How not to retire

[nidnoyham 30]

My mate retired same time as me, he was never very good at keeping in the black with the bank while working. Now 3 years later, his lack of planning, has found him rather skint.

 

When he recieved his retirement forecast 3 years ago, he worked out that he could live in LOS on his pension. Unfortunately, he didn't allow for inflation, currency fluctuation and bank charges.

 

His pension, is paid into his Barclays account in the U.K. He makes withdrawals at the ATM near his home in Pattya. All corespondance from his bank goes to his old address in England, where his kids live and he can't check his balance at ATM in LOS. Had a call last month from daughter, that he was iverdrawn by a months pension,

 

He had not allowed for the £4.00 + £1.50 charge every ATM transaction. he also pays the local tax on his house in U.K and did not allow for annual increase. The bank charged him god knows how much for the unauthorised o/draft.

 

Now to cap it all, the Baht has gone from 72 to 65 to the GBP, a pay cut of 10/%.

 

Any U.K lads thinking of following suit, get out of Barclays and into Nationwide. I have received statements from both. Barclays charge commision as stated above, and an exchange rate of 66bht- GBP. Nationwide, no commision and 68bht- GBP. A saving of about £6 per transaction, thats a few bob over a year.

 

BANKS I 'ATE 'EM

[deanjames 0]

Wouldnt it be easier to open a thai bank account and transfer the money into that each month?

[Larryst 7]

Wouldnt it be easier to open a thai bank account and transfer the money into that each month?

It's not that easy to transfer money to a bank.. Here's the info from the U.S. Embassy. I'm not sure about the transfering from the U.K. to Thailand, but it might be the same requirements and rules. Also doesn't Barclay's have internet banking, where he can check his balance and fees daily.

 

Only the Bangkok Bank of Thailand provides Direct Deposit service for persons who receive benefits from the following agencies: Social Security Administration (SSA), Veterans Administration (VA), and Civil Service.

 

1. Open “Direct Deposit” Account at the Bangkok Bank branch nearest your home.

The Bank will assist you in opening a “Direct Deposit Account. We suggest you to clearly tell staff that this account is for receiving pension from SSA, or VA.

 

2. Sign up Form 1199: Please bring 3 completed forms sf1199 to a Head Quarter of Bangkok Bank. Bank will forward your completed Direct Deposit form (Form 1199 A) to SSA in US. You will be able to access your benefits from the Bangkok Bank branch near your house after your request has been completely processed. This often takes a few months. For more information please contact:

 

Bangkok Bank Public Company Limited

Foreign Exchange Service Section

Retail Payment Services Department

333 Silom Road, Bkk. 10500

Tel: (02) 230-1322-3

[Soi7 1]

My mate retired same time as me, he was never very good at keeping in the black with the bank while working. Now 3 years later, his lack of planning, has found him rather skint.

 

When he recieved his retirement forecast 3 years ago, he worked out that he could live in LOS on his pension. Unfortunately, he didn't allow for inflation, currency fluctuation and bank charges.

 

His pension, is paid into his Barclays account in the U.K. He makes withdrawals at the ATM near his home in Pattya. All corespondance from his bank goes to his old address in England, where his kids live and he can't check his balance at ATM in LOS. Had a call last month from daughter, that he was iverdrawn by a months pension,

 

He had not allowed for the £4.00 + £1.50 charge every ATM transaction. he also pays the local tax on his house in U.K and did not allow for annual increase. The bank charged him god knows how much for the unauthorised o/draft.

 

Now to cap it all, the Baht has gone from 72 to 65 to the GBP, a pay cut of 10/%.

 

Any U.K lads thinking of following suit, get out of Barclays and into Nationwide. I have received statements from both. Barclays charge commision as stated above, and an exchange rate of 66bht- GBP. Nationwide, no commision and 68bht- GBP. A saving of about £6 per transaction, thats a few bob over a year.

 

BANKS I 'ATE 'EM

How much was his pension ? was he out on the piss every night ? Maybe he was not living within his means to begin with ??

[yselmike 397]

what about internet banking at least he will see when he is skint

[Gary 4,119]

Sounds like VERY poor planning. My funds are direct deposited into my US bank account. (Citibank). I check at least once a week via the Internet to make sure nothing is happening that could amount to fraud. I'm still a little old fashioned and don't totally trust all this high tech stuff.

 

When I first came over I used my Citibank ATM card because I got five free transactions a month. Later they decided to charge $1.50 per transaction and then added 1 percent on top of that. Now I wire transfer once or twice a year. That costs $30 regardless of the amount transferred. The exchange rate is exactly what Yahoo shows on my home page and my Thai bank charges VERY little to do the transfer. Using my Thai ATM card is free. Living without a nest egg would be entirely out of the question for me.

 

Living on a TIGHT budget would NOT be much of a way to live here or anywhere for that matter. Sounds like he may have to go back to work or change his ways.

[Braveheart 0]

I know that the Canadian bank that I deal with - Scotiabank - has a branch in Bangkok. I'm sure that if there is a Canadian bank with a branch there then it is not the only foreign bank with a branch in LOS.

[Gary 4,119]

Citibank also has branches in Thailand. I had a problem with my Citibank ATM card and found out that the Bangkok Citibank may as well have been Bank of Bumfuck Anywhere. No help and nothing is linked. It does sound like a good idea but don't count on them being able to do anything for you.

[Chivas 0]

Not sure how others feel but being self employed I would find it very hard NOT to be doing something in retirement (health allowing) to supplement the income even if only 10000 baht a month,which for this chap would probably solve the problem.

 

You cant come to live in LOS if £5 of bank charges ensures the shight hits the fan.

What happens if you have serious medical issues ?

[Bazle 1,500]

When he recieved his retirement forecast 3 years ago, he worked out that he could live in LOS on his pension. Unfortunately, he didn't allow for inflation, currency fluctuation and bank charges.

My guess is that he took early retirement. Is there another occupational pension going to come on stream when he gets a bit older?

 

If I'm wrong, how the hell would he fare if he were living in England? Perhaps he is going to have to find an even lower cost location. I understand it's possible to live (and die!) very cheaply in the Central African Republic!

[nidnoyham 30]

In answer to as many questions as pos'

 

Yes it was early retirement, most of us told him to stay at work, but the Company could have folded and we would have lost our benefits.

 

He has a Thai bank account, but transfer from U.K expensive. U.K banks are questioning transfers to Los, now that so many people are moving money there.

 

I have told him to get online banking set up, but I don't think he is going to, just getting statementd sent to LOS. He is only 54, so will not have full N.I contributions, which will affecthis pension at 65.

 

He moved to LOS because he could not live on £840 month in U.K. He has a Thai GF and baby, but is married to a Thai, who lives in U.K. She is trying to divorce him, but the judge will not accept her admission of adultery as sufficient grounds. I think the attitude is- You married him to get a U.K passport, you stay married to him. It's all a mess.

 

He as a dodgy heart, so can't get medical insurance, is on medication at 2000bht a month.

 

I am not running him down, he is a lovely bloke, has a heart of gold and will lend you his last pound.

 

I only posted this, to give others an insight to a shoestring existence in LOS. Aint no safety nets here and all those Thais he has helped and contributed to their life in the last 6 years, are no where to be seen now. No family collection to help out. His TGF would not be able to show her face in the villiage, if they did.

 

The clincher for us both last month, was that Barclays were being hit at ATM's in LOS and Singapore by 2 gangs. All ATM transactions were denied money. I had to make 2 calls to the bank, to get our cards unlocked, we had 150bht between us for 24 hours, it don't feel good. That experience prompted me to make this post.

[Owen` 2]

In general, this guy has no business outside the UK's national health care program.

 

Full stop. Period. End of story. He Has To Go Home. Once there he has to get a job.

 

People need to embrace the concept that it is possible to fall into the following category:

 

I Cannot Afford To Retire And Live In Thailand.

 

Usually the phrase "everyone cannot do it" describes something psychological. It can also describe someone without enough money.

 

www.fireseeker.com is one of the best retirement calculators I've seen. Spend a few hours with it. It is educational, but you do have to give it a few hours of concentration. FIRE = Financial Independence, Retiring Early. The calculator will tell you how reasonable that is.

 

I think Gary above pointed out that it's a very hard thing to do without a nest egg.

[wacmedia 277]

Hi,

 

Lots of us would love to make the move, but you have to be realistic and only move when you can afford to.

[Eneukman 1]

Any U.K lads thinking of following suit, get out of Barclays and into Nationwide. I have received statements from both. Barclays charge commision as stated above, and an exchange rate of 66bht- GBP. Nationwide, no commision and 68bht- GBP. A saving of about £6 per transaction, thats a few bob over a year.

 

BANKS I 'ATE 'EM

You're preaching to the converted here.

 

I would like to thank the Bank of Scotland for outsourcing my job and forcing me to find an alternative organisation with whom to bank as I would not otherwise have opened an account with the Nationwide. Actually, I didn't have to move my accounts away from the Bank of Scotland but I took the view that if they didn't want me, I sure as fuck didn't want them.

 

All I ask is that they keep paying my pension and increase it by a margin more closely linked to the increase in their profits (as HBOS) rather than by the miserly alleged inflation rate.

 

I hate banks too - and I used to work for one of them.

 

Alan

[Eneukman 1]

In answer to as many questions as pos'

 

Yes it was early retirement, most of us told him to stay at work, but the Company could have folded and we would have lost our benefits.

 

He has a Thai bank account, but transfer from U.K expensive. U.K banks are questioning transfers to Los, now that so many people are moving money there.

 

I have told him to get online banking set up, but I don't think he is going to, just getting statementd sent to LOS. He is only 54, so will not have full N.I contributions, which will affecthis pension at 65.

 

He moved to LOS because he could not live on £840 month in U.K. He has a Thai GF and baby, but is married to a Thai, who lives in U.K. She is trying to divorce him, but the judge will not accept her admission of adultery as sufficient grounds. I think the attitude is- You married him to get a U.K passport, you stay married to him. It's all a mess.

 

He as a dodgy heart, so can't get medical insurance, is on medication at 2000bht a month.

 

I am not running him down, he is a lovely bloke, has a heart of gold and will lend you his last pound.

 

I only posted this, to give others an insight to a shoestring existence in LOS. Aint no safety nets here and all those Thais he has helped and contributed to their life in the last 6 years, are no where to be seen now. No family collection to help out. His TGF would not be able to show her face in the villiage, if they did.

 

The clincher for us both last month, was that Barclays were being hit at ATM's in LOS and Singapore by 2 gangs. All ATM transactions were denied money. I had to make 2 calls to the bank, to get our cards unlocked, we had 150bht between us for 24 hours, it don't feel good. That experience prompted me to make this post.

When my job was outsourced and I selected Nationwide for my choice of banker (long before I knew about this web-site), I very quickly opted for on-line banking. It ia so easy to keep a tab on the balance of all your accounts so that my statements etc go to my brother's address.

 

Before retiring to LOS, I opened an account with Nationwide International and set up an arrangement with them to enable funds to be remitted direct to my Bangkok Bank account (albeit with 60 days notice).

 

I retired here at the age of 50 so I was one of the youngest holders of a retirement visa when I obtained mine. Before I left the UK, I made enquiries with the Department of Social Security about the possibility of making voluntary National Insurance contributions tom protect my state when (or IF) I reach the age of 65. I start paying this next month and it's not that expensive.

 

As far as remitting your pension to Thailand every month, I don't really think that that's a viable option. You would be paying a fee every time. What I do, and I accept that this may not be a option for everyone, is to remit funds once a year and to live off these funds for the next 12 months.

 

I'm fortunate in that I'm not on a restrictive budget and my income is sufficiently higher than my expenses to give me a good safety net.

 

Alan

[torrenova 644]

If you are doing the retirement thing here and have a limited budget, you cannot afford to waste money on bank charges. Like a poster said, transfer once or twice a year, every 3 months if necessary.

 

Seperate cash for essentials, medical, rent, food etc. and work out how much you have left, remembering to save some for emergencies.

 

Perhaps a return to the UK would be the best option.

[nidnoyham 30]

Put some money in his account today, was quoted 63.1 baht to GBP + 2.75% visa + £1.50 atm charge- Barclays are a rip off !

 

Torenova,

 

I have told him all that, the trouble is he only has his pension now, lives hand to mouth, so charges are unavoidable.

 

Anyone thinking they can just about afford to retire out there- think again. IT'S A BLOODY LONG WAY FROM HOME.

Edited March 23, 2006 by nidnoyham

[bob2005 0]

£840 month

 

The answer to ATM charges was in your original post anyway... Nationwide.

 

He pays Council tax, maybe 1,000 a year, so his 840 GBP income per month goes down to 750 GBP per month, which is about 50,000 baht a month. Take off rent at 9,000 pm and electricity 1,500 pm, he's got 1,300 a day to eat and have fun. Not marginal by any means.

 

It seems he's thrown his hands in the air and stopped thinking. And, I'm sorry to say, you're not helping by throwing in all kinds of side issues which interfere with focusing on his basic survival. He certainly can survive.

 

Are you sure he's not just setting you up for a loan?

[Rex7777 0]

The thing about Thailand is that a person can always go the Cheap Charlie route. Take the guy that "only" has 1300 baht a day to eat and have fun. Well, that's enough to hae fun if you know what's what. And suppose he were to lay low three days a week and not go out. He could have pretty much of a blast the other four days.

 

Rex

[nidnoyham 30]

Bob 2005

 

I am aware of his mistakes and his needs. I have talked to him about cancelling the tax he pays at home, going home for his health, getting online for his banking, etc etc etc. He is not easy to convince. He is the proverbial brick wall. I think he sees it as a failure, to go home.

 

I didn't mention he has a d/debit for credit cards too, about £60 a month.

 

I posted this story, not to sort out his problems, but as a warning to others. who may follow suit. Learn from others mistakes, you havn't got time to make them all yourself. I have learned not to use my Barclays account here for ATM's.

 

He wouldn't have to "set me up" for a loan, just ask. But I appreciate your concern mate.

Edited March 23, 2006 by nidnoyham

[bob2005 0]

nidnoyham: He is the proverbial brick wall.

 

Yes, so it seems. I don't see why he has a problem, he can survive but he can't live the full-throttle life every day of the week. Perhaps he had too-high expectations to begin with.

[WelshFarang 0]

Does he own the house where his wife is living?

 

Can he agree to the divorce and split the sale proceeds. Invest off-shore (no tax) and use the interest to supplement the pension. Also saves the council tax, which keeps going up more than the rate of inflation.

[Soi7 1]

I really enjoy these threads regarding Retirement as there are those say you can not do it for less than 80,000 baht a month. Then you have those that are doing just that and could not be happer. No two people are alike.

[Owen` 2]

I really enjoy these threads regarding Retirement as there are those say you can not do it for less than 80,000 baht a month. Then you have those that are doing just that and could not be happer. No two people are alike.

 

 

Soi7 lives in Pattaya apparently at a low level of spending and he should be listened to because he's there and he does it.

 

I recommended above that this guy go home because I focused 100% on the following quote :

 

He as a dodgy heart, so can't get medical insurance, is on medication at 2000bht a month.

 

It's not the 2000 baht a month that is the issue. It's the dodgy heart with no medical insurance. The risks are pretty high of finding himself with chest pains in the hospital and being asked how he will pay for treatment.

 

With no insurance and credit card issues, he might be shown the door and dead 24 hrs later.

 

This guy has no business outside the UK's national health care plan. He has to go home and get a job. This issue could be 20 or 30 yrs of life chopped off him. If he puts away some money and does his homework and figures out healthcare, then he can return and read Soi7's posts on how to get by happily. With a heart problem, I can't see how this works without insurance.

[nidnoyham 30]

Perhaps, when he claws back his o/drft, he will be O.K. and survive on his pension.

 

He has no property at home, the house is rented, in fact his kids shouldn't be living there without him in residence, his bank account is in joint names with his missus...need I go on ?

 

I just wanted to point out, that when you move that far away, it is harder to change things, like your bank account, direct debits, or appear in court to help in a divorce case. All your planning must be done before you leave, or have funds to commute home when things crop up.

 

We are all different, it is not just how much you earn, it's how much you spend too.

 

So, do your sums, have a bit put away, severe all ties with home, or win the lottery !