Why Bother With The 800k Baht Method?

[sammieuk1]

The IMO officer on desk8 Chiang Mai forensically inspected my books yesterday as I explained a new bank book was is in pounds with the old one that had run out of room and got his phone out to do some exchange rate calculations then wrote it on the 100bt letter from the bank as that appears not trusted either in case the rate had fallen overnight I suppose ???? 

[bkk6060]

1 hour ago, Moonlover said:

Had I just read the topic headline 'Why Bother With The 800k Baht Method?' and plowed straight in with my answer, it would go like this:

 

Yes indeed why bother with this method thus allowing the Imm Pol to dictate to me what I can and cannot do with my own money?

 

I appreciate that some folks may not have a choice in this, due lack of sufficient monthly income. For my own part though, I am now in a position to make that choice. And, although the 800K is the easiest option, I will continue with the marriage method.

 

Thus I can decide what to do with my money. 

 

 

Uh, not really.

You still have to obey their rules of proper funding so you really have no control unless you want to face possible deportation.

 

 

[TSF]

53 minutes ago, CaptainNemo said:

I'm beginning to feel that Cambodia is a lot more appealing (cheaper and easier, and offering a similar life) than doing all this. Presumably transferring arbitrary lumps x00,000 baht back out of Thailand is not as easy as transferring it in, and subject to all kinds of deductions. 

I'm in a long-term relationship with a Thai woman, so remain for that reason alone. However, if I was unattached I'd depart ASAP. Cambo would be a first choice, I've been there many times for holidays, as you say it's a similar lifestyle. Many things are cheaper than Thailand, and many things are similar prices. I'm not sure about medical/doctors though...Thailand is a much better place to be if you get ill. 

[Pib]

I renewed my retirement extension of stay at Chaeng Wattana in late August using the Bt800K method.  Do not have to come back in 3 months to show bank book. 

 

But the immigration officer did have me sign a copy of the police order listing the 2.22 Retirement extension of stay requirements and then gave me a copy.  No stamp or annotation of any kind on that copy or any other doc that I need to reported back in 3 months to prove I still had Bt800K in the bank. 

 

I assume that means come my next extension they will expect to see bank acct info that proves I maintained the required levels ranging from Bt800K to Bt400K during the previous 12 months.  So, come next year I will ensure my bank book(s) reflect at least 12 months of info where in the past I only ensured at least 3 months was reflected.

[bkk6060]

58 minutes ago, CaptainNemo said:

I'm beginning to feel that Cambodia is a lot more appealing (cheaper and easier, and offering a similar life) than doing all this. Presumably transferring arbitrary lumps x00,000 baht back out of Thailand is not as easy as transferring it in, and subject to all kinds of deductions. 

Similar life?

If a person has little respect for themselves and is so desperate to relegate their life to a 3rd world environment, then good luck.

 

I do the 800k easy peasy.

Edited September 19, 2019 by bkk6060

[jacko45k]

Spending the money (12,000) baht is an extra cost, and once you have used an agent, I feel you are committed to continue. I put my 800k in the bank about 10-11 years ago and leave it there.

Edited September 19, 2019 by jacko45k

[MRToMRT]

49 minutes ago, CaptainNemo said:

transferring arbitrary lumps x00,000 baht back out of Thailand is not as easy as transferring it in, and subject to all kinds of deductions. 

Its one of the few things of officialdom that has gotten easier over my time here ;+) I am in the process of "repatriating" my finances held over many years here. Not as easy as in the "real" world as they won't allow me to do it online here still. I figure better to get it out before they have another great idea and end up making it harder again. 

BTW the 800k falls within the daily transfer limit (50k$) and the charges are not more than my overseas bank charges.

 

[Moonlover]

7 minutes ago, bkk6060 said:

1 hour ago, Moonlover said:

Had I just read the topic headline 'Why Bother With The 800k Baht Method?' and plowed straight in with my answer, it would go like this:

 

Yes indeed why bother with this method thus allowing the Imm Pol to dictate to me what I can and cannot do with my own money?

 

I appreciate that some folks may not have a choice in this, due lack of sufficient monthly income. For my own part though, I am now in a position to make that choice. And, although the 800K is the easiest option, I will continue with the marriage method.

 

Thus I can decide what to do with my money. 

 

7 minutes ago, bkk6060 said:

Uh, not really.

You still have to obey their rules of proper funding so you really have no control unless you want to face possible deportation.

 

 

Which I do and have done so for the last 5 years. But there are options, in my case being married, I have 5.

 

And despite having the option, (next year) I will not choose the 800k method for the reasons I have stated.

[jacko45k]

1 minute ago, MRToMRT said:

Not as easy as in the "real" world as they won't allow me to do it online here still.

What happened to Dee Money that everyone was  glorifying 6 months back?

Edited September 19, 2019 by jacko45k

[fletchsmile]

42 minutes ago, USNret said:

By my calculation, I could be earning around $100USD each month on that 800K if it were invested in the USA.  So that's over $14,000 in lost earnings in 12 years, and much more if you compound the earnings. 

It's a fair point you could earn more money elsewhere. In your case your saying USD 1,200 on approx USD 26k = approx 4.6%. 

 

A few key points on that:

 

1) That sort of return doesn't come risk free, and is very unlikely to be in cash. So has risks to your capital. 

2) As it has risks to capital it's not really in the spirit of having access to cash funds in Thailand if needed to support yourself, which is one of the things Thai Immigration is aiming for

3) Don't forget the FX risk

 

Also

 

Don't forget someone should be earning over THB 12,000 baht a year (over 1,000 baht a month average) on that 800k. I'd earn about USD 35 a month equivalent in the THB cash bank account I use for Visa purposes.

 

So the net opportunity cost is 100 - 35 = 65. In return you have very little capital risk (covered by TDA), no FX risk, and THB cash in an emergency

Edited September 19, 2019 by fletchsmile

[OJAS]

1 hour ago, NCC1701A said:

so i don't have to worry AT ALL about statements from the bank. 800k in Bangkok Bank fixed account and forget about it.

 

  

Forgetting about it might well have been OK with minimal risk of being the victim of bank fraud as in the 2 cases linked below when the 800k minimum balance requirement only applied to the 3-month period prior to the submission of an extension of stay application. But, given that there are now minimum balance requirements of 800k or 400k year round, would such an approach still be advisable?

 

https://forum.thaivisa.com/topic/1064638-bangkok-bank-to-return-bt175-million-its-ex-employee-stole-from-customers/

 

https://forum.thaivisa.com/topic/1118885-heiress-files-police-report-after-900k-goes-missing-from-a-bank-account/

 

[scubascuba3]

I do the 800k easy peasy.

i thought you said your agent quoted 25k, get your story straight

[ThaiPauly]

I have been married for 15 years but always did a retirement visa.

 

Don't know why I bothered to do it for so long

 

I found the "marriage visa" very easy, once you have applied and they have seen the 400k in the bank you don't have to show them that it's still there in a month's time when you get your actual visa stamp. I was told I would, but no, they never asked to see my book, I still had more than 400k in there, but compared with the hoops of a retirement visa it's a doddle.

 

But only of course if you are married

[scubascuba3]

Spending the money (12,000) baht is an extra cost, and once you have used an agent, I feel you are committed to continue.

Not necessarily, the whole immigration office is in on it so it's not as if they will raise alarms if you switch to 800k or income method

[scubascuba3]

What happened to Dee Money that everyone was  glorifying 6 months back?

The last few reviews on their app indicates they are in trouble

[fletchsmile]

Personally I wouldn't touch with a barge pole any agent that offers to defraud the rules for a fee, unless I've absolutely no choice. If absolutely no choice, then I'd seriously consider why I'm here.

 

Just follow the rules as shown byDavid 555 in what's official. Find out what your IO office is doing and follow up. It's one thing making a mistake or breaching a rule. Completely different getting caught defrauding it as a criminal.

 

For me, it simply isn't worth the risk of getting charged with fraud and deported, and potentially black listed from returning to Thailand. The result would be severe: losing access to my home, kids having to leave school, UK resettlement visa needed for the wife for us to be together, and a major upheaval to life generally.

 

BTW: I do extension based on marriage. 400k instead of 800k. 400k is only needed 2 months before and 1 month after. Very easy. Main downside for marriage is 2 visits to immigration to get it done each year instead of only 1 for retirement. Tying up 400k for 3 months in a designated account is a small price to pay for leaving here. I'd keep more than that in cash normally anyway regardless.

 

Cheers

Fletch ???? 

Edited September 19, 2019 by fletchsmile

[jacko45k]

1 minute ago, scubascuba3 said:

 

 

Not necessarily, the whole immigration office is in on it so it's not as if they will raise alarms if you switch to 800k or income method

 

Income would not suit me.

I would be concerned that I would be required to show the 400k for the previous year, along with the 2 month seasoned 800k. If immigration is 'in on it' the likelihood is they would pressure me to stay 'in on it'!

[jacko45k]

9 minutes ago, scubascuba3 said:

17 minutes ago, jacko45k said:

What happened to Dee Money that everyone was  glorifying 6 months back?

The last few reviews on their app indicates they are in trouble

Jeez, hope some haven't lost some chunks of money. 

[scubascuba3]

Income would not suit me.
I would be concerned that I would be required to show the 400k for the previous year, along with the 2 month seasoned 800k. If immigration is 'in on it' the likelihood is they would pressure me to stay 'in on it'!

Switching to combo method might be a goer afterwards. Say 400k plus monthly 33.3k+

[NCC1701A]

11 minutes ago, OJAS said:

Forgetting about it might well have been OK with minimal risk of being the victim of bank fraud as in the 2 cases linked below when the 800k minimum balance requirement only applied to the 3-month period prior to the submission of an extension of stay application. But, given that there are now minimum balance requirements of 800k or 400k year round, would such an approach still be advisable?

 

https://forum.thaivisa.com/topic/1064638-bangkok-bank-to-return-bt175-million-its-ex-employee-stole-from-customers/

 

https://forum.thaivisa.com/topic/1118885-heiress-files-police-report-after-900k-goes-missing-from-a-bank-account/

 

danger is my middle name. my accounts are not linked to a ATM and are fixed. money can't be withdrawn except in person with ID.

 

much higher probability I will be killed in traffic.    

 

 

 

[jacko45k]

1 minute ago, scubascuba3 said:

8 minutes ago, jacko45k said:

Income would not suit me.
I would be concerned that I would be required to show the 400k for the previous year, along with the 2 month seasoned 800k. If immigration is 'in on it' the likelihood is they would pressure me to stay 'in on it'!

Switching to combo method might be a goer afterwards. Say 400k plus monthly 33.3k+

Agreed, I believe accepted in Jomtiem. But I do not yet have pension income. 

[55Jay]

2 hours ago, quandow said:

why continue with the "money in the bank" method?

Do you drive a car here without a license?  The ramifications aren't all that terrible.  At best, you can give a cop a bung on the side of the road and be on your way.  At worst, in an accident, insurance you paid for may not apply.  But, the odds are in your favor, so why bother with a license?  Or insurance for that matter?

 

[giddyup]

57 minutes ago, USNret said:

By my calculation, I could be earning around $100USD each month on that 800K if it were invested in the USA.  So that's over $14,000 in lost earnings in 12 years, and much more if you compound the earnings. 

Wouldn't change my life.

[giddyup]

2 minutes ago, 55Jay said:

   Or insurance for that matter?

 

Because if you seriously hurt someone it could send you bankrupt.

[55Jay]

Just now, giddyup said:

Because if you seriously hurt someone it could send you bankrupt.

No, I get it.  Bit of a rhetorical question for OP.

[BertM]

Why bother with the 800k or the 65k per month? I just talked to an old work colleague who doesn't do either. He owns a condo in Bangkok but is still working in Saudi. He renewed his extension earlier this year with the embassy letter and doesn't make any 65k xfers. He comes to Bangkok once a month for his 4-day long weekend off rather than going to Bahrain like his work colleagues who's paying $200/nt for hotels & $12 for beers. He said he only spends about 10k to 15k THB per month when he comes over so he's not going to xfer 65k every month. And, he makes big bucks, so its not about not having it. He's just going to let his extension expire in first half of 2020 and start over again with a 90-day O visa based on income with a few 65k monthly xfers. And, if they don't give him a 90-day O, then he will xfer the 800k to get the 90-day O & extension and then decide whether to leave the money in the bank or take it out and start over the following year with another 90-day. He can also come in visa exempt after his extension expires, but he doesn't like to do that too many times. Luckily, I am fully retired and just switched to a marriage extension, so I no longer worry about the 800k...

Edited September 19, 2019 by BertM

[jacko45k]

2 minutes ago, BertM said:

He renewed his extension earlier this year with the embassy letter

Not available to USA, US and Australian citizens. 

[Tropposurfer]

The laws are clear about funds in account.

play around with them at your peril.

if audited your screwed.

[BertM]

6 minutes ago, jacko45k said:

Not available to USA, US and Australian citizens. 

It was available in December when he got the letter and it was good for 6 mths.

Edited September 19, 2019 by BertM

[jacko45k]

1 minute ago, BertM said:

He got his letter in December and renewed earlier this year. He didn't tell me what month her renewed.

Yes, but I believed you were talking of the present.