Live in Thailand for 30,000 THB per month - Myth or Reality?

[Dodger]

There seems to be a growing number of expats who are stressed over visa concerns which usually stems from their difficulties in maintaining 800k in their bank accounts for the minimum amount of time as mandated by Immigration.

Most (not all) of the guys I know who are always stressed about this are living on incomes from pensions earned in their home countries which range between 30,000 THB – 60,000 THB baht/month, thus falling short of the 65,000 THB minimum monthly income requirement as mandated by Immigration and thus forced to use the 800k bank option. Where the expats I know who use the 65k method never seem to have a concern.

According to what scores of people have been posting on the internet for years this monthly income range (30,000 THB – 60,000 THB) is more than adequate to live a quality life in Thailand considering the low cost-of-living. I don’t disagree with this range at all, because there have been many months during the year where my spending falls within that range, but there’s also the cost-of-compliance to consider which is where I think some expats may be falling short during their planning for retirement.

The requirements regarding minimum income (or bank holdings) for retired expats has been the same for many years, e.g., 65k monthly income – or 800k in a Thai bank account. The length of time that 800k has to be frozen in a respective account has been extended, but with that exception the minimum dollar amounts have remained constant.

The guys I know who are always stressed over this all seem to have taken the same approach – where they planned to keep 800k frozen in the bank account for the allotted time to comply with Immigration, but, as life would have it, shit happens! And that’s where I think the gap may be in their retirement planning. They left out a line item called “shit happens”.

Live in Thailand for 30,000 baht a Month – Myth or Reality?

Answer = Myth.

As the minimum needed to live in Thailand to cover the cost-of-living and compliance = 65,000 THB. per month And if you plan to use the 800,000 THB bank method, that’s in ADDITION to your cost-of-living expenses – NOT INCLUSIVE.

[Jun]

If anyone from a developed country gets to a point where they need to live off 30,000 per month, they have failed. That's about £700 per month. Where I live in the UK, you could rent a single room for about £600 per month and have £100 left over for all other expenses. Totally unworkable.

Whereas, you probably could manage to live here on that. But it would be pretty grim and there's not much left over for medical expenses etc.

Working harder and saving harder has to be preferable to planning for failure.
For anyone who didn't do that, well 30k per month is still double the Thai minimum wage......

[Gaybutton]

30k per month is still double the Thai minimum wage......

I wouldn't want to try living on that. I wouldn't want to try living on the 65,000 baht per month minimum either. I know you could exist on those amounts, but I wouldn't call it living.

If a person has not properly prepared for retirement, sooner or later the odds are something is going to happen, and it won't be good - especially if it's a major health issue. I don't think anyone needs me to point out that the older you get, the more likely there will be serious health issues. Then what? If you don't have a good answer for "then what?" you're very likely to eventually find yourself not only "up Shit Creek without a paddle", but without even the boat . . .

[KeithAmbrose]

Where I am in the UK, N London, think £1,500 a month, minimum!

[Dodger]

Where I am in the UK, N London, think £1,500 a month, minimum!

That's close (@ 64,500 baht) but a bit light when you consider the fluctuating exchange rate.

Remember, to use the monthly income method you have to show proof each year that you've received 12 consecutive payments of at least 65,000 baht.

[Gaybutton]

Remember, to use the monthly income method you have to show proof each year that you've received 12 consecutive payments of at least 65,000 baht.

For people who do not have a Thai bank account and are encountering problems trying to open one, that would be 12 consecutive payments into what?

[KeithAmbrose]

The £1,500 per month is just rent!

[Dodger]

For people who do not have a Thai bank account and are encountering problems trying to open one, that would be 12 consecutive payments into what?

Evan though some banks are making it more difficult for non-residents to open new accounts it's still possible.

According to Thailand's legal requirements, a tourist can open a Thai savings account, although is restricted from opening other types of accounts until they have obtained a retirement visa. Because of all the money laundering they're trying to wrap their hands around they (the banks) are making it more difficult for a tourist to open an account - with some just flat-out refusing.

The onus is then on the farang who wants to open an account to convince the bank of their intentions for opening the account.

To prevent having to go from bank-to-bank hoping to get lucky back when I first opened my Thai savings account as a tourist I took another approach. I drafted a Letter of Intent explaining why I wanted to open the account...had the Letter translated to Thai...and then had a local law office in Pattaya notarize the letter after a witness I had with me signed the Letter as well.

With full knowledge that this Letter had no legal authority whatsoever I proceeded into K-Bank (Pattaya Tai Branch)...took my queue...and then requested to speak to the bank manager. The girl I was talking to then took the Letter of Intent that I handed her and walked away. She returned a few minutes later and handed me a form to fill-out to open the account. Worked like a charm.

I have gone on to recommend this approach to 2 other farang (both Brits) within the past 12 months and it worked for them as well.

The alternative of course involves either bouncing around to other banks (or back branches) until you get lucky, or securing the support of an agent.

Below is a link to the Thai Embassy requirements which clearly state that tourists are permitted to open savings accounts. They even go on to say that some convincing may be required as all banks operate differently.

Hope this helps someone out there.

https://www.thaiembassy.com/thailand/op ... n-thailand

[Gaybutton]

I drafted a Letter of Intent

Excellent idea! That's a perfect "Why didn't I think of that before?" and if it works it will void the "Catch 22".

I hope those anticipating a need to hold a Thai bank account will try it before even that won't work. Folks, trying to open a Thai bank account is highly unlikely to ever become less difficult, so get it done.

I think you just helped a lot of people.

[Jun]

Bank accounts are quite useful.
Instead of spending 200 baht + forex fees to withdraw 12000 baht from a UK account, I can withdraw larger sums for a fee of just 15 baht, plus the 0.6% Wise take when I originally moved the money.
Also online payments tend to be slightly easier.
There are also occasions where I couldn't pay cash either due to a shortage of coins for a machine or the vendor not having change from 1000. QR code payment comes to the rescue.

I would also recommend bar boys open a bank account here. Some of the Cambodian lads have no intention of ever goung home and the Lao currency has a habit of depreciating.
However, I quickly learnt not to ask about that.