Why are UK expats still doing the 800K deposit for retirement extensions ?

[DrJack54]

9 minutes ago, atpeace said:

I forgot about the 12 month consecutive transfers.  I guess you could transfer the money back to your home country and start the income method first month of your new method

That won't work. 

When you obtain extension using money in bank method for your next extension after that they check retrospectively.

They will want to see the requirements (financials) for money in bank were satisfied. 

 

 

 

[flexomike]

9 hours ago, jerrymahoney said:

Sure. But any NEW change would likely be modeled on the same type verbiage.

they sure didn't do that for the people on OA visas/extensions that got the Thai BS insurance forced on us

[flexomike]

6 hours ago, spidermike007 said:

Mine will have access. The Atm card is kept in the safe and renewed regularly. She has the PIN code. As simple as that.

legally unless her name is on the account she cannot access the money until it goes through probate, she better take it out real fast.

[DrJack54]

6 minutes ago, flexomike said:

legally unless her name is on the account she cannot access the money until it goes through probate, she better take it out real fast.

Some sanity i agree to an extent..

 

Even if it's "real fast" it is illegal.

 

Suggest expats have good look at access to your funds (banking) for your Thai gf.

Less complicated for Thai wife.

[TallGuyJohninBKK]

1 hour ago, flexomike said:

legally unless her name is on the account she cannot access the money until it goes through probate, she better take it out real fast.

Thai banks, at least some of them such as Krungsri, have a method whereby a spouse's name can be invisibly added to the account records and the passbook.

 

The bank passbook's face page will still show only you (the farang) as the sole account holder, and that's all Immigration would see. But the bank, when it examines the passbook, can see the spouse's name added invisibly on (I believe) a place in the very back of the book.

 

Via that method, it would allow the named spouse immediate and full access to the account in the event of the death of the primary accountholder, without having to put the account deposit thru Thai probate.

 

[atpeace]

1 hour ago, DrJack54 said:

That won't work. 

When you obtain extension using money in bank method for your next extension after that they check retrospectively.

They will want to see the requirements (financials) for money in bank were satisfied. 

 

 

 

OK - thanks, time to make an immigration visit.  It seems at bare minimum the 800k should be reduced to 400k because I'm not applying for a an extension based on bank balance.  From reading other posts it does seem you're correct but my immigration seemed pretty lenient.  Bank balance requirements weren't enforced other than needing 800k two months prior.  At worse I get directions for next year's switch.

[DrJack54]

6 minutes ago, atpeace said:

From reading other posts it does seem you're correct but my immigration seemed pretty lenient. 

As usual with Thai immigration..

It depends on your immigration office.

In your situation 100% a trip to imm office would be excellent idea. 

If you have Thai partner/friend that would be helpful to avoid "lost in translation" syndrome on your visit to immigration 

[sandyf]

10 hours ago, HauptmannUK said:

At the moment its easy to get 6% in UK,

No it is not. To get any more than the standard 2 or so percent you have to prove UK tax residency, even with Wise.

[treetops]

10 hours ago, TigerandDog said:

and how many more banks will start and follow Barclays Bank announcement of closing all accounts for those expats no longer residing in the UK? It's only a matter of time until that happens and you'll have to permanently transfer your money here anyway.

That's only an issue if you havent prepared for it by ensuring you have an ongoing "presence" in the UK and an array of bank accounts to use.

[BenStark]

11 minutes ago, treetops said:

That's only an issue if you havent prepared for it by ensuring you have an ongoing "presence" in the UK and an array of bank accounts to use.

I'm not a Brit, but my EU bank closed my accounts 2 years ago because I live in Thailand, although my postal address was with my sister. I never used the account to send money to Thailand.

 

Several other banks did the same.

 

My Embassy emailed everyone to fill in a form that they objected to it, but that was the last we ever heard about

[treetops]

2 minutes ago, BenStark said:

I'm not a Brit, but my EU bank closed my accounts 2 years ago because I live in Thailand, although my postal address was with my sister. I never used the account to send money to Thailand.

 

Several other banks did the same.

Do you know how they got on to you?

[BenStark]

10 minutes ago, treetops said:

Do you know how they got on to you?

I guess they are aware that I'm registered on the Embassy here.

 

You would be surprised what they can find out. In my early days in Thailand I had an insurance claim denied, because they knew I spent more than 180 days a year in Thailand. That is about 30 years ago.

 

At that time I was still registered at my own property in my country, and they have never seen my passport.

[jerrymahoney]

9 hours ago, TallGuyJohninBKK said:

These days, banks in both the U.S. and the U.K. can be difficult with customers if they come to believe those customers are in fact living outside their home country,

In my case it isn't if they come to believe, they make a SWIFT transfer to Bangkok Bank every month. But I had the account for 15 years before moving to Thailand and have IRA and other and other investments with the bank so at least so far, they have never made any such inquiry.

 

Setting up any new accounts elsewhere, as I once tried to do, hit a Patriot Act buzz saw.

[Pattaya57]

In Aussie I get 4.75% and I had to pay tax on that interest (so 3.75% nett)

 

In the past year the $A has lost 5.15% vs the thai baht. So if I did what OP suggests I would have lost 1.4% purchasing power

 

So in this case, much better to have had the 800k baht in Thailand earning 1% and not having to pay agent fee

 

[Captain Monday]

19 hours ago, Skallywag said:

In the USA Bank of America highest interest is 0.45% .  England must be doing a lot better with the post pandemic inflation than the USA.  

That is a savings or Checking (current account rate). Certificates of Deposit are earning a nifty return now and from what I read inflation/rates are only trending up. Schwab page today for CDs,

FDIC insured so near zero risk as far as I understand.

 

[Grumpy one]

On 9/26/2023 at 6:37 AM, 2baht said:

Surely, at retirement age, after a lifetimes work, 800,000 Baht should'nt be to hard to come up with! ????

It would depend a lot on how many ex-wives you have  

Houses don't grow on trees 

[BenStark]

3 hours ago, Pattaya57 said:

In Aussie I get 4.75% and I had to pay tax on that interest (so 3.75% nett)

 

In the past year the $A has lost 5.15% vs the thai baht. So if I did what OP suggests I would have lost 1.4% purchasing power

 

So in this case, much better to have had the 800k baht in Thailand earning 1% and not having to pay agent fee

 

At least you understand that banks don't pay higher interests for no reason. Banks are not charities.

[spidermike007]

19 hours ago, flexomike said:

legally unless her name is on the account she cannot access the money until it goes through probate, she better take it out real fast.

Nope. Incorrect. She has full access, through the ATM card. There will be no probate. And if there is, who cares? Everything is in her name. I will be cremated, and only my memory will live on. She will withdraw the funds before anyone knows I have bought the farm. Easy as pie.

[silverhawk_usa]

18 hours ago, TallGuyJohninBKK said:

Thai banks, at least some of them such as Krungsri, have a method whereby a spouse's name can be invisibly added to the account records and the passbook.

 

The bank passbook's face page will still show only you (the farang) as the sole account holder, and that's all Immigration would see. But the bank, when it examines the passbook, can see the spouse's name added invisibly on (I believe) a place in the very back of the book.

 

Via that method, it would allow the named spouse immediate and full access to the account in the event of the death of the primary accountholder, without having to put the account deposit thru Thai probate.

 

I've been avoiding this debate up until now and only read hit and miss. I only want to second  the above is 100% correct. I have the same on more than one account at Bangkok Bank.  They also have a power of attorney in my wife's name on record. 

[flexomike]

1 hour ago, spidermike007 said:

Nope. Incorrect. She has full access, through the ATM card. There will be no probate. And if there is, who cares? Everything is in her name. I will be cremated, and only my memory will live on. She will withdraw the funds before anyone knows I have bought the farm. Easy as pie.

wishing her good luck on that one

[PJ71]

On 9/26/2023 at 7:08 AM, DrJack54 said:

Yes one can make a will but that also takes time.

LOL

[hotandsticky]

1 hour ago, spidermike007 said:

Nope. Incorrect. She has full access, through the ATM card. There will be no probate. And if there is, who cares? Everything is in her name. I will be cremated, and only my memory will live on. She will withdraw the funds before anyone knows I have bought the farm. Easy as pie.

 

All mandates cease on death. That is the legal position - anything ither than that is illegal.

 

 

Of course, the practical route is for a partner to gradually siphon off the money via the ATM (or preferably via internet banking). I have known situations where a wife has got greedy/stupid and, for whatever reason, the ATM card has been retained. Then she is totally buggered. A Will is a back up to whatever expedients you choose to put in place.

[PJ71]

21 hours ago, DrJack54 said:

Suggest expats have good look at access to your funds (banking) for your Thai gf.

If you're talking about when dead, it's easy as everything is clear in the will, very simple.

[hotandsticky]

3 minutes ago, PJ71 said:

If you're talking about when dead, it's easy as everything is clear in the will, very simple.

But will involve Probate costs.

 

 

Others are looking at practical methods of the GF/Wife accessing the bank funds.

[hotandsticky]

21 hours ago, DrJack54 said:

That won't work. 

When you obtain extension using money in bank method for your next extension after that they check retrospectively.

They will want to see the requirements (financials) for money in bank were satisfied. 

 

 

 

 

 

Exactly what I had to evidence this year.

[Middle Aged Grouch]

With all the global instability and even western banks who go bankrupt, I would think only once before putting in 800k in a Thai Bank. Getting back your money from the government if a bank is bankrupt in the west can be a hassle. But in Thailand, where a falang has practically no rights in court, it can be risky.

[quake]

11 minutes ago, Middle Aged Grouch said:

With all the global instability and even western banks who go bankrupt, I would think only once before putting in 800k in a Thai Bank. Getting back your money from the government if a bank is bankrupt in the west can be a hassle. But in Thailand, where a falang has practically no rights in court, it can be risky.

Oh no,  We're all gonna die,  Oops wrong thread. 

Banks are fine here. 

 

 

[topt]

16 minutes ago, Middle Aged Grouch said:

With all the global instability and even western banks who go bankrupt, I would think only once before putting in 800k in a Thai Bank. Getting back your money from the government if a bank is bankrupt in the west can be a hassle. But in Thailand, where a falang has practically no rights in court, it can be risky.

You have an example of this and what "western" country are you referring to specifically?

And please describe what exactly you base you last sentence on because that seems a bit like scaremongering....... 

[topt]

Duplicated

[retarius]

For the few hundred baht in extra income which you spend in bank fees transferring it over here, and the general hassle of doing anything in the UK from Thailand, I simply don't see any value in banking in the UK.