"Easy Ride" for pensioners in Thailand now over, says Pattaya Radio

[Kerryd]

4 hours ago, Jingthing said:

Should? 

It seems wiser to me to spend down that account during the year and top it up annually when using the 800K baht method. 

But I would never be so arrogant as to suggest everyone SHOULD do it that way. 

Why would I do that ? As I mentioned in a previous post, the interest I earn on the 800k I have in a Fixed Term account is more than enough to pay for my annual extension and re-entry permit.

If I was spending that money I'd lose most of that interest and then have to remember to transfer enough money (and pay the associated fees as well as the possibly getting screwed on exchange rates) and do it early enough that I don't end up getting screwed by bank holidays or some other nonsense that results in me missing the "3 month" seasoning period.

 

Personally, I'd suggest having 2 (or maybe 3) Thai bank accounts.

1 Fixed term for your visa money that you never touch. The Interest can be automatically deposited into your Savings account every year or rolled over in the "Visa" account.
The money sits there but, if needed for any reason, can be easily accessed (though you'd lose the interest).

The second account is the one that you transfer whatever amount you want into (from back home or wherever), whenever you want it (once a year, once every 2 years, whatever) and then maybe (for some paranoid people) a 3rd account that you use for your routine spending. 

 

Then you transfer a month's (better yet - three month's) worth of money from your "Transfer" account into your "Routine" or "Daily" savings account to ease your fears about that card skimmers that some people think are able to scam every foreigner in the country every day.

That way the money in your "Transfer" account will earn a wee bit of interest (which is usually paid every 3 months on non-fixed Savings accounts) and if you happen to be one of the .0001% of the population that actually does fall victim to a card skimmer (or thieving g/f or whoever) then you've cut down on the amount you could lose. (Note - the quoted percentage was pulled out of my butt and is probably a lot higher than the actual number of victims.)

 

My pension money stays in my Canadian account and is used for bills and credit card payments as well as being a "rainy day" fund should it ever be needed. Many people (like most Canadians) can't do international wire transfers unless they are standing in a branch office of their bank (in the major banks that I've dealt with). So the only way I can transfer money from Canada to Thailand is to fly back to Canada, go into a branch office of my bank, do the wire transfer and then fly back.

 

Or take cash withdrawals on my credit card and pay the stupid "cash advance" fees even when I have a larger credit on the card than the amount I've just been "advanced".

Much easier and more efficient to have the 800k sitting in and account over here.

And no - most people are not earning "better interest" on their money back home - unless it is INVESTED in things they can't easily access if needed (like Mutual Funds or T-bills or other investments).
One account I have in Canada, which has more money in it than I have in my Thai "Visa" account, earns a whopping .31 cents a month in interest. That works out to the equivalent of 96 baht per year. Not bad, considering they charge me $15.00 a month for the account. 

Compare that to the 12,000 baht I'm getting (before taxes) on the Fixed Term account. I've looked at other (Canadian) savings accounts and they pay squat interest as well and usually have all manner of conditions on them which will reduce the interest if you don't meet the criteria (like having regular deposits of a certain amount every month).
Even if all my money was in one of those slightly better accounts, to get it here (where it's needed) would cost far more than the small amount of interest I might make compared to what I am getting over here (not even taking exchange rates into consideration).

But that's just me. ???? 
 

 

[bkk6060]

2 minutes ago, Kerryd said:

Why would I do that ? As I mentioned in a previous post, the interest I earn on the 800k I have in a Fixed Term account is more than enough to pay for my annual extension and re-entry permit.

If I was spending that money I'd lose most of that interest and then have to remember to transfer enough money (and pay the associated fees as well as the possibly getting screwed on exchange rates) and do it early enough that I don't end up getting screwed by bank holidays or some other nonsense that results in me missing the "3 month" seasoning period.

 

Personally, I'd suggest having 2 (or maybe 3) Thai bank accounts.

1 Fixed term for your visa money that you never touch. The Interest can be automatically deposited into your Savings account every year or rolled over in the "Visa" account.
The money sits there but, if needed for any reason, can be easily accessed (though you'd lose the interest).

The second account is the one that you transfer whatever amount you want into (from back home or wherever), whenever you want it (once a year, once every 2 years, whatever) and then maybe (for some paranoid people) a 3rd account that you use for your routine spending. 

 

Then you transfer a month's (better yet - three month's) worth of money from your "Transfer" account into your "Routine" or "Daily" savings account to ease your fears about that card skimmers that some people think are able to scam every foreigner in the country every day.

That way the money in your "Transfer" account will earn a wee bit of interest (which is usually paid every 3 months on non-fixed Savings accounts) and if you happen to be one of the .0001% of the population that actually does fall victim to a card skimmer (or thieving g/f or whoever) then you've cut down on the amount you could lose. (Note - the quoted percentage was pulled out of my butt and is probably a lot higher than the actual number of victims.)

 

My pension money stays in my Canadian account and is used for bills and credit card payments as well as being a "rainy day" fund should it ever be needed. Many people (like most Canadians) can't do international wire transfers unless they are standing in a branch office of their bank (in the major banks that I've dealt with). So the only way I can transfer money from Canada to Thailand is to fly back to Canada, go into a branch office of my bank, do the wire transfer and then fly back.

 

Or take cash withdrawals on my credit card and pay the stupid "cash advance" fees even when I have a larger credit on the card than the amount I've just been "advanced".

Much easier and more efficient to have the 800k sitting in and account over here.

And no - most people are not earning "better interest" on their money back home - unless it is INVESTED in things they can't easily access if needed (like Mutual Funds or T-bills or other investments).
One account I have in Canada, which has more money in it than I have in my Thai "Visa" account, earns a whopping .31 cents a month in interest. That works out to the equivalent of 96 baht per year. Not bad, considering they charge me $15.00 a month for the account. 

Compare that to the 12,000 baht I'm getting (before taxes) on the Fixed Term account. I've looked at other (Canadian) savings accounts and they pay squat interest as well and usually have all manner of conditions on them which will reduce the interest if you don't meet the criteria (like having regular deposits of a certain amount every month).
Even if all my money was in one of those slightly better accounts, to get it here (where it's needed) would cost far more than the small amount of interest I might make compared to what I am getting over here (not even taking exchange rates into consideration).

But that's just me. ???? 
 

 

You make too much sense.

Unfortunately, that 800 k is a lot of money to many people they cannot justify letting it sit in the account.

[Kerryd]

10 minutes ago, stanleycoin said:

i had no idea Thailand declared war on Vietnam .

oh well we learn something everyday, my bad  

The Kingdom of Thailand, under the administration of military dictator Field Marshall Thanom Kittikachorn, took an active role in the Vietnam War. Thailand was the third-largest provider of ground forces to South Vietnam, following the Americans and South Koreans.^[1]
 

Due to its proximity to Thailand, Vietnam's conflicts were closely monitored by Bangkok. Thai involvement did not become official until the total involvement of the United States in support of South Vietnam in 1963. The Thai government then allowed the United States Air Force in Thailand to use its air and naval bases. At the height of the war, almost 50,000 American military personnel were stationed in Thailand, mainly airmen.^[2]
 

In October 1967 the Royal Thai Volunteer Regiment (Queen's Cobras) was sent to Camp Bearcat at Bien Hoa, to fight alongside the Americans, Australians, New Zealanders and South Vietnamese. In 1968 the Cobras were replaced by the Royal Thai Army Expeditionary Division ("Black Panthers").^[3] About 40,000 Thai military would serve in South Vietnam, with 351 killed in action and 1,358 wounded.^[2][4][5] The last Thai ground forces were withdrawn from South Vietnam on 5 February, 1972.^[1]

[giddyup]

5 minutes ago, bkk6060 said:

You make too much sense.

Unfortunately, that 800 k is a lot of money to many people they cannot justify letting it sit in the account.

People don't seem to grasp that the 800K doesn't have to "sit in an account", it can be used as living expenses all through the year and only needs to be topped back to the 800K 3 months prior to your application for an extension.

[GinBoy2]

8 minutes ago, bkk6060 said:

You make too much sense.

Unfortunately, that 800 k is a lot of money to many people they cannot justify letting it sit in the account.

I had my ฿800K parked in SCB for 10 years.

 

Now I can speculate what I could have with it elsewhere, but that water under the bridge.

 

Trouble is money parked in any bank anywhere is the world, is at best ‘safe’, although in Thailand that might be questionable, but it’s all earning next to no interest

[stanleycoin]

5 minutes ago, Kerryd said:

The Kingdom of Thailand, under the administration of military dictator Field Marshall Thanom Kittikachorn, took an active role in the Vietnam War. Thailand was the third-largest provider of ground forces to South Vietnam, following the Americans and South Koreans.^[1]
 

Due to its proximity to Thailand, Vietnam's conflicts were closely monitored by Bangkok. Thai involvement did not become official until the total involvement of the United States in support of South Vietnam in 1963. The Thai government then allowed the United States Air Force in Thailand to use its air and naval bases. At the height of the war, almost 50,000 American military personnel were stationed in Thailand, mainly airmen.^[2]
 

In October 1967 the Royal Thai Volunteer Regiment (Queen's Cobras) was sent to Camp Bearcat at Bien Hoa, to fight alongside the Americans, Australians, New Zealanders and South Vietnamese. In 1968 the Cobras were replaced by the Royal Thai Army Expeditionary Division ("Black Panthers").^[3] About 40,000 Thai military would serve in South Vietnam, with 351 killed in action and 1,358 wounded.^[2][4][5] The last Thai ground forces were withdrawn from South Vietnam on 5 February, 1972.^[1]

ok. my bad

Edited October 10, 2018 by stanleycoin

[HAKAPALITA]

True, but most struggle to put it back.!


Sent from my iPhone using Thaivisa Connect

[bkk6060]

4 minutes ago, GinBoy2 said:

I had my ฿800K parked in SCB for 10 years.

 

Now I can speculate what I could have with it elsewhere, but that water under the bridge.

 

Trouble is money parked in any bank anywhere is the world, is at best ‘safe’, although in Thailand that might be questionable, but it’s all earning next to no interest

Yes, but I think you were smart for 10 years you had security for your stay here with no worries.

You could have taken it out and bought Bitcoin...  Then lost it all, so who knows.

[GinBoy2]

3 minutes ago, bkk6060 said:

Yes, but I think you were smart for 10 years you had security for your stay here with no worries.

You could have taken it out and bought Bitcoin...  Then lost it all, so who knows.

Maybe I’m just being a dinosaur...but

 

The Bitcoin, and in fact all of the crypto currencies, thats gonna be a bubble to dwarf the internet bubble of the 2000’s.

 

There will be a lot of crying in their glasses of Chardonnay! 

[marcusarelus]

25 minutes ago, GinBoy2 said:

I had my ฿800K parked in SCB for 10 years.

 

Now I can speculate what I could have with it elsewhere, but that water under the bridge.

 

Trouble is money parked in any bank anywhere is the world, is at best ‘safe’, although in Thailand that might be questionable, but it’s all earning next to no interest

My accounts are in the Bank of Bangkok because of the direct deposit requirements of Social Security (yes they are in the proper format).  I keep a little bit in SCB internet banking for easy transfer from my phone to buy things.  No one ever gets access to my main accounts on the internet.  I transfer money and pay bills from the small SCB account only.  Easy to pay bills.  One click does it for most things.  

[smotherb]

21 hours ago, darksidedog said:

Utter pile of rot. Yesterday I bumped into a visa agency guy I have known for years. He told me last week things looked tough. Yesterday, everything was back to normal. Has anyone here ever known a crackdown on anything to last more than a week?

I am sure there will be fun and games, and probably payments to deal with the proof of finances issue, but nothing of substance is likely to change.

Yeah, I talked to one of the visa agency guys a few years back about visa crackdowns and no more in-outs. Funny, he said the same thing, a bunch of rot. Seems the visa agency guys are the ones who need their customers to keep thinking they can fix things.

[champken]

51 minutes ago, Kerryd said:

Why would I do that ? As I mentioned in a previous post, the interest I earn on the 800k I have in a Fixed Term account is more than enough to pay for my annual extension and re-entry permit.

If I was spending that money I'd lose most of that interest and then have to remember to transfer enough money (and pay the associated fees as well as the possibly getting screwed on exchange rates) and do it early enough that I don't end up getting screwed by bank holidays or some other nonsense that results in me missing the "3 month" seasoning period.

 

Personally, I'd suggest having 2 (or maybe 3) Thai bank accounts.

1 Fixed term for your visa money that you never touch. The Interest can be automatically deposited into your Savings account every year or rolled over in the "Visa" account.
The money sits there but, if needed for any reason, can be easily accessed (though you'd lose the interest).

The second account is the one that you transfer whatever amount you want into (from back home or wherever), whenever you want it (once a year, once every 2 years, whatever) and then maybe (for some paranoid people) a 3rd account that you use for your routine spending. 

 

Then you transfer a month's (better yet - three month's) worth of money from your "Transfer" account into your "Routine" or "Daily" savings account to ease your fears about that card skimmers that some people think are able to scam every foreigner in the country every day.

That way the money in your "Transfer" account will earn a wee bit of interest (which is usually paid every 3 months on non-fixed Savings accounts) and if you happen to be one of the .0001% of the population that actually does fall victim to a card skimmer (or thieving g/f or whoever) then you've cut down on the amount you could lose. (Note - the quoted percentage was pulled out of my butt and is probably a lot higher than the actual number of victims.)

 

My pension money stays in my Canadian account and is used for bills and credit card payments as well as being a "rainy day" fund should it ever be needed. Many people (like most Canadians) can't do international wire transfers unless they are standing in a branch office of their bank (in the major banks that I've dealt with). So the only way I can transfer money from Canada to Thailand is to fly back to Canada, go into a branch office of my bank, do the wire transfer and then fly back.

 

Or take cash withdrawals on my credit card and pay the stupid "cash advance" fees even when I have a larger credit on the card than the amount I've just been "advanced".

Much easier and more efficient to have the 800k sitting in and account over here.

And no - most people are not earning "better interest" on their money back home - unless it is INVESTED in things they can't easily access if needed (like Mutual Funds or T-bills or other investments).
One account I have in Canada, which has more money in it than I have in my Thai "Visa" account, earns a whopping .31 cents a month in interest. That works out to the equivalent of 96 baht per year. Not bad, considering they charge me $15.00 a month for the account. 

Compare that to the 12,000 baht I'm getting (before taxes) on the Fixed Term account. I've looked at other (Canadian) savings accounts and they pay squat interest as well and usually have all manner of conditions on them which will reduce the interest if you don't meet the criteria (like having regular deposits of a certain amount every month).
Even if all my money was in one of those slightly better accounts, to get it here (where it's needed) would cost far more than the small amount of interest I might make compared to what I am getting over here (not even taking exchange rates into consideration).

But that's just me. ???? 
 

 

You forgot to mention that the 800k might also come in handy should you be unfortunate enough to need it for emergency medical expenses, which could be the case for those that find it too expensive for insurance due to age or pre-existing conditions

[wayned]

The one drawback of the US affidavit system is that I have to get off my butt and go to the embassy to raise my hand and swear and of course pay the %50 fee.  They can't do it by mail.  My next appointment is next Tuesday,leave the house at 0330 and get to Foodland at Soi 5 at about 0600.  Do my yearly resupply, get the parking ticket stamped and drive to All Seasons on Wireless road.  Hobble down to the Embassy and get the Affidavit and then back to All Seasons, get the ticket stamped at Subway and on to Nakhon Sawan.  I usually get there at lunch time so I continue shopping at Makro and then on to Immigration after lunch break.  Usually in and out by 1330 and home by 1500.  A long day but only happens once a year.  So far I have never had to show any back up documentation at NS immigration but I have it with me, we'll see what happens next week!

[White Tiger]

I find this policy change by the British Embassy disgusting. The implications of it for British nationals seem not to have been thought through by whoever the policy makers are - be they in Bangkok or back in the UK. It is the complete opposite to providing support to overseas British nationals. The service wasn't free and at £50 odd per letter it was probably comfortably paying for itself - so it can't have been a cost cutting exercise.

 

I can see the Royal Thai Embassy at Savanakhet getting much more busy after the British Embassy's new policy comes into force.  

[OJAS]

5 hours ago, superal said:

All joking aside ,  many a true word said in jest . It appears that the B/Embassy are minimizing their duties and sub contracting out where feasible , having said that the loss of revenue from income affirmation must be substantial . Me thinks a can of worms has just been opened .

You are absolutely correct. I distinctly recall that the Embassy did actually discontinue issuing affirmations of freedom to marry for a while some years ago because of problems with their wording with certain amphurs. However, since they did manage to resolve those particular problems, it truly beggars belief IMHO that they are seemingly unwilling to get off their backsides now in an attempt to resolve any similar problems which the Immigration Bureau might have with the wording of their soon-to-be-discontinued income confirmation letters.

Edited October 10, 2018 by OJAS

[Media1]

1 hour ago, White Tiger said:

I find this policy change by the British Embassy disgusting. The implications of it for British nationals seem not to have been thought through by whoever the policy makers are - be they in Bangkok or back in the UK. It is the complete opposite to providing support to overseas British nationals. The service wasn't free and at £50 odd per letter it was probably comfortably paying for itself - so it can't have been a cost cutting exercise.

 

I can see the Royal Thai Embassy at Savanakhet getting much more busy after the British Embassy's new policy comes into force.  

This has nothing to do with Thailand. This is the UK.

[balo]

3 hours ago, Kerryd said:

The alien:
(1) Must have been granted a non-immigrant visa (NON-IM).
(2) Must be 50 years of age or over.
(3) Must have evidence of having income of no less than Baht 65,000 per month; or
(4) On the filing date, the applicant must have account  deposited  (saving / fixed account) in a bank in Thailand of no less than
Baht 800,000 for the past three months.

 

That is taken from the immigration website ,it doesn't mean it's a written Thai law.

But I agree immigration now want us to follow their regulations. 

 

 

[Kieran00001]

4 hours ago, wgdanson said:

I would hope so. However, in these days of internet banking, you do not get 'original' statements. You must print them off yourself. I just hope that the Consulate will still accept them as proof of income. We'll see.

 

They accepted a scanned and printed one from me.

[White Tiger]

The announcement on the British Embassy website about the policy change says today that:  "The British Embassy Bangkok is stopping the certification of income letters because it is unable to fulfil the Thai authorities’ requirements to verify the income of British Nationals."

 

I find that reason odd.  The Embassy asks for evidence of income to be provided with an application for the income letter.  

 

Ok - the Embassy staff might not have the skills, or the time, or the inclination, to carry out a detailed examination of the supporting documentation to see if it is genuine or "photoshopped" or fake. That hasn't been an issue for the Embassy, or the Thai immigration authorities, in the past. So why has it become an issue for the Embassy now?

 

To my mind if a bank statement or pension statement was as accepted by the Embassy as evidence of income prior to 1 January 2019 (the date the policy change takes effect) then surely the same documents also constitute evidence after that date. So where's the issue the Embassy has?

 

As far as I am aware, Thai immigration haven't announced any change in their requirements regarding verification of the income stated in the income letter, and the British Embassy hasn't made public any information to suggest the Thai authorities have asked the Embassy to change their policy on examining the evidence given to them.  So it leaves me wondering what is driving this British Embassy policy change. It would be great to have clarification on the reasoning from the Embassy. 

 

I can imagine a ridiculous situation in future where British subjects living in Thailand send copies of their UK bank statements and UK pension income to the Royal Thai Embassy in London, and ask the Thai Embassy in London to provide a letter addressed to the Thai immigration authorities confirming the amount of their UK income. 

[wgdanson]

1 minute ago, Kieran00001 said:

 

They accepted a scanned and printed one from me.

Come on Kieran, be GREEN about this. Download the bank statement as a pdf and simply attach it to the email you send, that's if it is to the British Consulate....no paper involved. Save the trees.   lol

[White Tiger]

8 minutes ago, Media1 said:

This has nothing to do with Thailand. This is the UK.

I know.

[Media1]

1 minute ago, White Tiger said:

The announcement on the British Embassy website about the policy change says today that:  "The British Embassy Bangkok is stopping the certification of income letters because it is unable to fulfil the Thai authorities’ requirements to verify the income of British Nationals."

 

I find that reason odd.  The Embassy asks for evidence of income to be provided with an application for the income letter.  

 

Ok - the Embassy staff might not have the skills, or the time, or the inclination, to carry out a detailed examination of the supporting documentation to see if it is genuine or "photoshopped" or fake. That hasn't been an issue for the Embassy, or the Thai immigration authorities, in the past. So why has it become an issue for the Embassy now?

 

To my mind if a bank statement or pension statement was as accepted by the Embassy as evidence of income prior to 1 January 2019 (the date the policy change takes effect) then surely the same documents also constitute evidence after that date. So where's the issue the Embassy has?

 

As far as I am aware, Thai immigration haven't announced any change in their requirements regarding verification of the income stated in the income letter, and the British Embassy hasn't made public any information to suggest the Thai authorities have asked the Embassy to change their policy on examining the evidence given to them.  So it leaves me wondering what is driving this British Embassy policy change. It would be great to have clarification on the reasoning from the Embassy. 

 

I can imagine a ridiculous situation in future where British subjects living in Thailand send copies of their UK bank statements and UK pension income to the Royal Thai Embassy in London, and ask the Thai Embassy in London to provide a letter addressed to the Thai immigration authorities confirming the amount of their UK income. 

Excuses and stories from fools

[Media1]

1 minute ago, wgdanson said:

What do you mean by 'no issues'. They have categorically said, and posted here on TV, that after Dec 12th they will not be issuing Income letter.

My country has no issues ???? You have 

[wgdanson]

2 minutes ago, Media1 said:

My country has no issues ???? You have 

Please explain.

[Media1]

Just now, wgdanson said:

Please explain.

I can still obtain a letter from my embassy. Nothing has changed. There is nothing to explain. You been screwed by your stupid embassy

[Media1]

12 minutes ago, White Tiger said:

The announcement on the British Embassy website about the policy change says today that:  "The British Embassy Bangkok is stopping the certification of income letters because it is unable to fulfil the Thai authorities’ requirements to verify the income of British Nationals."

 

I find that reason odd.  The Embassy asks for evidence of income to be provided with an application for the income letter.  

 

Ok - the Embassy staff might not have the skills, or the time, or the inclination, to carry out a detailed examination of the supporting documentation to see if it is genuine or "photoshopped" or fake. That hasn't been an issue for the Embassy, or the Thai immigration authorities, in the past. So why has it become an issue for the Embassy now?

 

To my mind if a bank statement or pension statement was as accepted by the Embassy as evidence of income prior to 1 January 2019 (the date the policy change takes effect) then surely the same documents also constitute evidence after that date. So where's the issue the Embassy has?

 

As far as I am aware, Thai immigration haven't announced any change in their requirements regarding verification of the income stated in the income letter, and the British Embassy hasn't made public any information to suggest the Thai authorities have asked the Embassy to change their policy on examining the evidence given to them.  So it leaves me wondering what is driving this British Embassy policy change. It would be great to have clarification on the reasoning from the Embassy. 

 

I can imagine a ridiculous situation in future where British subjects living in Thailand send copies of their UK bank statements and UK pension income to the Royal Thai Embassy in London, and ask the Thai Embassy in London to provide a letter addressed to the Thai immigration authorities confirming the amount of their UK income. 

It is more than odd. It's a disgrace

[White Tiger]

3 minutes ago, Media1 said:

I can still obtain a letter from my embassy. Nothing has changed. There is nothing to explain. You been screwed by your stupid embassy

Yep. Appalling treatment of British nationals overseas by their Embassy.

[Media1]

Just now, White Tiger said:

Yep. Appalling treatment of British nationals overseas by their Embassy.

Should be petitioned

[White Tiger]

1 minute ago, Media1 said:

Should be petitioned

You start it & I'll sign it. ????

[SheungWan]

11 minutes ago, Media1 said:

This has nothing to do with Thailand. This is the UK.

Well not quite. It is the UK responding to a Thai requirement and deciding that they could not do so in a satisfactory way. My main criticism is that more time should have been considered between the announcement and the implementation. An underestimation of the knock-on effect of the change on those involved. As for the Thai authorities, they are unlikely to review the requirement unless other Embassies respond in a similar manner and of course the UK might have tried co-ordinating with others, but in these days of sovereign independence, that might not have been top of the list. Don't know of course if there were any discussions behind the scenes.