Is my 800,000 baht safe?

[SwissCheeseMan]

On 4/18/2020 at 11:08 AM, bkk6060 said:

If you truly believe they would guarantee this if the government goes broke good luck.

This is why I reverted back to the old theory, "don't have anything in Thailand that you are not prepared to walk away from."  Cash in the bank is an easy one.  It's not like a house or condo that you have to sell, or even like a car.  All you have to do is move it.  I can always bring it back later. 

 

I think Thai banks are facing a big stress test over the next 12 months, and I don't want to be a part of it.    

[Peter Denis]

32 minutes ago, SwissCheeseMan said:

This is why I reverted back to the old theory, "don't have anything in Thailand that you are not prepared to walk away from."  Cash in the bank is an easy one.  It's not like a house or condo that you have to sell, or even like a car.  All you have to do is move it.  I can always bring it back later.

I think Thai banks are facing a big stress test over the next 12 months, and I don't want to be a part of it.    

You cannot simply move the 800K/400K at any given moment, as you would not be meeting the requirements anymore for the permission to stay granted on the basis of your original Non Imm O Visa.

To do it legit, you would have to exit and then re-enter Thailand VisaExempt or on a Tourist Visa and then withdraw the funds from your account before leaving Thailand for good.

Alternatively when you want to stay in Thailand you would have to do the above and re-start on a new Non Imm O - retirement Visa with 65K monthly transfers.

 

[SwissCheeseMan]

1 minute ago, Peter Denis said:

You cannot simply move the 800K/400K at any given moment, as you would not be meeting the requirements anymore for the permission to stay granted on the basis of your original Non Imm O Visa.

To do it legit, you would have to exit and then re-enter Thailand VisaExempt or on a Tourist Visa and then withdraw the funds from your account before leaving Thailand for good.

Alternatively when you want to stay in Thailand you would have to do the above and re-start on a new Non Imm O - retirement Visa with 65K monthly transfers.

 

The visa was the least of my concerns.  When the virus is over, who knows if anyone will want to continue living here anyway.  I moved straight to the 65k method to prepare for the next visa but could also pay an agent. 

 

Under the circumstances, the visa was not a good enough reason for me to leave the money here.  There are other less financially risky options to achieve the same goal.  

 

 

[Peter Denis]

10 minutes ago, SwissCheeseMan said:

The visa was the least of my concerns.  When the virus is over, who knows if anyone will want to continue living here anyway.  I moved straight to the 65k method to prepare for the next visa but could also pay an agent.

...

Yes, if you started immediately with doing 65K monthly-income transfers (with foreign origins proven) when you received your 1-year permission to stay, that would work.  Because then you would be able to show 12 months of such transfers when applying for your next 1-year extension of stay.

However, if you started later with those 65K transfers you would not have 12 months of such transfers and your application for renewal of the 1-year extension would be denied. 

That would not be a big problem, because a simple border hop and then re-applying for a new Non Imm O - retirement Visa at your local IO (with subsequent application for the 1-year extension of stay) would solve the issue.

[Leaver]

On 4/29/2020 at 4:56 PM, Peter Denis said:

Yes, if you started immediately with doing 65K monthly-income transfers (with foreign origins proven) when you received your 1-year permission to stay, that would work.  Because then you would be able to show 12 months of such transfers when applying for your next 1-year extension of stay.

However, if you started later with those 65K transfers you would not have 12 months of such transfers and your application for renewal of the 1-year extension would be denied. 

That would not be a big problem, because a simple border hop and then re-applying for a new Non Imm O - retirement Visa at your local IO (with subsequent application for the 1-year extension of stay) would solve the issue.

Which one is more important, next year's visa, or your 800k in a Thai bank, that now has a lot more risk to leaving it there?

[Peter Denis]

10 hours ago, Leaver said:

Which one is more important, next year's visa, or your 800k in a Thai bank, that now has a lot more risk to leaving it there?

It's not either/or, and that's why @SwissCheeseMan switched to the 65K monthly-transfer method.

I only pointed out that when your present 1-year extension of stay is based on the 800K money-in-bank, you cannot switch in the middle of your present 1-year extension of stay to the 65K monthly-transfer method.  You would have to wait till your next extension is due, and then switch to the 65K monthly-transfer method. 

[Leaver]

On 5/2/2020 at 11:03 AM, Peter Denis said:

It's not either/or, and that's why @SwissCheeseMan switched to the 65K monthly-transfer method.

I only pointed out that when your present 1-year extension of stay is based on the 800K money-in-bank, you cannot switch in the middle of your present 1-year extension of stay to the 65K monthly-transfer method.  You would have to wait till your next extension is due, and then switch to the 65K monthly-transfer method. 

If the Thai bank that holds your 800k baht, that your require for next years visa, goes bust, and the Thai government fails to make good on their bank deposit guarantee, or stalls on the refund, do you really think people would give a damn about next year's visas? 

 

Do you really think they would deposit another 800k into another Thai bank, after losing 800k, just for a visa?  

 

Not to mention, when the virus has passed, perhaps many people will no longer wish to live in Thailand.  

[Peter Denis]

1 hour ago, Leaver said:

If the Thai bank that holds your 800k baht, that your require for next years visa, goes bust, and the Thai government fails to make good on their bank deposit guarantee, or stalls on the refund, do you really think people would give a damn about next year's visas? 

 

Do you really think they would deposit another 800k into another Thai bank, after losing 800k, just for a visa?  

 

Not to mention, when the virus has passed, perhaps many people will no longer wish to live in Thailand.  

If you believe your thai bank will go bust and if so the thai government would not honor its bank deposit guarantee commitment, then 'cashing out' is recommended.
But before doing a run on the bank, be aware that when not meeting the requirements anymore for the 'money-in-bank' method (3 months 800K - 7 months 400K - 2 months 800K) which are the basis for your granted permission to stay, that

1 - not only you won't be able to do a 1-year extension, but also

2 - that you are then staying 'illegal' in Thailand (I am not aware of the penalties involved in such case).

For sure you would then be forced to leave the country.

[Leaver]

On 5/6/2020 at 2:37 PM, Peter Denis said:

If you believe your thai bank will go bust and if so the thai government would not honor its bank deposit guarantee commitment, then 'cashing out' is recommended.

I only keep living expenses here, and pay an an agent.  After all, Thailand masquerades as a developed nation, but really is a 3rd World country, now known as a Developing Economy.  Like the old saying is, "don't do anything here that you are not prepared to walk away from."  That is my security blanket, yet, I can still live here like anyone else.  

 

Also, let's not forget the place is basically still under military control.  

 

I am currently living in Pattaya.  I would not be surprised if the majority of businesses here are decimated over the next few months.  If so, who cares about next year's visa?  I may not want to live here anyway.    

 

Risking 800k in a Thai bank, in these uncertain times, for maybe a place you no longer would want to live in, makes no sense to me.  

[Leaver]

On 4/29/2020 at 4:37 PM, SwissCheeseMan said:

Under the circumstances, the visa was not a good enough reason for me to leave the money here.  There are other less financially risky options to achieve the same goal.  

 

I pay an agent.  Total corrupt system, but it works. 

 

My 800k is back in my home country, where it is a lot safer than here, and earns more than being in a Thai bank.  Those extra earnings far outweigh the extra cost of an agent.  

 

The risk v reward for the 800k in a Thai bank has changed, and will continue to become more risky as the virus crisis continues, and there is no need to take on that risk, if just for a visa.

[Leaver]

On 5/6/2020 at 2:37 PM, Peter Denis said:

For sure you would then be forced to leave the country.

Not if using an agent.

 

800k baht back safely in your home country.  

 

This make the foreigner in control, not the Thai government.  

[Peter Denis]

9 hours ago, Leaver said:

Not if using an agent.

800k baht back safely in your home country. 

This make the foreigner in control, not the Thai government.  

You can also apply for the 1-year MultipleEntry Non Imm O - retirement Visa at the thai consulate in Savannakhet.  The main documents to be provided are a pension statement, and proof of sufficient funds (can be from a bank in your home-country, no need for a thai bank).

[Leaver]

7 hours ago, Peter Denis said:

You can also apply for the 1-year MultipleEntry Non Imm O - retirement Visa at the thai consulate in Savannakhet.  The main documents to be provided are a pension statement, and proof of sufficient funds (can be from a bank in your home-country, no need for a thai bank).

Yes, more safer options exist than risking 800k in a Thai bank, just to be able to reside here.    

[Leaver]

On 4/29/2020 at 12:51 PM, SwissCheeseMan said:

I think Thai banks are facing a big stress test over the next 12 months, and I don't want to be a part of it.   

I would now stretch that out to 24 months, possibly beyond.  

[Leaver]

How's the sentiment now?   

 

Still the same confidence in Thai banks for the forced 800k baht for a visa?  

[userabcd]

8 hours ago, Leaver said:

How's the sentiment now?   

 

Still the same confidence in Thai banks for the forced 800k baht for a visa?  

Sorry to say but you are not forced  800K for a visa. You can choose to comply with the rules or not.

 

Have no qualms keeping over 1 million baht in a Thai bank account, just the same as a bank in any other country.

[Leaver]

13 hours ago, userabcd said:

Sorry to say but you are not forced  800K for a visa. You can choose to comply with the rules or not.

 

Have no qualms keeping over 1 million baht in a Thai bank account, just the same as a bank in any other country.

I use an agent, so my 800k is working harder for me elsewhere. 

 

Why do you have confidence in Thai banks?