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BANGKOK 20 March 2019 23:14
Jonathan Fairfield

Foreigners now need to keep 800k in Thai bank for three months AFTER retirement extension is granted

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3 minutes ago, Spidey said:

You don't understand my lifestyle. That's serious hassle worry for me. I came to Thailand to get away from all that. If my wife can't do it, it doesn't get done.

 

I thought you were already going to the bank 12 times a year to get cash with your credit card, no?

 

No reason your wife can't do it...

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27 minutes ago, Tanoshi said:

 

55 minutes ago, steve73 said:

Note: If Transferwise can be shown to be acceptable, this extra could be reduced to around 3300 GBP or 19%.

I have no idea how you arrive at that figure.

TW is typically only 0.5% above the banks TT rate.

On a £1,650 monthly transfer (66, 823 baht) the transfer cost is £10.18

 

That's a saving of £ 9.82 a month in transfer costs and with the better exchange rate an increase of 825 baht per month against a SWIFT transfer of £20 and the Thai banks TT rate.

12 x £9.82  = £117.84 per annum saving cost in transfer fees.

12 x 825 = 9,900 baht per annum @ 40.7 -£1 = £24.32 per annum better exchange rate.

£24.32 + £117.84 = £142.16 per annum.

 

Where do you get the savings of £950 or 19% using Transferwise against SWIFT.

When making a SWIFT transfer the Fx rate won't be applied until the cash arrives, so to be sure you receive enough, you need to send an extra 1% or thereabouts.  And this extra you need to send is from your NET income.

 

Using TW, you can send exactly 65,000 and be sure it will arrive.  You can also choose when to send it, taking advantage of any monthly/daily peaks in Fx rate.  Using TW you can often BEAT the daily average Fx rate (even after costs).  My assumptions result in TW beating Bank TT rates by around 2-3%... The additional cost of SWIFT is net, so the extra requirement to your gross income is 20% higher.

 

Sure, some of these assumptions are subjective, but the point of my post was to demonstrate how severe the changes could be to many Brits... certainly much worse than many seem to think. 

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9 minutes ago, steve73 said:

When making a SWIFT transfer the Fx rate won't be applied until the cash arrives, so to be sure you receive enough, you need to send an extra 1% or thereabouts.  And this extra you need to send is from your NET income.

 

Using TW, you can send exactly 65,000 and be sure it will arrive.  You can also choose when to send it, taking advantage of any monthly/daily peaks in Fx rate.  Using TW you can often BEAT the daily average Fx rate (even after costs).  My assumptions result in TW beating Bank TT rates by around 2-3%... The additional cost of SWIFT is net, so the extra requirement to your gross income is 20% higher.

 

Sure, some of these assumptions are subjective, but the point of my post was to demonstrate how severe the changes could be to many Brits... certainly much worse than many seem to think. 

I can't imagine transfer fees costing more than $50 a month for 65K 

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4 minutes ago, Yellowtail said:

I can't imagine transfer fees costing more than $50 a month for 65K 

It's not just the fee... TW gives you the flexibility to optimize the rate...

 

I give up - you can lead a horse to water etc....

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33 minutes ago, Yellowtail said:

I can't imagine transfer fees costing more than $50 a month for 65K 

Every time I transfer from 100 - 150k I pay just 1000thb in fees to the receiving bank which is Siam Commercial Bank (SCB) which seems to be a fixed fee as I have also have paid 1000thb in fee for a transfer of 10.000thb.

The fee I pay to my transferring bank is even less (equal to about 200thb). So 50usd pr transfer is far to much ...

It seems to be worth to spend some time to shop around ... :thumbsup:

Edited by ttrd

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34 minutes ago, Yellowtail said:

I can't imagine transfer fees costing more than $50 a month for 65K 

that makes for $600 a year, on par with paying an agent for the visa with less hassle with IO to boot, for as long as we are stuck in LOS

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23 minutes ago, steve73 said:

It's not just the fee... TW gives you the flexibility to optimize the rate...

 

I give up - you can lead a horse to water etc....

 

I love when I make a statement and someone comes back with some condescending response that does not address my statement. I assume they are used to talking to children.

 

I understand how fees and rates work, what I don't understand is how you know when the optimum time to transfer is?

 

If I knew how currency moves I would be incredibly wealthy.

 

Anytime you make a transfer you have a 50% chance of beating the daily average, yes?

 

 

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6 minutes ago, brokenbone said:

that makes for $600 a year, on par with paying an agent for the visa with less hassle with IO to boot, for as long as we are stuck in LOS

Yet it is not much in the scheme of things, certainly not enough to make me think about moving to Vietnam. In any event, most people have to transfer money anyway.

 

It's a good bet agent fees will be going up significantly, they have to.

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22 minutes ago, ttrd said:

Every time I transfer from 100 - 150k I pay just 1000thb in fees to the receiving bank which is Siam Commercial Bank (SCB) which seems to be a fixed fee as I have also have paid 1000thb in fee for a transfer of 10.000thb.

The fee I pay to my transferring bank is even less (equal to about 200thb). So 50usd pr transfer is far to much ...

It seems to be worth to spend some time to shop around ... :thumbsup:

I did say I could not imagine it costing more than $50, yes?

 

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2 minutes ago, Yellowtail said:

 

I love when I make a statement and someone comes back with some condescending response that does not address my statement. I assume they are used to talking to children.

 

I understand how fees and rates work, what I don't understand is how you know when the optimum time to transfer is?

 

If I knew how currency moves I would be incredibly wealthy.

 

Anytime you make a transfer you have a 50% chance of beating the daily average, yes?

 

 

I always call the market dep. in my transferring bank and ask for the best exchange rate which is always better than if I just perform the transfer through the net bank without to establish the exchange rate up front. I then transfer thb so this can be the reason for the low fee in the receiving bank (a fee of 1000thb only despite if I transfer 10k or 100k/thb).

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1 minute ago, ttrd said:

I always call the market dep. in my transferring bank and ask for the best exchange rate which is always better than if I just perform the transfer through the net bank without to establish the exchange rate up front. I then transfer thb so this can be the reason for the low fee in the receiving bank (a fee of 1000thb only despite if I transfer 10k or 100k/thb).

Strange. My receiving bank, Bangkok Bank, charges me 200 baht. My sending bank in the UK charges me £9.50, 380 baht. I've never known the receiving fee to be more than the sending fee.

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2 minutes ago, ttrd said:

I always call the market dep. in my transferring bank and ask for the best exchange rate which is always better than if I just perform the transfer through the net bank without to establish the exchange rate up front. I then transfer thb so this can be the reason for the low fee in the receiving bank (a fee of 1000thb only despite if I transfer 10k or 100k/thb).

I don't transfer much, but I generally just use TW and check the rate they lock in against the rate on XE, it usually looks okay to me, and it's quick and easy with the phone app.

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I intend to apply for o-a visa in Australia getting a possible stay of two years then travelling back to Oz to repeat the visa o-a. Avoiding extensions.

I think bank balance of 800 K has to be shown only for application.

I'm wondering if agents / money lending method will work out in that instance. 

So if that's so, it would be an option for those struggling with the extension rule changes to change to avoiding extensions and reapplying for o-a visas only, right?

 

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5 hours ago, Yellowtail said:

 

Yes, there are people that this creates a problem for.

So if after 20 years they would have decided to raise the minimum to 70K/mo he'd be screwed too, yes?

Or if the pound went south another 5% he would not qualify as well. 

Everytime anything changes it affects some people negatively.

Oh a guy with real heart.

What's your limit of income in 20 years time.

 

His problem isn't the income, he way exceeds the requirement for a marriage extension, his problem is that now the Embassy letter is no longer available, which he obtained the old fashion way by pony express, and they won't accept his ATM receipts, he now has to enter the modern electronic world of transfers, something he has neither the knowledge or equipment to complete.

Computers only became affordable to the public in the 70's.

I bought my first PC 20 years ago, he was already 64 then, already living in Thailand and I bet internet was only available in certain areas of Thailand at that time.

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31 minutes ago, stud858 said:

I intend to apply for o-a visa in Australia getting a possible stay of two years then travelling back to Oz to repeat the visa o-a. Avoiding extensions.

I think bank balance of 800 K has to be shown only for application.

I'm wondering if agents / money lending method will work out in that instance. 

So if that's so, it would be an option for those struggling with the extension rule changes to change to avoiding extensions and reapplying for o-a visas only, right?

 

Another noob who lied on his stat dec and started this mess in the first instance.

 

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