Pattaya sees rise in independent Chinese tourists amid decline in group tours

[james24]

I am about to blow

Just found out my bank in uk were giving me 0.1 percent interest on my savings. Just changed it to account for 2.72 paid monthly.

As they completely rip me off for withdrawals aswell 2.50 now aswell as 150 bahth out here, I have thought about opening a sterling account out here...?

Any advice...? Anyone know the best interest rate Ill get out here...? For Uk pounds..?

I hate banks.

[alfieconn]

Why not try some of the offshore banks and no tax paid.

[james24]

I wouldnt know where to start.

Realistically am I gonna get a better rate than 2.72 on an amount as small 7000 pounds

[Naam]

"Anyone know the best interest rate Ill get out here...? For Uk pounds..?"

0% interest plus cost to pay. welcome to reality.

[james24]

ooh that is bum. So i guess the foreign deposit account isnt a great idea then...?

Unless I transfer a certain amount every six months (in sterling), then withdraw when it is a better rate. Good idea??

Anyone recommend the best foreign deposit account out here...?

[nong38]

I wouldnt know where to start.

Realistically am I gonna get a better rate than 2.72 on an amount as small 7000 pounds

The amounts I have seen mentioned are a lot more than your 7,000, more like 50-60k.

Not for the likes of most of us. Bank of Ayudyah had an offer which closed 15/10 which was offering 2 1/2% on amounts of 50.000bts or more, keep an eye out for flyers in the banks may come up again, the term was up to 9 months. It is not a savers world and if you are looking at realistic return there is likely to be some risk attached to it, not good times.

[james24]

mmm yeh Ill keep my eyes peeled.

Gonna pop in the banks tommorow and have a chat about these foreign deposit acc, might be a good idea to skip the atm charges.

[thrilled]

someone mentioned siam bank paying close to 5% either for 4 or 5 years.

[ESB7]

I wouldnt know where to start.

Realistically am I gonna get a better rate than 2.72 on an amount as small 7000 pounds

Not unless you tie it in for 3-5 years......2.72 with access is a good rate at present so stick with it.

[huangnon]

someone mentioned siam bank paying close to 5% either for 4 or 5 years.

Keep your eyes peeled for promotions from local banks. UOB Bank recently had a similar offer for long-term savers. Log on to the websites of local banks and ask for promotional flyers (emails) to be sent. Amongst all the spam and crap, you will get some decent offers.

Larger international insurance company's have good interest rate savings accounts, too.

[Naam]

perhaps all those who render "good" long term advice should read what the OP has in mind.

"Unless I transfer a certain amount every six months (in sterling), then withdraw when it is a better rate."

besides, only those who didn't do their homework would consider the hare-brained idea of locking in cash for several years.

[thaimate]

Dont bother with a sterling account over here ,looked into it ,waste of time.

[james24]

Dont bother with a sterling account over here ,looked into it ,waste of time.

Ah really how come...???

I was only gonna open one as the eschange is better here apparently and you dont have all the atm fees, (300 baht )

[james24]

UPDATE

All seem to have no interest rate :-(

All seem to offer on atm card :-(

1 per cent charge for every counter withdrawal no matter to what currency.

So have to withdraw the convert.

Banking is not really my thing but if I change pound to baht in the bank, is it cheaper than changing baht to pound.??

There are two rates, buying and selling and Im not sure which ones which.

[Naam]

UPDATE

1. All seem to have no interest rate :-(

All seem to offer on atm card :-(

2. 1 per cent charge for every counter withdrawal no matter to what currency.

So have to withdraw the convert.

3. Banking is not really my thing

4. but if I change pound to baht in the bank, is it cheaper than changing baht to pound.??

5. There are two rates, buying and selling and Im not sure which ones which.

1. i told you so

2. i told you so

3. that goes without saying

4. your question "cheaper" does not apply

5. if you sell Pound for Baht the bank uses the Pound buying rate and if you sell Baht for Pound the bank uses the Pound selling rate.

summary: forget about it!

[james24]

ahhh ok, well if I remember correctly the selling rate was better like 47somthing and the buying was 46.something

So youre better of buying pounds with baht rather than selling them. Mmm however crap the banks are here its still saves me 300 baht on my atm withdrawals.

Gonna check my rates back home as if they are higher it might not be worth it..

Is this about right...?

[Naam]

"So youre better of buying pounds with baht rather than selling them."

somebody please take over!

[steelepulse]

>>"So youre better of buying pounds with baht rather than selling them."

The real rate is in between the posted buying and sellinf rates by banks, so they make some points on every transaction.

[james24]

"So youre better of buying pounds with baht rather than selling them."

somebody please take over!

Lol oops messed up.

What I meant was changing up pounds here rather than in the Uk.

But thanks for your great contribution :-)

[PattayaParent]

Check Bradford and Bingley, I have an account with them at 2.5% interest with 1k Quids minimum opening deposit.

Also Lloyds have 2% with a minimum of 5k Quids.

Both offshore accounts so no tax deduted for non-EU residents.

Locally look at Bangkok Bank as they have a range of 18 month, 24 month and 36 month fixed accounts but you might just have missed out on them.

[james24]

ooh nice Ill check out Bradford and Bingley.

UPDATE

Just noticed brandfor and bingley under the same umbrella (santander) as abbey (my bank).

Oh well

Edited October 29, 2010 by james24

[Naam]

ooh nice Ill check out Bradford and Bingley...

...a financial institution that defaulted in summer 2009 on some of its liabilities but then was saved by the UK Treasury and a specific legislation that allowed payments to be deferred. good luck!

[james24]

ooh nice Ill check out Bradford and Bingley...

...a financial institution that defaulted in summer 2009 on some of its liabilities but then was saved by the UK Treasury and a specific legislation that allowed payments to be deferred. good luck!

thanks for the info, any advice...?

[aurelius]

Bring your pounds to Thailand as soon as possible (baht is appreciating) and convert them to baht here (not in the UK - better rates are onshore in Thailand). Open a local bank account in baht (0.5% interest), get a local atm card (100bt opening fee + 200bt annual fee) and stop worrying about 300bt charges for cash withdrawals.

If you really want to chase an increase in your returns and keep liquid and low risk then open a fixed income mutual fund which is traded daily and you can DOUBLE your return (with no tax charges) to something close to (wait for it, drum roll) 1% - still not exciting but better than nothing. The major banks will let you buy/sell these funds over the phone or via ATM, or most obviously via internet banking.

[antony77]

"So youre better of buying pounds with baht rather than selling them."

somebody please take over!

A$ deposit account 6% in Oz

[james24]

"So youre better of buying pounds with baht rather than selling them."

somebody please take over!

A$ deposit account 6% in Oz

I guess you have to work in oz or be an ozzie right...?

[chiang mai]

"So youre better of buying pounds with baht rather than selling them."

somebody please take over!

A$ deposit account 6% in Oz

I guess you have to work in oz or be an ozzie right...?

No, you can open an AUD account in many places and yes you can get 6% interest. But to do that you will have exchanged your Pounds into Australian Dollars hence you will have paid an exchange rate margin so that will cost you. Then you have to hope that whilst you have your money tied up in AUD earning 6% that the exchange rate between Pounds and AUD doesn't move against you because if it does you could easily loose more than 6%. Be careful, more investment money has been lost chasing yield than anything else.

Had you been around in this forum in 2008 you would have read lots of advice to change from Pounds into US DOllars, many holders of Pounds said no, I can earn 6.5% interest on Pounds and only 2.5% on US Dollars so why change, this was when GBP/USD was at 2.08 - six months later when GBP/USD was at 1.45 those still earning 6.5% on their Pounds were in deep deep trouble and may never recover.

[rgs2001uk]

"So youre better of buying pounds with baht rather than selling them."

somebody please take over!

A$ deposit account 6% in Oz

I guess you have to work in oz or be an ozzie right...?

No, you can open an AUD account in many places and yes you can get 6% interest. But to do that you will have exchanged your Pounds into Australian Dollars hence you will have paid an exchange rate margin so that will cost you. Then you have to hope that whilst you have your money tied up in AUD earning 6% that the exchange rate between Pounds and AUD doesn't move against you because if it does you could easily loose more than 6%. Be careful, more investment money has been lost chasing yield than anything else.

Had you been around in this forum in 2008 you would have read lots of advice to change from Pounds into US DOllars, many holders of Pounds said no, I can earn 6.5% interest on Pounds and only 2.5% on US Dollars so why change, this was when GBP/USD was at 2.08 - six months later when GBP/USD was at 1.45 those still earning 6.5% on their Pounds were in deep deep trouble and may never recover.

Agree with all the above.

Another point not mentioned is the draconian 30% tax rate that applies.

Check out a HSBC A$ account in Singapore, it pays I believe about 4%.

The above is not an endorsment of HSBC, but gives an example of the rates available in Singapore for non Australians.

[Naam]

Agree with all the above.

Another point not mentioned is the draconian 30% tax rate that applies.

Check out a HSBC A$ account in Singapore, it pays I believe about 4%.

The above is not an endorsment of HSBC, but gives an example of the rates available in Singapore for non Australians.

i [not so] humbly beg to differ. neither a draconian nor any tax rate is charged by any Singapore bank on any income / proceeds / capital gains, whether the beneficiary is Singaporean, Australian or any other nationality. that of course does not apply to cases where a country places a withholding tax on proceeds generated within said country and the bank receives the net amount only. interest from cash deposits denominated in any currency is tax free.

:jap:

[james24]

mmm cool. Well I opened a foreign deposit account with Kasikorn and am about to do my first transfer from my Uk bank.

Its going to be for 2000 pounds. Will that much make it my account or will I be taxed on it...? I hope not.

Also any pointers..?

If i remember my bank in Uk said it would be a telegraphic transfer... I have a feeling they quite expensive :-(