Confused Over Money

[JWRC]

Up to now I have supported my retirement visa renewal with 800,000 thb in a Thai bank'

 

I am now in receipt of an aged pension from Australia, Is there a set amount required now when renewong for both pension income and bank account.

As an example, I have been told that I need 400,000 in Bank and an Income of 400,000 thb, is this true or can the amounts differ for instance 300,000 in bank and 500,000thb in pension income or any other combination?

Thanks in advance

[Jingthing]

You can use any combination you like to meet the financial requirements for retirement extensions using the combination method.

 

As long as the total is at least 800K annually.

Be sure to be aware of exchange rate fluctuations when planning for this so you'll want to pad your bank portion to be certain you make it over 800K combined. You don't want to cut it to the bone ... that could lead to a rejected application. 

 

You will need a bank letter as before when you did the 800K method and also an embassy/consulate letter about your income.

 

The money should still be seasoned because most offices are enforcing money seasoning rules on the bank portion for combination applications as well as 800K ones.

[JWRC]

jingthing, thank you.

Can I just ask what may seem like a stupid question, by seasoning, do you mean length of time in bank?

[ubonjoe]

4 minutes ago, JWRC said:

Can I just ask what may seem like a stupid question, by seasoning, do you mean length of time in bank?

It is the amount of time the the money has to be the bank. 

[Jingthing]

Yes, it's two months for the first retirement extension, and three months for all subsequent ones.

 

Example:

 

Say your pension is 500K baht.

 

So you need at least 300K baht in your Thai bank account for three months not to ever go below that 300K for even one day for three months before you go in for your extension at immigration.

 

So you see, it's important you have MORE than the 300K in case the exchange rates changes against you on the INCOME part your combination application. 

[elviajero]

5 minutes ago, Jingthing said:

Yes, it's two months for the first retirement extension, and three months for all subsequent ones

It's 60 days for the first.

[Jingthing]

1 minute ago, elviajero said:

It's 60 days for the first.

A typical month is 30 days, so 2 x 30 equals 60 ... 

 

Anyway, this guy is not on his first, so he'll need THREE months seasoning. 

[elviajero]

9 minutes ago, Jingthing said:

A typical month is 30 days, so 2 x 30 equals 60 ... 

 

Anyway, this guy is not on his first, so he'll need THREE months seasoning. 

You brought it up! I was simply correcting your mistake in case others read the thread and get misinformed.

 

A typical month is not 30 days. Seven months of the year have 31 days and only four have 30. Two calendar months are only ever 60 days in a leap year. Otherwise they're 59, 61 or 62 days.

[Jingthing]

You win! 

[Crossy]

I understood that if using the "combination" method seasoning wasn't required, or am I mistaken?

[ubonjoe]

10 minutes ago, Crossy said:

I understood that if using the "combination" method seasoning wasn't required, or am I mistaken?

It is not written in the policie order but several offices are wanting it. But some offices may do it if the money in the is a lot smaller than the annual income portion.

I suspect some people were abusing it by using it to get a around the requirement.

[Jingthing]

Yes best just to do it regardless and then no worries.

[Thailaw]

Can someone tell me how many days earlier than the date of application for the visa extension the date of the bank letter as evidence of funds on deposit can be? I thought that the bank letter must be dated not earlier than 7 days prior to the date of application for the visa extension, but I seem to recall reading on a thread here that the Immigration Office in Jomtien is now requiring the letter to be dated/issued by the bank much closer to the date of the application for the visa extension.

 

Thanks.

 

[elviajero]

1 hour ago, Thailaw said:

Can someone tell me how many days earlier than the date of application for the visa extension the date of the bank letter as evidence of funds on deposit can be? I thought that the bank letter must be dated not earlier than 7 days prior to the date of application for the visa extension, but I seem to recall reading on a thread here that the Immigration Office in Jomtien is now requiring the letter to be dated/issued by the bank much closer to the date of the application for the visa extension.

 

Thanks.

Depends on the office. I would say it's the same day or day before at most offices.

[mfd101]

I'll be applying for my first 'retirement extension' in Nov 2017/2560. I plan to go the income-only route, as my income in $A is well over the 800K฿ level. Am I right in thinking that I don't have to worry about 'seasoning' at all?

[ubonjoe]

I'll be applying for my first 'retirement extension' in Nov 2017/2560. I plan to go the income-only route, as my income in $A is well over the 800K฿ level. Am I right in thinking that I don't have to worry about 'seasoning' at all?

Yes
If you have an income of 65k baht or more you don't need to show 800K baht in the bank for any amount of time.

Sent from my SM-T231 using Thaivisa Connect mobile app

[mfd101]

Thanks for that, Ubonjoe. Saves me a lot of potential hastles down the track. Cheers