gentlemanjackdarby

5 hours ago, 55Jay said:

Yup, don't think that exists here.  My Schwab and TDA accounts in US are flagged as "TOD", Transfer on Death.  A really handy feature, presuming it works as advertised.

I've been involved in several 'TODs' when elderly relatives have passed on and the process in all of them was fast and problem-free, since we had the required documents, which were just an original death certificate and the beneficiaries ID.

No asking for additional forms, such as a copy of a house deed or pictures of us standing in front of it, no trips to an embassy, etc.????

Your results may vary, but they likely won't - U.S. financial institutions have that down

The banks didn't even make a sales pitch to get us to keep the money with them

An FYI for those that may not be aware: It's up to the account owner to designate a beneficiary while still living and that just involves completing a form at the bank, brokerage, etc. Banks SHOULD ask their customers to make a designation when the account is set up or periodically down the road if one isn't designated at set up, but typically don't

My pension provider and deferred-compensation administrator do that routinely for those folks who have not made a designation.

1 hour ago, TallGuyJohninBKK said:

 

There are two different scenarios that operate differently on this:

 

A. is the retail account consumer accountholder who wants to send an international ACH thru their own U.S. bank's online banking setup.

 

B. is big institutions like the federal government or some pension providers who are themselves the ones initiating the payment and then sending those thru the bank systems.

 

Re A, I'd be happy to provide any of my U.S. banks with the additional details that IAT requires of them, but as is well known by now, pretty much NONE of them have built into their online banking systems any ability for consumers to originate IATs. In this case, it's absolutely the U.S. banks that have failed to provide access to the IAT system to their consumer customers.

 

Re B, the big payors scenario like with the federal government is more the kind of situation that you're describing above, where the non-bank sender of the payment needs to add the required additional info particularly for the recipient details to the transaction information in order for the banks to meet their obligations.

 

Bottom line, I've never heard or seen any explanation of why the consumer banks have failed to provide access to their customers to an IAT system that's probably now about 10 years old. My only guess and assumption is, they're happy to continue collecting often steep traditional international wire transfer fees as they've always done, and don't see any need to do anything different.

 

You've laid it out nicely and I agree 100%

I took a look at the record layout, which is public, provided by the folks that run the ACH and the additional fields to be completed for an IAT ACH as well as a couple of fields that would require different values to designate an IAT ACH don't seem to me to be a big deal.

As far as the banks making it available to consumers, it seems to me that whether one wishes to make an IAT ACH either as payment for goods or services, as one would do now for, as an example, paying one's electric bill or making a transfer to one's overseas bank account, as one would do now when making a transfer to the bank across town, would only require minimal 'tweaking' to the existing customer-facing interface on the website and likely adding those fields to the data table used by the interface and mapping those fields to the ACH record. Doesn't seem like a big deal to me.

One wrinkle that would need to be addressed would be handling any currency conversion, although that's likely already been addressed by the payment gateways - hell, I'd be happy if it was USD -> USD or reject the transfer, since that's easily handled by simply getting an overseas USD account. Of course, there will be those people who would insist on a currency conversion, but the banks could, just as they do now, recover some of their costs from those folks.

Of course, there will be some entities who'd scream that allowing consumers to make almost-free payments and transfers outside of the U.S. would 'fund terrorists' or 'fund social systems not in keeping with U.S. values' or some other BS, but those folks can already be funded by wire transfers or, simplest of all, PayPal. After all, one can pretty much send money to anyone (angel or demon) with an e-mail address using PayPal right now.

7 minutes ago, TallGuyJohninBKK said:

 

If I recall from past inquiries with CitiBank Thailand, access to their Global Transfers system is only provided with pretty high deposit balance accounts. And I think it's similar with Citi in the U.S.   Though if you want to pay them $50 or $60 for regular wire transfers, they're happy to take your money.  From distant memory, I'm also vaguely recalling Citi also charges a foreign currency conversion fee on those kinds of global transfers.

 

 

In the case of Citi Thailand, the minimum TO OPEN an account is THB 1,000,000 (about USD 31,500); it seems there MIGHT be some wiggle room on the balance once the account is opened, i.e., let the balance drop and pay a monthly fee.

In the case of Citi Philippines, the minimum TO OPEN an account is PHP 1,000,000 (about USD 19,000)

In the U.S. as far as I can see (and I have a Citi account), Global Transfers is available to anyone with an account for free - there are no disclosures on the Citi website as there are on the HSBC site detailing a minimum balance (for free) or fees (for those below the minimum balance.

Citibank allows the Global Transfer to be made is USD, assuming one has a USD account at the receiving Citibank, so currency conversion losses aren't really a problem

The minimum balance at Citi Thailand is really not that much above the fixed deposit requirement for a retirement extension of THB 800,000 (about USD 25,000) and Thailand is 'nice' in that they allow the fixed deposit to be at any bank in Thailand, unlike, for example, the PI, which restricts the fixed deposit for their SRRV to certain banks, of which Citi is not one.

The biggest problem, FOR ME, with having a largish fixed deposit in a bank in Thailand is that in Thailand, unlike the U.S., one can't designate an account beneficiary so that when one dies, the account balance is transferred to the beneficiary with just a death certificate, eliminating the need for courts and lawyers.

7 hours ago, The Theory said:

What I don’t understand is:

If the Bangkok Bank New York does the change from ACH to IAT, why don’t do it to all transfers ?!!

And domestic transfers to BKK bank New York/Thailand will be in trouble (will be rejected) as well. 

 

 

 

 

The IAT ACH standards that are giving BB NY users fits are simply a change to the ACH record layout requiring the initiator of the ACH payment, for example, one's employer (in the case of one's wages) or one's pension payor (in the case of a monthly pension), to complete additional fields in the ACH record, specifically, more information about where the payment is going to end up and to whom it's ultimately going that is not required in a domestic ACH transfer (an ACH transfer that starts and ends with sender and receiver both under U.S. jurisdiction).

On the payor's side, if they choose to offer it, it likely requires significant changes to their internal procedures (for example, payroll) and to their processing software; changing procedures typically isn't expensive but it is time consuming while modifying software is usually both time consuming and expensive.

In other words, it's the sender of a payment that needs to make a change to conform to the IAT standards, NOT the U.S. bank sending the payment nor the U.S. bank receiving the payment (in this case BB NY) and, obviously, not the U.S. ACH system

7 hours ago, TallGuyJohninBKK said:

 

I'd say the normal range for international wires from the U.S. is from about $25 on the low end up to $60 or so on the high end at some places...  And probably the larger mega banks mostly in the $40-$60 range...  Offset by some brokerages that offer free or very low cost international xfers, and a few smaller banks and some CU's that have the $25 to $30 fees.

 

The problem is, even a lot of U.S. expats, for reasons that totally escape me, still do their retail banking with the BofAs, Chases, Citis, Wells Fargos, etc etc... And they're some of the worst when it comes to high intl wire transfer fees.

 

 

I'll agree with you on the high end, but one of the things to watch out for on the banks and brokerages quoting the low end is that that low amount is their fee only; if one reads the fine print, some of those banks say that if there's an intermediary bank somewhere along the way (which is to be expected for most banks and CUs other than the largest), there will be extra charges - I know USAA does this and they do disclose it (relatively) clearly while Fidelity is much more wishy-washy.

One of the reasons for using what I call 'heavy-hitter' banks while living abroad is that they generally are more used to dealing with folks living outside the U.S.

I have set up accounts at 3 of the 4 that you mention in anticipation of 'extended travel' when I retire and they all offer things that my local piss-ant bank can't:

Citi, BofA, and Chase all offer the ability to make wire (SWIFT) transfers from their online banking - no completing paper forms and/or faxing or showing one's face in the branch to get it done. It's costly, but I wanted that capability just in case something like 'verified' foreign transfers were required somewhere along the line;

Citibank offers Global Transfers, which allow one to make transfers, online, in real-time, and for free, from one's home country Citi account to one's Citi account in an awful lot of foreign countries, including Thailand and the PI, which are of particular interest TO ME. HSBC also offers that same service, but HSBCs are thin on the ground in the U.S. (and not all that common in countries of interest TO ME) and one must have a fairly high balance to avail of that for free - Citi offers that on their lowest accounts for free;

Citi is located in most of the countries in SE Asia and in some countries they have ATMs with no fees; granted, they're not on every street corner, but at least they're there. 

BofA offers 'real' TFA (two-factor authentication) to access my account online EVERY TIME and using a physical device (SAFE PASS), which is a step-up from TFA on an app on a phone and a lot better and more reliable than SMS verification. TFA is very important TO ME

Chase offers free international wire transfers to their 'private client' customers but, IN MY OPINION, a brokerage such as Charles Schwab is a much better place to put that much money (USD 250,000, but my local Chase banker was willing to offer it to me for significantly less) since Schwab offers a much larger range of investment options and I find their site much easier to use; however, some folks with a lot more money than I have might find the Chase option appealing

In some countries, the 'heavy hitter' banks may not need an intermediary bank for wire transfers, saving a bit on fees and making for faster transfers; for example, Wells Fargo has a close relationship with BPI and several other banks in the PI as well as Vietinbank and Vietcombank in Vietnam through their remittance service.

9 hours ago, Sheryl said:

Now that is very interesting. I never even thought of depositing a check. How does it work? Do you just go to the teller or do you need to go to the foreign exchange counter first?

And does the deposit get coded FTT?

Sent from my SM-J701F using Thailand Forum - Thaivisa mobile app
 

I started a thread in early February posing that question, but there wasn't much of a response.

https://forum.thaivisa.com/topic/1082694-alternative-method-to-meet-thb-65k-monthly-foreign-income-deposit-requirement/

I think it's a viable option so long as one pays strict attention to the timing of the deposit and the check clearing.

Banks being what they are, I'd expect that a foreign check would have a designation on one's statement indicating that it's, well, a foreign check, i.e., something along the line of 'foreign item for collection' which, in most people's thinking (not necessarily Thai Immigration's) would prove that the funds came from outside the country.

9 hours ago, rwill said:

I have been sending the money to my sister and have her wire it to me.  So maybe if you have a relative or friend you can trust that would be a solution.

 

(Those saying transferwise is cheap are wrong.  For a $50,000 transfer they want about $500.)

Transferwise is less expensive than a wire transfer for those folks just trying to meet the monthly income minimum of THB 65,000 (about USD 2,100)

And at this point, the understanding is that Thailand Immigration is requiring a minimum THB 65K transfer each and every month; no transferring large amounts periodically (to save on wire transfer fees) and averaging the amount, which means folks using the income method have to make a transfer each month

With wire transfers, the more one transfers, the lower the cost (as a percentage of the amount transferred) which somewhat eases the pain of the cost, since that doesn't change and still sticks in my throat a bit since my banks run around USD 50.

For someone just able to make the THB 65K transfer, that's about 2.38% not counting any 'haircut' one might get from the poor exchange rate one usually gets unless transferring USD. And, of course, the fee is still USD 50 which, at the end of the day, is USD 50 or USD 600 over a year.

Of course, with a wire transfer, one gets rock-solid proof that the transfer was an international transfer and unlikely to have 'difficulties' receiving the money, as some have reported with Transferwise

9 hours ago, 1130bobs said:

As a US expat, my small bank in Wisconsin was bought out last year.  The new bank could never get the normal electronic transfer operating like the1st, so I could access my account via internet & transfer anything (later 5,000 usd limit) to Bangkok Bank.  But I can call & initiate a wire transfer to myself via Bangkok Bank.   SO,  different banks may allow different transfer methods. I agree, almost no way to open a new account without return in person to USA, & with just a passport (no state drivers license, etc,) it could be hard also.

Bangkok Bank has a branch in NYC, so that would be a good place to open a new account for direct deposit of USA funds.  I will look into this if I ever return to USA.

Still working my way through the thread, so I apologize if someone else has already replied:

The Bangkok Bank branch in NYC doesn't hold a charter as a retail bank, which means they can't open accounts for individuals.

They are a commercial bank

The way BBNY was (is) receiving ACH transfers from other U.S. banks to folks' accounts in Thailand was by using the ACH routing number of BBNY and the individual's account number in Thailand. Folks did not have accounts at BBNY - it was simply an ACH pass-through to the account in Thailand.

Effective April 1st, BBNY will no longer accept ACH deposits UNLESS they are coded in IAT (International ACH) format - that is the responsibility of the payor of one's deposit, e.g., U.S. Social Security or XYZ Corporation and currently, to the best of my knowledge, no bank in the U.S. offers the ability to send IAT ACH transfers to individual account holders.

3 hours ago, TallGuyJohninBKK said:

 

I use a U.S. GV number for virtually all my banking and brokerage SMS needs, and rarely if ever have had any problem with that. I seem to recall some folks here saying in the past it didn't work with Wells Fargo, but as I have never had a WF account, I can't speak to that.

 

Agree

When I first got GV, I couldn't get a verification from BofA, but for the last couple of years, I've got them with no problem.

My mortgage was with Wells Fargo and I do recall having problems with them, but that seemed to be the least of their website/IT problems

Google is constantly updating GV capabilities which, I believe, is why BofA now works with GV; likely other 'problem banks' will get sorted sooner rather than later.

I use my GV number for just about everything and, as you say, I don't have problems with anything I can think of.

And now that I'm thinking of it, folks who are considering Charles Schwab don't need to worry about having a U.S. cell number for SMS verification - Schwab previously offered the Symantec VIP token, which is a small token that can be taken anywhere and a PIN is generated by pushing a button and is now offering the Symantec VIP app on a smartphone.

I've been a Schwab customer for a while, so I've used the physical token, which I prefer; no idea if Schwab is still offering that to new folks who opt to turn on two-factor authentication for their account or whether it's just the Symantec app on a smartphone.

Either one of those options is a vast improvement over SMS verification and is the preferred option if given the choice 

7 hours ago, elgenon said:

I used to regularly read posts from an expat who said Schwab transferred his money to Thailand free. No longer does transfers?

See post# 15 where I corrected my OP

4 hours ago, koratkarlos said:

As a US citizen in Thailand I have been struggling with this issue for quite some time.  I tried the Bangkok Bank ACH method, but it was suspended to new accounts and now appears to expire this April.  Today I got a VPN to emulate being in the USA, Skype US phone, Google Voice US phone and did manage to setup a Transferwise Borderless account, but now I must send money into it and am having serious trouble with the phone SMS verification codes of the US Banks - I can use my debit card but not for large amounts as I fail the Visa verification menu.  There seems to be a particular problem with Wells Fargo Bank.  I tried a BillPay from WellsFargo to Transferwise but I am pretty sure the two small verification deposits will be denied.  I do have a Fidelity Account and I guess I can call them but comments in reference to Fidelity providing less and less service to expats are definitely true as I have been living outside the US for about 5 years now and have seen my privileges at Fidelity evaporate.

 

Any further advice is greatly appreciated.  

Regarding bank SMS with Skype and Google Voice:

Skype CANNOT receive SMS messages UNLESS it's in reply to one that was sent FROM Skype - that means a verification SMS sent by a bank won't work with Skype

In my experience, in the past, Google Voice would receive SMS verification codes from all the banks that I use EXCEPT for BoFA - that is now working and I can receive verification SMS from BofA

Two suggestions:

Use your Google Voice number as the phone number for the bank from which you are trying to receives verification SMS - you may need to change it on the bank's website or by calling customer support;

If your bank offers it, try having them make a voice call with the SMS code to your Google Voice number 

6 hours ago, watcharacters said:

 

Since when is this true?      I've made  wire transfers with Schwab.

 

To ADD:    Cal since you wrote it twice, 14,000 miles,  I wonder if your CU is sitting somewhere in the Atlantic Ocean.   ????

See post# 15 where I corrected my OP

6 hours ago, CALSinCM said:

 

Schwab isn't an option.  I'd have to return to the US, set up residence and acquire a utility bill.  Requiring utility bills seems over-the-top.  What if you simply rent a room or live with family members.  Given these guidelines, even a millennial or extended family living together in one unit couldn't open an account because the utilities only in one family member's name.  That ludicrous.

 

From the Schawb website for required docs: 

• Passport—clear copy of current passport pages containing photos, signature, personal information and Machine Readable Zone (MRZ) lines for each account applicant. Also required for any Power of Attorney (POA) on the account.
• One utility bill for each account holder dated within the last six months. The document needs to show matching name and home/legal address (a post office box is not acceptable).
  
  Examples of utility bill include:
  • Gas
  • Electricity
  • Water

I thought of the situation where one might live with a family member which is why I suggested that maybe a notarized statement from a family member might work.

At one point, I was considering establishing residency in Tennessee, one of the (almost) no income tax states and using my brother's address and one of the things the state would accept, if one lived with a relative, was a statement from the relative.

Although Schwab only lists utility bills, it might be worth a call to their customer support to see if they will accept something else.

I've called their CS a couple of times and they've always been pleasant and helpful and, best of all, they answer the phone quickly and speak like professionals

9 hours ago, Date Masamune said:

I have made international transfers out of the brokerage aside so confused about what you posted concerning Schwab. For 12 plus years I did not have a US address and had the Schwab International account and Schwab Bank Account. (From last fall I do now have a US address, but off topic.) I WAS able to make international transfers, however not from Schwab Bank. The money had to originate from the Brokerage side, and requires a phone call for each transfer.As I always understood Schwab Bank will not send money overseas only receive it.

 

I also have the BKK bank ACH thing ending this April so concerned also.

See post# 15 where I corrected my OP

1 hour ago, gamb00ler said:

I'm wondering on what basis you state Schwab doesn't do international wire transfers.  I'm a U.S. resident and I have used Schwab to send SWIFT transfers to Thailand many times.  I went to my local Schwab office and filled out a form with destination details (wife's Kasikorn account).  I can now just call them to send another SWIFT to that account.  Sometimes I do this while in Thailand.  I have several Schwab accounts but none of them are International.

I signed into my Schwab account and looked around and, I'm glad to say, I was wrong on that one

It's possible I was thinking of the Schwab Bank account since that was my primary reason for opening a Schwab account, but I know that somewhere on the Schwab site, I came across a disclosure saying no international wires.

Likely it was the Schwab Bank account since that isn't a 'real' bank account as is a Citibank account - it just acts like one for most of the important bank account things.

I did find that I can send USD international wires online directly from my account with no forms, trips to an office, or calls to Schwab - I'm even happier with my account now

Thanks for keeping me honest!

5 minutes ago, CALSinCM said:

Try being out of the US for close to a decade.  Your IDs expire.  Then you attempt to open an account.  They need valid, non-expired ID, some want utility bills and the like.  US banks do not support the likes of retired expats even though I maintain a residential address in the US, maintain my residence status in my state, and vote.  So, short of returning back to the states to reapply for a DL or state ID, opening a bank account from here is going to be problematic. 

OK, first thing to do is not panic.

Who is you U.S. brokerage?

The only major broker of which I'm aware that won't make international wire transfers for U.S. residents is Charles Schwab and since you maintain a U.S. residence, it's unlikely you would be able (or want) to set up a Charles Schwab International account, which does make international wire transfers

You might consider switching (moving) your brokerage account to a broker that makes international wire transfers - Fidelity is often mentioned as a good choice with low wire fees

You might also consider setting up a bank account with a bank or credit union that is used to dealing with folks serving or living overseas, such as USAA or Navy Federal Credit Union (if you're a U.S. vet or a family member of a vet) or a another federal credit union if you lack a service connection - I'd start with State Department FCU or Andrews FCU (those FCUs have relatively flexible ways to join)

You have a U.S. passport, which is the best form of identification; next you need to prove legal domicile and residence

Some states allow one to file a statement of legal domicile with the county recorder or the equivalent, which would prove legal domicile and **might** be acceptable to a financial institution to also prove residence

One possible way to prove residence, if you don't own a home or have utilities in you name and might be for example, using a relative's address for residence, is to have a statement drawn up by that relative stating, in essence, that their address is your legal domicile and residence and have it notarized. In some states, that is acceptable for proving residence

8 hours ago, Martyp said:

I have a B of A account and I just transfer money to my Thai bank from the B of A website. Why do you have to call and talk to anyone?

Each bank is different - some have the ability to make wire (SWIFT) transfers built into their online banking (BofA, Citi) while others, usually credit unions and piss-ant local and regional banks, require a form to be completed and 'faxed', while others require a 'fax' and a phone call, etc.

Even banks with the ability built into their online banking may occasionally randomly select a transaction for verification or for additional scrutiny simply because something looks 'off', such as one's location, usually by the bank sending a PIN code or requiring a call.

Your results will likely vary

11 hours ago, marcusarelus said:

That's obvious.  And obvious you didn't read my post that you didn't respond to.   What country in the neighborhood is the best to get a Non O visa based on retirement?

This concept of 'best' that seems to have crept into modern life is worse than useless since is pre-supposes that life is nothing more than a computer program in which all the variables are the same, when in real life, the facts and circumstances in each INDIVIDUAL'S case are almost never the same.

Since the OP posted while giving no significant details of his INDIVIDUAL situation, I simply posted a couple of general things that MIGHT be of help to him but, more importantly, would likely be of help to other board members who are paying attention and might want to make a PI SRRV their Plan B, or Plan C, or Plan D, etc. since the writing is clearly on the wall regarding easy access to Thailand

There is clearly a preponderance of thought on this board that an O-A is ONLY obtainable in one's 'passport country' when that is not the case, so I simply pointed out that this is not so.

Since you seem to be one of those who has had neither had the life experience nor yet grasped the concept that there are almost no things or situations in life that can be said to be 'best', whatever that may mean to any individual, I'll go on.

So, to satisfy your desire for 'best', I'll tell you what is 'best' in my IN MY SPECIFIC CIRCUMSTANCES, although it may not be 'best' or even 'OK' for anybody else:

For me, it's 'best' to get a Philippines Courtesy SRRV since, as a U.S. vet, that residence visa is effectively free and it's good for as long as I wish to stay in the PI (assuming of course I pay annual renewal fee)

For me, it's 'best' to have a shot at getting an O-A outside my passport country (U.S.) and since the language of PI officialdom is English and I'm a native speaker of English, that eliminates one major hurdle that seems to confront most folks in Thailand when dealing with officialdom and bureaucracies such as banks

For me, although I can afford to get a retirement visa in any country in SE Asia except possibly Singapore, it's 'best' for me to get a PI SRRV since not only is the cost negligible, there are zero other hassles, such as hiring a maid or being subject to income tax (Indonesia) once one is granted the SRRV - no annual re-qualifying, no re-entry permits (Thailand) and the thing is good for life.

11 minutes ago, onera1961 said:

Can you please tell me a bank that uses IAT for business accounts. I Have business accounts in a few bank (Bank of America, Citi, and Capital One). I can open an account in another bank if they guarantee IAT format.

I would think that 'heavy hitter' banks like BofA and Citi would offer IAT for their business accounts, since it seems that their calibre of corporate customers would be likely to need it

Do they not offer it to every business account?

The reason I ask is that I've toyed with the idea of opening a business account since it seems that a couple of 'piss-ant' local banks in my neck of the woods offer it; however, all the fees that corporate accounts get charged have made it seem likely not worthwhile.

As well, I think there would likely be 'difficulties' having a personal payment, such as a pension, deposited in a corporate account or making an ACH transfer from a personal account to a corporate account

Still searching for the 'Holy Grail'

4 hours ago, statman78 said:

Thanks Ubon,

Your clarification on the second point is helpful.  

 

My bank currently uses the IAT format for my transfers and it has worked.  That has Thai bank account listed as the final destination for the money.  When I tried to set up automatic monthly transfers so I wouldn’t need to contact them by email then follow up with a call every month, they told me it could not be done since the final account is not in the US.

 

Maybe there is a different bank that somebody is using that can do automatic transfers.  

 

If your bank has the capability for consumers to make IAT ACH transfers and you're not confusing IAT ACH transfer with a wire (SWIFT) transfer, you've chanced upon the Holy Grail and there are a lot of inquiring minds on here who want to know.

Normally, ACH transfers don't require re-authorization each month (one of the selling points banks use to get folks set up recurring monthly 'bill payments') but wire (SWIFT) transfers are done one-off (either by authorization using one's bank online portal or by personal interaction with one's bank)

Please let us know if you've indeed found the 'Holy Grail'

7 hours ago, marcusarelus said:

Don't you have to have insurance for the Elite or if not what happens if they begin to require insurance for other long stay visas?

I haven't seen anything that it's required for any flavor of the Elite visa - don't forget, the TE is a type of tourist visa and, it seems to me, designed for frequent visitors rather than long-stayers.

I think folks are likely getting prematurely worked up over the prospect of medical insurance for long-term visas - I'm an American and I was reviewing the requirements for an O-X visa (just for fun - quite a laugh and the TE haters really should be focusing on THAT one) on the U.S. Thailand embassy website and they list several several companies to fulfill the medical insurance requirement for an O-X.

I took a look at several of the policies and while the coverage limits weren't great, the price was pretty inexpensive, so if there were to be a medical insurance coverage requirement put in place at some point in the future, it could likely be satisfied pretty easily and inexpensively.

5 hours ago, roobaa01 said:

is it not that one needs ringgit 350000 to retire in malaysia ??

 

wbr

roobaa01

It's MYR 150,000 (about USD 37,000) on fixed deposit in Malaysia along with a monthly income of MYR 10,000 (about USD 2,500) and, for new applicants, at least 75% of the monthly income must be from a pension, not from income subject to fluctuation, such as interest income, dividends, etc.

8 minutes ago, humbug said:

isnt there two 20-24 year elite visas, the full one for 2 million and the no frills one with just the visa for 1 million? i say 24 because you get 1 year extensions.

 

But we should be worried with what was uncovered in Malaysia recently in 'Forest City' a future property development just for chinese which has a secret 20 year programme to grant only chinese buying in tbis development(up to 500,000 were projected to buy) with full malaysian citizenship. Once discovered the plan the new democratic malay gov deleted the whole programme. Could that be happening here under the 20 year national strategy? maybe, could be a reason for their reduction of long term stayers of other nationalities here

There are three Thailand Elite options:

1. Elite Ultimate Privilege - THB 2 million, 20 years

2. Elite Superiority Extension THB 1 million, 20 years with extensions every 5 years

3. Elite Easy Access - THB 500,000, 5 years, multi-entry privileges without most of the perks of the more expensive ones.

Hmmm... the Malaysian 'Forest City' program sounds a lot like the one that was (is) still going on in Canada a few years back

4 hours ago, BritManToo said:

But can be cancelled by the police at any time for any reason (as the Spaniard found) is a little off putting.

That goes for any visa anywhere in the world

And the Spaniard has had some serious criminal charges made against him, likely not just on a whim