Any Advantage To Thai Banks Vs. Other Nation's Banks?

[how241]

Thai banks may have issues with Americans opening accounts. Thai banks are getting more strict with opening accounts on tourist visas. Thai Banks are only insured to 1m baht, per institution I believe not per branch or account. Thai banks may very well be over leveraged, laden with consumer debt. They are very convenient, efficient, tech accessible with online/bank sim and sms. As the rest of the world forget about interest.

I thought they delayed the 1M limit indefinitely.

Still just as easy to get an account as a tourist (VISA or not).

+1....Yes, I read that too.

[youbuyshirt]

I’m interested in maybe opening a HK account to hold HKD, but I’ve heard that it’s not so easy for a non-resident to open an account in HK. Hermespan, you say it’s easy. Can you elaborate?

I’ve heard that you have to prove your residence address and that the HK bank sends a letter to your home country address that you must retrieve and bring back to them before you can open an account. This seems a huge hassle and one wants to minimize one’s time in HK because it’s so expensive to stay there. Is this info not correct?

I’ve also heard that the bank fees in HK are extremely high. For a non-resident maintaining a high balance and only occasionally transferring money out to another country via online banking, are the fees high?

[hermespan]

I’m interested in maybe opening a HK account to hold HKD, but I’ve heard that it’s not so easy for a non-resident to open an account in HK. Hermespan, you say it’s easy. Can you elaborate?

I’ve heard that you have to prove your residence address and that the HK bank sends a letter to your home country address that you must retrieve and bring back to them before you can open an account. This seems a huge hassle and one wants to minimize one’s time in HK because it’s so expensive to stay there. Is this info not correct?

I’ve also heard that the bank fees in HK are extremely high. For a non-resident maintaining a high balance and only occasionally transferring money out to another country via online banking, are the fees high?

I do not have my notes handy, but at a small branch of Hang Seng, it was as easy as DBS Singapore. Faster actually. And minimum opening balance was something like the equivalent of USD 1000. No proof of HKG address required. And I did not lie and say I had. I asked many precisecquestions and incoming wire transfer seemed reasonable orvI wouldn't have opened the account. The only thing that sticks in my memory is tgat if you have more serious money (10k+?) then there are fxs advantages. My multi currency account is b.s. As although I can wire CHF and it will be put in my account as such if requested, I have to take it out in CHF, which is probably why they want me as a customer. They will nake money from me. But, be forewarned, waiting list for even the tiniest safety deposit box is about two years and the private companies require Hobg Kong registration. As far as I can tell, in terms of policies (privacy, tax treaties etc) Hong Kong is more free market than Singapore and certainly more than USA. I have always found it weird that there is more market freedom in communist China and its satellites than in the so-called free world.

[up-country_sinclair]

Considering the news out of Cyprus this morning, I'm glad have bank accounts here and not there.

[newbepat]

Regards Cyprus. This could happen in any country. glad i removed my money 2 years ago.

but problem its now in Ireland. now I pay 30% tax on interest. I think Eoro is not safe.

I am thinking of moving to thailand this year I am 65 years I have my O visa

I am not an expert by any means but is it safe to have 8 mil Th baht in thai bank ?

There is no way i could manage multi banks accounts in many different countrys

I wish I had Naams experience in trading stocks & shared i only do deposits

best interest i can get is about 3% i get interest some paid paid to me monthly.

I know i am going to get roasted for my post here.

Edited March 17, 2013 by newbepat

[Naam]

I wish I had Naams experience in trading stocks...

obviously our experience in trading stocks is identical. i don't trade stocks, that's why i have no experience

[hermespan]

http://www.talkradionews.com/opinion/2013/03/18/could-a-tax-on-cypress-bank-deposits-bring-down-e-u-banks.html

Years ago (Greek orTurkish controlled?) Cypress was an offshore banking centre. Lesson: everthing changes.

[Naam]

http://www.talkradionews.com/opinion/2013/03/18/could-a-tax-on-cypress-bank-deposits-bring-down-e-u-banks.html

Years ago (Greek orTurkish controlled?) Cypress was an offshore banking centre. Lesson: everthing changes.

Cypress is the name applied to many plants in the cypress family Cupressaceae... (wiki wisdom)

the island of Cyprus was never an offshore banking centre but until recently a dorado to hide money that evaded taxes and/or was created by shady as well as criminal activities.

notwithstanding the above mentioned facts. the island is inhabited by the most friendly and helpful people i have encountered on this planet. we lived on Cyprus for a few years.

[yoshiwara]

I’m interested in maybe opening a HK account to hold HKD, but I’ve heard that it’s not so easy for a non-resident to open an account in HK. Hermespan, you say it’s easy. Can you elaborate?

I’ve heard that you have to prove your residence address and that the HK bank sends a letter to your home country address that you must retrieve and bring back to them before you can open an account. This seems a huge hassle and one wants to minimize one’s time in HK because it’s so expensive to stay there. Is this info not correct?

I’ve also heard that the bank fees in HK are extremely high. For a non-resident maintaining a high balance and only occasionally transferring money out to another country via online banking, are the fees high?

I do not have my notes handy, but at a small branch of Hang Seng, it was as easy as DBS Singapore. Faster actually. And minimum opening balance was something like the equivalent of USD 1000. No proof of HKG address required. And I did not lie and say I had. I asked many precisecquestions and incoming wire transfer seemed reasonable orvI wouldn't have opened the account. The only thing that sticks in my memory is tgat if you have more serious money (10k+?) then there are fxs advantages. My multi currency account is b.s. As although I can wire CHF and it will be put in my account as such if requested, I have to take it out in CHF, which is probably why they want me as a customer. They will nake money from me. But, be forewarned, waiting list for even the tiniest safety deposit box is about two years and the private companies require Hobg Kong registration. As far as I can tell, in terms of policies (privacy, tax treaties etc) Hong Kong is more free market than Singapore and certainly more than USA. I have always found it weird that there is more market freedom in communist China and its satellites than in the so-called free world.

The most commonly used safety boxes are with the HK Post Office but are only open for HK ID holders or company registration.