Borrow 800'000B for yearly Extension ?

[KhunFred]

9 minutes ago, bkk6060 said:

Some of the comments are funny.

Reminds me of a thread where people claimed you can walk into any bank in Bangkok and get an account with a passport only here on visa exempt.

It was always:  I heard, my friend, I read blah blah.  Not one person could provide an true accurate information as to where to get such an account.

 

I know some agents here also no one is going to do an extension that requires seasoning for 13k.  Maybe for a friend of theirs if you have all your ducks in a row and bank or income documents already and just too lazy to do it yourself.  But then add on the fees and multiple entries and you are at about 20k.

 

But if so; it is a well used, accepted and advertised service even on TV.  So, lets hear from those who have personally (names, location dealt with an agent who will do extensions for 13,000 b or less as claimed......

 

 

 

I can definitely relate. The idea that you can just walk into a bank and open an account if you are a foreigner is incredibly naive. I tried at three different banks after I had already opening a Direct Deposit account at Bangkok Bank.  They ALL wanted "work permit". Telling them that I was retired and forbidden to work under the terms of my visa was not understood or accepted. What kind of strange system is this??

 

[Peterw42]

25 minutes ago, JLCrab said:

That is an interpretation from Section 35 of the Immigration Act of 1979. What persons like yourself choose to conveniently omit is the last paragraph where it says:

 

Each application of an alien for extension of temporary stay shall be made in the form and with payment of fees as prescribed in the Ministerial Regulations.

 

So for you to claim that requiring a payment of 10 times what is the Ministerial Regulation for a one year extension of stay is dubious.

 

Obviously its not an official fee, thats the part thats not entirely legit, the general public cannot get access to a high level IO but the agents, for an unofficial fee, can. They probably still charge the official 2k fee for the actual extension, but who knows how the other 15-20k is distributed, probably going into the xmas party fund.

The same ministerial regulations also states that a high level IO has discretionary powers etc. 

Edited November 25, 2018 by Peterw42

[onera1961]

1 hour ago, DrJack54 said:

In AU its compulsory 9% matched by 9% from employer.

Too much. Is it for whole gross wage or there is a cap like Social security (no social security for salary more than 128,000K/year)? There is no SS payment for dividend or capital gains. For example Warren Buffet, Bill Gates, or Mark Zuckerberg, etc. pay very little social security because their salary is very low.

[Jumbo1968]

9 minutes ago, KhunFred said:

I can definitely relate. The idea that you can just walk into a bank and open an account if you are a foreigner is incredibly naive. I tried at three different banks after I had already opening a Direct Deposit account at Bangkok Bank.  They ALL wanted "work permit". Telling them that I was retired and forbidden to work under the terms of my visa was not understood or accepted. What kind of strange system is this??

 

I opened a new Bank Account yesterday all they asked was I on a Retirement Visa and opened one in minutes here in Pattaya.

[KhunFred]

1 minute ago, Jumbo1968 said:

I opened a new Bank Account yesterday all they asked was I on a Retirement Visa and opened one in minutes here in Pattaya.

Glad you had better luck. As I posted, I visited three different banks with my Thai fiancess and all I could hear was "work permit". The idea of "retirement" and "forbidden to work" seems not to translate. They have GOT to know this was the case because most retirees do not work here if they are on visas based on retirement.

[ukbiker]

1 hour ago, yodsak said:

Exactly,, common knowledge in patts,, hassle free and very popular,, one in soi buakhao. 12,900. for anyone,,   10k a thing of the past i'm afraid,,,inflation

 tick tock  and others charge 15k.  

10k only quoted 3 months ago.

[Pattaya46]

15 minutes ago, KhunFred said:

// The idea that you can just walk into a bank and open an account if you are a foreigner is incredibly naive. //

Why naïve? It's exactly what I did. Nothing else than my passport asked to open a bank account at Kasikornbank in Pattaya, even if I was on a Tourist Visa...

but of course it was 12 years ago... and clearly thing have change on this subject.

[PFV]

3 hours ago, onera1961 said:

I just read a post that somebody just did that. If somebody has at least a house in their home country, I am sure they will be able to get a loan.

A house is actually unnecessary, although a homeowner loans comes with very low interest rates.

In the US, borrowing against stable income is easy, provided you have a bank account. Even certain credit cards will offer affordable loans outside the higher revolving-credit typical of credit-card debt.

[JLCrab]

16 minutes ago, Peterw42 said:

Obviously its not an official fee, thats the part thats not entirely legit,

I see -- so now you're saying that there's a part that is not perfectly legal.

[ozmeldo]

4 hours ago, Spidey said:

I came to Thailand to have a better life and enjoy myself. Take stock of my spending habits? I am. The older I get the more pertinent the phrase "You can't take it with you" seems.

I'm not here to scold you bro, but obviously you have an issue.

 

Approaching 60 and with a wife, I'm still very tight with my money. I've no idea what's coming at me in the next two decades, then to leave something to the wife.

 

Living small, I don't see as a hardship and never did. I love the food, live simply and will do so till I hit 62 then I'll get 25k pension, but only increase my monthly spend 10k.

 

I've got a mil in a Thai bank, money and pensions +59.5 back home. But we all make decisions.

 

Keep working until 62 if I enjoy it, keep wife working till 50.

 

Ive played a long game, allowed me to retire early BUT on money most wouldn't dream of living on. Then, increase every five years. I'll have income of of 50k at 65, 65 at 70, top out at 75 I think.

 

But a car and a home, those ate choices. First choice is meeting our visa obligations.

 

Edited November 25, 2018 by ozmeldo

[KhunFred]

7 minutes ago, Pattaya46 said:

Why naïve? It's exactly what I did. Nothing else than my passport asked to open a bank account at Kasikornbank in Pattaya, even if I was on a Tourist Visa...

but of course it was 12 years ago... and clearly thing have change on this subject.

Yes, 12 years is the key sentence in your rejoinder. That is nearly an eternity in countries like Thailand. That was before FATCA and FBAR and all of the onerous reporting requirements that the United States has forced upon foreign countries. If you're NOT a US citizen, that may be why you had such good fortune. Yanks have to bear the burden of US foreign policy wherever they go. I can't imagine a reciprocal action by any other country.

[Peterw42]

Just now, JLCrab said:

I see -- so now you're saying that there's a part that is not perfectly legal.

The extension via an agent is a legal extension done by an IO with discretionary powers. I imagine if money is changing hands then that aspect is indeed illegal/corruption etc. 

 

[joevanwyck]

2 hours ago, Peterw42 said:

yes, the point appears to be lost on many. The 800k doesnt show you can afford to live here, it enables low incomes to stay

Good point.

[AGareth2]

12 minutes ago, Pattaya46 said:

Why naïve? It's exactly what I did. Nothing else than my passport asked to open a bank account at Kasikornbank in Pattaya, even if I was on a Tourist Visa...

but of course it was 12 years ago... and clearly thing have change on this subject.

did exactly that

early 80's

[Suradit69]

On November 20, 2561 BE at 11:51 AM, Jingthing said:

It should be noted it is not illegal to fund these accounts by loans.

At least until someone from Immigrations reads threads like this and they decide to change the seasoning period to 6 or 9 months or require some proof regarding source of funds. 

 

And then  posters on TV will accuse Immigrations of "arbitrarily" changing the rules.

 

 

 

 

Edited November 25, 2018 by Suradit69

[Spidey]

Just now, ozmeldo said:

I'm not here to scold you bro, but obviously you have an issue.

 

Approaching 60 and with a wife, I'm still very tight with my money. I've no longer idea what's coming at me in the next two decades, then to leave something to the wife.

 

Living small, I don't see as a hardship and never did. I love the food, live simply and will do so till I hit 62 then I'll get 25k pension, but only increase my monthly spend 10k.

 

Keep working until 62 if I enjoy it, keep wife working till 50.

No issues here. Have tidy sum invested in the UK. Some of that will have to move over here to seed the 800k in a Thai bank account, which doesn't please me. Combined company and state pension iro 100k.

 

Forced my wife to retire as soon as I moved over here. Working 6 days a week, 12 hours/day as a chef in a Thai restaurant, earning 12k/month. I'd rather her spend her time with me.

 

For the future, my wife owns the house and will receive my monies in my UK banks, in the event of and my UK wife will benefit from 50% of my company pension for the rest of her life.

 

Pretty sorted really, no worries here.

[Peterw42]

I met three guys in Phuket a couple of years ago who were sharing the same 800k, 3 months in each account. When I met them (in a bar, lol) they were arguing if they could bring a forth guy onboard, turned out they couldn't because not enough days in the year to to 4x90 days and transfers etc.

Maybe people can start similar 800 clubs, with 3 members.

[tideout]

It sounds like a Citibank account would make sense based on the zero $ transfer from outside of Thailand. What would I need to open a Citibank account ahead of doing the immigration dance (w/800K) ? It seems you'd have to already have the Thai account and money deposited before you can start the process.....meaning you'd have to have some form of residency within Thailand right?

I'm also wondering if it would make it any easier to get a Citibank account from where I'm currently living to then take to a Thai Citibank office? Can it be done with only a tourist visa? Any experiences with that?

[JLCrab]

15 minutes ago, Peterw42 said:

if money is changing hands

IF? IF? IF?

[onera1961]

 

1 hour ago, KhunFred said:

This is a new revelation to me. Using a VISA AGENT puts you in danger of a five year prison sentence,

It is the wish of some moral police who think everybody should be doing their way. My way or high way kind of thingy. Or may be they are jealous because they don't have the balls to do it. I don't know why it bothers them.

 

1 hour ago, Jumbo1968 said:

1900 baht to renew, say Agent charges 15000 baht, 13100 baht left, nice little earner. 

Just like any business and this business has high margin because competition is low and there are many stake holders. 

 

1 hour ago, JLCrab said:

Each application of an alien for extension of temporary stay shall be made in the form and with payment of fees as prescribed in the Ministerial Regulations.

I guess there must be a loophole for waiving the seasoning requirements that agents takes advantage of (of course some palm greasing. Nothing is free in this world)

 

1 hour ago, JLCrab said:

So for you to claim that requiring a payment of 10 times what is the Ministerial Regulation for a one year extension of stay is a legal extension is dubious.

If tea money is required to waive the seasoning, provided it is in the regulation or omitted in the regulation. it is not illegal, in my opinion.

 

1 hour ago, JLCrab said:

Each application of an alien for extension of temporary stay shall be made in the form and with payment of fees as prescribed in the Ministerial Regulations.

I guess agents are still paying what official 1900 baht for extension. The client just hired an agent and borrowed the money from the agent. Nowhere is says you cannot borrow the money. Agents are not paying any thing extra officially. It is still 1900. Of course they are paying tea money that goes into the officers' pockets and he is sill going to spend that money in Thai economy. So it harms nobody. 

 

I think there should be a thread for the agents. Shall I create one? If they are taking advantage of a loophole that allows high level officers to waive seasoning requirements, I don't see anything illegal about that and agents are taking advantage of that loophole by establishing personal relationship with those officers (and money in their pockets), here is nothing wrong with that. I am tired of the moral police. 

 

 

Edited November 25, 2018 by onera1961

[Jingthing]

22 minutes ago, Suradit69 said:

At least until someone from Immigrations reads threads like this and they decide to change the seasoning period to 6 or 9 months or require some proof regarding source of funds. 

 

And then  posters on TV will accuse Immigrations of "arbitrarily" changing the rules.

 

 

 

 

It's not as if they don't know already that people can use loans, either through agent schemes, or literally for three month period. These things aren't secrets. 

[JLCrab]

3 minutes ago, onera1961 said:

If tea money is required to waive the seasoning, provided it is in the regulation or omitted in the regulation. it is not illegal, in my opinion.

Horse manure it is a bribe.

[onera1961]

49 minutes ago, Jumbo1968 said:

I opened a new Bank Account yesterday all they asked was I on a Retirement Visa and opened one in minutes here in Pattaya.

Please post the bank name and branch location. And also various documents you had to provide. Your passport country. These thing should not be a secret sauce.

Edited November 25, 2018 by onera1961

[Jumbo1968]

1 minute ago, onera1961 said:

Please post the bank name and branch location. And also various documents you had to provide. Your passport country. These thing should not be a secret sauce.

No chance I did all the legwork,sort it out yourself more so I have no idea who you are.

[SCOTT FITZGERSLD]

1 hour ago, ukbiker said:

How about 2 3 or 4 friends pooling funds and transferring funds to each others bank accounts 90 days before visa due dates. I know the visa due dates will need to be 3 months apart but you can apply up to 30 days early that gives some leeway. I can't see this breaking any laws or does it? Then only 200,000 is tied up.

people who retire in thailand don't have 23 or 4 friends to trust with 2-3 hundread thousands baht loan.

[onera1961]

13 minutes ago, Jumbo1968 said:

No chance I did all the legwork,sort it out yourself more so I have no idea who you are.

Wow. This forum is about helping each other and express our opinions - good or bad. It is not about collecting statistics (fake or real). Can you at least list the legwork you did? May be that's also a secret. You just opened an account in an unknown bank (in your dream?). The statement means nothing, otherwise. 

Edited November 25, 2018 by onera1961

[Nanaplaza666]

Sell the condo for 4 milj baht buy a new one for 3 milj and leave 1 milj in the bank or something like that 

[KhunFred]

1 minute ago, onera1961 said:

Wow. This forum is about helping each other and express our opinions - good or bad. It is not about collecting only statistics (fake or real). Can you at least list the legwork you did? May be that's also secret. You just opened an account in an unknown bank (in your dream?). The statement means nothing, otherwise. 

This person does not even say which country he is from. That makes ALL the difference. If he's a Yank , then he is a liar. If he is from any other country, I would tend to believe him.

[KhunFred]

21 minutes ago, JLCrab said:

Horse manure it is a bribe.

We call it bribery, they call it business. The only question is whether we could be held liable for THEIR crime. Of COURSE we could. We are farangs. We don't count.

[SCOTT FITZGERSLD]

Just now, KhunFred said:

We call it bribery, they call it business. The only question is whether we could be held liable for THEIR crime. Of COURSE we could. We are farangs. We don't count.

true. happaned to me in thai airport. immigration officer made some stamp mistake and

the other officer threatened to throw me in jail becuase of that mistake.