How do you manage your retirement 800,000 Baht bank deposit?

Post by **PeteC** » Sat Aug 18, 2012 8:11 am

A question that's always interested me but I've never asked. If the majority select the first poll option, what we have I guess is a government sponsored forced savings program. I would think there are many out there who can't really trust themselves concerning spending and fear they may fall short when reaching the 3 month extension window. The banks surely love it! Pete

Post by **Big Boy** » Sat Aug 18, 2012 8:22 am

I've chosen option 3, as that is my intention. I also have the benefit that if I should fail I can get the income letter from the Embassy. However, as a newbie, it's all trial and error at the moment.

Post by **MrPlum** » Sat Aug 18, 2012 8:38 am

Banks are as safe as houses, I hear.

After the 3 month forced saving, I withdraw the cash and invest in physical assets.

Post by **PeteC** » Sat Aug 18, 2012 9:10 am

Big Boy wrote:........ I also have the benefit that if I should fail I can get the income letter from the Embassy. ......

Watch publications and forums closely about this one. I just read yesterday that the British Embassy now also puts on a disclaimer stamp stating they cannot verify that the income/statement is correct. As we know the US Embassy has never asked for any verification at all. Given all this there is talk that the Thai government may do away with the income portion of the retirement process all together and insist upon the bank account only. This is only rumor at the moment so take it as such. Pete

Post by **Big Boy** » Sat Aug 18, 2012 9:14 am

That's only Plan B, just in case I should fail with Plan A. Plan A is my intention. Mind you, if what you're saying turns out to be right, there are going to be a lot of people having to leave Thailand.

Post by **Pagey** » Sat Aug 18, 2012 11:47 am

I've just placed 400,000 with Krungsri current account for a marriage visa (although I may increase to 800,000 for the retirement visa as I will spend more than 400,000 p.a. anyway) at 2.9%. Happy with 2.9% for a current acc. 2 free withdrawals per month and small charge for more withdrawals (50 or 150 Baht, I can't remember which)

Slightly less than I would get in UK offshore but that would be tied up in a fixed term acc.

Post by **HHTel** » Sun Aug 19, 2012 12:32 am

I don't have 800,000 in the bank as I live on a week by week pension. I still get my retirement visa renewed every year for a modest sum of tea money. One of the options left out of the survey:-

.... Or do you find it easier and less hassle to pay the friendly immigration corruptee??

It's certainly cheaper than tying up that amount of funds and much less than doing visa runs.

I do like SOME corruption!!

Post by **Khundon1975** » Sun Aug 19, 2012 8:52 pm

No1.

Put it in bank in 1999 and left it there. In Laws and my wife keep it "Live" by putting some in and taking some out every 6 months or so. Think it is now around 900k.

I used it in 2000 to get retirement visa and left it in there for when I need another visa in the future.

Post by **lomuamart** » Mon Aug 20, 2012 3:28 am

The "danger" about sticking 800K in a bank account and just letting it sit there year-by-year to use for retirement extensions is that Imm are likely to ask what you've been living on for the past year. The inference could that you have been working illegally to support yourself.
They normally like to see an account that has had activity on it in the way of withdrawals for living expenses and then topped up.

Post by **dtaai-maai** » Mon Aug 20, 2012 6:46 am

lomuamart wrote:The "danger" about sticking 800K in a bank account and just letting it sit there year-by-year to use for retirement extensions is that Imm are likely to ask what you've been living on for the past year. The inference could that you have been working illegally to support yourself.
They normally like to see an account that has had activity on it in the way of withdrawals for living expenses and then topped up.

Topped up with what? Money from working illegally?
Not having a go at you, lomu, but that doesn't make any sense at all. I thought the whole point of having a large lump sum in the bank was that it eliminated the need to provide evidence of a monthly income, which everybody obviously has anyway.

EDIT: I said "that doesn't make any sense at all" when talking about HH Immigration. Ah well, we live in hope...

Post by **lomuamart** » Mon Aug 20, 2012 7:47 am

Reckon it does make sense if you're not able to show, for instance, another account that you're living off through bringing funds into the country from abroad.
You've got the 800K in the bank for year 1. You spend 600K of it during the year. You bring 600K into Thailand for year 2. And so on.
If you've 3 mill to start off with and spend 600K a year, there's no need for a transfer for a few years.
Unless someone brings a huge amount in to begin with, they're going to have to transfer funds from abroad at some point.
My post was directed at those who have exactly 800K (say) for year 1 and have exactly the same 800K for year 2 and who can't show another account that they've been living off with foreign money during the year. (Should have made the second account plainer in the first post).
Have I explained that right?
EDIT I don't want to confuse people. There's no need for a second account. I'm assuming that, in this example which I thought led on from the poll, someone had an account with only the 800K in it for visa extension purposes and nothing else. No withdrawals from it, no deposits and no other account.

Post by **Nereus** » Mon Aug 20, 2012 9:01 am

Yes, Lomu is correct. Immigration can, and will, examine your bankbook to see that you are using the account to live on. If you have another account that you use for living expenses you MAY get away with that if you can prove where the money in it came from. Funds payed into your account show where the amount originated, such as: FFT for a foreign transfer.

I have had them query an amount paid in that was a refund from a school deposit.

I think Khundon meant as he is not living here permanently, then he just keeps the account in the event that he does need it.

Post by **dtaai-maai** » Mon Aug 20, 2012 9:07 am

Why doesn't everyone simply provide evidence of 65k income per month? What's the advantage of the 800k route?

I understand that there may be a few people who don't want to reveal their source of income for various reasons, but I'm talking about the majority of retirees with overseas (from Thailand) savings and pensions.

Post by **moja** » Mon Aug 20, 2012 9:16 am

Not everyone has an income of 65K per month especially if they have taken early retirement!

Post by **Big Boy** » Mon Aug 20, 2012 9:30 am

dtaai-maai wrote:Why doesn't everyone simply provide evidence of 65k income per month? What's the advantage of the 800k route?

I understand that there may be a few people who don't want to reveal their source of income for various reasons, but I'm talking about the majority of retirees with overseas (from Thailand) savings and pensions.

I thought that was the route I was going to take, but when I read how much it would cost, and the bother of getting the letter from the Embassy each year, the money in the bank option made much more sense to me personally. Of course, everybody's circumstances/opinions will be different.

Hua Hin Forum