States to my wife's two banks here in Thailand for 3 years now. Have had no problems and the money is there within 24 hrs. Just recently arrived in Bangkok and have used my online banking to transfer 500k baht to my wife's account with Siam Commercial Bank here in Bangkok since arriving. Once I establish an account for myself I plan to move funds to cover my visa requirement via internet banking. The transfer fee is $40 each time. Not cheap but fast and dependable. The transaction is encrypted so it is about as secure as you can get nowadays. If you are computer literate find a bank at home that allows internet banking with wire transfer capability. Set it up before you arrive in Thailand and use it to ensure everything is in working order. Once you find a bank that will allow you to open an account in your name only make sure they will accept wire transfers into your account. Any bank worth dealing with will. I transfer funds in dollars. Not in Thai baht. I found that my bank will give me less amount in exchange if I transfer in Thai baht. The Thai banks charge little to nothing to receive wired transfers and give a decent exchange rate. The fees are grabbed by the central banks in New York before it even arrives in Thailand. Hope this helps you. There are smart and experienced people on this forum. So stay tuned.

I do the same. But I not only transfer dollars, I opened a "dollar account" (under a recent law) so I do not have to exchange at all (at this stinking exchange rate). I let the dollars just sit there in the account waiting for a better rate. If the exchange is at 38 in six months, I can exchange then. Many (most) Thai bankers do not know about the dollar account availabilty. You have to insist there is such a thing and force them to call Bangkok. I have my account at Krung Thai, and a friend opened one on my advice at Bangkok Bank. Incidentally, Bangkok Bank is one of the few, or maybe only, Thai bank with a branch in the U.S. They have an actual routing number so you do not have to use the risky SWIFT code. I will move to BKK Bank right after my next extension.

[TerryLH]

"...pension income certificate from your Embassy, stating that you have a pension of a minimum 65,000 baht/month (the statement also has to be translated into Thai)."

If the letter is in English I don't think it has to be translated. I've never had to do that for letters from the US Embassy.

"In the event that you have a Thai wife, the minimum amounts are reduced to 400,000 baht bank balance/45,000 baht a month income."

The correct amount is 40,000 baht per month.

[MaiThaiMai]

Still absorbing the great info folks, all the replies much appreciated...

I just hope that baht holds where it's at or increases of course, I was there in February when it got the highest in years.

Great to know about the "dollar account" there TongueThaied...I'll be checking into see about a Bangkok Bank branch in USA wherever...

MaiThaiMai

[lopburi3]

"...pension income certificate from your Embassy, stating that you have a pension of a minimum 65,000 baht/month (the statement also has to be translated into Thai)."

If the letter is in English I don't think it has to be translated. I've never had to do that for letters from the US Embassy.

"In the event that you have a Thai wife, the minimum amounts are reduced to 400,000 baht bank balance/45,000 baht a month income."

The correct amount is 40,000 baht per month.

If in English there is no translation required. There is no reduction for being married if you want a retirement extension of stay. It will still be 800k/65k. Only if you change to family extension of stay does the requirement change to 400k/40k.

[Thailand]

Visa will also be granted by using the equivalent of 800,000 baht in US$ provided it is in a Thai bank in Thailand.

Edited July 4, 2009 by Thailand

[delmersomsri]

I do the same. But I not only transfer dollars, I opened a "dollar account" (under a recent law) so I do not have to exchange at all (at this stinking exchange rate). I let the dollars just sit there in the account waiting for a better rate. If the exchange is at 38 in six months, I can exchange then. Many (most) Thai bankers do not know about the dollar account availabilty. You have to insist there is such a thing and force them to call Bangkok. I have my account at Krung Thai, and a friend opened one on my advice at Bangkok Bank. Incidentally, Bangkok Bank is one of the few, or maybe only, Thai bank with a branch in the U.S. They have an actual routing number so you do not have to use the risky SWIFT code. I will move to BKK Bank right after my next extension.

Glad to hear about the "dollar account". I'll check into it. When you called the SWIFT code risky, please explain. Yes Bank of Bangkok is established in New York City.

[longball53098]

Any wire transfer between banks on an international level requires a Swift code to complete the transfer. It's in effect the electronic address for the bank. Don't understand the "risky" comment.