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JimGant
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Posts posted by JimGant
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On 4/29/2023 at 9:11 AM, macahoom said:
What has this to do with Thailand?
.... that the BoT, like the US Treasury, will make up the difference between your insured amount and the amount in your accounts. It certainly has had a calming effect in the US -- preventing a bank run. A lesson certainly not lost on Thailand, or other financially solvent countries. No, would be foolish to let folks lose money because they didn't put their 6 million baht in 6 different banks. I know I don't lose any sleep 'cause I've got well over 1 million baht in Bangkok Bank.
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21 hours ago, Srikcir said:MYTH FIVE: “Raising the minimum wage will lead to job loss.” FALSE.
Only a progressive socialist, who never had Econ 101, would come to this conclusion. Sure, some businesses could absorb the added cost, without having to layoff employees. But in countries, with a large sweat labor workforce, like Thailand -- you can't increase this workforce's productivity in a timely-enough fashion, to meet the added cost of a minimum wage. Thus, some flying at the edge businesses will need to close. Others, like my having two gardeners, will need to let one go, as the cost of two gardeners just wouldn't equate to having my hedges trimmed on a timely basis. Thus, sloppy hedges -- even with the one remaining worker now being overworked. Hopefully he will realize what it's now costing him, in added sweat, for that additional wage. Not sure socialists are aware of all the aspects, mainly bad, of a minimum wage. So, certainly some job loss will occur. How could anybody think otherwise?
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On 4/27/2023 at 9:42 AM, Dazzler said:
Just wondered, as a ballpark for a 57 year old with no pre-existing conditions, what is the approximate cost for the health insurance for O-A?
14,500 baht from LMG, the cheapest of all the TGIA required insurance companies. One million baht deductible. Not a reasonable insurance policy, so hopefully you have a home country policy that realistically covers you. But, yes, it does meet the OA extension requirement for Thai issued health insurance policy.
https://www.lmginsurance.co.th/en/long-stay-visa-plus-premium-plan-100000-usd
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3 minutes ago, Jingthing said:
you change your Medicare address through Social Security
I don't ever recall telling Medicare my address. I received Medicare automatically at age 65, as I was already receiving SS. Presumably Medicare used the address I had on file with the SSA, as I've certainly never contacted Medicare (wouldn't know how) for address upgrade, or whatever. So, I assume Medicare now uses my mail forwarding address I gave the SSA on my Online SS account.
Makes no never mind for me, not getting Medicare here in Thailand. Not sure how one would disentangle their Medicare from SSA account to accommodate Medicare Advantage.......
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On 3/8/2023 at 3:04 AM, Jingthing said:
Americans living abroad with a social security claim are required to have their foreign address on file with social security.
That's not true, if the foreign country you're living in allows receipt of your entitled SS retirement benefit. Living in Cuba or North Korea, however, puts your entitled retirement payment on "hold," until you vacate those countries. Then, you'll receive the withheld payments. But even here, there's no criminal or civil penalty if you're eligible for an SSA retirement check, but didn't advise that you moved to Cuba. Yes, in the North Korea and Cuba situation, they would like you to notify them -- and if you didn't, and they found out, well, only recourse would be to withhold in abeyance any further payments while in these countries.
And if you live in Thailand, yes, they would like you to notify them. But there is no legal requirement that you do, since you're entitled to your SS retirement check in Thailand, and the other 98% of the world. No fraud, if you're entitled. Thus, no legal recourse.
Where folks get confused is with SSI payments. These are *not* entitlements, but forms of welfare. They have not been "earned," so are not payable outside the US. Thus, if you leave the US for over 30 days, and don't tell the SSA, you're committing fraud if you receive SSI payments. This is a huge problem, so Google if you're curious. Bottom line: Any SSI payment while outside the US needs to be returned, and any future SSI payments, when back in the US, are held up for several months as a penalty.
So, all these discussions on this forum about breaking the law when you move to Thailand, and have an earned SSA retirement benefit -- and don't report your new Thai address -- is scaremongering by the SSA, 'cause they really do want your overseas address. But by not reporting it is not going to affect any future SS retirement payments.
So, if you received SS retirement prior to moving to Thailand, and had an SS Online account -- and presumably established a mail forwarding address when you moved to Thailand -- just log on and change your address to that mail forwarding address. They're well aware this can be a mail forwarding address (think of all those thousand RV retirees). And, then they ask, in the affirmative: "This is my physical address." Just don't check that block, and you're completely kosher (didn't check that block three years ago, and no curiosity from the SSA).
Anyway, I have no ethical questions about not getting the "are you alive" letters. I understand their concern, but when I croak, the SSA will know it when the wife files for her Air Force survivor benefit.
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19 hours ago, billd766 said:
Please tell us all what qualifications ANY general has in running a country?
Well, the three finest presidents the US ever had, in terms of accomplishments, were Washington, Grant, and Eisenhower. Eisenhower's 8 years in office saw the largest leap in GDP growth ever seen in America. Plus, his appreciation for infrastructure saw the building of the Interstate highway -- among others. And being a military man, he knew the horrors of war. So, for his 8 years, not a single American soldier was killed in action, as he successfully kept us out of the Suez Canal fiasco, and the argument to help LANDLOCKED Hungary (note emphasis, that a non military president would not have appreciated).
Yes, some other countries have had questionable generals in charge, when it comes to the good of the country. Napoleon and De Gaulle come to mind. But, hey, they can be forgiven -- they were French.
Anyway, Prayut is no dummy. He's made some good decisions, and some bad -- based on some good, and some bad, advice. And he's had a hard period of time to govern, what with Covid. But we'll never know if someone else would have done better, given all the available (or not so available) facts to act upon.
And, best I can tell, he has no scandal associated with his name, as in corrupt. In fact, I think we'll find he's a rarity in this regard. But, I could be wrong. I hope not, because he seems to be quite the decent fellow.
Anyway, come back here in 8 years and lets see how his replacement has done. And, maybe like we Yanks found out about Truman, it takes some years to really appreciate how exceptional a leader was amongst the thorns.
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On 4/3/2023 at 11:02 AM, whophant said:
they had no idea what I wanted or needed.
Here's a letter the agent I used a few years back gave me to hand to Bangkok Bank, in case they were clueless. Don't know what most of it says, but obviously it pertains to the two bank statements and the updated passbook.
It took about 6 business days to get the 12 month letter. I built in an additional 5 day buffer, then picked the letter up same day I requested the latest balance letter and had passbook updated, requesting the clerk photocopy this passbook update, as required by Imm, and saved me from having to queue up at Imm's copy machine room. Anyway, all done in the morning, with the visit to Imm in the afternoon.
Some have suggested you have to do a small withdrawal/deposit to have your passbook update. Not so with Bangkok Bank, as it just drops your latest balance down one line and adds today's date.
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16 minutes ago, DrJoy said:
An ATM/debit card can easily be copied whereas QR code withdrawal is fool proof.
A chipped debit/atm/credit card CANNOT be cloned. Yes, some really slick fellas manufactured plastic cards with an inoperative chip inserted, causing some card readers to revert to the "chip broken" mode and, yes, reverting to the magnetic stripe mode, which can be subverted. Now, if the merchant allows this fallback mode, he's responsible for the fraud.
Anyway, I'm sure we'll be there someday. But QR purchasing still is not foolproof (couldn't read scotties' WSJ article poo pooing QR, as didn't want to subscribe). DC article was informative.
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9 hours ago, scubascuba3 said:
Certainly it takes longer than pulling out a thousand, sometimes phone is slow, can't focus on QR code etc, i agree you have to be in the banking app, password, fingerprint before finishing filling the bags
Sometimes "progress" is overstated. Once plastic cards finally came with imbedded security chips (to prevent cloning), and once we were briefed to scratch out that CVV number on the back (so your friendly waiter can't copy your info to do future "card not present" purchases), then plastic became the way to go. No fiddling around with a phone, with a growling "low bat" signal. And, of course, for the older, cataract infested crowd, no hiccups due to vision problems.
Certainly don't recommend debit cards, if you have a credit card (easier to get relief from a bad/illegal purchase). And with my US bank issued credit card, which rides the Visa network, I get the modified interbank rate, which is higher than the TT rate, which is what you get for that SWIFT transfer that presumably is what's financing your Thailand bank account. And that SWIFT transfer came with fees, both front and back end -- my credit card has NO fees, bank or network. And it gives me a 2.5% cash back for every transaction.
No, I think I'll stick with plastic for purchases -- less hassle and more profit. But, I guess, someday QR will be mandatory -- just like those self checkout counters popping up all over supermarkets in the States -- being advertised as "progress."
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48 minutes ago, MJCM said:
That [passbook] is thus not an option if you are in Hospital and your wife/gf needs to access money. So that is why my thought of getting a savings account with ATM and App access.
Sure it's an option, if you set up your savings account with the wife as a co-signatory. Her name will be on the passbook, but only readable under UV light. Not sure all Thai banks do this, but BBL does. And it's NOT considered a joint account, so no problems with Immigration (not that any paperwork you would give them would have any mention of a co-signatory). She could even get her own ATM card, if she wished (but if she has access to your ATM card, why?).
This also makes her accessing your account online or via ATM legally correct.
This works like a power-of-attorney, meaning, it becomes null and void upon your death. But unless you die in the bank lobby, the bank won't know your dead, so they won't freeze your account and thus prevent your wife from harvesting it after your demise. Furthermore, if your wife is your sole heir per your Will, who's to complain and press charges?
First thing, even before the barbecue, that I've instructed the wife to do (before the bank maybe DOES find out I'm dead) -- is to go online and move all but 2000 baht from my savings acct, which she's co-signatory to, to her account. With probate sometimes taking 3 to 4 months, and costing, I've heard, 50,000 baht -- why wouldn't I recommend the above to my wife......?
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1 hour ago, dingdongrb said:
"You must be under the misconception that a U.S. Embassy/Consulate primary mission is to service American citizens."
Pretty sure it looks like it was directed at me! (Hence the word 'you'.)
(Geesh, why can't some folks refrain from posting nonsense? Do the really like to 'stir' things up that much?)
Pib, ever the gentleman, probably won't respond to this 10-month old perceived slight. Had he known what a prickly S-B you are, he would have added a winking emoticon. However, I guess he figured the rest of us knew his response to you came with a smile, thus no need for an emoticon. Anyway, I can't seem to find an emoticon with a middle finger for this reply.
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8 minutes ago, zzzzz said:
if you get a passport in the states its the smaller 28 page one
so you can request the Larger oneYou automatically get the 52 page passport when you renew abroad; no need to check the block for the extra pages.
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5 hours ago, Henryford said:
Even the 800k could be transferred on your death bed.
We're with Bangkok Bank. We have online banking. Her accounts, an individual and a utility account, plus our joint account (as she's the prime owner) all come under a single online account number under her name. As such, we have unlimited transfer amounts between these accounts, i.e., between these accounts grouped under the single online account number. Now, my online account is my 800k immigration account, and has a separate online account number. And unless you raise the daily limit transfer amount, you're restricted to 500k transfer limit to another online account; this is both to another Bangkok Bank online account or to a third party bank account.
Anyway, planning for your demise, raise this limit to cover most of what's in your account. This is fairly simple, all online, and with the OTP drill. Do a small-amount practice transfer to make sure all goes smoothly with the OTPs. Then, brief the wife that upon your death, transfer most of this account's value to her account; emphasize this transfer step is on the same priority, at least, as your barbecue date.
The bank is not going to know, at least for awhile, of your demise, so they have no legal obligation to freeze your account. And if your wife is sole beneficiary in your Will, well, probate is avoided; she gets your money soonest -- no waiting 5 months for probate wrap-up; 50k baht in probate fees saved; and no one (except lawyer mafia) to complain about imagined legalities or ethic violations.
And your joint account......? Due to possible freezing of that account, per previous discussion in this thread, have the wife also transfer most of this account's value to her account.
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33 minutes ago, Liverpool Lou said:
No, I think you'll find that it's probate that needs to be granted, not "probation".
Hey, you got me on that one, you sly mother.
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18 hours ago, Liverpool Lou said:"...she, as a joint "either/or" account holder, could continue to drain the joint account legally".
Not without advising the bank of the death of the joint account holder, she couldn't. Deaths have to be advised to institutions such as banks, that's why they asked for it now!
Certainly not covered in the Thai Civil and Commercial Code -- and most certainly not in the Criminal Code.
No one is responsible for notifying a bank of an account holder's death -- not the police; not the tessaban, where the death certificate is issued; and not the embassy of the foreigner -- as if they would even have the foggiest of where the deceased banked. Now it is conceivable that a hospital, where the deceased wracked up substantial bills, would have an interest in identifying the deceased's bank, then notifying the bank of the death, in hopes that the bank had a policy on freezing all accounts, including joint, upon death..... But no one is required to notify the bank of the death of an account holder, including a joint account holder.
There's apparently some confusion amongst the banks and bank managers about what to do when a joint owner dies, if they're so notified. The "right of survivorship" is quite possibly an individual bank's policy, as it's not apparent in the law anywhere I can find. Thus, when certain banks become aware of the death of a joint owner, they'll freeze that account and await probation, same as if it were a single account. But this would seem to be the exception, as a simple search most often finds this answer about Thai joint accounts:
QuoteIf you hold a Thai bank account jointly with your spouse then the account will go to your spouse; if you are the sole owner of the account it will be frozen until after the will is probated and your spouse will not have access to the funds.
But as this thread's OP has shown, and what various Will articles over the years on this forum have shown -- best to clean out the joint account upon the death of a joint owner, lest word of the death reaches the ears of a confused bank manager. Certainly nothing illegal about this, as you, the joint owner, have no legal obligation to notify the bank of the joint account holder's death.
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On 3/15/2023 at 11:42 AM, Liverpool Lou said:
Proof of death provided years after his death and only when she was forced to provide it, yes? By law, she is obligated to inform the bank of the death of its account holder at the time of his death.
She was forced to provide it in order to get a new joint account passbook, or to cancel the joint account. But she, as a joint "either/or" account holder, could continue to drain the joint account legally (with no need of a passbook, as it's filled, to do so -- just provide the withdrawal slip at the counter) Also, there is no Thai law that freezes joint accounts upon death of one owner, contrary to what we sometimes see on this forum on the many vast Will discussions. Instead, Thailand adheres to the "joint tenant with right of survivorship (JTWROS) concept, common in the West, and accepted here, where the remaining joint owner of a bank account gets 100%, with no probate needed. Thus certainly no off-base bank administrator dictating the freezing of such a joint account should be adhered to. But, hey, what can you do in such circumstances....
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6 hours ago, IAMHERE said:
Well, it will be nice to find that the FDIC monies are really available for their intended use and been 'borrowed' by the Fed already. I'm betting nobody is made 'whole' until Congress agrees to increase the 'never to be paid back' debt limit yet again.
Wrong. Depositors (including all foreign depositors) in the affected failed US banks are being made whole, regardless if their deposits exceed the $250K FDIC cap. This was quick-action Biden, but a no-brainer, since "bank run mentality" had to be avoided by those with deposits over $250K, which, incidentally, are a small minority. Seems to have worked, as no signs of "bank run mentality" as Monday dawned.
So, for depositors in Thai banks with deposits well over 1M baht -- don't worry. The Thai banking system and the gov't agencies that monitor this system -- are solid. As the DPA will cover over 90% of depositors (i.e., the average guy), those depositors above the 1M baht ceiling (me) should sleep soundly, knowing any bank hiccups would have depositors fully covered by any gov't with a modicum of sense.
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4 hours ago, Pib said:
My guess is the compliance check at the 5 year point will be just like the initial application requirements minus any fee for approval.
Yeah, two days wasted on a trip to Bangkok, plus khaki trousers and a collared shirt. Nice of them not to require a neck tie.
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35 minutes ago, ThailandRyan said:Yet with a LTR-P for a retired person on a pension I don't have to work, I pay no taxes and for 5k thb per year, basically, I can travel in and out without any issues. Win Win, something you folks just can't see.
Ryan, these "folks" are those who don't qualify. For those who travel a lot, like you, the eternal reentry permit is golden. But even for those, like me, who don't travel at all, the LTR is advantageous. My only problem is that I've been informed that I can't show up in shorts for the final processing. Thus, off to the tailor for some khaki pants with the added circumference for my new gut. Sigh.
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2 hours ago, NorthernRyland said:Quick calculations say at 80k USD you're making 4x the average of the UK
Hmmm. I'm retired US Air Force. My 20 year pension, plus Social Security, got me to $3000 short of $80k, which was then made up with IRA sales, already dictated by the US law for Required Minimum Distribution. This was last year. This year, due to the 8.7% cost of living raise to my Air Force pension and Social Security -- I wouldn't even need my IRA to meet requirements.
And since LTR now allows me to use my Air Force Tricare health care policy to satisfy the LTR health care requirement -- this will save me big time, since I can cancel the Thai Insurance requirement to extend my OA visa. So, off to Bangkok and BoI -- a jog I didn't want to make, since I hate to travel to Bangkok. But, now it's worth it.
But, yeah, the target market for the LTR Wealthy Pensioner visa wasn't exactly well thought out. Most wealthy pensioners who want to live in Thailand -- already live here! Hey, it's not hard to get a retirement visa, so those wealthy pensioners who desired Thailand - are already here. And many don't mind spending 10 minutes online every 90 days to do a report. Maybe once per year to Imm for an extension is more onerous, especially if you live in the sticks, but maybe for most, no. Thus, a drip and drab of already here "wealthy" pensioners (I would maintain "not too wealthy" is more definitive) are applying for the LTR. And now, with this Tricare allowance, plus so many Vietnam era retired US military here -- we may see a slight bump up of applications. But, hey, nothing to make this program shine.
You could shine up the program by allowing property ownership by foreigners -- and I'm sure that would knock the door down. But, we've already seen how counter productive this was with other countries that allowed foreigners to own property -- and outbid the locals. No thanks. And I hope the decision makers in Thailand understand this, and that it would be better to allow LTR to fail, than to harvest foreign land speculators.
Anyway, some of us here will benefit from the Wealthy Pensioner LTR. And others, who don't qualify, will continue to whine.
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15 hours ago, Dogmatix said:
It doesn't bind anyone else, such as a new owner, if the land is sold or inherited, whereas there is a Supreme Court judgement that ruled a usufruct should survive the death of the original usufructor until the death of the usufructee.
Actually, a lease also survives the death of the lessor, or transfer of title.
QuoteSection 569. A contract of hire of immovable property is not extinguished by the transfer of ownership of the property hired.
QuoteMost importantly, leases are valid even upon the demise of the lessor, or in the event that the land is sold.
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On 2/19/2023 at 7:03 AM, nigelforbes said:
Therefore, the usufruct does not provide the protection that was expected and is therefore not valid.
Perfectly valid for those of us in solid marriages. Since I can't own the wife's land upon her death, a usufruct will allow me to keep living on that land regardless of what Thai takes title.
QuoteA right of usufruct in Thailand is usually a legal instrument to protect a foreign spouse in case the property is registered on the Thai spouse's name. It enables the foreign spouse to use the property when he survives the Thai spouse and registered owner. The Thai spouse could for example leave the property to the couple's children, if of Thai nationality, but warrants by way of a registered right of usufruct that his or her foreign spouse has the use and benefit of the property during his lifetime. Upon the usufructuary's death the usufruct comes to an end and the Thai registered owner(s) receives full unencumbered ownership again.
https://www.samuiforsale.com/family-law/usufruct-in-a-thai-marriage.html
Reading the material on 30 year leases, they're a different animal under Thai law and, unlike a usufruct, appear to be divorce-proof. Would need someone versed in Thai law to confirm that, however.
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1 hour ago, connda said:
Which mean? Leases suck. With a Usufruct, your on the Charnote. Like a tick on the back of a dog.
So too with leases. I'm written into my wife's chanotes as the lessee, same as if we had a usufruct.
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1 hour ago, bunnydrops said:
If the wife dies, who can do the canceling?
This really should be the point of this whole discussion, either lease or usufruct. After 44 years of marriage, not too worried about my leases being cancelled. But if the wife dies, the land with the leases go to me. And I then have a year to find Thai owners, which will be my niece and nephew. Regardless of whatever Thais take ownership, I'll have the right to live on the property for the duration of the leases, which well exceed my life expectancy. The new owners are thus stuck with a geezer on the property, meaning my nieces and nephews don't really have any attractive re-sale options, should we have a falling out.
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Locked out of Bangkok Bank bualuang banking app (overseas)
in Jobs, Economy, Banking, Business, Investments
Posted
You say you also have online (website) banking? Is that also a problem? Reports here and elsewhere say online banking is not a problem, only mobile banking. Dunno. I don't have a mobile banking app -- and after all these reports, probably never will. I do my banking from the comfort of my office's desktop, or from a laptop in my hotel room -- nice, big readable screens, with buttons the size of my finger tips. No, mobile phones are for keeping in touch on the road -- not for making a bank transfer from your car in some parking lot.
Sorry for the rant. Guess I'm outdated. Just saw that, to get a LTR visa, I couldn't use a credit card, but needed to go the QR route. Jeez, I don't even know how that works! Fortunately, they now say I can use cash (a compensation, I guess, for us geezers).