Galong

KannikaP... It says, "DPA offers protection to both Thai and foreign individuals and juristic persons who hold accounts in the Thai currency in any of 35 financial institutions"  So, it doesn't seem like it would affect other currencies, but that would be worth sussing out for sure.

Check this silly stuff out. I thought they wanted us to put money in Thai banks.

Is something big about to happen that we don't know about? Are there too many defunct loans not being paid back? Are some banks getting ready to go belly up?

https://www.nationthailand.com/in-focus/40004190

1 hour ago, LomSak27 said:

As already stated, its not a quiz. They verified a government agency I had worked for was not the military. Likely I would have qualified for a different classification or benefit if I had. Besides that nothing, no dates, no companies, nothing. Then you wait.   

 

Cool, thanks for the additional verification, LomSak. ????   I just want to have any many ducks in a row as possible so it all goes smoothly.  This is a major life event, of course. 

Yeah, my sister-in-law recently did her SS in the US and it took them four months instead of the three that they said.  They added a mere $10 to her monthly payment, but my very mathematical brother figures it'll take about 18 years for that one-month loss to balance out... oh well. 

3 minutes ago, ubonjoe said:

When they call you the will have your work history if you applied and gave them your SSN and etc.

When I did the phone interview several years ago they only asked for the last day I worked.

Hi Joe... great, that is a date that I actually have.

Thanks for your speedy response, buddy.

I've got a phone interview coming up on Aug 5th with an agent at the Federal Benefits Unit in Manila in reference to initiating my US Social Security.  

They said to have several things ready for the phone interview, such and date of birth, marital/divorce status, etc... all of which I have.  However, they also mentioned having a complete work history in the United States.  I have no way of knowing which years I worked at which jobs. I remember all of the jobs (in order), but not the dates.  My online "My SS" states exactly how much I paid in SS every year that I worked.

Does anyone recall how much detail they had to supply with regards to their previous US work history?

I was told by my accountant that a Covid supplement is available for those of us who have Thai Social Security as their heathcare for around 400 - 500 baht!  She said it's even available at banks.  So, how does the price rocket from that to an absure 3,000,000 Baht's worth of coverage? Do foreigners infect more locals [rhetorical question]?  Don't vaccines mean anything?  Don't vaccine from other countries where potential retirees have had the best vaccines available mean anything [rhetorical question again]?  I hope they think this through a bit more. They're going to potentially lose massively. 

What if you have Thai Social Security, which I have for life as I've exceeded the 15 year pay-in threshold.  I would assume, maybe falsely, that that counts as legitimate healthcare coverage. 

BTW, I'm still working, but I'll likely apply for a Non-O next year.

2 minutes ago, couchpotato said:

You are being silly and childish now. People have laid out the correct way to interpret this, so just acknowledge you are wrong and work out the correct formula for your next deposit.

Go <deleted> yourself.

11 minutes ago, Susco said:

Edit to add: Unless you have existing bank account in Singapore, good luck opening one with 1 Million Baht, or actually opening an account in Singapore at all as a foreigner with current regulations

 Yep, I've got an account in Singapore already. It's so easy to deal with and everything can be done online without any hassle. 

Alternatively, I could send money to my investment account in my homeland or simply put it in my safe. I don't like the way the manager did this deal. I do see that it was all 'above board' now, but in the information was incomplete and I'm not sure if I would have agreed to the actual deal given my options to put that money elsewhere.  Oh well, live and learn.  Cheers. 

1 minute ago, Sophon said:

This is Krungsri Bank's deposit rates valid from August last year (around the time where the OP must have opened his account):
 

So the 1.75% is (as expected) an annual rate. So the OP should have received THB 2,603.13 after taxes, which according to his latest post is exactly what he got. Nothing to do with "fine print", the published interest rate is always the rate per annum.

fair enough, HOWEVER, I did specifically ask her if I would get 1.75% in 7 months and she said yes, The documentation you provided here (thanks for that) was NOT part of the package that she gave me. So, it might not have been fine print per se, but missing print more likely. 

At any rate, I'm satisfied with everyone's help. Thanks to all of you.  No need for further comments. I understand now. ????????

3 minutes ago, Susco said:

And that is also what I suspect. In the past year there has been no bank in Thailand that would pay 1.75% interest on a 7 month period

 

1.02% minus the 15% tax is 0.85%.

 

It would be helpful if the OP would elaborate on the exact amount of interest that was added to his account

 

 

OK, 300,000 baht at 1.75% that matured (7 months) on April 6th.

My online fixed deposit account shows 2,604 Baht more than the fixed deposit amount. However, I do have another 650,000 baht fixed account that was started on Jan 10th of this.  I'm not sure if any interest from that would be part of 2,604 Baht.

I have only ever deal with my Singapore bank with fixed deposits before.  It was cut and dry with no fine print. I might just pull my money out and send it to Singapore if I don't get a satisfactory answer soon. I'd honestly rather take a little lose than let Krungsri defeat me with fine print. ????

Thanks a lot for your input... much appreciated. ????

The manager said she would look over the documentation and get right back to me. It's been a few hours. I guess the term 'right back' doesn't translate properly either. ????

TopT said, "You realise (and sorry if obvious to you) that the 1.75% is probably an annual rate so for 7 months so you would only actually get 1.02%? Perhaps something got lost in translation with the manager....."

Well, I asked if I'll get my 1.75% at the end of one year. She wouldn't say definitively... geez.

The manager spoke very good English when I was signing up for this program, but suddenly today on the phone she couldn't explain anything.  I speak Thai and told her to tell me in Thai with my wife standing right beside me. She wouldn't/couldn't.

This does not look very promising.

5 minutes ago, Mavideol said:

had a similar eye opening with Citibank time deposit, it indicated a 6 month time deposit maturity but in order to qualify for the special offer the money had to stay an extra 3 months, thus their time deposit was not a 6 months but a 9 months, I did not read the small print with these specific T&C, did you read the ones from Krungsri it may be there

Thanks for your reply... I read the documents that they gave me and there was no mention of waiting longer than 7 months for 'maturity'. Now, I can't really recall if I signed anything in Thai that might have had fine print... perhaps.  

If this is the case, I'll likely just close the account and put the money elsewhere for their shady practice.  

One thing it did say was, "when the deposit reaches maturity but the depositor does not withdraw the money or issue other orders, the account will be renewed as a 3-month time deposit."  In other words, I should get EVEN MORE after the 7-month timeframe.

Krungsri Bank seems to be trying to pull a fast one: I made a fixed deposit account for 300,000 baht for 7 month at 1.75%, but when I checked my account (should have matured last Monday) it was only .85%.  Now, the bank boss says it matures at one year!!!!  I asked the bank boss, "Why the did I sign up for a seven-month deposit timeframe then?" ... crickets.

Before that, she said (3 times) "come to bank to discuss" to which I said (3 times), "Phuket is on lockdown, I can't leave my Tambon. You are in another Tambon."

According to the bank document, the agreed upon maturity is 7th months. If I don't specify what to do maturity, it automatically rolls over to a fixed 3-month account... Unless I'm reading almost all of this incorrectly, I don't see how the bank can legally hold my money for an additional 5 months in order for me to get my 1.75%

8 minutes ago, maxcorrigan said:

On a similar vein to this topic, what happens if a wife is ex government (as mine is) and i am covered for hospital visits and medicals etc, if she dies, i presume my coverage dies as well?

Hi Max,  I don't know what sort of insurance government employees have in addition to Social Security, if any.  You might want to check to see if you're actually getting the Thai SS.  If you are, you can continue to contribute to it and get the benefits.  

Do you have a card to present the hospitals when you visit?  My SS card is blue and white with a triangular logo.   Probably best to ask your wife what you actually have. If you're not actually working, I question whether you'd be on the Thai SS system... that would be a guess on my part.

Best of luck.

47 minutes ago, lopburi3 said:

It is a local office decision - marriage requires review and approval of higher level.  So safer for officer and less paperwork required of applicant and normally same day service rather than come back next month.

 

That said marriage is not that much more trouble for most people as long as spouse and applicant physically able to attend for application meeting.  More copies or documents main thing and few photos to help show living together.  There may be a later visit to confirm (although that can happen with retirement as well).

Hi Lopburi3, thanks for the explanation.  We're already married... have been for years.  That process was quite easy actually.

Yes, I would think that being so (having been married for a while and having all of the accompanying info/docs), it should be a cakewalk if I decide to go from married O working to married O retired.  

I'm still (unnecessarily?) concerned about them changing the need for insurance in spite of having Thai SS.  I need to learn how to relax.  ????????

Cheers 

32 minutes ago, jumbo said:

Retirement is for IO an easier visa as they can approve themselves, maybe a better way to go when you stop working at least that is my plan as the flow of docs for a non o marriage is a little too much in my opinion

Hi Jumbo... sorry, I don't really follow what you're saying. Are you saying that a retirement Non-O is easier for the IO as there is a lot less documentation?  It still boils down to this question about 'what if' they change the law and require Non-O folks (working or retired) to show insurance in addition to their Thai SS.  I read a couple of posts where the commenter said Thai SS is NOT consider insurance, even though it obviously IS!  I hope they sort all of this out and make a defined law concerning folks like us.

I'm 64 and have a pre existing condition. Getting additional insurance on top of my Thai SS would be a HUGE investment, that is, IF I could actually get it... and it would be somewhat superfluous as I've got wonderful healthcare through the awesome Thai SS scheme... geez, this is consuming way too much of my limited brain space. ????

Much thanks for your comment and any followup you have.  Peace. ????

21 minutes ago, CNXexpat said:

That´s good, but my bank accounts is during the time when the Baht is so high, so low as possible. I have some 10k Euros in my safe, but my heart would hurt so much if I would change them now.

I feel for you, buddy.

I split my money into three currencies a long time ago: Baht, Singapore dollars, and US. I can only get hammered so much with this plan... fingers crossed. ????

Just now, Autonuaq said:

Why do you not apply for permament residence?

Solve a lot of problems and your are equal to thai nationals too.

 

Not worry if your wife passes away before your time was up.

 

Your have non O based on marriange I presume that woudl all make easier for you to get permanent residence granted.

I've actually been working on getting all of the requirements sorted for this. I plan on trying this at some point soon. Being in Phuket and having to do the meetings in BKK is a drawback. I don't like the idea of going through an agent, but in my case it might make a bit more sense. 

Cheers

3 minutes ago, CNXexpat said:

Right, but you need to have the 800k two months before applying for an retirement visa on your bank account. I don´t know how this can fit with the situation that when your wife died, you need the retirement visa immediately, because you are not married anymore. 

 

Another question: when our house is on my wife´s name and I can´t own land, how quick do I have to sell it? I´ve heard during 1 year. Is this correct?

Hi CNXexpat... I keep more than that in my Thai bank account, so that's not really an issue.  It does seem like the government should have some stipulation for folks who don't have that amount in their account ahead of an unknown death time.  I mean, who actually know when they'll go?

We rent, so I don't have the house ownership issue, but that's a very legit question. I have no idea how house stuff works here, sorry.

Do you have relatives (of your wife) who could take over the house documents and let you live there?  I guess that would be an option for some folks.

1 minute ago, SteveK said:

I often worry about the same thing. If my wife died before me, then I am sure that I would very quickly become a person non grata, hence my continued efforts to make sure that I die before her.

Same boat. My life would not be worth living without my Thai wife.  She is definitely one of the main reasons why I live here. I'm sort of a hermit. I only really hang out with her. I love Thailand, but I might actually go home if I lost her.   

I cycle in Phuket traffic every day, so the other aspect of your comment applies to me too. I could go out quickly at any time. ????

2 minutes ago, AtlasAus said:

@Galong interesting topic, I have no answers but do have a question ????  Can I, being married to a Thai get this Thai SS you speak of ? 

Hi AtlasAus, I have it through working here. I had it long before I got married. It's not linked in any way to my marriage. 

I don't think it's available to any foreigners who don't have a Work Permit.  I do know that when/if I retire, I can stay on the program, but I assume that is only because of my many years of working here.

1 hour ago, khunPer said:

As @lopburi3 said, you can just continue your extension of stay, but based on "retirement" instead of marriage. To my knowledge your SS can continue, but you cannot continue to work on a retirement extension. You might need to pay a small voluntary fee to SS to have it to continue, but worth doing it, instead of considering health insurance, especially when elder.

 

Extension of stay based on retirement either mean a deposit of 800k baht, or an ongoing foreign income of minimum 65k baht a month in average, or a combination; same conditions as for all of us on retirement extension of a non-O entry.

 

It might be wise to consider a last will – for both parties – if there are any property; in fact, it's always wise to make a last will, and it's not that difficult.

????

Thanks a lot Khun Per. 

I tend to worry a lot about 'what could be' as I get older instead of 'what actually is'. That's not a healthy way to think, but alas... ????

I guess my main concern is if the government changed their policy whereby my Thai SS wasn't considered insurance, which would seem crazy.  I'm 64 with a pre-existing condition, so getting insurance seems out of the question from my research.  I am extremely happy with and grateful for Thai SS. It's literally a life saver. 

Yep, I did a Will a few year ago.  That's covered. 

Yep, I'm aware of the financial requirement if I go from married to single or working to retired.  I'm not rich, but money isn't a huge issue, thankfully. 

Thanks again for your helpful comments. ????