Pros and cons of using an agent for the 800k

[JontS]

Obvious pros of using an agent are not having to let the 800k sit in a Thai bank at almost no interest, and having the agent do all the paperwork and standing in line.

 

Obvious cons are the agent fee, but that would be more or less covered by investing the 800k in a better way than the Thai bank account.

 

Am I missing something?

 

I know the agent solution is not according to the rules, but it seems to have been going on for a long time and I have not read anything about the government doing anything about this.

[zzzzz]

800,000 @5% /year= 40,000 
agent 12-25,000

not having to visit immigration   BIG +

BIGGEST pro is if ur old & unmarried an the hassles that will need be dealt with by someone to get ur 800,000 out of the bank

[DrJack54]

21 minutes ago, JontS said:

Am I missing something?

You are not missing anything.

Opportunity cost of the 800k vs annual cost of agent.

As the saying goes "up to you"

OP where are you located is another consideration. 

Also good point @zzzzz made concerning what happens to funds in bank upon demise.

Also as folk get older and mobility perhaps an issue then adds to Pro side of agent. 

 

Predictable posts concerning legality of using an agent will be removed. 

[scubascuba3]

One potential big banana skin is Bangkok Bank is the only bank used now, used to be Kasikorn as well, so could be a sudden decision same as Kasikorn stopping availability 

[JontS]

1 minute ago, scubascuba3 said:

One potential big banana skin is Bangkok Bank is the only bank used now, used to be Kasikorn as well, so could be a sudden decision same as Kasikorn stopping availability 

Do you mean for the "fake" 800k? Was aiming to use Bangkok Bank anyway, thanks for the info

[DrJack54]

3 minutes ago, JontS said:

Do you mean for the "fake" 800k? Was aiming to use Bangkok Bank anyway, thanks for the info

Most agents (not all) require you to use BBL account. 

Where do you plan to be located is part of the options

[CallumWK]

10 minutes ago, zzzzz said:

800,000 @5% /year= 40,000 

 

Love to hear where you get 5% net without exchange rate risk.

 

Anyway, I get in Thailand 2.25%, so that makes it only 2.75 difference anymore, and no exchange rate risk.

 

If you look at USD or GBP, your 5% would already be a loss, if only looking at the exchange rate January till today

[scubascuba3]

5 minutes ago, JontS said:

Do you mean for the "fake" 800k? Was aiming to use Bangkok Bank anyway, thanks for the info

Yes Bangkok Bank, which you have no choice, what happens if they stop? that's the big risk 

[JontS]

2 minutes ago, DrJack54 said:

Most agents (not all) require you to use BBL account. 

Where do you plan to be located is part of the options

Thanks. My plan (for now) is Jomtien, but that might change. Don't want to be "stuck" anywhere and have the opportunity to try different locations.

[timendres]

The real issue with utilizing an agent is the fact that you are "trapped".

Once you engage this agent, you are effectively married to them.

And heaven help you if you get caught in some political "corruption sweep".

That happened to quite a few folks when the Chinese Triads corruption blew up.

Low probability, but not a bet I am willing to make.

Edited October 2 by timendres

[DrJack54]

4 minutes ago, JontS said:

My plan (for now) is Jomitien

Many good agents in Pattaya.

The agents dealing with Jomitien will open a bank account with BBL.

[Chivas]

33 minutes ago, JontS said:

Obvious pros of using an agent are not having to let the 800k sit in a Thai bank at almost no interest, and having the agent do all the paperwork and standing in line.

 

Obvious cons are the agent fee, but that would be more or less covered by investing the 800k in a better way than the Thai bank account.

 

Am I missing something?

 

I know the agent solution is not according to the rules, but it seems to have been going on for a long time and I have not read anything about the government doing anything about this.

 

I wont relate an entire post that I made few months ago but my question to a Visa Agent that overided everything else (in my opinion) was can the shight hit the fan using Agents technically circumventing the rules

 

Top agent came back with a laugh and said no this is immigrations biggest "cash cow"

 

The level of (and I choose my word carefully) "bungs" goes right to the top

[DrJack54]

Just now, timendres said:

The real issue with utilizing an agent is the fact that you are "trapped".

Once you engage this agent, you are effectively married to them.

That is incorrect.

You can change to using own funds by exiting Thailand and reenter visa exempt and "start over" new non O and subsequent 12 month extension 

[JontS]

4 minutes ago, DrJack54 said:

Many good agents in Pattaya.

The agents dealing with Jomitien will open a bank account with BBL.

Thanks. My concern is what "timendres" mentions and I've read online before, i.e. being stuck with a certain agent which might cause trouble if I e.g. want to move to another part of the country

 

edit: you already answered my concerns while I was typing 

Edited October 2 by JontS

[timendres]

3 minutes ago, DrJack54 said:

That is incorrect.

You can change to using own funds by exiting Thailand and reenter visa exempt and "start over" new non O and subsequent 12 month extension 

 

You are absolutely correct. If you can make that change before any serious misfortune.

A friend was working for an agent who was caught up in the Chinese Triads fiasco.

As far as I know, none of  the folks using that agent had any issues other than the inconvenience.

It also assumes you have the 800k, which many using this method do not.

[DrJack54]

Off topic post regarding legality of using agent removed.

 

[TimBKK]

If you use a reputable agent like Maneerat or Cambodia Inter, the downsides pale in comparison to the upside.  I would not hesitate to use either; frankly, deciding to use Cambodia has been one of the better decisions I’ve made here.

 

As @DrJack54 notes, it is pretty straightforward to get out of the agent “loop” via a Non-O, honestly I would not be too concerned about that.

Edited October 2 by TimBKK
Grammar

[The Fugitive]

11 minutes ago, timendres said:

The real issue with utilizing an agent is the fact that you are "trapped".

Once you engage this agent, you are effectively married to them.

Wasn't the case for me. I went from agent to 'doing it myself'. My Immigration Officer looked at the previous retirement extension stamp and asked; 'How much did you pay your agent?'. She said if I wished, she could do it for less.

[JontS]

Just now, TimBKK said:

If you use a reputable agent like Maneerat or Cambodia Inter, the downsides pale in comparison to the upside.  I would not hesitate to use either; frankly, it Is one of the better decisions I’ve made here (I use Cambodia).

 

As @DrJack54 notes, it is pretty straightforward to get out of the agent “loop” via a Non-O, honestly I would not be concerned about that too much.

Thanks, I might be tempted to use an agent for the initial setup at least. I do have enough money to cover if necessary at any time.

[bkk6060]

I think it is the greatest , most fantastic way to do it.  Show up with passport and a couple of photos, next day one more year.  No more collecting documents,  himming and haing, demands for this or that which are not even listed, bad attitudes, crowds of people jammed into an office.  Well worth the cost.

[Liquorice]

Cons.

Quite often, the agent will obtain an extension from a different Province than where you actually reside, meaning he will also have to submit your 90-day reports.
Want to purchase a vehicle or obtain a Thai driving licence, the agent can assist with obtaining a COR, although it will state the 'bogus' address used to obtain the extension from a different Province.

 

Of course, after an agent obtains an extension from a different Province, you could file a new TM30 for your actual residence and complete the 90-day reports yourself and obtain a COR with your actual address. You'd just need to do this every year, after each extension was immorally obtained.

 

If considering using an agent, to avoid further issues down the line, the first question would be to find out if the extension would actually be issued by the IO in your Province of residence.

[scubascuba3]

24 minutes ago, timendres said:

The real issue with utilizing an agent is the fact that you are "trapped".

Once you engage this agent, you are effectively married to them.

And heaven help you if you get caught in some political "corruption sweep".

That happened to quite a few folks when the Chinese Triads corruption blew up.

Low probability, but not a bet I am willing to make.

❌Incorrect. Can easily switch to 800k in the bank once seasoned

[JontS]

1 minute ago, Liquorice said:

If considering using an agent, to avoid further issues down the line, the first question would be to find out if the extension would actually be issued by the IO in your Province of residence.

That's good advice, thank you

[KannikaP]

14 minutes ago, bkk6060 said:

I think it is the greatest , most fantastic way to do it.  Show up with passport and a couple of photos, next day one more year.  No more collecting documents,  himming and haing, demands for this or that which are not even listed, bad attitudes, crowds of people jammed into an office.  Well worth the cost.

Get all the correct papers together, bank statements, bank letters, bank books, C o R, passport copies, Bht 1900...in and out in 30 minutes, with a re-entry permit if needed, at Phitsanulok.

 

WHO can be confused by what I have written?

Edited October 2 by KannikaP

[TimBKK]

3 minutes ago, dingdongrb said:

Isn't it being illegal one of the CONs which this post is about......so why can't that CON be discussed?

Because it is not illegal.

[scubascuba3]

23 minutes ago, DrJack54 said:

You can change to using own funds by exiting Thailand and reenter visa exempt and "start over" new non O and subsequent 12 month extension 

Don't even need to do that, I didn't 

[Liquorice]

3 minutes ago, TimBKK said:

Because it is not illegal.

How so, because an agent can circumvent the requirements by offering a personal fee over and above the required 1,900 BHT fee.

[Captain Flack]

A comment on moderation against forum rules has been removed.

[DrJack54]

6 minutes ago, Liquorice said:

If considering using an agent, to avoid further issues down the line, the first question would be to find out if the extension would actually be issued by the IO in your Province of residence.

The OP mentioned plan to be located Jomitien. (initially)

Another poster mentioned Maneerat.

That agent uses Jomitien immigration and stamps issued there. You also need attend. 

[bkk6060]

8 minutes ago, KannikaP said:

Get all the correct papers together, bank statements, bank letters, bank books, C o R, passport copies, Bht 1900...in and out in 30 minutes, with a re-entry permit if needed, at Phitsanulok.

Yeah well, I don't live there and have no desire too.   But,good for you.

Edited October 2 by bkk6060