Question re 800k in bank for retirement visa renewal

[zombie nights]

Use the 800k in bank for 1 year renewal for 1 year retirement Visa. Assume as long as there remains for the last year a minimum of 800k I can withdraw any interest accrued above that sum of 800k?

[couchpotato]

Yes of course you can, but do we really need another 800k in the bank thread.

[KannikaP]

18 minutes ago, zombie nights said:

Use the 800k in bank for 1 year renewal for 1 year retirement Visa. Assume as long as there remains for the last year a minimum of 800k I can withdraw any interest accrued above that sum of 800k?

You do not know that you can drop the 800 to 400 for 7 months of the year, after 3 and back 2 months before renewal

[DFPhuket]

When my 1 year fixed deposit matures and interest is deposited, I go to the bank and remove the excess, leaving about 801,000 in the account. Thai taxes are usually debited on the same day as the maturity, but make certain they have been deducted before you decide how much to withdraw. 

[worrab]

Do not leave it at exactly 800k as bank fees could drop it below at the wrong time!!

[Don Chance]

_{If you invest that money in the SPY for 30 years you should average 12% per year.  So if you retire and stay in Thailand for 30 years it will cost you about $100,000 in lost interest and capital. Or $3000 per year.}

[wwest5829]

12 minutes ago, Don Chance said:

_{If you invest that money in the SPY for 30 years you should average 12% per year.  So if you retire and stay in Thailand for 30 years it will cost you about $100,000 in lost interest and capital. Or $3000 per year.}

This is the reason I use the monthly income method. My retirement funds are invested and bring in about $4000.00 USD annually. Cannot justify parking working funds not generating the income.

[hotandsticky]

5 hours ago, KannikaP said:

You do not know that you can drop the 800 to 400 for 7 months of the year, after 3 and back 2 months before renewal

 

 

....and some offices do not insist on the '3 months after' rule that Jomtien apply.

[KannikaP]

13 minutes ago, hotandsticky said:

 

 

....and some offices do not insist on the '3 months after' rule that Jomtien apply.

Can you name some that do not please? I wouldn't like to 'give it a go' at my IO, only to find that I was wrong or a new boss has taken over. The 'law' says 3 months after and 2 before.

I am allowed to use the Combination Method i.e Bht 40k per month = Bht 480, plus Bht 400 in the bank totalling Bht 880, with which I am happy. I cannot ask my IO if I can take 50% out of the bank, down to Bht 200k for 7 months, too cheeky.

Next year however, I shall ask if Bht 35k per month = Bht 420k plus my Bht 400k would be enough.

[khunPer]

7 hours ago, zombie nights said:

Assume as long as there remains for the last year a minimum of 800k I can withdraw any interest accrued above that sum of 800k?

Yes, I've done that for many Years. I have a 12-month fixed deposit for my 800k baht and withdraw all interest once a year – the first bank day after interest is credited – I'm always keeping clean 800k baht.

[arithai12]

2 hours ago, wwest5829 said:

This is the reason I use the monthly income method. My retirement funds are invested and bring in about $4000.00 USD annually. Cannot justify parking working funds not generating the income.

Since you decide to hijack the topic, let me follow. You are saying that instead of parking 800,000B, you invest them and you get 4k USD. Apart from the fact that you still have to bring in 65k THB/month, and that you risk losing your extension if something goes wrong in one month, I would be very curious to know which investment gives you 4k/22k (22kUSD ~ 800kTHB), that is 18.2% guaranteed return, tax free. Last 4 words are very important.

 

[nana kid]

Somewhat on topic                                     If my O retirement Visa expires on Nov 30   

  how soon to that date can I reapply

[brianthainess]

56 minutes ago, nana kid said:

Somewhat on topic                                     If my O retirement Visa expires on Nov 30   

  how soon to that date can I reapply

One month before, some IO its 6 weeks. so tomorrow.

Edited November 2, 2023 by brianthainess

[wwest5829]

1 hour ago, arithai12 said:

Since you decide to hijack the topic, let me follow. You are saying that instead of parking 800,000B, you invest them and you get 4k USD. Apart from the fact that you still have to bring in 65k THB/month, and that you risk losing your extension if something goes wrong in one month, I would be very curious to know which investment gives you 4k/22k (22kUSD ~ 800kTHB), that is 18.2% guaranteed return, tax free. Last 4 words are very important.

 

Sorry to befuddle. My total annual earnings is around $4000.00 USD from my investments. .That is on more than the equivalent of 800,000 baht. Additionally is my USA Social Security and the mandatory Required Minimum Distribution from my retirement funds (total income about $33,000.00 USD annually. I have not looked at my rate of return, certainly it is greater than the Thai bank would be paying over the 12 years I have been retired here. I recognize there are other considerations that others prefer. I just replied drawing attention to the reason that an alternative exists that does not tie up $22,000.00 USD. Oh, I do have another account which could cover any one month problems with the transfer ... but I have not had one instance where I needed to use the emergency measure. My Wise transfer arrives again by tomorrow afternoon in my Bangkok Bank Account, cited as FTT transfer for long term living expense. Many folks read subjects and comments to help them determine what is in their best interest.

Edited November 2, 2023 by wwest5829

[hotandsticky]

4 hours ago, KannikaP said:

Can you name some that do not please? I wouldn't like to 'give it a go' at my IO, only to find that I was wrong or a new boss has taken over. The 'law' says 3 months after and 2 before.

I am allowed to use the Combination Method i.e Bht 40k per month = Bht 480, plus Bht 400 in the bank totalling Bht 880, with which I am happy. I cannot ask my IO if I can take 50% out of the bank, down to Bht 200k for 7 months, too cheeky.

Next year however, I shall ask if Bht 35k per month = Bht 420k plus my Bht 400k would be enough.

 

Buriram

 

Not every office will allow the combined method.

[KannikaP]

1 minute ago, hotandsticky said:

 

Buriram

 

Not every office will allow the combined method.

Yes, I do realise that I am in good Immigration Office.

[hotandsticky]

1 minute ago, KannikaP said:

Yes, I do realise that I am in good Immigration Office.

 

 

😃Make the most of it KP  -  some are not.

[KannikaP]

5 hours ago, hotandsticky said:

 

 

....and some offices do not insist on the '3 months after' rule that Jomtien apply.

And others, I have read, insist on 3 months BEFORE renewal.

[Seeall]

5 hours ago, KannikaP said:

Can you name some that do not please? I wouldn't like to 'give it a go' at my IO, only to find that I was wrong or a new boss has taken over. The 'law' says 3 months after and 2 before.

I am allowed to use the Combination Method i.e Bht 40k per month = Bht 480, plus Bht 400 in the bank totalling Bht 880, with which I am happy. I cannot ask my IO if I can take 50% out of the bank, down to Bht 200k for 7 months, too cheeky.

Next year however, I shall ask if Bht 35k per month = Bht 420k plus my Bht 400k would be enough.

The law...... lol

[couchpotato]

1 hour ago, wwest5829 said:

Sorry to befuddle. My total annual earnings is around $4000.00 USD from my investments. .That is on more than the equivalent of 800,000 baht. Additionally is my USA Social Security and the mandatory Required Minimum Distribution from my retirement funds (total income about $33,000.00 USD annually. I have not looked at my rate of return, certainly it is greater than the Thai bank would be paying over the 12 years I have been retired here. I recognize there are other considerations that others prefer. I just replied drawing attention to the reason that an alternative exists that does not tie up $22,000.00 USD. Oh, I do have another account which could cover any one month problems with the transfer ... but I have not had one instance where I needed to use the emergency measure. My Wise transfer arrives again by tomorrow afternoon in my Bangkok Bank Account, cited as FTT transfer for long term living expense. Many folks read subjects and comments to help them determine what is in their best interest.

Still befuddled...$4000.00 is no where near 800k baht??

[Yellowtail]

I have a Krunsri Mee Tae Dai account that draws a little interest. I have it as an emergency fund, and to satisfy immigration. I always use the app to transfer out the interest the morning I go to immigration. I transfer out whatever is over such that the balance is 999,999.99, then I update the book and get the letter at CW. Always gets a smile...

[BritTim]

A nonsense post and replies to it have been removed