Best Place To Park Cash

[deejah]

i gave siam commercial a go

they repeated promised me 2% for 6 months

- they NEVER said 2% a year until AFTER i came to collect

- that doesnt make sense either since its a good bit over 1 %

- but no where near 2% (based on yearly return)

- the money wasnt available until a few weeks after the 6 month maturity

extremely unprofessional

BTW the issuing bank was k bank, so perhaps i will go there directly

called k bank last night

the guy was like 'when can you come?'

'we sell this fund quickly'

'hurry hurry'

really felt uneasy to me

offered me something like 1.2% per year for 4 months or 1.9% for a year

(pitiful) siam commercial about .5%

the above mentioned are korean govt funds

apparently it takes weeks to get the money from korea with scb!!!

hogwash, i dont buy it

i have also been warned scb will screw you over if/when you transfer money out of the country with exchange rate or time involved

also been reading

should/when the next major crash come

it could easily take down many many banks

are there any safer banks then others in thailand?

apparently, typically

for every 100 dollars/baht/whatever a bank lends, they only really have 10 in cash if that much

what country has the safest most stable currency?

what are the safest banks in thailand and abroad?

how can i open an account abroad?

i know i have a lot of questions, concerns, issues,

but they are all related

(pardon me if i am misinformed about something, live and learn)

sooooooo:

where is the best place to park cash for safety and return in or while in thailand?

[sharecropper]

Just to offer as a comparable, I am today putting some money on deposit at HSBC in London for 1 year and the best they can offer me is 1.6% fixed.

[philliphn]

You could try an annuitie for about 5% return.

[ExpatJ]

Thailand's banks are probably safer than most in the West these days- the reason why they werent really affected by the crisis in 2008 is because they manage their funds more conservatively than Western banks.

where to park your money? If you have enough cash i would say buy your own condo/house and live there- rental savings every month will give you high return...

[flying]

You are correct in your description of fractional reserve banking....ie: loaning out 10x what they take in.

As such why even settle for their 1-2% ?

Personally ...& I know it will not change things...but personally I refuse to take part any longer in this one sided game.

I bank only what I need to do business.

[chiang mai]

Nationwide International IOM, 2.6% instant access, Anglo Irish IOM, 2.8% instant access, ICCI London, 3.6% for one year, and so on.

[PattayaParent]

You are correct in your description of fractional reserve banking....ie: loaning out 10x what they take in.

As such why even settle for their 1-2% ?

Personally ...& I know it will not change things...but personally I refuse to take part any longer in this one sided game.

I bank only what I need to do business.

Your matress must be pretty full?

[flying]

Your matress must be pretty full?

nah...but I should add anyone who lacks creativity of course may want to stick with the banks

[kiwiinasia]

Thailand's banks are probably safer than most in the West these days- the reason why they werent really affected by the crisis in 2008 is because they manage their funds more conservatively than Western banks.

WHAT?

Are you serious?

This has to be the most inaccurate post of the DECADE!

Keep your money off shore in a term deposit in Australia, any currency except the Euro as its going to be downward for the next year or more.

Any currency that the Greeks or Gordon Brown have access too should be sold ASAP.

[ExpatJ]

Thailand's banks are probably safer than most in the West these days- the reason why they werent really affected by the crisis in 2008 is because they manage their funds more conservatively than Western banks.

WHAT?

Are you serious?

This has to be the most inaccurate post of the DECADE!

Keep your money off shore in a term deposit in Australia, any currency except the Euro as its going to be downward for the next year or more.

Any currency that the Greeks or Gordon Brown have access too should be sold ASAP.

Really?

Dozens of western banks went bankrupt as a result of the economic crisis http://en.wikipedia.org/wiki/List_of_acqui...inancial_crisis

How many Thai banks went bankrupt?

There you go...

[Asmerom]

Thailand's banks are probably safer than most in the West these days- the reason why they werent really affected by the crisis in 2008 is because they manage their funds more conservatively than Western banks.

where to park your money? If you have enough cash i would say buy your own condo/house and live there- rental savings every month will give you high return...

A JP Morgan Analyst, based in Bangkok, on Bloomberg this morning reckons Siam Commercial Bank and Kasikorn Bank are the two safest Bank investments and says they will yield a return of 25%/30% this year as the economy recovers.

[clinique]

get quotes from ICICI Bank Singapore Branch... good rates, slightly higher than other places..

good service and smart... ICICI is listed in the NYSE..

[Naam]

You are correct in your description of fractional reserve banking....ie: loaning out 10x what they take in.

As such why even settle for their 1-2% ?

Personally ...& I know it will not change things...but personally I refuse to take part any longer in this one sided game.

I bank only what I need to do business.

the description is correct but one has to add it is a fairy tale.

[Naam]

i gave siam commercial a go

they repeated promised me 2% for 6 months

- they NEVER said 2% a year until AFTER i came to collect

- that doesnt make sense either since its a good bit over 1 %

- but no where near 2% (based on yearly return)

welcome to reality. fact: a newbie has learned that interest rates are always quote per annum.

[Naam]

get quotes from ICICI Bank Singapore Branch... good rates, slightly higher than other places..

good service and smart... ICICI is listed in the NYSE..

and ICICI, Singapore has recently been given the status FQB (fully qualified bank) by the Monetary Authority of Singapore.

[TheGhostWithin]

Australian banks can be challenging to set up an account with. There are companies online that do this however I have never tried - I have family in Australia and so setting an account was easier for me.

I am a resident of New Zealand and know that setting up an account here, even for a foreigner is fairly easy. Interest rates are far superior to that which is being offered in TH at the moment, with rates up to 4.75% p.a - rates are likely to raise over the next 12 months so you may even get a little more for your return. Rates and ratings can be viewed on the website http://www.interest.co.nz/call.asp.

I use a company called NZForex to transfer funds to my KBank account, their rates are better than the banks and their transfer fees are a lot lower.

The interest.co.nz website also has Australian deposit rates, which are a bit higher. If you do want higher interest rates though, you could try Poland, Greece and South Africa though I do not have any experience in these. For the kind of returns they offer, my money is probably safer in stocks judging by the current market position worldwide - avoid China.

[Steiner]

get quotes from ICICI Bank Singapore Branch... good rates, slightly higher than other places..

good service and smart... ICICI is listed in the NYSE..

Word of caution re icici Singapore branch;

http://www.thaivisa.com/forum/Difficulties...ga-t165197.html

[Orion76]

You are correct in your description of fractional reserve banking....ie: loaning out 10x what they take in.

Or shorting metals and buying mortgage backed securities with 100x of what they take in

[flying]

the description is correct but one has to add it is a fairy tale.

I feel so much better knowing that.....not

Perhaps the description of 10x was misleading as a blanket statement but....suffice it to say that if even 50%

of the banked customers chose to withdraw their money today it would not be immediately available.

Looking at a money multiplier model explains it better.....

http://en.wikipedia.org/wiki/Money_multiplier

This is due to the fact that fractional reserve banking only requires banks to keep a small fraction of their deposits as cash.

Yet these*savers* did not sign any agreement locking their funds up for any specified time such as a cd.

As such they do not enjoy anything close to a return.

All fine & well they, the banks, need to make money.....What is not fair in my opinion is while this continues the saver is not rewarded in any comparable way. While you as a saver loan to them at 1% they loan to you at 7% & borrow from the FED/central banks for even less than they borrow from you. By right all money not deposited into time lock type instruments should be available for immediate withdrawal.....IMHO of course

But then of course they would probably charge you 1% for guarding what you cannot guard yourself.

Yes I know it is what it is

Edited February 16, 2010 by flying

[Naam]

the description is correct but one has to add it is a fairy tale.

I feel so much better knowing that.....not

Perhaps the description of 10x was misleading as a blanket statement but....suffice it to say that if even 50%

of the banked customers chose to withdraw their money today it would not be immediately available.

the percentage is actually much lower. nevertheless, the general presentation of "fractional..." is a myth.

[crusader79]

OMG, forget fractional banking, I just found money itself is apparently an illusion! I'm heading out to barter for a breakfast beer....

http://www.theonion.com/content/news/u_s_e...inds_to_halt_as

[flying]

OMG, forget fractional banking, I just found money itself is apparently an illusion! I'm heading out to barter for a breakfast beer....

:D

Actually almost correct.....Currency is the illusion but money is real.

Says so right on our ( USD ) currency

Federal Reserve Note

Shouldn't notes be redeemable? Well they use to be anyway...

You don't find that nonsense on real money

Edited February 17, 2010 by flying

[Naam]

"The U.S. economy ceased to function this week after unexpected existential remarks by Federal Reserve chairman Ben Bernanke shocked Americans into realizing that money is, in fact, just a meaningless and intangible social construct."

i wonder whether the writer of onion.com would be willing to transfer all his "meaningless and intangible" money to one of my accounta. perhaps i should ask him?

[clinique]

get quotes from ICICI Bank Singapore Branch... good rates, slightly higher than other places..

good service and smart... ICICI is listed in the NYSE..

Word of caution re icici Singapore branch;

http://www.thaivisa.com/forum/Difficulties...ga-t165197.html

we have never had aproblem with them .. even in this regard..

[PattayaParent]

Just to offer as a comparable, I am today putting some money on deposit at HSBC in London for 1 year and the best they can offer me is 1.6% fixed.

You can get much better rates than that offshore in Channel Islands and Isle of man.

[marc69]

Just to offer as a comparable, I am today putting some money on deposit at HSBC in London for 1 year and the best they can offer me is 1.6% fixed.

You can get much better rates than that offshore in Channel Islands and Isle of man.

I wonder what kind of guarantees on savings these banks offer. Is there any specific bank you could recommend? Thanks.

[PattayaParent]

Just to offer as a comparable, I am today putting some money on deposit at HSBC in London for 1 year and the best they can offer me is 1.6% fixed.

You can get much better rates than that offshore in Channel Islands and Isle of man.

I wonder what kind of guarantees on savings these banks offer. Is there any specific bank you could recommend? Thanks.

They're covered up to 50k Quids under the CI/IOM depositor compensation schemes.

Use this Moneyextra search to find the best offshore (or onshore) rates

http://www.moneyextra.com/savings/offshore...untToSave=10000

Edit: or Moneyfacts http://moneyfacts.co.uk/compare/offshore/accounts/

Edited February 18, 2010 by PattayaParent

[chiang mai]

Just to add, on the point of insured deposits:

In Thailand ex pat deposits in resident accounts are covered by the bank guarantees, non-resident accounts are not insured, ditto Hong Kong and presumably Singapore also.

[Naam]

Just to add, on the point of insured deposits:

In Thailand ex pat deposits in resident accounts are covered by the bank guarantees, non-resident accounts are not insured, ditto Hong Kong and presumably Singapore also.

incorrect assumption. Singapore garanties all deposits. the guarantee -if not renewed- expires october 19th, 2010

[Alwaysright]

Thailand's banks are probably safer than most in the West these days- the reason why they werent really affected by the crisis in 2008 is because they manage their funds more conservatively than Western banks.

WHAT?

Are you serious?

This has to be the most inaccurate post of the DECADE!

Keep your money off shore in a term deposit in Australia, any currency except the Euro as its going to be downward for the next year or more.

Any currency that the Greeks or Gordon Brown have access too should be sold ASAP.

Really?

Dozens of western banks went bankrupt as a result of the economic crisis http://en.wikipedia.org/wiki/List_of_acqui...inancial_crisis

How many Thai banks went bankrupt?

There you go...

And nobody lost any money in the states.Safer than any other country.