Retirement Visa 800,000 Baht Bank Problem

[NancyL]

Yes, personally I wouldn't want my 800,000 baht visa account to be easily accessible via on-line banking or ATM card. Besides, at Bangkok Bank you can get a higher rate with a time deposit, but they told me those accounts can't be accessed with an ATM card. They are acceptable to immigration, at least in Chiang Mai.

[lopburi3]

Much easier to have easy access for emergency medical use however; if you do not have a spouse option. Even ATM/debit card access can be severely limited (many only allow 50k per day or perhaps 100k point of sale). Have had to use 3% credit card because of this restriction in the past.

[samtam]

What qualifies as yearly income? Would share dividends paid in Hong Kong to a joint account qualify? Can it be verified by (my British) embassy letter? What would the embassy require to verify?

I've obviously been missing a trick here. I have income in Hong Kong from share dividends, but for visa extension for retirement I use the THB800k for three months method.

If I have a dividend income of THB35k per month and use this for the combo method, it means I do not have to season my THB800k each year?

[Mario2008]

With the combined option you do not need to season.

Proof of income is what ever your embassy accepts and qualifies as income. If recieved in another country, your embassy still nees to confirm it.

[fishhooks]

With the combined option you do not need to season.

Proof of income is what ever your embassy accepts and qualifies as income. If recieved in another country, your embassy still nees to confirm it.

Does that then mean, the office's that are enforcing seasoning for 3 months, when using the "Combined Option" can be challenged, all but nicely of course?

[Jingthing]

With the combined option you do not need to season.

Proof of income is what ever your embassy accepts and qualifies as income. If recieved in another country, your embassy still nees to confirm it.

Does that then mean, the office's that are enforcing seasoning for 3 months, when using the "Combined Option" can be challenged, all but nicely of course?

You can try but that doesn't mean it will work. Personally if I learned my office was using creative interpretations of national written rules, I would choose to plan to comply if there was time.

[phuketrichard]

A friend of mine here did the same thing ( Phuket) his was only 20,000 baht below 800,000 for 2 days!!.

The Immigration guy was nice an explained the rules that it cant go under 800 for the FULL 3 months, He than asked how much it would cost him to fly out an get a new non o and come back and start again. Well eventually the guy at immigration asked for 10,000 baht to make it right.

cheaper than flying out an doing it all over but still...

Edited December 26, 2012 by phuketrichard

[NancyL]

A friend of mine here did the same thing ( Phuket) his was only 20,000 baht below 800,000 for 2 days!!.

The Immigration guy was nice an explained the rules that it cant go under 800 for the FULL 3 months, He than asked how much it would cost him to fly out an get a new non o and come back and start again. Well eventually the guy at immigration asked for 10,000 baht to make it right.

cheaper than flying out an doing it all over but still...

Actually, it might have been cheaper to take the bus/train to the south border, come back in on 15-day visa exempt status and convert this to an O visa at Phuket immigration -- provided Phuket permits the "two step" process toward a retirement extension and doesn't require applicants to go to Bangkok. Certainly it would have denied an Immigration official a bribe.

[fishhooks]

A friend of mine here did the same thing ( Phuket) his was only 20,000 baht below 800,000 for 2 days!!.

The Immigration guy was nice an explained the rules that it cant go under 800 for the FULL 3 months, He than asked how much it would cost him to fly out an get a new non o and come back and start again. Well eventually the guy at immigration asked for 10,000 baht to make it right.

cheaper than flying out an doing it all over but still...

Yes, but here you are surely discussing the "Cash in the Bank" rule when only this 800,000 Baht cash is being used to comply with the extension being applied for................and yes, it is a well known fact that with this method, 3 months seasoning is required to comply for subsequent extension renewals. (2 months for the initial one)

My points above refer to the fact that when using the 'COMBINED' method of income & cash in the bank, there is supposedly no 'OFFICIAL' requirement for seasoning the cash portion that you are adding to the income portion to 'total' 800K!

[phuketrichard]

A friend of mine here did the same thing ( Phuket) his was only 20,000 baht below 800,000 for 2 days!!.

The Immigration guy was nice an explained the rules that it cant go under 800 for the FULL 3 months, He than asked how much it would cost him to fly out an get a new non o and come back and start again. Well eventually the guy at immigration asked for 10,000 baht to make it right.

cheaper than flying out an doing it all over but still...

Actually, it might have been cheaper to take the bus/train to the south border, come back in on 15-day visa exempt status and convert this to an O visa at Phuket immigration -- provided Phuket permits the "two step" process toward a retirement extension and doesn't require applicants to go to Bangkok. Certainly it would have denied an Immigration official a bribe.

He does not do bus's, :-) and to take the train entails a 4 hour bus ride to Surat Thani before u can hop on the train. PLUS his wife's extension, ( Australian) is tied to his so both would have needed to leave, new non "o", seasoned the cash an than applied for extension.. Trust me the 10,000 was cheap option for him. He only uses the full amount an has no verifiable income.

Yes u can do the two step in phuket for retirement.

Not talking about the combo method nor was the OP

Edited December 26, 2012 by phuketrichard

[mickjn]

If you have a Mastercard go to the bank and tell them you want to increase limit for a couple of weeks they will help only to happy to take your money in interest

[samtam]

With the combined option you do not need to season.

Proof of income is what ever your embassy accepts and qualifies as income. If recieved in another country, your embassy still nees to confirm it.

Can anyone tell me what the British Embassy in Bangkok require for proof of income. I have dividends paid through my HSBC Hong Kong account.

[ubonjoe]

Embassy website info: http://ukinthailand.fco.gov.uk/en/help-for-british-nationals/living-in-thailand/notarial-services/letter-pension-income/

You would need statements from bank to confirm income.

[samtam]

Thanks Ubonjoe. If my renewal is in May what dates would IMM require. For example, would they accept income proof from Jan to Dec of the preceding year? Unfortunately my bank (HSBC in Hong Kong) doesn't issue statements now, although I can download them from the internet, but that probably wouldn't be acceptable. For a fee they might issue them certified.

Anyone using this HSBC Hong Kong method?

[ubonjoe]

The embassy probably would require recent statements when they do the letter. Immigration would not need to see them.

I would not get the letter until a month or so before going to immigration.

Some immigration offices want to some proof that you are bringing money into the country as a back up to the letter. The best proof is a Thai bank book showing regular transfers into the country.

[samtam]

Can anyone show me a standard British Embassy Proof of Income letter? My income is paid into my joint account with my partner, and I presume the embassy would not have any issue with this, (the fact that it's a joint account). Again, however, anyone with experience of this would be helpful.

[fvdv]

Hello,

I was wondering when transferring 800.000 Baht to Thailand for a Retirement Visa, if it was possible to transfer in out of the country (fund repatriation) if necessary?

For that purpuse and if possible, should I ask the bank for a form to prove that the funds where coming from abroad in a foreign currency?

Am asking since I just read that Kasikorn was asking for a Work permit in order to execute an outbound international transfer.

Thank in advance for your repilies.

[NancyL]

I've assisted elderly retirement visa holders who have decided to return to their home country. The policy regarding repatriation of funds varies wildly from bank-to-bank and even across branch-to-branch of the same bank. Apparently, some bank managers are very "protective" of these larger accounts because they're somehow "graded" by how much is on deposit at their branch.

If so inclined, they can put up numerous roadblocks. For example, "the passport number you used to open the account isn't the same as your current passport" (his old one expired, he got a new passport and disposed of his old one), "your signature is very different than the black-light visible signature in your passbook" (he has a progressive neurological condition and can barely write now -- he was better a year ago), and even "the name on your account is first name, last name (no middle name), but the name in your new passport is first name, middle name, last name".

Often, they want to wire transfer the funds into a bank account in the home country that was set up in the EXACT same name as the account in Thailand. Sometimes, they will only write a check. They rarely just give someone 800,000 baht in cash.

Best to ask at the branch how to repatriate funds prior to setting up the account and ask for it to be confirmed in writing. Remember branch managers change and thus policies change, too.

Edited January 5, 2013 by NancyL

[lopburi3]

Actually banks can and do use all three of the above reasons to roadblock even a new passbook. Trying to close an account is even more of an issue. Better to just remove your money (spend it to buy cash/gold/beer) than deal with bank for transfers.

[ubonjoe]

Actually banks can and do use all three of the above reasons to roadblock even a new passbook. Trying to close an account is even more of an issue. Better to just remove your money (spend it to buy cash/gold/beer) than deal with bank for transfers.

Or use Western Union or Money Gram to send money out in bits and pieces.

[david555]

as it is permitted to take out of Thailand 20 000 $ (around 600 000 bht ) and you can take by ATM 20 000 a time ( limits could be higher by asking bank) it would not be a big problem to take out in cash out of Thailand legally

MUST change in other currency as taking Bhat out of Thailand is limited !!

Only beware to bring to Europe amount from 10 000 € it must be declared (checking origin .....so keep your slips !!) the remaining money can be taken out by ATM in home country in several times/days

(example with KK card i witdraw money in Schihol Amsterdam the Netherlands very easy!!!;

Or am i wrong thinking so ??

Edited January 5, 2013 by david555

[noob7]

as it is permitted to take out of Thailand 20 000 $ (around 600 000 bht ) and you can take by ATM 20 000 a time ( limits could be higher by asking bank) it would not be a big problem to take out in cash out of Thailand legally

Only beware to bring to Europe amount from 10 000 € it must be declared (checking origin ) the remaining money can be taken out by ATM in home country in several times/days

Or am i wrong thinking so ??

For extracting money on ATM's you can set the limits higher, yourself.

But you can also go into a branch, and ask them, to give you the money in cash, the other day.

In case, you have a flight ticket, and ask at the main branch, it may be possible, to get (most of) the money in a foreign currency!

Edited January 5, 2013 by noob7

[lopburi3]

One nonsense post removed.

[fvdv]

Thank you all for your replies. I wrote to the bank, and this I the reply:

When you would like to make an International Funds Transfer via K-Cyber Banking, you need to add International Account in K-Cyber Banking and bring required documents as inform via website to any branches of Kasikornbank. After Kasikornbank appove it, you can make an International Funds Transfer online.

Sent from my GT-I9300 using Thaivisa Connect App

[NancyL]

Thank you all for your replies. I wrote to the bank, and this I the reply:

When you would like to make an International Funds Transfer via K-Cyber Banking, you need to add International Account in K-Cyber Banking and bring required documents as inform via website to any branches of Kasikornbank. After Kasikornbank appove it, you can make an International Funds Transfer online.

Sent from my GT-I9300 using Thaivisa Connect App

the key weasel words in their response are "After Kasifornbank approve it" That gives them a lot of wiggle room to refuse a funds transfer, especially if it appears someone is closing down the account.

Edited January 6, 2013 by NancyL

[lopburi3]

And what use is the internet banking if you have to visit to get approval on a transaction? Once there you may was well let them do it and earn there money.

[Jingthing]

Yeah there is nothing comforting or reassuring about that text from Kasikorn. Bottom line, repatriating funds in Thai banks is always a potential issue.