Keeping 400k in a Thai bank

[Druidian]

I wonder which of those would be better for holding a marriage visa. I don't like the idea of keeping 400k in a bank because it's "dead" money but on the other hand I would have to pay an agency every year. What would you do, guys?

[bunnydrops]

Never bet more than you can afford to lose. What would you lose if you got caught?

[AndyAndyAndy]

I just keep it there all year around. It's the cost of the visa... .

[steven100]

It's what is required by the immigration for your intended visa,  so you either do all the necessary paperwork yourself or you use the services of an agency to assist.  It's quite simple really ....

Not sure what you are on about .....   just do what you think suits.  

[recom273]

Maybe do your research. 

 

AFIK agents don't fake anything, it would be difficult, as you need to show stamped bank statements and then a corresponding bank book. More trouble than its worth, I imagine. (ETS: I see the title has now been changed)

 

The usual method would move you to a retirement visa, open a new bank account in your name and apply on your behalf with some jiggery pokery. The retirement is subject to less scrutiny.

 

If you aren't over 50, then you may have to bring the money from overseas.

 

Many of us just leave the 400K in a separate account, you make a bit of interest every year, not a lot, but it works out cheaper and easier in the long run.

 

 

Edited July 20, 2022 by recom273

[MJCM]

Can an agency / agent handle Marriage visas approval?

 

Retirement yes, but Marriage ones are tricky because they get send for approval to the Regional HQ unlike Retirement ones which get handled / approved by the local IO.

Edited July 20, 2022 by MJCM

[steve187]

you must be bring money in for monthly living expenses, so after the extension has been approved start using the 400,000 as monthly living expenses and then top up to the 400,000 2 months before re-applying the following year, you only need to keep the 400,000 in the bank for the seasoning period of 2 months, some IO require it to be there for the under consideration period, keep away from Agents.

[Wrwest]

Just sharing my outlook and reasoning concerning your question. I continue for one more year on my O-A Visa for reason of retirement (for over a decade now). But I use the 65,000 baht monthly income method. In this, I follow your reasoning about parking, in my case what would be 800,000 in a Thai bank when currently those funds are invested and earning me income. OK, but ... I am married to a Thai citizen so ... I could change to a marriage visa (yes, I know = for reason of marriage and the Visa would be an "O"). In the case of the marriage route, as you point out, 400,000 in a Thai bank or 40,000 baht brought in every month. For me, the reality is we spend the 65K baht every month so 40K baht income does not work. However, at age 75, I want to have some security for my wife when I croak so I am slowly building up a savings for her, currently in excess of 400,000 baht. Why not switch? The 65K income is needed to support our family of 3 and the marriage route requires more paperwork, home visits ... Hope sharing my thinking might aid your choices.

[Brahmz]

400K is peanuts and take a good look at what you get for it.

 

The returns are priceless.

[IAMHERE]

I put the money in a Thai bank the year the US Embassy stopped doing the 'Affidavit of Income' letters. That is 800,000 baht at 32 per dollar; probably would be breaking about even if I'd just paid a smoother because of the 36 baht to the dollar now.

[NorthernRyland]

1 hour ago, Brahmz said:

400K is peanuts and take a good look at what you get for it.

 

The returns are priceless.

I envy your optimism sir.

[NorthernRyland]

Deposit the 400k and keep it there for 2 months and then spend it since you're in Thailand and you need money anyways. Next year top it off. Rinse and repeat.

[chilly07]

Realy don't understand why anybody would use money on deposit when monthly income enables you to spend it all??? Still need bank letters to certify both, 400k is NOT peanuts to most of us and 800k is mainly aimed at agents assists. I will certainly go the agent route when disability prevents attendance at Immigration.

[NoshowJones]

You are right, it is dead money, I take it you are under 50. This is one of the reasons that Thai immigration get things wrong, IMO under fifties get a very raw deal when they want to live in Thailand in the long term.

I hope things work out for you.

[ChaiyaTH]

The average returns on gold in the past 2 decades, on 400K baht, are more than the agent costs are. Same time it is not bad to have 400K stashed and available for emergencies here either. 

Edited July 21, 2022 by ChaiyaTH

[Photoguy21]

17 hours ago, AndyAndyAndy said:

I just keep it there all year around. It's the cost of the visa... .

Same here. I pay a visa agent that I have used for years to take care of all paperwork etc attached to the visa.

[ChaiyaTH]

1 hour ago, chilly07 said:

Realy don't understand why anybody would use money on deposit when monthly income enables you to spend it all??? Still need bank letters to certify both, 400k is NOT peanuts to most of us and 800k is mainly aimed at agents assists. I will certainly go the agent route when disability prevents attendance at Immigration.

400-800K is 100% sure peanuts, unless you are still very young and just got started in life. Anyone who is near 40-50 should at least have 2M baht cash, that's still little.

Edited July 21, 2022 by ChaiyaTH

[Photoguy21]

9 minutes ago, ChaiyaTH said:

400-800K is 100% sure peanuts, unless you are still very young and just got started in life.

Agreed it isnt insignificant but it isnt a lot either. Better if you can to leave it in the bank so you have the money for the renewal and it is available if something unexpected happens

[ChaiyaTH]

1 minute ago, Photoguy21 said:

Agreed it isnt insignificant but it isnt a lot either. Better if you can to leave it in the bank so you have the money for the renewal and it is available if something unexpected happens

Yeah its a decent buffer to have around

[khunPer]

18 hours ago, Druidian said:

What would you do, guys?

Keeping 800k baht in a fixed bank account all year for best interest and sleep well at night, not having nightmares about remembering to top-up a bank account in due time before next extension of stay, or the more complicated paperwork due to extension of being married to a Thai....

[JimmyJ]

~~~~~~

 

 

Edited July 21, 2022 by JimmyJ

[BB1955]

Ive been doing the monthly income for the last 12 years . 

[mancub]

9 hours ago, NorthernRyland said:

Deposit the 400k and keep it there for 2 months and then spend it since you're in Thailand and you need money anyways. Next year top it off. Rinse and repeat.

Indeed, plus you can top it up as and when the exchange rate is more beneficial.

[agudbuk]

With the retirement visa extension   a deposit can  be combined with monthly payments to show 800k.

Can the  the marriage extension also be done in the same way to gove a total of 400k annual income?

[steve187]

46 minutes ago, agudbuk said:

With the retirement visa extension   a deposit can  be combined with monthly payments to show 800k.

Can the  the marriage extension also be done in the same way to gove a total of 400k annual income?

No combination method for 'married' extensions

Edited July 22, 2022 by steve187

[billy54]

My view. I'm on extension based on marriage. I  keep the 400.000bht in a fixed deposit account. With the thought process of in case of health issues (of which I have a few) I've been ripped off by insurance company's twice in the past (refusing to pay ,by manipulating their wording) I just re invest when it matures taking the interest. 

[hotandsticky]

1 minute ago, billy54 said:

My view. I'm on extension based on marriage. I  keep the 400.000bht in a fixed deposit account. With the thought process of in case of health issues (of which I have a few) I've been ripped off by insurance company's twice in the past (refusing to pay ,by manipulating their wording) I just re invest when it matures taking the interest. 

 

"....by manipulating their wording"

 

 

What a strange way of saying that you didn't read the terms and conditions that you paid for.

 

[billy54]

On 7/23/2022 at 2:30 PM, hotandsticky said:

 

"....by manipulating their wording"

 

 

What a strange way of saying that you didn't read the terms and conditions that you paid for.

 

try looking at pension companys , they are basically insurance companys , we've now retired you on the grounds of ill health , only for 3 years later , " you no longer meet our requirements for ill health " even though the condition is  getting worse , even when doctors state " this will result in major surgery at a later date " but quacks representing the company state we can not find anything wrong , hmm strange that one even though i underwent major surgery a couple of years later , when this was pointed out , the <deleted> reply " we made the correct decision given the evidence we had , the right of appeal has timed out ,

[IvorBiggun2]

On 7/21/2022 at 1:12 PM, Photoguy21 said:

I pay a visa agent that I have used for years to take care of all paperwork etc attached to the visa.

 

<deleted> you can't do the paperwork for an extension? I'm surprised you managed to get here. ???? What part of the paperwork can't you do that the agent can?

Edited August 18, 2022 by IvorBiggun2

[Photoguy21]

39 minutes ago, IvorBiggun2 said:

 

<deleted> you can't do the paperwork for an extension? I'm surprised you managed to get here. ???? What part of the paperwork can't you do that the agent can?

Yes I can unlike many on here I know how to do such things but the time to get everything resolved is worth the money. I assume you live on a shoe string; a cheap Charlie trying to get some glory. You wont get it on here, too many bar stool drunks for that.