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Vanguard mutual funds no longer available to non US residents

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Just now, GarryP said:

FYI all my assets and funds are Thailand based. I have no bank accounts anywhere else in the world, apart from here. 

 

Understood. If you really want to invest in US dollar–denominated assets, one approach is to convert some baht into dollars when the baht is strong and then invest in US ETFs through Interactive Brokers.

 

It’s a tough situation for people living in Thailand with all their money in baht. There aren’t many good options for earning a decent return. The equity market is weak, and fixed income investments pay very little.

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Here's what the Fidelity had to say to overseas-based investors not too long ago. Doesn't seem too harsh if you're not much of a trader but happy to keep invested for long-term growth and occasional withdrawals:

 

FidelityExpatFAQ.jpg.e834ba54df98a8746e5b16e6d5c07146.jpg

58 minutes ago, FriscoKid said:


Any fund where the underlying assets are denominated in US dollars is a poor choice to buy using Thai baht because you are taking on currency exchange risk in addition to the usual risk of asset price fluctuations. Even if the value of the assets in the fund stays the same, if the US dollar suddenly strengthens against the Thai baht, the value of your fund in baht will drop purely due to currency movements.

That's what I have been preaching here for ages. If your home currency is not the US $ all your investments have a "second leg", called "currency speculation".

18 minutes ago, Autocan said:

Here's what the Fidelity had to say to overseas-based investors not too long ago. Doesn't seem too harsh if you're not much of a trader but happy to keep invested for long-term growth and occasional withdrawals:

 

FidelityExpatFAQ.jpg.e834ba54df98a8746e5b16e6d5c07146.jpg


The main issue with Fidelity for investors living outside the United States is that if you don’t already have an account, you can’t open one from overseas. You have to appear in person at a branch office in the US to get it set up. Residing abroad while holding a Fidelity account isn’t a problem, the difficulty is opening the account in the first place if you live outside the US.

 

Another drawback is that non-US residents can’t purchase mutual funds through Fidelity or keep cash in a high-yield money market mutual fund within their Fidelity account.

1 hour ago, FriscoKid said:

 

Understood. If you really want to invest in US dollar–denominated assets, one approach is to convert some baht into dollars when the baht is strong and then invest in US ETFs through Interactive Brokers.

 

It’s a tough situation for people living in Thailand with all their money in baht. There aren’t many good options for earning a decent return. The equity market is weak, and fixed income investments pay very little.

How easy is it though to convert Bt ---> $ then send to an IBRKR account ?

32 minutes ago, persimmon said:

How easy is it though to convert Bt ---> $ then send to an IBRKR account ?


I haven’t done it in many years, so I can’t really say with any accuracy. Back in the day you had to either be able to prove to the bank that you legally earned the money in Thailand or show evidence that it is money you previously transferred in to Thailand from overseas in the past. I assume the requirements now are at least the same if not more difficult. 

2 hours ago, GarryP said:

What about mutual funds run by Thai companies where the master fund is a US based fund, e.g. B-Innotech (Bualuang Global Innovation & Technology Fund), which is a fund operated by Bualuang Limited, but the master fund is Fidelity Funds - Global Technology Fund, Class YACC-USD?  

As part of disengaging from Bangkok Bank I'm in the process of transferring from this fund to the recently launched KT-NASDAQ-A  fund which currently has no front or back end fees and a very reasonable (for Thailand) TER of 0.46%.

it's 98% invested in the Invesco Nasdaq 100 ETF Master fund. 

On 9/25/2025 at 1:53 PM, jaywalker2 said:

n principle, you can't open an account if you live abroad. You can use a US address to open an account but if they detect that you're abroad or using a VPN, you won't be able to apply online. You'll have to send in an application and then they'll send you back a confirmation at your US address, which you have to sign and  return.  I inherited some money from my mother who  had a Vanguard account and the only way I could get it was by opening an account of my own and then transferring the money. It was a major headache. Each time I called, I'd get a different story from a representative. One told me Thailand on a banned list and i couldn't open an account if I lived here. So I tried using a US address but they detected I was using a VPN, so I couldn't apply online. I had to mail the application in. Then a confirmation came to my US address, which I was supposed to sign and return. One representative told I'd have to come into the offiice to open an account (!). Fortunately, I was able to talk to a manager who personally supervised the opening of an account and the transfer of the funds. But even though I was using an US address, the account remained restricted. So I just had Fidelity transfer the funds to my Fidelity account. Dealing with Vanguards was a major headache.  They're really set up for buy-and-hold investors using their mutual funds, so they don't really have the infrastructure for dealing witih expats.

 

In my opinion, Scwab or Fidelity is a much better choice.


Points taken. If you make lots of transactions. If you don’t have a US address, Vanguard is not one you should consider. However, many expats do have Vanguard and it is indeed popular.  Vanguard’s response to No Transactions from Thailand, (and a number of other countries) was ‘security issues with transactions originating from these countries'. Nothing else said.. Both Schwab and Vanguard know I live & worked, OS, but as i have a US address, (as do friends)  never a problem. Yes it seem like they have been tightening up, that for some time, and it will continue. 

On 9/25/2025 at 9:22 AM, swissie said:

Annually, polls emerge "what are the most desirable places to retire". To my knowledge, the freedom of unrestricted monetary self determination is not part of those criteria. If it were, Thailand would not rank very high.

 

Some posters here are having problems to even open a Bank account in Thailand. Makes me think, as I am sure I could open a Bank account in Eastern Timbuktu.

 

 

I completely agree. In my opinion, banking and investing in Thailand has always been one of the worst options. Over the years I’ve read countless posts from people saying they converted all their money to Thai Baht because they planned to live here permanently, so there was no reason to keep any money in a foreign currency, and it honestly shocks me. To me, that seems like the worst move someone could make. Banking here has always been restrictive, the Baht could one day face heavy devaluation, and there is no real opportunity to get a decent return on investments within Thailand. I also remember the 1997 Thai economic crisis, when so many of the “safe and secure” finance companies offering 13 percent interest on fixed deposits went bust and countless people lost all the money they had invested. But people seem to forget those warning signs very quickly.

 

Personally, I only ever bring in money that I know I will use for visa qualification purposes or living expenses. Sometimes I park a little in the low-yield deposit options available here, since I might as well earn something on the funds I am forced to keep in the country, but beyond that, all my investing is done elsewhere. With the latest wave of new banking restrictions, I have decided to reduce my balance in Thailand to an absolute minimum over the next couple of years by spending down even more of my Baht savings.

 

This does not make Thailand a less desirable place to live. Thanks to global banking options, it is easy to minimize exposure to the Thai banking system. What it does show, however, is that Thailand should never be seen as a place to store or invest long-term savings.

On 9/25/2025 at 11:17 AM, swissie said:

 

That's what I have been preaching here for ages. If your home currency is not the US $ all your investments have a "second leg", called "currency speculation".

 

 

I think many people who come to Thailand to retire simply don’t understand the nuances of investing. They automatically assume that investing in a foreign investment fund offered by one of the big Thai banks must be a good and safe option. Many may not even realize that they are essentially speculating on foreign currency without intending to. To them, it seems like a great way to invest overseas while keeping all their money in Thailand and in Thai Baht. It is a classic case of the blind leading the blind.  

1 hour ago, FriscoKid said:

 

I completely agree. In my opinion, banking and investing in Thailand has always been one of the worst options. Over the years I’ve read countless posts from people saying they converted all their money to Thai Baht because they planned to live here permanently, so there was no reason to keep any money in a foreign currency, and it honestly shocks me. To me, that seems like the worst move someone could make. Banking here has always been restrictive, the Baht could one day face heavy devaluation, and there is no real opportunity to get a decent return on investments within Thailand. I also remember the 1997 Thai economic crisis, when so many of the “safe and secure” finance companies offering 13 percent interest on fixed deposits went bust and countless people lost all the money they had invested. But people seem to forget those warning signs very quickly.

 

Personally, I only ever bring in money that I know I will use for visa qualification purposes or living expenses. Sometimes I park a little in the low-yield deposit options available here, since I might as well earn something on the funds I am forced to keep in the country, but beyond that, all my investing is done elsewhere. With the latest wave of new banking restrictions, I have decided to reduce my balance in Thailand to an absolute minimum over the next couple of years by spending down even more of my Baht savings.

 

This does not make Thailand a less desirable place to live. Thanks to global banking options, it is easy to minimize exposure to the Thai banking system. What it does show, however, is that Thailand should never be seen as a place to store or invest long-term savings.

Amen. 

Progress has been made. Fewer and fewer Farangs are transferring all their financial means to Thailand upon retirement. Unlike 20 to 30 years ago. (Usually triggered by a smiling Thai female face).

 

A "learning curve" by Farangs can be observed. Thanks to contributions of the international press and (last but not least) by ASEAN NOW.

 

Most wealthy Thais have parked their "movable assets" outside of Thailand, retainig their "productive assets" in Thailand only. Why should any Farang not follow the same concept?

 

A major concept by Farangs has not been understood to this very day is: Asian (Thai People) do not welcome people outside of their cultural spehere. UNLESS YOU HAVE A FAT WALLET. That makes you welcome, regardlass if you come from Norway or China. All this is mirrored by the fact, that the "Thai Government" can change rules concerning immigration/financial regulations overnight.

 

In short: Thailand has never been (and never will be) an "investors paradise" for Farangs. Unless yor name is Xi Xi Ping.

 

1 hour ago, FriscoKid said:

 

I think many people who come to Thailand to retire simply don’t understand the nuances of investing. They automatically assume that investing in a foreign investment fund offered by one of the big Thai banks must be a good and safe option. Many may not even realize that they are essentially speculating on foreign currency without intending to. To them, it seems like a great way to invest overseas while keeping all their money in Thailand and in Thai Baht. It is a classic case of the blind leading the blind.  

For better or for worse, increasingly people outside of the US$ universe are starting to look at exchange rates. 

 

Fluctuating exchange rates can be a bliss or a curse.

 

A nice example: Gold has risen 43 % this year in US$ but only 33% in Swiss Francs. Because the US$ has declined 10% versus the Swiss Franc.

 

Other divergencies are even more drastic.

 

On 9/25/2025 at 7:55 PM, GarryP said:

What about mutual funds run by Thai companies where the master fund is a US based fund, e.g. B-Innotech (Bualuang Global Innovation & Technology Fund), which is a fund operated by Bualuang Limited, but the master fund is Fidelity Funds - Global Technology Fund, Class YACC-USD?  

 

In that case, you will be paying the management fees charged by the US mutual fund, in addition to the management fees charged by the Thai master fund, in addition to front/back end and switching fees charged by the Thai bank you purchased through.

On 9/25/2025 at 3:36 PM, FriscoKid said:

There are also limits on certain instruments, account opening minimums, and cash balances.

 

No longer the case.  $0 to open and no minimum balance on Schwab accounts.

2 hours ago, NoDisplayName said:

 

No longer the case.  $0 to open and no minimum balance on Schwab accounts.


You are correct. My bad. It used to be $25,000 minimum for opening for overseas customers. But they stopped that in 2020 I believe. 
 

Minimum balance might actually be $5 to avoid closure after a year at $0. 

5 hours ago, swissie said:

Amen. 

Progress has been made. Fewer and fewer Farangs are transferring all their financial means to Thailand upon retirement. Unlike 20 to 30 years ago. (Usually triggered by a smiling Thai female face).

 

A "learning curve" by Farangs can be observed. Thanks to contributions of the international press and (last but not least) by ASEAN NOW.

 

Most wealthy Thais have parked their "movable assets" outside of Thailand, retainig their "productive assets" in Thailand only. Why should any Farang not follow the same concept?

 

A major concept by Farangs has not been understood to this very day is: Asian (Thai People) do not welcome people outside of their cultural spehere. UNLESS YOU HAVE A FAT WALLET. That makes you welcome, regardlass if you come from Norway or China. All this is mirrored by the fact, that the "Thai Government" can change rules concerning immigration/financial regulations overnight.

 

In short: Thailand has never been (and never will be) an "investors paradise" for Farangs. Unless yor name is Xi Xi Ping.

 

 

Anyone who puts confidence in the Baht is on shaky ground, whether it’s the communist leader of China or a Western pensioner living on a budget in Nakorn Nowhere. Yet many still view the THB as if it were stable. Beyond the constant risk to foreigners from immigration policy changes and the fact that Thai banks now lock personal accounts without warning, Thailand’s credit rating has slipped again with another downgrade just last week. The warning signs are all there: personal debt is at record highs, tourism is struggling, government finances are weak, exports are sliding under new US trade barriers, and the real estate and NPL crash of 97 could easily repeat. That would push the Baht back into the 45–50 range against the USD, a worrying scenario given how over-leveraged Thai banks already are.

 

I don’t feel great about holding what I do here in Baht. It seems safer to keep funds in another currency or at least in an account outside of Thailand. With the current exchange risk environment, if you leave most of your long-term savings in Baht while planning future travel abroad, you might find it becomes unaffordable once the currency weakens. Many will stay frozen until it happens again and then act surprised. To some extent, that comes from a nationalistic false sense of security that blinds people to the reality of the economic situation.

8 hours ago, FriscoKid said:

 

Anyone who puts confidence in the Baht is on shaky ground, whether it’s the communist leader of China or a Western pensioner living on a budget in Nakorn Nowhere. Yet many still view the THB as if it were stable. Beyond the constant risk to foreigners from immigration policy changes and the fact that Thai banks now lock personal accounts without warning, Thailand’s credit rating has slipped again with another downgrade just last week. The warning signs are all there: personal debt is at record highs, tourism is struggling, government finances are weak, exports are sliding under new US trade barriers, and the real estate and NPL crash of 97 could easily repeat. That would push the Baht back into the 45–50 range against the USD, a worrying scenario given how over-leveraged Thai banks already are.

 

I don’t feel great about holding what I do here in Baht. It seems safer to keep funds in another currency or at least in an account outside of Thailand. With the current exchange risk environment, if you leave most of your long-term savings in Baht while planning future travel abroad, you might find it becomes unaffordable once the currency weakens. Many will stay frozen until it happens again and then act surprised. To some extent, that comes from a nationalistic false sense of security that blinds people to the reality of the economic situation.

The exchange rate is a concern for me but I accept that I just have to ride it out. However, I doubt many are in my situation. I moved to Thailand 43 years ago at the age of 19, and have worked here since then (retired just over a year ago). For the first couple of decades or so, opening a UK bank account never crossed my mind (originally from the UK). All my income and savings was/are in Thai Baht, insurance with Thai companies, etc. so even if I were to open an overseas account, I would need to offshore some of my savings which would still be subject to exchange rate fluctuation were it necessary to transfer money back to Thailand. Would it still be worthwhile to open an offshore account? I haven't been convinced one way or the other so far.       

On 9/25/2025 at 8:05 AM, NoDisplayName said:

 

ETF's, yes.

 

Mutual funds, yes......if you purchase EU/UK-registered mutual funds.  US-based mutuals require US residency.  It's not necessarily not permitted by law, but mutual fund companies don't want to deal with the tax situation and set their policies accordingly.

 

The U.K. employs punitive tax rates on investment funds not registered within its borders. For investors subject to U.K. taxation (typically U.K. residents), most U.S. registered funds are deemed non-reporting funds, meaning they don’t adhere to U.K. accounting standards. Consequently, non-reporting funds are penalized within the U.K. tax system, as capital gains within these funds are subject to standard tax rates rather than the most favorable capital gains rates.

 

And from another source:

 

Mutual fund distribution agreements typically mandate that mutual fund owners reside domestically in the U.S. for two main reasons:

 

  1. U.S. fund groups are not allowed to solicit overseas business for their SEC-registered funds, even from U.S. expatriates. Offering shares of mutual funds to non-domestic clients could potentially violate the laws of any country in which an investor or prospective investor in a fund is resident or domiciled.
  2. Mutual funds may make tax treaty claims on their holdings, which require funds to certify all shareholders are resident in the United States.

 

https://creativeplanning.com/international/insights/investment/why-us-brokerage-accounts-of-american-expats-are-being-closed/

I have Vanguard US based Funds in UK  in $   not £   and they are not sublect to any punitive taxation or CGT if held in and ISA wrapper 

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