Is my money safe in Thai baht and banks?

[sawadee1947]

I reckon you should not come to Thailand and keep your money safe under your pillow ?

[connda]

On 8/12/2018 at 9:59 AM, 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?

Absolutely not.  So the best you can do is diversify.  Keeps some Loonies, keep some Thai Baht, might even keep some US Dollars.  Unless you're a successful FX trader, diversifying is the best you can do.  You simple hedge risk. 

[Acharn]

3 hours ago, kenk24 said:

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

Holey Moley, Batman, that's 66% a year.  That's five time better than Bernie Madoff was giving his... err, clients.

[Acharn]

On 8/12/2018 at 9:59 AM, 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?

Look, wherever you keep your money and whatever currency you can't protect it from "Thai baht fluctuations" if you want to use it in Thailand. All currencies, including the U.S. dollar, fluctuate all the time. No one knows how many baht you can get for a dollar tomorrow or next year. There is no way it's going to go to 100 to the U.S. Dollar, and I don't expect it to ever get back to 20 to the U.S. Dollar as it was when I first was stationed here in the Army. Depending on how bad the flooding is in October it might go down to 35 to the Dollar but it seems to be pretty stable right now, the economy is neither overheated or in recession.

ETA: To clarify, life is uncertain, but there is no indication that there is an imminent devaluation or crash ahead.

Edited August 13, 2018 by Acharn

[Fairynuff]

1 hour ago, kenk24 said:

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? 

Yes. Never hold more than I need to live off in a bank account

[Lannig]

43 minutes ago, Acharn said:

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.

Well, right, probably not unless the country enters a period of major unrest which may more or less escalate into a civil war situation. We've come fairly close to this already and (sadly) my deepest belief is that this is bound to happen sooner or later when people really have enough of the current regime and the ultimate recourse to calm things down doesn't work so well anymore. If this doesn't happen before I retire to Thailand, I certainly won't keep more than that's required by immigration laws and daily expenses in Thai banks. Because I might have to call what's in there a loss while leaving in a hurry.

[anon537687643]

There was a punter who wanted to transfer his money to Thailand, the equivalent of 4 million baht ,on here recently.. because of UK Leaving EU.. madness


Sent from my iPhone using Thaivisa Connect

[natway09]

Bit surprised that your post has not opened the door for all the Thai Bank Bashers.

Normal savings accounts are backed to the best of my knowledge by a 1mil per account

If you stick to the big 6 they are more secure than 80% of banks around the world.

Prudence required, just bring out 2 mil Bht at a time & put into 2 separate accounts

[khunPer]

On 8/12/2018 at 4:43 AM, ikebukuro5 said:

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?

If you are going to use the money in Thai currency, if might be a safe move, when you have a favorable exchange rate.

 

Each Thai bank guarantee 1 million baht – however at present it's 5 million baht, but lowering to 1 million in a few years – and the 12-month fixed deposit rate about equaled the average inflation rate during the past few years. Investing in fairly safe Mutual Fund bonds and money market (but not foreign currency), a so-called Fund Book, might be more attractive, as there is no withholding tax, and you can cash out at any time at daily trading rate without loss of interest.

 

I would move only that amount I can foresee to use in Thai currency, if for example planning 5-years ahead, then enough for that period; i.e. planning for lifetime then Okay to move all. If it's a larger sum (equivalent to $50,000 or more) you can have a receipt from Bank of Thailand that gives you permission to move up to same amount out again; just in case.

?

[Jonmarleesco]

The THB is hardly likely to 'crash to nothing'. But variety is the spice of life, diversification the safety net. Split your funds between THB and CSD. 

[Pib]

51 minutes ago, khunPer said:

If you are going to use the money in Thai currency, if might be a safe move, when you have a favorable exchange rate.

 

Each Thai bank guarantee 1 million baht – however at present it's 5 million baht, but lowering to 1 million in a few years...

?

 

Currently it's 10 million coverage.

http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

[scubascuba3]

There was a punter who wanted to transfer his money to Thailand, the equivalent of 4 million baht ,on here recently.. because of UK Leaving EU.. madness


Sent from my iPhone using Thaivisa Connect

You always get the buy high sell low lot

[Media1]

The Thai baht will fold like a drunk hooker as soon as the rorts unravel

[Media1]

1 hour ago, Jonmarleesco said:

The THB is hardly likely to 'crash to nothing'. But variety is the spice of life, diversification the safety net. Split your funds between THB and CSD. 

Rubbish will drop mark my words. Let's talk in 1 year

[Media1]

11 hours ago, srowndedbyh2o said:

Thank you for pointing that out Pib.

Protection haha

[Media1]

On 8/12/2018 at 10:44 AM, mogandave said:

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$

True but let's see after elections shall we. There's been more at play here. That's the truth

[mogandave]

Holey Moley, Batman, that's 66% a year.  That's five time better than Bernie Madoff was giving his... err, clients.

Closer to 90% a year compounded.

Where do I sign?

[DJ54]

13 hours ago, kenk24 said:

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

I’ve heard they’re same type of interest gains in Laos. I don’t do these things so don’t know but a friend who does hasn’t done anything for me to ever doubt him 

[Cletus]

Probably safer than your home country.

[MyFriend You]

14 hours ago, kenk24 said:

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

We are getting 7.8% per annum on one year deposits in Vietnam, local currency only,  Vietnam Dong, $$ account have zero interest.  But it is relatively easy to transfer money out of Vietnam in $$, as long as you can prove you brought it in in $$.  I read where they confiscated 6 Million $$ from a Taiwanese group because they couldn't prove where it came from.  Back in 2009/2010 we were getting 12% on Vietnam Dong accounts, it finally lowered to current interest rates, which the bank told me would stay for the next two years at least.

Edited August 13, 2018 by TunnelRat69

[mogandave]

We are getting 7.8% per annum on one year deposits in Vietnam, local currency only,  Vietnam Dong,

Yeah, well 7.8% per annum is a long way from 90% per annum (5.5% per month) and the Dong has lost 2-3% against the USD in the last few months.

Nothing wrong with holding different currencies, but making predictions it pretty tough.

You holding any Turkish Lira?

[1FinickyOne]

7 hours ago, TunnelRat69 said:

We are getting 7.8% per annum on one year deposits in Vietnam, local currency only,  Vietnam Dong, $$ account have zero interest.  But it is relatively easy to transfer money out of Vietnam in $$, as long as you can prove you brought it in in $$.  I read where they confiscated 6 Million $$ from a Taiwanese group because they couldn't prove where it came from.  Back in 2009/2010 we were getting 12% on Vietnam Dong accounts, it finally lowered to current interest rates, which the bank told me would stay for the next two years at least.

Sounds like there must be some risk involved... confiscation, currency depreciation, and are there expenses involved in going to Vietnam? But that is the game, you take the risk, you deserve the reward... I am about to commit some funds to 2.65% on a 15 month CD... been doing well in stock market but need a place to stash the cash, taking some off the table...  

[mogandave]

Sounds like there must be some risk involved... confiscation, currency depreciation, and are there expenses involved in going to Vietnam? But that is the game, you take the risk, you deserve the reward... I am about to commit some funds to 2.65% on a 15 month CD... been doing well in stock market but need a place to stash the cash, taking some off the table...  

In the US? That’s pretty good....

[1FinickyOne]

31 minutes ago, mogandave said:

 

In the US? That’s pretty good....
 

 

Yes. US - I was surprised as my bank is usually behind the curve on CD rates... this will be my first one there... the money market rate has just gone up to 1.75%  - - - they are suddenly getting competitive. 

[Scouse123]

On 8/13/2018 at 5:07 PM, mogandave said:

 

Closer to 90% a year compounded.

Where do I sign?

 

 

 

You know if the dude actually read my following post, I explained it was a typo and it was actually 5.5% a year payable monthly.

[Scouse123]

On 8/14/2018 at 7:31 AM, kenk24 said:

Sounds like there must be some risk involved... confiscation, currency depreciation, and are there expenses involved in going to Vietnam? But that is the game, you take the risk, you deserve the reward... I am about to commit some funds to 2.65% on a 15 month CD... been doing well in stock market but need a place to stash the cash, taking some off the table...  

You can get 9% if you put funds in Cambodian Riel and even up to 12-14% per annum if you use the micro institutions that lend out but I just stick with a big well-known bank and the first one in Cambodia after the crisis, Canadia bank.

[seasia]

4 hours ago, Scouse123 said:

You can get 9% if you put funds in Cambodian Riel and even up to 12-14% per annum if you use the micro institutions that lend out but I just stick with a big well-known bank and the first one in Cambodia after the crisis, Canadia bank.

Hello

 

Did you look in to Acleda ?

 

The one you are with and Acleda seem to be the top 2.

[Scouse123]

6 hours ago, seasia said:

Hello

 

Did you look in to Acleda ?

 

The one you are with and Acleda seem to be the top 2.

 

 

Hi,

 

Yes, I have an account with them but seldom use it as Canadia always seems to give the edge over ACLEDA on rates.

 

I know as well as banking that Canadia is involved or part of OCIC group which is the same private owner, Mr. Pung Kheav Se is the guy.

 

This guy serves on most of the main boards of investment and is a close friend and adviser to Hun Sen.

 

http://teangtnaut.org/ocic-quiet-giant/?lang=en

Edited August 15, 2018 by Scouse123

[5633572526]

On 8/12/2018 at 9:59 AM, 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?

No currency is safe from fluctuations. Just ask anyone from Turkey.

if you could foresee fluctuations you could become a very wealthy man very quickly.

[Acharn]

On 8/13/2018 at 5:07 PM, mogandave said:

 

Closer to 90% a year compounded.

Where do I sign?

 

I tried to figure the compounded rate but couldn't find the keys on my calculator for calculating powers greater than 2. Couldn't make logarithms work, either. Guess I need to locate a user's manual. I know the keys are there, because I used them some years ago.