Capealava Posted August 10, 2011 Share Posted August 10, 2011 Any experience or advise concerning moving US dollars to Thai baht. I have been in and out of Thailand for 9 years, but now I am here permanently. Since iI live here now it may make sense to move my dollars here. About $100,000 US. With the dollars weakness and the state of USA economy. (Actually it is worldwide currency problem.) I do not trust the Euro or the pound either. Stock Market is driving me crazy. I am not a financial wizard. I just worked hard for a small pot at retirement. Cannot do much about my pension that will always be in US dollars. The Thai baht seems more stable and of course I do live here now. Any feedback is welcome concerning Thai baht and Thai banks ect ect Buying gold or sliver seems a bit to much. Cashing it in when I need money probably is not that easy or quick. Just rambling on here. Thanks for any feedback Link to comment Share on other sites More sharing options...
Livinginexile Posted August 10, 2011 Share Posted August 10, 2011 There is a large exchange shop on the corner of Sukumvit Rd and Soi 7. Forgot the name but they do large cash amounts at very good exchange rates. one time I watched a Middle eastern guy (with security) change about 150k US to baht once. For large amounts one may need to give notice. I always use this shop to change back to US. Hope this helps. Link to comment Share on other sites More sharing options...
lovelomsak Posted August 10, 2011 Share Posted August 10, 2011 If all you got is $100,000 certainly donot bring it here. If it took you a lifetime to get that keep it somewhere safe in America. My advice is divide it into 5 equal parts $20,000 each. Find a safe american investment at your local bank. A guaranteed investment certificate (GIC)could be one to look at. Start a 5 year investment plan with the five parts of your $100,000. To do this you must make a 1 year a 2 year a 3year a 4 year and a 5 year GIC. Over the next 4 years at renewal time for each GIC change the GIC to a 5year GIC. Make them all compound interest with interest paid at maturity in 5 years.What this does is in 5 years till you decide to end it you will receive compound interest on $20,000 each year. Plus you donot risk losing your cash. Compound interest could give you an annual lump some of money. It would be a staggering amount but it would certainly help you in Thailand. In no way risk bringing your money with you. Live off your pensions and wait for your 5 year plan to give you a little more. At 5% you would get over $5500 a year from a maturing 5 year GIC, which would be of benefit I am sure for a pensioner. If you donot understand this fully please ask questions. Another thing this does is make your money unaccessable in full. So no chance of losing it all in one bad decision. To be brutally honest risking any or all of your lifetime network is foolish at this point in your life. Go with safe investments and keep your money in America. Link to comment Share on other sites More sharing options...
CaptHaddock Posted August 10, 2011 Share Posted August 10, 2011 Of course, it makes perfect sense to have your assets and liabilities in the same currency. Then you are shielded from currency risk, although other risks (investment, longevity, etc.) remain. However, there is a problem in doing so. The Thai baht is not fully convertible. In order to transfer baht out of the country, you need to have permission from the Bank of Thailand (above a certain amount, which I believe is USD 20,000, but please correct me if wrong.) Unless you have permanent residence status in Thailand, you are permitted in the country on an annual visa at best. The govt may decide at some point not to renew your annual visa. Then you have to leave the country, but you may not be able to take your money with you. Now, as far as I know, this scenario has not actually happened to anyone. So, you may decide that it is far-fetched and nothing to worry about. And you may be right. But this is a risk you do not have in your home country. And it would be a disaster if it were to happen. I do agree that in the long term the dollar should head lower because the US trade deficit will not be sustainable. So, it's a problem. Link to comment Share on other sites More sharing options...
GM1955 Posted August 10, 2011 Share Posted August 10, 2011 There is a large exchange shop on the corner of Sukumvit Rd and Soi 7. Forgot the name but they do large cash amounts at very good exchange rates. one time I watched a Middle eastern guy (with security) change about 150k US to baht once. For large amounts one may need to give notice. I always use this shop to change back to US. Hope this helps. As LIE says, Vasu Money Exchange, good rates, can also try Super Rich, http://www.superrichthailand.com/editor/rate.html Link to comment Share on other sites More sharing options...
nocturn Posted August 10, 2011 Share Posted August 10, 2011 There is a large exchange shop on the corner of Sukumvit Rd and Soi 7. Forgot the name but they do large cash amounts at very good exchange rates. one time I watched a Middle eastern guy (with security) change about 150k US to baht once. For large amounts one may need to give notice. I always use this shop to change back to US. Hope this helps. Vasu, Link to comment Share on other sites More sharing options...
kerryk Posted August 10, 2011 Share Posted August 10, 2011 If all you got is $100,000 certainly donot bring it here. If it took you a lifetime to get that keep it somewhere safe in America. My advice is divide it into 5 equal parts $20,000 each. Find a safe american investment at your local bank. A guaranteed investment certificate (GIC)could be one to look at. Start a 5 year investment plan with the five parts of your $100,000. To do this you must make a 1 year a 2 year a 3year a 4 year and a 5 year GIC. Over the next 4 years at renewal time for each GIC change the GIC to a 5year GIC. Make them all compound interest with interest paid at maturity in 5 years.What this does is in 5 years till you decide to end it you will receive compound interest on $20,000 each year. Plus you donot risk losing your cash. Compound interest could give you an annual lump some of money. It would be a staggering amount but it would certainly help you in Thailand. In no way risk bringing your money with you. Live off your pensions and wait for your 5 year plan to give you a little more. At 5% you would get over $5500 a year from a maturing 5 year GIC, which would be of benefit I am sure for a pensioner. If you donot understand this fully please ask questions. Another thing this does is make your money unaccessable in full. So no chance of losing it all in one bad decision. To be brutally honest risking any or all of your lifetime network is foolish at this point in your life. Go with safe investments and keep your money in America. If you would have converted $100,000 to baht five years ago you would have 4 million baht. Today you will have under 3 million baht. Sure keep your money in the States. A lot of secure investments there appreciated that much in 5 years. Link to comment Share on other sites More sharing options...
Shotime Posted August 10, 2011 Share Posted August 10, 2011 (edited) Just curious. Maybe someone can help. I don't like to use the ATM's there to get money (baht). The exchange rates are fair, but it costs 150 baht, and my bank here charges me another 100 baht plus 3%. It costs me over $20 just to get $450. I was going to buy traveler's checks. Do the banks or other establishments charge for converting these to currency? Is it worth the trouble? I have to pay 2% just to get the traveler's checks. Thanks in advance. Edited August 10, 2011 by Shotime Link to comment Share on other sites More sharing options...
jfchandler Posted August 10, 2011 Share Posted August 10, 2011 Just curious. Maybe someone can help. I don't like to use the ATM's there to get money (baht). The exchange rates are fair, but it costs 150 baht, and my bank here charges me another 100 baht plus 3%. It costs me over $20 just to get $450. I was going to buy traveler's checks. Do the banks or other establishments charge for converting these to currency? Is it worth the trouble? I have to pay 2% just to get the traveler's checks. Thanks in advance. There must be a million posts spread out in TV over the years on how to best withdraw funds from ATMs in Thailand without paying either the local Thai banks 150 baht fee or any home country foreign currency surcharges... Many of us do so every day.... You might consider reading up on the subject. Start with the keyword search "AEON". As for traveler's cheques, there typically are fees to buy them and then the Thai banks charge fees when you exchange them.... plus you get a lower actual exchange rate than you'd get in a no-fee ATM transaction... They're kind of like the manual typewriter of modern banking... Link to comment Share on other sites More sharing options...
Shotime Posted August 10, 2011 Share Posted August 10, 2011 "Many of us do so every day.... You might consider reading up on the subject. Start with the keyword search "AEON"." I'm very lazy. Thanks for the tip, and I will read up on it. Link to comment Share on other sites More sharing options...
jfchandler Posted August 10, 2011 Share Posted August 10, 2011 Separately and responding to the original question posed by the OP, there are risks either way you go... in terms of currency fluctuations... And I too don't like what looks like will be the long-term dollar-baht trend. One thing you should be aware of, though, is that Thai banks aren't governed by the same consumer protection laws as their U.S. counterparts, and your rights and protections here (and legal or regulatory recourse if something goes wrong) are not nearly what they would be back home. As part of that, the Thai government does have some semblance of a deposit guarantee program, which apparently only applies should a bank go out of business....but not if someone inside the bank happens to steal or embezzle your funds... However, while the current U.S. FDIC protection limit is $250,000 per individual account, the Thai government has been gradually reducing the maximum per account amount that they will cover with their plan... And if memory serves, the limit was headed toward being far far less than the U.S. $250,000 figure. Also, as others have noted above, it's relatively easy to get your U.S. dollars into Thailand.... It's not nearly so easy to get substantial sums here in baht transferred back to the U.S. into dollars, should you ever need to do that... because of visa changes, political instability, or any number of other reasons. Link to comment Share on other sites More sharing options...
jfchandler Posted August 10, 2011 Share Posted August 10, 2011 Interesting... I checked my memory... According to this article, the first change lowering the deposit protection amount occurred yesterday and in one year the amount is set to drop to 1 million baht...which ain't much... The concern is going forward from 11 August 2012, just a little over a year away, when only 1 million baht will be covered by government protection. The implications of this change are significant, especially when one looks at how the coverage will apply. Multiple branches of the same bank will count as one deposit and will be lumped together. Though married couples will receive protection on a per person and per account basis of up to 1 million, separately, in the event of their owning a joint account, protection will not be separated out for that account. In most cases, the money will be split and counted against the individual account of each spouse. This means that management of funds across varied institutions may become a need for many depositors. A further issue is the whole idea of who has claim in the event of a bankruptcy proceeding. In Thailand , the Bankruptcy Act B.E. (A.D. 1940) provisions would apply here. Sections 94 and 95 of the Bankruptcy Act provide that a secured creditor, meaning one who has a legal claim to an asset of the bank as part of the debt for security purposes, would receive prior consideration. Depositors, who are considered as unsecured creditors of a bank, would receive a lower priority and may not be re-imbursed depending on the gravity of the bank failure. Again, as noted above, this process would be time consuming, and it may be years before a depositor saw his or her funds, if ever. http://www.thailawforum.com/thai-deposit-insurance-law.html Link to comment Share on other sites More sharing options...
tailspin Posted August 10, 2011 Share Posted August 10, 2011 Be a contrarian...the dollar will soar and the baht will plummet....don't listen to the experts here, the masses are usually wrong Link to comment Share on other sites More sharing options...
LongThaimer Posted August 11, 2011 Share Posted August 11, 2011 buy gold bars, i did Link to comment Share on other sites More sharing options...
nocturn Posted August 11, 2011 Share Posted August 11, 2011 money is not so hard to get out of the country as you may think. talk to your money changer if you have a decent relationship. Thais, Chinese and Indians send massive amounts in and out of the country, speculating on currency and just socking it away. there are well established channels and the fee drops considerably the more you send. just saying Link to comment Share on other sites More sharing options...
Shotime Posted August 11, 2011 Share Posted August 11, 2011 buy gold bars, i did Me, too. I bought as much bullion as I could a few years ago. I buried them in my back yard out of sight. I went to visit the boys the other day, and the ground had risen a few feet. I think they're reproducing down there. I had to replant. Link to comment Share on other sites More sharing options...
pauljones Posted August 12, 2011 Share Posted August 12, 2011 Open a Charles Schwab account and get an ATM Card. Schwab refunds the 150Baht fee. Invest 60% of the money in low cost Vanguard Index Funds. Invest the rest in fixed income or perhaps some dividend paying funds. Withdraw no more than 4% a year. Over time, the money should grow and last a lifetime. Link to comment Share on other sites More sharing options...
jfchandler Posted August 12, 2011 Share Posted August 12, 2011 That's good, sound financial advice offered above... To open the Schwab checking account that reimburses foreign ATM fees, Schwab will automatically also open a Schwab One brokerage account for you.... You don't have to use it, and it has no activity fees or monthly charges... But it would be a fine vehicle for the long term investment approach mentioned above. Link to comment Share on other sites More sharing options...
LongThaimer Posted August 12, 2011 Share Posted August 12, 2011 buy gold bars, i did Me, too. I bought as much bullion as I could a few years ago. I buried them in my back yard out of sight. I went to visit the boys the other day, and the ground had risen a few feet. I think they're reproducing down there. I had to replant. i took a little more wiser route and had them locked up in one of the bank's safety deposit box buying/selling is rather easy, here's the link, reputable trader finding safe place is a bit of a problem, good luck though Link to comment Share on other sites More sharing options...
sbk Posted August 12, 2011 Share Posted August 12, 2011 Moving to Banking forum Link to comment Share on other sites More sharing options...
Shotime Posted August 12, 2011 Share Posted August 12, 2011 The last thing I would do with my resources is give it to Schwab. Those guys must work for those thieves. Link to comment Share on other sites More sharing options...
jfchandler Posted August 12, 2011 Share Posted August 12, 2011 Shotime, I have no idea what your past history has been with Schwab... But the fact is, for those who spend a lot of time abroad, they offer one of the best bank accounts available anywhere...including automatically reimbursing foreign ATM fees, no questions asked. And in my experience as a customer of theirs (that's my only connection with them) along with many other posters here, Schwab's been nothing but great in recent years... Link to comment Share on other sites More sharing options...
dinger Posted August 12, 2011 Share Posted August 12, 2011 If you would have converted $100,000 to baht five years ago you would have 4 million baht. Today you will have under 3 million baht. Sure keep your money in the States. A lot of secure investments there appreciated that much in 5 years. I am a bit confused, who took 2, 000,000 bhat out of his account? Link to comment Share on other sites More sharing options...
Shotime Posted August 12, 2011 Share Posted August 12, 2011 Wasn't Schwab one of those firms that had to be bailed out by the government? Wasn't it involved with scams that cost a lot of people their money? Didn't their executives take a lot of money for themselves in bonuses and retirements? Link to comment Share on other sites More sharing options...
grin Posted August 12, 2011 Share Posted August 12, 2011 If I remember correctly Schwab was offered money through the bailout program but declined to accept it. Link to comment Share on other sites More sharing options...
jfchandler Posted August 13, 2011 Share Posted August 13, 2011 (edited) Wasn't Schwab one of those firms that had to be bailed out by the government? Wasn't it involved with scams that cost a lot of people their money? Didn't their executives take a lot of money for themselves in bonuses and retirements? There are plenty of U.S. banks that might fit your comments above, but I'm not sure Schwab is one of them... They certainly didn't take any TARP funds. From Forbes.com: They Turned Down The TARP Maurna Desmond, 01.23.09, 10:00 AM EST Some 20% of major U.S. banks and thrifts have declined taxpayer money. Here's who, and why. Not every bank in America wants to suckle at the taxpayer teat. Roughly one-fifth, or 123, of the major banks and thrifts in the U.S. have actually opted out of the Treasury Department's Troubled Asset Relief Program, or TARP, according to data freshly compiled by SNL Financial. It's an odd lot of firms, from the Charles Schwab Corp. (nasdaq: SCHW - news - people ) and Hudson City Bancorp (nasdaq: HCBK - news - people ), with more than $50 billion in assets apiece, to Whittier, Calif-based Friendly Hills Bank and Bank of Napa and their $61 million in reserves. But TARP decliners are similar where it counts. Most are stuck with crusty, old lending practices. They didn't get over-leveraged or loaded up with high-yielding investments that later turned toxic. http://www.forbes.co...d_0123tarp.html Edited August 13, 2011 by jfchandler Link to comment Share on other sites More sharing options...
Shotime Posted August 13, 2011 Share Posted August 13, 2011 I still wouldn't trust anyone with managing my money. "Greed is good." Actually, it isn't Link to comment Share on other sites More sharing options...
jfchandler Posted August 13, 2011 Share Posted August 13, 2011 Just to clarify here, Shotime... Taking advantage of Schwab Bank's checking account, which includes their ATM fee refunds feature and no foreign currency charges, doesn't in any way mean they're "managing your money." The checking account comes automatically with a Schwab brokerage account. But the brokerage account has no minimums, no required use or balances, no trading requirements... If the account holder desired, it could sit there empty in perpetuity... all the while you're still using their checking account and enjoying its advantages. I personally think greed is good, at least in so far as not wanting to give any of MY money to banks in the way of various fees and charges... That's the very nice thing about the Schwab checking account is that it's basically fee-free in every respect. Link to comment Share on other sites More sharing options...
Shotime Posted August 13, 2011 Share Posted August 13, 2011 Do the Thai banks still charge you 150 baht? Is it a debit card? Can you direct deposit into it? I'll look into it before I leave. I still think you work for them. Link to comment Share on other sites More sharing options...
a99az Posted August 13, 2011 Share Posted August 13, 2011 You had the answer Gold. Buy as much as you have cash for, and keep a bit of cash for every day use. Link to comment Share on other sites More sharing options...
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