Why Bother With The 800k Baht Method?

[ubonjoe]

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[thasoss]

7 hours 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.

 

  

Way to go 

[Lacessit]

7 hours 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. 

 

 

Marriage to me seems a rather drastic solution to a fairly small problem.

My part pension is under the 40,000 baht/month threshold. My income from investments is well over it; however, it would be messy to be doing monthly transfers, not to mention the transfer fees and exchange losses.

If I ever left Thailand, I would get the 800K back. It's still my money. You would have the encumbrance of being married to a Thai, presumably with obligations.

[Lupusthai]

1 hour ago, chilly07 said:

... and can't see why anybody would use the 800 or 400k in the bank method when monthly income is available

Your statement is valid only, if you spend 65k++ THB monthly...
Owning a house, car and everything for household/cooking etc.etc. I spend max. 30K THB monthly - eating best food (ordered from BKK and cooking by myself), up-to-date computers etc.

What should I do with the remaining 35K ? Put 380K in my Thai bank account yearly??
And pay for my regular Europe-holiday by expensively re-buying € ??

Not my way. I decided in 2013 to change €-THB only while

• the exchange rate was better than 1€:40THB
• my €-assets didn't drop lower than 30% of total assets

This way I exchanged € last time in Sept. 2017...and can still live 2.5 years without even touching the 800K...with an 'virtual' exchange rate of 1:42 instead actual 1:33.

 

My 30K monthly expenses would me cost ~910 €(1:33) using monthly income, using my accumulated THB only ~715 €...

And: The 800++K are my Health-Insurance. Last year I paid 400K for a surgery.
Using my THB 1:42 accounts instead of 1:38 € accounts saved me over 10%....

  

[plfomylo]

8 hours ago, giddyup said:

That "pile of similar documents" may get entered on the computer later. I can't believe they would instigate that procedure without any proof that you complied.

 

yes sure ! and they check all documents ! 5555 you are so funny !

 

<3

 

 

[giddyup]

1 minute ago, plfomylo said:

 

yes sure ! and they check all documents ! 5555 you are so funny !

 

Do you know for a fact they don't? Or is it like most of your responses just another assumption?

[USNret]

1 hour ago, Thingamabob said:

Gosh, how will you survive .....?

Not by squandering my money.  I retired at age 59 financially independent, and now live around the world with my family.  I didn't get there by letting my money sit idle throughout my life. 

[rumak]

I think when i put the money in many years ago i had converted US dollars to baht at around one dollar to forty baht.  Also received an average of probably 3% interest over that time.   So my initial "investment" has increased by around 25% (at current exchange rate) plus I have received interest for all that time.

As far as safety..... over 30 years I have never lost a baht with a Thai bank.  

Works fine for me.

[Moonlover]

59 minutes ago, Lacessit said:

Marriage to me seems a rather drastic solution to a fairly small problem.

My part pension is under the 40,000 baht/month threshold. My income from investments is well over it; however, it would be messy to be doing monthly transfers, not to mention the transfer fees and exchange losses.

If I ever left Thailand, I would get the 800K back. It's still my money. You would have the encumbrance of being married to a Thai, presumably with obligations.

What a ridiculous comment!

 

I did not get married to solve a 'fairly small problem' at all. I was actually married to my Thai wife for quite some time before I even came to live here. And I certainly do not find my wife an encumbrance at all.

 

What an insulting thing to say!

Edited September 19, 2019 by Moonlover

[bkk6060]

3 hours ago, natway09 said:

Some of you guys really annoy me.

You want to make Thailand your home away from home & bi,,,, & grizzle about having to have a measly 800,000 Bht in YOUR bank account at a bank of  YOUR choice which cannot be accessed by anyone but YOU.

Get a life preferably in another country

There are those that feel your money is not safe here and will be stolen or somehow come up missing so they opt out of the 800 k.

[EVENKEEL]

Listen, money lost by having money sitting idle in a Thai bank account is like splitting hairs isn't it. I just got my first Non OA and I got to say it was a pain in the ass. 

 

If you don't have someone to will the money to in Thailand then what will happen to the 800K when you kick the bucket? That would be my main concern, if I didn't have a family here.

 

But we all march to a different drummer, still remember sitting in a little bar and the guys next to me paying the bill with coins, not bills and a few coins but all coins. Yep, Dutch they were. ahahaa

[Wake Up]

Do the math and it answers your question.

 

I put 800 k in the bank because as a retiree you need to have some cash saved in this country and your home country for a rainy day. You don’t need to spend all your money every month to month unless you just enjoy being broke and vulnerable. 

 

I could pay an agent 20 k in BKK but my 800 k makes 12,000 baht a year at Bangkok Bank. If instead I paid an agent 20,000 baht out of pocket then I would have to make 32,000 baht a year minimum 20k for agent and no 12k interest from bank) or 4 percent return on my 800 k to break even. If people tell you they make over 4 percent tax free return on their money every year then they are mistaken at best or stock brokers or life annuity salesman at worst. 

 

This year we have had the added benefit that my 800k of baht is worth more in dollars than it was when I converted dollars to baht last  January. 

 

I am not trying to be judgmental but I love math and investing and have USA stocks and bonds and CDs.   Many  guys I know that criticize Thailand for requiring 800 k in the bank don’t have the 800 k to save in a bank.  For them agents are the only way and I wish them the best but would hate to be them at this age.

 

For the guys who claim they can easily get 6 to 8 percent on their money in their home country every year they are not providing correct information IMO.  I trust Berkshire, Vanguard, Charles Schwab and other investors much smarter than me. And none of those professionals  or investment firms would ever state you get 8 percent a year or advise you to not have some cash saved for living especially at retirement age. 

 

Put the 800 k in the bank and forget about it like NCC1701A suggested above. 

 

Peace ????????????️‍♀️????????????????

 

 

[Johnthplumb]

9 hours 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. 

 

 

Of course, with your wife’s agreement.

[scubascuba3]

Listen, money lost by having money sitting idle in a Thai bank account is like splitting hairs isn't it. I just got my first Non OA and I got to say it was a pain in the ass. 
 
If you don't have someone to will the money to in Thailand then what will happen to the 800K when you kick the bucket? That would be my main concern, if I didn't have a family here.
 
But we all march to a different drummer, still remember sitting in a little bar and the guys next to me paying the bill with coins, not bills and a few coins but all coins. Yep, Dutch they were. ahahaa

When you get nearer to kicking the bucket use an agent and spend the 800k

[gamini]

13 hours ago, Tayaout said:

There is no good reason unless it makes you feel good. 

except its obviously illegal to get someone else to put up the bt800k. 

[Lacessit]

9 hours ago, Moonlover said:

What a ridiculous comment!

 

I did not get married to solve a 'fairly small problem' at all. I was actually married to my Thai wife for quite some time before I even came to live here. And I certainly do not find my wife an encumbrance at all.

 

What an insulting thing to say!

I was talking about people who get married in Thailand to get the more relaxed financial requirements of the marriage visa. Some do that because they can't afford the 800K, or raise a monthly transfer of 65K. Others, like you, because they want to have control over that money to spend as they see fit.

If you want to take my comment as insulting because of your personal circumstances, that's your problem, not mine. Use the ignore function.

 

[Captain 776]

Using an Agent is a TOTAL WASTE OF MONEY~!!

12,000 BHAT.....really?  Give them 400 USD..... FOR WHAT?

Just to make copies for you?

Ridiculous.

 

The offices are very efficient now, its very easy, just do it yourself.

 

Been here going on 15 yrs, never used an Agent for anything.

[balo]

5 hours ago, gamini said:

except its obviously illegal to get someone else to put up the bt800k.

No its not.

[jacko45k]

14 hours ago, natway09 said:

Some of you guys really annoy me.

You want to make Thailand your home away from home & bi,,,, & grizzle about having to have a measly 800,000 Bht in YOUR bank account at a bank of  YOUR choice which cannot be accessed by anyone but YOU.

Get a life preferably in another country

To some, it is not a measly amount.

Some don't grizzle and accept it as a cost of living here.

I prefer my bank account is only ever accessed by me.

I have a life in this country and am just as welcome and as entitled to be here as you.

 

[scubascuba3]

Using an Agent is a TOTAL WASTE OF MONEY~!!
12,000 BHAT.....really?  Give them 400 USD..... FOR WHAT?
Just to make copies for you?
Ridiculous.
 

You save all the hassle expats face with getting those monthly transfers in the correct format and on the correct day and no need to collate all the documentation. Plus avoid all that stress that people suffer. Money is available to spend on what you want or invest. 12,500 baht seems a fair deal to me

[Tayaout]

15 minutes ago, Captain 776 said:

Using an Agent is a TOTAL WASTE OF MONEY~!!

12,000 BHAT.....really?  Give them 400 USD..... FOR WHAT?

Just to make copies for you?

Ridiculous.

 

The offices are very efficient now, its very easy, just do it yourself.

 

Been here going on 15 yrs, never used an Agent for anything.

I don't use any agent for now but the logic is that my investment give me way more than $400 in the 3 month I need to freeze it in a Thai bank. This become even more logical if the amount is 800K with 400K frozen forever. 

 

The downside is getting "caught" but I think this is unlikely. The officer that stamp the extension has the discretion to remove requirements. 

Edited September 19, 2019 by Tayaout

[Benmart]

Yesterday, at Jomtien/Chonburi Immigration, I did my extention using the 800k method and received my appointment slip to return in 90 days to verify the 800k is still in the bank. I shall comply.

 

The "why", the "what if" and the weighing of the "consequences" of not doing so doesn't fit into my lifestyle.

 

Much like crossing the street with my eyes closed, something bad can happen or perhaps nothing at all. I prefer to keep my eyes open and enjoy the walk.

[Lacessit]

1 hour ago, Captain 776 said:

Using an Agent is a TOTAL WASTE OF MONEY~!!

12,000 BHAT.....really?  Give them 400 USD..... FOR WHAT?

Just to make copies for you?

Ridiculous.

 

The offices are very efficient now, its very easy, just do it yourself.

 

Been here going on 15 yrs, never used an Agent for anything.

For me, the 12,000 baht includes the cost of the extension and a multiple re-entry permit. The agent's fee is 5500 baht.

I've been using an agent for ten years, and I prefer the convenience. Plus the knowledge I won't have to deal with the occasional IO who is in a <deleted>ty mood. If you want to spend your money on something else, your choice.

[Skeptic7]

Friend of mine said the exact same thing as the OP, just the other day. Jomtien...no look, no receipt, said he was good to go. 

[Max69xl]

21 hours ago, Pib said:

Don't know what immigration office you use but I use Chaeng Wattana and they always give me a receipt for the extension of stay (B1,900), always stamp my passport with the renewed extension of stay data, enter data into the computer during the application while also taking a digital picture of me that goes into their computer, etc.  I use the Bt800K method.

Exactly same for me at Jomtien Immigration. 

[Moonlover]

3 hours ago, Lacessit said:

I was talking about people who get married in Thailand to get the more relaxed financial requirements of the marriage visa. Some do that because they can't afford the 800K, or raise a monthly transfer of 65K. Others, like you, because they want to have control over that money to spend as they see fit.

If you want to take my comment as insulting because of your personal circumstances, that's your problem, not mine. Use the ignore function.

 

You may well have been talking about 'people' in general, but you linked it directly to my post.

 

Might I suggest that if you wish to make 'general comments', which you're entitled to do so of course, you don't do it in such a way as to reference to an individual.

 

Thank you at least for taking the time to explain your position.

 

Have a nice day.

 

 

[Max69xl]

20 minutes ago, Skeptic7 said:

Friend of mine said the exact same thing as the OP, just the other day. Jomtien...no look, no receipt, said he was good to go. 

I am staying in Jomtien, I always get a receipt for the 1900 baht extension. They look through the documents and I have to sign a couple of times. When I pick up my passport next day,they take a digital photo that goes into the computer.

It's always the same girl behind desk 8 who gives the passport back.

I don't really believe what your friend and OP says. 

[Max69xl]

1 hour ago, Lacessit said:

For me, the 12,000 baht includes the cost of the extension and a multiple re-entry permit. The agent's fee is 5500 baht.

I've been using an agent for ten years, and I prefer the convenience. Plus the knowledge I won't have to deal with the occasional IO who is in a <deleted>ty mood. If you want to spend your money on something else, your choice.

My last 1 year extension application took exactly 3min at Immigration. I spent 6-7 minutes at the bank for my bank letter. My bank is 80 meters from Immigration. It takes me 5 min to copy the papers (5 baht/copy) I need,then a few min to sign them. I picked up the passport next day,another 3min including a photo taken. That cost me 1900 baht,and with no problems what so ever.

Do the math,you think I should spend 12000 baht for what I just told you? Why don't you just admit that you don't have a clue how to do it yourself.

[Max69xl]

1 hour ago, Benmart said:

Yesterday, at Jomtien/Chonburi Immigration, I did my extention using the 800k method and received my appointment slip to return in 90 days to verify the 800k is still in the bank. I shall comply.

 

The "why", the "what if" and the weighing of the "consequences" of not doing so doesn't fit into my lifestyle.

 

Much like crossing the street with my eyes closed, something bad can happen or perhaps nothing at all. I prefer to keep my eyes open and enjoy the walk.

If you can time the >800k 90 days check (if possible) with next 90 days report, then it's even better. 

[CaptainNemo]

16 hours ago, peterb17 said:

As long as you do not require some medical help- things such as blood tests are sent to Bangkok.

Sure, it's obvious to me that that's what Cambodians prefer to do. Being on the border with Thailand or near an airport with regular flights to Thailand is a consideration for location: Phnom Penh, Siem Reap, Poipet.

16 hours ago, peterb17 said:

The political situation there is worse than Thailand 

I think that's par for the course in all these countries, and part of why they are affordable. Many people go to tropical places for affordable beaches, villas, culture, and yes, access to younger, slimmer, more compliant women, and iffy politics is part of what keeps them affordable, otherwise they'd be like luxury .cations in Caribbean, Mediterranean, or South Pacific. Pretty much every country in Asia has politics we wouldn't tolerate in the west, especially SEAsia, but I guess if you're wise, you design your life there such that you can get out quickly. I like being near a land border or the sea, so that I wouldn't have to rely on airports. You could argue the case for Korea, Taiwan, and Japan, and have concerns about future events between those countries and their neighbours. I hear Taiwan and Japan are very appealing places though.

16 hours ago, peterb17 said:

Back to the OP - I think as others have said - it’s peace of mind- sticking to the rules . Yes 800000 is a reasonable amount of money , but it just sits and does not go away. 

It is less than other comparable places, like Malaysia, require, and I can see the appeal if there's any uncertainty about the rates and the source of income for the income method. Hopefully policy won't change the required deposit amount in future if the country becomes more developed.

16 hours ago, peterb17 said:

As a retiree- I have all the time in the world - in a year I spend at most 2 hours a year at immigration- not exactly a huge burden .  

I don't think the admin itself is the issue. I think it's just the arbitrary nature of the policy (e.g.: 90-day exit and reentry) and the lack of reciprocity with Visa rules (like not being able to work on a spouse visa).