@Tim ******
, There is no requirement to be in Thailand physically during transactions.
BUT,
you cannot use the monthly transfer method for the first 1-year extension from a single Non-O visa based on retirement.
You need to use an 800K baht deposit in your Thai bank account for the first year (You can use the sum of the monthly transfers).
Then you keep transferring monthly, and then you can apply for the next year (and following) extension using the monthly transfer method.