Is my money safe in Thai baht and banks?

[ikebukuro5]

If I keep all my money in Thai banks and Thai baht,( this is my plan for the next 2-3 years or so), would it be a safe bet?

 

They say the Thai baht is too strong now, might it crash to nothing within the next few years?

 

I could keep the money in dollars in Canadian bank, but tired of transfer fees all the time...

[mogandave]

Why move it all to Thailand? Why not just move enough for the next 2-3 years?

[ubonjoe]

You could open a foreign currency deposit account so you only have to worry about exchange rates when you withdraw funds and change it to baht.

Info here for an account at Bangkok Bank. 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

[ikebukuro5]

Yes, could move enough for that, but will it be safe from Thai baht fluctuations or is there an imminent devaluation or crash ahead?

[ikebukuro5]

1 minute ago, ubonjoe said:

You could open a foreign currency deposit account so you only have to worry about exchange rates when you withdraw funds and change it to baht.

Info here for an account at Bangkok Bank. 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

Great idea, I'm Siam and Kasikorn, I'll go talk to them about it

 

[jvs]

2 minutes ago, ikebukuro5 said:

Yes, could move enough for that, but will it be safe from Thai baht fluctuations or is there an imminent devaluation or crash ahead?

Yes we would all like to know but that is not the way the cookie crumbles.

[theguyfromanotherforum]

I would never trade my Canadian bank (TD) for any bank located in Thailand.

 

I know my Canadian bank will cover my behind if someone empties my account. Thai bank? Don't count on it. That safety net alone is worth any fees I'm paying.

[mogandave]

At the end of the day, currency fluctuation is a crap-shoot. Anyone that knows what currencies are going to do:
1. Are incredibly wealthy.
2. Are not posting what they know on a website.

While it has weakened a little lately, looking at 1, 5 & 10 year charts the Baht seems to be a good bet against the C$

[sammieuk1]

Not all branches of the same bank will open a FCD account for you for example I only know of 2 branches of Kasikorn bank in CM that will and one of them is useless no updating or withdraws can be made from non FCD branches but to answer your question it appears safe enough if you find and stick to one branch.

 

 

  

[Pib]

Keep in mind a FCD is not covered by the Thailand Deposit Protection Program.

http://www.dpa.or.th/download/pdf/DPA-FAQ-EN0716.pdf

[srowndedbyh2o]

8 hours ago, Pib said:

Keep in mind a FCD is not covered by the Thailand Deposit Protection Program.

http://www.dpa.or.th/download/pdf/DPA-FAQ-EN0716.pdf

Thank you for pointing that out Pib.

[dotpoom]

21 hours ago, jvs said:

Yes we would all like to know but that is not the way the cookie crumbles.

Indeed....another one for the wife's fortune teller. ...She's keep really busy on topics such as this.

[Scouse123]

 

 

Nobody, repeat nobody knows the future regards currencies.

 

Too many variations and outside influences. Why do you think a forum here could possibly help with such a complex subject. You pays your money, you takes your chance!

 

I was looking this morning as I have substantial funds in Cambodia in USD, two major hedge funds say the USD has peaked, whilst another three says it has more to go!

 

Do I pull the money out and send it to Thailand and lose 5.5% monthly interest or do I leave it and if the USD drops to 30, my savings in value against the THB and interest earned are in minus territory.

 

Also, with Thailand, we don't know if elections will take place or not, and whoever wins will have a bearing on the THB which is still linked alongside a basket of currencies to the USD.

 

I have had large amounts with KTB since 1996 and that includes through the financial crisis, are they safe? I think......or I really HOPE so!

 

.

Edited August 13, 2018 by Scouse123

[1FinickyOne]

Why does this have to be an all or nothing? Think in %% - - diversity is your friend... 

[1FinickyOne]

3 minutes ago, Scouse123 said:

Do I pull the money out and send it to Thailand and lose 5.5% monthly interest

You get 5.5% a month in interest? Wow or a typo? 

[Scouse123]

1 minute ago, kenk24 said:

You get 5.5% a month in interest? Wow or a typo? 

Sorry No, 5.5% a year payable monthly.

[Fairynuff]

23 hours ago, ubonjoe said:

You could open a foreign currency deposit account so you only have to worry about exchange rates when you withdraw funds and change it to baht.

Info here for an account at Bangkok Bank. 

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

Foreign currency accounts are expensive to use, at the three banks I have THB accounts with.

[Fairynuff]

13 minutes ago, kenk24 said:

You get 5.5% a month in interest? Wow or a typo? 

I’d be changing my bankers if I was only getting 5.5%

[blazes]

While it's true that not even the best Wall St analysts, let alone all us poor schmucks on ThaiVisa, can predict the future, you can get a small indication of what is likely to happen to the dollar in the near future by watching the actions of the Fed.

 

If, for example, the Fed, at their September or December meetings, should happen to hold back from raising the interest [Fed funds] rate (most analysts expect the Fed to raise at both meetings at this moment), that would be a signal that the dollar could begin to weaken.

 

They could hold back if they found signs of more inflation than they desire or maybe a slowing down of the economy.

[cnx355]

23 hours ago, theguyfromanotherforum said:

I would never trade my Canadian bank (TD) for any bank located in Thailand.

 

I know my Canadian bank will cover my behind if someone empties my account. Thai bank? Don't count on it. That safety net alone is worth any fees I'm paying.

I also keep most of my   saving and investment in Canadian banks,  But i also transfer some to my  Thai bank accounts for monthly expenses and some for emergency or non planned expenses. I would be surprised that all my 3 Thai Banks would loose my money or cesse operation, but for safety  I have separate accounts in different banks to minimise the risk.

[milwaukeeboy]

It's not really money. It's just currency. And there is no security (for the working man) anywhere in the world these days in any currency as the central banks have been printing like crazy for almost ten years to keep the debt based fiat currency ponzi scheme alive.

 

[elgenon]

2 minutes ago, milwaukeeboy said:

It's not really money. It's just currency. And there is no security (for the working man) anywhere in the world these days in any currency as the central banks have been printing like crazy for almost ten years to keep the debt based fiat currency ponzi scheme alive.

 

Is there "money"?

[helloagain]

On 8/12/2018 at 9:54 AM, mogandave said:

Why move it all to Thailand? Why not just move enough for the next 2-3 years?

I believe if a bank here goes down the drain if you have more than 1,000,000 baht with them you will only get back 1,000,000. Please go and ask like I did. It used to be a 20,000,000 baht limit but now down to 1 million baht

[1FinickyOne]

1 hour ago, Scouse123 said:

Sorry No, 5.5% a year payable monthly.

still - - not bad... actually much better than not bad.. 

[1FinickyOne]

1 hour ago, Fairynuff said:

I’d be changing my bankers if I was only getting 5.5%

Really? Changing your bankers into what? I don't know of any banks in USA or here or elsewhere that even give 5.5% a year... 

 

I do make more on my stock trading accounts, but not on any bank accounts... is that what you meant? 

[mogandave]

I have all my money tied up in houses and lots....


Whorehouses and lots of booze

[CanuckThai]

On 8/12/2018 at 10:00 AM, ikebukuro5 said:

Great idea, I'm Siam and Kasikorn, I'll go talk to them about it

 

I have active CAD accounts (TD all inclusive) no fee transactions.  Depending on fund requirements, I've found mixing up transfer types can be cost effective (even a money maker).  There used to be good (amazing) margins on buy/send ecoin from Can to Thai, less now, but still profitable.

I'd be interested to understand the benefit of having more funds parked here than required...

[scubascuba3]

You could open a foreign currency deposit account so you only have to worry about exchange rates when you withdraw funds and change it to baht.
Info here for an account at Bangkok Bank. 
http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/Default.aspx

I just had a look at that, i can't see much of a benefit unless for some reason someone doesn't want a bank account in farangland

[wolf81]

1 hour ago, milwaukeeboy said:

It's not really money. It's just currency. And there is no security (for the working man) anywhere in the world these days in any currency as the central banks have been printing like crazy for almost ten years to keep the debt based fiat currency ponzi scheme alive.

 

This is very much true, especially for the Eurozone. The ECB prints money, buys stock of companies. If companies need more money, they can just give out new stock in the knowledge that likely the ECB will buy it with printed money. So many unhealthy companies that during this crisis should have gone under, might still be alive now due to this stupid money printing strategy. 

 

Also Southern European countries have been able to borrow money for at much lower costs than what would be if they were not part of the Eurozone. Because lenders know that if these countries somehow aren't able to pay their debts, the Northern European countries will be forced to pay up to keep the Euro dream alive. This low rent on loans has accelerated the debts of the Southern European countries, it would not have happened if they still sticked with the Italian Lira, Greek Drachme, etc...

 

I believe the next crisis could very well start in Europe. 

 

But with this in mind, what would be smart to do with your savings?

 

I'd say buy a place you can live in Thailand, so you don't need to pay the rent over here. Perhaps buy another small low-cost apartment to rent out - perhaps in your home country so you can always move back if needed. Buy some ETFs that cover the total world (VTUX / VTI perhaps, or some MSCI indexes world, developing world, etc…). Perhaps split your money over different bank account in different currencies. I personally feel it's ok to have around 1.000.000 Baht in a bank account in Thailand. For me that would cover 3 years of living, provided nothing changes here in a big way. 

Edited August 13, 2018 by wolf81

[Acharn]

The baht is not going to "crash to nothing." The governors of the Bank of Thailand are very conservative and very watchful since the country went crazy in 1995-6. During that time (actually in 1997) the baht lost value compared to other currencies like the Pound Sterling and the American Dollar, but prices inside Thailand didn't change, except for imported goods. The baht was up to 30 to the U.S. Dollar a few months ago, so it's not that strong now, so I don't know who's telling you it's "too strong." I suspect they don't understand exchange rates very well, much less the economic forces that cause currency values to change. If you're not going to be gambling in securities and bonds in other currencies I don't see any reason not to keep your money in THB in Thai banks. Savings accounts are insured and I haven't seen a Thai bank fail since the huge fraud at Bangkok Bank of Commerce in... was it 1993? Anyway, if you have a LOT of money you can split it among several different banks so the full amounts are insured.

Edited August 13, 2018 by Acharn