Keeping 800,000thb in Thailand.......

[Tanoshi]

14 hours ago, SunsetT said:

So would a copy of one's annual self-assessment HMRC accounts/tax statement showing total income and tax paid to the previous April ending tax year be OK to get the Embassy letter?

Yes.

[Tanoshi]

14 hours ago, SunsetT said:

Im with Kasikorn. What account is it and how much is the interest please?

 

They are known as 'fixed term' savings accounts.

The terms vary, as do the interest rates.

No debit card.

Funds can immediately be withdrawn early, but with some loss of interest.

 

Any interest paid is automatically taxed at 15%.

This is regarded as income earned within Thailand.

The personal tax allowance in Thailand is around 30,000 baht per month. (The amount that can be earned before tax).

You can obtain a TIN (tax identification number) and each year between Jan and March you submit a ''statement of tax paid on interest'', supplied by the bank on request (free), to reclaim any tax paid from your account from the previous year Jan - Dec.

 

You can reclaim up to 3 years tax arrears, but will be charged 100 baht for a late submission.

[wgdanson]

21 hours ago, SunsetT said:

So what is the income requirement for extension of stay renewal?

The equivalent of Bht 65,000 per month INCOME. Forget any outgoings.

Edited January 24, 2018 by wgdanson

[wgdanson]

18 hours ago, laislica said:

Oops.....

The cost of the ext is 1,900baht.

The cost of a single re-entry permit is 1,000Baht.

 

The 800,000 (retirement or 400,000 (Marriage) or monthly income funds are simply proof that you have sufficient funds to live in the Kingdom, nothing more.

If you have the embassy letter, the UK cost for the letter is roughly 50 quid and a bit of photocopying.

No funds are needed in the bank.

To be completely pedantic:

It is also possible to have some seeded money and a letter showing that between them, your income equals or exceeds the 800,00 per year.

 

Don't need photocopies now, you can email your bank statements to Consulate.

[OJAS]

22 hours ago, simoh1490 said:

Interest rates of foreign currency accounts are very poor if not non-existent, the rates on THB are much higher.

Not to mention the banking charges for making a transfer into one from abroad - which appear to be greater than those for a transfer into a THB account (even allowing for conversion) on the basis of my brief experience with a GBP FCD account with Bangkok Bank a few years ago!

Edited January 24, 2018 by OJAS

[OJAS]

18 hours ago, Tanoshi said:

Or you can have heard it from a barstool idiot who paid an agent 12,000 baht to do what he could have done for a fraction of the cost.

Or maybe from someone on here who had recently "renewed his visa" in the "extension of stay" sense??!!

[OJAS]

On 1/23/2018 at 10:44 AM, laislica said:

2) Open at least 2 accounts, one with an ATM card.

3) Pay the little extra and have an SMS sent to your phone every time there is movement on the ATM account.

4) Have online banking and xfer small amounts from the true saving account to the ATM account. This limits theft exposure.

Fortunately both ATM fraud incidents to which I referred occurred during the nearly 2 years I was able to get out of my OA visa initially before I needed to start applying for extensions of stay. So forewarned was forearmed in my case.

 

Also, my fundamental mistrust of the ability of Thai banks to provide adequate security safeguards runs deep, even though I don't have an ATM card with my current Bangkok Bank account.

 

Another concern I have is with the length of time which it takes to obtain a bank letter. When I sought one on a "belt and braces" basis for my initial extension application, the whole process took a good hour of staring on my part at the walls, floor and ceiling of Bangkok Bank's Rayong branch - double the amount of time it took for Maptaput Immigration to process my extension application subsequently!

 

Much of the delay was caused by the apparent unfamiliarity of the branch staff with the necessary letter - and I just wonder how widespread an issue this might be away from Chaengwattana where the bank branches are familiar with the process, according to many reports on here.

Edited January 24, 2018 by OJAS

[The Deerhunter]

21 hours ago, laislica said:

Marriage requires 400,000 in a sole account or 800,000 in a joint account, neither of which is so much.

Great emergency funds and it only has to be tied up for 60 days before you apply for the extension,

(marriage rather than retirement, so after the first time, 90 days for the OP).

Once you have the extension you can spend some or all until the seeding period before your next application for your extension.

Re: Point 2

 

They only need the proof of funds.

It can be locked up in a savings account, as long as the rules for that account allow you to withdraw on demand,

(you may lose some interest).

 

I used to worry about that so I always take my "working" savings account along in case of a query but they have never asked to see it and I never offer it.

So for me, 3 accounts, one for the proof of funds, a working savings and another savings account with an ATM card.

Internet banking lets me keep a small amount of cash in the ATM account to limit theft exposure.

 

.

And we add of course the rider that all rules vary in application depending on the local branch you deal with.  So play it safe, Kiddies.

[The Deerhunter]

20 hours ago, Tanoshi said:

Probate only happens when either;

1. No Will was in place, then the disbursement of assets and estate would follow the Inheritance laws of Thailand.

2. The Will was contested. (A professionally drawn up Will would cover that eventuality). 

 

The account must be immediately accessible to withdraw funds. (ATM or over the counter)

Savings accounts, Fixed term deposit accounts, and Foreign currency accounts are acceptable.

Accounts where a period of notice has to be given, are not acceptable.

 

A typical ''working'' account such as a Savings account with debit card attracts a typical 0.5% interest rate.

If you have 800,000 (even 400,000) that you can afford to ''lock'' away for Immigration purposes why not put it in a Fixed Term account earning 1.8% and make your Savings work for you.

Re Wills.  In my home country I am sure sole named accounts are by law frozen (if the bank finds out) until the will executors  approach or Probate occurs.

 

Re savings/interest.  Thanks for that.  

[poanoi]

On 1/23/2018 at 9:24 AM, ubonjoe said:

There is no requirements for proof the funds came from abroad to apply for an extension of stay.

perhaps no official requirements, but one immigration officer kept demanding more and more proof

i brought the money from sweden until time ran out for extending marriage visa, on purpose

[SunsetT]

20 hours ago, Tanoshi said:

Probate only happens when either;

1. No Will was in place, then the disbursement of assets and estate would follow the Inheritance laws of Thailand.

2. The Will was contested. (A professionally drawn up Will would cover that eventuality). 

 

The account must be immediately accessible to withdraw funds. (ATM or over the counter)

Savings accounts, Fixed term deposit accounts, and Foreign currency accounts are acceptable.

Accounts where a period of notice has to be given, are not acceptable.

 

A typical ''working'' account such as a Savings account with debit card attracts a typical 0.5% interest rate.

If you have 800,000 (even 400,000) that you can afford to ''lock'' away for Immigration purposes why not put it in a Fixed Term account earning 1.8% and make your Savings work for you.

Wouldnt the latter 'locked away' 1.8% fixed term account be ineligible as it would have a withdrawal/closure  notice period?

[simoh1490]

2 minutes ago, SunsetT said:

Wouldnt the latter 'locked away' 1.8% fixed term account be ineligible as it would have a withdrawal/closure  notice period?

All fixed term savings products in Thailand can be cancelled by the customer on demand hence they are considered to be instant access accounts.

[Tanoshi]

2 hours ago, The Deerhunter said:

Re Wills.  In my home country I am sure sole named accounts are by law frozen (if the bank finds out) until the will executors  approach or Probate occurs.

Not sure which your home Country is, but in the UK providing a Will and Death certificate will release funds immediately to the beneficiary of the deceased. I unfortunately had to go through that process twice.

 

The Thai banks tell me it's the same procedure here on production of the Will and Death certificate.

They are only frozen where no Will is in place, or a very unclear Will is produced, then the estate has to go to probate to establish the beneficiaries under Thai's Inheritance laws. 

 

The banks actually informed me, in the case of accounts with a debit card, the wife/husband will usually know the PIN of the card.

Of course with an account without a card, no Will and only the person named on the account allowed to make withdrawals then the bank will 'freeze' the account until such time as they receive a Court Order.

[The Deerhunter]

2 hours ago, Tanoshi said:

Not sure which your home Country is, but in the UK providing a Will and Death certificate will release funds immediately to the beneficiary of the deceased. I unfortunately had to go through that process twice.

 

The Thai banks tell me it's the same procedure here on production of the Will and Death certificate.

They are only frozen where no Will is in place, or a very unclear Will is produced, then the estate has to go to probate to establish the beneficiaries under Thai's Inheritance laws. 

 

The banks actually informed me, in the case of accounts with a debit card, the wife/husband will usually know the PIN of the card.

Of course with an account without a card, no Will and only the person named on the account allowed to make withdrawals then the bank will 'freeze' the account until such time as they receive a Court Order.

"providing a Will" = "executors (of the will) approach" ???   Surely the same thing!

[beavercreek]

The best this g I have found is CIMB....with a total of one million, you get an ATM card you can use at any Thai bank, free, and without inter province fees..chip protected visa logo, first year free, then 100 per year..six digit pin...keep a small amount in it..and buy fixed deposits..I am currently getting 1.7% on a one year...might be slightly less, now.  Letter to Immigration is 100 and takes about an hour.  They have a large presence in ASEAN, so there would be advantages in Malaysia,Cambo, Into.

[OJAS]

On 1/24/2018 at 2:39 PM, Tanoshi said:

The Thai banks tell me it's the same procedure here on production of the Will and Death certificate.

Might not necessarily be quite that straightforward if this thread (and my understanding of it) is to be believed:-

 

 

[JAZZDOG]

On ‎23‎/‎1‎/‎2018 at 9:55 AM, Aussieroaming said:

Ahh maybe you have the reason, account has somewhere near 40M

Please explain to me the exact thought process that lead you to deposit 40M in a Thai checking/savings account ?

[JAZZDOG]

On ‎23‎/‎1‎/‎2018 at 3:15 PM, Tanoshi said:

Or you can have heard it from a barstool idiot who paid an agent 12,000 baht to do what he could have done for a fraction of the cost.

Not a bar stool idiot just your run of the mill idiot but what really plumb evades me is the notion that spending 500 hundred baht to have my girl at immigration deal with everything while I sit stress-free at the café next door. If I must actually go inside immigration, very rare, she takes me directly to the front of the line. Most problems/questions are a cell phone call away. A very nice person and really nice to see her every three months, laugh and share a drink. And it ends up saving me tons of stress and three hours surrounded by hordes of unhappy, caustic farang. All for about 500 baht every three months. Makes one wonder who the barstool idiot/cheap charley really is?

Edited January 29, 2018 by JAZZDOG

[Tanoshi]

1 hour ago, JAZZDOG said:

Please explain to me the exact thought process that lead you to deposit 40M in a Thai checking/savings account ?

Well if it's the same roaming Aussie that passed through Korat, Roi Et and Kalasin provinces last year, relieving naïve, unsuspecting expats of their savings accounts to put into his once in a lifetime investment plan........which never pays out, then I know how he got 40 million.

 

Last heard he was circulating Khon Kaen.

[Golden Triangle]

2 hours ago, JAZZDOG said:

Not a bar stool idiot just your run of the mill idiot but what really plumb evades me is the notion that spending 500 hundred baht to have my girl at immigration deal with everything while I sit stress-free at the café next door. If I must actually go inside immigration, very rare, she takes me directly to the front of the line. Most problems/questions are a cell phone call away. A very nice person and really nice to see her every three months, laugh and share a drink. And it ends up saving me tons of stress and three hours surrounded by hordes of unhappy, caustic farang. All for about 500 baht every three months. Makes one wonder who the barstool idiot/cheap charley really is?

So you pay 500 baht for what is essentially free, every 3 months, just because you can't be bothered to take a number and sit in immigration for maybe 5 minutes, makes one wonder who's the idiot.

[Aussieroaming]

6 hours ago, JAZZDOG said:

Please explain to me the exact thought process that lead you to deposit 40M in a Thai checking/savings account ?

Because it suits me

[Golden Triangle]

2 minutes ago, Aussieroaming said:

Because it suits me

Picture of last entry on the bank book............................. Nah I thought not 

[Aussieroaming]

2 hours ago, Golden Triangle said:

Picture of last entry on the bank book............................. Nah I thought not 

Sure champ, anything you say

[JAZZDOG]

8 hours ago, Golden Triangle said:

So you pay 500 baht for what is essentially free, every 3 months, just because you can't be bothered to take a number and sit in immigration for maybe 5 minutes, makes one wonder who's the idiot.

5 minutes, lol! me think your clock may be running slow mate ! That place looks like flies on chit whenever I arrive. Whatever dude, you must get there early.

[Golden Triangle]

10 hours ago, JAZZDOG said:

5 minutes, lol! me think your clock may be running slow mate ! That place looks like flies on chit whenever I arrive. Whatever dude, you must get there early.

I always go in the afternoon, never on a Monday or Friday, many times I have been in got my number from the front desk and my number is being called as I walk into the main office, and that is Pattaya, which is a pretty busy office. 

[Aussieroaming]

On 29 January 2018 at 1:12 PM, JAZZDOG said:

Please explain to me the exact thought process that lead you to deposit 40M in a Thai checking/savings account ?

Tax mate. I earn a good income and pay 10% tax. I don't reside in Thailand more than 180 days a year so don't have to suffer tax questions from the Thai Government. If I send to Australia they will ask why I shouldn't pay the gap and I would have to justify the tax difference. I have worked off shore for more than 10 years and own no assets in Australia but they would still require proof etc and I don't want to pay to prove non residency. I earn a lot, so an Australian tax bill would exceed $200k a year and at the end of the day I decided to live out the rest of my life in Thailand with my wife. Not trying to be sly, just using the laws to deposit where I think it's a better choice.

[Aussieroaming]

On 29 January 2018 at 3:03 PM, Tanoshi said:

Well if it's the same roaming Aussie that passed through Korat, Roi Et and Kalasin provinces last year, relieving naïve, unsuspecting expats of their savings accounts to put into his once in a lifetime investment plan........which never pays out, then I know how he got 40 million.

 

Last heard he was circulating Khon Kaen.

Not the same person thanks, I work a 12 hour day in a sh**hole in Kazakhstan to earn my pay. Currently -29C here so by all means take over for a week.

[boomerangutang]

Since first visiting Thailand nearly 40 years ago, I've heard many stories of Thai wives taking advantage of joint accounts (with farang husbands or bf's) in their pursuit of money.  Couples break up, and it's rarely amicable.  

 

Excerpt from the song, "Devil in his Heart"

(later changed to 'Devil in her Heart' by the Beatles)

 

'Don't take chances with your romances, so important to you.....'

 

 

Edited January 30, 2018 by boomerangutang

[JAZZDOG]

26 minutes ago, Aussieroaming said:

Well done numpty, you managed to piss me off when I just work for a living. Go take another Golden Shower you <deleted>.

Don't worry mate, homeboy makes the rounds pissing everyone off. Too much time on his hands and it is the only thing he does well. Kinda guy that fills his day changing light bulbs and waiting in line at immigration, lol.

[Golden Triangle]

8 minutes ago, Aussieroaming said:

Stressed? Maybe mate but your previous comment about my bankbook weren't appreciated when I just plug along and do my job. Yes I earn a lot and have busted my ass saving, but I've done some hard yards to get  it and still doing it. I'd love to swap and kick back at some time in the near future, so enjoy it. Sorry for the previous Agro reply though, it wasn't warranted.

Fair enough mate, we have all worked our butts off to get what we want out of this life, me included, it ain't always been easy what with 2 divorces and some kids under my belt along the way, but things have eventually worked out to be real cool, got a nice place, rented, got a great girl looking after me for the last 8 years, so yeah life is good, I hope you get to relax and enjoy the whole thing. 

 

With regard to my comment about the bank book, relax, chill, you know what this site is like, plenty of Walter Mitty's on here, I have never met so many millionaires and ex SEAL Team 6, SAS, SBS, MOSSAD agents in my life as I have here, so hopefully you will excuse my cynicism  

Edited January 30, 2018 by Golden Triangle