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BANGKOK 24 January 2019 12:25
connda

What's the point to 'seasoning' retirement funds

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24 minutes ago, overherebc said:

How many expats in Pattaya alone?

Let's say all of them season 800,000 baht + ( Yes I know agents get around it. )

All that money sitting there, guess what the banks can make on it.

There is the real reason behind it IMO. 

The 65K baht/mo. is easily proved. With SS income especially.  And many other countries do it daily. 

Thailand? This move is predictable. 

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I remember it as 2 months after the initial 3 months. Has it changed or is senility overcoming me?

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5 hours ago, ubonjoe said:

At one time it the 800k baht only had to be in the bank on the date you applied.

The 3 months was started because people were getting short term loans or a group of friends were pooling their money to meet the 800k baht requirement.

So it seems the IMM folks are already aware the extent that some clever farang will go to manipulate their deposits required for extension of stay.

 

Maybe those same IMM folks will have some card to play of their own should the extension via 65K+ baht monthly FTT-type deposit scheme ever come into play to short-circuit the revolving door type antics some on here have been suggesting is the way they would intend to manipulate that option.

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One could argue that this also has the potential to 'force' many retirees to always have some extra money in the bank for an emergency.

 

For 3 months of the year you'll have at least 800,000 in your account.

 

Spend down for 9 months at the rate of 65,000/month you would never have less than 215,000 in the bank.

 

Many of us can live on less than the 65,000/month. The two of us can live comfortably in a rural area on 45,000/month including eating out, beer and the occasional trip. That should leave a minimum balance for the year of 395,000.

 

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1 hour ago, overherebc said:

How many expats in Pattaya alone?

Let's say all of them season 800,000 baht + ( Yes I know agents get around it. )

All that money sitting there, guess what the banks can make on it.

Interesting point and I do wonder how much they make. Most Thai banks have a quite poor track record (compared to other countries) in terms of overdue / never paid commercial loans, mortgages, car loans, and credit cards debt is enormous, one of the worst, by country, in the world, so yes an interesting question in terms of what returns they make when they use your / my deposits to try to make money.  

 

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