what to do with 800.000 THB in thai account?

[DrJack54]

8 hours ago, The Theory said:

That's right. For changing to a retirement extension you need to cancel the marriage extension. Not a good time for this. 

You don't cancel anything. If he currently has an extension based on marriage then for his next extension he can change to based on retirement. Of course he would need to satisfy the financial requirements.

[zzzzz]

36 minutes ago, vandeventer said:

They are like stuck together, where one goes the other one goes. I am thinking of going to Cambodia until the covid dies down and maybe thinks will get back to normal. I have too many things to sell house, cars motorcycles the normal stuff after 20 years of living here. I really need some currant info on Cambodia like is the border open can i get a visa at the border. I am running out of time with so many things to do. They won't give me any more time, their harts must be cold as ice.

 

1st, contact an agent, TODAY  I know a few people that were here on marriage extensions and transferred to a retirement extension.  FYI: you dont cancel anything
If you have a Non O visa, it will cost ya 14,000 baht ( no money in bank) or less ( if you have money in the bank 2 months)

 

You WONT get into Cambodia as they are NOT issuing tourists visas at all, at the embassy an forget the border...

Only those that have current work visas, married to a Khmer and or an invitation from a company that is hiring you.

 

 

[ubonjoe]

1 hour ago, DrJack54 said:

You don't cancel anything. If he currently has an extension based on marriage then for his next extension he can change to based on retirement. Of course he would need to satisfy the financial requirements.

Immigration does consider changing the reason for a extension of stay as completely new extension and will cancel the existing one on the day of application. The new extension will start from that day instead of when the existing one ends.

[vandeventer]

30 minutes ago, zzzzz said:

1st, contact an agent, TODAY  I know a few people that were here on marriage extensions and transferred to a retirement extension.  FYI: you dont cancel anything
If you have a Non O visa, it will cost ya 14,000 baht ( no money in bank) or less ( if you have money in the bank 2 months)

 

You WONT get into Cambodia as they are NOT issuing tourists visas at all, at the embassy an forget the border...

Only those that have current work visas, married to a Khmer and or an invitation from a company that is hiring you.

 

 

You know you when you do things all the right way and it is still no good for them. Yes I have the money in the bank for over 2 months .As I was leaving yesterday a few of the guys pointed to a agent working there and remarked ,under the table. I really hate this, it's not the money it's the BS way they do things.

[vandeventer]

3 minutes ago, ubonjoe said:

Immigration does consider changing the reason for a extension of stay as completely new extension and will cancel the existing one on the day of application. The new extension will start from that day instead of when the existing one ends.

Ubonjoe, so what am I to do. They won't give me any more time and I can't get out of the country with so many lockdowns. I  don't have wings,

do I go on overstay  until my wife and son are better than go to CM IO?

[zzzzz]

51 minutes ago, vandeventer said:

You know you when you do things all the right way and it is still no good for them. Yes I have the money in the bank for over 2 months .As I was leaving yesterday a few of the guys pointed to a agent working there and remarked ,under the table. I really hate this, it's not the money it's the BS way they do things.

sometimes ( especially in ur case) you just need accept the BS and get on with your life.

[ChrisY1]

On 11/15/2020 at 9:25 AM, HampiK said:

SCB for example give 1.5% on the special saving account. You have to check if this account is accepted for your Immigration.

There are other banks CIMB which give 1.5% as well. Then there are Deposit accounts, which are often accepted as well. 

I am not sure if 1.5% is enough for you, but I think this is not that bad...

 

K-Bank, KTB have similar accounts (1.5% interests), but unfortunately this account can only opened with a Thai ID (LaserID). so not usable for foreigners.

If the bank is a commercial bank, there are no issues...corporate banks are not accepted.

[Sheryl]

2 hours ago, vandeventer said:

They are like stuck together, where one goes the other one goes. I am thinking of going to Cambodia until the covid dies down and maybe thinks will get back to normal. I have too many things to sell house, cars motorcycles the normal stuff after 20 years of living here. I really need some currant info on Cambodia like is the border open can i get a visa at the border. I am running out of time with so many things to do. They won't give me any more time, their harts must be cold as ice.

 

The border is not open. You can only arrive by plane and thete are no direct flights between Bangkok and Phnom Penh, you have to route via Singapore or Korea.

 

No visa on arrival and no tourist visa either (COVID...presumably will be once the pandemic ends).  You would have to get a regular visa from a Cambodian Embassy. If tpy are over 50 you can then extend it for a year on basis of retirement.

 

Mandatory COVID testing and 14 day quarantine on arrival at a designated hotel. You have to pay a $2000 deposit on arrival against costs of quarantine and testing.

 

Thete is also a mandatory COVID  insurance requirement.

 

 

[Postmaster]

Interesting subject and helpful comments. I just leave my 800,000 in Bangkok Bank and forget about it but seeing the comments about interest rates falling at the end of the contract period reminded me to go and check my deposit today.Thanks.

[The Theory]

3 hours ago, DrJack54 said:

You don't cancel anything. If he currently has an extension based on marriage then for his next extension he can change to based on retirement. Of course he would need to satisfy the financial requirements.

You are knowledgeable  Dr why don't you assist him to do so !!!!!!  ????

 

[KKr]

On 11/15/2020 at 9:25 AM, ubonjoe said:

It has to be in a Thai bank account but you can have it in a fixed term account that allows immediate withdrawal with no penalties other than loss of interest.

Actually the bank account only option is a bit odd. 
for different visa types I saw government bonds as an alternative to cash.
Given the semi- permanent status of many Retirees and Marriage Extentioneers here, that would be an attractive option as well.

[EricTh]

3 hours ago, vandeventer said:

They are like stuck together, where one goes the other one goes. I am thinking of going to Cambodia until the covid dies down and maybe thinks will get back to normal. I have too many things to sell house, cars motorcycles the normal stuff after 20 years of living here. I really need some currant info on Cambodia like is the border open can i get a visa at the border. I am running out of time with so many things to do. They won't give me any more time, their harts must be cold as ice.

 

 

https://www.gov.uk/foreign-travel-advice/cambodia/entry-requirements

 

There is no more land border run.

 

 

[EricTh]

5 minutes ago, KKr said:

Actually the bank account only option is a bit odd. 
for different visa types I saw government bonds as an alternative to cash.
Given the semi- permanent status of many Retirees and Marriage Extentioneers here, that would be an attractive option as well.

 

What are the pros and cons of government bonds versus fixed deposit?

 

Do bonds need minimum of x years of deposit?

 

 

[KKr]

10 minutes ago, EricTh said:

 

What are the pros and cons of government bonds versus fixed deposit?

 

Do bonds need minimum of x years of deposit?

 

 

Only some Gov bonds have resets of interest rates, if you buy ‘fixed rate’ longer term say 5 - 15 years left, then you know your % all the time.

should you need cash, can sell the bonds. In case interest rates went up meanwhile, you only get the replacement value what may be a bit less. (Think of it as borrowing money until maturity at a higher rate)

v.v. If interest rates go even lower, you would make a capital gain.

Also, chances of a government default are less than a banks’ 

... usually ... but if that were to happen, from what I have seen, many banks go under as well. 
So little to loose in comparison. 
Admin cost I did not look into, but surely you can challenge your local bank officer with that question ????
 

[Andy from Kent]

On 11/15/2020 at 10:16 AM, anterian said:

My problem is that IO do not understand a fixed deposit account, They do not understand that every 12 months it matures and then rolls over.

 

Amazing Thailand..!

[crazykopite]

On 11/16/2020 at 12:24 PM, KannikaP said:

That's OK, but IF the THB is very high at the time you do your annual Transferwise, then you get a lousy rate for the whole 400k. IMO better to do 50-60k per month to live off,  and leave the 800k alone.

There is a big problem with your explanation you are not allowed a joint account so if you drop dead it’s a nightmare to retrieve the funds I know this as it happened to a good friend of mine 

[eppic]

Okay, for a first extension what happens if immediately after extension the 800k baht is removed from the bank and used / invested elsewhere?

 

I know that technically it must remain for three months after then no less than 400k, but I believe only a couple of immigration offices actually check this and I can't imagine it would be an issue until the next extension.

 

If a second extension is desired, the agent route (cost of14k bt or about 1.75% of 800k) could theoretically be used going forward.  Not hard to earn more than 1.75% elsewhere and money safely out of Thailand.

 

Any problem for this approach? (other than the usual "it's illegal, "it's a bribe", etc.)

 

 

[Jingthing]

11 minutes ago, eppic said:

Okay, for a first extension what happens if immediately after extension the 800k baht is removed from the bank and used / invested elsewhere?

 

I know that technically it must remain for three months after then no less than 400k, but I believe only a couple of immigration offices actually check this and I can't imagine it would be an issue until the next extension.

 

If a second extension is desired, the agent route (cost of14k bt or about 1.75% of 800k) could theoretically be used going forward.  Not hard to earn more than 1.75% elsewhere and money safely out of Thailand.

 

Any problem for this approach? (other than the usual "it's illegal, "it's a bribe", etc.)

 

 

If your office doesn't do the three month money check after extensions (Jomtien still does) then there is no reason that you couldn't do that except if you hope to legitimately apply for a new extension next year. The bank isn't going to report you to immigration.

[eppic]

9 minutes ago, Jingthing said:

If your office doesn't do the three month money check after extensions (Jomtien still does) then there is no reason that you couldn't do that except if you hope to legitimately apply for a new extension next year. The bank isn't going to report you to immigration.

IIRC, Bangkok/CW does not check, correct?

 

For example, let's just say someone (a close personal friend) processed a retirement extension for the sole purpose of staying in Thailand for up to an additional year due to Covid situation in destination country.  In this case, with no intention to stay here long-term (but wishing for an option to do so if necessary), simply withdrawing funds after processing the extension seems to be a pretty good alternative...I mean, why lock up money in a Thai Bank if expecting to leave soon?

[Jingthing]

My understanding is that most offices don't do the three months after money check. Jomtien does. I don't know which others do, if any.