Why do people remove the 800k?

[Fairynuff]

Leave it in the bank and get peanuts in interest or move it elsewhere and get real interest.....I know what I’m gonna do

[CapraIbex]

4 minutes ago, jacko45k said:

But if you want to circumvent them, see a Thai and bring money!

Paying for special services can be perilous - in any country.

[Ozman52]

1 hour ago, Rally123 said:

Because in a Credit Union you can get more interest, between 4-6%, than in a commercial bank. Only problem being is that immigration does not accept money in a Credit Union as being appropriate when obtaining ones annual visa.

The number of times I have heard of Credit Unions being ripped by directors makes that a sensible policy.

[jacko45k]

2 minutes ago, CapraIbex said:

Paying for special services can be perilous - in any country.

Are you familiar with Thailand.? It is an advertised and quite well used process. 

Edited May 22, 2019 by jacko45k

[geoffbezoz]

2 hours ago, Dania2019 said:

Many people are like you, bud the thai government don`t care about farang. In Thailand there are more than 20 million poor people that have les than you. Mostly farang use more money in a month than those poor people earn in one year. Even that the government here don`t care to make our life good. So what is Thailand?  

Clearly you missed the meaning of my post so allow me to elaborate, not to criticise your post.

 

People can be rich of mind because of what they do and how they care for others. Irrespective of whether there are 10 million or 20 million people living in poverty ( and I live amonsgt them ), many of those paupers are probably richer in mind then many foreigners living in the "glass" palaces of Bangkok or Pattaya whom  decry those Farangs and other foreigners who live solely on their pensions, and there are many on TV,  and also blaming the very poor of Thailand for their own problems.

 

Yes their lives are a hard, but many of them have got something a lot better than many wealthy Farangs will ever have - A caring and compassionate heart for others. Living amongst them gives you the humility to understand quite how lucky you are and how rich in compassion and care they have for each other and yes even for their "adopted" Farang friends. Something that is priceless.

[CapraIbex]

22 minutes ago, jacko45k said:

But if you want to circumvent them, see a Thai and bring money!

Sure, at your own risk.

[CapraIbex]

15 minutes ago, jacko45k said:

Are you familiar with Thailand.? It is an advertised and quite well used process. 

Many services advertised here or anywhere else may not be in accordance with the local law.

[jacko45k]

Just now, CapraIbex said:

Many services advertised here or anywhere else may not be in accordance with the local law.

And? Breaking laws is hardly a rare thing, policing them is!

[Gecko123]

I used to roll my eyes when people claimed that the reason they refused to deposit 800K was because they didn't trust Thai banks. But after all the recent immigration changes which seem to be predicated on the idea that foreigners have an endless supply of money at their disposal (you leave money in bank all the time, maybe now you buy medical insurance),  the idea that if Thailand ever had a banking crisis that the government might unilaterally decide bank insurance doesn't apply or only partially applies to foreigners (say, a Rule 44 decree) isn't so farfetched. During the Cyprus banking crisis foreign depositors were disproportionately affected, so it's not like this has never happened before.

 

Given that worldwide sovereign, corporate, and consumer debt levels are so high worldwide, right now I think if I had a choice between the 800K on deposit requirement and the monthly income requirement, I would be inclined to choose the monthly income method in order to minimize my exposure to the Thai banking system.

 

Edited May 22, 2019 by Gecko123

[Fairynuff]

13 hours ago, DrJack54 said:

had to opt for a fixed deposit in au 2.7% on 800k aud

There are so many ways to invest and get so much more without huge risk At 2.7% you’re almost losing money if you take inflation into account.

[jacko45k]

1 minute ago, Fairynuff said:

There are so many ways to invest and get so much more without huge risk At 2.7% you’re almost losing money if you take inflation into account.

This is a Forum focusing on Thailand Visas and residency, not investing. The payoff for putting 800.000 in a Thai bank is not the poor 1.25% but the ability to retire here for a year, instead of in the UK.... 

[phuketrichard]

Hmmm well; my scb pays 1.2% interest.

My Cambodian Prasac account pays 8% ( -7% tax on interest earned)

where would you leave your money for 9 months, (before)

NOw i lose .....

[Fairynuff]

12 hours ago, arithai12 said:

re: investments, you forgot to say that you can also lose it.

Now since a wise person should invest only what he/she can afford to lose, it follows that if you can invest 800k you also have much more than 800k safely stashed and therefore it makes no sense to invest exactly the funds you need for the yearly extension.

 

Or you are not wise, which is of course ok.

 

There’s no such thing as no risk. The rule is simple, the higher the risk, the higher the reward

[CapraIbex]

7 minutes ago, Fairynuff said:

There are so many ways to invest and get so much more without huge risk At 2.7% you’re almost losing money if you take inflation into account.

https://tradingeconomics.com/australia/inflation-cpi

"The annual inflation rate in Australia fell to 1.3 percent in the first quarter 2019..."

[Gecko123]

People who are arguing that they don't want to deposit money in Thai banks because the returns are so low may need a reality check. Everybody needs to have short-term cash and a 3-6 month emergency fund readily available no matter where you live. A 3 year term deposit in BKK bank currently earns 1.75% interest or 1.49% after tax withholding. This is much higher than most bank deposit rates in Europe. Three yr US Treasuries yield 2.25%; 3 year Australian govt bonds yield 1.20%. You can't compare returns on short-term/emergency fund cash to returns on riskier investments such as stocks, high yield bonds which are less liquid and have more volatile returns.

Edited May 22, 2019 by Gecko123

[spidermike007]

15 hours ago, Jingthing said:

I spend it down and then top it up. Under the new rules that's more restrictive. I have followed the rules for over 10 years and feel I am being punished for something that has nothing to do with me. It makes me angry and distrustful of the system here.

Sent from my Lenovo A7020a48 using Thailand Forum - Thaivisa mobile app
 

And you should be. We contribute far more per capita than the average Thai to the economy here. Many of us spend 100,000 baht per month, or more. Not asking for an award, but the government and immigration should be grateful to have us here. We contribute to the culture here, most of us are honest and respectful, and we deserve the respect of these horribly incompetent fools. We only get their scorn, racist hatred and pushback. The army, Prayuth, and immigration here are abominations on Thai society, are moving the nation backwards, and behave like fools. 

 

In regard to the original post, it is quite obvious that canadasam does not have any financial issues, or he would not have to ask a silly question.

Edited May 22, 2019 by spidermike007

[Fairynuff]

14 minutes ago, jacko45k said:

This is a Forum focusing on Thailand Visas and residency, not investing. The payoff for putting 800.000 in a Thai bank is not the poor 1.25% but the ability to retire here for a year, instead of in the UK.... 

This post is about what people do with their money

[Fairynuff]

3 minutes ago, Gecko123 said:

People who are arguing that they don't want to deposit money in Thai banks because the returns are so low may need a reality check. Everybody needs to have short-term cash and a 3-6 month emergency fund readily available no matter where you live. A 3 year term deposit in BKK bank currently earns 1.75% interest or less 15% tax withholding or 1.49% after tax. In comparison this is much higher than almost all European and Japanese, etc. bank deposit rates. Three yr US Treasuries yield 2.25%; 3 year Australian govt bonds yield 1.20%. You can't compare returns on short-term/emergency fund cash to returns on riskier investments such as stocks, high yield bonds which are less liquid and have more volatile returns.

I understand your point, however my higher yielding investments are still mostly easily liquidated without penalty.

[CapraIbex]

31 minutes ago, Gecko123 said:

I used to roll my eyes when people claimed that the reason they refused to deposit 800K was because they didn't trust Thai banks.

Same here. There was a time when the interest rates were 13%. At the time nobody cared about anything but depositing as much as one could afford - LOL.

[Kadilo]

7 minutes ago, Fairynuff said:

This post is about what people do with their money

No, it’s about what people SAY they do with their money. 

[Psimbo]

I ringfenced in 800k a number of years back when I got good USD exchange rates (and it was 'free' money due to a bonus from some work I did)- now I don't have to concern myself with trying to top up at the right time if exchange rates are crap.

 

I bring in money as and when the rates are a bit better. I haven't touched my GBP for years as with Brexit uncertainty Sterling is in the tubes at present. i would like to see GBP up to 45 (preferably 50) but that isn't going to happen in the near future so I'll stick to USD for now.

[Graviton]

15 hours ago, ivor bigun said:

Or they move money when rates are better,or a hundred other reasons.
Ok close the thread now

Sent from my SM-A720F using Thailand Forum - Thaivisa mobile app
 

FCD Eliminates exchange rates?

[Gecko123]

18 minutes ago, Fairynuff said:

I understand your point, however my higher yielding investments are still mostly easily liquidated without penalty.

I understand your point about being able to redeem shares or make withdrawals without penalty, but if your investments are higher yielding, by definition you are being paid to assume more risk.

 

Risk is defined as the possibility that actual returns will be different from expected returns. The whole purpose of short-term and emergency funds is not only that they are immediately accessible, but also that the principal is exposed to minimal risk so that it is always available with a high degree of certainty.

Edited May 22, 2019 by Gecko123

[Graviton]

4 minutes ago, Psimbo said:

I ringfenced in 800k a number of years back when I got good USD exchange rates (and it was 'free' money due to a bonus from some work I did)- now I don't have to concern myself with trying to top up at the right time if exchange rates are crap.

 

I bring in money as and when the rates are a bit better. I haven't touched my GBP for years as with Brexit uncertainty Sterling is in the tubes at present. i would like to see GBP up to 45 (preferably 50) but that isn't going to happen in the near future so I'll stick to USD for now.

I have the money in a FCD account based at ฿35 to £ plus a good pension but alas at ฿41 I don't quite reach 65k a month but still very safe within the parameters.

[Fairynuff]

32 minutes ago, CapraIbex said:

https://tradingeconomics.com/australia/inflation-cpi

"The annual inflation rate in Australia fell to 1.3 percent in the first quarter 2019..."

Wow.... a 1.4% return

[Mitkof Island]

No common sense. Not enough money for you know what.

[Graviton]

15 hours ago, Odysseus123 said:

But..don't you want a few more Dorothy Dixers?

 

Such as.."Why don't "farang" give the local noodle shop lady 3 million baht when she asks for it?It's but a loan..

It's at least a £10,000,000,000 permanent loan to the banks?????

[wgdanson]

4 minutes ago, Graviton said:

I have the money in a FCD account based at ฿35 to £ plus a good pension but alas at ฿41 I don't quite reach 65k a month but still very safe within the parameters.

Isn't a FCD...foreign currency deposit.....account in GBPs and so is subject to the current exchange rate as and when you decide to exchange some of it?

[jacko45k]

Just now, wgdanson said:

Isn't a FCD...foreign currency deposit.....account in GBPs and so is subject to the current exchange rate as and when you decide to exchange some of it?

Also at the time one uses it to cover the 800,000 baht on deposit obligation. 

[ubonjoe]

2 hours ago, ubonjoe said:

I have removed several off topic inflammatory, bickering posts and replies to the them. Much more of the same will result in this topic being closed.  No further notice of posts being removed will be given. If your post disappears you can assume it stepped over the line.

More posts removed and topic has gone off topic in most posts.

Topic now