Bank for retirement visa deposit.

[London Lowf]

15 minutes ago, Thailand J said:

stock market has been doing very well in the past 10 years but there is no guarantee going forward.

My pension has performed brilliantly over the last 15 years and in 2021 my pot grew by 11.27%. So far in this "crisis" year it's fallen back by 1.9% - I can live with that!

 

[London Lowf]

25 minutes ago, skatewash said:

at least 800k balance for 2 months before application
at least 800k balance for 3 months after application

at least 400k balance for the remainder of the year

Thanks for summarising that - I knew that the balance can vary during the year but that puts the info in an easy format for future reference.

 

[Nemises]

3 hours ago, Thailand J said:

800k deposit is the way to go, for the peace of mind. That's what money is for.

https://thethaiger.com/news/phuket/more-than-100-foreigners-in-phuket-swindled-by-visa-agency

of course that will never happen to you.

stock market has been doing very well in the past 10 years but there is no guarantee going forward.

 

Nice chart, thanks. Definitely a much wiser financial move to invest your 800k in blue chip shares - even allowing for the extra 15k that would need to be deducted from the current 2.88M+ balance by the 100 swindled in the provided link.

[skatewash]

4 hours ago, Nemises said:

Nice chart, thanks. Definitely a much wiser financial move to invest your 800k in blue chip shares - even allowing for the extra 15k that would need to be deducted from the current 2.88M+ balance by the 100 swindled in the provided link.

The penalties were a bit more severe than you seem to aware of:  loss of the whatever the individuals paid to the agent, 20,000 baht fine for overstay, deportation, and blacklisted from returning to Thailand for a year.

https://www.thephuketnews.com/expats-caught-up-in-phuket-visa-scams-face-being-forced-to-leave-the-country-84812.php

 

[Nemises]

3 hours ago, skatewash said:

The penalties were a bit more severe than you seem to aware of:  loss of the whatever the individuals paid to the agent, 20,000 baht fine for overstay, deportation, and blacklisted from returning to Thailand for a year.

https://www.thephuketnews.com/expats-caught-up-in-phuket-visa-scams-face-being-forced-to-leave-the-country-84812.php

 

Any link to how often that that (the Phuket incident) has happened previously?

 

Should it happen again maybe just take the 20k and 12 month overseas holiday out of the 2.2 million share portfolio…

[skatewash]

7 minutes ago, Nemises said:

Any link to how often that that (the Phuket incident) has happened previously?

 

Should it happen again maybe just take the 20k and 12 month overseas holiday out of the 2.2 million share portfolio…

Risk assessment involves estimation of the frequency of the event and the severity of the event.
Everyone has to make that calculation themselves. 

When there is viable alternative that completely avoids the risk in question that has to be considered by people who wish to minimize risk.

My overseas holidays can all be characterized as entirely voluntary. ????

[Nemises]

49 minutes ago, skatewash said:

Risk assessment involves estimation of the frequency of the event and the severity of the event.
Everyone has to make that calculation themselves. 
 

Only ever been one incident …from some dodgy operator. 

 

Safer to use the services of more reliable agents… some of which are sponsors of this website ????

[skatewash]

2 hours ago, Nemises said:

Only ever been one incident …from some dodgy operator. 

 

Safer to use the services of more reliable agents… some of which are sponsors of this website ????

I strongly doubt there has "only every been one" incident.  I only posted the most recent I am aware of.  One that made the news because it involved over 100 customers.  I wonder if agent-assisted catastrophes on a smaller scale warrant inclusion in the media.  People interested should do their own due diligence before they hand over an important document like a passport to someone.  It's an action that is not without risk and it seems a prudent person would formulate a plan b if they don't get their extension or even their passport back.  Giving your passport to someone is not necessarily the end of all your problems. 

[Nemises]

1 hour ago, skatewash said:

a plan b if they don't get their extension or even their passport back. 

Your country’s embassy here in Thailand should be able to assist with a replacement passport. 

[Nemises]

1 hour ago, skatewash said:

I strongly doubt there has "only every been one" incident

Please post a link should you ever come across any other previous incident/s. (Assuming only makes an ….of you …)

 

 

Edited August 25, 2022 by Nemises

[merijn]

On 8/24/2022 at 12:55 AM, PeachCH said:

Or use a reliable agent and keep the 800,000 Peso. 

That would be a bad advice as it is illegal to use false paperwork for your application. (in case the agent is doing the extension without the financial requirements)

 

On 8/24/2022 at 2:53 AM, skatewash said:

Recommend trying the Bangkok Bank branch in Patong on Rat-U-Thit Road (left side) just before you get to Jungceylon.  Big branch, English speaking staff.

Krungsri Bank branches can be friendly as well.

One negative about Bangkok Bank is that they take a week to produce a 12 month statement (due to having to order from Bangkok headquarters) while other banks can produce the statement while you wait.   For Bangkok Bank you need to request the statement a week before you need it.  You will need a 12-month statement for your retirement extension.

You use 2 times 6 months statements for the visa extension application so you don't have to wait for the 12 months statement.

as long the 6 months statements are overlapping.

On 8/24/2022 at 7:14 PM, London Lowf said:

Thanks for the warning. This is exactly the kind of potential problem that I am trying to avoid. According to Phuket Immigration Volunteers the bank paperwork must be dated on the same day as the visa application.

 

That is only for the bank book, The Bank Certificate and Bank Statement can be 7 days old but the Bank Book has to ne updated on the day of the application with a new transaction date in the book.

 

On 8/25/2022 at 7:40 AM, Nemises said:

Any link to how often that that (the Phuket incident) has happened previously?

 

Should it happen again maybe just take the 20k and 12 month overseas holiday out of the 2.2 million share portfolio…

3 times (on Phuket) so far which are made public and several others which didn't made the news, and i don't think that a 12 month oversea holiday is something to look forward to for most people.

[skatewash]

6 hours ago, merijn said:

That would be a bad advice as it is illegal to use false paperwork for your application. (in case the agent is doing the extension without the financial requirements)

 

You use 2 times 6 months statements for the visa extension application so you don't have to wait for the 12 months statement.

as long the 6 months statements are overlapping.

That is only for the bank book, The Bank Certificate and Bank Statement can be 7 days old but the Bank Book has to ne updated on the day of the application with a new transaction date in the book.

 

3 times (on Phuket) so far which are made public and several others which didn't made the news, and i don't think that a 12 month oversea holiday is something to look forward to for most people.

Good tip on the 2 x 6-month (overlapping) bank statements if you are using Bangkok Bank as your retirement extension account.  

[zzzzz]

if using a visa agent is illegal, why are there so many out there still in business and tons of satisfied customers??  
 

[LivinginKata]

2 hours ago, zzzzz said:

if using a visa agent is illegal, why are there so many out there still in business and tons of satisfied customers??  
 

Plenty of money to be made and shared about. Customer not need keep big money in Thai bank. Obvious.

[zzzzz]

38 minutes ago, LivinginKata said:

Plenty of money to be made and shared about. Customer not need keep big money in Thai bank. Obvious.

exactly
not illegal , the visa's/extension are 100% legit
 

[fiddlehead]

K-bank.  Works for me!