plachonubon Posted November 16, 2008 Share Posted November 16, 2008 Hi All, I currently have all my GBP's in HSBC singapore multi currency account.At the moment it's paying a whopping 1.75% (tax free). Although I feel that my money is secure there I would like it to be making more interest. I tried opening bank accounts in the UK last year but couldn't as I am non resident there! Any ideas? Link to comment Share on other sites More sharing options...
Artamus Posted November 16, 2008 Share Posted November 16, 2008 Hi All,I currently have all my GBP's in HSBC singapore multi currency account.At the moment it's paying a whopping 1.75% (tax free). Although I feel that my money is secure there I would like it to be making more interest. I tried opening bank accounts in the UK last year but couldn't as I am non resident there! Any ideas? Try one of the offshore banks in the Channel Islands. They are supposedly designed to cater to offshore residents. I have accounts with two different banks there and being non-resident has never been an issue (though you will need to prove you live overseas - usually with a letter certified by the British Embassy). Link to comment Share on other sites More sharing options...
plachonubon Posted November 16, 2008 Author Share Posted November 16, 2008 Hi All,I currently have all my GBP's in HSBC singapore multi currency account.At the moment it's paying a whopping 1.75% (tax free). Although I feel that my money is secure there I would like it to be making more interest. I tried opening bank accounts in the UK last year but couldn't as I am non resident there! Any ideas? Try one of the offshore banks in the Channel Islands. They are supposedly designed to cater to offshore residents. I have accounts with two different banks there and being non-resident has never been an issue (though you will need to prove you live overseas - usually with a letter certified by the British Embassy). Can I ask which banks you use and what interest rate your getting? Do you feel these banks are safe in todays financial chaos? Link to comment Share on other sites More sharing options...
pontious Posted November 16, 2008 Share Posted November 16, 2008 I would be wary of investing any money in the Channel Islands - many people have lost savings as the islands have no Deposit Compensation Scheme. Th Isle of Man has compensation of £50000 per saver but I doubt there is enough in the kitty to pay up if banks went t**s up Link to comment Share on other sites More sharing options...
Artamus Posted November 16, 2008 Share Posted November 16, 2008 Hi All,I currently have all my GBP's in HSBC singapore multi currency account.At the moment it's paying a whopping 1.75% (tax free). Although I feel that my money is secure there I would like it to be making more interest. I tried opening bank accounts in the UK last year but couldn't as I am non resident there! Any ideas? Try one of the offshore banks in the Channel Islands. They are supposedly designed to cater to offshore residents. I have accounts with two different banks there and being non-resident has never been an issue (though you will need to prove you live overseas - usually with a letter certified by the British Embassy). Can I ask which banks you use and what interest rate your getting? Do you feel these banks are safe in todays financial chaos? I don't think any banks are totally safe in today's financial choas. All you can do is spread it around. You can find the interest rates on the websites of these banks. As another poster has said compensation might be a problem in the event of them failing. Link to comment Share on other sites More sharing options...
MJP Posted November 16, 2008 Share Posted November 16, 2008 (edited) The compensation scheme is 100% safe. They'll just print the money if the banks go bust. Only thing is that money won't be worth anything. I'm starting to listen to the goldbugs. Forex Gold is based on 'paper' gold rather than physical gold. I believe it is falling in value as the paper gold upon which the quoted price is based is increasingly seen as another fiat currency, the suspision being that it is not backed by the real thing. Holding physical gold might be the only option regards 'storing' wealth. How did we come to this? (Rhetorical question). Edited November 16, 2008 by MJP Link to comment Share on other sites More sharing options...
JimsKnight Posted November 16, 2008 Share Posted November 16, 2008 I agree, but having actually tried to see if gold can be exchanged in a jam I've found its an art form finding a decent goldsmith to exchange the gold into cold hard cash, especially if you are in Thailand with 'farang' gold Gold is ok but it does 'bottleneck' when it comes to day to day use. Link to comment Share on other sites More sharing options...
MJP Posted November 16, 2008 Share Posted November 16, 2008 I agree, but having actually tried to see if gold can be exchanged in a jam I've found its an art form finding a decent goldsmith to exchange the gold into cold hard cash, especially if you are in Thailand with 'farang' gold Gold is ok but it does 'bottleneck' when it comes to day to day use. Day to day use, you need to cut all discretionary spending hold what you need for the next year in cash (perhaps in a bank), but for your savings I think physical gold may become the only option. dam_n scary times we live in. Link to comment Share on other sites More sharing options...
alantheembalmer Posted November 16, 2008 Share Posted November 16, 2008 Hi All,I currently have all my GBP's in HSBC singapore multi currency account.At the moment it's paying a whopping 1.75% (tax free). Although I feel that my money is secure there I would like it to be making more interest. I tried opening bank accounts in the UK last year but couldn't as I am non resident there! Any ideas? It all depends what you are keeping the money for. I have a foreign currency account at Bangkok Bnak in Silom, and I get 4%, (at the time of this posting!). I keep it on deposit there for any medical emergencies, and to satisfy the authorities regarding my retirement extension, so it is very useful for my individual circumstances. Good luck. Alan. Link to comment Share on other sites More sharing options...
taxexile Posted November 16, 2008 Share Posted November 16, 2008 It all depends what you are keeping the money for. I have a foreign currency account at Bangkok Bnak in Silom, and I get 4%, (at the time of this posting!). I keep it on deposit there for any medical emergencies, and to satisfy the authorities regarding my retirement extension, so it is very useful for my individual circumstances. Good luck. Alan. slightly off topic , but is it possible to buy pounds with baht that are held in thailand and then open a foriegn currency account or are these accounts only for pounds brought in from abroad ? might be a good time to buy pounds right now. Link to comment Share on other sites More sharing options...
churchill Posted November 16, 2008 Share Posted November 16, 2008 Hi All,I currently have all my GBP's in HSBC singapore multi currency account.At the moment it's paying a whopping 1.75% (tax free). Although I feel that my money is secure there I would like it to be making more interest. I tried opening bank accounts in the UK last year but couldn't as I am non resident there! Any ideas? It all depends what you are keeping the money for. I have a foreign currency account at Bangkok Bnak in Silom, and I get 4%, (at the time of this posting!). I keep it on deposit there for any medical emergencies, and to satisfy the authorities regarding my retirement extension, so it is very useful for my individual circumstances. Good luck. Alan. That is a good idea , I suppose it can be used marriage visa also ? Once you have the funds in Thailand is it diffucult to send back to the UK or do the same rules apply as if you had convereted to baht ? Link to comment Share on other sites More sharing options...
chiang mai Posted November 16, 2008 Share Posted November 16, 2008 It all depends what you are keeping the money for. I have a foreign currency account at Bangkok Bnak in Silom, and I get 4%, (at the time of this posting!). I keep it on deposit there for any medical emergencies, and to satisfy the authorities regarding my retirement extension, so it is very useful for my individual circumstances. Good luck. Alan. slightly off topic , but is it possible to buy pounds with baht that are held in thailand and then open a foriegn currency account or are these accounts only for pounds brought in from abroad ? might be a good time to buy pounds right now. Not sure you can do it in Thailand but you certainly can do it via HSBC Hong Kong using a multi-currency account - the margin is very slight and the rate is the same or better than onshore. Link to comment Share on other sites More sharing options...
Peterpan Posted November 16, 2008 Share Posted November 16, 2008 I would be wary of investing any money in the Channel Islands - many people have lost savings as the islands have no Deposit Compensation Scheme. Th Isle of Man has compensation of £50000 per saver but I doubt there is enough in the kitty to pay up if banks went t**s up Not all Banks in the Isle of Man, The Irish goverment have backed 6 banks 100% Please go to the URL below http://citywire.co.uk/personal/-/news/mone....aspx?ID=318868 Link to comment Share on other sites More sharing options...
plachonubon Posted November 16, 2008 Author Share Posted November 16, 2008 Hi All,I currently have all my GBP's in HSBC singapore multi currency account.At the moment it's paying a whopping 1.75% (tax free). Although I feel that my money is secure there I would like it to be making more interest. I tried opening bank accounts in the UK last year but couldn't as I am non resident there! Any ideas? It all depends what you are keeping the money for. I have a foreign currency account at Bangkok Bnak in Silom, and I get 4%, (at the time of this posting!). I keep it on deposit there for any medical emergencies, and to satisfy the authorities regarding my retirement extension, so it is very useful for my individual circumstances. Good luck. Alan. I thought money in a Thai bank held to satisfy visa requirements had to be in Thai baht? Link to comment Share on other sites More sharing options...
alantheembalmer Posted November 16, 2008 Share Posted November 16, 2008 Hi All,I currently have all my GBP's in HSBC singapore multi currency account.At the moment it's paying a whopping 1.75% (tax free). Although I feel that my money is secure there I would like it to be making more interest. I tried opening bank accounts in the UK last year but couldn't as I am non resident there! Any ideas? It all depends what you are keeping the money for. I have a foreign currency account at Bangkok Bnak in Silom, and I get 4%, (at the time of this posting!). I keep it on deposit there for any medical emergencies, and to satisfy the authorities regarding my retirement extension, so it is very useful for my individual circumstances. Good luck. Alan. I thought money in a Thai bank held to satisfy visa requirements had to be in Thai baht? Have a look at a post in the visa section, entitled "retirement visa, can I use foreign currency in Thai account?" for further information. Alan Link to comment Share on other sites More sharing options...
Rinrada Posted November 16, 2008 Share Posted November 16, 2008 I have had a $ account in the old CAMPU Bank in PP (not far from Happy Herbs Pizza place - special peppers and all that ) for almost 20 years ... Fun little place to keep some dosh in and never had any any trouble...long way to go for a withdrawal mind you... but thats life.... must be due a visit.... Need to dig out me old Cambodian passport but recon it must be out of date by now........Sok su-bai.. Cambodia Public Bank (Campu) #23, Street 114, Phnom Penh Tel: +(855) (0)23-214111 Link to comment Share on other sites More sharing options...
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