Saving Bank Account

[kerr17]

Hi guys,

I had a look in the recent post but i still have some doubts.

I will get some money in UK pounds in few months (about 20-30k and will get more in the future) and i was thinking to open a saving bank account in Singapore or Hong Kong as I heard they have good % in there.

Where do you think its better and easy to open it between the 2 places?

Is it better to open the account in Uk pounds or in the local currency?

Any idea if i will get online banking and a credit card?

I already check some website but i mainly looking for people reccomandations,

Cheers

[alantheembalmer]

I opened a sterling account at Bangkok Bank in Silom. They give a reasonable, although not a great, interest rate, and I find it convenient to access. It also gives you the option to exchange into baht when the exchange rate improves, if ever!

[kerr17]

I opened a sterling account at Bangkok Bank in Silom. They give a reasonable, although not a great, interest rate, and I find it convenient to access. It also gives you the option to exchange into baht when the exchange rate improves, if ever!

What % do you get?

How do you transfer the money from UK?

Any chance to get online banking and a credit card?

THanks for your info

[alantheembalmer]

The last time I checked I was getting about 4%. As I said, not great, but I can remove money if necessary very quickly. In fact, I keep the deposit there for medical emergencies, so I am more interested in accessibility rather than a high percentage return, although the 4% does compare with similar access accounts in the UK, and it is giving me a return above the UK inflation rate, (at least the official one!), so it is maintaining its value.

You can transfer your money by SWIFT, although I do suggest opening the account and making a deposit in Bangkok before you attempt to do the transfer from the UK, so that you have all the account details ready to give to your bank.

The last time I asked they said I could not have an internet account, although they seemed OK about the credit card. As these things are constantly changing, and seems to be at the whim of the person you are talking to, it is probably better to check these items yourself with Bangkok Bank. Good luck.

[cmsally]

If you open an offshore account (not sure if different banks have minimum amount requirements - you would need to check), you can transfer directly into your Thai bank acct. Normally takes 1-2 days. Interest rates are better than 4%.

Depending on your willingness to gamble a bit with the exchange rates, you could open AUS$ account in Singapore with interest around 7%.

It is something I am looking in to and would be interested to hear from anybody who has experience with various banks such as DBS and Citibank in Singapore.

[Prakanong]

"It is something I am looking in to and would be interested to hear from anybody who has experience with various banks such as DBS and Citibank in Singapore."

I am with DBS in Singapore but I live and work here - I have no complaints but am thinking of moving to Citibank or HSBC just for the international facet - with HSBC you can take you credit history with you when you move countries.

[cmsally]

For anyone who is interested; a 1 yr fixed deposit acct. with HSBC in AUS$ is giving 7.22% interest. Just checked on their website.

[Nigelmartin]

I have a HSBC Bank account in Singapore but don't use the account any more, too expensive to use on a regular basis. Best option to set up a Nationwide account with some of the monies in an e-bond 6.7% and the rest in a e-saving account. You can then withdraw (at the current exchange rate) about 15,000baht/day with no charges. Use of the Nationwide is well documented in this forum.

Of course this could be difficult setting up the account if you are not intending to return to the Uk in the near future. It's also useful have a small amount here in a Thai Bank just for emergencies.

[pkrv]

I did once come across a very interesting card from Hong Kong - It was almost like a bank account on a credit card - Essentially you got interest on positive ballances. You could try taking a look at this.

"Looking back at this thread

http://www.thaivisa.com/forum/lofiversion/...t39014-200.html

Q: Typically UK cards offer a minimum of 0.5% cash back 1% typical and the best rate is from the American Express platinum credit card of 2%.

From a personal point of view the cards offering traditional benefits are in decline, these days people go for good cash back deals (I went for the AMEX card)

A: I get 5% on credit balances with Visa Infinite.Not issued in the UK though.Issued from an asia-pacific region bank.

Q: Appologies - Cash back means on each and every transaction I get; either 0.5, 1.0 or 2.0 % back, so I put everything I can on my card.

I'm interested to hear about this 5% on credit balances is this the same as an account balance yielding interest?

A: Yes. I load cash on it and get credit interest.Actually with my bank the credit interest rate is the same for platinum and infinite cards."

Check out the above thread for more details

[Khun Bob]

FirstSave in the UK is currently paying 7.1% for time deposits and Kaupthing 6.5% for instant access. This combined with a Nationwide Flex Account and Visa Debit card will potentially give you a good solution. All the money stays in sterling and given the inflation that is and will take place in the UK and the ongoing Thai political unrest, you should do well for exchange in the next 6 months or more.<br /><br />For a Thai bank account, I'd recommend Kasikorn and see the following page for best thai interest rates :<br /><br /><a

With credit cards, you only get cash back when you spend on them. I have an AMEX that pays 5% cashback for 3 months at the mo. Just make sure you pay off the bills. If you transfer your cash to a credit card, I think you will make no interest on it. Best way is to have your cash in an account earning good interest, spend on the cashback credit card and pay it all off before the balance is due. Getting 5% straight away is a very attractive proposition. A few months ago I had a card that paid 4% and a substantial credit amount. I could have spent up to my credit every month and got 4% back, and then paid the balance off. What bank will pay you 4% net straight away ? They've cottoned on now and only pay back up to a certain amount now...

HTH ?

href="http://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx" target="_blank">http://www.bot.or.th/english/statistics/fi...te/IN_Rate.aspx</a><br /><br />In particular, this looks good<br /><br /><a href="http://www.baac.or.th/baac_en/index.php?content_group=9&content_group_sub=1&inside=1" target="_blank">http://www.baac.or.th/baac_en/index.php?co...=1&inside ?=1</a><br /><br />

Edited June 22, 2008 by Khun Bob

[Khun Bob]

Penelope stated :

penelope

2005-07-14 05:38:35

QUOTE(pkrv @ 2005-07-13 13:29:55)

QUOTE(penelope @ 2005-07-12 10:44:13)

QUOTE(pkrv @ 2005-07-12 07:09:52)

Typically UK cards offer a minimum of 0.5% cash back 1% typical and the best rate is from the American Express platinum credit card of 2%.

From a personal point of view the cards offering traditional benefits are in decline, these days people go for good cash back deals (I went for the AMEX card)

*

I get 5% on credit balances with Visa Infinite.Not issued in the UK though.Issued from an asia-pacific region bank.

*

Apologies - Cash back means on each and every transaction I get; either 0.5, 1.0 or 2.0 % back, so I put everything I can on my card.

I'm interested to hear about this 5% on credit balances is this the same as an account balance yielding interest?

*

Yes. I load cash on it and get credit interest.Actually with my bank the credit interest rate is the same for platinum and infinite cards.

I'll need to check this one out for the UK Amex platinum card...

Anyone else know of getting interest paid, when the credit card co owes them money ? (is a first for me...)