Why Are You Even Here? The Surprising Attitudes of Some Expats in Thailand

[petercallen]

The National Australia Bank either owns or has a large shareholding in a major

Irish bank, I think its the one which was robbed of all the newly printed banknotes.

It might be worth checking with that bank if you are in Ireland.

Term deposits interest paid annually or at maturity with NAB at present.

90 days 5.40%

7 months 6.00%

36 months 6.50%

60 months 6.65%

All funds deposited in Australian bank savings accounts are guaranteed secure by the Australian Government.

National Australia Bank has offloaded its two Irish banks for $2.5 billion,

Fair enough, i did not know that since i do not use Irish bank accounts i was only trying to help you

[petercallen]

All funds deposited in Australian bank savings accounts are guaranteed secure by the Australian Government.

Only up until some time in October, 2011, unless of course the Gillard/Swan/otherbackstabber government (or whatever its called in the coming weeks) extends that.

Any Australian Government who changed the law about guaranteeing bank account's

Would be cutting its own throat, the law was brought in when the recession hit to

stop a run on the banks, no bank in Australia was bailed out by the government

which happened in a lot of other country's. Australia did not go into recession.

[Robby nz]

Havent read all the posts on this topic but I have investments in NZ and as a non resident I can (do) get a withholding tax rate of 2%.

I believe this is available to all non NZ residents

I get this from the ANZ bank in NZ and a finance company I use Marac which has a web site, the NZ Govt guarantees this company so it is safe and pays up to and sometimes over 8% on term deposits.

At present I am averaging over 8% and with only 2% tax it is a great deal.

[newbepat]

The National Australia Bank either owns or has a large shareholding in a major

Irish bank, I think its the one which was robbed of all the newly printed banknotes.

It might be worth checking with that bank if you are in Ireland.

Term deposits interest paid annually or at maturity with NAB at present.

90 days 5.40%

7 months 6.00%

36 months 6.50%

60 months 6.65%

All funds deposited in Australian bank savings accounts are guaranteed secure by the Australian Government.

National Australia Bank has offloaded its two Irish banks for $2.5 billion,

Fair enough, i did not know that since i do not use Irish bank accounts i was only trying to help you

Thanks but i only found this out today when you mention NAB it was the first bank i checked i believe it was sold in 2004 i hope you don't think i was been ungreateful for you comment i can assure you i was not newbepat

[newbepat]

Havent read all the posts on this topic but I have investments in NZ and as a non resident I can (do) get a withholding tax rate of 2%.

I believe this is available to all non NZ residents

I get this from the ANZ bank in NZ and a finance company I use Marac which has a web site, the NZ Govt guarantees this company so it is safe and pays up to and sometimes over 8% on term deposits.

At present I am averaging over 8% and with only 2% tax it is a great deal.

But can i open a bank account in NZ without going there. Question is can i do this from Ireland legally (by the way great rate 8% wow)

[neverdie]

All funds deposited in Australian bank savings accounts are guaranteed secure by the Australian Government.

Only up until some time in October, 2011, unless of course the Gillard/Swan/otherbackstabber government (or whatever its called in the coming weeks) extends that.

Any Australian Government who changed the law about guaranteeing bank account's

Would be cutting its own throat, the law was brought in when the recession hit to

stop a run on the banks, no bank in Australia was bailed out by the government

which happened in a lot of other country's. Australia did not go into recession.

Sorry Peter, Im not trying to blow hot air up your backside but in October 2008 the Rudd government passed legislation to guarantee certain bank deposits for a period of 3 years due to the WFC. That will exprie in 2011. Prior to that people use to incorrectly think that all bank deposits were guaranteed in Australia but that is in fact, incorrect.

The policy in place was always recognised as being a temporary measure to sure up the Australian banking system as there was a fear if push came to shove that there might be a run on the banks. There are conditions with the guarantee as well but with only 400k pounds worth of AUD, that shouldnt be a problem.

[siamamerican]

^ all i am trying to say is there are many factors that will effect what happens there. Anyway, you are preaching to the converted, I have positioned myself well, i hope & personally would love to see an implosion of property prices back home, at which time I will swoop in appropriately. I just feel its not wise to hold my breath

Not holding mine either. It might be years away and history doesn't always repeat. China is sitting on its own property bubble but that is a situation that is beyond my grasp. Too many variables I can't get a handle on. I'm hoping their economic growth will trump the inflated property values. If China's property bubble bursts and with Australia's export heavy economy I could almost guarantee that Australia would follow.

[mark45y]

ANZ bank Singapore (offshore bank) offers deposits in many currencies. If you want to know what the ANZ bank thinks of your currency check the interest rates. The higher the interest rates the higher the possibility of currency depreciation. ANZ Singapore is a great bank, takes a bit of cash to get in. They have an office in Bangkok but it is not a normal banking office but you can sign papers there and open an account and then wire the money from another country.

But don’t ask them for advice. They are very good at execution of orders though.

So if you get tired of listening to the BS here and want to know what the Australian NZ bank thinks about the future of the Aussie talk to the ANZ Singapore.

[Kered]

ANZ bank Singapore (offshore bank) offers deposits in many currencies. If you want to know what the ANZ bank thinks of your currency check the interest rates. The higher the interest rates the higher the possibility of currency depreciation. ANZ Singapore is a great bank, takes a bit of cash to get in. They have an office in Bangkok but it is not a normal banking office but you can sign papers there and open an account and then wire the money from another country.

But don't ask them for advice. They are very good at execution of orders though.

So if you get tired of listening to the BS here and want to know what the Australian NZ bank thinks about the future of the Aussie talk to the ANZ Singapore.

I don't understand on the one hand you say don 't ask ANZ for advice on the other you say talk to ANZ about the future of the Aussie. You sound like a BS economist with two hands which is their normal approach.

[AnnyLing]

I get this from the ANZ bank in NZ and a finance company I use Marac which has a web site, the NZ Govt guarantees this company so it is safe and pays up to and sometimes over 8% on term deposits.

*****

MARAC has a junk rating of BB+ and the NZ government does not guarantee any investment held with MARAC!

MARAC credit rating upgraded by Standard & Poor

Thursday, 12 August 2010, 10:51 am

Press Release: MARAC Finance

MARAC credit rating outlook upgraded by Standard & Poor’s

Pyne Gould Corporation Limited (PGC) is pleased to announce that its subsidiary MARAC Finance Limited (MARAC) has had its credit rating affirmed by international rating agency Standard & Poor’s (S&P) as BB+, and its outlook improved to “stable” from “negative”.

http://www.scoop.co.nz/stories/BU1008/S00350/marac-credit-rating-upgraded-by-standard-poor.htm

[mark45y]

ANZ bank Singapore (offshore bank) offers deposits in many currencies. If you want to know what the ANZ bank thinks of your currency check the interest rates. The higher the interest rates the higher the possibility of currency depreciation. ANZ Singapore is a great bank, takes a bit of cash to get in. They have an office in Bangkok but it is not a normal banking office but you can sign papers there and open an account and then wire the money from another country.

But don't ask them for advice. They are very good at execution of orders though.

So if you get tired of listening to the BS here and want to know what the Australian NZ bank thinks about the future of the Aussie talk to the ANZ Singapore.

I don't understand on the one hand you say don 't ask ANZ for advice on the other you say talk to ANZ about the future of the Aussie. You sound like a BS economist with two hands which is their normal approach.

The future of the Aussie re their interest rates is profit for them or loss for them so they have that information down pat. Advice on investments is advice for the customer and that is not their strong suit. They are good at transfers or any other technical transactions but get your own advice. Another words they take care of their own money very well in their investments.

[bails]

ALSO, I fail to understand why anyone would restrict themselves to a foriegn bank to Australia when looking at depositing funds within Australia.

The four big banks in Australia (all of which are rated in the top dozen or so banks in the world) ALL have better rates than what some of you have quoted here earlier in the thread.

Then theres quite a few smaller regional banks in Australia that rate rather well financially that beat the rates by these 4 banks (All Australian).

I confess to not being a financial expert but i am 99% sure that if people wish to deposit funds into Australian bank (in Australia) they must be Australian citizens or at least have an Australian address. I am sure somebody will correct me if i am mistaken.

[neverdie]

ALSO, I fail to understand why anyone would restrict themselves to a foriegn bank to Australia when looking at depositing funds within Australia.

The four big banks in Australia (all of which are rated in the top dozen or so banks in the world) ALL have better rates than what some of you have quoted here earlier in the thread.

Then theres quite a few smaller regional banks in Australia that rate rather well financially that beat the rates by these 4 banks (All Australian).

I confess to not being a financial expert but i am 99% sure that if people wish to deposit funds into Australian bank (in Australia) they must be Australian citizens or at least have an Australian address. I am sure somebody will correct me if i am mistaken.

Yes, you are mistaken bails. You do NOT need to be an Australian citizen nor do you have to have an Australian Address. People with overseas address will automatically have the 10% withholding tax deducted from their interest payments thus aleivating any need to worry about an Australian tax return, its an obligation on the banks. If a Non resident provides an australian address (such as a friends) AND does NOT provide an Australian Tax File number they will pay the top marginal income tax rate (which is almost 50%).

[newbepat]

ALSO, I fail to understand why anyone would restrict themselves to a foriegn bank to Australia when looking at depositing funds within Australia.

The four big banks in Australia (all of which are rated in the top dozen or so banks in the world) ALL have better rates than what some of you have quoted here earlier in the thread.

Then theres quite a few smaller regional banks in Australia that rate rather well financially that beat the rates by these 4 banks (All Australian).

I confess to not being a financial expert but i am 99% sure that if people wish to deposit funds into Australian bank (in Australia) they must be Australian citizens or at least have an Australian address. I am sure somebody will correct me if i am mistaken.

Yes, you are mistaken bails. You do NOT need to be an Australian citizen nor do you have to have an Australian Address. People with overseas address will automatically have the 10% withholding tax deducted from their interest payments thus aleivating any need to worry about an Australian tax return, its an obligation on the banks. If a Non resident provides an australian address (such as a friends) AND does NOT provide an Australian Tax File number they will pay the top marginal income tax rate (which is almost 50%).

So neverie, if i wanted i open an bank account in Australia to avail of these great interest rates how do i prove my identidy and set up the account if i am liveing in Ireland and i dont want to go to Australia which was my original question ??

[mark45y]

ALSO, I fail to understand why anyone would restrict themselves to a foriegn bank to Australia when looking at depositing funds within Australia.

The four big banks in Australia (all of which are rated in the top dozen or so banks in the world) ALL have better rates than what some of you have quoted here earlier in the thread.

Then theres quite a few smaller regional banks in Australia that rate rather well financially that beat the rates by these 4 banks (All Australian).

I confess to not being a financial expert but i am 99% sure that if people wish to deposit funds into Australian bank (in Australia) they must be Australian citizens or at least have an Australian address. I am sure somebody will correct me if i am mistaken.

Yes, you are mistaken bails. You do NOT need to be an Australian citizen nor do you have to have an Australian Address. People with overseas address will automatically have the 10% withholding tax deducted from their interest payments thus aleivating any need to worry about an Australian tax return, its an obligation on the banks. If a Non resident provides an australian address (such as a friends) AND does NOT provide an Australian Tax File number they will pay the top marginal income tax rate (which is almost 50%).

So neverie, if i wanted i open an bank account in Australia to avail of these great interest rates how do i prove my identidy and set up the account if i am liveing in Ireland and i dont want to go to Australia which was my original question ??

Australian NZ bank in Singapore. No tax charge either. Look it up online. ANZ bank.

[neverdie]

So neverie, if i wanted i open an bank account in Australia to avail of these great interest rates how do i prove my identidy and set up the account if i am liveing in Ireland and i dont want to go to Australia which was my original question ??

Yeah sorry newbepat, I'm just trying to set the record straight, there is misinfo out there. Firstly I cant answer that specifically, my advice to you was to search each of the major 4, Commonwealth Bank, National Australia Bank, Westpac and ANZ. I believe they will probably all state different options for doing that. I helped a few thais i have known in Australia with setting up bank accounts but each time they were onshore. I read today that one of the banks was setting up in India. I am aware that ANZ has several O/S branches and one of the Aussie 4 was doing business in the UK.

Have you looked at their websites for the information, Im not in Australia so I can't visit any branches and ask them for you.

Aussie banks will need 100 points of ID to prove you are you, I believe a passport is worth 70 points a drivers licence with a picture 40, other documents with ur name and address on them are worth 25 points. If you were going to Australia you only need the passport if you open the account in the first 6 months BUT I KNOW THAT DOESNT APPLY TO YOU.

I believe & you would need to contact the bank to confirm this, but if you are unable to personally attend a branch of westpac to open an account they will accept certified copies of the ID. They have this on their website. I am guessing it would take some organising. My understanding is that you can apply online to open an account, using ur overseas address THEN they will complete certain paperwork and send you an WELCOME LETTER requesting you attend a branch for the 100point ID check. You can then download a document from their website and have a set criteria of people certify copies of your documents as true and correct copies & then mail them into the centre & bobs ur uncle.

From their website:

How can I present my identification if I cannot visit the bank in person?

If you cannot attend in person, please call your branch on the number shown in your Welcome Letter. In some circumstances it may be possible for you to provide certified copies of your identification documents.

People that can certify your documents are as follows and I have just copied these two groups from a list of 16 options available to people within australia, you only have two options if you are overseas.

1. An International Bank employee authorised by their institution to open accounts, where the International Bank is acceptable to the Bank

An Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955)

Note: a customer residing overseas can ONLY use category 11 or 16 from above. Banks acceptable under category 16 must have a current correspondent banking relationship with Westpac.

Anyway, thats only one of the banks, pump up and have a look at their websites, they all do it & theres ways to get stuff done.

Edited August 25, 2010 by neverdie

[Kered]

So neverie, if i wanted i open an bank account in Australia to avail of these great interest rates how do i prove my identidy and set up the account if i am liveing in Ireland and i dont want to go to Australia which was my original question ??

Yeah sorry newbepat, I'm just trying to set the record straight, there is misinfo out there. Firstly I cant answer that specifically, my advice to you was to search each of the major 4, Commonwealth Bank, National Australia Bank, Westpac and ANZ. I believe they will probably all state different options for doing that. I helped a few thais i have known in Australia with setting up bank accounts but each time they were onshore. I read today that one of the banks was setting up in India. I am aware that ANZ has several O/S branches and one of the Aussie 4 was doing business in the UK.

Have you looked at their websites for the information, Im not in Australia so I can't visit any branches and ask them for you.

Aussie banks will need 100 points of ID to prove you are you, I believe a passport is worth 70 points a drivers licence with a picture 40, other documents with ur name and address on them are worth 25 points. If you were going to Australia you only need the passport if you open the account in the first 6 months BUT I KNOW THAT DOESNT APPLY TO YOU.

I believe & you would need to contact the bank to confirm this, but if you are unable to personally attend a branch of westpac to open an account they will accept certified copies of the ID. They have this on their website. I am guessing it would take some organising. My understanding is that you can apply online to open an account, using ur overseas address THEN they will complete certain paperwork and send you an WELCOME LETTER requesting you attend a branch for the 100point ID check. You can then download a document from their website and have a set criteria of people certify copies of your documents as true and correct copies & then mail them into the centre & bobs ur uncle.

From their website:

How can I present my identification if I cannot visit the bank in person?

If you cannot attend in person, please call your branch on the number shown in your Welcome Letter. In some circumstances it may be possible for you to provide certified copies of your identification documents.

People that can certify your documents are as follows and I have just copied these two groups from a list of 16 options available to people within australia, you only have two options if you are overseas.

1. An International Bank employee authorised by their institution to open accounts, where the International Bank is acceptable to the Bank

An Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955)

Note: a customer residing overseas can ONLY use category 11 or 16 from above. Banks acceptable under category 16 must have a current correspondent banking relationship with Westpac.

Anyway, thats only one of the banks, pump up and have a look at their websites, they all do it & theres ways to get stuff done.

Newbepat

Ignore all the BS, talk to your existing bank they can advise you correctly regarding the required documentation and can certify it for you. Normally at any Bank today you will need a copy of your passport, 3 months bank statements from another bank, and a utility bill in your name to verify your residential address, a copy of a yellow book with translation is an option. Even though it is destined for another financial institution your present bank from my experienced will be happy to certify the documents for you without charge. An embassy will also do it but charges can be extortionate e.g. UK. A notary public can, of course also certify, but these do not exist in Thailand but possibly in Ireland. To the best of my knowledge the same documents are required if you personally visit a Bank in Australia. Today there are international regulations adhered to by all reputable financial organizations regarding verifying a potential customers credibility and also verifying the source of funds before an account is opened.

[neverdie]

Newbepat

Ignore all the BS, talk to your existing bank they can advise you correctly regarding the required documentation and can certify it for you. Normally at any Bank today you will need a copy of your passport, 3 months bank statements from another bank, and a utility bill in your name to verify your residential address, a copy of a yellow book with translation is an option. Even though it is destined for another financial institution your present bank from my experienced will be happy to certify the documents for you without charge. An embassy will also do it but charges can be extortionate e.g. UK. A notary public can, of course also certify, but these do not exist in Thailand but possibly in Ireland. To the best of my knowledge the same documents are required if you personally visit a Bank in Australia. Today there are international regulations adhered to by all reputable financial organizations regarding verifying a potential customers credibility and also verifying the source of funds before an account is opened.

Kered,

"Ignore all the BS?"

Well its clear you did understand what the OP was asking. You kindly attached my post to your statement above so let me point out your errors.

Firstly, I took the above information DIRECTLY fromt he site of one of the 4 Australian Banks - Westpac. I copy and pasted straight over. Let me assure you, Westpac certainly couldnt give a rats about any yellow book, their site is quite specific about what they will accept for someone overseas who wants to open an account without attending one of the branches on shore in Australia.

So your advice about ignoring the BS, clearly applies to what you wrote after that. Westpac clearly states that the only two otions they will accept for the overseas person wishing to open an account is the Australian Embassy or the bank person who is authorised to open accounts in a bank that is associated with their bank (at the overseas location).

I am sure each of the other 3 Aussie big 4 banks probably has their own proceedures.

[mark45y]

I was going to tell the OP. But I don't think I should. If he has a lick of sense he will contact the bank himself. Australian banks are not only in Australia.

[neverdie]

I was going to tell the OP. But I don't think I should. If he has a lick of sense he will contact the bank himself. Australian banks are not only in Australia.

Very true mark45y and i just greened you for using common sense. Also, all the banks have great websites and you can obtain the specific information on them (althought some think its BS )

Google is everyones friend

[BEENTHEREDONETHAT]

If I'm not mistaken the Aussie and Kiwi government guarantee on new term deposits ends in October. Chances are they will renew it but something to consider and ask the bank before making a term deposit.

BT

[Naam]

I get this from the ANZ bank in NZ and a finance company I use Marac which has a web site, the NZ Govt guarantees this company so it is safe and pays up to and sometimes over 8% on term deposits.

*****

MARAC has a junk rating of BB+ and the NZ government does not guarantee any investment held with MARAC!

MARAC credit rating upgraded by Standard & Poor

Thursday, 12 August 2010, 10:51 am

Press Release: MARAC Finance

MARAC credit rating outlook upgraded by Standard & Poor’s

Pyne Gould Corporation Limited (PGC) is pleased to announce that its subsidiary MARAC Finance Limited (MARAC) has had its credit rating affirmed by international rating agency Standard & Poor’s (S&P) as BB+, and its outlook improved to “stable” from “negative”.

http://www.scoop.co.nz/stories/BU1008/S00350/marac-credit-rating-upgraded-by-standard-poor.htm

both of you made mistakes or used wrong syntax such as "NZ Govt guarantees this company". i am sure the OP meant that any cash deposits in Marac are guaranteed which (i think) is a fair assumption.

[neverdie]

If I'm not mistaken the Aussie and Kiwi government guarantee on new term deposits ends in October. Chances are they will renew it but something to consider and ask the bank before making a term deposit.

BT

BTDT,

Yes for Australia, October 2011, not this October the temporary legislation was put in place for 3 years in 2008.

Im not sure what they are doing on the other side of the tasman.

Edited August 26, 2010 by neverdie

[newbepat]

I was going to tell the OP. But I don't think I should. If he has a lick of sense he will contact the bank himself. Australian banks are not only in Australia.

Very true mark45y and i just greened you for using common sense. Also, all the banks have great websites and you can obtain the specific information on them (althought some think its BS )

Google is everyones friend

Thanks to One and all for your help, i did look at some of the Aussie websites but they referred to people going to live in Australia, one told me to look at their London branch.

I just thought i would ask the folks on Thaivisa to see if they had any ideas. To sum up: Yes there are better rates out there, but it looks like you have to present yourself in that country to open an account first.

Kind regards Newbepat

[neverdie]

I was going to tell the OP. But I don't think I should. If he has a lick of sense he will contact the bank himself. Australian banks are not only in Australia.

Very true mark45y and i just greened you for using common sense. Also, all the banks have great websites and you can obtain the specific information on them (althought some think its BS )

Google is everyones friend

Thanks to One and all for your help, i did look at some of the Aussie websites but they referred to people going to live in Australia, one told me to look at their London branch.

I just thought i would ask the folks on Thaivisa to see if they had any ideas. To sum up: Yes there are better rates out there, but it looks like you have to present yourself in that country to open an account first.

Kind regards Newbepat

Clearly you didnt read what I posted directly from the Westpac Site. You dont need to go there and present yourself to set up an account and the process couldnt be easier.

[Kered]

I was going to tell the OP. But I don't think I should. If he has a lick of sense he will contact the bank himself. Australian banks are not only in Australia.

Very true mark45y and i just greened you for using common sense. Also, all the banks have great websites and you can obtain the specific information on them (althought some think its BS )

Google is everyones friend

Thanks to One and all for your help, i did look at some of the Aussie websites but they referred to people going to live in Australia, one told me to look at their London branch.

I just thought i would ask the folks on Thaivisa to see if they had any ideas. To sum up: Yes there are better rates out there, but it looks like you have to present yourself in that country to open an account first.

Kind regards Newbepat

Clearly you didnt read what I posted directly from the Westpac Site. You dont need to go there and present yourself to set up an account and the process couldnt be easier.

Are you sure that Westpac can provide the rate that Newbepat wishes to achieve, as far as I can see the highest rate offered by Westpac on the website is 5.95% less tax.

[newbepat]

I was going to tell the OP. But I don't think I should. If he has a lick of sense he will contact the bank himself. Australian banks are not only in Australia.

Very true mark45y and i just greened you for using common sense. Also, all the banks have great websites and you can obtain the specific information on them (althought some think its BS )

Google is everyones friend

Thanks to One and all for your help, i did look at some of the Aussie websites but they referred to people going to live in Australia, one told me to look at their London branch.

I just thought i would ask the folks on Thaivisa to see if they had any ideas. To sum up: Yes there are better rates out there, but it looks like you have to present yourself in that country to open an account first.

Kind regards Newbepat

Clearly you didnt read what I posted directly from the Westpac Site. You dont need to go there and present yourself to set up an account and the process couldnt be easier.

I did check westpack site and in very small writing was this : This site is directed and available to and for the benefit of Australian residents only (2010).

[neverdie]

Are you sure that Westpac can provide the rate that Newbepat wishes to achieve, as far as I can see the highest rate offered by Westpac on the website is 5.95% less tax.

Ohh I wasnt reponding to rates, they vary quite a bit & I wasnt trying to suggest one of the banks was better than or had better rates than the others.

I didnt actually take his thead as one to find the highest rate, just whether or not a non australian could open an account without moving there, which they can & I have know two people that did exactly that.

[neverdie]

I did check westpack site and in very small writing was this : This site is directed and available to and for the benefit of Australian residents only (2010).

Well I dont know where you dragged that out from but obviously you went straight past the steps for people overseas (outside australia) and unable to attend a branch of that bank and how to go about getting documents certified in order to complete the 100point id check.

I know 2 different people in opposite parts of the world that had opened Australian bank accounts without going to Australia.

Anyway, you seem as if you have asked a question on the forum & you have been given some information about that but its totally up to you what you want to do about it, afterall it doesnt affect me, im already getting good returns on my cash investments.

Of course, as someone else already pointed out, you need to consider alot more than just the interest rate, espeically when it comes to a high yielding currency like the Australian dollar.