New Immigration Requirement

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2lz2p
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Re: New Immigration Requirement

Post by 2lz2p » Sat Mar 30, 2019 3:34 am

It is a technical accounting term based on double entry bookkeeping - debit and credit - credit being the liability side of the ledger. Banks record customer deposits on their ledgers as a liability, thus a credit entry. As previously noted, when Bangkok Bank receives funds to be deposited from foreign source they create a "credit advice" when recording the transaction. Thus use of that term -- but thanks to Dodger for giving us an additional term, Annual Direct Deposit Summary Report, so hopefully if the Bank Branch folks don't understand the one term, maybe they will the second one.

The report I received from the individual that got the "credit advice" listing in Bangkok was that he was originally told to he could pick up the letter the next day, but later on the same day was called and told it was available for pick up. So, it appears that the wait may not be too long to receive the letter.

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Re: New Immigration Requirement

Post by Gaybutton » Sat Mar 30, 2019 4:19 am

2lz2p wrote:
Sat Mar 30, 2019 3:34 am
it appears that the wait may not be too long to receive the letter.
If you know, what was the fee for the letter (or was there a fee at all), and from which bank?

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2lz2p
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Re: New Immigration Requirement

Post by 2lz2p » Sat Mar 30, 2019 1:00 pm

I'm sure there was, but I didn't think to ask - it was a branch in Bangkok - not Pattaya.

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Re: New Immigration Requirement

Post by Undaunted » Sat Mar 30, 2019 5:27 pm

I know this is politically incorrect but if you really want to make Thailand your permanent home you should put the 800,000 baht here, if you don’t have 800,000 available you probably shouldn’t be retired!
"In the land of the blind the one eyed man is king"

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Re: New Immigration Requirement

Post by Gaybutton » Sat Mar 30, 2019 7:37 pm

Undaunted wrote:
Sat Mar 30, 2019 5:27 pm
I know this is politically incorrect
I don't see that as politically incorrect whether people agree with you or not, and I don't agree.

My opinion is if someone has a monthly income of at least Thailand's 65,000 baht requirement, that is better than the 800,000 baht alternative - because people can spend their 65,000 baht as they wish. The 800,000 baht has to just sit there in a Thai bank account and for months none of it can be spent.

Isn't the purpose of these rules to make sure retirees have the funds to support themselves without becoming a burden to Thailand? Those who are going to use the 800,000 baht method better have a hell of a lot more than 800,000 baht. They better also have enough to support themselves through thick and thin along with it.

Another aspect - many who can afford to be retired in Thailand couldn't possibly afford to be retired in many other countries.

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Re: New Immigration Requirement

Post by windwalker » Sun Mar 31, 2019 12:02 am

I agree with you GB, Why tie up 800,000 Baht for no good reason when I bring in much more than the 65 K Baht/month? It was much easier with the Embassy income letter but one adjusts to the new regulations.

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Bob
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Re: New Immigration Requirement

Post by Bob » Tue Apr 02, 2019 8:42 am

I have no problem with the people doing the 65k per month basis for their annual extensions but I must admit that I am a bit dumbfounded when I occasionally hear that expats here have no means to maintain a 800k baht bank account here. What we're talking about are people who worked 35-45 years (theoretically saving or investing something along the way) and then selling their homes (which theoretically ought to be paid off by the time one is 60-65), cars, and other assets, and then permanently moving to Thailand. Financial planners have always recommended keeping 6-12 months of income needs in readily available liquid assets. I don't consider myself rich by any means but 800k simply isn't that much money nowadays.

I do the 800k bank account method primarily to have a ready source of funds should the need arise, most importantly being a medical emergency which involves a Thai hospital requiring a chunk of money up front. Sure, I have some health insurance but it's the kind that doesn't pay direct (I have to pay the bills and allegedly get reimbursed later). I consider that using the 800k as a basis for renewing my annual extension and for the interest (crappy but still about double what US banks will pay) as added benefits but it's the security (having quickly available funds located where I live most of the year) that drives my reason for doing it.

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Re: New Immigration Requirement

Post by Gaybutton » Tue Apr 02, 2019 9:38 am

Bob wrote:
Tue Apr 02, 2019 8:42 am
it's the security (having quickly available funds located where I live most of the year) that drives my reason for doing it.
I don't understand. If using the 800,000 baht method means tying up the money for 5 months, and thereafter you still have to maintain 400,000 baht in that account or lose your retirement visa, where does the security and quickly available funds part fit in?

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Re: New Immigration Requirement

Post by Bob » Tue Apr 02, 2019 10:53 am

Gaybutton wrote:
Tue Apr 02, 2019 9:38 am
I don't understand. If using the 800,000 baht method means tying up the money for 5 months, and thereafter you still have to maintain 400,000 baht in that account or lose your retirement visa, where does the security and quickly available funds part fit in?
Simply that I can get the funds quickly and whenever I want to do so if needed for an emergency (e.g., a medical emergency). That provides a bit of peace of mind. Sure, that might screw up the retirement extension but, if so, I'll be hopefully alive to either get an O-A in the US or get a tourist visa in a neighboring country and then convert that to a Non-O, etc., neither of which is really that hard to do.
For those who rely on reimbursement-type health insurance, what type of delay might be involved in the hospital proceeding while you're attempting to get the funds (bank funds, stock funds, etc.) from your home country transferred over for a medical emergency?

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Re: New Immigration Requirement

Post by windwalker » Tue Apr 02, 2019 5:04 pm

Bob wrote:
Tue Apr 02, 2019 8:42 am
I don't consider myself rich by any means but 800k simply isn't that much money nowadays.
Consider yourself fortunate, Bob. ;) There are many of us who may not have the resources you mention.

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