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yankyoakum

We retiring in Thailand next year, what should we do?

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OK I am a US vet, was stationed in Thailand 73-74-75 USAF, met a Thai girl and was married in USA 1976.

Now we are going to sell out in Texas and retire in Thailand. She is a dual citizen, just got her Thai Passport back this year.

Is there a link on things we need to consider, do's and don'ts. Advice? Check lists?

This is a great website but quite overwhelming on content for a barely computer literate kind of guy.

I am told she can bring her possessions back duty free and she intends to one way or another....all of them.

Couple of things, her Thai passport is in her maiden name. Her US PP is in married name.

She is an invalid whose paralyzed on right side but that barely slows her down.

We will not be returning to US except to maybe visit. I understand we need to open an account at Bangkok Bank if we elect to send our SS checks there.

Otherwise what is thought of keeping Charles Schwab accounts and the ease of access funds from US or other financial institution?

My thought is to have everything go to Chuck and just keep our operating capital in Thai bank.

We will be up country north of Chiang Mai but looking for some guidance.

For me do I get retirement visa? I will be 66 when we pull plug here, or get a different visa.

That is some confusing stuff with all the acronyms everyone uses.

We will have 4500US a month incoming aside from little dab of retirement stocks.

Not rich enough for the elite visa stuff

She owns land but have to build a house. 

 

Guidance and direction here would be highly appreciated.

 

Regards

Michael yankee Yoakum

 

 

 

 

 

 

 

 

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25 minutes ago, utalkin2me said:

We have schwab too and do just as you say and we are fine. Love the flexibility. 

Keep your Schwab accounts and complete and sign an ACH transfer authorization form with them. Transferring funds should be easy using Bangkok Banks New York branch. Always transfer funds to Thailand in U.S. currency.     

Edited by prism
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47 minutes ago, ubonjoe said:

Even if you do not have them direct deposited having a Bangkok Bank would be best since your can do a ACH transfer directly to your account which saves a lot on fees compared to doing them by SWIFT.  Info is here on their website.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

 

The BKK Bank NY ACH transfer method is on HOLD at present, and not accepting any new U.S. banking links. So no one should be relying on that for the future. (Though for right now, people with existing banking links can continue using it, perhaps for the next few months).

 

However, the method of having one's SS checks direct deposited into BKK Bank via their New York branch is still fine and should be unaffected by the likely coming end to their domestic ACH transfer method. BKKB is looking for some solution to replace the current domestic ACH method that's being phased out, but it's not clear at present what that will be or if they'll be able to find a replacement method.

 

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21 minutes ago, prism said:

Keep your Schwab accounts and complete and sign an ACH transfer authorization form with them. Transferring funds should be easy using Bangkok Banks New York branch. .    

 

See my post above, BKKB's NY ACH transfer method is being phased out, and not accepting new links right now.

 

But Schwab is a great account to have for a Thailand expat, and its international wire transfers are only $25 per, which is one of the best rates around, and can be initiated online.

 

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3 minutes ago, mamypoko said:

Make sure you have the Schwab One debit card. All ATM fees are refunded at the end of the month.

 

Plus no foreign currency conversion surcharge when their card is used for either foreign ATM withdrawals or foreign POS Point of Sale purchases.

 

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9 minutes ago, TallGuyJohninBKK said:

 

The BKK Bank NY ACH transfer method is on HOLD at present, and not accepting any new U.S. banking links. So no one should be relying on that for the future. (Though for right now, people with existing banking links can continue using it, perhaps for the next few months).

However, the method of having one's SS checks direct deposited into BKK Bank via their New York branch is still fine and should be unaffected by the likely coming end to their domestic ACH transfer method. BKKB is looking for some solution to replace the current domestic ACH method that's being phased out, but it's not clear at present what that will be or if they'll be able to find a replacement method.

I don't think Bangkok Bank s going to do away with the ACH transfers.

The problem according to what I have read is the test deposits done by banks is the problem. Apparently they are sending them in such a way that they are requesting a drawback of them that cannot be done. Transfers out of Thailand cannot be done. If the bank does not do a test transfer or does not want a drawback it may not be a problem at all.

Established transfers are not a problem.

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1 hour ago, ubonjoe said:

Your your visa you have more than one choice. You could apply for a OA long stay visa at Thai embassy that would allow unlimited 1 year entries for a year from the date of issue. By getting a new one year entry you can get a total of almost 2 years of total stay from it. Info here: http://thaiembdc.org/consular-services/non-immigrant-visas/non-immigrant-category-oa/

You could also get a single entry non-o visa based upon marriage to a Thai by mail to the embassy or in person at the honorary consulate in Dallas or Houston. 

Contact info is here for the consulates. http://thaiembdc.org/royal-thai-honorary-consulates-general-in-the-u-s/

With the single entry non-o visa you could apply for a one year extension of stay at immigration based upon marriage to a Thai or retirement. For one based upon marriage you will need 400k baht in a Thai bank in your name only for 2 months or proof of 40k baht income proven by a income affidavit done at the US embassy or consulate. For retirement you would need 800k baht in a Thai bank for 60 days for the first extension and 3 months after that or proof of 65k baht income proven by a income affidavit.

 

Joe's advice on visas is excellent as always. I'll just make one added note re the OP's original post, which mentioned not planning regular trips back to the U.S.

 

If you want to stay in Thailand and NOT have to make periodic trips back to the U.S., the annual retirement extension done in Thailand via Thai Immigration is the best bet on an ongoing basis. Can be done entirely in Thailand, and absolutely no requirement to ever leave the country.

 

The visas mentioned have to be obtained from the Thai Embassy or Consulates in the U.S., requiring that the applicant travel back there either once a year or almost once every two years. No problem if you're planning to go anyway, but not necessary if you'd rather avoid the trips.

 

Edited by TallGuyJohninBKK

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4 minutes ago, ubonjoe said:

I don't think Bangkok Bank s going to do away with the ACH transfers.

The problem according to what I have read is the test deposits done by banks is the problem. Apparently they are sending them in such a way that they are requesting a drawback of them that cannot be done. Transfers out of Thailand cannot be done. If the bank does not do a test transfer it may not be a problem at all.

Established transfers are not a problem.

 

Joe, you're not up to date on that info. You can see the details in the other threads on the subject. What I reported has been confirmed by staff at BKKB NY.

 

 

Edited by TallGuyJohninBKK

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16 minutes ago, TallGuyJohninBKK said:

 

The BKK Bank NY ACH transfer method is on HOLD at present, and not accepting any new U.S. banking links. So no one should be relying on that for the future. (Though for right now, people with existing banking links can continue using it, perhaps for the next few months).

 

However, the method of having one's SS checks direct deposited into BKK Bank via their New York branch is still fine and should be unaffected by the likely coming end to their domestic ACH transfer method. BKKB is looking for some solution to replace the current domestic ACH method that's being phased out, but it's not clear at present what that will be or if they'll be able to find a replacement method.

 

Bad news but thank you for the heads up. It's a great system that I and other Americans depend on. 

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4 minutes ago, ubonjoe said:

Only if he wanted another OA visa would he have to return to the states. When the last one year entry from the OA visa is near ending he could then apply for a extension of stay at immigration based upon retirement or marriage

 

Yep, that's why I mentioned the extensions as perhaps his preferred solution "on an ongoing basis." -- in other words, after his initial arrival here on a visa that can be easily obtained BEFORE he makes his initial relocation departure from the U.S.

 

In other words, arrive on a visa, but stay on retirement or marriage extensions done in country annually.

 

 

Edited by TallGuyJohninBKK
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