Jambo Posted September 15, 2023 Share Posted September 15, 2023 2 hours ago, Bernie Num Nums said: When the Thai government started demanding Farang put ฿800,000 in the bank to qualify for a retirement visa I stopped trusting the whole banking system in Thailand. I'd rather pay transfer fees (there are ways around this) than let these corrupt bastards hang on to my hard earned. I ceased the 800K after they moved the goal posts and stitched me up at Immigration. Could not be bothered with all the hassle any more and let Secrets accountant do the renewal for a flat fee. A little bit more expensive than the Agents in Town but guaranteed service and hassle free. 1 1 Link to comment Share on other sites More sharing options...
Yessongs Posted September 16, 2023 Share Posted September 16, 2023 Interesting, I have full medical through "AIA" here locally and have always had a "Thai Wife Visa" that I ONLY have to have 400k baht to show every year. One of wifey's best friends has her own business LLC ETC, and takes care of this for me every year. Never had a problem. 2 2 3 Link to comment Share on other sites More sharing options...
Jambo Posted September 16, 2023 Share Posted September 16, 2023 (edited) 6 hours ago, Yessongs said: Interesting, I have full medical through "AIA" here locally and have always had a "Thai Wife Visa" that I ONLY have to have 400k baht to show every year. One of wifey's best friends has her own business LLC ETC, and takes care of this for me every year. Never had a problem. My problem was somewhat the opposite to reducing the deposit by 400K. Every year I renewed my Retirement Visa with 800K in the bank except it was always in joint names. ( required my signature for withdrawals). I had no idea that was not in the rules because every year they accepted the bank deposit without comment. I even visited Immigration a week before the final renewal to clarify whether I had to get the supporting letter from the bank on the actual day of renewal. On the actual day of renewal I handed over all my documentation only to be told "You will need a further 400K in the bank in your name as joint deposit not acceptable." I replied "I actually spoke to you a week ago and you said that was fine." He ignored that and replied "You will have to apply for an extension TODAY (Go to desk ...) and THEN move money into one account in you name." Then he said "Why you not use an Agent?" He wanted me to use an Agent. I was still in shock from the renewal not going smoothly so I missed the significance and the easy way out there and then. Instead I spent half a day getting the extension and then going to the bank to unscramble the deposit. I was so pissed off I went to see Secrets Accountant a couple of days later with my passport and it was returned in two days all stamped up. Apparently they had been quite amused at Immigration when they saw the temporary extension. A new way to hassle the farlang. I hated going to Immigration from the very day of my first renewal when that mincing iron hoof Officer returned my Passport by throwing it to me across the desk so it fell on the floor. Edited September 16, 2023 by Jambo 2 Link to comment Share on other sites More sharing options...
Derek Dangleberries Posted September 16, 2023 Share Posted September 16, 2023 2 minutes ago, Jambo said: He wanted me to use an Agent. Only pompous expats on ThaiVisa will not understand that sentence!! Link to comment Share on other sites More sharing options...
Stillearly Posted September 16, 2023 Share Posted September 16, 2023 Do you all hold Thai Baht for your 400/800k or do you have the funds in a Foreign Currency Deposit Account ( home currency ) ? Link to comment Share on other sites More sharing options...
Derek Dangleberries Posted September 16, 2023 Share Posted September 16, 2023 24 minutes ago, Stillearly said: Do you all hold Thai Baht for your 400/800k or do you have the funds in a Foreign Currency Deposit Account ( home currency ) ? None of the above ... 1 Link to comment Share on other sites More sharing options...
Stillearly Posted September 16, 2023 Share Posted September 16, 2023 7 minutes ago, Derek Dangleberries said: None of the above ... I know it can be also done on a regular income or the use of a creative agent ... 😜 but the big thing for me would be the fx exposure if I switched sufficient funds to have the 800k , especially considering current exchange rates 1 Link to comment Share on other sites More sharing options...
Derek Dangleberries Posted September 16, 2023 Share Posted September 16, 2023 19 minutes ago, Stillearly said: but the big thing for me would be the fx exposure if I switched sufficient funds to have the 800k , especially considering current exchange rates Yup agree, but the subject according to the thread title is difficult to discuss within the constraints of the "new" brown banner warning at the top of the page. Personally I think there is too much Government, Business and Household debt for the Banks to sustain..If I had the money I'd invest it elsewhere and ride the next few years out and see what happens !!! 1 Link to comment Share on other sites More sharing options...
Jambo Posted September 17, 2023 Share Posted September 17, 2023 21 hours ago, Derek Dangleberries said: Yup agree, but the subject according to the thread title is difficult to discuss within the constraints of the "new" brown banner warning at the top of the page. Personally I th ink there is too much Government, Business and Household debt for the Banks to sustain..If I had the money I'd invest it elsewhere and ride the next few years out and see what happens !!! From the first day I moved to Thailand I adopted a personal policy that if Thailand decided to make it impossible to continue to live in Thailand it would not hurt me too much financially. On my second day in Thailand Lek (aka The Knifefighter) was very useful helping me to purchase a brand new Yamaha scooter. It was sometime later that I discovered she had registered it in her name which meant when she eventually stole it.......she didn't..... ! I had watched her put it in her name without realizing that was what she was doing !!!! What a dickhead! 4 1 Link to comment Share on other sites More sharing options...
Zambo Posted September 17, 2023 Share Posted September 17, 2023 23 hours ago, Stillearly said: Do you all hold Thai Baht for your 400/800k or do you have the funds in a Foreign Currency Deposit Account ( home currency ) ? I'm not on a retirement visa. But i do have an FCD account in SGD at Kasikorn. But it's a current account, last time i asked a savings or fixed deposit account gave less thsn 1% interest. Is there a reasonable deposit interest rate now? Link to comment Share on other sites More sharing options...
Stillearly Posted September 17, 2023 Share Posted September 17, 2023 1 minute ago, Zambo said: I'm not on a retirement visa. But i do have an FCD account in SGD at Kasikorn. But it's a current account, last time i asked a savings or fixed deposit account gave less thsn 1% interest. Is there a reasonable deposit interest rate now? GBP I am getting around 5% at the moment for instant access ( not in Thailand) ....but I have no idea what a competitive SGD rate would currently be , or if Thai Banks have historically paid decent rates on Foreign Currencies Link to comment Share on other sites More sharing options...
Zambo Posted September 17, 2023 Share Posted September 17, 2023 13 minutes ago, Stillearly said: GBP I am getting around 5% at the moment for instant access ( not in Thailand) ....but I have no idea what a competitive SGD rate would currently be , or if Thai Banks have historically paid decent rates on Foreign Currencies I will check the interest rates available again next time i am in Pattaya (should be in December) The FCD at Kasikorn works well for me, but no internet banking so if i want to discuss i visit the branch (Pattaya Klang) or email but better meet the person first and get some interaction. Link to comment Share on other sites More sharing options...
Derek Dangleberries Posted September 17, 2023 Share Posted September 17, 2023 41 minutes ago, Jambo said: From the first day I moved to Thailand I adopted a personal policy that if Thailand decided to make it impossible to continue to live in Thailand it would not hurt me too much financially. On my second day in Thailand Lek (aka The Knifefighter) was very useful helping me to purchase a brand new Yamaha scooter. It was sometime later that I discovered she had registered it in her name which meant when she eventually stole it.......she didn't..... ! I had watched her put it in her name without realizing that was what she was doing !!!! What a dickhead! You almost certainly know The Wicked Witch of The North but I shan't enlighten you on her real name other than to say stealing a scooter is small fry to her ..but as you say...She signed it in front of me and I handed over the money.. Which makes me an even bigger dickhead ... but I happily live on with my mistakes no problem.. 1 Link to comment Share on other sites More sharing options...
Zambo Posted September 17, 2023 Share Posted September 17, 2023 45 minutes ago, Derek Dangleberries said: You almost certainly know The Wicked Witch of The North but I shan't enlighten you on her real name other than to say stealing a scooter is small fry to her ..but as you say...She signed it in front of me and I handed over the money.. Which makes me an even bigger dickhead ... but I happily live on with my mistakes no problem.. Well! I paid a deposit on a 2 bedroom house "with" a soi 6 bar owner @ about THB 500,000. Later due to a minor transgression said house co-owner smashed my car wing mirror and tried to throw a bottle throght the rear window, but instead smashed the window of the car parked next to me. Car repairs not too expensive but house deposit lost. 1 2 1 Link to comment Share on other sites More sharing options...
KhunDon Posted December 11, 2023 Share Posted December 11, 2023 (edited) Put the required 800,000 Baht in the bank in 1999 and it’s still there. MIL puts the odd bit in and takes the odd bit out from time to time to keep it “seasoned”, but apart from that, it’s there should we go to Thailand on a visit and decide I want to stay on a retirement visa for a while. Edited December 11, 2023 by KhunDon 2 2 Link to comment Share on other sites More sharing options...
Yesitisdakid Posted December 11, 2023 Share Posted December 11, 2023 5 hours ago, KhunDon said: Put the required 800,000 Baht in the bank in 1999 and it’s still there. MIL puts the odd bit in and takes the odd bit out from time to time to keep it “seasoned”, but apart from that, it’s there should we go to Thailand on a visit and decide I want to stay on a retirement visa for a while. Same same 2004 I put it in a time deposit at Bangkok Bank which currently yields 1.8% yearly on the 800,000. 2 1 Link to comment Share on other sites More sharing options...
Yessongs Posted December 12, 2023 Share Posted December 12, 2023 (edited) Like alot of you, have done the same, 800k baht in Bangkok Bank deposited in 2016, I only need 400k though, still there. Was just curious, some rumors a while back they might go to $1 Million needed in the bank, my wife's friend who is my agent said "Yeah right" Good enough for me. Edited December 12, 2023 by Yessongs 1 2 Link to comment Share on other sites More sharing options...
Freee!! Posted December 12, 2023 Share Posted December 12, 2023 4 hours ago, Yessongs said: Like alot of you, have done the same, 800k baht in Bangkok Bank deposited in 2016, I only need 400k though, still there. Was just curious, some rumors a while back they might go to $1 Million needed in the bank, my wife's friend who is my agent said "Yeah right" Good enough for me. One million dollars? Ridiculous. If you mean baht, use either ฿ or THB. Link to comment Share on other sites More sharing options...
Zambo Posted February 11 Share Posted February 11 This is a recent negative view of the Thai economy printed in the Bangkok Post. Hopefully 2024 turns out better than this, but i do see some weakness in the THB. https://www.bangkokpost.com/opinion/opinion/2738446 2 Link to comment Share on other sites More sharing options...
fygjam Posted February 11 Share Posted February 11 A TBH on the THB. Link to comment Share on other sites More sharing options...
forcebwithu Posted February 11 Share Posted February 11 3 hours ago, Zambo said: This is a recent negative view of the Thai economy printed in the Bangkok Post. Hopefully 2024 turns out better than this, but i do see some weakness in the THB. https://www.bangkokpost.com/opinion/opinion/2738446 The author's supporting analysis would explain why the USD has strengthened against the THB since the 1st of the year. "Hint -- there was a net capital outflow of US$2.9 billion, about 100 billion baht, in January 2024. The recent sharp depreciation of the Thai baht probably indicates more accelerated capital outflow." 1 Link to comment Share on other sites More sharing options...
Glasseye Posted February 12 Share Posted February 12 23 hours ago, forcebwithu said: The author's supporting analysis would explain why the USD has strengthened against the THB since the 1st of the year. "Hint -- there was a net capital outflow of US$2.9 billion, about 100 billion baht, in January 2024. The recent sharp depreciation of the Thai baht probably indicates more accelerated capital outflow." I reckon it will remain high for quite a while. The U.S. economy is cranking. But..... what do I know ? Link to comment Share on other sites More sharing options...
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