Access to funds while living in Thailand.

[Buckaroo Banzai]

My first year if retirement. so I am not familiar with these issues. If all goes well we will be coming there next month.
So . What do I do with my pension and Social Security?
Right now it is being deposited in my Bank Of America bank account. The plans so far is to send ourselves a couple of Thousand dollars every month to our Thai bank account via TransferWise account , while we are in Thailand, that way I can show an income sufficient for extensions to stay do to Marriage (60,000 bht per month).
Any thoughts about that? or should I change my deposit information and have the funds directly deposited to a Thai bank, and if so which one? I read about Bangkok bank having a branch in NY . any thought on that?
I would appreciate any advice, Other than spending it , I am not very good with money.

[strigils]

I thinlk as an American you can get the funds from your Pension and SS sent to a nominated account in Thialand, although i don't know if you have the option to split that and keep some in the US, I may wrong but i imagine Norts/TC could confirm.

EDIT

BB haven't you had enough time to research this rather than leave it until a month before you arrive

[Dillinger]

Wasn't a suitcase full of dollars in his what shall I bring to Thailand thread

[strigils]

He should invest in a spread of condos and get a nice monthly income, in fact i think i know where he can get one at a knock down price, has a pool, ocean view and balcony sit out in whilst being wafted by zephyrs.

[Buckaroo Banzai]

I thinlk as an American you can get the funds from your Pension and SS sent to a nominated account in Thialand, although i don't know if you have the option to split that and keep some in the US, I may wrong but i imagine Norts/TC could confirm.

EDIT

BB haven't you had enough time to research this rather than leave it until a month before you arrive

I dont need to split it, I will keep my rental income and my annuity in the US, but to your question. No! Procrastination is my super power. If I was a super hero my name would be The Procrastenator.
There is a bomb !! I will get to it !! AVENTUALY!!!!

I will bring some cash with us, That should last as a while. and as I said we can transfer funds with TransferWise. It should not be that much more expensive that having the funds automatically deposited to Bangkok bank of NY and they transferring it to their Thai branch, Should it?

[strigils]

https://www.ssa.gov/pubs/EN-05-10137.pdf

or

[strigils]

https://faq.ssa.gov/en-us/Topic/article/KA-02537

[HuangLao]

He should invest in a spread of condos and get a nice monthly income, in fact i think i know where he can get one at a knock down price, has a pool, ocean view and balcony sit out in whilst being wafted by zephyrs.

Oh dear.
You folks do have such fanciful and naive ideals.

[Buckaroo Banzai]

He should invest in a spread of condos and get a nice monthly income, in fact i think i know where he can get one at a knock down price, has a pool, ocean view and balcony sit out in whilst being wafted by zephyrs.

Do you also have a bridge to sell? I always fancied owning a bridge.

[PAG]

I would continue receiving your funds in the US, and make transfers when the exchange rate is in your favour. Also, if using the monthly income route for a Marriage extension it's 40,000/month, not 60,000.

[misskit]

What do I do with my pension and Social Security?

You can deposit it into my bank. I’ll PM you the details.


In the past, many Americans had their SS and pension direct deposited into the Bangkok Bank branch in New York. It was converted to baht and put into your Bangkok Bank account in Thailand. That made it easy to show the records on where your money came from.

There must be other ways. I was thinking of doing Transferwise when it came time for me to do the SS/pension thing. I notice they have a selection on their Thai deposit information that says “money for long stay”. Perhaps direct deposit into Wise? Transferwise changed their name.

[tomcat]

...this is the way I do it: I have my US pension wire-transferred into my Bangkok Bank account. I have my SSA deposited into my BofA account in the States. I have more than enough income to live comfortably here and satisfy Immigration requirements. The SSA cash in the States is used for travel, online credit card purchases or any expenditures requiring dollars. Easy to set up. Easy to modify as required...

[Buckaroo Banzai]

...this the way I do it: I have my US pension wire-transferred into my Bangkok Bank account. I have my SSA deposited into my BofA account. I have more than enough income to live comfortably here and satisfy Immigration requirements. The SSA cash in the States is used for travel, online credit card purchases or any expenditures requiring dollars. Easy to set up. Easy to modify as required...

Good idea. I can have my Social Security check deposited in a Bangkok bank account. That should be more than enough to live and satisfy immigration (our house and car in Thailand is paid for, and we are simple people) and leave pension and everything else in the US, If need be I can always transfer extra funds via TransferWise or use BOA debit card.
With Bangkok bank, do I open an account at their NY branch, or at a Thai branch?

[tomcat]

do I open an account at their NY branch, or at a Thai branch?

...I use a Bangkok Bank branch in Bangkok...never a problem...

[deeks]

For my convenience and ease of the typical Thai Immigration changes.
From day one, I transferred the 600,000b into my Bangkok Bank account on a marriage visa, left all other assets in Aus.
Now on retirement 800,000 in that account, just leave that amount in the account all the time, transfer funds over as fewer times as possible,
The bank may give you special offers from time to time re insurances etc, because you have that money with them steadily,
For anyone that worries about your money being in Thailand and you may get thrown out, Well the cards work in Australia too, so you can take all your money out of the Thai account in around one month depending on exrates, from the ATM.

[strigils]

^ why would you switch from Marriage to Retirement?

[deeks]

^ why would you switch from Marriage to Retirement?

We had to travel for 1 1/5 hours together to apply for the extension,and prove our relationship with photos and supporting evidence each time i was only 48 when i moved here permanently. And the passport was sent off and i had to come back to pick it up a week later.
When i turned 50 i changed to a retirement visa and only have to prove my 800.000 baht, the wife does not HAVE to show up with me, the extension is approved on the spot and i walk out with my passport and with the stamp on the day.
It's much easier and less stressful. and if my missus is in a bad mood with me at that time it won't affect my extension.

[strigils]

Well, its quite obvious what the solution is, haven't you got it?

[Storekeeper]

Good idea. I can have my Social Security check deposited in a Bangkok bank account. That should be more than enough to live and satisfy immigration (our house and car in Thailand is paid for, and we are simple people) and leave pension and everything else in the US, If need be I can always transfer extra funds via TransferWise or use BOA debit card.
With Bangkok bank, do I open an account at their NY branch, or at a Thai branch?

Think that is exactly the way I'm going to do it. With the exception I think the NY branch of BKK Bank is no longer a requirement. Just have to remember that when you start taking MEDICARE that comes out of the social security check. But I guess that's important only if you're counting on SS for the 40,000 a month requirement based on marriage.

[deeks]

My first year if retirement. so I am not familiar with these issues. If all goes well we will be coming there next month.
So . What do I do with my pension and Social Security?
Right now it is being deposited in my Bank Of America bank account. The plans so far is to send ourselves a couple of Thousand dollars every month to our Thai bank account via TransferWise account , while we are in Thailand, that way I can show an income sufficient for extensions to stay do to Marriage (60,000 bht per month).
Any thoughts about that? or should I change my deposit information and have the funds directly deposited to a Thai bank, and if so which one? I read about Bangkok bank having a branch in NY . any thought on that?
I would appreciate any advice, Other than spending it , I am not very good with money.

Seriously, If you cannot fullfill the one year requirement of 600000 for each of you if your wife is a non citizen, Just keep working for a year or two more untill you can afford it. It will be a back-up and keep you from stress, The Thai requirements for self funding have not changed for at least 20 years and we all can expect an update in the 10 years or so, so unless your pension will go up with inflation to caver what the Thai gov may increase the requirements to you will need to cover your ass.
The first time i came to BKK in 2002 a chicken rice was 20 baht, now its 40 baht.
Just a suggestion, out of some experience.
Wishing you a great retirement and a positive experience in Thailand.
Sincerely.

[Buckaroo Banzai]

Wife is a Thai citizen, so no issue there. $15 k is not an issue, but $30k is, not because it is not available, but because I hate lazy money. And no money is more lazy than money sitting in a very low interest baring account that does not even keep pace with inflation.
A lot of good advice and information from all of you. I will seriously consider all of it.
Perhaps I might not have to do any extensions to stay. If I understand this correctly. I can have my Non Imm O three month visa extended another three months for a total of six months is that correct?
Then we can take a trip to Greece , come back , and get another six months. What do you all think about this option. Or is it even an viable long term Option?

[Slick]

I would continue receiving your funds in the US, and make transfers when the exchange rate is in your favour. Also, if using the monthly income route for a Marriage extension it's 40,000/month, not 60,000.

This ^^

To Add:

Keep your funds in your USA account and transfer over 40k+ a month for the visa and extensions (or more) This way you can maintain credit cards and keep credit/score for emergencies.

Important point:

When you transfer to Thailand, make sure the funds go into YOUR thai bank account under YOUR name. Not the wife. Not a joint account. Your account under your name. Reason being is eventually you’ll by default have an official record of all the money you ever sent to Thailand, and it’ll all be yours. In the event that you need to send money BACK to the USA, you’ll have proof that the money you’re sending back is all money that you brought in to the country. AKA no thai taxation. No drama. Always always always channel your funds.

[lom]

Or is it even an viable long term Option?

Come back and get a reply when you have decided where to live.

[HuangLao]

Come back and get a reply when you have decided where to live.

Have a hunch it won't work out.
Lotsa talk but very little experience.

[Buckaroo Banzai]

Come back and get a reply when you have decided where to live.

We are going to live at out house in Khon Kaen. But I have family and friends in Greece and Italy , and as I am the youngest in the family,( they are much older than me) , and not sure how long they are going to be around. so I Like to see them as much as I can, So we were thinking of doing summers in Greece, and by extension via EU, sample Europe.
But since my wife is Thai, Thailand is for me. If we moved to Greece, what is my wife going to do there if something happen to be, which is inevitable since I am significantly older than my wife.
Some times I think marrying younger is a big mistake, there is something to be said about growing old to gather. On the other hand , my wife keeps me young, if not on body, at least in spirit. But it distresses me to no end that one day I will have to leave this girl along. But i digress