Money In Bank

[warriors]

you know in NEW ZEALAND they are giving over 6% for 90 days in the banks and they aa+ rating and more than 6% for 12 months why are you guys staying with 2% stuff strang i think and you are always tlaking about little charges of $10 but you have money it some times hard to follow. No disrepect intended here just thinking out loude.

[ProThaiExpat]

warriors: Please help us. The best bank rate I have found is First Internet Bank in Indiana at 1.75 money market.

Please link us or give us a bank with a website in New Zealand, I would be a very happy camper to get bank interest at 5%.

Also, currency restrictions, if any, conversion information, etc.

I am excited!

Thanks

[ProThaiExpat]

Used my new elctronic debit card on my monthly expense account at SCB and what a joy to hand a sheaf of bills to my Thai with the electronic card and watch while the bills were paid by the ATM machine. My Thai, whose eyes are a lot better than mine in reading the small account and invoice numbers and entering in the machine, accomplished the whole process in less than five minutes and included TOT long distance, AIS cell phones and UBC. My only bills, as eclectic comes out automatically.

It takes a while to really have it easy here in Thailand, but with time and patience, it happens. Wood worms are next. My farang neighbor with a lot more money to throw around than I , had his whole house and garden drilled full of holes, including the tile floors, and had the holes filled with "killer juice". 18k for one years protection service, perhaps its less in the second year now that his house and yard have been "swiss cheezed".

Fortunately, the only wood in my house is the door mouldings I installed myself and only three so far have been "invaded" Off thread, sorry.!!

[lopburi3]

Used my new elctronic debit card on my monthly expense account at SCB and what a joy to hand a sheaf of bills to my Thai with the electronic card and watch while the bills were paid by the ATM machine. My Thai, whose eyes are a lot better than mine in reading the small account and invoice numbers and entering in the machine, accomplished the whole process in less than five minutes and included TOT long distance, AIS cell phones and UBC. My only bills, as eclectic comes out automatically.

Glad I wasn't the poor sap waiting behind her. Pet peeve.

Does SCB have an automated phone banking system like Bangkok Bank? I can do the same process using a phone call without tyeing up an ATM machine.

[ProThaiExpat]

The poor saps I decry are those who don't know how to use the ATM or are unhappy with what they are told and just play with them ad nauseum.

Our use of the ATM, no one waiting, took only the time it takes to enter 8 sets of numbers.

I am very conscious of Asians who are completely oblivious of anyone around them when they cause traffic jams, conduct conversations at the bottom of an escalator without getting on, or standing in front of ATM machines without using them. Noticed farangs doing exactly the same thing in front of a ATM the other day, so much for generalities.

[lopburi3]

The poor saps I decry are those who don't know how to use the ATM or are unhappy with what they are told and just play with them ad nauseum

The ones who don't know how I can feel for. It's the office girl with ten cards in her hand at lunchtime and another list of pins/amount to withdraw (usually about 200 baht from each account) that can't seem to enter the right pin for the card she has inserted.

Oh well, at least we don't have the coupon snippers here at the supermarket checkout.

[ProThaiExpat]

Thanks for the reminder lopburi3 of we gladly left behind.

What about the senior with the blue or pink hair driving her old Caddilac into the middle of the street during a turn and then stopping, awaiting oncoming traffic to clear so she can continue her turn, meanwhile blocking traffic for blocks on a busy street. Perhaps some of that here without the hair coloring.

What about the restaurant host that tries out the worst table in the house on you to see if you will fall for it and thereby remove a problem for him.

Reminders as to how well off we are good tonics.

[Emuu]

you know in NEW ZEALAND they are giving over 6% for 90 days in the banks and they aa+ rating and more than 6% for 12 months why are you guys staying with 2% stuff strang i think and you are always tlaking about little charges of $10 but you have money it some times hard to follow. No disrepect intended here just thinking out loude.

I trust you all know that you can get 20% interest guaranteed bu the Govt. bank of Loas.

Of course, if you take into account the 18+% inflation rate per annum (down from 128% 5 years ago), you may start to understand why interest rates when considered on their own are utterly irrelevant. Thailand by the way runs inflationat about 8% p.a. so any money stored here will have to grow at that rate just to stay the same. Left unchecked, it will have half the spending power in 9 years!

What you need is a stable rate of return in a stable economic environment that will allow you to gain several percent above inflation, and that will give you the ability to apply those funds to your heart's desire without exorbitant transfer costs.

For someone with US dollars, that probably means a US$ account in a tax free location directly linked to a strong return investment mechanism, and with the capacity to do all international transfers via a computer terminal at a cent in the dollar or less.

And yes, they do exist!

Despite the opinions sometimes expressed to the contrary, there are sometimes valid reasons for paying a professional for sound advice.

[lopburi3]

Thailand by the way runs inflationat about 8% p.a. so any money stored here will have to grow at that rate just to stay the same.

Inflation rate Thailand

1999 - 0.3%

2000 - 1.6

2001 - 1.6

2002 - 0.7

2003 - 1.8

2004 - 1.2 est

Source: Bank of Thailand

Inflation rate Thailand (CPI)

1999 - 2.4%

2000 - 2.1

2001 - 1.6

2002 - 0.6

Source: CIA World Factbook

[Emuu]

I stand corrected lopburi3. I did not check my source, a Thai banker! Your figures are also more relevant to why the interest rate remains so low in Thailand.

I remind myself of why I recommend no-one just takes one person's view on any topic.

[ProThaiExpat]

I will PM warriors if he doesn't respond in this thread regarding New Zeland bank interest

[thaihome]

[For someone with US dollars, that probably means a US$ account in a tax free location

Despite the opinions sometimes expressed to the contrary, there are sometimes valid reasons for paying a professional for sound advice. 

So you advice US citizens not to report overseas earnings to the IRS?

TH

[KevinN]

Used my new elctronic debit card on my monthly expense account at SCB and what a joy  to hand a sheaf of bills to my Thai with the electronic card and watch while the bills were paid by the ATM machine. My Thai, whose eyes are a lot better than mine in reading the small account and invoice numbers and entering in the  machine, accomplished the whole process in less than five minutes and included TOT long distance, AIS cell phones and UBC.  My only bills, as eclectic comes out automatically.

It takes a while to really have it easy here in Thailand, but with time and patience, it happens.  Wood worms are next.  My farang neighbor with a lot more money to throw around than I , had his whole house and garden drilled full of holes, including the tile floors, and had the holes filled with "killer juice".  18k for one years protection service, perhaps its less in the second year now that his house and yard have been "swiss cheezed".

Fortunately, the only wood in my house is the door mouldings I installed myself and only three so far have been "invaded"  Off thread, sorry.!!

I do about the same thing,But I just go in and set at the service counter and they gladly do it for me and then hand me the reciepts,,Love That SCB.

And we only have wooden door frames,but did have a bad ant problem,they came,drilled the door frames,killed the termites and drilled the walls floors and around the outside 2 years ago=4000 and no ants or other bug s,, They Then went next door to my mother in laws,large block first floor with large wooden 2nd floor,drilled and sprayed for ants and termites= 4000 Baht and no bugs for the last 2 years, So someone got it in the shorts for 18K.

[Limbo]

What you need is a stable rate of return in a stable economic environment that will allow you to gain several percent above inflation, and that will give you the ability to apply those funds to your heart's desire without exorbitant transfer costs.

Despite the opinions sometimes expressed to the contrary, there are sometimes valid reasons for paying a professional for sound advice.

Yes Mr. Prothaiexpat, that is a good advice. Especially for people older than fifty who have to concentrate on how to enjoy life without even thinking about money-matters.

Peace in mind: security, no experiments anymore.

L'argent c'est le moins de nos soins!

I am internetbanking in my own country, no tax on possession and no tax on capital-gains, because I am registered in Thailand. Risc-free on a capital-account, some procents above inflation. Two plastics, an ATM-card and a credit card, hardly used, in reserve. Perfect exchange rate and neglectible costs.

A couple of times a year I make an outprint of the current situation and that's it. Once a month my bank sends me an overview. Copies of these convince the immigration office on a yearly base (when I pick up my yearvisa) that I actually are bringing enough foreign currency into the country

And indeed, sometimes there could be valid reasons for paying a professional for sound advice. Sometimes but not always. The problem is to find out when.

During the last years a lot of people lost their life's savings on the stockmarket.

Their greed was accompagnied by the sound of halleluja singing professionals.

And don't forget my friends: the best things in life are (almost) free!

[dutch]

Limbo

I am internet banking too in my country.

Once a quarter an automatic transfer to Asia Bank at the transfer costs of euro 8.

Nice monthly overviews from home country bank (+credit cards and never used TM cards).

transfer time 3 days.

[dutch]

Pls read ATM cards

[Limbo]

Limbo

I am internet banking too in my country.

Once a quarter an automatic transfer to Asia Bank at the transfer costs of euro 8.

Nice monthly overviews from home country bank (+credit cards and never used TM cards).

transfer time 3 days.

Who knows, we might be using the services of the same banks. I suppose you mean at this side of the line the (ABN-Amro) Bank of Asia.

Transfer time of 3 days is fast for the price of 8 Euro.

The ATM-card of the P-Bank works perfectly in Thailand (up to 35K a day), at least it did during the last seven years.

The BoA account is just a remnant of my financial bowling time.

I suppose you cash directly at the counter. If you are living close to a branch-office and secretly fancing the one with the brown eyes and the long black hair I understand you completely ;-), otherwise I can recommend the use of your plastic one.

Enjoy your day!

[lopburi3]

My farang neighbor with a lot more money to throw around than I , had his whole house and garden drilled full of holes, including the tile floors, and had the holes filled with "killer juice". 18k for one years protection service, perhaps its less in the second year now that his house and yard have been "swiss cheezed".

As has been pointed out that cost is way over the top. Here in Bangkok I have not paid more than 6,000 baht per year and current price is 5,500 for every other month service and immediate return if any found. Guess he must have used the "name brand" (or the in-laws got a cut).

[Emuu]

So you advice US citizens not to report overseas earnings to the IRS?

What a suggestion to make!!!

There was nothing either implicit or explicit in my comments to warrant that question. Many people hold their money off-shore in tax free havens with and sometimes without the knowledge of the IRS. It is not my role to tell people can or can't do, and I always advise them to see independent tax advise from a specialist.

In many cases, growth rates in a tax free environment can create returns which if or when finally taken are still vastly better after tax than growing the money taxed at source during the growth period.

I have however heard rumours that there are some people with US passports who feel that they earnt the money off shore, they spend it off shore , they live off shore and they get nothing from Uncle Sam and feel that if there are ways of avoiding (not evading) tax they want to know about them.