Retirement 800k/400k

[worrab]

10 minutes ago, EricTh said:

 

So do we have to go to immigration again 3 months after the visa date?

 

Can somebody show the official text?

The official wording is under another topic. But even that does not state what happens for the next 3 months after being granted an extension. I think we will find that at the next yearly application to extend, they will want to see your bank book going back for a year to ensure you have abided by the ruling. 800k for the first 3 months then not dropping below 400k for 7 months then 800k seasoned for 2 months ready for that application.

[billybog]

2 hours ago, murraynz said:

why all the fuss about having 800,000thb in thai bank account??

splitting it up for a minimal higher interest rate, is pathetic--the interest rates are still small- then tax is deducted---what a waste of effort..

i seriously suggest that any retiree who does not readily have 800,000thb available---should not be living in thailand..

why should thai immigration let foreigners stay, year by year-- if they can barely afford to support them selves..

get real guys--at 50 plus yrs old, you should have achieved some surplus savings---surely ????

the cost of living in thailand is cheap--so what, if 800k thb doesnt give you much income...

the new rules are NOT  unreasonable...go home, if you cant afford to live in thailand....

I agree....but...why should Thai banks have 400,000 to 800,000 of your money to use basically freely?  there should be something other than this to secure a permanent...yearly visa.

[farcanell]

14 minutes ago, digger70 said:

Why? He's telling you the Facts and I agree. Maybe the Truth Hurts.  

Is he?.... or is he being callous and insulting to others.?

 

either way, some folk, not him obviously, have made financial decisions on the strength of what was, and now they need to change to what will be. Doing this might cause hardship for some... as in the main, each persons financial position is unique to them.

 

for example.... I have tied up most of my money in real estate, keeping 800,000 baht to flip from my account to my wife’s account, enabling both of us to renew our visas annually. No problems... nothing dodgy.... all good.

 

but now I have to find another 800,000 baht to tie up indefinitely, which means I have to sell real estate, to find this money.... and to be honest, that doesn’t really suit me, even if I see little choice.

 

so.... we all have our stories.... and there’s no need to make a complete vagina of ones self, when making crappy posts telling other members to go home

[Capt Rob]

1 hour ago, murraynz said:

why all the fuss about having 800,000thb in thai bank account??

splitting it up for a minimal higher interest rate, is pathetic--the interest rates are still small- then tax is deducted---what a waste of effort..

i seriously suggest that any retiree who does not readily have 800,000thb available---should not be living in thailand..

why should thai immigration let foreigners stay, year by year-- if they can barely afford to support them selves..

get real guys--at 50 plus yrs old, you should have achieved some surplus savings---surely ????

the cost of living in thailand is cheap--so what, if 800k thb doesnt give you much income...

the new rules are NOT  unreasonable...go home, if you cant afford to live in thailand....

At 50 one should have/probably have a THB800 K+ 'grab' laying around - at a later age given the erosion of investments and the vagaries of currency exchange quite possibly not.

I agree that any any government worthy of the title should empty out potential freeloaders, they only have to look at the world scene to gain motivation.

If you have a fool proof way of guaranteeing income strength and reliabilty in the decades to come I for one would be pleased to see it.

I think most folk are keen to not be a burden in later life, but hardship does occur without warning in spite of squirrelling away reserves.

[Rawairat]

I get a pension quarterly, which doesn't match the monthly requirement even though it is  above the B65,000 if averaged out. So having to now take the B800,000 from my overseas investments which have given me an average of around 6% after tax over the last 2 years and put it in a Thai bank where I may get 1.5%,  a loss of about B36000. I would prefer to spend that or save it. I have calculated the least costly way is to do a monthly transfer from my bank costing around B21000. I have looked at other ways to transfer money to Thailand, Transferwise, OFX, Velocity Global Wallet but they do not seem much better and reliability may be an issue. I tried to check TorFX but they insist on signing up before giving me any comparisons. 

Citibank charges $40 for an wire transfer and I think SCB charge B500 when receiving, does anyone get lower fees for about $3500/PCM? The exchange rate with Citibank has always been comparable to advertised rates from other sources.

[JackThompson]

Agree, generally, but ...

 

6 minutes ago, Capt Rob said:

I agree that any any government worthy of the title should empty out potential freeloaders, they only have to look at the world scene to gain motivation.

And I agree with this in principle.  But, there is no way for a freeloader to operate in Thailand (unless you mean agents and their IO buddies). 
What we see happening in our passport-countries is due to "free-offers" for foreigners there, which are non-existent here. 

 

The only potential exception could be covered by an "emergency medical only" insurance plan, which could include buying a one-way air-ticket back to the foreigner's passport-country. 

Given no social-safety-net options for freeloaders to exploit, that insurance could replace all the other "money checking" bs, which is unreliable and serves no logical purpose.

[Capt Rob]

1 hour ago, Pib said:

 

Ditto...been doing that for around 9 years.  The Bt800K on deposit used for extension and emergency money purposes just sets in one or two fixed or hybrid savings accounts while I use other Thai accounts for day to day living costs.  Cheangwattana (Bankgok) immigration has never had a problem with this and never asked about the account(s) used for extension purposes showing little to no activity other than interest payments....all they were interest in was the required Bt800K amount never dropped below that amount for 3 months before I applied. 

 

Of course now it will be 2 months before and 3 months after at Bt800K and then can drop to Bt400K for the remaining 7 months of the extension year if needing to spend some of the money.  

 

But make no bones about it, before it's like a Bt800K "bond" for 3 of 12 months...remaining 9 months spend all the money if desired/needed.  But now it's like a Bt800K bond for 5 months (2 before application date and 3 after) but then dropping down to Bt400K for the remaining 7 months which can really complicate/restrict how a person can use the money for non-extension purposes.  But I expect Thai banksters are secretly grinning about the new rule.

Importing the 65K per month and then spending/investing or, possibly playing the currency market by utilising any Thai currency gains against your 'home' currency. This is perhaps the way of reducing the bankers smile - check out  ' monito ' comparison site.

Edited February 8, 2019 by Capt Rob
typo

[Capt Rob]

16 minutes ago, JackThompson said:

Agree, generally, but ...

 

And I agree with this in principle.  But, there is no way for a freeloader to operate in Thailand (unless you mean agents and their IO buddies). 
What we see happening in our passport-countries is due to "free-offers" for foreigners there, which are non-existent here. 

 

The only potential exception could be covered by an "emergency medical only" insurance plan, which could include buying a one-way air-ticket back to the foreigner's passport-country. 

Given no social-safety-net options for freeloaders to exploit, that insurance could replace all the other "money checking" bs, which is unreliable and serves no logical purpose.

JT, have no insight into the Thai goverments background concerns but I presume 'this' has the anticipated effect of cutting out the rort of agents and corruption follow on.

The use of my term potential freeloaders, confers acceptance of a proactive planning on the Thai government part, against calls on the public purse/crowd funding.

A resultant cost in dollars and bad press.

[khunPer]

22 hours ago, Oxx said:

Would this work?

Normally "Yes" to multiple accounts for deposit.

 

Before the money should be accessable for withdrawal at any time – which most fixed accounts are with loos of actual fixed period's interest – but seem like the claim for 400k baht at any time might accept longer fixed term deposits (I don't know if you can withdraw at any time during the fixed 4-years).

 

I've been using 15-month fixed "promotion" accounts before without any problem at "my" Immigration Office – the promotion was a limited period offer with high interest increasing every three month, if you kept the money untouched in the account – and for my first extensions of stay I used two accounts, a 12-month fixed and a 6-month fixed, with 400k baht in each (I must have been clairvoyant...).

[jesimps]

3 hours ago, murraynz said:

why all the fuss about having 800,000thb in thai bank account??

splitting it up for a minimal higher interest rate, is pathetic--the interest rates are still small- then tax is deducted---what a waste of effort..

i seriously suggest that any retiree who does not readily have 800,000thb available---should not be living in thailand..

why should thai immigration let foreigners stay, year by year-- if they can barely afford to support them selves..

get real guys--at 50 plus yrs old, you should have achieved some surplus savings---surely ????

the cost of living in thailand is cheap--so what, if 800k thb doesnt give you much income...

the new rules are NOT  unreasonable...go home, if you cant afford to live in thailand....

What a ridiculous post. Where does it say anything about not having 800,000 available? You just wanna be smug don't you? Bet you ain't got two bob to smack your arse with in reality. You and a few others ought to stop assuming, because people ask questions on here about the money in the bank method, that they're hard up. You ought definitely quit suggesting that people should go home. A lot of farang have families here and they are home and complying completely with the rules of the immigration police.

Edited February 8, 2019 by jesimps

[Chongalulu]

3 hours ago, marcusarelus said:

2 before and 3 after is 5 months and 12 months 400?  What did I get wrong? 

3 months after your visa @ 800 k leaves 9 months @ 400k left of the full year,or if you want to renew subsequently only 7 months @ 400k because you would 2 months before that have to boost it back up to 800k.

[jesimps]

1 hour ago, farcanell said:

Is he?.... or is he being callous and insulting to others.?

 

either way, some folk, not him obviously, have made financial decisions on the strength of what was, and now they need to change to what will be. Doing this might cause hardship for some... as in the main, each persons financial position is unique to them.

 

for example.... I have tied up most of my money in real estate, keeping 800,000 baht to flip from my account to my wife’s account, enabling both of us to renew our visas annually. No problems... nothing dodgy.... all good.

 

but now I have to find another 800,000 baht to tie up indefinitely, which means I have to sell real estate, to find this money.... and to be honest, that doesn’t really suit me, even if I see little choice.

 

so.... we all have our stories.... and there’s no need to make a complete vagina of ones self, when making crappy posts telling other members to go home

Well said! 

[rott]

1 hour ago, Capt Rob said:

JT, have no insight into the Thai goverments background concerns but I presume 'this' has the anticipated effect of cutting out the rort of agents and corruption follow on.

The use of my term potential freeloaders, confers acceptance of a proactive planning on the Thai government part, against calls on the public purse/crowd funding.

A resultant cost in dollars and bad press.

These "calls on the.public purse", have they been onerous in the past or is there reason to suspect that they may be in the future.

 

In a country where tourism and long stay foreigners are a substantial contribution to income things will happen occasionally. But I have never seen figures to show any problem.

[rott]

1 hour ago, Capt Rob said:

Importing the 65K per month and then spending/investing or, possibly playing the currency market by utilising any Thai currency gains against your 'home' currency. This is perhaps the way of reducing the bankers smile - check out  ' monito ' comparison site.

This monito are they actually on this planet.?

 

I use the Halifax who charge GBP 9.50, monito have said the best deal would be Transferwise at 17.34

They quoted Barclays at 134.00.

 

There used to be an expression "Friday afternoon job" which may apply.

Except where they are it is still Friday morning.

Edited February 8, 2019 by rott

[ubonjoe]

20 minutes ago, rott said:

This monito are they actually on this planet.?

https://www.monito.com/en/

[Henryford]

3 hours ago, rott said:

If people could not afford to live here they would not be here. There are no hordes of farangs sleeping rough and begging on the sois.

Exactly, 65,000 baht a month net is actually quite a large figure which equates to about 24,000 GBP a year gross. Many people in the UK don't earn that working full time yet they manage to live. It should be easy peasy to live in Thailand on that, especially if you own your own property.

[rott]

19 minutes ago, ubonjoe said:

https://www.monito.com/en/

Yes thanks for that joe but I was actually querying the quality of the information they give out.

[rott]

3 hours ago, Capt Rob said:

At 50 one should have/probably have a THB800 K+ 'grab' laying around - at a later age given the erosion of investments and the vagaries of currency exchange quite possibly not.

I agree that any any government worthy of the title should empty out potential freeloaders, they only have to look at the world scene to gain motivation.

If you have a fool proof way of guaranteeing income strength and reliabilty in the decades to come I for one would be pleased to see it.

I think most folk are keen to not be a burden in later life, but hardship does occur without warning in spite of squirrelling away reserves.

Ref these potential freeloaders, please explain how people have been freeloading to date. Presumably their plan is to continue and possibly expand these practices.

[marcusarelus]

3 hours ago, nchuckle said:

3 months after your visa @ 800 k leaves 9 months @ 400k left of the full year,or if you want to renew subsequently only 7 months @ 400k because you would 2 months before that have to boost it back up to 800k.

The old rule was 800k 3 months before renewal.  The new rule is 800k 2 months before and 3 months after and 400k the rest of the time.  That's what I said.

[Chongalulu]

2 hours ago, marcusarelus said:

The old rule was 800k 3 months before renewal.  The new rule is 800k 2 months before and 3 months after and 400k the rest of the time.  That's what I said.

 

"800 for 5 months and 400 for 12 months."

No ,this is what you said (12 months) it’s never that.

[smotherb]

13 hours ago, possum1931 said:

What a ridiculous post, none of us retirees could seriously agree with this poster.

Well, I really hate to say it, but you are wrong. I am a retiree and I agree with what murraynz says.

 

I doubt many posters could argue with the fact that at retirement you need to have some cash as well as some income. B800k is not a great amount--< USD26k, <GBP20k. Anyone retiring in their home-countries with only that piddling amount would hardly be living well. 

 

However, I do understand that some retirees simply do not have the required income or the ready cash to satisfy Thai retirement laws. If that is the case; you really need to start considering another place to live. 

[BritManToo]

1 hour ago, smotherb said:

Anyone retiring in their home-countries with only that piddling amount would hardly be living well. 

Average retirement income in the UK for single pensioners is 500 pounds a week of which 56% is benefits (300 pounds/week after housing costs). I doubt many are living well.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/693324/pensioners-incomes-series-2016-17-report.pdf

 

Edited February 8, 2019 by BritManToo

[smotherb]

4 minutes ago, BritManToo said:

Average retirement income in the UK is 500 pounds a week of which 100 pounds is earnings and 40 pounds is benefits.

I doubt many are living well.

 

Yeah, the UK has the worst state pensions in the developed world--https://www.telegraph.co.uk/news/2017/12/05/uk-state-pensions-ranked-worst-developed-world/ 

 

However, that is another problem. If you are a Brit and did not know that; well, shame on you. The point is you need to have money to ensure a decent retirement; so you need to save and/or invest during your working years. If you have not done that; well, shame on you again. I know many retirees who blew what they made and saved little or nothing their entire lives. Too bad, but whose fault is that? 

[BritManToo]

4 minutes ago, smotherb said:

The point is you need to have money to ensure a decent retirement; so you need to save and/or invest during your working years.

I did all that, but at retirement my wife divorced me, getting my 500,000 pound house outright, and 50% of my company pension. There's not much planning I could do to offset that. Almost all the other Brits I have known in Thailand tell a similar tale.

 

I guess I could have killed her, I'd have kept everything and probably have been out by now.

Edited February 8, 2019 by BritManToo

[Corruption 101]

2 minutes ago, smotherb said:

Yeah, the UK has the worst state pensions in the developed world--https://www.telegraph.co.uk/news/2017/12/05/uk-state-pensions-ranked-worst-developed-world/ 

 

However, that is another problem. If you are a Brit and did not know that; well, shame on you. The point is you need to have money to ensure a decent retirement; so you need to save and/or invest during your working years. If you have not done that; well, shame on you again. I know many retirees who blew what they made and saved little or nothing their entire lives. Too bad, but whose fault is that? 

What of those with health crisis and other life disruptions.

[smotherb]

Just now, BritManToo said:

I did all that, but at retirement my wife divorced me, getting my 500,000 pound house outright, and 50% of my company pension.

There's not much planning I could do to offset that.

Ah yes, another sad, but all too frequently occurring tale. Sorry, but that again is another problem. Perhaps you should have been a better husband or made a better choice of wife. 

[smotherb]

12 minutes ago, Corruption 101 said:

What of those with health crisis and other life disruptions.

Sorry, but that too is another problem. Just because something happens you did not foresee, does not make it Thailand's problem to lower their financial requirements for you.  Expecting everything to go well and nothing to go wrong is fool's play at best.

[pattayadgw]

When is the immigration office going to make a written statement clarifying all the hype?

[BritManToo]

5 hours ago, smotherb said:

Ah yes, another sad, but all too frequently occurring tale. Sorry, but that again is another problem. Perhaps you should have been a better husband or made a better choice of wife. 

Hey it's not all bad, instead of drinking a cup of hot cocoa and sleeping with a 60yo Brit woman, I've been forced to drink beer Chang and sleep with an assortment of 30 year old Thai ladies.

[jacko45k]

20 hours ago, Pib said:

No indication of that being required from a couple of folks who very recently got their extension. 

Someone I know had it suggested to him that it might be checked when he did his 90 days. But this was a rural northern office. We often hear of rogue application from odd offices. 

If you just got an Extension based on 800k, try not to spend it!