Job Offer - Should I Ask For Thb, Usd, Gbp Or Euros?

[simon43]

I will (hopefully) be offered a new job soon - working for a European company in their south-east Asian office (not in Thailand).

I intend to put aside savings from my salary to purchase a condo in Thailand in a couple of years from now.

What would be the best currency to receive my salary in? If I am paid in (eg) USD, I suspect that the exchange rate will continue to slide, and my monthly savings will be reduced if I convert immediately into THB and save in a THB account.

There are really 2 questions here. What currency should I request my salary to be paid in, and should I save my monthly money in that original currency, or convert it to THB when I receive it each month?

My local, expenditure during employment should be insignificant, as far as exchange rate fluctuations are concerned.

I think my new employer would be willing to sign an employment contract with my salary specified in USD, THB, GBP or Euros.

Simon

[BWPattaya]

If you are wanting to use the cash to buy a condo you Thai bank has to provide evidence that your money has come from abroad abd that you informed them that the cash was intended for this purpose. It may be better that you put it into a foreign bank and transfer the cash here in a lump stating that the purpose of the transfer is a condo purchase.

Having your salary paid here monthly would not prove that the money has come from abroad specifically with the intent of a condo purchase. May be worth speaking to your bank, though they may forget what they said when push comes to shove.

[PCA]

That's a funny post. You will hopefully get a job offered and then you just think but apparently don't know that you can chose the currency in which your salary might get paid out because in a few years you want to buy a condo in Thailand.

Any other currencies you think that you might get offered?

From the 3 you mentioned they will fluctuate more or less similar against the baht from their current levels.

If you work and probably live in another so far unspecified country then you should take their local currency and if you only consider to jump from there back to Thailand then you can do something against an unfavorable move of the baht like for example NDFs. Those you buy once in a while when you have some money saved and not on a regular basis, otherwise you will become a clueless currency junkie like most of the "experts" here.

Edited September 8, 2010 by PCA

[simon43]

PCA, not really a funny post. I live in Thailand since 2002. I intend to purchase a condo in Thailand in a few years from now. I am at the salary negotiating stage with the company who is registered in a Euro country, but headquartered in the UK, and who will employ me in an Asian country where the USD is standard currency

So, for 100% sure I will return to Thailand in a few years from now. I live here

Simon

[PCA]

PCA, not really a funny post. I live in Thailand since 2002. I intend to purchase a condo in Thailand in a few years from now. I am at the salary negotiating stage with the company who is registered in a Euro country, but headquartered in the UK, and who will employ me in an Asian country where the USD is standard currency

So, for 100% sure I will return to Thailand in a few years from now. I live here

Simon

Then if I were you I would chose USD regardless what the rest of the earth might think at the moment with the advantage to easily buy and sell any financial product to hedge USD and THB against each other in case things deteriorate. The Asian country (still unknown) for sure has it's own local currency as well and you can convert part of your salary regularly at attractive rates in case you really decide for USD.

That's the only advice I can give in regard to the little information you unveiled about the circumstances.

[Furbie]

PCA, not really a funny post. I live in Thailand since 2002. I intend to purchase a condo in Thailand in a few years from now. I am at the salary negotiating stage with the company who is registered in a Euro country, but headquartered in the UK, and who will employ me in an Asian country where the USD is standard currency

So, for 100% sure I will return to Thailand in a few years from now. I live here

Simon

Then if I were you I would chose USD regardless what the rest of the earth might think at the moment with the advantage to easily buy and sell any financial product to hedge USD and THB against each other in case things deteriorate. The Asian country (still unknown) for sure has it's own local currency as well and you can convert part of your salary regularly at attractive rates in case you really decide for USD.

That's the only advice I can give in regard to the little information you unveiled about the circumstances.

I agree. Go with USD. The THB will slide again someday, and this is not a good choice for an international salary. Even when Thai professionals s go offshore with western companies they get USD quote or local quote salaries, not THB.

The other option is if they would be willing to split your salary – some onshore in local currency some offshore in USD. I would ask to be paid in USD for anything I would save and keep it in the US (or your home country) and ask to be paid locally for all of my normal expenditure – rent, food, etc. In an emergency, you can transfer in the USD.

[ExpatJ]

Having worked for several companies as an expat in the region- you could normally choose either euros or US $ or the local currency. But i can almost guarantee they are not going to organise payment for you in thai baht if you are based in another asian country- the administrative costs would be too high for them.

Edited September 9, 2010 by ExpatJ

[gregb]

If I had the choice of any currency on the planet I would ask to have my renumeration specified in gold. It will outperform any of the currencies you mention.

But if you are limited to choosing just 1 of the 4 you state, then I would say THB. It is the only one that doesn't suffer from serious structural problems. Beyond that, your expenses are going to be in Baht, so it is the only one that doesn't require you to accept risk or hedge. There is just no reason to consider anything else.

The condo is going to be a problem independent of the currency you were paid in. Unless you leave all the money stashed overseas. But the Indian money changers can help you out with that problem when you are faced with it for a small fee, or you can simply make multiple trips across the border at Aranyaprathet each time carrying 500k to deposit in a bank in Poipet, then wire the money back to Thailand.

There are always solutions to those kinds of problems. Concentrate right now on maximizing your wealth. So unless you can negotiate for gold, THB is your best bet.

[steven100]

I would ask if I can be paid in Indonesian Rupiah's or Korean Wons ...... that way when you open your savings passbook you will see so many zeros you will forget about what currency or salary your getting !!

Also , when you cash out you will need a wheelbarrow to pick it up.

[el jefe]

If there is anyone out there who can accurately predict future currency movements, are they really spending their day reading ThaiVisa?

[lonewolf99]

If there is anyone out there who can accurately predict future currency movements, are they really spending their day reading ThaiVisa?

I am sure some one will claim to be an expert...there are numerous posts on T.V. from self confessed money gurus.

I read last week (on the internet) it is estimated that globally 4 Trillion Dollars is traded daily now.

Would that have happened if there was no internet ? I do not think so........

[ESB7]

If there is anyone out there who can accurately predict future currency movements, are they really spending their day reading ThaiVisa?

I am sure some one will claim to be an expert...there are numerous posts on T.V. from self confessed money gurus.

I read last week (on the internet) it is estimated that globally 4 Trillion Dollars is traded daily now.

Would that have happened if there was no internet ? I do not think so........

If the salary is paid in Thai Baht, will your monthly salary stay the same, or is it pegged against Sterling, Euro or $ ?...if you are paid a static salary in Baht then that surely is best as you know exactly what you are getting and will not have any major concerns regarding exchange rates.....

Edited September 9, 2010 by ESB7

[kiwiinasia]

Ask for it in shekels, that'll have them confused for a day or two. Probably more stable than any other currency at the moment.

Don't expect any sane currency movements until the recession is well and truly over, say 2015.

[PCA]

what I feel sick about all the time on this comedy section of thaivisa is that the suckers who raise questions just disappear after they read something beyond their level of understanging or expectation.

I did not reply for the question in the first place but because I read other posts of the OP who is not even able to contribute any further or express any kind of appreciation to the issue. It's a clown's place here as it has mostly been as long I can think back...

[simon43]

Was your last comment directed at me PCA? I've been here all the time (although I was absent from the forum for maybe 10 minutes yesterday due to a call of nature).

I've already replied to your comments, and I've ignored the non-serious comments. Do you want me to reply to them as well? I am just about to reply to ESB7, who has made some relevant comments.

I see your Reputation is zero - I understand why.

Simon

[simon43]

ESB7 - thanks for your comment. That is actually the most important issue - to ensure stability and minimal fluctuation of my 'final' salary. If my employment contract is in Thai baht, then I know what I will be getting each month, regardless of how the $, pound or Euro fluctuates.

Simon

[BWPattaya]

The condo is going to be a problem independent of the currency you were paid in. Unless you leave all the money stashed overseas. But the Indian money changers can help you out with that problem when you are faced with it for a small fee, or you can simply make multiple trips across the border at Aranyaprathet each time carrying 500k to deposit in a bank in Poipet, then wire the money back to Thailand.

There is a limit of (I think) 30,000 Bt on currency allowed to be taken out of the country.

[GuestHouse]

I reckon since your employers are UK based I'd keep things simple and ask for Sterling, you might then open currency accounts in the UK and save funds in Sterling, $ and Euro to spread your bets.

Sticking your savings in Bht, presumably in a Thai bank and getting next to sweet FA interest seems like a bad idea to me. Since you are not in Thailand, don't bring your money here until you need to - You might in anycase change your mind before you've saved for the Condo and then find yourself stuck with money in Thailand a fat charge to get it back out again.

[eurasianthai]

Whatever is your budget in Thailand, ask to be paid in Thai baht and the rest in the foreign currency of your choice, usually your home country currency.

This will reduce the risks associated with currency fluctuations as well as Thai situation...

[GuestHouse]

Simon, learn to recognize the symptoms in people who are p1ssed that you've found a job, and then avoid those who exhibit them.

[simon43]

Hi Guesthouse, good advice (in 2 posts!). Opening a UK bank account has the added benefit of re-establishing a financial record in the UK, which could be useful in the future if I need to return to the UK for some unseen reason. (I currently have no UK bank account and my credit history records therefore 'trail off' several years ago).

Simon

[steelepulse]

Sing dollar isn't a bad option either.

[jazzbo]

Currency Limitation

For Thai currency, the amount of Baht 50,000 or more must be reported on departure to Customs ...

... A bunch of Silicon Valleyt guys worth $US hundreds of millions were asked: "Now that you have all this money, what is it you want to do that even with all this money you still cannot do?" ... and they all replied: Play Music ... Relax Kuhn PCA -- maybe the OP (based on posts elsewhere) is just an extreme wanna-be kaen playing frustrated musician.

Edited September 11, 2010 by jazzbo