800k Bank Deposit letter to newspaper.

[Monkeyrobot]

I am thinking of writing a letter to the BK Post & The Nation to advise them there are a lot of Expats hurting from the new rules regarding the 800K money in the bank situation, I might also forward it to Immigration. It seems the only way to get noticed over here is for the press to start running the story, then something may be done about it. Any feedback or advice from the TV members would be appreciated, even what to name the article. 

[ravip]

Please, do give it a try.

[ozmeldo]

So? Hurt feelings? What precisely are you planning to plead?

 

Let's take a step back. A huge margin of individuals never had the money and now looking to continue to skirt the law using agents.

 

Individuals are in this situation because it became farcical. I would have guessed it was done 7 years ago honestly.

 

Old men without insurance who live outside their country really should have 800k banked. It's not an unreasonable requirement. The new rules are tedious but again all there because of abuse.

 

I remember all the threads, the braggarts telling me what a cheap charlie was for not spending XX,000!! baht a month. What a loser. Truth is they struggle to live here and must spend this amount for their comforts. As a general monthly budget I'm spending like 25k and I'm paying all the rent and utilities for self and wife. Me...I'm back working. Why not, I got married. Only 5 more years

 

It's a low bar. Seriously. Stop complicating your life. Put the money in the bank. Go get an O visa, save for a year or move on.

 

I don't see a need for an article. Thais don't care and the cops care even less. Please don't start with your laughable contribution to the economy. Thank you.

 

The thing that kills me is why do you have to stay here other than than having a family? If I weren't married I'd be in a dozen countries.

 

BTW I've saved so much cash that we're going to Spain for a month. Trips, like every year. Savings + trips.

 

Sounds like personal spending problems and lack of money management.

Edited March 21, 2019 by ozmeldo

[Joe Mcseismic]

Nothing the papers can do about the situation, even if they cared.......which I doubt.

Spend the effort on complying with the new regulations instead.

[KMartinHandyman]

Due to the requirement to have the money deposited for months in advance and then the account kept above a specific minimum it’s essentially an escrow account and I think there should be an appropriate interest paid on those portions of any account they’re held in. Or the banks should be required to establish a retirement account category that accomplishes this higher interest return on the minimum balances required.

[Kwasaki]

15 hours ago, ozmeldo said:

A huge margin of individuals never had the money and now looking to continue to skirt the law using agents.

How they gonna do that.

[ivor bigun]

I think its very unfair that we have to deposit 400,000 baht ,until the day you die. Basically you have to pay 400,000 b just to live here with your wife and kids.

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[Spaniel]

56 minutes ago, ivor bigun said:

I think its very unfair that we have to deposit 400,000 baht ,until the day you die. Basically you have to pay 400,000 b just to live here with your wife and kids.

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Well if you have a wife (Thai I assume) and kids then why not go the married route for your visa which only requires you to post B400,000 and can be withdrawn 30 days after the married visa is issued?

[rak sa_ngop]

"Ironing out the Bad Wrinklies"

[malt25]

"I am thinking of writing a letter to the BK Post & The Nation to advise them there are a lot of Expats hurting from the new rules regarding the 800K money in the bank situation, I might also forward it to Immigration."   Me thinks you have way too much time on your hands !

[ThaiBunny]

7 minutes ago, malt25 said:

"I am thinking of writing a letter to the BK Post & The Nation to advise them there are a lot of Expats hurting from the new rules regarding the 800K money in the bank situation, I might also forward it to Immigration."   Me thinks you have way too much time on your hands !

I'm going to stamp my foot. Will that help?

[quandow]

I was in the U.S. Navy many moons ago. EVERY time we were about to pull into a foreign port, all us young bucks were mustered up and reminded we were ambassadors of our country and WE were the foreigners. It's their country, we adhere to their rules and regulations or pull up stakes and leave. I left Thailand a few years back - I'd had it with all their nonsense. I was back in 6 months with a new appreciation. The Philippines has lousy infrastructure, Cambodia is a cesspool getting overrun with Chinese casinos, and so on. Now, these are MY opinions, and are my reasons to continue putting up with Thailand's rules. That and the really cute girls. I had to do some scrambling to come up with the necessary cash and don't begrudge it at all. Being a foreigner complaining about a sovereign nation's decisions won't make you happy nor win you any friends.

[samsensam]

 

thailand, as every country does, decides immigration rules and regulations to suit their needs and objectives, not to suit the needs of foreigners wanting to live there.

 

to give some perspective; my sister; well educated, good job, genuine relationship with an aussie, was made to jump through unbelievable hoops by australian immigration before being accepted. additionally her degree from a top uk university is not recognised in australia.

 

conclusion; if you dont like or meet the immigration criteria for a country dont live there.

[brokenbone]

vote with your feet

[ballpoint]

2 hours ago, ThaiBunny said:

I'm going to stamp my foot. Will that help?

Depends on who you address it to, and then only if you have the correct postage.

[ivor bigun]

Well if you have a wife (Thai I assume) and kids then why not go the married route for your visa which only requires you to post B400,000 and can be withdrawn 30 days after the married visa is issued?

Next time[emoji846]

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[Sheryl]

On 3/21/2019 at 11:16 PM, KMartinHandyman said:

Due to the requirement to have the money deposited for months in advance and then the account kept above a specific minimum it’s essentially an escrow account and I think there should be an appropriate interest paid on those portions of any account they’re held in. Or the banks should be required to establish a retirement account category that accomplishes this higher interest return on the minimum balances required.

 

Not just kept at a minimum but kept completely unspent for 5 months (2 before and 3 after) then minimum for the other 7 months of the year. With no provision for acccessing it to cover medical or other emergencies.

 

Interest is already possible via a fixed deposit account at commercial banks.

 

A bigger concern - and one that TI should recognize as valid - is that the funds will not be readily available to cover funeral costs and outstanding hospital bills etc when the expat dies and the next of kin has to go through the courts to get the money.

 

Either the government working with commercial banks, or the government itself, should set up an interest paying escrow account of foreign retirees with a "transfer on death" beneficiary provision to  insure that next of kin can immediately access the funds when the retiree dies. It's in Thai interests as it will ensure that outstanding hospital bills and funeral costs can then be promptly paid, which is not currently the case. And for the retiree, in addition to meeting visa requirements, the account then  provides some peace of mind in knowing that funeral/cremation costs etc are covered.

 

 

 

 

 

 

 

 

[scottiejohn]

+1

24 minutes ago, Sheryl said:

 

Not just kept at a minimum but kept completely unspent for 5 months (2 before and 3 after) then minimum for the other 7 months of the year. With no provision for acccessing it to cover medical or other emergencies.

 

Interest is already possible via a fixed deposit account at commercial banks.

 

A bigger concern - and one that TI should recognize as valid - is that the funds will not be readily available to cover funeral costs and outstanding hospital bills etc when the expat dies and the next of kin has to go through the courts to get the money.

 

Either the government working with commercial banks, or the government itself, should set up an interest paying escrow account of foreign retirees with a "transfer on death" beneficiary provision to  insure that next of kin can immediately access the funds when the retiree dies. It's in Thai interests as it will ensure that outstanding hospital bills and funeral costs can then be promptly paid, which is not currently the case. And for the retiree, in addition to meeting visa requirements, the account then  provides some peace of mind in knowing that funeral/cremation costs etc are covered.

 

 

 

 

 

 

 

 

Totally agree. 

A great idea.

Any chance of any of the Embassies taking this idea up.

There are many threads re wills regarding just the basic/simple 400000/800000Baht account and how the partner gets access but they all get bogged down with the "experts" saying you need this and that. 

We need a simple system to transfer the extension money to our loved one so they can, as you say, bury us without all the financial worries.

This is very important as it is not normally allowed to have the extension money in joint names.

[greeneking]

On ‎3‎/‎24‎/‎2019 at 9:24 AM, samsensam said:

 

thailand, as every country does, decides immigration rules and regulations to suit their needs and objectives, not to suit the needs of foreigners wanting to live there.

 

to give some perspective; my sister; well educated, good job, genuine relationship with an aussie, was made to jump through unbelievable hoops by australian immigration before being accepted. additionally her degree from a top uk university is not recognised in australia.

 

conclusion; if you dont like or meet the immigration criteria for a country dont live there.

'thailand, as every country does, decides immigration rules and regulations to suit their needs'

...and then they change them, and then they change them again.  And each office can set its own rules.

Every extension I am worried although I have never done anything wrong.

And every 90 days they, as they told my wife, must check I am not mafia!

People who have lived here for years making no problem for anyone may have problems meeting the latest changed financial requirements.

Why 'fix' problems that didn't exist?  Why the paranoia?

[malt25]

On 3/24/2019 at 8:53 AM, ThaiBunny said:

I'm going to stamp my foot. Will that help?

About as much as writing to every newspaper globally !

[Thaiarrow]

15 hours ago, Sheryl said:

 

Not just kept at a minimum but kept completely unspent for 5 months (2 before and 3 after) then minimum for the other 7 months of the year. With no provision for acccessing it to cover medical or other emergencies.

 

Interest is already possible via a fixed deposit account at commercial banks.

 

A bigger concern - and one that TI should recognize as valid - is that the funds will not be readily available to cover funeral costs and outstanding hospital bills etc when the expat dies and the next of kin has to go through the courts to get the money.

 

Either the government working with commercial banks, or the government itself, should set up an interest paying escrow account of foreign retirees with a "transfer on death" beneficiary provision to  insure that next of kin can immediately access the funds when the retiree dies. It's in Thai interests as it will ensure that outstanding hospital bills and funeral costs can then be promptly paid, which is not currently the case. And for the retiree, in addition to meeting visa requirements, the account then  provides some peace of mind in knowing that funeral/cremation costs etc are covered.

In respect of your comment on the availability of funds for funeral costs and outstanding hospital bills, the treatment of the money is in practice no different than that accorded other monies held on account of the person. The money is released following the appropriate filing of documentation and customary waiting period. We draw your attention to the  availability of securitization/guarantee of the money. Hospitals can allow the sign over of the funds following the period of  process. It is recommended that the inquiry first be made of the hospital or other institution before presenting a blanket  statement of negative outcome.  The money is not going anywhere is it is secured through the provision of guarantee or use of assignment of right to asset. Please contact your bank or legal counsel to learn more about the use of guarantee and assignment of right to asset. 

 

[ivor bigun]

It was reported that these new rules were to stop people using agents to get around the 800,000 in the bank. Well as far as i see all its done is make it more expensive. If they had not wanted agents to circumvent the rules why not just ban people from using them for that purpose and say everyone has to do it themselves?

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[malagateddy]

Brilliant thinking Sheryl

 
Not just kept at a minimum but kept completely unspent for 5 months (2 before and 3 after) then minimum for the other 7 months of the year. With no provision for acccessing it to cover medical or other emergencies.
 
Interest is already possible via a fixed deposit account at commercial banks.
 
A bigger concern - and one that TI should recognize as valid - is that the funds will not be readily available to cover funeral costs and outstanding hospital bills etc when the expat dies and the next of kin has to go through the courts to get the money.
 
Either the government working with commercial banks, or the government itself, should set up an interest paying escrow account of foreign retirees with a "transfer on death" beneficiary provision to  insure that next of kin can immediately access the funds when the retiree dies. It's in Thai interests as it will ensure that outstanding hospital bills and funeral costs can then be promptly paid, which is not currently the case. And for the retiree, in addition to meeting visa requirements, the account then  provides some peace of mind in knowing that funeral/cremation costs etc are covered.
 
 
 
 
 
 
 
 

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[Rookiescot]

Its no longer a case of "Good guys in bad guys out".

 

Its a case of "Rich guys in poor guys out".

[attrayant]

Write it as a Google doc and post the link so that everyone can contribute and/or suggest edits.

 

On 3/24/2019 at 8:45 AM, malt25 said:

"I am thinking of writing a letter to the BK Post & The Nation to advise them there are a lot of Expats hurting from the new rules regarding the 800K money in the bank situation, I might also forward it to Immigration."   Me thinks you have way too much time on your hands !

 

 

A retiree with time on his hands?  That's unpossible!