Retirement Visa Renewal

[dressedingreen]

I'm a UK national, married to a Thai. No children. At 55, I don't yet have a UK pension. My visa is due for renewal in February. It will be my second visa issued in Thailand (arrived June 2006). I understand, with a retirement visa, I should have 800,000 baht in the bank. Had more than that last year, but bought a property here and now there's around 200,000 left. I use about 400,000 a year. If I bring in Sterling to make it up to 800,000, at Thai interest rates I'll be losing about 4.5% on whatever is here (offshore rates on sterling between 6.5% and 6.75%). Apart from using some of the money to buy and sell in Thailand (which I could not do legally since I don't have a work permit), any suggestions how I might overcome some of this loss? Having such an amount sitting in a Thai bank, at current interest rates, makes no financial sense. Anything I've missed?

Thanks in advance

DIG

Edited January 11, 2008 by dressedingreen

[Jingthing]

I think the system is designed that way. Free money for Thai banks. What's not to like (from their perspective)?

[dressedingreen]

I think the system is designed that way. Free money for Thai banks. What's not to like (from their perspective)?

True enough, Jing. But ikt's interest lost that won't find its way into their economy at the points it would do the most good.

DIG

[lopburi3]

January 11, 2007 TT exchange rate 69.27 = 800k = 11549 pounds

January 11, 2008 TT exchange rate 64.35 = 800k = 12432 pounds

Looks as if you lost a bit this past year even with your 6.75% interest rate.

[dressedingreen]

January 11, 2007 TT exchange rate 69.27 = 800k = 11549 pounds

January 11, 2008 TT exchange rate 64.35 = 800k = 12432 pounds

Looks as if you lost a bit this past year even with your 6.75% interest rate.

Can't deny that, Lop

You pays your money, you takes your choice. Looks like it may continue, too

I may have to get a part time job

DIG