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BANGKOK 18 August 2019 15:17
scubascuba3

Thoughts on Foreign Currency Deposits for the 800k baht

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On 6/14/2019 at 8:55 AM, expat_4_life said:

"A foreign currency account will be accepted at most immigration offices."

It has been said many times and still people keep asking the same questions. I wonder why?

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On 6/13/2019 at 10:35 PM, Tanoshi said:

Confused by your statement, explain why?

He is dreaming that the Baht is weakening and he will get his past back. 

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9 minutes ago, onera1961 said:

But farangs still love to settle here in hordes even if they are not retired. They undergo humiliation, and inconveniences but cant leave this place. I wonder why? If a Laotian/Cambodian/Myanmar person does it understand the lure. I have not stil figured out the lure of this place for farangs.

Cuz it's worse where we came from

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6 hours ago, DaRoadrunner said:

Siam Commercial Bank (SCB... Soi Cowboy Bank). Went there and tried to open an FCD account.

 

They wanted a work permit. How is anyone with a retirement visa supposed to have a work permit? Stupid!

 

They asked where my money came from, saying I must show salary in Thailand. More stupid!

 

I left the bank disgusted, will try a different one. I swear the Thais have not only failed to progress, they have regressed.

Krungsi, would not open a THB if no work permit, but they did not have a problem opening a FCD.

I think the FCD is Ideal for the income method. Easy to SWIFT money in, at £9.60 a transfer plus the banks 1% deposit fee.

(they do say now, that a THB account would be possible, if I bring the wife as a ref/existing customer, I"ve been with them more than a year now).

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On 6/14/2019 at 1:40 AM, billsmart said:

My only thought is using an agent is illegal...

No court has ruled anything on that. I will believe when a court says so. Otherwise, it is all hearsay. I don't trust an legal determination from any members in this site. They only spout the rules. 

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Based on current forecasts the Pound is still to fall against the Baht over the next couple of years and may drop below 30Baht/Pound. - http://poundf.co.uk/pound-to-baht-forecast-gbp-to-thb Guess this is based upon overcoming the effects of Brexit and god knows what's going to happen with Boris at the helm!

 

So based on this it may be prudent to buy the 800k Baht now. Also Baht accounts attract slightly higher interest rates.

 

And if you did have a foreign currency deposit you might have to top it up every year to meet the 800k should the Baht/Pound rate fall as predicted.

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Based on current forecasts the Pound is still to fall against the Baht over the next couple of years and may drop below 30Baht/Pound. - http://poundf.co.uk/pound-to-baht-forecast-gbp-to-thb Guess this is based upon overcoming the effects of Brexit and god knows what's going to happen with Boris at the helm!
 
So based on this it may be prudent to buy the 800k Baht now. Also Baht accounts attract slightly higher interest rates.
 
And if you did have a foreign currency deposit you might have to top it up every year to meet the 800k should the Baht/Pound rate fall as predicted.
Yes it might fall, it might not, might recover, it all depends on brexit, what we know for sure is it's pretty low currently

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1 minute ago, scubascuba3 said:
1 hour ago, Kron said:
Based on current forecasts the Pound is still to fall against the Baht over the next couple of years and may drop below 30Baht/Pound. - http://poundf.co.uk/pound-to-baht-forecast-gbp-to-thb Guess this is based upon overcoming the effects of Brexit and god knows what's going to happen with Boris at the helm!
 
So based on this it may be prudent to buy the 800k Baht now. Also Baht accounts attract slightly higher interest rates.
 
And if you did have a foreign currency deposit you might have to top it up every year to meet the 800k should the Baht/Pound rate fall as predicted.

Yes it might fall, it might not, might recover, it all depends on brexit, what we know for sure is it's pretty low currently

Everyone has a different opinion! I have had an expected 15% Sterling recovery when Brexit is settled holding me back for a long time now..... as things got worse! A no deal would likely send it lower. Very fortunately I tucked the 800k away some years ago, but the pressure increases.  

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Will Immigration accept the equivalent of 65k baht being deposited every month into a FCD account for income method?  I can understand the idea of 800k being accepted because the total amount is used and can be based on the baht value day you go to immigration.  will they use the same principle and value each monthly deposit if you do FCD each month.  Since previous months, could have been lower or higher and that monies is now gone.  will they use the most current baht value to calculate the value for previous months?

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29 minutes ago, TheThai said:

Will Immigration accept the equivalent of 65k baht being deposited every month into a FCD account for income method?

Yes the would.

29 minutes ago, TheThai said:

Since previous months, could have been lower or higher and that monies is now gone.  will they use the most current baht value to calculate the value for previous months?

The exchange rate on the date you apply would be used to calculate the amount of each each transfer. Or the bank might do it based upon the exchange rate done on the date they write the letter that immigration requires.

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On 6/14/2019 at 1:40 PM, billsmart said:

My only thought is using an agent is illegal...

So is running red lights, speeding, bribery, smoking indoors, buying votes, prostitution, human trafficking, slave labor, corruption, and everything else that happens here.

 

”Illegal” doesn’t mean much here. But keep doing things the “right way,” I’ll be rooting for you.

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On 6/14/2019 at 9:14 AM, scubascuba3 said:

No thoughts?

Use an agent. Why deal with the hassle? It’s their system, do it their way. Immigration is in bed with the agents. Why on earth would anyone want to do things the hard way here?

 

Or move to Ecuador and get up to 8% for your money. 

 

There are lots of choices. 

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