How much do you think Thai Banks will love no more income letters

[scorecard]

2 hours ago, sirocco said:

post 101, hello
Bank SCB Hua Hin: 200 b the letter with photocopy of the passbook and statement on 3 months

 

So I guess we assume all banks charge around 200Baht.

 

If I owned the bank I would want this to continue forever, because it's highly profitable as extra high margin income for the bank.

 

The bank has the details available instantly, and they probably have a template. The Notional IT transaction cost to retrieve the information and put into the template say 20Baht.

 

The salary cost for the bank staff to complete the letter  (10 to 15 minutes) is very minimal, perhaps 20 to 30Baht per letter.

 

200 cash income minus costs say 50Baht = 150Baht profit, very nice extra income.

 

 

Edited November 22, 2018 by scorecard

[HHTel]

8 hours ago, Pattaya46 said:

I think some of you give way a way too strict definition of "verify", very probably not the one TI was thinking about. And again, it's nothing new. The statement "Letter from the applicant’s Embassy verifying their pension or other income of the applicant which must not be less than 65,000 Baht per month." is on Bangkok Immigration website for years...

 

No. It may be true for UK, US, AU (and still unsure) but many European countries can easily verify our Income on the Tax Service website. (This of course requires that we show them our Revenues Tax Notice).

I agree if all your pensions are paid and taxed in your own country.  However, apart from pensions in the UK, I have a pension paid from the Isle of Man and another paid from Gibraltar. I pay local tax on both and do not appear on UK tax records.  I'm sure this is not unique.

[lovelomsak]

On 11/20/2018 at 7:00 PM, thedemon said:

the surviving spouse takes the whole estate in the absence of any other statutory heir.

How many expats have more than their wife for an heir here in Thailand.

  I see your point but being me I thought all expats were like me married with one sole heir his wife.

So my wife does not need a will is best way to put it.

[jacko45k]

22 hours ago, Olmate said:

Thanks for that,interesting,point taken Still leaves 53% who now have to add 800K to the slush fund if that’s now the only way out.And I wonder how many of the “in bank”respondents used an agent? I used bank method too but just not in Thailand.

 

 

Flawed Maths, there were only 36% currently using income verification not 53%,

The difference is those using yearly O, ED or tourist stays and there is no expectation they will change.

[bikerlou47]

On 11/23/2018 at 4:17 PM, jacko45k said:

Flawed Maths, there were only 36% currently using income verification not 53%,

The difference is those using yearly O, ED or tourist stays and there is no expectation they will change.

OK 36% of what total number? Would love to know the answer to that question.

If we assume approximately 25,000 USD for everyone of those 36%, lets do some quick math.

1000 EXPATS would be 25 Million USD

10000 EXPATS would be 250 Million USD

my point in starting this thread was The Thai banks have to love this change!

[jacko45k]

13 hours ago, bikerlou47 said:

OK 36% of what total number? Would love to know the answer to that question.

If we assume approximately 25,000 USD for everyone of those 36%, lets do some quick math.

1000 EXPATS would be 25 Million USD

10000 EXPATS would be 250 Million USD

my point in starting this thread was The Thai banks have to love this change!

Which may only be there 3 months out of twelve and a monthly income of 65,000 baht is lost. I don't think that banks have much input in this.

[JackThompson]

15 hours ago, bikerlou47 said:

OK 36% of what total number? Would love to know the answer to that question.

If we assume approximately 25,000 USD for everyone of those 36%, lets do some quick math.

1000 EXPATS would be 25 Million USD

10000 EXPATS would be 250 Million USD

my point in starting this thread was The Thai banks have to love this change!

I'd love to see the how stats break down on those who can no longer use mo-income under the (unknown) new rules for showing income.  I imagine 3 types:

• Those that live on mo-income who pull 800K out of investments and sit it in the acct year-round, because moving it back and forth would rack up more fees than the earnings-differential.
• Those that are living from money already accumulated elsewhere, who will bring it in, then spend it down, then top it up again. 
• Those who go to agents, so the money is only in the bank for a day

I'd bet most who are living on incomes - who settled in Thailand based on that retirement-based extension option being offered - will have to go with the agent-option.  Some do not have the 800K.  Others cannot afford to "cash out," that amount, due to taxes and/or lost-income being earned on it.  I think some in officialdom are expecting the same outcome - probably already window-shopping for what their newfound under-the-table incomes will buy.

[KhunFred]

Does this mean that ALL money will have to be in a Thai account?  No drawing from foreign accounts???  Bad news, if so.

 

[JackThompson]

On 11/25/2018 at 9:50 AM, KhunFred said:

Does this mean that ALL money will have to be in a Thai account?  No drawing from foreign accounts???  Bad news, if so.

 

All money you want to show as income (at least the minimum required) could, in theory (no official announcement yet), be required to be transferred-in, so that an IO can look at a bank-letter and see the foreign-transfer amounts easily. 

 

Going through a stack of ATM-receipts or similar seems unlikely to be acceptable.