Bank Account Retirement Extension Qualification

[Jingthing]

Supposing I want to use TWO Thai bank accounts to qualify for retirement extensions (over 800K), where the COMBINATION of the two accounts is properly seasoned, but neither account ever tops 800K? Is there any reason why this wouldn't always be acceptable?

As this is a bit complicated, let me provide an example.

Bank account 1, topped up to 600K three months before application appointment

At time of application appointment, account at 500K

Bank account 2, topped up to 500K three months before application appointment

At time of application appointment, account at 400K

Total combined to start -- 1.1 million

Total at application for extension -- 900k

As you can see, neither bank account 1 or 2 ever went over 800K. However, in combination over 800K was always there for three months prior to application appointment.

It would be best to hear from people who have actually tried this. Thanks for any feedback!

[metisdead]

Yes, I used a ploy like this and it worked for me in April, combined total was 900K.

[Jingthing]

Yes, I used a ploy like this and it worked for me in April, combined total was 900K.

Thanks. Can I ask what office?

Someone is bound to ask WHY I would want to do this. It's a long story but I have a good reason!

[metisdead]

I use Chaeng Wattana.

[Jingthing]

Thanks. I reckon there isn't anything in the WRITTEN rules about the monies needing to be in one account only. Isn't that correct? If so, that raises some anxiety for me because the rules don't say you CAN use multiple accounts either.

[metisdead]

I don't remember which thread or topic it was, but this has been discussed months ago. Perhaps one of the mods with the knowledge on this will be along shortly.

[elwood]

I used two different accounts - a savings account and a term deposit (from which withdrawals could be made at any time) - for a few years, at Phibun. The only stipulation was they required a separate bank verification letter for each.

Elwood

[Jingthing]

So far, so good. Keep those reports coming.

On a related question, if you did SWIFT wire in funds into one account and then do an internal Thai transfer to another Thai account, and then used the target account solely for retirement extension qualification, might that be a problem because it would show an internal transfer rather than an incoming international wire? (Sorry for the run on sentence.)

[Mario2008]

The rules don't demand that the money comes from abroad.

[Tod Daniels]

Funny you should post this.

I recently had this exact situation come up when I accompanied a person to Changwattana to secure his yearly extension of stay based on retirement; he had two bank accounts.

One of them was at Kasikorn and the other one was at Siam Commercial. Neither account had sufficient funds to be used for meeting the financial requirements alone, but combined they exceeded the minimum by over 100K baht. As the money in both accounts was 'seasoned' the prescribed amount of time, he had both bank letters, his passbooks were updated and the amount in the letters and passbooks matched he didn't have any problem meeting the financial requirements.

FWIW: He didn't get even a single question from the Immigrations Officer, and basically sat there silently the whole time. It was smooth sailing.

Again, this was Changwattana, NOT some little fiefdom up-country in Nakhon Nowhere where their interpretation of the immigration laws often differs (markedly) from the real rule of law.

Depending on where you go, your mileage may indeed vary. ..

[xylophone]

So far, so good. Keep those reports coming.

On a related question, if you did SWIFT wire in funds into one account and then do an internal Thai transfer to another Thai account, and then used the target account solely for retirement extension qualification, might that be a problem because it would show an internal transfer rather than an incoming international wire? (Sorry for the run on sentence.)

No problems with what you have so far described as I did the same here in Patong and as I recall the bank drafted up one letter only (this was nearly 4 yrs ago). I had a Term Deposit and a savings acct and all went well, also transferred money between accts. Used the Siam Commercial Bank here.

[Jingthing]

All flavors of information are of interest. However, the focus of the question was meant to be about two different bank accounts (both standard passbook ones) in two different banks. Exactly the kind of example documented by tod in Post 10. Thanks for all the feedback.

[SurfRider]

Why not just simply get an income verification letter from your Embassy and bypass all the hassles about bank accounts, balances, and seasoning of funds?

Edited July 19, 2010 by Maestro
Changed font format to default. No need to write the entire post in Comic Sans MS.

[Jingthing]

You bring up non-bank account ways to qualify for retirement extension (which includes the combo method, account plus income letter). Most all of us know about those already. However, many of us do use the BANK ACCOUNT only method and this thread intentionally concerns a variation of that method -- using multiple bank accounts. Hint -- many of us especially earlier retirees are living completely on our pile of money. NO INCOME to verify. I don't see why all threads about retirement extensions need to always cover everything.

Edited July 19, 2010 by Jingthing

[SurfRider]

.

Apologies for attempting to offer a helpful suggestion, but now it's obvious why you're an "In Denial Member" . . .

.

[Jingthing]

Fine. For anyone who didn't already know that income letters could be used to qualify (and has an income), I am sure your point was helpful. But for this thread, it was off topic.

Edited July 19, 2010 by Jingthing