Refused an extension for 55 satang ( Retirement )

[Suradit69]

26 minutes ago, madmitch said:

in reality the OP had the correct amount in THB on the date in question.

The "date in question" is the date when you apply for the extension. 

 

While I sympathize with the OP and everyone else caught up in the chaos of income verification and exchange rates sinking, you really need to allow yourself a liberal buffer when planning on your personal financials meeting immigrations' requirements.

[jgarbo]

6 hours ago, jacko45k said:

That is harsh... maybe return another day when the rate is a fraction higher?

Strange people. Won't break the law for a foreigner who can't manage arithmetic.

[KhunBENQ]

7 hours ago, OneeyedJohn said:

All because they calculated my annual income by using the current exchange rate for the pound of 41.45.

Yesterday 21 Dec, 41.45?

That is a surprisingly high rate.

Both currency market a and Bangkok Bank TT rate were lower.

So normally one could consider himself "happy" about this rate.

 

Your number of 42.365 is unreal since about a month (compared to currency market and even worse for TT or cash rates).

[Rod the Sod]

2 hours ago, Kerryd said:

If you had 800k (baht) in the bank, the difference between the 2 exchange rates would have been equal to just over 416 GBP.

As you no doubt have considerably less than that, the difference would (obviously) be considerably less. Saying that you were refused an Extension "for 50 satang" is just BS.

As for who is the "wonkers" - who decided to try and squeak by using the barest minimum they could in the bank and hoping for favourable exchange rates ? Was that Thai Immigration ? No ? 

Who was it that apparently follows the exchange rates enough to quote the rates to 2 decimal places, but didn't top up their bank account when they saw the rates dropping ? Was that Thai Immigration too ? No ?

 

How about taking responsibility for your own actions (or lack thereof) instead of trying to blame others for things that you are in control of ?

I would add, that is people had put TB800k away a year or two ago having transferred from abroad they would be laughing all the way to the Bank now, up about GBP900 (using 43 and 41). Short-termism never paid off.

[moontang]

25 minutes ago, Rod the Sod said:

I would add, that is people had put TB800k away a year or two ago having transferred from abroad they would be laughing all the way to the Bank now, up about GBP900 (using 43 and 41). Short-termism never paid off.

And don't forget the stock market geniuses, who make so much in the US, they wouldn't dream of having 800k here.  They might easily be down 10-20% this year, but still a lot better than the Bitcoin liars.

[Wake Up]

3 hours ago, Kerryd said:

If you had 800k (baht) in the bank, the difference between the 2 exchange rates would have been equal to just over 416 GBP.

As you no doubt have considerably less than that, the difference would (obviously) be considerably less. Saying that you were refused an Extension "for 50 satang" is just BS.

As for who is the "wonkers" - who decided to try and squeak by using the barest minimum they could in the bank and hoping for favourable exchange rates ? Was that Thai Immigration ? No ? 

Who was it that apparently follows the exchange rates enough to quote the rates to 2 decimal places, but didn't top up their bank account when they saw the rates dropping ? Was that Thai Immigration too ? No ?

 

How about taking responsibility for your own actions (or lack thereof) instead of trying to blame others for things that you are in control of ?

Give the guy a break. We all make mistakes. Fairness and compassion are more important than the rules sometimes. We are all human so I wish they had of just gave him the extension and said next year be careful. Not a lot of money and I feel for him. 

[JG27]

As an “outsider” (married to, but not living in Thailand) working on moving too..I am a little puzzled that one would want ones place of residence determined by a currency exchange rate ?

Not a criticism of any specific post, but I do know that should my dear wife say "ok lets go," I will be damn sure that I have covered comfortably, existing requirements for a trouble free life. I do want to move there after all because I find the culture and the people very attractive. I am too old to hassle about exchange rates and minimum balances , etc.

 

I live comfortably in OZ now, surely covering all current bases and scenarios, to be able to transfer my retirement to Thailand should not be difficult !

As already mentioned not criticising other's circumstances but just trying to understand the “how’s" and "what if’s” and, could I end up in a similar position in x years !

 

Have been following this topic closely, of course. Would have no difficulty meeting current retirement guidelines, wondering if that was the case with all you xpats who have been living there for 5-10-15 years ?

Edited December 22, 2018 by JG27

[whimsicalmike]

1 hour ago, moontang said:

And don't forget the stock market geniuses, who make so much in the US, they wouldn't dream of having 800k here.  They might easily be down 10-20% this year, but still a lot better than the Bitcoin liars.

you dont have shares obviously.

Your only down if you actually sell them. The current downturn will reverse as it always does, I have held most of my shares for a long time so am still miles ahead.

At current share prices 800K is $40k AUD roughly. That gives me an income of over $3000 PA given my share spread. More than pays for a few flights to the LOS.

 

Edit

First post i should have said hello.   so Hello all from an aussy from Perth

Edited December 22, 2018 by whimsicalmike

[david555]

3 minutes ago, whimsicalmike said:

you dont have shares obviously.

Your only down if you actually sell them. The current downturn will reverse as it always does, I have held most of my shares for a long time so am still miles ahead.

At current share prices 800K is $40k AUD roughly. That gives me an income of over $3000 PA given my share spread. More than pays for a few flights to the LOS.

Yeah right ….but the "f@$x8" thing is that I.O. don't mind the reasons you both have ….. 800 K or no deal …(fashion word lately ????...)

[Just Weird]

2 hours ago, madmitch said:

With 800,000 baht in a Thai bank, now the income letters are not going to be able to be used, this should no longer be an issue!

That's been confirmed, officially, by Immigration, then, has it?...

 

...nah, didn't think so.

Edited December 22, 2018 by Just Weird

[farangx]

3 hours ago, OneeyedJohn said:

If Britain devalued the pound down to say 75% of its current value, then I'd like to see how many people would be in trouble using a combination like I do.  So don't get too cocky.

Looks like the pound is going to break 40, you might want to get more of it over.

[farangx]

36 minutes ago, whimsicalmike said:

Your only down if you actually sell them. The current downturn will reverse as it always does, I have held most of my shares for a long time so am still miles ahead.

At current share prices 800K is $40k AUD roughly. That gives me an income of over $3000 PA given my share spread. More than pays for a few flights to the LOS.

 

But the AUD has been weak for the past 2 years at least.  I got my 800K sitting here since last year for AUD31K.  I could have change my baht back to AUD but I see no reason why it should not drop another baht or so, plus I am living here ....

[dcnx]

4 hours ago, Kerryd said:

If you had 800k (baht) in the bank, the difference between the 2 exchange rates would have been equal to just over 416 GBP.

As you no doubt have considerably less than that, the difference would (obviously) be considerably less. Saying that you were refused an Extension "for 50 satang" is just BS.

As for who is the "wonkers" - who decided to try and squeak by using the barest minimum they could in the bank and hoping for favourable exchange rates ? Was that Thai Immigration ? No ? 

Who was it that apparently follows the exchange rates enough to quote the rates to 2 decimal places, but didn't top up their bank account when they saw the rates dropping ? Was that Thai Immigration too ? No ?

 

How about taking responsibility for your own actions (or lack thereof) instead of trying to blame others for things that you are in control of ?

It’s 55 satang. You’re being the wonker here.

 

Let’s hope you never have an error in your paperwork or an unreasonable immigration officer, and that your visa requirements never change so that you can’t meet them. Let’s also hope your Thai wife never plots against you after a decade or two of assumed loyalty, and let’s hope your home currently always give you the best rates and return. And all of this takes a back seat to the hope that you don’t get killed or seriously harmed on the roads.

 

A lot can happen here. Try to show some class and a little empathy. Regardless of how safe and secure you think you are, you’re actually just holding on by a thread like everyone else here.

[dcnx]

2 hours ago, jgarbo said:

Strange people. Won't break the law for a foreigner who can't manage arithmetic.

55 satang. There is definitely wiggle room there considering the rates fluctuate several times per day.

 

You’re the type of foreigner who makes me hate the expat community. 

[whimsicalmike]

been weak for many years not just the last 2.

Good that you did the exchange at a good time, got to win some occasionally.

I wont be retiring there for at least 3 more years, single dad daughter not yet in UNI, so maybe the exchange rate will improve by then. Maybe the whole visa system will be based on different criteria by then, it does seem to be quite fluid.

[madmitch]

55 minutes ago, Just Weird said:

That's been confirmed, officially, by Immigration, then, has it?...

 

...nah, didn't think so.

No but with various Embassies no longer issuing an income letter maybe you can explain how the money in the bank plus income combination is going to work in the future for those affected, including the UK.

[Krataiboy]

5 hours ago, Kerryd said:

If you had 800k (baht) in the bank, the difference between the 2 exchange rates would have been equal to just over 416 GBP.

As you no doubt have considerably less than that, the difference would (obviously) be considerably less. Saying that you were refused an Extension "for 50 satang" is just BS.

As for who is the "wonkers" - who decided to try and squeak by using the barest minimum they could in the bank and hoping for favourable exchange rates ? Was that Thai Immigration ? No ? 

Who was it that apparently follows the exchange rates enough to quote the rates to 2 decimal places, but didn't top up their bank account when they saw the rates dropping ? Was that Thai Immigration too ? No ?

 

How about taking responsibility for your own actions (or lack thereof) instead of trying to blame others for things that you are in control of ?

Good to see the Christmas spirit is in full swing on this forum.

[Just Weird]

25 minutes ago, madmitch said:

No but with various Embassies no longer issuing an income letter maybe you can explain how the money in the bank plus income combination is going to work in the future for those affected, including the UK.

No, I can't, but then I didn't claim that I could.

[sometimewoodworker]

50 minutes ago, madmitch said:

No but with various Embassies no longer issuing an income letter maybe you can explain how the money in the bank plus income combination is going to work in the future for those affected, including the UK.

Humm, let me think.

 

Talking to an immigration officer "I can't give you the document you have always required because MY embassy won't issue them any more, so YOU will have to accept something different because I demand that you do".

 

immigration officer "No I don't, 800,000 Baht in the bank for the last 3 months or no extension, next please" possibly thinking "don't let the door hit you on the way out"

 

This of course may change, but today it is true.

[NoshowJones]

11 hours ago, jacko45k said:

That is harsh... maybe return another day when the rate is a fraction higher?

Nothing that Thai immigration does would ever surprise me.

[happy chappie]

5 hours ago, jacko45k said:

But some want to RETIRE!

Yes I understand that and I said it doesn't work for me but people have different situations.800,000 in a Thai bank gives 1% interest while its gobbled up with inflation.apart from gasoline prices seem to increase on everyday items by 5-10% or more.if someone is looking for a full retirement with their feet up then the money would be better off in a long term fixed account and not a Thai bank.

[evadgib]

I haven't read the entire thread, but when I moved 1600 quid a few days ago it was THB 64,729 by the time it arrived. I usually make several tx per month so this shouldn't be a problem but where possible i'll have 3 good ones (65k+) before my next renewal to keep the jobsworths at bay.

Edited December 22, 2018 by evadgib

[Peasandmash]

Im sorry I don't have the time to read all of this, but anyway, if not already offered, I will happily give u the 55 satang.

Merry Christmas

[farangx]

47 minutes ago, happy chappie said:

Yes I understand that and I said it doesn't work for me but people have different situations.800,000 in a Thai bank gives 1% interest while its gobbled up with inflation.apart from gasoline prices seem to increase on everyday items by 5-10% or more.if someone is looking for a full retirement with their feet up then the money would be better off in a long term fixed account and not a Thai bank.

That 800K will be in a Thai bank for 3 months, even if you are paid no interests, you still get your interests for the other 9 months elsewhere.  Are you willing to sacrifice your long stay in Thailand just for these 3 months' interests?

 

[farangx]

26 minutes ago, Peasandmash said:

Im sorry I don't have the time to read all of this, but anyway, if not already offered, I will happily give u the 55 satang.

Merry Christmas

I expect the pound to weaken much further, how about 55 baht?

Edited December 22, 2018 by farangx

[Robins]

11 hours ago, LomSak27 said:

Come on, if you are putting money in seasoning for R, you don't make mistakes, you don't pare it down to save a quid or two ................. ????

Just as absurd, they could have let him go to the bank, deposit 100 Baht then come back.  When someone in authority behaves in the manner claimed by the OP it has little to do with the requirements.  If a cop cites you for 26 in a 25 zone, there's something wrong with the cop, not you.  

[ukrules]

7 hours ago, ubonjoe said:

If your wife is Thai you could apply for an extension of stay based upon marriage which only requires 400k baht in the bank or income of 40k baht.

 

Apparently they don't really like processing these, I wouldn't be surprised if they suddenly became more lenient on the retirement application.

[Bigstef]

The 800k does it need to be in bank account absolutely or it could in a mutual fund in a Thai bank ?

[ubonjoe]

3 minutes ago, ukrules said:

Apparently they don't really like processing these, I wouldn't be surprised if they suddenly became more lenient on the retirement application.

Not all offices make it difficult. Some will try to push a person to retirement but they cannot do that if they don't have the financial proof.

[happy chappie]

16 minutes ago, farangx said:

That 800K will be in a Thai bank for 3 months, even if you are paid no interests, you still get your interests for the other 9 months elsewhere.  Are you willing to sacrifice your long stay in Thailand just for these 3 months' interests?

 

Like I said in my earlier posts.ive cancelled my retirement visa and putting it to work and will be returning 12,000b a month.my circumstances are different to many others.i go to uk a couple of times a year.i live near the laos border so get 60day visa and 60 day extensions based on marriage from udon immigration.when I came here in 2005 800,000 could buy you nearly double of what it could today.at that rate by 2030 the 800,000 will be worth just over 400,000.with global markets in turmoil the last thing to do is let funds deprecate or rotting like mine was.