Retirement 800,000

[salavan]

I assume you can't change promotions on the account either 

Like 3 month fixed account updated to a 6 month fixed account because that would be the same as closing the account 

When should I get my book updated every 3 calender months or every 90 days exactly on the day the day before or the day after so many ifs and buts immigration can easy trip you up 

[Tanoshi]

1 minute ago, salavan said:

I assume you can't change promotions on the account either 

Like 3 month fixed account updated to a 6 month fixed account because that would be the same as closing the account 

When should I get my book updated every 3 calender months or every 90 days exactly on the day the day before or the day after so many ifs and buts immigration can easy trip you up 

Who do you bank with?

[salavan]

Just now, Tanoshi said:

Who do you bank with?

Government saving bank

[Tanoshi]

2 minutes ago, salavan said:

Government saving bank

Thanks.

I assume you only have a 3 month fixed term account, or is it a longer term.

[salavan]

3 minutes ago, Tanoshi said:

Thanks.

I assume you only have a 3 month fixed term account, or is it a longer term.

12 month fixed deposit

[Tanoshi]

1 minute ago, salavan said:

12 month fixed deposit

Thanks.

At the end of the 12 month period, you should be renewing the 12 month term again.

Your passbook will be updated on that day with interest added showing total balance.

You then roll over into another 12 month term, with no change to account number.

They may issue a new book, or continue using the existing book.

 

There is no need to make deposits or withdrawals in-between.

Update the book in branch on the day of extension application to bring the balance forward to that date.

If they issued another book when renewing the term, take both books.

 

[jacko45k]

20 hours ago, Tanoshi said:

He uses the 800k funds method in a separate account.

On the day of his application he merely needs to update the passbook in branch (no deposits or withdrawals) to bring the printed balance forward to that date.

This seems to vary between banks and even type of account. My BB savings will always print an update balance line. My friends at other banks tell me theirs only prints if some transactions have occurred and it may not prove it was updated that day. Making a small deposit or withdrawal on the day you do the letter just makes sure. 

If a FD account is used it certainly isn't convenient to make a withdrawal, and a small deposit is not accepted. If it is it certainly messes things up. 

[Tanoshi]

1 hour ago, jacko45k said:

This seems to vary between banks and even type of account. My BB savings will always print an update balance line. My friends at other banks tell me theirs only prints if some transactions have occurred and it may not prove it was updated that day. Making a small deposit or withdrawal on the day you do the letter just makes sure. 

If a FD account is used it certainly isn't convenient to make a withdrawal, and a small deposit is not accepted. If it is it certainly messes things up. 

The key words were in branch.

Passbook ATM's will not always update without a deposit or withdrawal, depending on the bank, but the counter can update without any transactions and bring the balance forward.

[jacko45k]

1 minute ago, Tanoshi said:

The key words were in branch.

Passbook ATM's will not always update without a deposit or withdrawal, depending on the bank, but the counter can update without any transactions and bring the balance forward.

And I repeat, mine gets an update line at the machines available outside too. Sometimes I have a double line, as the teller then puts it through the machine next to her as well. Doesn't matter, I just withdraw a 1000 or so prior as a routine now, to be sure. 

Withdraw, update book, letter, copy of book please. Off to Imm!

Immigration is too far from my home to risk going back and forth, plus I can get some entertainment in the next street with the money!

[Tanoshi]

15 minutes ago, jacko45k said:

And I repeat, mine gets an update line at the machines available outside too. Sometimes I have a double line, as the teller then puts it through the machine next to her as well. Doesn't matter, I just withdraw a 1000 or so prior as a routine now, to be sure. 

Withdraw, update book, letter, copy of book please. Off to Imm!

Immigration is too far from my home to risk going back and forth, plus I can get some entertainment in the next street with the money!

Everyone needs to go in branch to acquire the letter.

Just ask a teller to update your book.

Why make hard work of an easy task.

[Old Croc]

I do all my banking on line.

Once a year, I physically enter a bank branch to pay them extra monies to produce a letter and a statement for Immigration. This fee is levied despite the fact they have had the use of a couple of million of my money for many years.

This is also the only time my bank book is dusted off, and updated, purely for the benefit of Immigration. In the past the bank has always updated it to include all transactions for the previous year. This year they did not. They simply printed two lines showing the total of incoming and outgoing transactions since the last update.

My protestations were answered by the typical Thai smiles and vacant looks and a refusal to amend the record. I attempted to argue on the basis of need (Immigrations), precedence and customer requirement, to no avail.  To appease me they did give me a statement covering two full years for FREE. When I pointed out I had already paid 100 baht for a statement I got the blank face.

This year the K bank WILL lose my custom. The money WILL be removed, albeit always mindful of new Immi seeding regulations.

Immigration did accept my bank book as it was making me wonder if they even examine it, and instead created an annoyance by manufacturing a need to supply yet another picture of myself in front of the house.

With my bank statement supplied for them to check my financial business, I really can't understand why the ubiquitous bank book even exists, nor why Immigration require a copy of it.

[watcharacters]

On 5/4/2019 at 1:05 AM, Old Croc said:

They can ask for many extra things just to create an annoyance. 

 

Another vote for using an agent!

 

 

[Old Croc]

1 minute ago, watcharacters said:

 

Another vote for using an agent!

 

 

Some would say paying a crook to avoid the annoyances is in itself very annoying

[watcharacters]

2 minutes ago, Old Croc said:

Some would say paying a crook to avoid the annoyances is in itself very annoying

 

If you're implying the individuals working in the visa industry as agents are crooks, that shows how little you know about the industry.

[Old Croc]

1 minute ago, watcharacters said:

 

If you're implying the individuals working in the visa industry as agents are crooks, that shows how little you know about the industry.

I have never had personal contact with these agents in this country. My knowledge has been gleaned from reading scores of posts on these pages about their practices of paying bribes to Immigration Officers to gain advantage.

In my legal training paying bribes is a crime and the perpetrators are crooks. 

A personal connection for you? 

[CMNightRider]

This may come as a shock to many of you feather merchants out there who deposited 800,000 baht in a Thai bank, to abide by immigrations financial requirement but wealthy Thais do not bank in Thailand.  These people prefer western banks and Swiss banks tend to be their preferred choice.  

 

For you naive posters who occupy a bubble inside Thailand, please don't ask what survey or article this information is coming from.  However, if you were to read where the Thai elite bank or more recently transferred large sums of money out of Thailand, you will begin to see how ridicules this requirement is for foreigners. 

[Orton Rd]

55 minutes ago, watcharacters said:

 

If you're implying the individuals working in the visa industry as agents are crooks, that shows how little you know about the industry.

Of course they are involved in illegal activity. While not illegal for an officer to ignore the financial requirements for an extension, it IS illegal to bribe an officer to do so.

[marcusarelus]

1 hour ago, CMNightRider said:

This may come as a shock to many of you feather merchants out there who deposited 800,000 baht in a Thai bank, to abide by immigrations financial requirement but wealthy Thais do not bank in Thailand.  These people prefer western banks and Swiss banks tend to be their preferred choice.  

 

For you naive posters who occupy a bubble inside Thailand, please don't ask what survey or article this information is coming from.  However, if you were to read where the Thai elite bank or more recently transferred large sums of money out of Thailand, you will begin to see how ridicules this requirement is for foreigners. 

Thais put their money offshore like I put my money in Thailand.  Same idea.  Did you ever wonder why so many from your country bank offshore? 

[jacko45k]

20 hours ago, Tanoshi said:

Everyone needs to go in branch to acquire the letter.

Just ask a teller to update your book.

Why make hard work of an easy task.

I have this fear that she will issue the letter before she will update the book, and the two will mismatch. That is all. 

[CMNightRider]

22 hours ago, marcusarelus said:

Thais put their money offshore like I put my money in Thailand.  Same idea.  Did you ever wonder why so many from your country bank offshore? 

I have never met anyone from any country who talked about or suggested to anyone about banking in Thailand, lol.  However, most who want to make the most from their money, bank with brokerage accounts in the US, or use the Swiss banks.

 

I'm surprised to see a fair number of posters who not only think depositing 800,000 baht in a Thai bank is reasonable but brag about doing it.  I guess it is some sort of status symbol amid those who would be welfare recipients if living in a western country.  

 

These people even have their own jargon like "seasoning" their 800,000 baht to meet immigrations loony requirement.  You just can't make stuff like this up. 

 

   

[xylophone]

21 minutes ago, CMNightRider said:

I have never met anyone from any country who talked about or suggested to anyone about banking in Thailand, lol.  However, most who want to make the most from their money, bank with brokerage accounts in the US, or use the Swiss banks.

 

I'm surprised to see a fair number of posters who not only think depositing 800,000 baht in a Thai bank is reasonable but brag about doing it.  I guess it is some sort of status symbol amid those who would be welfare recipients if living in a western country.  

 

These people even have their own jargon like "seasoning" their 800,000 baht to meet immigrations loony requirement.  You just can't make stuff like this up. 

 

   

I thought that it was an Immigration edict that the 800k had to be deposited into a Thai bank???

[Tanoshi]

13 minutes ago, xylophone said:

I thought that it was an Immigration edict that the 800k had to be deposited into a Thai bank???

It is if using the funds in the bank method.

For those still able to obtain an Embassy Income letter, they can invest their lump sums wherever they want.

 

There are also those who like to brag about their wealth and look down on those who only have the measly 800K deposited in a Thai bank. We had two such locals, but now they can't obtain Embassy Income letters their changing to marriage extensions because they don't have 800K and can't transfer 65K per month.

[petermik]

9 hours ago, CMNightRider said:

 

 

These people even have their own jargon like "seasoning" their 800,000 baht to meet immigrations loony requirement.  You just can't make stuff like this up. 

 

   

Mine,s "seasoned" with cumin..coriander and a pinch of chili pepper

[marcusarelus]

2 hours ago, CMNightRider said:

I have never met anyone from any country who talked about or suggested to anyone about banking in Thailand, lol.  However, most who want to make the most from their money, bank with brokerage accounts in the US, or use the Swiss banks.

 

I'm surprised to see a fair number of posters who not only think depositing 800,000 baht in a Thai bank is reasonable but brag about doing it.  I guess it is some sort of status symbol amid those who would be welfare recipients if living in a western country.  

 

These people even have their own jargon like "seasoning" their 800,000 baht to meet immigrations loony requirement.  You just can't make stuff like this up.

You were discussing Thais depositing money off shore.  But, since you asked, I put my money in a Thai bank because I live in Thailand and have done quite well since moving here.  How has your currency done against the Baht in the past 20 years?

[xylophone]

3 hours ago, Tanoshi said:

It is if using the funds in the bank method.

For those still able to obtain an Embassy Income letter, they can invest their lump sums wherever they want.

 

There are also those who like to brag about their wealth and look down on those who only have the measly 800K deposited in a Thai bank. We had two such locals, but now they can't obtain Embassy Income letters their changing to marriage extensions because they don't have 800K and can't transfer 65K per month.

I thought I'd been through all of the possible scenarios with regards to depositing money here on a monthly basis and I do get a couple of small pensions, but thought about topping that up with a monthly amount sent from my NZ bank.............but the problem being that if I wanted to get a regular amount sent automatically from my NZ bank, they won't do it, and by that I mean they will not transfer overseas automatically.

 

That means I have to delve into my bank account every month and send a lump sum manually and whilst that doesn't seem to be much of a problem, if I became sick or hospitalised and missed a payment, then there would be a huge sh1tfight and IMM would not look kindly on it.

 

Although I hate doing it, I feel the 800 K in the bank is probably the safest method (for me anyway) although I would dearly love to have a "foolproof" way of getting round it.

 

Recommendations and ideas will be gratefully received!

[Leaver]

8 hours ago, CMNightRider said:

I have never met anyone from any country who talked about or suggested to anyone about banking in Thailand, lol.  However, most who want to make the most from their money, bank with brokerage accounts in the US, or use the Swiss banks.

 

I'm surprised to see a fair number of posters who not only think depositing 800,000 baht in a Thai bank is reasonable but brag about doing it.  I guess it is some sort of status symbol amid those who would be welfare recipients if living in a western country.  

 

These people even have their own jargon like "seasoning" their 800,000 baht to meet immigrations loony requirement.  You just can't make stuff like this up. 

 

   

But if you ask them, they'll tell you, "My visa only costs 1900 baht."  ????????

Edited May 7, 2019 by Leaver

[Leaver]

5 hours ago, petermik said:

Mine,s "seasoned" with cumin..coriander and a pinch of chili pepper

Mine's seasoned with a government deposit guarantee, rule of law, a stable government, a growing economy, and a better interest rate.  ????

[Leaver]

3 hours ago, xylophone said:

I thought I'd been through all of the possible scenarios with regards to depositing money here on a monthly basis and I do get a couple of small pensions, but thought about topping that up with a monthly amount sent from my NZ bank.............but the problem being that if I wanted to get a regular amount sent automatically from my NZ bank, they won't do it, and by that I mean they will not transfer overseas automatically.

 

That means I have to delve into my bank account every month and send a lump sum manually and whilst that doesn't seem to be much of a problem, if I became sick or hospitalised and missed a payment, then there would be a huge sh1tfight and IMM would not look kindly on it.

 

Although I hate doing it, I feel the 800 K in the bank is probably the safest method (for me anyway) although I would dearly love to have a "foolproof" way of getting round it.

 

Recommendations and ideas will be gratefully received!

Why don't you open an account with a Global bank in NZ.  Set up a period payment to that global bank from your regular NZ bank.  Set up a scheduled international transfer from the global bank to your Thai bank. 

 

Leave a week between all the periodic payments and scheduled payments to account for public holidays, and your money should be in your Thai account regular as clock work. 

[Tanoshi]

11 minutes ago, Leaver said:

Mine's seasoned with a government deposit guarantee, rule of law, a stable government, a growing economy, and a better interest rate.  ????

Which Country is that then? 

[xylophone]

1 hour ago, Leaver said:

Why don't you open an account with a Global bank in NZ.  Set up a period payment to that global bank from your regular NZ bank.  Set up a scheduled international transfer from the global bank to your Thai bank. 

 

Leave a week between all the periodic payments and scheduled payments to account for public holidays, and your money should be in your Thai account regular as clock work. 

Thanks and looking into it now....................