BREAKING NEWS British Embassy statement on income letters: Officials knew about problems in May and say that US nationals will also be affected

[blackhorse]

If posters are afraid of even keeping money in banks in Thailand they shouldn't even be in the country in the first place, some of the banks are some of the safest around, Bank of Ayudhya for example is part of Bank Mitsubishi (Tokyo) which has assets in the trillions of USD.

He is from the 'never invest in Thailand what you can't walk away from " brigade

Old dinasoures throwing around that same old chestnut until they actually believe it.

[SheungWan]

12 minutes ago, yellowboat said:

Vietnam, parts of China, Malaysia for a spell, Indonesia, Taiwan.  If you are from SheungWan, you should know where to go. 

Each have their respective merits and disadvantages. I doubt if many considering the latest news as the final straw for leaving Thailand will want to shoulder the costs of renting (or buying) an apartment in Hong Kong. Somewhat on the higher side. Even Sheung Wan. However, UK citizens entering HK do not need a visa and are immediately given a 180 stamp to stay. None of the Thai problems. So that's a plus.

[smew]

So retirees without 800k, or verified letter will be kicked out. Hence removing huge amount of money out of Thai business circulation and Thais profits. Say one million total retirees, possibly 20% get kicked out: 200k out, spending approximately 60k baht per month total: 120000000000 baht not spent in this country per month: HUGE 

does Thai immigration understand the economic impact of their silly enforcement when everything was moving on smoothly before?!

[simoh1490]

2 minutes ago, blackhorse said:

He is from the 'never invest in Thailand what you can't walk away from " brigade

Old dinasoures throwing around that same old chestnut until they actually believe it.

Well this old dinosaur has been fighting that maxim for the best part of fifteen years on TVF, fortunately, I never did believe it but most of the posters who did are now happily ensconced in their cold grey wet home countries and not by choice.  

[rayw]

17 minutes ago, TallGuyJohninBKK said:

 

I can't speak for the UK, but for the U.S., there are VERY few and limited options for Americans to make international fund transfers to Thailand without paying not insignificant bank international transfer fees -- both on the sending end in the U.S., and then on the receiving end by the Thai banks when they handle currency conversion.

 

And this just so happens to be coming at the same time that one of the most popular and economical international transfer methods used by Americans -- the Bangkok Bank NY branch ACH method -- is shutting down that service next April because of banking regulations.

 

 

Well you are being ripped off especially these days with fast efficient almost free digtial money transfer methods.  Clearly the UK banks are either well ahead of the US ones or they are not ripign their customers off to the same extent.  EIther way if I was a US bank customer I would be complainign loudly and clearly and questioning more.   My sympathy to you guiys then for beign so robbed by these bloody crooked banks.  

[dufusdonald]

Yes,  of course. I know many. Prior to this month all you needed was the letter from the Consulate. Immigration never asked for verification of income.  

 

And as someone else stated and as I did in a post a week or so ago most Americans at most get about 45000 baht a month from social security. That leaves you 20K short.

 

There is the third option that you multiply what  you make in SS times 12, take the total and deduct it from the 800k and deposit that 3 months prior to the expiration of your extension of stay and you are good. 

 

Of course even if you deposit the 800k you can pull it out the next day.  The whole thing is a joke here. Why you need 3 months prior?  It's a farce.

[blackhorse]

If I had a choice between 800k in the bank or 65k a month for life I know which one I would choose.

[Jingthing]

1 hour ago, Odysseus123 said:

They have no choice.

 

I am not British  but have been privately advised that the 'Stat Declaration' is just about finished.

 

Stop blaming any country.

Advised by whom?

[dufusdonald]

7 minutes ago, blackhorse said:

He is from the 'never invest in Thailand what you can't walk away from " brigade

Old dinasoures throwing around that same old chestnut until they actually believe it.

Yeah, well if they are so safe why is it the max any acct is insured for loss is 1 million baht? In the US it is 500K and even then no one has ever lost a penny in the US for a bank closure. And can you imagine what you would have to go thru to collect? Probably have to hire a Thai attorney for 2 million to start with and then they gonna tell you that if you didn't deposit the money you wouldn't have lost it. lol Kinda like a road accident where the drunk Thai driver hits you and of course it is your fault for being on the bike in the first place. lol

[Neeranam]

2 hours ago, kannot said:

https://www.thai-elite.com/  20 years

 1  million  would  keep most of the ole dodderers  here until they expire I do the 400k in a  bank  account married to Thai maybe more weddings in order and then a  clampdown on those next.

I dont like anyone snooping  into where my  money comes from and if they start that too  much Ill switch to the THai Visa  Elite 20 year as at 1000000 its a   damn good  deal.

Folks  living here and who cant find a  million really should do some more  planning, its  just not that much anymore, bet the original Elites are having a laugh anyway.

Program gets  cancelled you get a partial refund.

Lesser  years available  5yrs 500k, no so much a bargain but if  you have a Wife or  just want to stay it aint so bad.

I thought about that but decided to go for citizenship instead, which is 5,000 baht. Quite a difference! Bit of an inconvenience living up country but will be worth it. I can't think of anything worse than being old and at the mercy of immigration. 

 

[simoh1490]

1 minute ago, smew said:

So retirees without 800k, or verified letter will be kicked out. Hence removing huge amount of money out of Thai business circulation and Thais profits. Say one million total retirees, possibly 20% get kicked out: 200k out, spending approximately 60k baht per month total: 120000000000 baht not spent in this country per month: HUGE 

does Thai immigration understand the economic impact of their silly enforcement when everything was moving on smoothly before?!

Pft, peanuts, an insignificant amount in total, given the total picture.

 

FWIW there is some 3.5 mill. expats in Thailand, including all nationalities, the loss of a few impoverished westerners and the revenue they don't actually have and probably never did, wont hurt the Thai economy one iota.

[malt25]

1 hour ago, crazykopite said:

 

That’s all well and good but immigration clearly states that you have to have a letter from your embassy to confirm your income It doesn’t matter how much you bring in a month they want a letter of confirmation from that persons embassy.

Not quite correct. The Australian Embassy only certifies that it's actually "you" who have signed the letter or statutory declaration. It's irrelevant what "you" have written. BUT, if you have made a false statement on said declaration, you could be in deep shit with both Aussie & Thai authorities. So inasmuch, the Aussie embassy wouldn't know or care what you have written. Only that it is signed by the actual person making the declaration.

[simoh1490]

2 minutes ago, dufusdonald said:

Yeah, well if they are so safe why is it the max any acct is insured for loss is 1 million baht? In the US it is 500K and even then no one has ever lost a penny in the US for a bank closure.

It isn't one million, it's ten million. http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

[Jingthing]

28 minutes ago, ukrules said:

I suspect the US embassy will continue issuing these letters for whatever reason you want them, but you might find that immigration no longer accept them.

 

Yes, we might.

But according to a report here the U.S. has already changed the language on the letter reflecting complete lack of accountability for the information provided by the applicant and Thailand at this point in time is still both accepting and requiring these letters. But backup evidence may be required. But that has ALWAYS been the case!

[Jingthing]

1 hour ago, sqwakvfr said:

As an American I am cofused?  So The British Embassy is now announcing the future actions of the American Embassy? I have an appointment next to get the Income Affidavit.  Should I cancel my appointment?  

No! The U.S. is doing the letters and has not announced any change with that. Go for it.

[blackhorse]

Yeah, well if they are so safe why is it the max any acct is insured for loss is 1 million baht? In the US it is 500K and even then no one has ever lost a penny in the US for a bank closure. And can you imagine what you would have to go thru to collect? Probably have to hire a Thai attorney for 2 million to start with and then they gonna tell you that if you didn't deposit the money you wouldn't have lost it. lol Kinda like a road accident where the drunk Thai driver hits you and of course it is your fault for being on the bike in the first place. lol

I don't know any one who lost even 1 baht through a bank shutdown here

However I do recall financial institutions Going down in the USA sub prime crisis

Also had brits transfered their cash to thai baht in a thai bank they would be laughing now.

Your theory is flawed

[connda]

1 hour ago, Luckysilk said:

Oh sigh I do feel for the guys using the monthly income method but I think it's time to seriously consider an exit.

I'm sure the holier-than-thou crowd will jump on the opportunity to issue patronizing drivel exhorting their 'poor' fellow citizens to return back from whence they came. 

 

This elitist crowd fails to appreciate that retirees, now on a fix income, attempt to maximize that income the best they can.  And moving to a third-world country with a dirt cheap cost of living helps one to accomplish that.  For many the other option is to move back to the insanely over-priced 'homeland' and suck off the teats of the social welfare system which puts a burden on the taxpayers of the country.
Here, they can afford a decent quality of life.  Wealth is relative.  Your 'poor' fellow citizens who you feel so superior to are 'poor' in your esteem, but compared to the average Thai they are wealthy and they can add to the benefit of the local economy instead of being a burden on the home country while enjoying a decent standard of living instead of scraping to get by as they would in London or New York.
That attitude of self-righteous elitism is really grating.  So, how about ya'll get off the high-horse and keep the "go home" suggestions to yourself as you're probably a stock market crash away from being in the same boat as the people you obvious feel superior too. 

And no, I don't use the income letter.  But I have a whole lot of empathy for those who do and I understand that people attempt to make their lives better however they can.  The wind of fate are fickle - get a little humility folks.

[bipper]

2 hours ago, smedly said:

open a sterling account with Bangkok Bank and transfer in sterling from the UK, the sterling account can be used for 12 month extension

Except it's an expensive transfer compared to Transferwise and the rate you get when you exchange it to baht is God awful too. I wouldn't consider this an option.

[Ebumbu]

I'm sorry, UK embassy is not qualified to talk about US embassy. In fact, the US embassy has never issued verification of income documents. They only offer affidavits of whatever it is you want to swear to under oath. What needs to change? US embassy has never verified anything except that you have sworn an oath in front of them. 

 

 

[garyk]

3 hours ago, SkyNets said:

So just get a print out from your Thai bank showing your pension payments. Whats the problem, unless you have been lying.....

I have over 65K coming into my account in America from two retirement checks.

I also have over 800K equivalent baht in the account in spare cash.

I also have a investment account that offers me FREE ATM fees with NO extra fees in the conversion?

It costs me 0 fees to live here, and I spend more than 65K a month here.

That is why you use the embassy letter! Not because you don't have the funds. If they let me show them my accounts at immigration that show's my income ok, If this is just because Thailand banks want funds in their banks screw them.

Why would anyone in their right mind pay fees and transfer money to a Thai bank just for the privilege of staying here?

If my days are limited so be it. 

 

[Wake Up]

2 hours ago, Father Fintan Stack said:

You can barely open a bank account now without a work permit. 

 

Took my mate to the Bangkok Bank in the Emporium, explained that he needs a bank account for his retirement visa to pay the 800k into (he's minted so no issues) and was told no, need to have work permit. I argued that he was retired and is not working LOL. Was told cannot open bank account without work permit. 

 

He did it in Pattaya instead. 

If no work permit then you need a residence certificate and long term stay visa or extension of stay. Easy to get and no big deal. If your friend could not open a bank account in Bangkok then Thailand is going to be very hard for him to live here. To open a bank account in BKK for long term stayer is easy and not difficult. 

[dufusdonald]

6 minutes ago, simoh1490 said:

It isn't one million, it's ten million. http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

 

6 minutes ago, simoh1490 said:

It isn't one million, it's ten million. http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

haha. And it appears to go back down to one million in 2020. Why would that be?  Plus, I could not read what the fine print might say. 

[galt67]

31 minutes ago, TallGuyJohninBKK said:

 

I can't speak for the UK, but for the U.S., there are VERY few and limited options for Americans to make international fund transfers to Thailand without paying not insignificant bank international transfer fees -- both on the sending end in the U.S., and then on the receiving end by the Thai banks when they handle currency conversion.

 

And this just so happens to be coming at the same time that one of the most popular and economical international transfer methods used by Americans -- the Bangkok Bank NY branch ACH method -- is shutting down that service next April because of banking regulations.

 

 

As an American, I have happily used this service to transfer money from USA to Thailand at a lower cost than typical.

 

https://transferwise.com/

 

Further, I was able to 'initiate' the transfer FROM Thailand (online) thus avoiding having to, physically, be in the US.

[simoh1490]

1 minute ago, bipper said:

Except it's an expensive transfer compared to Transferwise and the rate you get when you exchange it to baht is God awful too. I wouldn't consider this an option.

TW for smaller amounts perhaps, regular banks for larger amounts....larger amounts might just need to be transferred out again or require an FET and TW can't do those things. FWIW my transfers from the UK cost me 4 Pounds to send, 500 baht to receive and I get slightly better than the TT rate, that's not exactly awful, in fact it's quite good.

[blackhorse]

The screws just keep tightening here. 90 day check in's, address registrations, more involved and complicated process. I have to come to Thailand on business and have no choice in the matter but I am happy to recommend Panama to people who are fed up with what Thailand is becoming. You can still get your residency in Panama with just a pension or social security of $1000 USD/month and a one time cost of $7-8k USD for the residency program. I did mine years ago and love the fact that I can own land and a home as well as enjoy permanent residency and never have to worry about immigration or a check in every again. This is the company I used if anyone is interested https://www.joyful-feet.com
Even for you guys that aren't retired regardless of age I think it is about $8k USD for permanent residency. 

We are all here or at least came here for the girls. How does that stack up in Panama?

[lamyai3]

3 hours ago, webfact said:

They said that they had a meeting with immigration in May 

I wonder if this has anything to do with a certain fugitive getting granted a ten year UK visa that same month? 

[nickmondo]

i keep 800k in the bank.

no problem, it gets interest.

If you use Krungsri Bank, they dont tax the interest by 15 percent like other banks, as long as the interest is below 20,000 baht.

If the immigration do not accept my 800k at my renewal next June, will have no choice but to go back to Spain.

Thinking of doing it anyway as its getting more ridiculous by the day here.

[dufusdonald]

6 minutes ago, blackhorse said:

I don't know any one who lost even 1 baht through a bank shutdown here

However I do recall financial institutions Going down in the USA sub prime crisis

Also had brits transfered their cash to thai baht in a thai bank they would be laughing now.

Your theory is flawed

What theory are you referring to?  All I stated was that the US banks insure for up to 500K and that no one has ever lost a penny from a closed down US regardless of how much was deposited there.  I would imagine the US government would be the safest place to invest in as many countries do.  

[PEE TEE]

3 hours ago, Father Fintan Stack said:

You can barely open a bank account now without a work permit. 

 

Took my mate to the Bangkok Bank in the Emporium, explained that he needs a bank account for his retirement visa to pay the 800k into (he's minted so no issues) and was told no, need to have work permit. I argued that he was retired and is not working LOL. Was told cannot open bank account without work permit. 

 

He did it in Pattaya instead. 

I had similar  . how can i get a retirement visa if i have a work permit. are they saying you can work on a retirement visa ?  

[bkk_mike]

2 hours ago, smedly said:

too expensive on transfer fees

With Brexit 6 months away, any cash balance is probably safer in Thailand, away from the potential drop in Sterling.