SwissCheeseMan

1 minute ago, Peter Denis said:

You cannot simply move the 800K/400K at any given moment, as you would not be meeting the requirements anymore for the permission to stay granted on the basis of your original Non Imm O Visa.

To do it legit, you would have to exit and then re-enter Thailand VisaExempt or on a Tourist Visa and then withdraw the funds from your account before leaving Thailand for good.

Alternatively when you want to stay in Thailand you would have to do the above and re-start on a new Non Imm O - retirement Visa with 65K monthly transfers.

 

The visa was the least of my concerns.  When the virus is over, who knows if anyone will want to continue living here anyway.  I moved straight to the 65k method to prepare for the next visa but could also pay an agent. 

Under the circumstances, the visa was not a good enough reason for me to leave the money here.  There are other less financially risky options to achieve the same goal.  

On 4/13/2020 at 2:20 AM, geisha said:

Since the corona virus outbreak, there has been a lot of talk in Europe about relocating certain factories back home. I think it’s a very good idea. Many big companies are moving out of China to mostly Vietnam. Even Apple are looking in to it. 

Samsung is already there.

https://asia.nikkei.com/Spotlight/Coronavirus/Samsung-says-Galaxy-factories-in-Vietnam-are-at-full-capacity

Just now, Brunolem said:

Yes, but it also has the money printing machine... 

If the money printer has to start up, that could send the Thai economy pear shaped.  

10 minutes ago, Brunolem said:

Most consumer loans are made by state owned banks, not so much by private ones. 

So the Thai government is even more exposed to heavy losses.  

On 4/26/2020 at 11:01 AM, saakura said:

Dont get wet dreams. Going by the past, nothing affects teflon Thailand. 

No tourists going to Thailand for maybe 1 year or more.  I don't remember the Thailand tourism industry, and its economy, going through something like that in the past.  

On 4/23/2020 at 11:16 AM, Henryford said:

I am not surprised. Western currencies have fallen over recent years because of their massive money printing. That process will only accelerate now and strengthen the baht even more.

As people all over Thailand queue up for food donations. 

I think, as things get worse here, and they will, Thailand's economy will be exposed, and so will the baht.  

On 4/24/2020 at 9:50 PM, Leaver said:

It's possible, but highly unlikely they all go broke.  That said, who would loan money to the Thai government, or a Thai bank, now?  They both would be a bad risk. 

The Thai government is asking wealthy Thai individuals to help.  Either the government is playing poor, or is poor.  If it's the government guaranteeing bank deposits, that's not a good sign.  

On 4/24/2020 at 9:45 PM, Leaver said:

The majority of the wealth in Thailand is held by a minority.  Those Thai's on low wages would have very little in the bank, so not a big issue for the bank.  

 

The problem for Thai banks is, if this crisis heavily impacts the middle class, and it very well may do, then many Thai banks may be exposed. 

I don't think the unemployment is just effecting the low paid workers.  There would be a lot of middle class Thai's out of work also.  They are most likely to be the ones using up their savings, and then defaulting on any loans.  

It's a triple hit for Thai banks.  A lot of withdrawals, and probably soon, a reduction in loan repayments received.  This ends up as a foreclosure or repossession, with the surety asset like property or car, probably sold for less that the loan.    

On 4/18/2020 at 11:08 AM, bkk6060 said:

If you truly believe they would guarantee this if the government goes broke good luck.

This is why I reverted back to the old theory, "don't have anything in Thailand that you are not prepared to walk away from."  Cash in the bank is an easy one.  It's not like a house or condo that you have to sell, or even like a car.  All you have to do is move it.  I can always bring it back later. 

I think Thai banks are facing a big stress test over the next 12 months, and I don't want to be a part of it.    

On 4/17/2020 at 9:01 PM, Leaver said:

As another member said, an insurance company is still just a company, like a bank is, and companies can go broke.  

 

The question is, will the Thai government deem the bank and/or the insurance company too big to fail, and bail them out, should the need arise?

It's possible the Thai banks and the Thai government can go broke.  The guarantee is worthless.   

On 4/12/2020 at 8:13 PM, phkauf said:

I would not be surprised to see Vietnam jump ahead of Thailand in 10 years. 

I think that will happen with tourism also.  

On 4/19/2020 at 7:13 PM, Leaver said:

As I have posted in another thread, the Thai government is now crying poor.  How solid is that "guarantee" looking now?  

With all the unemployed Thai's using whatever they have in savings, that's a lot of withdrawals from Thai banks also.  

On 4/17/2020 at 8:58 PM, Leaver said:

I guess those on the 800k baht method would rather have their visa revoked than lose their money.  800k baht would sure make for an expensive visa.  ???? 

I changed to the 65,000 baht method.  I have no problem risking that amount each month to stay here.  I also have an ATM card from my home country in case my Thai bank goes under or freezes all accounts.    

10 minutes ago, Peter Denis said:

What you suggest is possible but will bring OP in trouble.

The 800K needs to remain on the OP's personal bank-account for 3 months after his application for an extension of stay based on his Non Imm O - retirement Visa, has been approved.  Then he can lower it to 400K (for 7 months) but 2 months before his next application he needs to top it up again to 800K. 

His permission to stay is based on complying with the above.    

As soon as I moved the money, straight away I transferred 65,000 baht. 

I will go to the 65,000 baht method, but having a large some of money in a country that may go down the toilet, taking my money with it, made no sense to me.

In the present circumstances, the 65,000 baht method is a lot less riskier than the 800,000 baht method, and achieves the same result.

On 4/9/2020 at 5:09 PM, CharlieK said:

That is fair enough. And I'm just saying if the sh** hits the fan even our funds in the good old home country aren't safe either. There is that adage. Don't put into Thailand that which you can't walk away from. I only bring what I need to live here no more no less. 

I accept all countries are impacted by the virus.  I think my home country is better equipped to cope with the from a public health view, and from and economic view, so the money has gone back.  

I straight away started on the 65,000 baht method,  and may as well stay with that for the future.  Who can be sure anyone will still want to live in Thailand 6 months from now?  It will take 12 to 18 months, maybe longer, to get back to the lifestyle we knew here.    

On 4/10/2020 at 8:43 PM, Leaver said:

I only transfer my living expenses into Thailand, so I don't have this risk. 

 

If I understand your post correctly, you are saying the insurer would not deposit the money into a foreign bank account. 

 

I actually think the insurer might not deposit the reimbursement at all.   ????

Who underwrites this insurance?  Is it the Thai government?  

On 4/12/2020 at 1:25 PM, Gilltom said:

Yes but who guarantees it?, the government !!!!what if they have no money???

I see the Thai government is already crying poor.  

On 4/12/2020 at 1:11 AM, Leaver said:

I agree, but wouldn't it be safer in your home country bank than a Thai bank?  Remember, you are only doing it for a visa, it's not an investment. 

Exactly.  I'm not "investing" in next year's visa with 800,000 baht when I might lose the 800,000 baht, or lose access to it, or might not even want to live here, until Thailand rebounds from this.

On 4/11/2020 at 2:59 AM, plumberman123 said:

Dear OP

 

If there is a run on the banks then youll be screwed,

 

You obviously dont have much other savings other than this 800.000 baht

 

take it out and buy gold, then next year when you need the visa sell the gold and deposit back, then do the same again

 

simple

 

dont give anymore money to your 20 year old tolac as shes ripping you off and is not with you for your good looks

 

wake up

I have substantially more than 800,000 baht in cash at bank.  I only moved the money to Thailand for a visa.  Now, that isn't a good enough reason for me anymore, and it comes at a higher risk, so I moved the money back.  

I have never paid for a sick buffalo. 

I just have no confidence in Thailand to manage the virus crisis properly, that's from a public health view, and also economic view, which flows on to Thai banks.

On 4/10/2020 at 6:16 PM, Leaver said:

I see in another thread the President of the Deposit Protection Agency (DPA) is trying to sell "confidence" now. 

 

Just like the street hawkers here, and at the markets, be weary of a Thai trying to sell you something.  The old saying, "Same same, but different." 

 

In my opinion, what will happen in Thailand, over the next 12 to 18 months, will not be the same like other disruptions here in the past.  It will be very different, and it's possible some Thai banks will not be able to remain solvent.  

I might not want to continue living here, until the Thai economy has recovered, which might take a long time.  Since the money was only for a visa, no point leaving it in Thailand.  

On 3/31/2020 at 4:06 PM, Leaver said:

Thailand's never been through something like this, has it?

 

The world really hasn't been through something like this, and as I have just posted in another thread, I do not have the confidence in the Thai government to manage this virus crisis effectively. 

I only moved the money to Thailand for the visa, and that is not a good enough reason to leave it here now, in the present, riskier circumstances.

6 hours ago, StevieAus said:

And banks haven’t crashed overseas?

You have a short memory think US, UK

 

They have, but I would consider the banks in my home country safer than those in Thailand.  

I only moved the money here for the visa.  For me, that's not a good enough reason to keep it here now, in the present circumstances. 

9 hours ago, CharlieK said:

And if it came to it do you really think your money would be safe in your home country? What good is a guarantee when money is worthless.

Not here for an argument. 

My home country is a developed nation, where I am a citizen, with rights. Things are very different for a foreigner in Thailand, even as a customer of a bank. 

I moved my money out of Thailand, and don't regret doing so.  You leave your money in Thailand.  I don't have a problem with that.  Good luck to us both. 

I didn't see the point leaving the money here just for a visa, and that's the only reason I moved a lump sum here, for the visa.   

We saw how unstable Thailand can be with various military coups and other things.  I simply don't have the confidence in Thailand to be able to manage the virus crisis in an effective manner.   

I respect everyone's decision, regardless of whether they pull the money out of Thailand, or keep it in Thailand. 

53 minutes ago, Iron Tongue said:

Why why why would a country want to destabilize their own banking/financial system and cause fear and mistrust amongst their own depositors?

 

And, if a complete failure of Thailand's banking system is expected, why telegraph this so that depositors can get their money out?

 

Can somebody please explain this to me?

Maybe to calm the masses, while allowing the Thai elite to withdraw all their money.