Off To Aus To Get Pension. Return In 2 Years. Should I Leave Money In Siam Bank?

[coreyp2]

I am shortly returning to Australia. I will be applying for the age pension and most likely will have to stay in Aus for 2 years before I can come back to Thailand. I will have 800,000+ in my Siam Bank account.

Should I leave the money there ready for me to return as a retiree? What happens if my circumstances change and I need the money in Australia or aren't able to return to Thailand at all?

[simcity]

First I was going to said, how people can know about your financial situation ?

But if you applying for a age pension, you must be just over 65 year old with a asset test under $650000 & you will received a pension to maximum $250 a week payment

I will say in your situation, I will take the money back with me.

[BEENTHEREDONETHAT]

You will not earn any worthwhile interest in LOS so take it home with you in put it in a interest bearing account, bring it back when you retire, although you won't need it until 3 months before you go in for your 1st annual renewal of visa.

[Junglejumbo]

I've never heard of the bank that you mention. There's a Siam Commercial Bank but no Siam Bank.

If you leave the money here, you may make profits on the currency but expect limited interest.

[Mario2008]

The interest will not be much in Thailand, but changing currency twice is also going to cost you, as is the actual tranfer. That are also points to consider.

[kennkate]

Take it with you 100%

You know what they say. A Bird in the hand is worth Two in the Bush.

Or are you going back to the Bush ??

[sevenhills]

I am shortly returning to Australia. I will be applying for the age pension and most likely will have to stay in Aus for 2 years before I can come back to Thailand. I will have 800,000+ in my Siam Bank account.

Should I leave the money there ready for me to return as a retiree? What happens if my circumstances change and I need the money in Australia or aren't able to return to Thailand at all?

Hi coreyp2 good luck, I would take it back with u. Question, do you need to go back to Oz to be eligible for the Pension, can u not do it from here?

Thanks

[lopburi3]

There is also a Siam City Bank. I would take the money with me and put in bank there if not needed. You may then use it for an OA retirement visa when the time comes if you want. Or use for what you want.

[stbkk]

There is also a Siam City Bank. I would take the money with me and put in bank there if not needed. You may then use it for an OA retirement visa when the time comes if you want. Or use for what you want.

Its also an exchange rate question. No idea about the AUD, but the THB is quite strong against the GBP at the moment. Over the last 3 years against the pound it has gained something like 30%. If it carries on like that you lose a load. If it goes back the other way you gain! I personally think the Baht will weaken some, but its only an opinion, and you know what they say about those!

[harrry]

It depends on how much other cash assets you have. If you have cash or cashable assets Centrelink presume you can earn about 4% interestand lower your pension accordingly.

[reallyok]

I am shortly returning to Australia. I will be applying for the age pension and most likely will have to stay in Aus for 2 years before I can come back to Thailand. I will have 800,000+ in my Siam Bank account.

Should I leave the money there ready for me to return as a retiree? What happens if my circumstances change and I need the money in Australia or aren't able to return to Thailand at all?

$A30,000 is not a lot of cash, so i would leave it in your Thai bank until sfter you have gone through the Aussie Centrelink 'Interrogation' then you won't have to tell them any b/s. ........."No mate i have not got any money"

They will see this in your bank account. Bring it back later as you will most likely get better interest in oz !

[reallyok]

I am shortly returning to Australia. I will be applying for the age pension and most likely will have to stay in Aus for 2 years before I can come back to Thailand. I will have 800,000+ in my Siam Bank account.

Should I leave the money there ready for me to return as a retiree? What happens if my circumstances change and I need the money in Australia or aren't able to return to Thailand at all?

Hi coreyp2 good luck, I would take it back with u. Question, do you need to go back to Oz to be eligible for the Pension, can u not do it from here?

Thanks

I am going the opposite way to Coreyp2 at the end of the year.

I have got my full aussie pension but intend getting a retirement visa. My problem is that i have got $A150,000 in a bank account in my daughter's name .

Is there any way that i can get it "offshore" as i will only be allowed to take $A10,000 out with me.

Any advice would be grately appreciated, might even think of "shouting the Changs" one day !...........

[lopburi3]

You must be able to make SWIFT transfers from down under to here I would think. Most countries only limit the amount you can take out without paperwork. If you declare it more can be taken out. If you need to do wire transfers most banks in the US require you fill out the paperwork in person so good to set up before you leave (just the process - you can advise specific account later).

[Robby nz]

A I understand it you do have to go back to OZ to get the pention, I know I must go back to NZ, soon.

Take the money with you as cash and change it at the best rate you can get, do some research. You will get 6% to 7% in OZ, Try Marac, safe and paying good interest

When you come back open an online call account, I have one with ANZ, you can then transfer to your Tahi account online when you want, I can do a max of $NZ 10,000 at a time. There is a charge for this service but there is for everything and it is very conveniant.

[Artisi]

I am shortly returning to Australia. I will be applying for the age pension and most likely will have to stay in Aus for 2 years before I can come back to Thailand. I will have 800,000+ in my Siam Bank account.

Should I leave the money there ready for me to return as a retiree? What happens if my circumstances change and I need the money in Australia or aren't able to return to Thailand at all?

Hi coreyp2 good luck, I would take it back with u. Question, do you need to go back to Oz to be eligible for the Pension, can u not do it from here?

Thanks

You MUST be in Australia to apply for the pension and depending on your status - either resident or former resident governs the ability to leave Aust. and still maintain the pension. If classed as a resident you can come and go as you please (provided you report your movement to Centrelink) if classed as a former resident you are locked in for a 2 year period in Aust before you can leave and maintain the pension.

[fishhooks]

coreyp2;

I think it depends on whether you need the money sitting in the SCB or not to use, or want to get a "slightly" better interest income from it in Australia.

Money placed in Thailand exchanged from Australian Dollars 12 months or so ago has already earned a good currency rate profit. (ie when the A$ was getting more than 30 THB)

Bringing it back to Australia will also make it more readily identifyable as part of your assets.

It depends if you can forget about it for a while, or if you need it in the interim.

The Australian Dollar wildly fluctuates, strangely usually down just when you want to change it to another currency......of course coincidence!!!!

Need it.....Bring it back

Don't need it......Forget it for the time being.

If you are with SCB and have set up your account on-line, I don't think it would be any trouble at all to transfer it back to Australia should you find the need in a matter of minutes.

Edited May 29, 2009 by fishhooks

[harrry]

[

You MUST be in Australia to apply for the pension and depending on your status - either resident or former resident governs the ability to leave Aust. and still maintain the pension. If classed as a resident you can come and go as you please (provided you report your movement to Centrelink) if classed as a former resident you are locked in for a 2 year period in Aust before you can leave and maintain the pension.

Not quite you can be in a country which has a Social Security Agreement with Australia.

[Artisi]

[

You MUST be in Australia to apply for the pension and depending on your status - either resident or former resident governs the ability to leave Aust. and still maintain the pension. If classed as a resident you can come and go as you please (provided you report your movement to Centrelink) if classed as a former resident you are locked in for a 2 year period in Aust before you can leave and maintain the pension.

Not quite you can be in a country which has a Social Security Agreement with Australia.

Maybe so - but it certainly doesn't have any agreement with Thailand, therefore my comment stands in relation to those who are "part time residents" in LOS.

[harrry]

[

You MUST be in Australia to apply for the pension and depending on your status - either resident or former resident governs the ability to leave Aust. and still maintain the pension. If classed as a resident you can come and go as you please (provided you report your movement to Centrelink) if classed as a former resident you are locked in for a 2 year period in Aust before you can leave and maintain the pension.

Not quite you can be in a country which has a Social Security Agreement with Australia.

Maybe so - but it certainly doesn't have any agreement with Thailand, therefore my comment stands in relation to those who are "part time residents" in LOS.

I think in this case inacrate or half information is dangerous. The person may as many people have, a tie to another country which does have an agreement. It may be worth him/her applying in that country and not returning to Australia at all. Half truths are not always the truth.

[fishhooks]

I think the topic is getting a bit off track.

The original post seems to indicate that he has 'already' made his mind up to return to Australia. He is actually asking a financial question.

The topic regarding qualification for the AUS pension is well covered in the 'other country' pinned section. Although as it stands there does not appear to be any good news for those of us in the LOS, as far as being clearly entitled to the pension if we leave the shores of the supposed "lucky country"

As another poster has indicated in the past, it is very easy to be classed by Centrelink as being Non Resident during the important 2 year qualification period.

Coreyp2 I imagine does not want to take any risks with the pension and has decided to sit it out at home.

With many of us now slap bang in the middle of the Baby Boomer period and wanting (or needing) the pension AND wanting to retire in Thailand, the news is not good for those of us wanting to spend a lot of time in Thailand as far as the 2 year qualification is concerned.

There is no indication one way or the other or no formula for deciding if one qualifies during the 2 year period, if you come and go Australia you are at risk of not getting the pension.

One thing is for sure. There is a nice little print-out on your Centrelink file indicating every time, going back several years that you enter and exit.

I have seen it!

Good luck to those of you who have already gotten this "wonderful little cheque in the mail every fortnight" Also good luck to our American friends who do not have to go through this B'S--T!

For the rest of us the coast is certainly not clear.

Edited June 1, 2009 by fishhooks

[ozzydom]

I guess the OP has to decide where the Thai baht will be in two years time , the possibility of it blowing out or being floated is always there.

For instance , $30k AUD invested in Oz at compounding interest for two years will buy a lot more baht than 800k in a Thai bank if for instance the baht went to 40 against the dollar, as with a divider of 40 your 30k becomes 20k AUD.

I would tend to trust the strength of the AUD over the THB. in the long term.

[ozzydom]

[

You MUST be in Australia to apply for the pension and depending on your status - either resident or former resident governs the ability to leave Aust. and still maintain the pension. If classed as a resident you can come and go as you please (provided you report your movement to Centrelink) if classed as a former resident you are locked in for a 2 year period in Aust before you can leave and maintain the pension.

Not quite you can be in a country which has a Social Security Agreement with Australia.

Maybe so - but it certainly doesn't have any agreement with Thailand, therefore my comment stands in relation to those who are "part time residents" in LOS.

I think in this case inacrate or half information is dangerous. The person may as many people have, a tie to another country which does have an agreement. It may be worth him/her applying in that country and not returning to Australia at all. Half truths are not always the truth.

It is not quite so cut and dried as that , you will find that you first have to obtain any pension that you may be entitled to from the country you are residing in before applying for a OAG pension from Oz.

Social Security Agreements do not simply mean "You pay my citizens and I will pay yours."

Centrelink only pays the shortfall between what you get in your country of residence and the OZ rate.

[Artisi]

coreyp2

You seemed to have missed the boat with the Bht / $A exchange rate - as it's back to round 27 today. should have thought about it a few months back when it was at 22/23 (actually the $Aust died in the a_rse) - can only see the Baht getting weaker in the longer term which equates to less $$ if you want to convert it back.

[reallyok]

I am shortly returning to Australia. I will be applying for the age pension and most likely will have to stay in Aus for 2 years before I can come back to Thailand. I will have 800,000+ in my Siam Bank account.

Should I leave the money there ready for me to return as a retiree? What happens if my circumstances change and I need the money in Australia or aren't able to return to Thailand at all?

G'day Corey,

Yesterday i called in at my local Centrelink office here at Caboolture.

They told me that i can have $A200,000 +, and my own house of residence before it effects my retirement pension.

So contrary to my previous advice, you will be better off if you take your money with you as you will get a better interest rate than in Thailand ..................Good luck !

[harrry]

I am shortly returning to Australia. I will be applying for the age pension and most likely will have to stay in Aus for 2 years before I can come back to Thailand. I will have 800,000+ in my Siam Bank account.

Should I leave the money there ready for me to return as a retiree? What happens if my circumstances change and I need the money in Australia or aren't able to return to Thailand at all?

G'day Corey,

Yesterday i called in at my local Centrelink office here at Caboolture.

They told me that i can have $A200,000 +, and my own house of residence before it effects my retirement pension.

So contrary to my previous advice, you will be better off if you take your money with you as you will get a better interest rate than in Thailand ..................Good luck !

\Again half true. Any cash assets are deemed to receive income at about 4% per annum and your pension is reduced to reflect this income.

[dbrenn]

I am shortly returning to Australia. I will be applying for the age pension and most likely will have to stay in Aus for 2 years before I can come back to Thailand. I will have 800,000+ in my Siam Bank account.

Should I leave the money there ready for me to return as a retiree? What happens if my circumstances change and I need the money in Australia or aren't able to return to Thailand at all?

Not sure how long a bank account can remain dormant in Thailand before it is closed, and what the implications of that would be regards accessing your wedge.

A few years back, it was two years. You might want to check it out.

Exchange rates are a lottery at the moment - you might win, you might lose. Thailand's economy is likely to fare worse than Aussie though.

[Hahhi]

If your money is in a normal savings account (and not in a time deposit account), just leave the money there, and take an internationally valid atm/debit card with you to Australia, just in case.

If it is in a time deposit, try to move it into a savings account, and take the card with you.

Edited June 3, 2009 by Hahhi