you can get up to 3 digital cards (all with different card numbers) plus a physical card in Australia and link them to phone wallet. No need to link any physical card in phone wallet. Limits can be changed instantly & cards can be frozen and unfrozen instantly. Digital cards can also be replaced with another at any time.
It was Dwight D. Eisenhower who said, "Plans are nothing; planning is everything." I use Wise and endorse all you say. Unlike banks you know the exchange rate, which will be the bank to bank rate not the tourist rate, you know the fee which is very reasonable and you know the timescale which has usually been seconds or minutes. 👍
Thank you. Do your “research” on covered calls first. UA-cam has lots of videos. Selling calls helps me with additional income but to avoid a HUGE upward price movement I only hedge 50% of a stock holding. Sounds like your in stocks for the long haul…I think your dividend payers total returns could be “enhanced” with some OTM calls. Stay in touch 👍
Thank you Brooke. That was a wealth of knowledge for all. I'm just in the middle of setting up my Wise account and will make several small deposits to it before l come over in January. Have a great day gang.
Hey mate great to hear you talking about new tech as well as the education system. Personally this is very similar to me in my school days but I learnt more in my young adult life with this Internet technology and google dictionary that I can translate it anytime (with signal). Thanks
Great content like always..I also plan to keep Canadian residency to file my income taxes..I will lose my health insurance which I don’t care for..I don’t take any medications..I also plan to have a postal address in Ontario for tax purposes..
Smart idea…for me the better exchange rates were a big plus. While in the Philippines it served as my ATM card. Its no fee to obtain it so its a Wise idea 😂.
I actually wanted to get it before my travelling here however I was told “Canadians” are not eligible as we dont have a SSN. I was aware of the no fee ATM withdrawals which was the main reason. Never got to check their exchange rates on “direct deposit” to a Thai Baht account. 😢 Its prudent to have a back up card(s) just in case. I’d suggest a Wise Dr card as at least one of the cards. 😊
Agree. How much is enough is usually the biggest unknown (fear) for most people. I believe a lot of people ive met here in Thailand (awa Philipines) realized that the “enough” figure might not cut it in the home country…whereas its quite adequate here…for a nice lifestyle. 😊
I was being polite 😂. Canadian banks will charge you a fee for “everything” they can. Long gone are the days of seeing a friendly teller at every wicket…😢
Is having wise card better than say Charles Schwab or Fidelity? Both Charles Schwab and Fidelity have ATM fee reimbursement. Is there any reason I would need WISE card? especially if I already have Charles Schwab and Fidelity and a Credit Union card. My reason for not retiring early is because I “have to” hit 35 years to receive my pension. If I don’t they take close half there’s no way to take it early without a huge penalty. So I’m stuck in the rat race for another year and a half just to turn in the paperwork then I need another 10 weeks approximately to get 500 hours for a final contributing year before I can retire. if I’m on a good job site, I’ll probably stay through the whole whole summer and bankroll some extra cash.
Your plan is SOLID ! Congrats. You should “check” what the exchange rates are for Schwab n Fidelity when converting your US$ into Baht. If theyre anything like Canadian banks they “overcharge” or rather “underpay” 😂. I actually tried to obtain a Schwab card…(see above) but Canadians arent eligible…no SSN. As its free to obtain might not hurt to have backup 👍
I doubt that will EVER happen. I’d maintain your “residency” (file US tax returns)…as well Thailand has signed the no double tax treaty. (Prevents us from being taxed twice). Canada has also signed the treaty. I do exactly what your planning, keeping my portfolio in Canada, trading (as needed) on line in Philippines and now Thailand. Tip…make sure you get “dependable” wifi. I had issues with that in PH. 😊
Yes…in fact I did ! Unfortunately I got “hozed” by my Bank (TD) in Canada compared to the rate I got from Wise. At the time about 6% less thru the Bank ! What I do since then is transfer to Wise first (getting a better rate) and then immediately into my Bangkok Bank. My ATM withdrawls are no fee when I use their Dr card. 😊
Brian, when thinking about opening a Thai bank account, know that you can send 50,000 THB or above per Wise transfer only to the following banks from 7 January 2022 due to regulatory changes: Bangkok Bank Public Company Kasikorn Bank Siam Commercial Bank My wife has a Bangkok Bank account and we've never had an issue.
Hello Brooke, thanks for the Wise info. Different topic, but one that is more concerning to me is about your advice is on paying for the services of a Visa agent. When I make the big decision to retire there I will have no problem putting 800K tbh in a thai bank account and never touching it. Another thing that bothers me is that there seems to be some sort of a catch 22 in regards to obtaining a retirement visa and a thai bank account. Through my research, it seems to me that you must have one to get the other, so how do I get both accomplished? Is this where the need for a Visa agent comes in? To get through this muddled grey area that I don't perceive as being black and white?
Join the club 😂. Muddled…grey area…various “interpretations” of statutes from one Office to another…its all here. After extensive research I basically realized (at my age) I didnt want nor need the “hassle” of uncertainty in my visa process. I realized at a younger age it pays to “hire the best” for things that I wasnt “proficient” in. This, for me, was such a case. Like you I could afford the 800K but I preferred NOT to go that route. I know Canadian banks are solid, my money in interest bearing or stocks will earn enough to cover the agent fees, should things not work out here I’m not having to deal with getting it back etc… Now Coop did say you can open a Thai Bank account on a Tourist visa so that could be your first step. For me I simply paid the agency and they drove me to open the account the same day…great service…walked out the door with my Bangkok Bank Dr card 👍 In summary…things do work “a tad” differently here when it comes to govt beaucracy 😂 compared to what I was used to in Canada.
It is possible to handle your visa yourself. You just need to do the research, collect all the right documents etc. I would rather do it myself, but I understand some people are wired differently - if they have the money to burn on a visa agent, and they feel happy to have an agent do it for them, then good for them. Regarding opening a bank account - the same is true. For example, at Bangkok Bank in Central Festival Pattaya, the have the requirements to open an account posted. You can stop there and get a copy of the requirements, or take a photo of them. Collect those documents (things like copy of your 1 yr condo lease, residence certificate which you will need to get at the immigration office, passport, and have more than 30 days remaining on your visa, and maybe more stuff), come back and open your account. If you use an agent, they're going to charge you something like 2,000-5,000thb to open the account for you. What they do for that, is they go get the residency certificate for you, and they use their bank contacts to get around any issues you may have. The bank also may say they require you to buy some accident insurance...everybody got their hands out...everybody tryin to get paid. Depending on which city you are going to live in, and apply for your visa in, the immigration office for that city may or may not require that the 800k be deposited into your account at least 60 days before you apply ("seasoned"). If you're going to live in Pattaya/Jomtien, that immigration office DOES require the 60 day "seasoning" of your 800k. If you don't get a 60 day tourist visa (eVISA) from your home Thai Embassy before coming to Thailand, then this can be a problem. If you arrive without a visa, you would likely enter visa exempt, for 15-30 days, and be able to file at the immigration office for a 30 day extension. But I don't think you can do this the day you arrive (giving you 60 days total), AND get to the visa agent, AND open the bank account AND transfer the funds in all the same day. If you get the 60 day tourist visa, that can be extended for an additional 30 days giving you the time you would need to get the funds seasoned, before you go apply for the 90 day Non-O retirement visa. There has been a request to the government change the visa exempt from 30 days to 90 days, but I haven't heard if/when that would go into effect. For great info on the visa process (not banking, insurance, wise stuff) join the FB group Thai Visa Advice.
Thank you both, Brooke and John for the very thorough responses. Definitely clears things up. I'm pretty sure of the route I will take to get this done. Hope to meet you both, and the Coopers, to show all of you my appreciation for your helpful information. Hoping to arrive next Spring, but we'll see.
@@KennyT56 if you're coming to Pattaya/Jomtien, spring/summer is a good time to come, as you can typically get better rental rates for your 1yr condo. If you come during peak season, rates go up, and owners/agents may try to lock you into those high rates for the year. 😊👍🏼
Hi brook when I sell house what's best way exchange my money into thai baht if you put straight into thai bank u don't get good exchange rate so could you give me good advice thank you from Scott new Zealand
Scott…I would consider Wise for their fx rate awa research your NZ banks rate. You may want to keep your house proceeds in NZ (earning interest) and transfer as needed. Rates are better there vs here. 😊
Always good info, Brooke! Hope your trades are going well! I did want to ask you - with regard to your options trading and the cash flow from it...are your results fairly steady? Or is the amount you make swing wildly month to month? I just started last month, but I am keeping very detailed records of trades and cash flow. I am just curious if it is possible to hit a general dollar amount each month with a fixed amount of assets dedicated to options. Anyway, hope you guys have a great week!!
I’ve gone months with a relatively steady income stream while maintaining my share count (I prefer to NOT get them assigned). The markets were either holding steady or rising during that period. I also set a dollar figure per month that I like to generate in income which helps me decide both a strike price and time duration. Things get complicated when (as is happening now) markets are on a downhill trajectory. While my options are expiring worthless I’m needing to either go further out in duration and/or lowering my strike price. As you’re aware I stick to BTC proxy stocks which I believe are undervalued and ready to rocket prior to the halving. As such I’m scaling back the number of contracts I’m selling. I’ve adjusted my “desired” income downwards. 😇
@@brookeschneider2321 Hi Brooke, that is another great educational Video!!!. I see U are trading options , I am doing it for a year now and it is so interesting. Learning every day. I am Canadian too and use IBKR , I assume U do the same. Are U able to trade in Thailand with IBKR ? Concerned about the phone authentication step.
I found during the research they are regulated/licensed in the US, UK, EU awa many other countries. They have millions of users and growing. They do have insurances in countries with insurance…US, Canada, UK etc…but only up to that countries limits. Lastly…I dont see the need to keep “large” balances on Wise. Typically its from my Bank to Wise to my Thai Bank all in the same hour. I perceive no risk with Wise. 😊
Wowser…hopefully you have a “plan B” available. I’d like to hear their reasoning. Possibly a limit issue ? Contact their support line and share the results if possible. 🤷♂️
@@brookeschneider2321 they said they legally don't have to tell me the reason why they closed my account so I will never know. I appealed and they said they decided to keep my account closed. Yes I have plan B. Just a shame because wise was working well for me. They have made a lot of money off me in commissions. When they asked me for source of wealth I sent them my payslips which come in the form of an invoice in my country and they couldn't understand that and via phone they can't help either so it was just their incompetence
Glad to see retirees educating others, not just only walking, seeing bar girls.
Thats the “mission” of Coopers channel. 👍 Thankyou for the comment 😊
hey Cooper 😁 your man Brooke absolutely nailed IT, Wise card don't leave ✈️ home without it
Totally agree 😂 🛫
Hi Brooke. I am watching just to see you in your cool colour t shirt. 🤣 cheers from Durban South Africa. 👏🇿🇦🏄♂️
Got some new ones coming…just for you 😂😂😂
Interesting information
👍
you can get up to 3 digital cards (all with different card numbers) plus a physical card in Australia and link them to phone wallet. No need to link any physical card in phone wallet. Limits can be changed instantly & cards can be frozen and unfrozen instantly. Digital cards can also be replaced with another at any time.
Wowser…somebody is doing their research 👍😂
Hi Brooke, thanks for another interesting and informative video. I always enjoy listening to you and your thoughts on different subjects.
Thank you…hopefully people can pull some helpful nuggets of wisdom from them 😊
It was Dwight D. Eisenhower who said, "Plans are nothing; planning is everything." I use Wise and endorse all you say. Unlike banks you know the exchange rate, which will be the bank to bank rate not the tourist rate, you know the fee which is very reasonable and you know the timescale which has usually been seconds or minutes. 👍
Well said…thankyou for sharing your thoughts…👍😊
Thanks for sharing your knowledge with the community! We appreciate it. 👍
Thank you for watching and commenting 👍
Good info, Brooke. Appreciate you sharing your Wise experience as an expat. Cheers. 🐊🐊
Thank you for watching and commenting…hopefully we can meet up someday 👍
Thank you Brooke and Coop, this is the video I've been needing to watch, much appreciated...cheers...👍👍
Great to hear it was useful…thankyou for letting us know 👍😇
Brooke Great info on the Wise card - Thanks
Hopefully some useful “tips” 😂
Thanks for the info on Wise.
Thanks…hopefully you gained more insight.😊
Again...Thanks Brooke.
Fantastic....Super vid again. I am still working and invested in passive stocks but I will start some calls now after your last vid....
Thank you. Do your “research” on covered calls first. UA-cam has lots of videos. Selling calls helps me with additional income but to avoid a HUGE upward price movement I only hedge 50% of a stock holding. Sounds like your in stocks for the long haul…I think your dividend payers total returns could be “enhanced” with some OTM calls. Stay in touch 👍
Great info here. I've been using Wise since 2020 and find it reliable and cost effective. I'll be getting the card soon on my next US shipment.
Great…look into that “digital card” idea as well…so far sounds interesting.
Very thorough! 👍
WISE is a bank in Singapore
Must go to Singapore someday 😊
Thank you Brooke. That was a wealth of knowledge for all. I'm just in the middle of setting up my Wise account and will make several small deposits to it before l come over in January. Have a great day gang.
Good plan…get everything up and running before arriving is excellent idea. I also like I can set “rate” notifications via email. 😊
Hey mate great to hear you talking about new tech as well as the education system. Personally this is very similar to me in my school days but I learnt more in my young adult life with this Internet technology and google dictionary that I can translate it anytime (with signal). Thanks
Great content like always..I also plan to keep Canadian residency to file my income taxes..I will lose my health insurance which I don’t care for..I don’t take any medications..I also plan to have a postal address in Ontario for tax purposes..
Basically…I’m doing the same 😂
Hi Brooke Thanks for the Wise information I have been thinking a about applying for the Wise Account and card
Smart idea…for me the better exchange rates were a big plus. While in the Philippines it served as my ATM card. Its no fee to obtain it so its a Wise idea 😂.
How's about Charles Schwab checking account? It redeems all ATM fees abroad. Also other banks offer similar deals like that.
I actually wanted to get it before my travelling here however I was told “Canadians” are not eligible as we dont have a SSN. I was aware of the no fee ATM withdrawals which was the main reason. Never got to check their exchange rates on “direct deposit” to a Thai Baht account. 😢 Its prudent to have a back up card(s) just in case. I’d suggest a Wise Dr card as at least one of the cards. 😊
I learned about clearing misunderstood words years ago in Scientology.
I have a physical US Wise card, 2 months old. I also have virtual digital cards here in Thailand. No problems…
They work great here 👍
As far as earlier retirement, people have to figure out their “enough money” or be cursed chasing money indefinitely..
Agree. How much is enough is usually the biggest unknown (fear) for most people. I believe a lot of people ive met here in Thailand (awa Philipines) realized that the “enough” figure might not cut it in the home country…whereas its quite adequate here…for a nice lifestyle. 😊
What about just having the money deposited straight to your thailand bank is there a problem with that, that I ain't seeing
No problem. For me I found Wise offered a much better exchange rate vs my home Bank. Check both to compare…that will help you decide. 👍😇
You omitted that Canadian Banks have the most predatory transfer fee structures known.
I was being polite 😂. Canadian banks will charge you a fee for “everything” they can. Long gone are the days of seeing a friendly teller at every wicket…😢
@@brookeschneider2321 I use wise especially to transfer money to Canada using their Interac feature normally a done deal in 3 hrs or less.
Thanks for sharing 😊
Hi Brooke have you ever followed Greg mannarino you tube
Cant say i have…I will check a video.😊
Over $1500 will difficult if you're do the B65,000 monthly contribution
You may have to raise your limits or do multiple transfers. 😇
Is having wise card better than say Charles Schwab or Fidelity? Both Charles Schwab and Fidelity have ATM fee reimbursement. Is there any reason I would need WISE card? especially if I already have Charles Schwab and Fidelity and a Credit Union card.
My reason for not retiring early is because I “have to” hit 35 years to receive my pension. If I don’t they take close half there’s no way to take it early without a huge penalty. So I’m stuck in the rat race for another year and a half just to turn in the paperwork then I need another 10 weeks approximately to get 500 hours for a final contributing year before I can retire. if I’m on a good job site, I’ll probably stay through the whole whole summer and bankroll some extra cash.
Your plan is SOLID ! Congrats. You should “check” what the exchange rates are for Schwab n Fidelity when converting your US$ into Baht. If theyre anything like Canadian banks they “overcharge” or rather “underpay” 😂. I actually tried to obtain a Schwab card…(see above) but Canadians arent eligible…no SSN. As its free to obtain might not hurt to have backup 👍
Will US stock market trades made while I'm retired there be taxed in Thailand? I'm planning on using my portfolio to and trades for income?
I doubt that will EVER happen. I’d maintain your “residency” (file US tax returns)…as well Thailand has signed the no double tax treaty. (Prevents us from being taxed twice). Canada has also signed the treaty. I do exactly what your planning, keeping my portfolio in Canada, trading (as needed) on line in Philippines and now Thailand. Tip…make sure you get “dependable” wifi. I had issues with that in PH. 😊
Thanks as always Brooke. Can people not just do a bank transfer from their bank straight to their Thai bank account?
Yes…in fact I did ! Unfortunately I got “hozed” by my Bank (TD) in Canada compared to the rate I got from Wise. At the time about 6% less thru the Bank ! What I do since then is transfer to Wise first (getting a better rate) and then immediately into my Bangkok Bank. My ATM withdrawls are no fee when I use their Dr card. 😊
Brian, when thinking about opening a Thai bank account, know that you can send 50,000 THB or above per Wise transfer only to the following banks from 7 January 2022 due to regulatory changes:
Bangkok Bank Public Company
Kasikorn Bank
Siam Commercial Bank
My wife has a Bangkok Bank account and we've never had an issue.
Thanks for sharing 👍😊
Hello Brooke, thanks for the Wise info. Different topic, but one that is more concerning to me is about your advice is on paying for the services of a Visa agent. When I make the big decision to retire there I will have no problem putting 800K tbh in a thai bank account and never touching it. Another thing that bothers me is that there seems to be some sort of a catch 22 in regards to obtaining a retirement visa and a thai bank account. Through my research, it seems to me that you must have one to get the other, so how do I get both accomplished? Is this where the need for a Visa agent comes in? To get through this muddled grey area that I don't perceive as being black and white?
Join the club 😂. Muddled…grey area…various “interpretations” of statutes from one Office to another…its all here. After extensive research I basically realized (at my age) I didnt want nor need the “hassle” of uncertainty in my visa process. I realized at a younger age it pays to “hire the best” for things that I wasnt “proficient” in. This, for me, was such a case. Like you I could afford the 800K but I preferred NOT to go that route. I know Canadian banks are solid, my money in interest bearing or stocks will earn enough to cover the agent fees, should things not work out here I’m not having to deal with getting it back etc… Now Coop did say you can open a Thai Bank account on a Tourist visa so that could be your first step. For me I simply paid the agency and they drove me to open the account the same day…great service…walked out the door with my Bangkok Bank Dr card 👍
In summary…things do work “a tad” differently here when it comes to govt beaucracy 😂 compared to what I was used to in Canada.
It is possible to handle your visa yourself. You just need to do the research, collect all the right documents etc. I would rather do it myself, but I understand some people are wired differently - if they have the money to burn on a visa agent, and they feel happy to have an agent do it for them, then good for them. Regarding opening a bank account - the same is true. For example, at Bangkok Bank in Central Festival Pattaya, the have the requirements to open an account posted. You can stop there and get a copy of the requirements, or take a photo of them. Collect those documents (things like copy of your 1 yr condo lease, residence certificate which you will need to get at the immigration office, passport, and have more than 30 days remaining on your visa, and maybe more stuff), come back and open your account. If you use an agent, they're going to charge you something like 2,000-5,000thb to open the account for you. What they do for that, is they go get the residency certificate for you, and they use their bank contacts to get around any issues you may have. The bank also may say they require you to buy some accident insurance...everybody got their hands out...everybody tryin to get paid. Depending on which city you are going to live in, and apply for your visa in, the immigration office for that city may or may not require that the 800k be deposited into your account at least 60 days before you apply ("seasoned"). If you're going to live in Pattaya/Jomtien, that immigration office DOES require the 60 day "seasoning" of your 800k. If you don't get a 60 day tourist visa (eVISA) from your home Thai Embassy before coming to Thailand, then this can be a problem. If you arrive without a visa, you would likely enter visa exempt, for 15-30 days, and be able to file at the immigration office for a 30 day extension. But I don't think you can do this the day you arrive (giving you 60 days total), AND get to the visa agent, AND open the bank account AND transfer the funds in all the same day. If you get the 60 day tourist visa, that can be extended for an additional 30 days giving you the time you would need to get the funds seasoned, before you go apply for the 90 day Non-O retirement visa. There has been a request to the government change the visa exempt from 30 days to 90 days, but I haven't heard if/when that would go into effect. For great info on the visa process (not banking, insurance, wise stuff) join the FB group Thai Visa Advice.
Thank you both, Brooke and John for the very thorough responses. Definitely clears things up. I'm pretty sure of the route I will take to get this done. Hope to meet you both, and the Coopers, to show all of you my appreciation for your helpful information. Hoping to arrive next Spring, but we'll see.
Helpful ideas from all 👍 Glad to see various points of view 😊
@@KennyT56 if you're coming to Pattaya/Jomtien, spring/summer is a good time to come, as you can typically get better rental rates for your 1yr condo. If you come during peak season, rates go up, and owners/agents may try to lock you into those high rates for the year. 😊👍🏼
I am trying to use Wise to send to Vietnam. It is asking for Postal code for recipient. Vietnam does not use Postal code. What should I enter here?
Can someone please post a workflow on transferring from Bank of America to Wise to Bangkok bank, using the Android phone Apps? Thanks!
Hi brook when I sell house what's best way exchange my money into thai baht if you put straight into thai bank u don't get good exchange rate so could you give me good advice thank you from Scott new Zealand
Scott…I would consider Wise for their fx rate awa research your NZ banks rate. You may want to keep your house proceeds in NZ (earning interest) and transfer as needed. Rates are better there vs here. 😊
@@brookeschneider2321 thank you Brooke for your advice can't wait to meet you and Cooper next year Canada rules from Scott new Zealand
Thanks Scott…looking forward to the day 👍
Always good info, Brooke! Hope your trades are going well!
I did want to ask you - with regard to your options trading and the cash flow from it...are your results fairly steady? Or is the amount you make swing wildly month to month?
I just started last month, but I am keeping very detailed records of trades and cash flow. I am just curious if it is possible to hit a general dollar amount each month with a fixed amount of assets dedicated to options.
Anyway, hope you guys have a great week!!
I’ve gone months with a relatively steady income stream while maintaining my share count (I prefer to NOT get them assigned). The markets were either holding steady or rising during that period. I also set a dollar figure per month that I like to generate in income which helps me decide both a strike price and time duration. Things get complicated when (as is happening now) markets are on a downhill trajectory. While my options are expiring worthless I’m needing to either go further out in duration and/or lowering my strike price. As you’re aware I stick to BTC proxy stocks which I believe are undervalued and ready to rocket prior to the halving. As such I’m scaling back the number of contracts I’m selling. I’ve adjusted my “desired” income downwards. 😇
@@brookeschneider2321 that’s encouraging! I am aiming to keep my share count as well! Good luck to us both!
@brookeschneider2321
Thank you Mr. Schneider for taking the time to help me with wise! 😊
Y W
@@brookeschneider2321 Hi Brooke, that is another great educational Video!!!. I see U are trading options , I am doing it for a year now and it is so interesting. Learning every day. I am Canadian too and use IBKR , I assume U do the same. Are U able to trade in Thailand with IBKR ? Concerned about the phone authentication step.
Can I open a WISE account from Thailand, with a Thai bank account?
The big problem with wise is it is not part of the fscs scheme and as such if they disappear one day so will your money
I found during the research they are regulated/licensed in the US, UK, EU awa many other countries. They have millions of users and growing. They do have insurances in countries with insurance…US, Canada, UK etc…but only up to that countries limits. Lastly…I dont see the need to keep “large” balances on Wise. Typically its from my Bank to Wise to my Thai Bank all in the same hour. I perceive no risk with Wise. 😊
WISE blocked me today after 3 years of using it everyday
Wowser…hopefully you have a “plan B” available. I’d like to hear their reasoning. Possibly a limit issue ? Contact their support line and share the results if possible. 🤷♂️
@@brookeschneider2321 they said they legally don't have to tell me the reason why they closed my account so I will never know. I appealed and they said they decided to keep my account closed. Yes I have plan B. Just a shame because wise was working well for me. They have made a lot of money off me in commissions. When they asked me for source of wealth I sent them my payslips which come in the form of an invoice in my country and they couldn't understand that and via phone they can't help either so it was just their incompetence