Leaving 800K in a Thai Bank Account - Pros/Cons/Value to you

[The Theory]

On 4/13/2019 at 8:34 AM, Mike Teavee said:

I know you can also go down the 65,000 THB PM route but this thread is about "Debating the Value" of leaving 800,000 in a Thai Bank Account Vs investing the monies elsewhere & using an Agent to extend.

The “agents” idea put all retirees in current trouble. Paying agents to get extensions illegally brough retirees the current new rule (5 months 800,000 & 7 months 400,000). 

You mean Use an agent and save money ???????? till next time with more tougher rules ?!!! 

No thanks a lot, I rather not getting around the rules and stand on a solid ground. No need surprises by future outcome of using an “agent”. 

One more thing: there is no 5% “no risk” for such amount of fund, unless an “agent” can do that !!! ????????????

[helloagain]

I leave 800000 in an account for immagration. But i also use that same account for my bank to block me spending 550000 of that money and i get a credit card spending value of 500000 baht. Im retired here i not work here. 

[Pib]

3 hours ago, jwdub said:

Question on the FDA funds withdraw - Do you lose interest on just the amount you withdraw or the entire 800K plus balance in the account thus rendering it the same as a regular savings account? 

 

Generally you lose most, or maybe even all, of the interest earned to date....depends on "when" you withdraw it.  Below is a quote for a typical Bangkok Bank fixed saving account.   The third bullet talks interest earned if withdrawing before the account matures. 

 

[superal]

Was told of a person , who I know , who went to the Kap Chong immigration for his visa extension . He got a lot of hassle to the extent of arguing over his monthly bank deposits ,  he was told this is the last time , next time 800k in the bank .    A few days ago

[superal]

On 4/14/2019 at 10:14 AM, Mike Teavee said:

Disagree... my income is > 400,000 THB per month (I'm still working in Singapore) but I only move money when I think the FX rate is good (Last time I moved any was in Nov/Dec)

 

I would have no problem if they said I needed to move an average of 65,000 THB over the year but I'm not going to transfer it every month (& there was a report that it needed to happen at the same time within a couple of days each month) 

Interesting conversation that I heard recently .

Deposit 70k baht in your Thai account from abroad . Before the month is up withdraw it and deposit it into another  Thai account and transfer it back to your home country account using Deemoney , cost 150 baht , then transfer back the 70k to your Thai account for the next months f/t show . So the cost is 300 baht a month x 12 = 3600 baht for the year .  I don't think it breaks any rules unless you know better .

[Mike Teavee]

28 minutes ago, superal said:

Interesting conversation that I heard recently .

Deposit 70k baht in your Thai account from abroad . Before the month is up withdraw it and deposit it into another  Thai account and transfer it back to your home country account using Deemoney , cost 150 baht , then transfer back the 70k to your Thai account for the next months f/t show . So the cost is 300 baht a month x 12 = 3600 baht for the year .  I don't think it breaks any rules unless you know better .

"Ticks all the Boxes" & you might even be able to cut out the 2nd account by taking the cash straight to Deemoney & sending it from there (obviously depends on whether you'r e near one of their branches).

 

You'll most probably lose on FX rates & there will be charges in & out but technically it meets the requirements

 

 

[Pib]

Yep...there is also approx 1% loss in currency exchange assuming the the exchange rate has been stable since orginally transferring the funds into Thailand.

[onera1961]

On 4/13/2019 at 10:14 PM, Mike Teavee said:

Disagree... my income is > 400,000 THB per month (I'm still working in Singapore) but I only move money when I think the FX rate is good (Last time I moved any was in Nov/Dec)

I wonder with that kind of income why do you like to retire in Thailand? Is the lure of cheap sex with young girls overpowers the consequences of inhaling smogs and smelling stinky sois or you have a family in Thailand? I have less income and live comfortably in Europe and US. 

[Naam]

Quote

Mike Teavee said:

Disagree... my income is > 400,000 THB per month (I'm still working in Singapore) but I only move money when I think the FX rate is good (Last time I moved any was in Nov/Dec)

 

2 hours ago, onera1961 said:

I wonder with that kind of income why do you like to retire in Thailand? Is the lure of cheap sex with young girls overpowers the consequences of inhaling smogs and smelling stinky sois or you have a family in Thailand? I have less income and live comfortably in Europe and US. 

living "comfortably" is a matter of personal perception. with double the income (minus taxes) i'd would live like (what i consider) a pauper anywhere in central or western Europe. horses for courses.

[Mike Teavee]

4 hours ago, onera1961 said:

I wonder with that kind of income why do you like to retire in Thailand? Is the lure of cheap sex with young girls overpowers the consequences of inhaling smogs and smelling stinky sois or you have a family in Thailand? I have less income and live comfortably in Europe and US. 

Believe or not, I'm not into young girls, I prefer them mid 30s-40s & (as a reasonably fit/presentable 53yr old) have no problem meeting "Normal" girls in this age range in Singapore or Thailand.

 

But you do ask a very good question & if you would have asked me a couple of years ago, I would have said that I simply love Thailand, I love the people, food, culture etc.... Plus, having lived overseas for >12 years, Bangkok is the only place outside of SIngapore that I have any mates nowadays (even my best mate since we were kids, works in Bangkok). 

 

Today I'm honestly not so sure & am giving serious thoughts to retiring somewhere else, as a Brit it's not easy for me to retire to the US or I honestly would do at least a few years traveling around the country, but Portugal appeals to me & LATAM as I've never really explored that part of the world.

 

As you can probably guess, I love to travel & explore new places so if I were to stay in Asia, one other draw about Thailand & Bangkok in particular is it's probably the 2nd best airport (behind Singapore) for getting flights to other places.

 

KL would be another option, I did retire briefly at 48, spent 15 months using KL as my base (mate who now works in Bangkok had a large company paid condo there & suggested that I used it as my base as I was going to be spending a lot more time travelling than living there) but I much prefer Bangkok.

 

[Mike Teavee]

1 hour ago, Naam said:

 

living "comfortably" is a matter of personal perception. with double the income (minus taxes) i'd would live like (what i consider) a pauper anywhere in central or western Europe. horses for courses.

I am curious Naam as I know you're very financially astute, which method do you use for extending your Visa?

 

 

[KittenKong]

12 hours ago, onera1961 said:

I wonder with that kind of income why do you like to retire in Thailand? Is the lure of cheap sex with young girls overpowers the consequences of inhaling smogs and smelling stinky sois or you have a family in Thailand? I have less income and live comfortably in Europe and US. 

Last I heard it is entirely possible to be retired in a plush mansion overlooking the Andaman sea and also like cheap sex with young girls. I dont think that living in a Bangkok slum is a prerequisite at all.

 

In fact for those with a retirement income of 400,000B/month I can see some significant tax advantages of living here, and those could easily outweigh the downsides of traffic and garbage even if they do choose to live in town.

[KittenKong]

8 hours ago, Mike Teavee said:

Today I'm honestly not so sure & am giving serious thoughts to retiring somewhere else, as a Brit it's not easy for me to retire to the US or I honestly would do at least a few years traveling around the country, but Portugal appeals to me & LATAM as I've never really explored that part of the world.

If it was easier I would probably move permanently to the US also. Not for the people or the way of life, but for the scenery and the roads and the climate and above all the space. But the obstacles are just too great.

 

Portugal would be my top choice of everywhere else as a permanent place to live, and I would also like to visit some places in South and Central America.

[Naam]

11 hours ago, Mike Teavee said:

12 hours ago, Naam said:

living "comfortably" is a matter of personal perception. with double the income (minus taxes) i'd would live like (what i consider) a pauper anywhere in central or western Europe. horses for courses.

I am curious Naam as I know you're very financially astute, which method do you use for extending your Visa?

THB 800k for me (joint bank account) and THB 800k for my wife (separate account). until two years ago my wife was "piggy-backing" on my extension. but then i found out that she has exactly 7 days to leave the country (in case something happens to me) and apply again for a "retirement visa" which Thai Immigration call "extension of stay in their infinite wisdom".

 

if the underlying of your question is "why would somebody financially astute waste yield opportunities?" my answer is "we have a multiple amount of cash lazying around on half a dozen bank account in different countries yielding zero interest. therefore THB 1.6mm more or less doesn't make any difference.

 

in this context i would like to add that i am aware of the difficulties some expats face because they are financially not liquid enough to meet the "800k", especially combined with the new restrictions. there's no need for blame or to pick on them.

 

but to those who claim "i can make more by..." and "i don't trust Thai banks" i say "gimme a break!"

 

 

 

[sfokevin]

1 hour ago, Naam said:

THB 800k for me (joint bank account)

What type of joint account?... I thought Immigration would not accept joint accounts for the deposit method...

[Mike Teavee]

3 hours ago, Naam said:

THB 800k for me (joint bank account) and THB 800k for my wife (separate account). until two years ago my wife was "piggy-backing" on my extension. but then i found out that she has exactly 7 days to leave the country (in case something happens to me) and apply again for a "retirement visa" which Thai Immigration call "extension of stay in their infinite wisdom".

 

if the underlying of your question is "why would somebody financially astute waste yield opportunities?" my answer is "we have a multiple amount of cash lazying around on half a dozen bank account in different countries yielding zero interest. therefore THB 1.6mm more or less doesn't make any difference.

 

in this context i would like to add that i am aware of the difficulties some expats face because they are financially not liquid enough to meet the "800k", especially combined with the new restrictions. there's no need for blame or to pick on them.

 

but to those who claim "i can make more by..." and "i don't trust Thai banks" i say "gimme a break!"

 

 

 

Thanks Naam... sums up my thoughts exactly.

 

I have full respect for the guys who are honest enough to say they're not liquid enough to leave the 800K but do get a bit pissed off at the guys who call people who do leave the 800K an "Idiot"/Financially illiterate because they choose to do so.... I think the irony is lost on them

 

 

 

[Naam]

4 hours ago, sfokevin said:

What type of joint account?... I thought Immigration would not accept joint accounts for the deposit method... 

not sure but i think that applies Expat/Thai couples. my wife is not Thai.