Answered6 years ago
What do I need to do to switch from the 65k/month retirement method to the 800,000 Baht deposit method for my visa in Thailand?
Since the British Embassy ceased issuing confirmation of income letters in 2018, I been using the 65k a month method to obtain my retirement extension. I’m now seriously thinking of changing to the 800.000 Baht deposited method. I’m aware of the need for this to be deposited 3 months prior to applying. Is there anything I need to do to change methods, or do I just go along with confirmation of my 800,000 Baht deposit from my bank.
Answer summary
The user is considering switching from the 65,000 Baht monthly income method for retirement visa extensions to the 800,000 Baht deposited method. They are aware that the funds need to be in the bank account for at least two months before applying for the extension. Community comments provide insights about the implications of both methods, including the long-term commitment required by the 800,000 Baht method and the financial flexibility offered by the 65k method. There are also discussions about the combination method and its applicability due to recent changes at certain embassies.
19 repliesnewest first
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Tod *********
To change proof of funds from 65k baht a month transfers TO the 800K baht banked money you just need to make sure the 800K baht banked money is in your account for 2 months before you APPLY for your extension (not 2 months before your current stamp runs out).
You can stop the monthly transfers ANY time you want as long as you're going to have that 800K baht in the bank 2 months before you apply for the next extension.
You can stop the monthly transfers ANY time you want as long as you're going to have that 800K baht in the bank 2 months before you apply for the next extension.
Frederick *********
OPThanks for your comments every one. Certainly some food for thought after reading all your differing opinions.
David ************
Money sitting in an account and untouchable is not an economically viable choice. Ask any financial specialist if you just can’t figure that one out on your own. 65k a month if you can afford it, is by far the smart choice.
John *******
Why not use the combination method or can it still be used?
Peter ****************
Nope, not for the 4 countries (US, UK, Australia and Denmark) where the Embassy stopped giving an Affidavit.
Tod *********
@Peter ***************
do you understand what the "combination method" is?It's where you use some banked money and either the letter from your embassy OR if your country doesn't issue it monthly transfers to hit 800K baht for the year.
Just because your embassy doesn't issue the income affidavit doesn't mean you can't use the combo method to meet the proof of funds
Duncan **********
I assume Maha Sarakham immigration office Fred? If so I recommend just going to see them to ask as you know how friendly and helpful they are 🙂
Frederick *********
OP@Duncan *********
your right Duncan they are friendly at Mahasarakham. Unfortunately some of the comments have made me have doubts about changing methods now.Duncan **********
@Frederick ********
ok. As a 'you didn't hear it from me side note lol... a couple of my friends were offered what they wanted without even having funds but just pay a small 'service" charge to them 🙂Bobby ********
Think very carefully before you change. The 800k method means your money is tied up FOREVER or as long as you choose to live in Thailand, for five months (800k) and seven months (400k) each year. You CANNOT touch this money. With the 65k/month method, the money is yours to spend as soon as it hits your Thai bank account. Personally I think it's a no-brainer and why anyone would want
*******
k sitting in a bank account earning at best 0.5% is way beyond me. So just think it through.
James *******
I use the 65k method because I didn`t want to change 800k at about 40 baht to £ and have it sitting doing nothing. I put a post up earlier that explained in Jomtien that the proof of income letter is worthless anyway, they still want to see all the proofs that you were required to produce to get the letter. Admin shut it down so I deleted it, my experience this week could have saved some people a lot of hassle.
Peter ****************
Well, Bobby Howard,
I agree that the money, 400k฿ is stuck for the rest of the active year extension. So seven months. But when that's finished you CAN switch back to that 12x 65k฿-plus income for your next year extension. So then it may not go below that 400k for nine months. Ofcourse you have to begin that monthly 65k transfer imediately when you have your active extension on that 800k. This because you have to show 12 months. I still can go on an Affidavit from my Dutch Embassy. Even combination method is still possible for us. No, I will also not use the 800k method, only if it should become mandatory. We Dutch can't even use the 12x 65k or 12x 40k if married income method. Only Affidavit and/or 800k or 400k(if married)
I agree that the money, 400k฿ is stuck for the rest of the active year extension. So seven months. But when that's finished you CAN switch back to that 12x 65k฿-plus income for your next year extension. So then it may not go below that 400k for nine months. Ofcourse you have to begin that monthly 65k transfer imediately when you have your active extension on that 800k. This because you have to show 12 months. I still can go on an Affidavit from my Dutch Embassy. Even combination method is still possible for us. No, I will also not use the 800k method, only if it should become mandatory. We Dutch can't even use the 12x 65k or 12x 40k if married income method. Only Affidavit and/or 800k or 400k(if married)
Wayne ********
@Bobby *******
it easily saves funds in monthly transfer fees is a great reason.
Stan *******
@Wayne *******
If you use Transferwise, those transfer fees aren't very high compared to normal banks fees.Bobby ********
Wayne Wright. But you have to transfer money to live on anyway? I spend less than 500 baht per month to transfer. Some dummies pay 200 baht just to make an ATM withdrawal. I can't see it being a great reason for tying up 800k. But as I've already said it's each to their own!
Peter ****************
Well, not FOREVER !! After you used this bankmethod for the whole year, you always can change back to the 12x international transfer of 65k฿-plus method.
Bobby ********
Peter Van Eindhoven. Actually you can't just switch back. To qualify for an extension you need to have 12 months of 65k transfers, whilst at the same time still having to meet the criteria of the previous extension which is 800k for three months after the extension application, and 400k for the rest of the year. If you choose the
*******
it's for good, for as long as you remain in Thailand. I need only 45-50k per month to live on, but bringing another 15k is no big deal for me. At least that can be invested in a better term deposit earning a bit more and can accumulate over time to pay for trips back home. But that's just me. The thought of that much money being untouchable and earning crap interest makes me shudder!
Marty *********
You should state which Immigration office you are using.
Ian *********
Check on the time limits I'm sure it's two months before and three months after money has to be in the bank for a total of 5 months or simply go to imigration and pick up a leaflet on requirement
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