Don't Want To Keep 800,000 Baht In A Thai Bank?

[lopburi3]

Interest earned on a passbook savings account is not taxed by Thailand (unless over a very large amount with todays interest rate) and for a US person the interest is required to be reported and tax paid on it as far as I know. Dual tax treaty only covers specific situations and foreign earned income is even more limited.

[JimGant]

Add in that Americans get an $85K (a few years ago - maybe it's gone up) allowance before tax when not living in the country

The "foreign earned income exclusion" is just that: for 'earned income.' Dividends and interest *don't* qualify.

[kdvsn]

Add in that Americans get an $85K (a few years ago - maybe it's gone up) allowance before tax when not living in the country

The "foreign earned income exclusion" is just that: for 'earned income.' Dividends and interest *don't* qualify.

True, but can't you apply your foreign taxes paid against your US taxes due?

[coventry]

Do a search on "Nationwide Flexaccount" on Thaivisa for plenty of evidence that they pay as near to the interbank rate as an ordinary punter is likely to get when drawing sterling from a Thai ATM. Both the Nationwide and the Post Office credit cards make no charge on foreign currency purchases.

Unfortunately they will not let you open, even though one holds a British passport, a bank account unless you reside in the UK. I've been trying to find a way to open an account with Nationwide, I'm no longer a UK resident, but to no avail. If someone can tell me otherwise I'd be grateful.

Edited August 5, 2007 by coventry

[jstumbo]

And, generally ATM withdrawals come out of accounts that only earn 1% to 3% interest, so in order to actually earn 5% you must constantly be moving money out of higher-paying vehicles like CD's and Treasury bills into the ATM account.

I get 5.05% on my HSBC Online Savings account that comes with an ATM card.

Jim

[Khun ?]

Add in that Americans get an $85K (a few years ago - maybe it's gone up) allowance before tax when not living in the country

The "foreign earned income exclusion" is just that: for 'earned income.' Dividends and interest *don't* qualify.

True, but can't you apply your foreign taxes paid against your US taxes due?

Yes you can deduct other country taxes, and you also get something like $1,000 of interest/capital gains not taxeable.

[Khun ?]

Is not the exchange rate determined by the incoming bank on wire transfers, plus a fee for processing the transfer.

The transfer would be in home country currency then changed by thai bank to the baht exchange.

[jstumbo]

Add in that Americans get an $85K (a few years ago - maybe it's gone up) allowance before tax when not living in the country

The "foreign earned income exclusion" is just that: for 'earned income.' Dividends and interest *don't* qualify.

True, but can't you apply your foreign taxes paid against your US taxes due?

Yes you can deduct other country taxes, and you also get something like $1,000 of interest/capital gains not taxeable.

I have never bothered to report for my savings accounts. Usually dont have much in them, put them in other things to get higher rates of return. They have never come after me yet, and it has been 25+ years.

Edited August 5, 2007 by jstumbo

[aznyron]

It's apparently a fact that more than half of those on retirement visas use the bank balance + income method. Let's talk about that. Not about the current hassles and verification requirements and "Thailand doesn't want us", but simply why does this method appeal to so many.

Fact: If you bring in a million baht three months before your renewal date, have 800k on the renewal date, and drain it down for the next nine months, you will earn (only) about 5,000 to 6,000 baht non-taxable interest.

Fact: If you use the income method and only keep 400,000 baht here, presumably this allows you to keep the other 400,000 baht equivalent in your home country, earning (at most) 5% there. That's 20,000 baht equivalent, on which you will presumably pay home country taxes.

Fact: If you use your home country credit card for purchases in Thailand, you will be charged an additional 2% to 3% by the card issuer, on top of a discretely biased exchange rate.

Fact: If you use your home country bank's ATM card here, you will lose at least 1% for the currency exchange, plus pay a fee for one or both ends of the transaction. The ATM fee(s), the currency exchange fee, and the biased exchange rate may be itemized or they may be hidden but they are definitely there.

I guess you can see where I'm going with this. It doesn't matter whether you are rich or merely a pensioner, the fact remains that while the income method prevents the loss of a useful several hundred dollars in interest, it may encourage the use of credit cards and overseas ATM cards that may more than offset the difference in interest rates.

I do not use my US credit card nor my US ATM card. I make wire transfers into K-bank 2 or 3 times a year. I use my K-card to make debit purchases at places like Central and BNH Hospital. Otherwise I take cash from their ATM machines (and I can use any other bank's machines 3 times a month). I use their online banking to pay my rent, my DSL bill, my partner's allowance, and top up my 1-2-Call SIM card.

It's simple to manage and avoids the whole can of worms involved in income verification.

So, tell me folks, what am I missing here?

your post is good what you are missing is the % rate from US banks it not 5% it much less to get 5% or better you need at least 100K USD

Now I ask you what is a K card ?

[bedbugy]

the nationwide debit card is no use if you live in thailand full time they will not open an account for you only if you live in the uk

[theseveredhead]

i am an american earning 5% on cash at fidelity.com. i use a debit card that until recently was charged us1 per trans (now us1.25). so i pay less than b1000 for 24hr access all over the world (not just thailand). this works for me.

i dont trust thai banks - not that american ones may be any better at the moment.

currently, thailand pays 2.25% which not only is pathetic, it doesnt even match inflation.

i am very worried about the slide in the dollar but have scant interest in putting 800k in a bank esp when i spend about 25% of that per annum.

also - i never know if thailand wants to boot me out or my parents get sick and i have to go.

its the dollar crash and burn im freakin' on

i am not working, only income is interest and this does not cover anything i really need to report so i dont bother. below 6500 not have to report below about 11k usd you dont have to really pay any taxes.

heres 5% at fidelity for CASH

http://personal.fidelity.com/products/fund...l.cvsr?refhp=pr

Edited August 5, 2007 by theseveredhead

[EdgeCarver]

Do a search on "Nationwide Flexaccount" on Thaivisa for plenty of evidence that they pay as near to the interbank rate as an ordinary punter is likely to get when drawing sterling from a Thai ATM. Both the Nationwide and the Post Office credit cards make no charge on foreign currency purchases.

Unfortunately they will not let you open, even though one holds a British passport, a bank account unless you reside in the UK. I've been trying to find a way to open an account with Nationwide, I'm no longer a UK resident, but to no avail. If someone can tell me otherwise I'd be grateful.

This is the Anti-Money Laundering Regs at work. To open a bank account you must attend in person with your passport (or ID card - spit, spit) and two utility bills in your name for your address. I even heard of a Boy Scout who was refused an account for his Troop's spare cash (miniscule) because he did not have the required proof of identity.

I know tourist rates are not the essence of this thread, but I was in BKK for a month in Jan/Feb of this year. Using my Visa Electron debit card issued by the Co-operative Bank I got 10,000 THB for £144.79. The equivalent interbank rate (wholesale) was £144.08 - suggesting my bank was applying a buy/sell spread of less than 1%. Sadly, I also had to pay a Visa processing fee of £2.89 (200 THB). That kicked the spread up to nearly 5%, i.e. I was getting 2.5% less than if I had been able to buy the currency wholesale.

Fortunately, before leaving Heathrow I had balked at buying Thai baht at 61 THB/GBP, when 10,000 baht would have cost me £164!

As an intending retiree I shall be very conscious of the THB/GBP rate.

[gwynt]

Fact: If you bring in a million baht three months before your renewal date, have 800k on the renewal date, and drain it down for the next nine months, you will earn (only) about 5,000 to 6,000 baht non-taxable interest.

Yes, that wonderful .75% interest rate on savings acccounts (at least at Bangkok Bank). But, as I note you're a Yank, this 6000 baht *is* taxable on your Federal return. Not that this does anything to change your argument here, nor would you probably be found-out, as there are no 1099-INT forms involved. But, since you mentioned wiring amounts of "$10,000," you're supposed to file a Form TD F 90-22.1, "Report of Foreign Bank and Financial Accounts," since you've now crossed the magical 10k threshhold. Does this info go to the IRS? Dunno (the form is sent to another Treasury shop). But it's not too much of a stretch to think the Feds are joining their databases to check on compliance. Anyway, point being, next step is IRS involvement, so maybe paying taxes on your nitnoy Thailand interest earnings might be prudent. (At least file your TD F 90 blah blah, as the penalties for not doing so sound serious.)

Thailand and the US have a double taxation agreement, so assuming the Thai government has taxed the money, it's probably not liable to tax in the US.

Add in that Americans get an $85K (a few years ago - maybe it's gone up) allowance before tax when not living in the country (in addition to any other allowances they may have), and it's highly unlikely that the tax on the ¾% interest on 800,000 baht is even liable to Federal tax, unless you're at an income level where you probably use an accountant. (I have no idea about State taxes - the whole US tax system looks like a giant mess to anyone that didn't grow up with it... That's why most people above a certain income need an accountant to file their tax return.)

(Admittedly it's a lot simpler if you're not American - most other countries don't tax you when you don't live there...)

However, there's no rebate for ATM use, so here's where I come out ahead by wiring money in excess of $5000 in order to amortize front and back end fees, and thus break even with an ATM withdrawal at the Interbank Exchange Rate, less 1%.

Sure, the more I wire, the better I come out against a similar ATM withdrawal.

There's no charge for using an ATM in Thailand. If your US bank is charging, that's your US bank doing the charging. (Nationwide works out cheaper - if using a debit card, not a credit card on ATM withdrawals - as there's no charge anywhere. So it's even cheaper than a Telegraphic Transfer... - the only issue is the £300 daily withdrawal limit from an ATM, but that's a UK bank thing...)

The 300 withdrawal need not be a problem I bank with Nationwide with all the benifits, when I have made large purchases in thailand i go to my local Thai bank SCB, and use my debit card to with draw 200000 tb per day, costs 100tb and I am given the money cash, and it does not leave my UK bank for as long as three days, bought my car this way in three days

[Tafia]

Do a search on "Nationwide Flexaccount" on Thaivisa for plenty of evidence that they pay as near to the interbank rate as an ordinary punter is likely to get when drawing sterling from a Thai ATM. Both the Nationwide and the Post Office credit cards make no charge on foreign currency purchases.

Endure is CORRECT

I have used the Nationwide Debit & Credit cards on each of my many visits to Thailand and recently, consistently got 67 - 69 Bht to the £ from ATMs with no charge levied by the bank. When checking xchange rates in the uk to bring cash/travel chques etc; was quoted between 60 - 64 Bht to the £

[jeepholt]

I have a gold account in Fidelity Investments and pay no ATM fees and grab the same exchange rate as a wire transfer and I earn 5% on top of that. Been banking like this for a few years and keep zero in a Thai bank. Works for me quite nicely.

I just looked at the "legaleze" section for the gold account from Fidelity Investments. It looks to me like they are charging you the extra 1% "Visa" charge on cash withdrawals, and (maybe?) you ARE paying ATM fees since it looks like you have to have a lot of trades before that part is exempt? Here is the "small print" from the website:

QUOTE FROM URL: http://personal.fidelity.com/global/search...on=debit%20card

Check cards are issued by PNC Bank, DE and the check card program is administered by its affiliate PFPC Trust Company, and those entities are not affiliated with Fidelity. Visa® is a registered trademark of Visa USA, Inc.

$5,000 minimum balance is required, except when ordering a card linked to a mySmart Cash AccountSM. Only Individual and Joint Tenant with Rights of Survivorship accounts are eligible to apply online. For accounts with Trust registrations, please use the Cash Management Features Form. This content will appear in a pop-up window. (PDF).

Other institutions may assess ATM fees for use of ATMs in their network. mySmart Cash AccountSM customers or Fidelity accounts coded Premium, Private Access, or held by customers with householded annual trading activity of 120 or more stock, bond or options trades, will be reimbursed for ATM fees charged by other institutions. Please review your Customer Agreement for specific information on reimbursement caps or limits. For each foreign transaction, Visa charges a foreign transaction fee of 1%, which will be included in the amount charged to your account.

Terms and conditions apply. Certain restrictions, limitations, or exclusions may apply. Please refer to the Visa Gold benefits document that accompanies your Fidelity Visa Gold Check Card.

END QUOTE

I underlined the section, it was not underlined on the web page.

So, unless my tired old eyes are reading it wrong? It looks like you just may be paying for some charges you weren't aware of? I am, of course, open to correction of my interpretation. I hope I am wrong, since I too, am looking for a way to save money bringing it in.

Edited August 5, 2007 by jeepholt

[Tafia]

Do a search on "Nationwide Flexaccount" on Thaivisa for plenty of evidence that they pay as near to the interbank rate as an ordinary punter is likely to get when drawing sterling from a Thai ATM. Both the Nationwide and the Post Office credit cards make no charge on foreign currency purchases.

Unfortunately they will not let you open, even though one holds a British passport, a bank account unless you reside in the UK. I've been trying to find a way to open an account with Nationwide, I'm no longer a UK resident, but to no avail. If someone can tell me otherwise I'd be grateful.

Dont know if this helps;

I went to see my Manager to inform them of my pending retirement to Thailand and they said no problem...maybe that was because I already had an account. try using a relative in the UK to open one in your name.

[mahjongguy]

what you are missing is the % rate from US banks it not 5% it much less to get 5% or better you need at least 100K USD. Now I ask you what is a K card ?

- What I implied in a followup post was that the home bank which you can access via your ATM card will likely pay 0.9% (typical checking acc't) to 2.5% (typical savings acc't), so you have to keep feeding it (via online banking) with money kept in short-term CD's, U. S. Treasury Bills, etc. This is additional workload for those who want to live by foreign ATM and also get something approaching 5% taxable interest. And most (if not all U.S. expats) are still paying (usually hidden) fees and getting less than TT rates.

- Kasikornbank, formerly Thai Farmers Bank, is one of Thailand's top three consumer banks. It is commonly called "K-bank". I carry their enhanced Flex ATM card, which can be used overseas via the PLUS network, and is also a debit card. The daily limit at their own ATM's is 50,000 baht, although Thai ATM's can only dispense 20,000 per pull, so you have to make three transactions to get that much. Usually big purchases and hospital bills can be made via the debit function.

For Bangkok residents, I would like to add that Bank of America and Citibank each have a single location here at which you can access your U. S. accounts via ATM. Thus you can avoid overseas ATM fees. But, I have experimented a few times with Citibank and found that the exchange rates given were quite poor. I suspect that this is due to their having to outsource the exchange to a 3rd party. I also found Citibank support totally inadequate. Note that only the designated ATM is related to the U. S. bank; everything and everyone else on the property are part of Citibank Thailand, a local franchise related only by the brand name. All the above pertains to B of A as well.

I have also noticed a branch office here for UBS. It might be interesting to see if they offer any advantageous form of access to investment funds held in a U. S. based account, but I haven't gotten around to that.

Edited August 5, 2007 by mahjongguy

[JetsetBkk]

Unfortunately they will not let you open, even though one holds a British passport, a bank account unless you reside in the UK. I've been trying to find a way to open an account with Nationwide, I'm no longer a UK resident, but to no avail. If someone can tell me otherwise I'd be grateful.

This is the Anti-Money Laundering Regs at work. To open a bank account you must attend in person with your passport (or ID card - spit, spit) and two utility bills in your name for your address. I even heard of a Boy Scout who was refused an account for his Troop's spare cash (miniscule) because he did not have the required proof of identity.

Didn't work like that when I got my Nationwide account - all done over the Internet and by post. I asked them if I could keep the account when I moved abroad and they said I could. So I did.

Of course, it's quite possible that the regulations have changed.

Unfortunately they will not let you open, even though one holds a British passport, a bank account unless you reside in the UK. I've been trying to find a way to open an account with Nationwide, I'm no longer a UK resident, but to no avail. If someone can tell me otherwise I'd be grateful.

Dont know if this helps;

I went to see my Manager to inform them of my pending retirement to Thailand and they said no problem...maybe that was because I already had an account. try using a relative in the UK to open one in your name.

Same with me, except I rang them.

[Tafia]

Unfortunately they will not let you open, even though one holds a British passport, a bank account unless you reside in the UK. I've been trying to find a way to open an account with Nationwide, I'm no longer a UK resident, but to no avail. If someone can tell me otherwise I'd be grateful.

This is the Anti-Money Laundering Regs at work. To open a bank account you must attend in person with your passport (or ID card - spit, spit) and two utility bills in your name for your address. I even heard of a Boy Scout who was refused an account for his Troop's spare cash (miniscule) because he did not have the required proof of identity.

Didn't work like that when I got my Nationwide account - all done over the Internet and by post. I asked them if I could keep the account when I moved abroad and they said I could. So I did.

Of course, it's quite possible that the regulations have changed.

Unfortunately they will not let you open, even though one holds a British passport, a bank account unless you reside in the UK. I've been trying to find a way to open an account with Nationwide, I'm no longer a UK resident, but to no avail. If someone can tell me otherwise I'd be grateful.

Dont know if this helps;

I went to see my Manager to inform them of my pending retirement to Thailand and they said no problem...maybe that was because I already had an account. try using a relative in the UK to open one in your name.

Same with me, except I rang them.

what rates are you getting today using the Nationwide ATM debit card?

[JetsetBkk]

what rates are you getting today using the Nationwide ATM debit card?

I don't use it any more because I have a Thai bank account.

But if you want proof of their "no charges on foreign ATM withdrawals", have a look at these three links:

http://www.nationwide.co.uk/mediacentre/Pr...this.asp?ID=934

http://www.nationwide.co.uk/current_accoun...tm?page=results

http://www.which.co.uk/press/press_topics/..._571_116038.jsp

[endure]

Fact: If you bring in a million baht three months before your renewal date, have 800k on the renewal date, and drain it down for the next nine months, you will earn (only) about 5,000 to 6,000 baht non-taxable interest.

Yes, that wonderful .75% interest rate on savings acccounts (at least at Bangkok Bank). But, as I note you're a Yank, this 6000 baht *is* taxable on your Federal return. Not that this does anything to change your argument here, nor would you probably be found-out, as there are no 1099-INT forms involved. But, since you mentioned wiring amounts of "$10,000," you're supposed to file a Form TD F 90-22.1, "Report of Foreign Bank and Financial Accounts," since you've now crossed the magical 10k threshhold. Does this info go to the IRS? Dunno (the form is sent to another Treasury shop). But it's not too much of a stretch to think the Feds are joining their databases to check on compliance. Anyway, point being, next step is IRS involvement, so maybe paying taxes on your nitnoy Thailand interest earnings might be prudent. (At least file your TD F 90 blah blah, as the penalties for not doing so sound serious.)

Thailand and the US have a double taxation agreement, so assuming the Thai government has taxed the money, it's probably not liable to tax in the US.

Add in that Americans get an $85K (a few years ago - maybe it's gone up) allowance before tax when not living in the country (in addition to any other allowances they may have), and it's highly unlikely that the tax on the ¾% interest on 800,000 baht is even liable to Federal tax, unless you're at an income level where you probably use an accountant. (I have no idea about State taxes - the whole US tax system looks like a giant mess to anyone that didn't grow up with it... That's why most people above a certain income need an accountant to file their tax return.)

(Admittedly it's a lot simpler if you're not American - most other countries don't tax you when you don't live there...)

However, there's no rebate for ATM use, so here's where I come out ahead by wiring money in excess of $5000 in order to amortize front and back end fees, and thus break even with an ATM withdrawal at the Interbank Exchange Rate, less 1%.

Sure, the more I wire, the better I come out against a similar ATM withdrawal.

There's no charge for using an ATM in Thailand. If your US bank is charging, that's your US bank doing the charging. (Nationwide works out cheaper - if using a debit card, not a credit card on ATM withdrawals - as there's no charge anywhere. So it's even cheaper than a Telegraphic Transfer... - the only issue is the £300 daily withdrawal limit from an ATM, but that's a UK bank thing...)

The 300 withdrawal need not be a problem I bank with Nationwide with all the benifits, when I have made large purchases in thailand i go to my local Thai bank SCB, and use my debit card to with draw 200000 tb per day, costs 100tb and I am given the money cash, and it does not leave my UK bank for as long as three days, bought my car this way in three days

You can also have more than one Flexaccount (I believe they allow you up to 5) each with its own ATM card. With Nationwide allowing instant inter-account internet transfers between your accounts you can juggle and shuffle and draw 5 x £300 a day.

[Tafia]

Fact: If you bring in a million baht three months before your renewal date, have 800k on the renewal date, and drain it down for the next nine months, you will earn (only) about 5,000 to 6,000 baht non-taxable interest.

Yes, that wonderful .75% interest rate on savings acccounts (at least at Bangkok Bank). But, as I note you're a Yank, this 6000 baht *is* taxable on your Federal return. Not that this does anything to change your argument here, nor would you probably be found-out, as there are no 1099-INT forms involved. But, since you mentioned wiring amounts of "$10,000," you're supposed to file a Form TD F 90-22.1, "Report of Foreign Bank and Financial Accounts," since you've now crossed the magical 10k threshhold. Does this info go to the IRS? Dunno (the form is sent to another Treasury shop). But it's not too much of a stretch to think the Feds are joining their databases to check on compliance. Anyway, point being, next step is IRS involvement, so maybe paying taxes on your nitnoy Thailand interest earnings might be prudent. (At least file your TD F 90 blah blah, as the penalties for not doing so sound serious.)

Thailand and the US have a double taxation agreement, so assuming the Thai government has taxed the money, it's probably not liable to tax in the US.

Add in that Americans get an $85K (a few years ago - maybe it's gone up) allowance before tax when not living in the country (in addition to any other allowances they may have), and it's highly unlikely that the tax on the ¾% interest on 800,000 baht is even liable to Federal tax, unless you're at an income level where you probably use an accountant. (I have no idea about State taxes - the whole US tax system looks like a giant mess to anyone that didn't grow up with it... That's why most people above a certain income need an accountant to file their tax return.)

(Admittedly it's a lot simpler if you're not American - most other countries don't tax you when you don't live there...)

However, there's no rebate for ATM use, so here's where I come out ahead by wiring money in excess of $5000 in order to amortize front and back end fees, and thus break even with an ATM withdrawal at the Interbank Exchange Rate, less 1%.

Sure, the more I wire, the better I come out against a similar ATM withdrawal.

There's no charge for using an ATM in Thailand. If your US bank is charging, that's your US bank doing the charging. (Nationwide works out cheaper - if using a debit card, not a credit card on ATM withdrawals - as there's no charge anywhere. So it's even cheaper than a Telegraphic Transfer... - the only issue is the £300 daily withdrawal limit from an ATM, but that's a UK bank thing...)

The 300 withdrawal need not be a problem I bank with Nationwide with all the benifits, when I have made large purchases in thailand i go to my local Thai bank SCB, and use my debit card to with draw 200000 tb per day, costs 100tb and I am given the money cash, and it does not leave my UK bank for as long as three days, bought my car this way in three days

You can also have more than one Flexaccount (I believe they allow you up to 5) each with its own ATM card. With Nationwide allowing instant inter-account internet transfers between your accounts you can juggle and shuffle and draw 5 x £300 a day.

Yep Right again!! I have 4....

[Kaojai]

It's simple to manage and avoids the whole can of worms involved in income verification.

So, tell me folks, what am I missing here?

I agree totally. Even if this means the loss of a few hundred dollars/pounds/whatever, it's worth it to avoid the hassle. Also, if you don't stay in Bangkok, you're going to spend money for hotels and travel expenses while getting embassy and MFA endorsements anyway.

Also, in the past couple of years I've been using baht that I bought at far more favorable exchange rates. Obviously that could go the other way, but over the course of a year you have some leeway as to when you choose to make those two or three transfers based on the current exchange rates.

[Kaojai]

Add in that Americans get an $85K (a few years ago - maybe it's gone up) allowance before tax when not living in the country (in addition to any other allowances they may have), and it's highly unlikely that the tax on the ¾% interest on 800,000 baht is even liable to Federal tax, unless you're at an income level where you probably use an accountant. (I have no idea about State taxes - the whole US tax system looks like a giant mess to anyone that didn't grow up with it... That's why most people above a certain income need an accountant to file their tax return.)

The foreign income exclusion only applies to money EARNED through foreign employment. EARNED income does not include interest, dividends, capital gains, rent, royalties, etc.

If you're retired and living overseas, then you would have no foreign income to exclude.

[clai]

generally ATM withdrawals come out of accounts that only earn 1% to 3% interest, so in order to actually earn 5% you must constantly be moving money out of higher-paying vehicles like CD's and Treasury bills into the ATM account.

it doesn't make too much sense to generalise and focus on the procedure of british or american banks as well as their interest rates.

e.g. my [swiss] bank in Singapore pays 5.25% on overnight USD and 4.025% on €UR.

I would like to understand better your statement above: is this 5.25% without term obligations and/or withdrawl penalties? 1) I have a small portfolio of various investments, all paying in US$, which is not advantageous living in Thailand. 2) I would like to build a hedge against falling US$ rates...perhaps your Swiss bank in Singapore is a solution. 3) Can you send me an email and/or contact info for this bank.

Mahalo,

Clai

[Fore Man]

It's simple to manage and avoids the whole can of worms involved in income verification.

So, tell me folks, what am I missing here?

I agree totally. Even if this means the loss of a few hundred dollars/pounds/whatever, it's worth it to avoid the hassle. Also, if you don't stay in Bangkok, you're going to spend money for hotels and travel expenses while getting embassy and MFA endorsements anyway.

Also, in the past couple of years I've been using baht that I bought at far more favorable exchange rates. Obviously that could go the other way, but over the course of a year you have some leeway as to when you choose to make those two or three transfers based on the current exchange rates.

Pardon me...reading all this with rapt interest....but where on the ThaiVisa forum can I go to learn exactly what is required now to get the MFA endorsement? I am about to renew my retirement visa and can qualify on either account--800K THB or 65K monthly pension. I live in Chiang Mai. From my personal vantage point, I'd prefer whatever method is the easist to employ and which requires the least hassle. Anyone have specific recent experience in CM?

[bsacbob]

Gents,

I have been reading through all your comments with interest if you pardon the pun, i am currently making plans to leave good old blighty and retire to Phuket, it appears you all have different views on the best way to invest or transfer money to Thailand. My plan at the moment is to invest all my capital offshore to avoid tax and hopefully live off the interest making one or two transactions per year to avoid the hit on bank charges. i will be making a visit to the Nationwide to check out the points already raised to see if the free transfers apply.

Can anyone point me in the right direction as what to do with my pot of gold, weather to stuff it all into the Nationwide as some have done so, or stick with the offshore plan and maybe open an account with the farmers bank as a ATM point to get hold of my yearly spend budget.

Any help would be most useful.........

[RichardEllis]

Gents,

I have been reading through all your comments with interest if you pardon the pun, i am currently making plans to leave good old blighty and retire to Phuket, it appears you all have different views on the best way to invest or transfer money to Thailand. My plan at the moment is to invest all my capital offshore to avoid tax and hopefully live off the interest making one or two transactions per year to avoid the hit on bank charges. i will be making a visit to the Nationwide to check out the points already raised to see if the free transfers apply.

Can anyone point me in the right direction as what to do with my pot of gold, weather to stuff it all into the Nationwide as some have done so, or stick with the offshore plan and maybe open an account with the farmers bank as a ATM point to get hold of my yearly spend budget.

Any help would be most useful.........

Try HSBC in Mauritius. At this time in Thailand, if you can bring in the minimum and keep the rest offshore, I belieeve it would be wisest.

Rich

[Krub]

It's simple to manage and avoids the whole can of worms involved in income verification.

So, tell me folks, what am I missing here?

I agree totally. Even if this means the loss of a few hundred dollars/pounds/whatever, it's worth it to avoid the hassle. Also, if you don't stay in Bangkok, you're going to spend money for hotels and travel expenses while getting embassy and MFA endorsements anyway.

Also, in the past couple of years I've been using baht that I bought at far more favorable exchange rates. Obviously that could go the other way, but over the course of a year you have some leeway as to when you choose to make those two or three transfers based on the current exchange rates.

Pardon me...reading all this with rapt interest....but where on the ThaiVisa forum can I go to learn exactly what is required now to get the MFA endorsement? I am about to renew my retirement visa and can qualify on either account--800K THB or 65K monthly pension. I live in Chiang Mai. From my personal vantage point, I'd prefer whatever method is the easist to employ and which requires the least hassle. Anyone have specific recent experience in CM?

We have not seen any reports from Cm that they require a certification of the Embassy income letter by the MFA.In any cases the requirement for the certification has been 'suggested' as a new requirement after October 1 and it hs been mentionned in Pattaya by the local British Counsul. Wether it will be nationwide we do not know.

At the present timeboth route income and balance or a combination are about the same hassle if you can get your income letter easy.

The balance route should be easier at this stage as there is no trip or cost for the income letter invloved only your bank records should be enough.

Some immigration offices even in that case will require a letter from the embassy certifying your adress.... but maybe not in CM. Check with them first is the best adviceif you live localy.

[endure]

Gents,

I have been reading through all your comments with interest if you pardon the pun, i am currently making plans to leave good old blighty and retire to Phuket, it appears you all have different views on the best way to invest or transfer money to Thailand. My plan at the moment is to invest all my capital offshore to avoid tax and hopefully live off the interest making one or two transactions per year to avoid the hit on bank charges. i will be making a visit to the Nationwide to check out the points already raised to see if the free transfers apply.

Nationwide have an offshore branch on the Isle of Man.