800K Banking Facility.
800K Banking Facility.
Yes Ardvark that is good advise , that is what i have done , problem solved.
I wish you a happy new year.
I wish you a happy new year.
800K Banking Facility.
Thanks for understanding where I was coming from, and good luck 
800K Banking Facility.
I have sorted out the problem this year but next year might not be so lucky ,
i need to know what over expats are doing to get over this problem how are you investing 800000 bahts to get a little interest but not having the problem of up dating your pass book when needed , pointing me in the right direction would be gladly appreciated.
i need to know what over expats are doing to get over this problem how are you investing 800000 bahts to get a little interest but not having the problem of up dating your pass book when needed , pointing me in the right direction would be gladly appreciated.
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semperfiguy
- udonmap.com
- Posts: 2473
- Joined: July 16, 2010, 12:49 pm
- Location: Udon Thani, Thailand
800K Banking Facility.
Plumbers, the easiest way to go is to simply present an Income Affidavit from your Embassy wherein you have attested that you have in excess of 66,666.67 baht (stated in your home country currency) per month in income and your signature is duly certified by your embassy. At the US Embassy there is no requirement to verify the income claimed and Udon Immigration accepts the letter without any further verification of income. The US Embassy has an outreach to Udon twice annually, so I have been able to avoid a trip to BKK for the past two years, and the affidavit was accepted by Udon Immigration even though it was at least 90 days old. I have done two annual extensions of my retirement visa using this method with absolutely no hitches.plumbers wrote:I have sorted out the problem this year but next year might not be so lucky ,
i need to know what over expats are doing to get over this problem how are you investing 800000 bahts to get a little interest but not having the problem of up dating your pass book when needed , pointing me in the right direction would be gladly appreciated.
Colossians 2:8-10...See to it that no one takes you captive through philosophy and empty deception, which are based on human tradition and the spiritual forces of the world rather than on Christ. For in HIM dwells all the fullness of the GODHEAD bodily; and you are complete in HIM, who is the head of all principality and power.
800K Banking Facility.
The other Embassies are not quite so trusting of their citizens as the USA one semperfiguy.
The British one must have given training to the Thai Immigration service on how to upset 'customers' without even trying.
You certainly require official documentation from your pension provider proving what you are saying before a signed form is forthcoming from them.
As for 800K in the bank...
Sorry if you want no hassle then you just have to put it in an ordinary savings account & manually update the passbook every month whether there was any movement or not.
The British one must have given training to the Thai Immigration service on how to upset 'customers' without even trying.
You certainly require official documentation from your pension provider proving what you are saying before a signed form is forthcoming from them.
As for 800K in the bank...
Sorry if you want no hassle then you just have to put it in an ordinary savings account & manually update the passbook every month whether there was any movement or not.
800K Banking Facility.
"As for 800K in the bank...
Sorry if you want no hassle then you just have to put it in an ordinary savings account & manually update the passbook every month whether there was any movement or not."
I realize that what's worked for me may not work for the next person at immigration, but: I've had a fixed account at Siam Commercial for the past few years......now getting around 3.75%. When I renewed my one year in September, I went to the bank to get my letter 3 days before going to immigration. The clerk updated my bank book at the same time, with the most recent activity being in July (an interest deposit). The bank book did not show any activity in Aug/Sept. The letter from the bank, on the other hand, showed 800,000 for each of the 3 previous months, including the date of the letter.
That's pretty much how I've done it for several years.....no problems......yet. 3.75% isn't great, but it's better than a standard savings account.
Sorry if you want no hassle then you just have to put it in an ordinary savings account & manually update the passbook every month whether there was any movement or not."
I realize that what's worked for me may not work for the next person at immigration, but: I've had a fixed account at Siam Commercial for the past few years......now getting around 3.75%. When I renewed my one year in September, I went to the bank to get my letter 3 days before going to immigration. The clerk updated my bank book at the same time, with the most recent activity being in July (an interest deposit). The bank book did not show any activity in Aug/Sept. The letter from the bank, on the other hand, showed 800,000 for each of the 3 previous months, including the date of the letter.
That's pretty much how I've done it for several years.....no problems......yet. 3.75% isn't great, but it's better than a standard savings account.
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mathusalah80
- udonmap.com
- Posts: 1484
- Joined: November 4, 2011, 1:51 pm
- Location: Ex Perth, now Udonthani
800K Banking Facility.
Plumbers,
On the morning of my intended Immigration visit, I attend my bank and request, on the standard Bank application form, the required letter. At the same visit, I pay into my account Baht 100 which payment is, of course, duly entered into my passbook showing date of payment in and also balance, as at that date. I have always done this exactly to pre-empt the sort of 'problem' you were unfortunate to experience.
As regards the Baht800,000, I opened this as an ordinary savings, seperate. account some years ago, specifically for visa purposes, and wrote off that money as 'dead' , mentally regarding it as payment for settling in Thailand, but accepting it would be recoverable by , and form, (together with the meagre but steadily increasing interest amount), a nice little nest egg for my "Beneficiary" upon my demise!!
In fairness I must state, (consider me as a lonely voice in a barren wilderness), as a fact that, over a period of eighteen plus years, I have NEVER EVER had, (what I would consider ), a problem of any consequence with Immigration in any of my dealings with them. Of course, I don't deny I have had some quite hilarious 'incidents' regarding some Officers interpretations of the "Rules",
but I have never had an application denied or left the Office in anger. These dealings have covered the Udonthani, Nongkhai, Pattaya, Bangkok, Koh Samui & Chiangmai Immigration offices.
Given the many hundreds of complaining posts, about the shocking behaviour of all those corrupt Immigration Officers, :-"
(I do not include your , or similar information seeking posts, into that category Plumbers), I daily thank my God for my incredible, and inexplicable, luck. 
:-"
On the morning of my intended Immigration visit, I attend my bank and request, on the standard Bank application form, the required letter. At the same visit, I pay into my account Baht 100 which payment is, of course, duly entered into my passbook showing date of payment in and also balance, as at that date. I have always done this exactly to pre-empt the sort of 'problem' you were unfortunate to experience.
As regards the Baht800,000, I opened this as an ordinary savings, seperate. account some years ago, specifically for visa purposes, and wrote off that money as 'dead' , mentally regarding it as payment for settling in Thailand, but accepting it would be recoverable by , and form, (together with the meagre but steadily increasing interest amount), a nice little nest egg for my "Beneficiary" upon my demise!!
In fairness I must state, (consider me as a lonely voice in a barren wilderness), as a fact that, over a period of eighteen plus years, I have NEVER EVER had, (what I would consider ), a problem of any consequence with Immigration in any of my dealings with them. Of course, I don't deny I have had some quite hilarious 'incidents' regarding some Officers interpretations of the "Rules",
but I have never had an application denied or left the Office in anger. These dealings have covered the Udonthani, Nongkhai, Pattaya, Bangkok, Koh Samui & Chiangmai Immigration offices.Given the many hundreds of complaining posts, about the shocking behaviour of all those corrupt Immigration Officers, :-"
(I do not include your , or similar information seeking posts, into that category Plumbers), I daily thank my God for my incredible, and inexplicable, luck. :-"800K Banking Facility.
Thank you every one for your advice , i have missed doing the obvious , i should have added 100 bahts to my account on the day i received my letter , then my pass book would have been up dated and shown my balance on the day required.
This was my biggest problem and now hope solved . ( iwill go for a trial run today adding the 100 bahts)
Thank you mathusalah80 i seem to be lacking on common sense , or may be getting old and senile .
A happy new year to you all .
This was my biggest problem and now hope solved . ( iwill go for a trial run today adding the 100 bahts)
Thank you mathusalah80 i seem to be lacking on common sense , or may be getting old and senile .
A happy new year to you all .
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Bandung_Dero
- udonmap.com
- Posts: 3722
- Joined: July 10, 2005, 8:53 am
- Location: Ban Dung or Perth W.A.
800K Banking Facility.
Never heard of that before, the book balance date and letter date having to be the same!
I renewed last week on the 26th Dec 2012 with the letter from the bank, on that date, and last entry in the passbook quite some days prior with the last transaction I made (A monthly Internet bill payment to TRUE VISIONS) No worries. The concern I had was the book only had a print out of the last 2 months transactions - hadn't been updated for 12 months. The bank gave me a printout to cover the additional month. Again No worries.
Maybe the difference being I do use the account for day to day living expenses and only top up once a year, 3 months prior to renewal. Hence 100s of transactions over the year.
I renewed last week on the 26th Dec 2012 with the letter from the bank, on that date, and last entry in the passbook quite some days prior with the last transaction I made (A monthly Internet bill payment to TRUE VISIONS) No worries. The concern I had was the book only had a print out of the last 2 months transactions - hadn't been updated for 12 months. The bank gave me a printout to cover the additional month. Again No worries.
Maybe the difference being I do use the account for day to day living expenses and only top up once a year, 3 months prior to renewal. Hence 100s of transactions over the year.
Sent from my 1977 Apple II using 2 Heinz bake bean cans and piano wire!
800K Banking Facility.
This is my third attempt to post additional info ( gremlins I guess ) so apologies for it being brief.plumbers wrote:I have sorted out the problem this year but next year might not be so lucky ,
i need to know what over expats are doing to get over this problem how are you investing 800000 bahts to get a little interest but not having the problem of up dating your pass book when needed , pointing me in the right direction would be gladly appreciated.
Open a fixed deposit as my OP recommends then you will get a monthly paid interest on your deposit.
I get 2,140 every month and it is is shown in the bank book for my 800K
Using the early 1 month period allowed you can update the book on the actual day you apply for an extension of stay.
Mine is usually the 25th
Weekends and bank hols excluded of course.
marshbags
P.S.
Note Asiaphiles kind correction in post 2 re the link please.
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Bandung_Dero
- udonmap.com
- Posts: 3722
- Joined: July 10, 2005, 8:53 am
- Location: Ban Dung or Perth W.A.
800K Banking Facility.
We all have our own ideas on how it works best for us but I ask:- Is it really worth it? OK the monthly dividend of 2140 Baht/month works out to be 3.21% on 800K (simple interest) but one still must import currency to live.
To Mashbags and others who have 800K FIXED investments accounts in Thailand:- Have you calculated the expenses incurred using your foreign ATM card (assuming you do) for day to day living as against having the monies invested in your home country, or where ever, and just doing a yearly transfer.
I know I'd rather see the collateral safe and sound at home with just some of it diminishing here. If all goes tits up (love life, economy etc.), at least I will only loose a proportion of the 800K and not the whole thing on top of which (as an Aussie) I get much better interest rates at home.
My two bobs worth.
To Mashbags and others who have 800K FIXED investments accounts in Thailand:- Have you calculated the expenses incurred using your foreign ATM card (assuming you do) for day to day living as against having the monies invested in your home country, or where ever, and just doing a yearly transfer.
I know I'd rather see the collateral safe and sound at home with just some of it diminishing here. If all goes tits up (love life, economy etc.), at least I will only loose a proportion of the 800K and not the whole thing on top of which (as an Aussie) I get much better interest rates at home.
My two bobs worth.
Sent from my 1977 Apple II using 2 Heinz bake bean cans and piano wire!
800K Banking Facility.
Pros of the 800k account (fixed or not):
-No need for annual embassy letter (saves about 2000 baht).
-Provides ready access to cash in the event of an emergency (SCB allows you to close out your fixed account any time you choose.....obviously you lose interest if you do so).
-It helps to diversify one's portfolio......if you deposit 800k at 30 baht to $1 and the exchange rate changes to 29 to $1, on paper at least, you've made close to $1000....not including interest gained (obviously, you lose money if the rate goes in the other direction, but again, only on paper.
-SCB's fixed account is paying about 3.75%......not the best in the world, but show me a 1 year CD in the US that'll give you the same.
If I could get more than 3.75 in the US for the same term, I'd close my account here in a heartbeat......but that's not going to happen any time soon.
-No need for annual embassy letter (saves about 2000 baht).
-Provides ready access to cash in the event of an emergency (SCB allows you to close out your fixed account any time you choose.....obviously you lose interest if you do so).
-It helps to diversify one's portfolio......if you deposit 800k at 30 baht to $1 and the exchange rate changes to 29 to $1, on paper at least, you've made close to $1000....not including interest gained (obviously, you lose money if the rate goes in the other direction, but again, only on paper.
-SCB's fixed account is paying about 3.75%......not the best in the world, but show me a 1 year CD in the US that'll give you the same.
If I could get more than 3.75 in the US for the same term, I'd close my account here in a heartbeat......but that's not going to happen any time soon.
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semperfiguy
- udonmap.com
- Posts: 2473
- Joined: July 16, 2010, 12:49 pm
- Location: Udon Thani, Thailand
800K Banking Facility.
Parrot, I've considered opening an account but I can't seem to get a handle on whether or not I would be subject to any Thai income tax withholding on the interest. Also, one would be required to report a foreign bank account to the US Government if the balance hits $10,000 at any point during the year...plus be subject to income tax on the interest. I can't imagine the hassle of having to deal with an IRS audit while living in Thailand should the authorities see your foreign account as a red flag and call you in. What be your take on the matter?parrot wrote:Pros of the 800k account (fixed or not):
-No need for annual embassy letter (saves about 2000 baht).
-Provides ready access to cash in the event of an emergency (SCB allows you to close out your fixed account any time you choose.....obviously you lose interest if you do so).
-It helps to diversify one's portfolio......if you deposit 800k at 30 baht to $1 and the exchange rate changes to 29 to $1, on paper at least, you've made close to $1000....not including interest gained (obviously, you lose money if the rate goes in the other direction, but again, only on paper.
-SCB's fixed account is paying about 3.75%......not the best in the world, but show me a 1 year CD in the US that'll give you the same.
If I could get more than 3.75 in the US for the same term, I'd close my account here in a heartbeat......but that's not going to happen any time soon.
Colossians 2:8-10...See to it that no one takes you captive through philosophy and empty deception, which are based on human tradition and the spiritual forces of the world rather than on Christ. For in HIM dwells all the fullness of the GODHEAD bodily; and you are complete in HIM, who is the head of all principality and power.
800K Banking Facility.
Each to their own BD.Bandung_Dero wrote:We all have our own ideas on how it works best for us but I ask:- Is it really worth it? OK the monthly dividend of 2140 Baht/month works out to be 3.21% on 800K (simple interest) but one still must import currency to live.
To Mashbags and others who have 800K FIXED investments accounts in Thailand:- Have you calculated the expenses incurred using your foreign ATM card (assuming you do) for day to day living as against having the monies invested in your home country, or where ever, and just doing a yearly transfer.
I know I'd rather see the collateral safe and sound at home with just some of it diminishing here. If all goes tits up (love life, economy etc.), at least I will only loose a proportion of the 800K and not the whole thing on top of which (as an Aussie) I get much better interest rates at home.
My two bobs worth.
My preference is to one of convenience ect. ect. and the 800K has been here since they increased the income requirements.
I have a UK debit card that I can use as and when I may need to but prefer using my swift facility to transfer ex amount as and when I need it and bring in a reserve top up I have here.
Plumbers is asking for alternatives re an acceptable option for Immigration and based on my experiences, I have posted
my views and offers of recommendation based on them.
I still support them, based on the trails and tribulations of years gone by.
By the way Semper, tax has aready been deducted prior to getting the 2,140 every month I get.
ATM's vs Swift transfers are an easy one for me with the latter winning it.
Rather than pay every tme you make an overseas ATM transfer, if you have a local account why not save an amount to justify it and then bring in via a lump sum too keep you ticking over for ex amount of time as I do via swift as and when I need it.
marshbags
800K Banking Facility.
Prior to lodging my application for 1 year extension to my Retirement Visa this week, I went to the branch of Kasikorn Bank across Phosi Rd from Udon Immigration Office, and asked for a letter confirming the balance of my Passbook a/c. (a service which they provided for a nominal fee in previous years). I was told that their rules had changed; I should go to the branch where the account is held (it's in Phuket) OR they could issue the letter there and then IF, and only if, I were to purchase sickness and accident insurance for my wife. The young lady listened to my protests about extortion with the air of one who had heard it all before, and I walked out with the letter, but Baht 2,600 poorer - Baht 100 for the letter and Baht 2,500 insurance premium! Guess which Bank will NOT be looking after my Baht 800K for 3 months in future years - goodbye, Kasikorn!
800K Banking Facility.
It can't be true as it is blackmail, and I think the mentioned young lady is on a provision of sold insurances.
Go to the bank manager and make a complaint an demand a refund of the insurance fee.
However if this is the bank policy many will vote with their feet, so please keep us informed what the bank manager has to say and do in this matter.
Kind regards from
maxeboy
Go to the bank manager and make a complaint an demand a refund of the insurance fee.
However if this is the bank policy many will vote with their feet, so please keep us informed what the bank manager has to say and do in this matter.
Kind regards from
maxeboy
GreatDane born free taxed into slavery
800K Banking Facility.
I've held 3 banks accounts in 3 different banks here and every bank has requested that I conduct whatever business I required at the branch I opened my account. Doesn't make sense to me, but it is what is.fantom wrote:Prior to lodging my application for 1 year extension to my Retirement Visa this week, I went to the branch of Kasikorn Bank across Phosi Rd from Udon Immigration Office, and asked for a letter confirming the balance of my Passbook a/c. (a service which they provided for a nominal fee in previous years). I was told that their rules had changed; I should go to the branch where the account is held (it's in Phuket)
800K Banking Facility.
fantom needs to confirm or otherwise if he obtained previous letters for free AT THIS BRANCH specifically. Otherwise it would appear that they are cashing in on their proximity to the Immigration Office and possibly a regular stream of foreigners asking for this letter? However, papaguido is correct that local banks request that pretty much everything beyond paying in and out be done ONLY at the home branch. I only bank with Bangkok Bank but when my ATM card disintegrated at the same time as my pass book was full, I could only replace both at the Pattaya branch where the account is domiciled.
In response to the matter of shopping around for a savings account that earns money on the 800k 'blood money', I consider that Thai banking is too 'fluid' and unreliable regards sudden changes in terms and conditions. This, in conjunction with Thai Immigration's rigid but easily understood rules on seasoning, makes the whole enterprise rather debatable.
In response to the matter of shopping around for a savings account that earns money on the 800k 'blood money', I consider that Thai banking is too 'fluid' and unreliable regards sudden changes in terms and conditions. This, in conjunction with Thai Immigration's rigid but easily understood rules on seasoning, makes the whole enterprise rather debatable.
800K Banking Facility.
I've had a variety of accounts with just about all the name banks in town......and always the same story: if you need a new ATM card, a new bank book, or a letter for immigration, you have to go to the bank branch where you opened the account. AND, to get a new bank book (when you have a joint account), both of you have to go to the bank to get it. Bank books?? Didn't they go the way of carbon paper and typewriters? All still in use locally.
I've had a time account at SCB for the past few years (renewed each year) that's been drawing 3.75% interest (at least for the most recent renewal). That doesn't amount to much, but try getting that on any one year account back in the US!
I've had a time account at SCB for the past few years (renewed each year) that's been drawing 3.75% interest (at least for the most recent renewal). That doesn't amount to much, but try getting that on any one year account back in the US!