# Starting out



## Quiet Life (Aug 10, 2012)

Afternoon all, new arrival here

Its my wife and I's intention to move to Thailand when I reach the big 5-0 (about 7 years time) and I would really appreciate any pearls of wisdom for us to bear in mind as we plan our finances.

I'm aware of the (present) financial requirements needed to obtain a retirement visa but are there any other things to consider?

My wife is will be under 50 when I become 50 and we have friends who live in Thailand who believe that she can obtain a visa as my dependent (not student or working visa) - is this correct? Is is that simple?

Also, I'm aware there is no NHS in Thailand - I am asmatic (not serious, just a nuisance) - can I but inhalers over the counter from a chemist/hospital as required? - they are a prescription drug in UK.

We would look to buy a condo (with or without a mortgage) - any hidden surprises?

Would I need a seperate account (UK/Thailand) to held my 'credit' money and is it in order to have a Thai bank account and transfer money from a UK account (pension/savings) as and when>

Any advices would be gratefully welcome


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## cooked (Jan 30, 2011)

I can't answer your first, interesting question about 'independent' - I thought that this applied to Thai dependent.
I find that health insurance, for various reasons, is a scam - you will pay for years until you become a risk and then find yourself priced out/thrown out. If you can put a reasonable amount of money aside every month you will probably be better off.
I am asthmatic also, since coming to Thailand it has improved in fits and starts. However I can buy any medicine I want over the counter at a small pharmacy in the town, some of the bigger ones just tell you 'don't have' I can get Axotide, Ventolin, Qvar, you just have to know the name (or the contents) of what you want.
Rent, don't buy.
You need a Thai bank account for your ฿800 000. I think you are asking if you can actually get a Thai bank account. Yes you can, you may have to shop around, you'll need a Thai address. I transfer from Europe to Thailand per internet every few months as the need arises. Depends very much on what bank you have, Barclays and UBS have become impossible or impossibly dear recently. My pension can transfer directly to my Thai account if I wish but I prefer to keep as much in Switzerland as possible.


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## joseph44 (May 4, 2011)

Quiet Life said:


> Afternoon all, new arrival here
> 
> Its my wife and I's intention to move to Thailand when I reach the big 5-0 (about 7 years time) and I would really appreciate any pearls of wisdom for us to bear in mind as we plan our finances.
> 
> ...


First of all, 7 years is quite a time and things may change "over the weekend". For the last few years, Thailand is politically not really stably and attitude towards foreigners is changing. Rules and regulations regarding non-immigrants (financial requirements, etc) era changing on a yearly base.
So, it would be good to start in 4 or 5 years with your survey rather than start now. 

Anyway, you questions.

If you enter Thailand on a non-immigrant 'O-A' visa based on retirement, your wife (age doesn't matter) can enter "on your back" with a dependent visa. 

It IS possible to buy property (condo's, apartments and even houses) but you can NEVER own land. There you may need a 30+30+30 years lease-construction. 
Mortgages through banks are not possible although the Bangkok Bank in Singapore provides mortgages (70%) if the loan is at least THB 9,000,000. Not really interesting. Some developers offer installment-plans, but they seem to be very expensive. 
If buying a house there are not many hidden matters to consider; if buying a condo/apartment: Buy an existing property and no off a plan. Also beware service-costs and maintenance fees as well as utility-cost. 

Lots of medicines and drugs can be bought over the counter. It's even pretty common to get a prescription from a doctor in a hospital and buy the drug yourself, but without prescription it can be obtained too. 

Your asthma will be excluded by most insurances if not all insurances; keep that in mind. An example of a health-insurance premium (April Mobilité from France) in your case is USD 1189 per year (for you only). Out-patient is not included. 
Other examples of "expat-friendly" insurances are BuPa and Axa. 

If you'd like to settle down in Thailand, a Thai bank bank-account is advisable. With your passport, visa and some kind of proof of address you can open a savings-account, incl. ATM card and possibly internet-banking. Some retirees "park" their THB 800,000 on a fixed-deposit account, but not all immigration-offices do accept this. By the way.......you need only one time THB 800,000 in the bank OR one time a proof of income stating at least THB 65,000 per month OR a mix of those two. 

I happen to know some English retirees and they get their pensions through Citibank and they deposit the pension in THB in their Bangkok Bank account. They used to use cheques, but the snail-mail can't be trusted here!! Bangkok Bank has a branche in London who are pretty helpful. 
Disadvantage: If the going rate is 1 GBP = THB 47, Citibank uses 1 GBP = THB 44. 

Well, that's it for now. 
Good luck with your survey


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## Newforestcat (Mar 14, 2012)

I can only share my FX experience. You only need as much as the Thai law requires in your Thai bank account. 

My husband and I always use hifx.co.uk to transfer money. The bigger chunk, the better rate (normally better than high street banks) and there is no fee either end.

The rates may be better elsewhere but hifx is safe as your money is held in a clients account so you do get the UK govt. Guarantee ( £50K or £80K per bank per person). Do check what bank it is though in case you already have tons in every UK bank. LOL


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