garyk

1 hour ago, Thomas J said:

800k tied up in a Thai bank at near zero interest.  AT&T stock pays a 6.8% dividend, Royal Dutch a 6.09% dividend and British Tobacco Company a 7.7% dividend.  So that idle money costs you far more than the $1,800 baht to renew the visa not counting the risk of the baht being devalued or the Thai government suddenly nationalizing the banks. Lastly, getting money into Thailand is easy.  Getting it out is another thing. 

Just think what the banks are going to make with billions of dollars being stowed away in their banks...

People just don't see the big picture..

1 hour ago, JLCrab said:

 

And while people on here talk of medical emergencies that may require surgery and hospital stay, one of the big advantages here compared to USA is the ability to arrange for long-term in-home care so one can remain relatively independent.

That is available in the states and subsidized if needed???

This kind of info shows the lack of knowledge...

Man I woke up this morning hacking. Looked out side and smoke everywhere... I am in the country, burning off the rice fields is a major issue for me. 

@ jentlemanjack You need to be careful if you are spending most of your time here. If you have a permanent US residence you are good to go. 

Personally I would not advertise it! You are in a very good position, don't take any chances.

I've looked into several other banks and credit unions. On a side note, I worked in the USAA complex as an outside contractor in San Antonio Texas. ????

IMO anyone that is on the border, and by on the border I mean burnt their bridges in their home country, and not have at least 100K US of disposable income. You should run as fast as you can from Thailand. There are many many countries that will accept you at this point in time. And your stay will be stress free.

6 hours ago, gentlemanjackdarby said:

There is one downside to the monthly transfer method and that is ensuring that, if one uses Transferwise, all of the monthly transfers are coded 'FTT' for 'foreign telegraphic transfer' on one's Thailand bank's books - there is some speculation, and it's only speculation at this point, that one's extension may be denied if the IO can't easily distinguish that the monthly transfers are coming from outside Thailand.

 

Of course, one could use a bank that makes wire (SWIFT) transfers rather than Transferwise and it would be guaranteed that the transfer would be coded FTT; of course, that likely comes with a higher cost than Transferwise but it's not as bad as I first thought.

 

I checked on the wire transfer fees at the banks at which I have accounts and they're around USD 45 - 50; however, that is roughly the monthly interest that I would earn, with essentially no risk, on THB 800,000 (USD 25,600) in a purchased money fund (similar to a money market fund that invests in ultra short commercial paper).

 

And unlike a lot of folks who spew out about their 'great returns' on their 'sophisticated investments', I'll back up what I wrote above with specific details so that others, if they so choose, may verify what I'm saying and, if they care to, take advantage of it.

 

Charles Schwab, an American brokerage (the folks who brought us the Schwab Bank account with the debit card that reimburses ALL ATM fees, U.S. and non-U.S.), offers a purchased money fund (Ticker SWVXX) that, for the latest 7-day period, paid 2.33% on funds that are completely liquid.

 

So, in my analysis, keeping USD 25,600 (THB 800,000) in my Schwab account and simply transferring the equivalent of THB 65K from monthly income each month seems the smarter and safer option since I won't have to worry about any 'problems' in the Thai banking system affecting anything other than the portion of my monthly income, in the bank after paying monthly expenses, that I've transferred to meet the THB 65K requirement.

 

As well, because the U.S. allows financial accounts to be designated as 'Totten Trusts', i.e, with a designated beneficiary entitled to the funds in the account upon the account holder's death, my heirs would not have to deal with a lot of aggro, drills, expenses, etc. as they would if I have significant funds on deposit in a Thai Bank.

 

And I don't have to deal with exchange rate gains or losses as I would if I had significant funds on deposit in a Thai bank and one day chose to repatriate those funds - I know a lot of folks are crowing that 'the Thai Baht will only get stronger', but I've been around the money game long enough to understand that what goes up (interest rates, equities, currencies, etc.) eventually must come down and, with the rise in Thailand household debt, I see the Thai Baht more likely on the down side of things in the mid-term future. So I don't lose now (THB historically strong relative to USD) or at some point down the road (repatriating a largish sum when the THB is likely weak against the USD) or later by keeping my money at home.

Unless you have a home in the U.S. or really know how to fool Schwab you are living on borrowed time.

I also have the brokerage investment account, and Schwab is actively seeking out and promptly canceling all investment accounts that live overseas! And I do not blame them. 

The Schwab account lets you transfer overseas at 25 dollars a transfer. So that is 350/yr transfer fees. 

Again unless you have residence in the states and go back to the states for a few months a year Schwab is on to you, and you will eventually be terminated.

Also good luck opening a Schwab account from abroad. 

This post is good in theory but a joke for 95% of the guys that call LOS's their home. From the US.

I have also looked into other banks that offer transfers and ATM rebate's.

I hate to say this but, if you have burnt your bridges in America. And I don't care if you are a millionaire or a pauper, it is going to cost you!

10 minutes ago, wayned said:

IMHO, for some the new immigration requirements regarding no Income Affidavit and keeping 400k in the bank account forever will not be a problem, for others it will be.  Also for some reason the people that have the $ to meet the requirements with no problems seem to be those that continually criticize those that don't.  Just remember retirement doesn't always mean that you have acquired a mass wealth over your lifetime, it is actually controlled by your age.  Many come here to retire  because they can live out their life in a relatively pleasant way rather than in a cardboard box under the freeway overpass.  All of the people that retire here are contributing to the economy of Thailand  whether they barely qualify for the monthly income requirement or not. Personally I don't see how somebody needs 65000 baht/month to survive.  I live on 1/2 of that amount and don't budget my expenditures.

This is the best post here by far IMO. Two thumbs up!

Once you retire here you can find a nice home to rent for peanuts, motorcycle, car.  I do it and never had a problem, and go go go. How ever I do spend 65K when on the road. When idol, 30-40K is HARD to spend. Most of these guys that brag are in BKK, Pattaya, Phuket, etc, or supporting the wife and all their relatives. haha

9 hours ago, Kenchamp said:

For those that don't have any health or accident insurance, having 800k in the bank is not a bad idea.

The 800K or 400K will be just enough to ship you back to your home country... haha

Just put the 800K in a Thai bank and keep the rest in your country if you are worried. 

I doubt you will ever have a problem. The only down side to moving all your money to only one country, is the state of the currency IMO. If possible best to hedge your bet and keep it spread around.

Thailand just wants to use your money legally. Not steal it.

5 hours ago, giddyup said:

If you think it's better than Thailand, bon voyage.

Knew this was coming, exactly what I was talking about... 

Of course this is TV but most folks here never travel outside of this small area.

1 hour ago, Straight8 said:

 

I wouldn't even think about relocating to another country with less than 500K (USD equivalent)

About right,,  25-30K USD here, would be about equivalent to 500K in the states.  ????

Why do you think people retire here???

1 minute ago, digger70 said:

Don't Worry Be Happy , BJ is playing a Joke at the cost of some poorer expats. I wait and see when I do my next extension. No good to lose sleep over this .   

Famous last words... haha

6 minutes ago, GalaxyMan said:

Only the USofA is stupid enough to advertise...."Give us your poor..."

 

The only god in Thailand is money. It's the one thing they all understand equally.

Sadly, it is the only God anywhere in the world. The United States is the same. 

5 minutes ago, LivinLOS said:

Agreed..  

 

For me the showing I have funds is not the problem.. The problem is more oversight, more immigration visits, more scheduling times at thier whims, more 6am queues to show them a piece of paper they put in a file.. 

Of course it should not be missed that this happens as they introduce a 10 year retirement option.. So clearly the guys who can sit 3 mil in the bank, and leave half of it in Thailand, those guys have an easy ride. I am still 3.5 years away from a geezer visa but thats the route I will go for.. They are clearly making levels where they make life easy. 

IF you are going to do that just get the 20 year Elite. Done and done.

Personally if I really wanted to stay here long term, I would jump on the 20 year Elite. IMO if you have the funds and are old, you should jump on that before the amount is increased. 

11 minutes ago, Henryford said:

I think this signals the end of the line for most expats. I suspect they will keep making the visa requirements more onerous which will weed out all but the most weathly expats. We all knew Thailand didn't want long stay foreigners and this is an acceptable way to get them out.

Really this only affects the ones already here. Ones that have spent all their retirement money on homes and such and never thought about this coming about. 

Recent retiries from the west have these funds without any problems. 

3 minutes ago, JLCrab said:

Yes -- the "Woe is Me" brigade is much more entertaining.

Yes I know you like to brag JL, you are special also.. haha

10 minutes ago, DaRoadrunner said:

Anyone got Big Jokes e mail address? Time he realized the problems he's causing for his own Thai people too, many of whom depend on us farang.

 

This is just a business decision. No emotions or thoughts what so ever about you, or the Thai people. Actually IMO it has nothing to do with not having the required funds! It is designed to generate cash flow for the government. The 65K is nonsense and they know it. I personally doubt if BJ had anything much to do with this other than taking the credit for it. Declining westerners, aging expats, just numbers and cents IMO.

I may be wrong, but that is what I believe.

2 minutes ago, lamyai3 said:

Yes there's probably a lot of people who stand to lose their families and everything, with little option but to go to ground. 

You can bet your sweet bippy, Big Joke will have those guys in cuffs, and posing in a photo daily in the coming months, years.