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5 minutes ago, likerdup1 said:

On a good note, aren't there some Thai banks that actually give pretty good interest rates on savings? If that's the case, I'll just move 25,000USD to one of those accounts and get better interest on my money anyway. Or I would think having a Foreign currency account might also be smart, especially if they offer a decent interest rate on the money. The money just has to be in a Thai bank from what I understand.

 

Although it would be a lot better if I didn't have to move the money here. I wonder if they would just except seeing bank statements from USA banks?

I am interested in knowing what the Thai banks are paying out also.

What are the rates?

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8 minutes ago, JimmyJ said:

You couldn't have found a US bank paying over 10% interest.

 

Are you referring to US investments you made with that money (stocks/bonds etc.)?

That is 15% exactly? That is quite a good return. Well done.

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2 minutes ago, Thaidream said:

Frankly- I'm tired of the whole thing- 50 years of putting up with constant change; constant interpretations depending where you live on and on.  Huge investment in houses; condos; cars ; taking care of spouses and kids.   I've about reached my limit.

+1 brother.

At 55 I made a decision. Sold my property, bought a small home in the city. And hit the road.

I have never been happier. And I am not apologizing to anyone about my decision.

It is a wonderful life to be enjoyed, and a world to see.

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1 minute ago, manarak said:

very true!

I absolutely love Georgetown. Fraziers Hill, Cameron highlands. I met a lot of very nice people there. Still have people there I met that I correspond with?  Food is excellent ++. 

I drove my pickup there and stayed on and off for a few months. It was not too bad. Not Thailand but not bad IMO.

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18 minutes ago, dontoearth said:

    It has gotten harder and harder to open a bank account here in TH.  My older friends that have been here years have accounts but I was turned down by several banks and even the Bangkok Bank which has done my friends said ,"NO!"   They asked for an embassy letter.   ROFL!  Oh my!  The Bangkok Bank had a New York City branch which made it easier to get around US laws that make it impossible to transfer more than 10K without being reported to the US govt.  I heard Bangkok Bank is closing the New York branch.  It seems the govt. would like our money but they haven't told the banks.  And the banks don't seem to want it.  Thai friends have agreed to take me to the bank and clear the way but it all seems like that will only solve the problem until they come up with the next retirement visa change.  I wonder when they will go back to the discussions demanding mandatory medical insurance proof or purchase?  Again, I have health insurance but can you imagine the hassle of getting the various forms that would be required.  

    I have more than enough income but I am tired of the hoop jumping.  Other retirement countries don't do all of this nonsense.  The various groups that rank international retirement living have moved Thailand down in the ranks again and again.  From a top 5 ranking years ago, to the last time I looked they fell below 15 and the immigration and ease of residency requirement score was 61 pts.  D- if you remember your school grading system.

     In any case, I concur with most thaivisa forum members posting here that are starting their plans to leave.  I enjoyed it. My friends are great and I will miss them, but time to head elsewhere for a fun life.  Mexico ranks number 1 right now on most of the surveys for foreign retirement living.  My retirement visa expires soon and when it does I am not renewing.  Maybe short jaunts I will miss old friends but no more living here the winter months of the year.  

      Change that immigration motto from Good Guys in Bad guys Out to "We pissed off the good guys and we will continue to fight with the bad guys!"

     

I kinda agree with you. I don't have any ties to Thailand what so ever and enjoy travel. Hopefully for a few more years before I have to stop. Which is coming faster than i expected... ahhh

I am going to wait until the dust settles to make my decision. But, I have ruled out the 800K in a bank option for now. I am not ready to make Thailand a 24/7 retirement destination.

And the hassles and filth are getting to me. 

My honeymoon phase is definitely over... lol

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Just now, RCS said:

It is an international wire transfer.  It therefore requires more steps for the bank to follow in order to satisfy US anti-money laundering controls than a US bank to bank transfer. 

Ah, ok. I saw that on my Schwab site just now. There is a 25 dollar fee involved. 

Looks pretty simple to set up and send.

Regards

[Just Received Some Bad News For US Citizens. No More Income Affidavits.]

10 minutes ago, RCS said:

I have a Schwab One account.  I can do an online transfer at around 21:00 Thai time and it is received in my SCB bank usually the next day... or at latest the following day.   I get the same results transferring to SCB from my HSBC account in Hong Kong.  You just have to register the account you are transferring to and after that it can be done online.  

Thanks for the reply.

Damn that is a free service!  

I use it all the time in America to transfer funds between banks.

That pretty much solves my problems if I decide to transfer funds here.

Thanks heaps!

 

A quick note. I am sure you know this but in Malaysia HSBC has an agreement with Schwab with no ATM fee's. Not that it matters but when I am in Malaysia I use HSBC to keep Schwab from having to re pay my ATM fee's.

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Kinda of curious do any of you guys use Schwab to transfer money into Thailand banks?

 

I just checked my Schwab account for a wire transfer. It looks like you can transfer what ever amount you want with a wire transfer for 25 bucks. Into an international bank with no problem. 

Just a thought if that helps anyone.

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Wow, a lot more people affected than I would of thought.

I can't believe how many have family's and kids?????  That is the last thing I want in my old age.

And the amount of retired people investing in property in the retirement.

This is a very interesting thread.

 

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5 minutes ago, Searat7 said:

I guess I must be in the minority because I go to USA for annual visit about the same time each year so I get a new O-A visa there every other year and just a re-entry permit here on the off years so I avoid the banking requirement here. Obviously timing is important to maximize benefit of re-entry permit.

 

i think they will be going after the agents next because many of them just put the 800,000 b in accounts for a short time for their customers so there is obvious collusion.  What really irritates me is how the agents keep cutting in front of people waiting in the numbered queue by just walking into the office with their applications. They should have to wait in line like the rest of us or there should be a separate agent to handle their applications.

Guess that is what I will be doing from now on. But, the retirement visa was very convenient. 

Thailand is a great hub for travel. Easy in and out, relax here. Then head out to other places to explore.

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2 minutes ago, NCC1701A said:

my dividend is I don't have to worry about immigration AT ALL, the Thai bank interest pays all my immigration fees, I have a source of emergency money in Thailand (I live here 24/7) without having to wait for a transfer.  

 

I have an ATM card does the same thing. Also they pay all of my ATM fees and give me close to current exchange rates. My last withdrawal I got 32.51 / dollar. 

At this point I am bowing out. 

Everyone thinks their way is right. And I respect that. 

Regards

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2 minutes ago, amse said:

So now two options for Yanks: Either put 65,000 baht in the Thai bank each month, OR consider moving to Mexico!!!

Haha, I am heading down to Mexico next March or April. I actually like it there.

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1 minute ago, pgrahmm said:

That's a good question....We're gone 3 months a year = and they happen to be the 3 months right before annual renewal .....Typically, we're back 5-10 days before renewing.....Stuck in that time slot due to school schedule.....

I'm in the same boat. I come and go. This year I will be here for about 4 months. I am hoping they will let me show proof of SS + verified pension from another source. Wait and see. But, I am not holding my breath.

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1 minute ago, marcusarelus said:

Let me put it a different way.  If you can't afford to park 25 grand in an interest bearing account that can be removed at any time you don't have enough money to be an international traveler. 

Haha, amazing.

 

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5 minutes ago, marcusarelus said:

How much would it cost you for 3 months? 

I was not going to answer this because it was so silly.

But, 25K at 5% / yr would give you 104.16 dollars a month. Which is doable easily. I do it now and have been for years.

Here is the catch to people that use there funds to make money. If you have to take the funds out and reinsert them you pay a charge. It would be a loosing proposition.

If you use the income letter you leave the money in and it draws you 104.16 / mo. 

Now what would you rather do? Use the income letter and have an extra 104.16 / mo. to blow or park It in a bank in Thailand. 

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Just now, marcusarelus said:

It's not amazing at all.  I have 3 litigious ex wives in America.  

Haha,, ok

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1 minute ago, marcusarelus said:

OK how much would 25 grand for 3 months make you in the USA as opposed to Thailand?  Bet you don't respond!

I don't understand what that has to do with anything?

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1 minute ago, marcusarelus said:

I have a few million in a Thai bank because I like to have money available and I don't trust US banks. 

Wow, amazing.

You sir are the new poster child for Thai banking.

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2 minutes ago, NCC1701A said:

I have a total of 1.6 million baht in two different Thai banks. One bank has 800,000 baht year round and one letter is all I need from the bank for the immigration requirement so I don't need to worry about all this crap. What am I ignorant of? I need to know.  

If from America you could of invested that money and it would be paying you a great dividend? Even a crummy fund would pay you some good dividends!

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2 minutes ago, pgrahmm said:

Well I, for one, don't want to put aside $$$$ that have been making a good return on investment - last year that 24k ended up at 27.6k just sitting there.....

You're dead ended once you are forced to move & park that money in a Thai account....Moving it there is easy, moving it back & forth from a Thai bank across international boundaries to allow for earnings is not easy, or a good plan....

I've used the income affidavit & can verify every amount off my US bank statements as well as the monthly Thai withdrawls noted & itemized on the same bank statements in increments between 40-75k withdrawn at the Thai bank branch a couple of times each month......

Dead ending that money is, not what I feel, a good option.....

Everyone should agree with that. I do the same. People that park 800K in a Thai bank when they did not have too didn't have the monthly income IMO.

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8 minutes ago, HHTel said:

The best part of 100,000 brit expats here.  According to the BE only 3,000 used the income letter.

A large lump of those expats are not retired or married and work for a living negating any financial requirements.

100 billion baht in new money is a big stretch of the imagination.

The Thai banks will be guaranteed to have the extra money. As of today Americans and Brits can and do and use the letter route. I don't know for sure but, I think I will look into it and see if I can find a figure. But, I bet before this is over 100 Billion baht would not be out of the question.

Also I bet other embassy's will follow. 

Time will tell.

No matter what anyone says it is always about the money!

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2 minutes ago, spidermike007 said:

I was waiting for this to happen. I assumed sooner of later this door would close. It was just too easy, for too many. No verification? Nothing? Just a statement of fact?

 

I think immigration is determined to weed out the guys who are just getting by. It seems, since they have lost the golden egg of affluent tourists, years ago, due to a countless number of mistakes on the part of the authorities, they are now trying to make up for it, with more affluent ex-pats.

I think it is strictly a way to put money in the system period. Their are not that many expats from the U.S. living here.

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4 minutes ago, moontang said:

not as ignorant as living check to check.  The GBP dropped twenty percent in a day in 2016....2% On a 12 month fixed deposit, and no consulate letter is not bad.  This has been in the works for years...people abused it more than ED Visas......send the losers home.

I am so surprised at the people that seem to think just because you used the letter you don't have any funds????

And living pay check to pay check? 

Not much faith in retirees.

Personally I think most all will get or have the funds if they want to stay.

Huge payday for Thailand for sure.

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3 minutes ago, Thaiwrath said:

LOL.

You think I'm ignorant !

I am not fannying round, looking for ways to get my next visa. ????????

 

3 minutes ago, Thaiwrath said:

LOL.

You think I'm ignorant !

I am not fannying round, looking for ways to get my next visa. ????????

What???  LOL

Don't get your self to worked up there Thaiwrath.

Sounds like you are a real smart cookie... ???? 

[Just Received Some Bad News For US Citizens. No More Income Affidavits.]

11 minutes ago, Pattaya46 said:

I doubt it even reach 1/10 of this amount.

How did you estimate the number of UK&US expats who used the income letter option ??

125,000 total U.S. + U.K expats x 800,000 = 100 billion baht?

Just speculation on my part but I would bet 95-98% used the letter. It was required, and anyone that actually put 800K in a Thai bank just for that purpose would be ignorant IMO.