Bringing savings into Thailand, wise move?

[gamini]

7 minutes ago, bazza73 said:

I have a friend who tried to get a bank loan to finish a second house on land owned by his wife. Some kind of easement on the property which went to the local land office.

He played it by the book. He never got the bank loan, because the right person in the land office didn't get a brown paper bag. So they just stalled it for several years until he gave up. Let me suggest more than just a little care is required in Thailand.

BTW, I don't frequent bar stools.

Another member of the farang brown envelope fantasy brigade! .  Have you definite proof that the  person in the land department asked for a bribe?  What has the land department got to do with a bank loan?In order to get a bank loan you have to be employed and prove your income by submitting an income tax receipt. If you can do this you will have no problem in getting a loan

[khunPer]

On 11/21/2017 at 12:43 AM, old girl said:

can anyone offer any reasons not to have their savings here in Thailand?

Many have reservations for bringing one's savings into Thailand – many of the reservations also makes (some) sense – however, it might be a question of common sense and balance.

 

I've brought some of my saving into Thailand, and slowly bringing more, but not all, in, as...

 

1) Money one is going to use in Thai baht are better here, where deviations in currency exchange rate can be avoided, of course depending from where one originates, and where off-shore savings are placed; i.e. Europeans has lost some 10% to 20% value of their savings, by keeping them abroad compared to Thai baht value; British even more.

 

2) You can as foreigner easily invest on SET (Stock Exchange of Thailand), even with an online account, and SET is performing quite average compared to a lot of other stock markets. If you pick some right, major stocks – based on the usual factors as P/E, P/BV, historical performance, and one's own subjective valuation, etc. – you can earn dividends of around 3% in average after withheld dividend tax, and you may see some major dividend paying stocks with annual value gains in the level of 20% to 30%, which is not worse performance than many other markets. Based on long-term investment the Thai stock market seem to be performing as well as many other stock markets.

I have used online SET-investments, and the performance on the stocks I've chose for my portfolio, has so far been with an average annual 8% value increase (8.6%), and close to 3% dividend after withholding tax (2.9%).

 

3) If you are inexperienced as investor, and/or don't want to learn about Thai possibilities, you can use mutual funds offered by many banks – the so-called Fund Books – which perform about as well as mutual funds in other countries. You can also choose mutual funds investing in specific foreign markets, but the currency exchange risk may remove the benefit of keeping savings in Thailand.
I'm in a few mutual funds, especially some money-market bonds for money set aside shorter terms instead of fixed-term bank accounts – giving the benefit of withdrawal without interest loss (1 to 5 banks days, depending of type of fund), and avoiding the 15% withholding tax on interests – and I'm also into some tax-relief long-term mutual funds, called "LTF", which comes as both accumulating or dividend paying, where the average net paid out dividend over a 7-year period has been 2.86%, and average total value increase about 25%, after all fees.

 

4) You can transfer money out of Thailand up to an equivalent of $50,000 – to my knowledge, it was $20,000 some year back, and please correct if I'm wrong – but if you transfer larger amounts, more than equivalent to $50,000, into Thailand for investment (including buying/building property), then you can have a statement from the National Bank (your bank will do that for you), so you are allowed to transfer similar amount out of Thailand.

 

In my view, when one is planning a long term stay in the nation, like retirement, bringing funds in is Okay, and not less safe than many other places around the World – and always remember, safe playing is more than one horse, and never gamble too much...

Edited November 23, 2017 by khunPer

[bazza73]

1 hour ago, gamini said:

Another member of the farang brown envelope fantasy brigade! .  Have you definite proof that the  person in the land department asked for a bribe?  What has the land department got to do with a bank loan?In order to get a bank loan you have to be employed and prove your income by submitting an income tax receipt. If you can do this you will have no problem in getting a loan

I can only tell you what he told me. To get a bank loan, he needed clear title on the land, and he couldn't get it.

Please explain the difference between paying a 200 baht fine to a traffic cop, no paperwork,  instead of a 400 baht fine at a police station, and the situation at a land office. You are the one fantasizing if you think it doesn't happen.

https://www.transparency.org/country/THA

[The Deerhunter]

3 hours ago, simoh1490 said:

The downside is that you have to make frequent transfers and what if the exchange rate moves against you for a protracted period, as it did with GBP/THB which went from 75 plus, down to 43, that resulted in people having to leave the country and change their life plans.

Good point.  My own home currency us up and down against the baht all year every year

 

[twig]

THB has done surprisingly ok vs SGD past 10 years, especially during the Financial Crisis, when it did well against other fiat also:

https://finance.google.com/finance?q=sgdTHB&ei=JOUWWsnNCNWvsgHC5Y2QCQ

My bet for maximum safety in fiat is with the Swiss franc CHF though:

https://finance.google.com/finance?q=CHFTHB

CHF is not cheap nowadays! So, if I were you, I would diversify between the 3, which would also diversify you somewhat against geopolitical risks.

Edited November 23, 2017 by twig

[Rhys]

Simply...why?

[Naam]

51 minutes ago, twig said:

My bet for maximum safety in fiat is with the Swiss franc CHF though

taking the interest rate differential into consideration for the last 10 years CHF has not gained a single Satang vs. THB.

 

 

 

 

Edited November 23, 2017 by Naam

[mstevens]

With regards to opening a bank account in Singapore, a friend of mine tried to do just that last week and was turned down at each bank he visited (not sure how many he tried at, but gather it was a few).  He was visiting Singapore as a tourist and is not nor has he ever been a resident or worked there - which may or may not have had something to do with it.

[theguyfromanotherforum]

On 11/20/2017 at 7:24 PM, simoh1490 said:

 

3 - I've held accounts at most of the banks in Thailand over the past fifteen years and never had a problem with fraud, I've head stories about bank fraud but I can't tell how many of them are fact or bar stool banter.

 

 

That's pretty arrogant. There are in fact many news reports on this very forum about bank fraud and unlike in the west it seems the customers are not protected at all....even against bank tellers caught on cctv

[hawker9000]

Bring in only what you need when you need it.  If you do any digging at all on this, you'll find prevailing opinion on this overwhelming.   Ignore the ever-present apologists & deniers; that's just a case of over-invested expats seeking validation.

 

 

 

 

[jacko45k]

I always feel that one day Thailand may change it's mind about letting me live here. Whether I make some error, the country itself changes, or my own birth country makes some issue that makes me a person non grata.

[simoh1490]

2 hours ago, theguyfromanotherforum said:

 

That's pretty arrogant. There are in fact many news reports on this very forum about bank fraud and unlike in the west it seems the customers are not protected at all....even against bank tellers caught on cctv

Just because it's reported in a thread on TVF, doesn't necessarily make it fact! I'm sure that bank fraud does happen in Thailand, whether or not it is more or less than in the West is very unclear. And to say that customers are not protected against employee bank fraud us simply incorrect and nothing more than Thai bashing.

Edited November 23, 2017 by simoh1490

[simoh1490]

57 minutes ago, hawker9000 said:

Bring in only what you need when you need it.  If you do any digging at all on this, you'll find prevailing opinion on this overwhelming.   Ignore the ever-present apologists & deniers; that's just a case of over-invested expats seeking validation.

 

 

 

 

1

"you'll find prevailing opinion on this overwhelming"..........reports the The Sun!

[LostinSEA]

3 hours ago, mstevens said:

With regards to opening a bank account in Singapore, a friend of mine tried to do just that last week and was turned down at each bank he visited (not sure how many he tried at, but gather it was a few).  He was visiting Singapore as a tourist and is not nor has he ever been a resident or worked there - which may or may not have had something to do with it.

Lol, would your friend try to open a bank account in the UK, US or almost every other country in the world if he was just visiting as a tourist (in fact, Thailand is the only country I can think off that allows people to open a bank account whilst visiting as a tourist & even this is changing / becoming more difficult).

 

If you're none-resident in Singapore then your options are limited to International accounts, tell your friend to check out the Citibank IPB account https://www.ipb.citibank.com.sg/english/forms/english/open-an-IPB-account/open-an-ipb-account.htm?lid=IPBENCBGUAMITLGlobalAccount

 

Edited November 23, 2017 by LostinSEA

[ELVIS123456]

It all depends on how much you are talking about.  Serious money - no.  Singapore as suggested.  

For normal amounts - get at least 2 bank accounts from separate banks - only bring into Thailand what you need. 

 

 

[The Deerhunter]

On 23/11/2017 at 5:59 PM, Naam said:

because some of us don't trust our governments who might change tax laws or don't like investment restrictions.

Some of us don't trust our own governments or retirement countries either.  Convenience and exchange rates be damned if the sum is big enough to be worried about  What if someone with any level of suitable power decides you have a nice big lump of money here and freezes your account on some trumped up charge and deports you or puts you somewhere you cannot access your money, possibly even permanently?  Then they don't have you in the way any more.  Just one unfounded charge of kiddie porn...... and all your troubles start.    You are a lot less attractive target except for a simple criminal ransom, if your money is not all here already.  Why do the Marcos', Shahs and  Arabs move their money to USA or European countries?   How likely is that something to happen to your assets in your home country, if you are "over here?"   I am a lot more paranoid of most of our non "home" retirement countries that most of our "home" life countries.  Choose your most  likely enemy and have your assets in a form and location  least vulnerable to possible/probable threats. 

[Naam]

2 hours ago, The Deerhunter said:

On 11/23/2017 at 5:59 PM, Naam said:

because some of us don't trust our governments who might change tax laws or don't like investment restrictions.

Some of us don't trust our own governments or retirement countries either. 

tha's why a clear cut jurisdiction without any ifs and buts as far as taxation is concerned, e.g. Singapore, is an advisable place where to "administer" your assets. 

[KiChakayan]

On 23/11/2017 at 7:11 PM, gamini said:

this is a typical Thai bashing comment and a load of rubbish. Ignorance too! The Thai baht is a very strong currency and most of the time has been so. if you want to live in Thailand, invest in the country. If your assets are in GB pounds it will be a good idea to dispose of them and bring the money to Thailand because the GB pound will go down further.

I guess you are Thai..

 

(Not on annual extensions of stay..)

Edited November 26, 2017 by KiChakayan

[gamini]

On 24/11/2017 at 3:41 AM, theguyfromanotherforum said:

 

That's pretty arrogant. There are in fact many news reports on this very forum about bank fraud and unlike in the west it seems the customers are not protected at all....even against bank tellers caught on cctv

I don't think he is arrogant at all. I have had many different bank accounts in Thailand over the last 35 years and never had a problem with them. In fact I think they're pretty good. I have online banking at two of them.

[gamini]

On 26/11/2017 at 2:56 PM, KiChakayan said:

I guess you are Thai..

 

(Not on annual extensions of stay..)

No, a long time expat. on annual extensions of stay.

[huawei]

On 23/11/2017 at 6:54 PM, simoh1490 said:

As strange as it may seem, Thai courts behave in a very similar fashion to courts in the West, despite what the chap on the next bar stool may tell you. The problem occurs when foreigners try to take shortcuts to circumvent the law and also when they sign documents written in a language they don't understand. But with a little care and a large dollop of common sense, it's actually quite safe out there.

 

Indeed. The law in Thailand is well written, and unless additional pressures/influence are exerted by someone of influence ( rich)  plus you have a good lawyer you have a reasonable chance, if not at the district levels but on appeal.

 

most of these types of commentators moan about the law are the very ones who impulse buy in the girlfriends name, listen to her advice as gospel and then moan about bias, yes there is bias to a degree but to be completely dismissive of the laws here is unwarranted..educate yourself...

 

putting something in in someone else's name, is giving away ownership, but still thinking it's "yours" and refering to it as "my investment" is just being foolhardy...it's a gift..