Where do you leave your money ??!!

[simonbuk]

Newbie question here !! If you leave good old blighty wheres the best place to leave your money if you've sold your house ? In an English bank and forward on the (little) interest each month to a Thai bank ?

Do you have to prove income or anything ?

Just trying to work out the financial side of things ? It seems that its possible to (maybe) live off your interest if you have a large cash deposit somewhere ?

Any advice appreciated.

Regards,

SB

[Serendipity2]

Originally Posted by simonbuk

Newbie question here !! If you leave good old blighty wheres the best place to leave your money if you've sold your house ? In an English bank and forward on the (little) interest each month to a Thai bank ?

Do you have to prove income or anything ?

Just trying to work out the financial side of things ? It seems that its possible to (maybe) live off your interest if you have a large cash deposit somewhere ?

Any advice appreciated.

Regards,

SB

simonbuk,

This may help you. There's no date on the article which would help. You don't mention where you'll be living but I would open the account [as recommended] in the Sukhumvit area in Bangkok where they're use to farangs and then do business in whatever town/city you're living in. If it were me I'd keep my money in Old Blighty and bring in as needed and have the money exchanged into Baht after it arrives. You might even contact a couple of banks in Bangkok, explain your situation and ask if you would be allowed to open an account. Might save some time/shoe leather.

Serendipity2


Thailand Expat Banking


"There is big confusion about who can and who cannot open a bank account in Thailand. This is due to several factors, including the banks themselves not fully understanding their own individual policy on the matter. If you don't have a work permit or long term visa, it is still possible to open an account but it's a bit hit and miss.

For example, most banks have a policy of only accepting foreign customers if they hold a work permit or long term visa, such as a spouse visa, whereas others (at the time of writing, Bangkok Bank and Kasikornbank being big name examples) will allow anyone to open an account if you can supply your passport and a local address. Even so, walk into some branches of these more flexible banks and the staff with flatly refuse to entertain your request.

Your only option is trial and error. If one branch won't accept you as a customer, just walk down the road to another branch and try again. The best bet is with downtown Bangkok branches, especially the ones on Sukhumvit.

Of course, if you already have your paperwork in order, you're unlikely to have any difficulties. Note however, that in nearly all cases, you will need a work permit to have internet banking set up on your account. Credit cards are also only given to those who have long term residency in Thailand, as are chequing accounts.

You should be aware that there are certain restrictions on the amount of Thai Baht you can take out of Thailand but there are no restrictions on the amount you can bring in. See our forum for advice on this. When sending money to your Thai account from overseas, it is usually the case that you'll get a better exchange rate if you insist that the originating bank send the money WITHOUT performing the currency exchange themselves and leaving it for the Thai receiving bank to do the exchange, as you're likely to get a better rate than your home bank would give you. Obviously, check first to be sure.

Once your account is opened, a local ATM card will often be issued immediately. It is also usually possible to request an international ATM card for your account. "

[frogblogger]

SB, are you thinking of a permanent move? Are you working, retired? What sort of sum are you hoping to be able to live off in Thailand each month, without digging into the main capital?

Bear in mind that getting a long stay visa isn't easy ... if you're married to a Thai, have family in Thailand, or are of retirement age (50), it's more straightforward, but you still have to provide evidence of regular income - £10 - £20K in a Thai bank, or some combination of these. (It's £10K if you are going for the marriage visa, £20K for the others).

Otherwise staying long term is more complicated. Explain your situation a little more, and then we can give some more info...

[simonbuk]

Thanks for the replies so far. Maybe just dreaming at the minute but I went to thailand and Cambodia last year for a month and I have a friend who is living out there now.

I'm 40 and thinking of packing it all in now and moving to live somewhere else. I guess after selling up i'll have 120K (Sterling) in the bank. Looking to travel a bit first maybe but it will be long term eventually (which ever way I can).

If I could live of the interest without eating into the capital that would be great !! (ideal). Just recieved an email from a friend and says he rents a new 2 bed bungalow outside Pattaya and bills (all to do with the house like rent, electricity, water,etc) come to 300 pounds. So was thinking that if you behave you must be able to live off 5-600 pounds a month ?

He says he has to return to England once a year for a new visa and has to go to Cambodia every 3 months to get another stamp ?

Regards,

Simon

[frogblogger]

Well not quite dreaming, but that's a very tight budget... you might like to read this recent thread, discussing how possible it is to live in Pattaya on 30 dollars a day. similar sort of money in fact.

Sure it is possible, but very tight indeed. Even with the best of intentions I reckon it would be really tough.

Don't follow the visa thing. Yes one consulate in the UK hands out visas pretty easily, but my annual non immigrant O visa requires a trip to the immigration office every three months, I don't have to leave the country. Does your friend have an annual non immigrant visa of some type'... there are several... or is it a three month tourist visa?

The Thais are making it tough for foreigners to move in on a budget. Work permits are hard to get. they are restricting the issue of tourist visas at the moment, and annual non immigrant visas have a lot of conditions attached, mostly financial. A lot of budget travellers are looking elsewhere these days... eg Vietnam. It's cheaper as well

[simonbuk]

Not sure what visa hes got - he was married to a Thai girl before she tried to kill him !! But now hes not married (but still alive).

Has to go back to Hull once a year to apply for a year long visa but still has to go to Cambodia every 3 months I think ?

Looks like the cash thing might be a little close for comfort

It wasn't neccesarily Pattaya I was thinking of going, I would travel first and then find somewhere to settle. I hear the north of the counrty is the cheapest ? No seaside then though !!

[frogblogger]

It's a bit cheaper up north, but there's not a lot in it. Prices have gone up a bit in the last year as well.

On 1000 baht a day less accommodation you'd need to be very disciplined. A couple of beers too many and you can blow a week's budget in a few hours. It's doable on that kind of money just about... though not by me!

Anyone who likes the occasional drink, and/or has a soft spot for the ladies, will struggle!

[simonbuk]

Oh dear, I may struggle then then !!

But what a good way to go !!

SB

[frogblogger]

A friend of mine has a well-tried method. He's a self-employed general dogsbody, from building work, to landscape gardening, whatever. Basically he lives like a monk when he's working in the UK - never goes out for a drink because of UK pub prices, lives in a tiny cheap flat. Works hard. Then as soon as he has got a couple of grand together, he finds a cheap flight and he heads for Thailand. So far in 2009 he's been in Chiang Mai for nearly four months, three separate visits - flying home today in fact. Works for him!

Staying in the cheapest accommodation in LOS, I reckon that anyone who likes to have a bit of fun would struggle on less than £1,000 a month. It's not like being at home in the UK, in a work routine, where a lot of the week people don't go out much. In Thailand you've got time on your hands, you're in a small room or studio flat, it's one big holiday... you meet people, have a drink virtually every day, eat out for every meal. Ok it's still very cheap - but it all adds up. And you have to allow for extras such as laundry, medicines, travel. And then there are all those beautiful girls...