Why do people remove the 800k?

[CanadaSam]

I keep coming across threads asking whether or not the 800k bank deposit needs to be in the bank 2 or 3 months prior to retirement residence renewal, and (pardon my ignorance) simply can not understand why do people ask this question, because this is a long term residence visa, so why not just leave the money in the bank year around?

 

I mean, what could be the benefit of repeatedly moving it out of the bank, and then scrambling each year to re-deposit it before renewals?

 

 

[fishtank]

Maybe because they have to eat and pay bills.

[ivor bigun]

Or they move money when rates are better,or a hundred other reasons.
Ok close the thread now

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[Odysseus123]

3 minutes ago, ivor bigun said:

Or they move money when rates are better,or a hundred other reasons.
Ok close the thread now

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But..don't you want a few more Dorothy Dixers?

 

Such as.."Why don't "farang" give the local noodle shop lady 3 million baht when she asks for it?It's but a loan..

[Jingthing]

I spend it down and then top it up. Under the new rules that's more restrictive. I have followed the rules for over 10 years and feel I am being punished for something that has nothing to do with me. It makes me angry and distrustful of the system here.

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[wgdanson]

20 minutes ago, fishtank said:

Maybe because they have to eat and pay bills.

Then why not leave the 800 in the bank, and use the income they WILL use to top it up for eating/bills. It's called budgeting.

You can only use 400k of that 800 for 6 months a year anyway.

Edited May 21, 2019 by wgdanson

[Orton Rd]

14 minutes ago, Jingthing said:

I spend it down and then top it up. Under the new rules that's more restrictive. I have followed the rules for over 10 years and feel I am being punished for something that has nothing to do with me. It makes me angry and distrustful of the system here.

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It's the fault of the fraudsters and liars using dodgy agents, they are still at it and we are the ones being punished

[stanleycoin]

Quote

a long term residence visa

Oh well, 

Next 

 

 

 

Edited May 21, 2019 by stanleycoin

[stanleycoin]

Just now, Orton Rd said:

It's the fault of the fraudsters and liars using dodgy agents, they are still at it and we are the ones being punished

Wrong , its the fault of dishonest immigration officers, 

[bkk6060]

Because they are people with limited funds with no plan, who have probably wasted their life on bad decisions, poor relationship choices, booze, bargirls, or all the above.

Then they complain and blame everything on the Thai government or anything else because they are over 50 and cannot even cough up 800,000 b.

Many are struggling here because of their own doing, thus cannot maintain and complain about the rule....

 

[from the home of CC]

4 minutes ago, stanleycoin said:

Wrong , its the fault of dishonest immigration officers, 

if they didn't get offered bribes (indirectly) from those too broke to live here...

[stanleycoin]

Just now, from the home of CC said:

if they didn't get offered bribes (indirectly) from those too broke to live here...

Your confused of how Thailand runs, a common newbie mistake.

Next 

 

[from the home of CC]

Just now, stanleycoin said:

Your confused of how Thailand runs, a common newbie mistake.

Next 

 

been here since 2003 and sick to death of dodgy expats and lowlife tourists that mess it up for everyone cause they don't have two cents to rub together but still think they can break laws with impunity - bring back the Joke!

[ivor bigun]

been here since 2003 and sick to death of dodgy expats and lowlife tourists that mess it up for everyone cause they don't have two cents to rub together but still think they can break laws with impunity - bring back the Joke!

You must mix with the wrong sort all my friends have homes ,wives ,familly and are quite well off,but then i dont go to the bar every night ,so dont meet the same sort of people as you,[emoji3]

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[Sheryl]

Back when the requirement was only to have it in for 3 months before, I moved the money in once a year and spent it down for living expenses then replenished, worked fine. A single money transfer once a year is hardly onerous.

 

Now that it has to stay there i  its entirety 3 months after and then half of it for 6 months etc etc it has indeed become too much of a hassle and I am just leaving it in a fixed deposit. Not happy about it, though, and may switch tio the income method once the various "kinks" in that are sorted out and US Social Security ID is operative.

[ChouDoufu]

800k is more or less $26K.

 

you can leave it in the thai savings account and earn 2,000 baht.

you can stick it in a thai fixed deposit account and earn 10,000 baht.

 

you can pull it out and send it back home and invest in high yield bonds and earn 45,000-50,000 baht.

or you can stick it in a technology or china index fund and if the timing is right maybe earn 150,000 baht over 9 months.

 

 

[from the home of CC]

7 minutes ago, ivor bigun said:

You must mix with the wrong sort all my friends have homes ,wives ,familly and are quite well off,but then i dont go to the bar every night ,so dont meet the same sort of people as you,

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Bully for you and your 'quite well off' friends . The rules keep getting tweaked due to posers and pretenders who in reality shouldn't even be here, they're very fortunate they haven't been removed as yet. A few more increases in required funds may do it if the authorities pay attention. And no, I don't drink so I don't interact with a lot of addicts.  

[Woolsgibb60]

20 minutes ago, from the home of CC said:

been here since 2003 and sick to death of dodgy expats and lowlife tourists that mess it up for everyone cause they don't have two cents to rub together but still think they can break laws with impunity - bring back the Joke!

U must be so rich or stupid mate or just like to mouth off many idiots like u in Thailand make who like getting scam

[mngmn]

34 minutes ago, Orton Rd said:

It's the fault of the fraudsters and liars using dodgy agents, they are still at it and we are the ones being punished

Life's not fair!!!!

[stanleycoin]

21 minutes ago, from the home of CC said:

been here since 2003 and sick to death of dodgy expats and lowlife tourists that mess it up for everyone cause they don't have two cents to rub together but still think they can break laws with impunity - bring back the Joke!

Been here since 1998 sick of corruption, its rotten to the core.

open your eyes.

[Woolsgibb60]

3 minutes ago, mngmn said:

Life's not fair!!!!

So what did the changing of the rules make with the over stays and the crook and the scammers nothing the reason now u are just getting scam u are being done sweet as a nut and not 1 of u have ask the question what happens to how money is anything happens to us how do your family going to get it like your son or daughter he didnt put at in black and white 

[KhunFred]

Apparently, some of you are extremely fortunate. I came here after working over forty years, with only three pension sources and no savings. All of my extra funds went toward contributions to my annuity and matching contributions to a state pension fund. Extra savings were nearly impossible. That said, my monthly income exceeds the minimum requirement by around 15 thousand baht. Thai people constantly tell me how "rich" I am.  Hard to keep from laughing in their face.????

[DrJack54]

44 minutes ago, bkk6060 said:

Because they are people with limited funds with no plan, who have probably wasted their life on bad decisions, poor relationship choices, booze, bargirls, or all the above.

Then they complain and blame everything on the Thai government or anything else because they are over 50 and cannot even cough up 800,000 b.

Many are struggling here because of their own doing, thus cannot maintain and complain about the rule....

 

What a load of rubbish. I along with many other have more money than I could spend. Just recently after a sale of some asset in au I had to opt for a fixed deposit in au 2.7% on 800k aud. Not happy but I was not able to add to cbus super as already have maxed out next 3 year contribution at 100k per year limit. Just back today from superrich where took the 21.95 for aud. Tomorrow deposit 600k baht into my crap Thai bank fixed term and get maybe 1.7%. Transfer another wasted 200k into that ac to satisfy the new rules. Will lock it away to avoid slip ups with crazy new money in bank requirements. Next thing I can plan 4 is possibility if compulsory health insurance. Lot more comfortable xpats here than you indicate

Edited May 21, 2019 by DrJack54
Error

[Jingthing]

It's the fault of the fraudsters and liars using dodgy agents, they are still at it and we are the ones being punished

Perhaps. There is the theory that it's some kind of plan to push more rule abiding people into the arms of the agents.

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[geoffbezoz]

4 minutes ago, KhunFred said:

Apparently, some of you are extremely fortunate. I came here after working over forty years, with only three pension sources and no savings. All of my extra funds went toward contributions to my annuity and matching contributions to a state pension fund. Extra savings were nearly impossible. That said, my monthly income exceeds the minimum requirement by around 15 thousand baht. Thai people constantly tell me how "rich" I am.  Hard to keep from laughing in their face.????

You are rich insofar as you clearly understand the value of life and it is about being comfortable and happy rather than well off and dismissive of those that aren't. You are rich indeed in mindset  in my book and enjoy your life.

Edited May 21, 2019 by geoffbezoz

[amexpat]

Sofie Marie

56 minutes ago, bkk6060 said:

Because they are people with limited funds with no plan, who have probably wasted their life on bad decisions, poor relationship choices, booze, bargirls, or all the above.

Then they complain and blame everything on the Thai government or anything else because they are over 50 and cannot even cough up 800,000 b.

Many are struggling here because of their own doing, thus cannot maintain and complain about the rule....

 

 

Are there no poorhouses!  Are there no prisons? 

[from the home of CC]

23 minutes ago, stanleycoin said:

Been here since 1998 sick of corruption, its rotten to the core.

open your eyes.

There are two sides to corruption and you conveniently absolve the payers of bribes, it's not my eyes that are closed..

[arithai12]

1 hour ago, ChouDoufu said:

800k is more or less $26K.

 

you can leave it in the thai savings account and earn 2,000 baht.

you can stick it in a thai fixed deposit account and earn 10,000 baht.

 

you can pull it out and send it back home and invest in high yield bonds and earn 45,000-50,000 baht.

or you can stick it in a technology or china index fund and if the timing is right maybe earn 150,000 baht over 9 months.

 

 

re: investments, you forgot to say that you can also lose it.

Now since a wise person should invest only what he/she can afford to lose, it follows that if you can invest 800k you also have much more than 800k safely stashed and therefore it makes no sense to invest exactly the funds you need for the yearly extension.

 

Or you are not wise, which is of course ok.

 

[Gecko123]

1 hour ago, bkk6060 said:

Because they are people with limited funds with no plan, who have probably wasted their life on bad decisions, poor relationship choices, booze, bargirls, or all the above.

Then they complain and blame everything on the Thai government or anything else because they are over 50 and cannot even cough up 800,000 b.

Many are struggling here because of their own doing, thus cannot maintain and complain about the rule....

 

I'm just curious.

 

If you have such disdain for people with "limited funds", why did you move to a country with a per capita income of $3,322?

 

[Jip99]

2 minutes ago, Gecko123 said:

I'm just curious.

 

If you have such disdain for people with "limited funds", why did you move to a country with a per capita income of $3,322?

 

 

 

Probably because it gave him a greater chance to appear superior.....