krungsri 1.5% only gain account?

[oldcpu]

13 hours ago, KhunHeineken said:

How did your 800k baht extension money go?  Did you get a whopping 1.5% on it? 

I used it to buy super dirt cheap Australian dollars, as I no longer need it being on an LTR visa.  Given drop in Aus$, that was worth more than 10% return while in Thai baht 

[helloagain]

On 2/3/2025 at 10:23 PM, KhunHeineken said:

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

I use my 800 thousand to get a thai credit card

[Marcous]

22 hours ago, baansgr said:

Best way, used to always do my visa but now pay agent 12k only 10k more, get 5.3%.fixed for 5 years is 42k baht a year..what a saving every month

May I ask which agent you are using for the 12K price?

[KhunHeineken]

1 hour ago, helloagain said:

I use my 800 thousand to get a thai credit card

Ok.  I use my Visa / MasterCard from my home country.  

[CallumWK]

On 2/5/2025 at 3:29 PM, baansgr said:

Best way, used to always do my visa but now pay agent 12k only 10k more, get 5.3%.fixed for 5 years is 42k baht a year..what a saving every month

 

Sure +5.3%, before taxes, minus -6.12%  saves you a lot. Not?

 

[baansgr]

2 hours ago, CallumWK said:

 

Sure +5.3%, before taxes, minus -6.12%  saves you a lot. Not?

 

You are obviously not up to date with UK legislation, £1,000 ( 42,000 baht) of savings are tax free... definitely saves a lot 👍 

[KhunHeineken]

12 hours ago, motdaeng said:

tell me, why does a man like you (with or without principles) live in an unstable 3rd world country like thailand ...

I am well traveled.  Also, I have lived and worked in some 3rd World Countries.  Thailand is easy living. 

 

I like Thailand for the climate, and Pattaya for the nightlife, and how diverse the place is. 

 

Bangkok is well connected in the region.  I go to the Singapore F1 every year.  I also used to go to the Malaysian F1 every year as well.  

 

i am happily single.  I didn't retired to Thailand to adopt an extended family from Issan, or be treated like a fool by the Thai government. 

 

If I have to leave Thailand at any stage in the future, it's no great loss to me, either emotionally, financially, or lifestyle wise.  I like Vietnam also.   

 

I show Thailand the same loyalty Thailand shows me, zero.  I make Thailand work for me, not the other way around. 

 

I understand many others here have a very different view than mine, and that's fine. 

 

Unfortunately, many people have returned to their home country broke, going onto welfare, or worse, taken a dive off a tall building.  I certainly will not be heading down that path. 

 

Apart from using an agent for my extension, I abide by al other laws, and pay all my bills.  I have never come under notice of police in Thailand for anything.  That said, yes, I know prostitution is illegal.  How many on this forum can say they have never paid a bar fine? 

[KhunHeineken]

6 hours ago, oldcpu said:

I no longer need it being on an LTR visa

How's this sub-topic relevant to you then?

[proton]

4 hours ago, Marcous said:

May I ask which agent you are using for the 12K price?

 

Almost certainly the one in Pattaya, if it's legal to bypass the money in the bank why not just offer the payment direct to immigration and cut out the middle man?

[baansgr]

13 minutes ago, KhunHeineken said:

I am well traveled.  Also, I have lived and worked in some 3rd World Countries.  Thailand is easy living. 

 

I like Thailand for the climate, and Pattaya for the nightlife, and how diverse the place is. 

 

Bangkok is well connected in the region.  I go to the Singapore F1 every year.  I also used to go to the Malaysian F1 every year as well.  

 

i am happily single.  I didn't retired to Thailand to adopt an extended family from Issan, or be treated like a fool by the Thai government. 

 

If I have to leave Thailand at any stage in the future, it's no great loss to me, either emotionally, financially, or lifestyle wise.  I like Vietnam also.   

 

I show Thailand the same loyalty Thailand shows me, zero.  I make Thailand work for me, not the other way around. 

 

I understand many others here have a very different view than mine, and that's fine. 

 

Unfortunately, many people have returned to their home country broke, going onto welfare, or worse, taken a dive off a tall building.  I certainly will not be heading down that path. 

 

Apart from using an agent for my extension, I abide by al other laws, and pay all my bills.  I have never come under notice of police in Thailand for anything.  That said, yes, I know prostitution is illegal.  How many on this forum can say they have never paid a bar fine? 

Exactly, most of these guys drive pissed, walk in the middle of the road, claim pensions they are not entitled to and numerous othe illegal stuff..It is up to the IO whether funds are required, so in effect it is perfectly legal

[CallumWK]

1 hour ago, baansgr said:

3 hours ago, CallumWK said:

 

Sure +5.3%, before taxes, minus -6.12%  saves you a lot. Not?

 

Expand  

You are obviously not up to date with UK legislation, £1,000 ( 42,000 baht) of savings are tax free... definitely saves a lot

 

Tax free or not, so you consider 5.3% interest minus 6.12% exchange rate loss during the same year a saving?

 

Maybe back to school for you.

 

[KhunHeineken]

15 minutes ago, CallumWK said:

 

Tax free or not, so you consider 5.3% interest minus 6.12% exchange rate loss during the same year a saving?

 

Maybe back to school for you.

 

Can you spend your 800k????  No.  It sits there like a white elephant, earning nothing, year after year, and for some, decade after decade.  

[KhunHeineken]

1 hour ago, proton said:

 

Almost certainly the one in Pattaya, if it's legal to bypass the money in the bank why not just offer the payment direct to immigration and cut out the middle man?

Many times, the immigration officers set up the visa shop, and their family members / friends are the agents.  

 

It's a well oiled machine, and been going on for decades.   

[CallumWK]

5 minutes ago, KhunHeineken said:

Can you spend your 800k????  No.  It sits there like a white elephant, earning nothing, year after year, and for some, decade after decade.  

 

In theory I can spend 400K of it for 6 months I think, just have to top up in time, but that is not the point here, as I leave it untouched.

I live from other funds already in Thai bank accounts, transferred here when the exchange rate was favorable, instead of withdrawing living expenses monthly by CC or transferring, each month getting a worse exchange rate.

[KhunHeineken]

1 hour ago, baansgr said:

Exactly, most of these guys drive pissed, walk in the middle of the road, claim pensions they are not entitled to and numerous othe illegal stuff..It is up to the IO whether funds are required, so in effect it is perfectly legal

The math / financials don't lie. 

 

Not only is it financially beneficial to leave the 800k in one's home country, but safer, also. 

 

The only debate here is the legality of it, which is fine, but not something I am concerned about. 

 

Each to their own, but just don't ell me your extension ONLY costs 1,900 baht. 

[KhunHeineken]

6 minutes ago, CallumWK said:

n theory I can spend 400K of it for 6 months I think,

Wow, such freedom to do what you want with your own money.  

 

What about the other 400k and other 6 months????  Would you call it a donation?  If not, what is it? 

 

6 minutes ago, CallumWK said:

but that is not the point here, as I leave it untouched.

As most do, hence my comment about can you spend it.  

 

Most can't / don't, so it's practically "dead money." 

 

6 minutes ago, CallumWK said:

I live from other funds already in Thai bank accounts, transferred here when the exchange rate was favorable, instead of withdrawing living expenses monthly by CC or transferring, each month getting a worse exchange rate.

"but that's not the point here" either, is it?   

[CallumWK]

Just now, KhunHeineken said:

Wow, such freedom to do what you want with your own money.  

 

As most do, hence my comment about can you spend it.  

 

Most can't / don't, so it's practically "dead money." 

 

"but that's not the point here" either, is it?   

 

Yes it is, but it is argued by renowned "investors" who don't have 800K to show, and live hand to mouth year round

[oldcpu]

1 hour ago, KhunHeineken said:

How's this sub-topic relevant to you then?

 

I used to have a type-O, and when my LTR expires I may go back to one, considering my age.

 

I also used to trade currencies for a living. 

[KhunHeineken]

11 hours ago, Dan O said:

Again if that's your preference and works for you to not deal with imm, then go for it.

Yes, and it's not just me, I have some friends doing the same.  I suggest the practice is more wide spread than many think.  

 

11 hours ago, Dan O said:

Just be prepared for potential changes in the future on the agent side if the new tax reporting rules change. That may well cause problems for banks producing false banking information and\or increased tax to you depending on your tax status, no one knows for sure.

I accept this.  It's possible.  I have a Plan B, Plan C, and Plan D.

 

11 hours ago, Dan O said:

The logic on the increased benefit on investment is a false one after year 1 since your already meeting the monthly transfer requirement and can leave that 800K invested as it is, so in reality your paying an expensive bill to have the agent falsify the banking for you each year.  go with what makes you comfortable

I am very comfortable with my 800k being safe, and earning more interest in my home country, and the agent's bill is cheap.  

 

Many deposit the 800k, and don't touch it, then still transfer over funds on a monthly basis.  They are so afraid of the seed money window periods that they just leave it, untouched, for years / decades.   

 

I am sure they are comfortable with their decision, as I am with mine, but just don't tell me their extension ONLY costs 1.900 baht.     

[Dan O]

11 minutes ago, KhunHeineken said:

Yes, and it's not just me, I have some friends doing the same.  I suggest the practice is more wide spread than many think.  

 

I accept this.  It's possible.  I have a Plan B, Plan C, and Plan D.

 

I am very comfortable with my 800k being safe, and earning more interest in my home country, and the agent's bill is cheap.  

 

Many deposit the 800k, and don't touch it, then still transfer over funds on a monthly basis.  They are so afraid of the seed money window periods that they just leave it, untouched, for years / decades.   

 

I am sure they are comfortable with their decision, as I am with mine, but just don't tell me their extension ONLY costs 1.900 baht.     

Thats all I spend on renewal as I do the paperwork myself and the monthly transfers are my living expenses.  What other cost am I missing doing it my way? 

[proton]

1 hour ago, KhunHeineken said:

The math / financials don't lie. 

 

Not only is it financially beneficial to leave the 800k in one's home country, but safer, also. 

 

The only debate here is the legality of it, which is fine, but not something I am concerned about. 

 

Each to their own, but just don't ell me your extension ONLY costs 1,900 baht. 

 

But when the exchange rate goes down from 72 to the pound, which it was when I came here to less than 42 it's in no way beneficial in the long run to leave money at home

[Baht Simpson]

3 minutes ago, proton said:

 

But when the exchange rate goes down from 72 to the pound, which it was when I came here to less than 42 it's in no way beneficial in the long run to leave money at home

Well, there was no compunction to retain funds in an account in those days, so I imagine that money has long since been spent. But I agree with you. For GBP 17T or so, of much more concern to me is the rate at which funds are transferred.  The 800b on my account went in at just over 46 a few years ago. The rate is now bumbling around 41/42, so to do monthly transfers at that rate plus charges is more costly. 

 

I can live on other savings plus low top ups but unlike with monthly transfers I can sit there and wait for an appreciation in the rate.

 

Heineken is right that savings rates are better in the U.K. but even they are slipping right back gradually. On GBP 17,000  it's hardly a king's ransome. 

 

And there are other factors like convenience, legality, quick access to funds, opening UK fixed deposits etc.

 

It's really horses for courses and everyone has different needs, so I wouldn't criticize anyone's methods. If the exchange rates plummet or they change the rules I might think differently but at the moment I'm content with my situation.

[baansgr]

8 hours ago, CallumWK said:

 

Tax free or not, so you consider 5.3% interest minus 6.12% exchange rate loss during the same year a saving?

 

Maybe back to school for you.

 

 

[baansgr]

8 hours ago, CallumWK said:

 

Tax free or not, so you consider 5.3% interest minus 6.12% exchange rate loss during the same year a saving?

 

Maybe back to school for you.

 

Nobody has control over XE...the year before it was 12% more, got anything to say about that?..they call it pound cost averaging.. obviously someone without a clue on money markets 👍 

[KhunHeineken]

20 hours ago, proton said:

 

But when the exchange rate goes down from 72 to the pound, which it was when I came here to less than 42 it's in no way beneficial in the long run to leave money at home

Can you spend your 800k? 

 

If I gave you 1000 baht tomorrow, but told you that you can't spend it, what good is it to you? 

 

Ahhhh, but you can invest the 1000 baht I give you at 1.5%, but then do decide if you transfer the 1000 baht to the UK, you can get 5.3% on it. 

 

Yes, rocket science. 

[KhunHeineken]

20 hours ago, Dan O said:

Thats all I spend on renewal as I do the paperwork myself and the monthly transfers are my living expenses.  What other cost am I missing doing it my way? 

You are you are missing out on earnings.

 

I did the long math, right down to the last baht, in a thread some time ago.  Here's the quick math.  I'll use another member's figures. 

 

800,000 baht x 1.5% = 12,000 baht in interest.  

 

800,000 baht at 5.3% = 42,400 baht in interest. 

 

You pay 1,900 baht for your extension. 

 

The agent charges 12,000 baht for the same extension. 

 

42,400 baht - 12,000 baht agent's fee = 30,400 baht, which is more than double your interest, and no need to deal with immigration, and the money is in your home country, where it is safer, and you have rights.

 

Can you see how you have 800,000 baht that you can not / do not spend, it earns a pittance, is in a 3rd World Country, you are still bringing in monthly transfers, and you have to deal with immigration, all so you can think you ONLY pay 1,900 baht for your extension, and not 12,000 baht? 

 

Indirectly, your extension is costing you soooooooo much more than the 12,000 baht agent's fees. 

 

Can you point out the downside, other than legality, with earning more from the 800,000 baht, which more than covers the cost of the agent, the money being in a safe country, and not having to deal with immigration? 

[CallumWK]

6 minutes ago, KhunHeineken said:

You are you are missing out on earnings.

 

I did the long math, right down to the last baht, in a thread some time ago.  Here's the quick math.  I'll use another member's figures. 

 

800,000 baht x 1.5% = 12,000 baht in interest.  

 

800,000 baht at 5.3% = 42,400 baht in interest. 

 

No you are missing the point.

 

 

800.000 baht x 8.88% = 71.040 baht

 

42400 baht - 71040 baht = -28640 baht

 

 

[Dan O]

2 hours ago, KhunHeineken said:

You are you are missing out on earnings.

 

I did the long math, right down to the last baht, in a thread some time ago.  Here's the quick math.  I'll use another member's figures. 

 

800,000 baht x 1.5% = 12,000 baht in interest.  

 

800,000 baht at 5.3% = 42,400 baht in interest. 

 

You pay 1,900 baht for your extension. 

 

The agent charges 12,000 baht for the same extension. 

 

42,400 baht - 12,000 baht agent's fee = 30,400 baht, which is more than double your interest, and no need to deal with immigration, and the money is in your home country, where it is safer, and you have rights.

 

Can you see how you have 800,000 baht that you can not / do not spend, it earns a pittance, is in a 3rd World Country, you are still bringing in monthly transfers, and you have to deal with immigration, all so you can think you ONLY pay 1,900 baht for your extension, and not 12,000 baht? 

 

Indirectly, your extension is costing you soooooooo much more than the 12,000 baht agent's fees. 

 

Can you point out the downside, other than legality, with earning more from the 800,000 baht, which more than covers the cost of the agent, the money being in a safe country, and not having to deal with immigration? 

You apparently are not reading what I wrote correctly.

 

I have no 800 k in the bank here for my permission to stay.  It invested in the USA earning interest. I am on monthly deposit method

 

I transfer 65k monthly which is my living expenses and happens to satisfy the imm requirement too. I can spend every penny each month or send it back to the USA with no penalty or loss of requirement for permission to stay. You transfer the same per your earlier post each month as living expense.

 

I pay 1900 to renew each year.

 

I do not pay an agent like you so yes my 1900 a year is correct and you are loosing the agent fee each year.  

 

So who's paying  more each year in this scenario?

 

And that agent fee could be going back to a higher return account but your giving it to an agent instead. Its your choice but don't tell me I'm losing money and you aren't, its actually the reverse. 

 

Is this simple enough to understand?

 

 

[KhunHeineken]

2 hours ago, CallumWK said:

 

No you are missing the point.

 

 

800.000 baht x 8.88% = 71.040 baht

 

42400 baht - 71040 baht = -28640 baht

 

 

Can you spend the 800,000 baht?  Yes, or no? 

 

Go on the record. 

[KhunHeineken]

21 minutes ago, Dan O said:

You apparently are not reading what I wrote correctly.

 

I have no 800 k in the bank here for my permission to stay.  It invested in the USA earning interest. I am on monthly deposit method

 

I transfer 65k monthly which is my living expenses and happens to satisfy the imm requirement too. I can spend every penny each month or send it back to the USA with no penalty or loss of requirement for permission to stay. You transfer the same per your earlier post each month as living expense.

 

I pay 1900 to renew each year.

 

I do not pay an agent like you so yes my 1900 a year is correct and you are loosing the agent fee each year.  

 

So who's paying  more each year in this scenario?

 

And that agent fee could be going back to a higher return account but your giving it to an agent instead. Its your choice but don't tell me I'm losing money and you aren't, its actually the reverse. 

 

Is this simple enough to understand?

 

 

You are correct. 

 

I was under the belief you wished to discuss the details of leaving 800,000 baht in your home country. 

 

It was unclear to me that you were using the 65,000 baht method. 

 

In this case, yes, I pay around 10,000 baht more than you for the extension.

 

I am prepared to pay this so I do not have to deal with immigration. 

 

Apologies for the misunderstanding.