Saving money for condo

[Destiny1990]

Sending it in is easier then sending it out..

[inThailand]

Being a landlord in your home country can be a great way to save, get appreciation and derive rental income, that most likely will exceed the same scenario here, and most likely would easily pay rent vs buying here. 

[chrisatchch]

On 12/9/2018 at 8:47 PM, ritchyp said:

Hi Chris,

 

Last year I discovered a currency transfer company/facility called TransferWise. 

When my friend my friend told me the rate he got, I told him he must have been exaggerating. The rate was better than all the cash exchange kiosks - even the really good ones. 

I used to use Moneycorps, they are slow (Took a whole week the first time,)  the rate is poor (Better than the banks though)

 

Transferwise give you the live midmarket rate and thier admin fees are really low and of course, no commission either. 

And the Cherry on the top!! If you setup a currency transfer on your phone app or computer, it takes seconds to set it in motion and the Thai currency will be in your Thai account the next afternoon ( Unless there is a bank holiday either in the source country or here in Thailand or any other country as they support every foreign currency there is. 

The Cut off time for next day payments is 18.00 GMT. A couple of months ago, I lost track of time and set up the transfer at 01.00 here and the funds were in my Thai bank at 14.00 the same day. That's impressive!

 

Finally, if you choose to pay by Internet bank transfer or telephone banking and opt to pay later. The rate you got is guaranteed for 24 hours. 

 

It's such an awesome service, it has made my life so much simpler and I have a bit more money in my pocket every month!

 

If anybody wants to use the service and uses this invite link https://transferwise.com/

 

You get your first transfer free of any admin fees ( my next transfer is free also ????

 

If that link doesn't work due to forum rules. Just copy and paste into your browser. It will change your life ... It could save you Tens of Thousands of Baht on a large transfer, possibly six figures even.

 

Enjoy!

 

ritchy

Hi Ritchy, thanks for advice, i m aware of transferwise , their exchange rate is the best of all, and fee ,delivery time is amazing.  However for my purpose it may not work out well because trans wise uses local money to pay my transfer,   They will withdraw funds from my New Zealand bank and deposit into their NZ account, and equal amount of money they payout from their local Thai bank account, so it’s bit tricky.   I might save up in NZ and put into term deposits atleast until I make good lump sum,   However I m still going to open thai bank account for traveling expenses,   Iasi time I tried to open in Bangkok bank in udon thani but wasn’t easy, so sometimes I get frustrated running back and forth for documents.   I am trying to use Siam legal to help me, it’s 3000 bhat , I don’t mind as it’s just one off payment and hassle free.   Has anyone used their service to open bank account?

[KittenKong]

You dont need to pay anyone to open a bank account: just go to a helpful branch of a decent bank. Krungsri and Bangkok Bank are generally considered to be decent.

For convenience's sake it would probably be better to use a branch near where you intend to be most, though if that is way upcountry you may need the help of the head office.

Usually all you will need is photo ID and proof of address (certificate of residence), though again it does depend hugely on which branch you try.

If all else fails, open one in Bangkok or Pattaya.

 

 

[mogandave]

I think he wants to open it remotely...

[KittenKong]

1 hour ago, mogandave said:

I think he wants to open it remotely...

Ah. I would be surprised if that was very easy to do.

[murraynz]

12 hours ago, KittenKong said:

You dont need to pay anyone to open a bank account: just go to a helpful branch of a decent bank. Krungsri and Bangkok Bank are generally considered to be decent.

For convenience's sake it would probably be better to use a branch near where you intend to be most, though if that is way upcountry you may need the help of the head office.

Usually all you will need is photo ID and proof of address (certificate of residence), though again it does depend hugely on which branch you try.

If all else fails, open one in Bangkok or Pattaya.

 

 

go to the bank with an existing customer--easily done that way.

opening an account remotely--may be difficult..

i think your trying 'to run before you walk'....

[chrisatchch]

I will open in Bangkok, it may sound silly but my preference is to save up money in thai bank, that way my dream will come true, if I keep money in NZ,I don’t know how it will end up,maybe I would buy Subaru wrx haha,   Anyways,  how about opening FCD account, would it be better option to easily prove that funds are from overseas and easily obtain FET form latter on?  Thank you to all.   It’s awsome to be able to discuss and share. 

[murraynz]

your money is far far better in nz--buying property hugely better in nz ..

working for income, better in nz.

if you buy a rental property in ch ch, you will then be committed to paying  mortgage, you cant withdraw the money.. this is by   FAR  the best way for you to acumulate assets or savings.

by all means -buy a condo in thailand, later once you have some 'decent' assets'income..

 

 

[KittenKong]

59 minutes ago, chrisatchch said:

Anyways,  how about opening FCD account, would it be better option to easily prove that funds are from overseas and easily obtain FET form latter on?

You can open an FCD account in person with both Krungsri and Bangkok Bank quite easily. Last I heard you dont even need a certificate of residence for those.

Some extra charges on deposits/withdrawals may be applicable, so read the small print before signing. Also you wont get any interest (up to around 2.4% is possible on THB term deposits).

There will be fees for sending the money to Thailand also, so you should take those into account too.

 

Getting an FET will be easy when you finally do the exchange, and you will only need the one of course.

[inThailand]

Just give your money to your Thai gf to hold and invest for you. It will be quicker and less work. 

[murraynz]

4 hours ago, inThailand said:

Just give your money to your Thai gf to hold and invest for you. It will be quicker and less work. 

i think your comment is meant to be funny/sarcastic  ???

but what i find REALY AMAZING ....many men do what you say....buying her a house or a business is just as ridiculous..

[chrisatchch]

I hope you joking, I don’t trust thai women at all, Infact any women when it comes to money, I pity for people who did that.   Bangkok bank has same requirements documents process for FCD as it as for Thai bhat account.  Siam legal charge 3000 bhat for Thai bhat account,   If FCD account upto 10000 Bhat,    10000 bhat is lot of money,  but I need to open FCD account.   Then here is the thought came to my mind,    First open thai bhat account through Siam legal for fee of 3000, hassle free .   Once I open thai bhat account in Bangkok bank,  it means I will officially be Bangkok bank customer,    Because I will be customer, I should be able to open FCD account by measlf without anyone or any documents.   Am I smart in this idea or did I get something wrong? Please let me know, thank you for answering patiently. 

[mogandave]

You seem really smart to me.

[chrisatchch]

On 12/12/2018 at 3:31 PM, murraynz said:

go to the bank with an existing customer--easily done that way.

opening an account remotely--may be difficult..

i think your trying 'to run before you walk'....

 

6 hours ago, inThailand said:

Just give your money to your Thai gf to hold and invest for you. It will be quicker and less work. 

I m not smart, it’s just the way has to be done in my case, if I explain all reasons,you would get bored.