happy chappie

Do yourself Favour and don't buy a Rolex off a man in the street.just say you don't want a 5 visa and can you have  your money back but this ain't the USA and you'll be very lucky to see any of it back.myself I would be in contact with the credit card company as you've paid for something you have not received.easy peasy lemon squeezy.youll find the visa/MasterCard have a lot more clout than someone ranting down the phone who forgot things.

Just sold his house and is coming to Thailand for the first time.if I was him I would keep that one quiet and transfer at Bkk to Vietnam.remember sir the old saying."how to make a small fortune in Thailand,answer bring a big one" tip of the day from me sir is don't trust anyone and I mean anyone and rent everything and I mean everything.

22 minutes ago, Myran said:

Best way to transfer money to your Thai account would probably be Transferwise. Don't think they transfer from Thailand, though, so you'd have to try a difference service for that or just do a regular bank transfer.

Yes money sent to Thailand very rarely leaves the country.its a one way ticket in most cases.

2 hours ago, Thaidream said:

The fraud I am talking about is the kind in which a bank employee actually steals the money from your account.  It has happened so many times in Thailand that it would be impossible to even remember the number- the banks eventually return your money after months of investigation. the times this happens in the USA is few and far between.

 

In 1996-1997 Banks in Thailand literally went broke as some of their officers lent out money to customers who never should have had a loan- huge amounts- of course with a kickback to the officers.  The whole system almost crashed.  The exchange rates plummeted- nice if one was remaining in Thailand but for those of us still working- I lost $21,000 repatriating dollars. You want to learn about Thai banks- google Rakesh Saxena and Bangkok Bank of Commerce and also Finance One.

It still happens today- want to get a mortgage- the Bank Officer will approve your loan for a 'fee'.  The system is rife with corruption.

 

As far as security- there is always a way around a computer system but most US banks are capable of adjusting quickly to an attack on their systems- Thai banks are still using outdated systems in their ATM machines.

 

As far as Nationalization- doubt that is an issue but Thailand manipulates it's currency constantly based on the whims of those in power and whether they have enterprise abroad and need a positive exchange rate.  the Thai Baht at present is way overvalued but will continue being manipulated until the power brokers decide they have used the people's money enough and then the peons will be given a taste with rates following real values.

 

You or whomever can leave your money in a Thai bank if you want- but I will never trust Thai banks again as I know exactly how they work and I have experienced it first hand. Most will be lucky and won't be affected , except by poor exchange rates. 

Well said.banks here are a joke and the staff are a joke who don't even know what they are doing half the time.the horror stories of theft and incompetence are beyond belief.

The real reason for not keeping 800,000b in a bank for years or decades is inflation at a soaring level.800,000b this year will be worth 770,000b next year,740,000b the year after and nearly 700,000b the year after.what will happen is immigration will decide that 800,000b isn't enough and put it up to 1 million because every farang has a money tree.

5 minutes ago, farangx said:

I get the point of what you are saying, it is also understandable this 800K can be increased to 1 million or 1.2 million due to inflation etc.  But as a foreigner living here with funds from a foreign currency, exchange rates and bank fees becomes part of the cost of living.  If forex swings affect you then you need to hedge against that to make your baht worth.

Yes and if they do raise it then it's only going to create more problems for a lot of retired people.lets face it the whole scheme is a mess.living here married with kids and only have to keep 400,000 or equivalent or retired alone and having to have 800,000 or equivalent.where is the sense in that.

16 minutes ago, farangx said:

That 800K will be in a Thai bank for 3 months, even if you are paid no interests, you still get your interests for the other 9 months elsewhere.  Are you willing to sacrifice your long stay in Thailand just for these 3 months' interests?

 

Like I said in my earlier posts.ive cancelled my retirement visa and putting it to work and will be returning 12,000b a month.my circumstances are different to many others.i go to uk a couple of times a year.i live near the laos border so get 60day visa and 60 day extensions based on marriage from udon immigration.when I came here in 2005 800,000 could buy you nearly double of what it could today.at that rate by 2030 the 800,000 will be worth just over 400,000.with global markets in turmoil the last thing to do is let funds deprecate or rotting like mine was.

5 hours ago, jacko45k said:

But some want to RETIRE!

Yes I understand that and I said it doesn't work for me but people have different situations.800,000 in a Thai bank gives 1% interest while its gobbled up with inflation.apart from gasoline prices seem to increase on everyday items by 5-10% or more.if someone is looking for a full retirement with their feet up then the money would be better off in a long term fixed account and not a Thai bank.

It all sounds like a case of pns.paranoid napoleon syndrome.other wise known as shortie pants.heres the best cure known to man.

9 hours ago, toolpush said:

Good luck with that. I have an Elite Visa and anytime I ask for any info or help, I just get the usual runaround. I have given up on on expecting anything helpful or useful from them.

The big question is was it worth the money? 

20 hours ago, stephenterry said:

And at 3% per annum, that's 24,000 baht. A cheaper alternative to the seasoning providing you invest the money wisely and not blow it. Any annual return over 3% (KrungThai bank offers 1.75% per fixed annual return) will pay the visa agency costs. I know of several bona-fide schemes (mainly offshore or in other countries) that would bring in returns of that magnitude  - or more - and at very low risk. 

 

However, the visa agent's offer is illegal and the authorities at some point will close the loophole - so don't get caught up in the scapegoats-effects unless you're armour plated.

Ive been on retirement visa for a few years.this year I'm going to do a deal on no proof of income or go to marriage visa which is a pain for all.maybe 12,000 with multi entry as I'm going back uk to work.

5 hours ago, Spidey said:

I wanted a yellow book. Went to the local Amphoe with my wife. I handed over my passport, my wife handed over her chanote, I.D card, blue book and a large cream cake. 2 weeks later my wife called in and collected my yellow book and the lady told her to bring me back in and she would issue me with a pink ID card.. No hassle. It's the way things are done here. Personally, I love it.

The old corruption cake,nice move.the way to a woman's heart.cake.

15 hours ago, wgdanson said:

As soon as you get the extension, you can pull your money out for nine months.

And sit and look at it then stick it back in the bank.its dead money.its like buying a car and parking it up forever.

4 minutes ago, xylophone said:

Well these folk/companies are around and one (at least) advertises this "service" in the local newspaper here...…….I know it is not UT but shows it can be done.

Ive been offered it for 20,000b a year in udon.might take up the offer as it releases 800,000b that gets eaten away with inflation at 3% or more.

When you say you extended your retirement visa did you mean you done your 90 day reporting? I only ask because when I do my 90day reporting on my retirement visa I just turn up with my passport and they take the paperwork out of it and staple a new one in.no cash changes hands,no proof of address,no bank book and in and out of the office in less than 4 minutes last time.