Visa agent vs 800k in bank

[nkped 1,208]

My biggest problem with the 800K was that it would have required me to make a taxable transaction.  As to having a monthly annuity check deposited to Bangkok Bank, sometimes it will catch the exchange rate up, sometimes down.  I believe the term is income averaging.  I get through most months without additional Wise transfers.

[sailingbill 1,015]

2 hours ago, nkped said:

My biggest problem with the 800K was that it would have required me to make a taxable transaction.  As to having a monthly annuity check deposited to Bangkok Bank, sometimes it will catch the exchange rate up, sometimes down.  I believe the term is income averaging.  I get through most months without additional Wise transfers.

Exactly my position. To be specific the 800k would cost an additional 4,000 usd in taxes  one time as well as the loss of investment income, maybe 2000 usd a year if i guess right. Admittedly i sometimes need to go to Wise but personal choices in women an alcohol. 

[Gary 4,108]

3 hours ago, forcebwithu said:

Why be irritated by what others do that has no impact on what you do? I also think you're making an incorrection assumption that those going the agent route have inadequate finances.

While probably true for some, my take is the majority going the agent route have more than adequate finances for funding their retirement here. They choose to use an agent as a matter of convenience and because it makes good financial sense not to tie up money that could be earning a better return elsewhere.

I'm not irritated. I give my opinion to those who use agents because I consider it a risk. It is illegal and could come back to bite them. Up to them.

[forcebwithu 4,822]

7 hours ago, Gary said:

I have irritated some guys who are using agents. I'm convinced that this is not legal. The immigration rules very clearly state the financial requirements. I am also of the opinion that if you cannot afford to have 800,000 baht in a Thai bank, then you can't afford to live here. I'm by no means wealthy but I am financially comfortable and don't have to live on a tight budget. Being retired here in Thailand is great "IF" you can afford it. Living here on a tight budget is not a happy retirement.

Apologies if I misread, misunderstood what you wrote. But in the first sentence you used the word "irritated".

[jacko 8,786]

It is what it is.

I am a bit surprised at the claimed 'cost' to some of you USA guys of depositing 800k here. My pal who utterly refused to do it just did not seem to trust Thai banks (no reason in my mind), and also wanted to be ready to up sticks and leave at short notice. I never grasped it...my neighbour went to immigration, was sent away to get a deposit confirming letter to a branch on Klang, then back to immigration. He is not well and can hardly walk, a dozen yards and he needs to stop to catch breath... I gladly would deposit 800k to avoid that. 

I don't ever believe it will happen, but what Gary says would also play on my mind..... you are in default of your extension conditions not having the deposit. If someone notices, it would be your fault.... blaming a dodgy agent or crooked IO, well good luck with that. 

I think back to some years ago when they introduced the 3 months at 800k, plus 400k rest of year, supposedly to stop people bypassing the obligation. Nonsense of course, more people were forced into agents hands.

[forcebwithu 4,822]

41 minutes ago, jacko said:

It is what it is.

I am a bit surprised at the claimed 'cost' to some of you USA guys of depositing 800k here. My pal who utterly refused to do it just did not seem to trust Thai banks (no reason in my mind), and also wanted to be ready to up sticks and leave at short notice. I never grasped it...my neighbour went to immigration, was sent away to get a deposit confirming letter to a branch on Klang, then back to immigration. He is not well and can hardly walk, a dozen yards and he needs to stop to catch breath... I gladly would deposit 800k to avoid that. 

I don't ever believe it will happen, but what Gary says would also play on my mind..... you are in default of your extension conditions not having the deposit. If someone notices, it would be your fault.... blaming a dodgy agent or crooked IO, well good luck with that. 

I think back to some years ago when they introduced the 3 months at 800k, plus 400k rest of year, supposedly to stop people bypassing the obligation. Nonsense of course, more people were forced into agents hands.

In your example of the guy that can hardly walk, having the 800K on deposit would not alleviate him from going to the bank for the deposit letter. It's actually another checkmark in the positive column for using an agent.

Of course in the negative column would be the risk of getting pulled up for not having the funds on deposit. The most likely scenario for that happening is if the person was doing something else that was frowned upon here. Not meeting the conditions of the extension to stay would be just one more thing they could throw at the guy as an excuse to kick him out of the country.

As there are quite a few ex-pats using agents, I expect the most likely scenario if using an agent should become frowned upon is they would announce it in advance. If that were to happen people could decide for themselves if moving a chunk of money over that you can't touch is worth continuing to stay in Thailand.

That's where the cost of locking up funds you can't use comes into the equation. Using a conservative estimate of a 4% return, the 800K can earn 32K. More than enough to cover the agent's fee of 10,600.

This is a good discussion to have for those new to the visa/extension to stay game as it's gives them different viewpoints and options to consider when they decide which path is best for them.

[jacko 8,786]

5 hours ago, forcebwithu said:

In your example of the guy that can hardly walk, having the 800K on deposit would not alleviate him from going to the bank for the deposit letter. It's actually another checkmark in the positive column for using an agent.

Of course in the negative column would be the risk of getting pulled up for not having the funds on deposit. The most likely scenario for that happening is if the person was doing something else that was frowned upon here. Not meeting the conditions of the extension to stay would be just one more thing they could throw at the guy as an excuse to kick him out of the country.

As there are quite a few ex-pats using agents, I expect the most likely scenario if using an agent should become frowned upon is they would announce it in advance. If that were to happen people could decide for themselves if moving a chunk of money over that you can't touch is worth continuing to stay in Thailand.

That's where the cost of locking up funds you can't use comes into the equation. Using a conservative estimate of a 4% return, the 800K can earn 32K. More than enough to cover the agent's fee of 10,600.

This is a good discussion to have for those new to the visa/extension to stay game as it's gives them different viewpoints and options to consider when they decide which path is best for them.

Do people who use the monthly deposit need one letter or 2? I only know my disabled pal had already done one trip to the bank, and was sent away by immigration to a different branch, for a letter that suited them better.

I do get 0.85% (minus 15% withholding tax) on my 800kbaht... that might go up soon! It is part of some money I moved here many years ago (property purchase), at 55 baht /£ IIRC.. some offset there. 

 I think I paid 10k incl. to get an agents help, so if the 10,600 you mention covers the 800k too, good deal

[forcebwithu 4,822]

15 minutes ago, jacko said:

Do people who use the monthly deposit need one letter or 2? I only know my disabled pal had already done one trip to the bank, and was sent away by immigration to a different branch, for a letter that suited them better.

I do get 0.85% (minus 15% withholding tax) on my 800kbaht... that might go up soon! It is part of some money I moved here many years ago (property purchase), at 55 baht /£ IIRC.. some offset there. 

 I think I paid 10k incl. to get an agents help, so if the 10,600 you mention covers the 800k too, good deal

Don't know the answer to the bank letter question.

10,600 + 1,900 for the extension, so 12,500 all in which includes the dodgy deposit and "bank letter". What others have reported is if you have the 800k on deposit, the agent fee drops to 8,000. That puts the rental fee for 800k for 2 minutes at 2250B/minute. 

[nkped 1,208]

On 4/23/2023 at 12:31 PM, jacko said:

Do people who use the monthly deposit need one letter or 2? I only know my disabled pal had already done one trip to the bank, and was sent away by immigration to a different branch, for a letter that suited them better.

I do get 0.85% (minus 15% withholding tax) on my 800kbaht... that might go up soon! It is part of some money I moved here many years ago (property purchase), at 55 baht /£ IIRC.. some offset there. 

 I think I paid 10k incl. to get an agents help, so if the 10,600 you mention covers the 800k too, good deal

I think it's two.  One showing the deposits for at least 12 months and one certifying you have the account open and balance on the date of the letter.  Published information says the one certifying the open account has to be the date you file the TM.7.  Don't know if that is rigidly enforced but went to the bank in the morning and Immigration in the afternoon just in case.   

Edited April 25, 2023 by nkped

[nkped 1,208]

On 4/23/2023 at 5:54 AM, jacko said:

It is what it is.

I am a bit surprised at the claimed 'cost' to some of you USA guys of depositing 800k here. 

Many of us would have to make a taxable withdrawal from a retirement savings account.