I need to hide some money to keep my med insurance...do you guys have Thai bank accounts???

[billyworld]

I'm a retired American...Medicaid sez I have too much in my bank accounts to qualify but I can get my Medicare Part B paid for if I hide about 8K out of my savings accounts.
I spend 3-4 months a year in LOS and am thinking about opening a Thai bank account that might have a debit card usable here in the states...
Any ideas???

[Rockheart]

It isn't that easy to open a bank account in Thailand if you are not a resident.
However it is possible an varies greatly between banks and branches.
This page is very informational on where to try:

https://www.thethailandlife.com/thai-bank-account-foreigners

I use Paxum alot because I get paid for some online work through it.
I've used it for about 7 years so it is fairly reliable that way.
You can get an online wallet and transfer money into it.
They offer a credit card you can use to withdraw money from ATMs or make purchases.
Also you can do transfers to banks, cards and other options.

The credit card worked fine for years and it was only the ATM fee you paid when using the card.
However in the last year they had trouble and had to cancel the one Mastercard and issue a new one.
This didn't affect the money in my wallet in any way.
It is based in Canada.

https://www.paxum.com/

There is other similar services i think, i see this one when I search.

https://upaycard.com/

[outlander5]

I tried to open an account with bangkok bank it was a lot of jumping thru hoops but they offered me a "ill go talk to manager you pay 10000 baht you can do today" which I declined but it might work for you

[rxpharm]

This topic: Thai Bank Accounts has information about opening an account at Bangkok Bangkok Bank - I have done this with a Tourist Visa, and the other supporting information they requested. I was told I should do this at the main branch on Silom Road. I have a debit card, but unfortunately they wouldn't enable internet banking unless I was a resident of Thailand.

However this has saved me money on transfers, as I transfer a lump sum from Canada (my Canadian Bank has no fee money transfer - although they make up the sum in a less favorable exchange rate - it is still less expensive than Western Union, etc). Then using their ATM debit card, I avoid the 200 Baht fee for using a foreign ATM bank card in Thailand, and the additional fee the home branch charges for using a non-network ATM.

[soju]

My experience is a bit dated but I opened a Kasikorn Bank account in Pattaya about four years ago with no problem. I went to Central Festival with a Thai friend; brought my passport and used my hotel's address. I was charged 150 baht for some type of yearly "insurance" but cancelled it prior to the second year. My Kasikorn account also has online banking and thankfully is in English.
As mentioned above, getting a bank account in Thailand varies from place to place. Maybe bring a Thai person with you helps.

[billyworld]

Hey thanks guy...all good info...would you personally keep 10K USD in a thai account for 2-3 years???

[Rockheart]

Hey thanks guy...all good info...would you personally keep 10K USD in a thai account for 2-3 years???

I wouldn't keep my money in Thai banks if I had a choice.
There is other countries where you can open accounts remotely and are more stable.
This website points to Singapore and Germany as fitting that description.

https://www.offshorecompany.com/banking/best/

[P&G]

I have never had a bank account in Thailand, so I can't really help you on this point. As far as I know reading posts for a few years, It has become a real pain in the ass for a tourist with a visitor's visa to open a bank account in Thailand.

I am surprised to read that American insurances refuse to pay for a service if you have more than 8K$ in your bank accounts. If you want to hide a few thousand bucks, this means using the same technics as tax frauders. Please, understand that I am not judging you since I find the Medicaid regulation strange (unless part B is aimed at really poor people), I am just saying that you might take the risks of being exposed to legal actions against you. In order to avoid it, people with big assets used procedures as those described in this (American) book : https://www.ebooksdownloads.xyz/sear...-and-disappear . I read it a few years ago. It could have been usefull to American citizens living in the late 1990s unless it's been updated since then.

I also read a long book dealing with the "Panama papers" in Europe. People who want to hide money don't just open a bank account in a tax haven. They create "screen companies" that own the bank accounts and that are officially managed by a nominee. This means spending thousands of dollars/euros to pay lawyers to do the job to hide millions or billions or dollars/euros. Maybe it's not really for you. I also found out that middle class people sometimes use the same methods as great tax frauders to hide their money. A small company found hundreds of clients with average revenues and offered them solutions to hide their money in Latvia or a tax haven in this part of Europe. Clients were people earning hidden revenue eg people working in freelance, or holding a food truck. European governments developped policies against tax haven. The company that found customers was closed and the managers put in jails. The bank that had customers' money was a branch company of a larger bank that closed the branch company anf kept the money in their accounts. Frauders couldn't complain and had no mean to recover their money since they had no specialized lawyer.
Many governments developped policies against tax havens anbd people hiding their money in their banks. I guess that the USA also set up procedures to control people hiding money in Thailand, Singapore or other countries.

In your case, i don't think that you can spend money to get specialized lawyers' services to do the job correctly. Maybe, you'd better invest a few hundred dollars to get a safe, withdraw cash and keep it in your safe then benefit the part B of the Medicaid program.

[billyworld]

Much of what you are talking about is for VERY wealthy people...I'm DEF not one of those...here is what is happening in the USA at the moment:
After 40+ years of having SS payments deducted from my paychecks I'm finding that Medicare is NOT what I thought it would be...Medicare Part A is "free" for Americans 65 or older...it covers "in patient hospital visits only"...no medications,no office visits,no ambulance services!!!...again...after 40+ years of paying into this system,the Feds want me to pay an additional $135 each month for so-called "Part B"...which covers a lot more stuff but also has a co-pay for almost everything...We also have Medicaid...a separate system for poor people that pays almost everything...BUT...you have to be REALLY poor I've come to find out:/
I do not own any property,stocks or bonds.
My SS checks pay me less than $1000 each month and I make some extra $$ each month repairing guitars...not much...typically 300-500 per month...I also managed to save about $22000 before I retired...NOT A LOT OF MONEY IMHO!!!...I rent a pretty nice room for $500 per month...so that leaves me about 850-900 each month for gas,food,car insurance,internet and life in general...
So...here is the problem...the feds say I have/make too much $$ to qualify for Medicaid...BUT...they have a program to pay poor peoples "Part B" premiums...because of my savings...I don't qualify for that either...I need to show that I only have my monthly SS benefit and less than $7500 in savings to qualify for the "Part B Special Help" status...
THAT is why I am considering a foreign bank account...I just yesterday talked to a relative that is willing to open a stateside account and give me the ATM card...I will reimburse them for any tax liability each April.
THAT was a bit long winded but maybe some of you can learn and plan better using my experiences as a guide.
Being old and poor in the USA is complicated=^))

[outlander5]

I hear ya Billy!! As being Canadian we have health insurance coverage but the co-pay is creeping into everything, I think a thai bank account might work for a small portion but the relative thing sounds safer for the bulk of your savings and on another note I have a guitar in thailand that needs the action lowered a wee bit lol damn humidity!!cheers!!

[billyworld]

Hey Outlander...I will be in Lad Prao,Soi 48 for 77 days,landing on Sept.4...if you are in the neighborhood I can prob do a quick set-up on that guitar!

[billyworld]

Re: my $$ problem...I guess I could just spend 10K on ladyboys and beer=^))
I might die trying that but I would die with a smile on my face)

[outlander5]

Hey Billy just happens I'll be in Bangkok sept 4-7 stay on soi 20 alley Henry's Gastropub and Hotel beside Why not bar, love the live music scene in some of the smaller bars,if you see a white guy singing with a thai band its probably me!! Come for a drink ! Did a truss bar adjustment on it but still a bit tingie I usually leave it in Jomtien at gf's room but can bring it and send it back with her when I fly out

[P&G]

I hadn't figured out it was so tough for you in the USA. And you still find a little bit money to travel to Thailand and go with ladyboys. This is what I tried to explain you : turning around laws or regulations is for people with big money.
What do you think of getting a safe and hiding your savings in the safe ?

[billyworld]

It's a difference of opinion really...Medicare believes that savings over $7500 makes you capable of buying private insurance...but if you are retired and on a limited income,$7500 could be gone in a few months...maybe their rules were designed in 1945 when $7500 was an OK nest egg..HaHa
I think I'm just gonna take advantage of my relatives offer...it's simple,fast and she's only 59 so...she should outlive me...LOL