Opening a dollar account, easiest way.

[spambot]

Fly to Phnom Penh and open a USD account at any bank - simple. If you want to earn some interest too, you can get a USD term deposit paying 7-8% for two years, or have a THB account for 6-7%.

The Microfinance institutions like Prasac are offering even more - up to 9% for USD for twelve months, 9.75 for riel or 8% for THB.

Wow! - Really.

How can they offer these rates when US bank rates are a fraction of this?

All currency rates are set by the country central bank that the currency is from - in this case USA - So there should be (in theory) no advantage to any bank anywhere in the world collecting currency on deposit - Hence there should be very little difference between US and Cambodia rate - I am eager to understand how I can get to use this advantage i.e any web url links to the info on this advantageous rate?

Thanks in Advance.

Yes. Even I was amazed to read this response. I did a quick google search and indeed the banks in Cambodia are giving much higher interest rates. Beats me how come it's possible? Maybe the banks in Cambodia really need liquidity so they are willing to give this outrageous interest

This solves a problem for me - I have 5 year fixed deposits maturing very soon in UK - I was off to India to get their 7% rate in local currency (but its conversion rate is dropping fast) - Getting this rate beats everything else I have found so far - I'm going to make a visit back to Cambodia - Thanks!

[sas_cars]

Fly to Phnom Penh and open a USD account at any bank - simple. If you want to earn some interest too, you can get a USD term deposit paying 7-8% for two years, or have a THB account for 6-7%.

The Microfinance institutions like Prasac are offering even more - up to 9% for USD for twelve months, 9.75 for riel or 8% for THB.

Wow! - Really.

How can they offer these rates when US bank rates are a fraction of this?

All currency rates are set by the country central bank that the currency is from - in this case USA - So there should be (in theory) no advantage to any bank anywhere in the world collecting currency on deposit - Hence there should be very little difference between US and Cambodia rate - I am eager to understand how I can get to use this advantage i.e any web url links to the info on this advantageous rate?

Thanks in Advance.

Yes. Even I was amazed to read this response. I did a quick google search and indeed the banks in Cambodia are giving much higher interest rates. Beats me how come it's possible? Maybe the banks in Cambodia really need liquidity so they are willing to give this outrageous interest

This solves a problem for me - I have 5 year fixed deposits maturing very soon in UK - I was off to India to get their 7% rate in local currency (but its conversion rate is dropping fast) - Getting this rate beats everything else I have found so far - I'm going to make a visit back to Cambodia - Thanks!

Don't forget to do some googling to choose the most sound bank in Cambodia. I guess the banks there must be very low in liquidity, so if there's a Kaboom, there goes your money down the drain along with the bank.

[Naam]

Fly to Phnom Penh and open a USD account at any bank - simple. If you want to earn some interest too, you can get a USD term deposit paying 7-8% for two years, or have a THB account for 6-7%.

The Microfinance institutions like Prasac are offering even more - up to 9% for USD for twelve months, 9.75 for riel or 8% for THB.

Wow! - Really.

How can they offer these rates when US bank rates are a fraction of this?

All currency rates are set by the country central bank that the currency is from - in this case USA - So there should be (in theory) no advantage to any bank anywhere in the world collecting currency on deposit - Hence there should be very little difference between US and Cambodia rate - I am eager to understand how I can get to use this advantage i.e any web url links to the info on this advantageous rate?

Thanks in Advance.

Yes. Even I was amazed to read this response. I did a quick google search and indeed the banks in Cambodia are giving much higher interest rates. Beats me how come it's possible? Maybe the banks in Cambodia really need liquidity so they are willing to give this outrageous interest

This solves a problem for me - I have 5 year fixed deposits maturing very soon in UK - I was off to India to get their 7% rate in local currency (but its conversion rate is dropping fast) - Getting this rate beats everything else I have found so far - I'm going to make a visit back to Cambodia - Thanks!

present rate for INR 12m fixed deposit is 9.5%! Rupee has stabilised and gained 8% from its low on august 23rd.

[youbuyshirt]

This solves a problem for me - I have 5 year fixed deposits maturing very soon in UK - I was off to India to get their 7% rate in local currency (but its conversion rate is dropping fast) - Getting this rate beats everything else I have found so far - I'm going to make a visit back to Cambodia - Thanks!

I read that it's almost impossible for a non-resident foreigner to open a bank account in India because of RBI rules that say you must close it within 6 months and can't maintain it after your visa expires. Have you found a way around this rule?

[Naam]

This solves a problem for me - I have 5 year fixed deposits maturing very soon in UK - I was off to India to get their 7% rate in local currency (but its conversion rate is dropping fast) - Getting this rate beats everything else I have found so far - I'm going to make a visit back to Cambodia - Thanks!

I read that it's almost impossible for a non-resident foreigner to open a bank account in India because of RBI rules that say you must close it within 6 months and can't maintain it after your visa expires. Have you found a way around this rule?

from all indications it looks like he is not aware of Indian local rules and regulations.

[Naam]

This solves a problem for me - I have 5 year fixed deposits maturing very soon in UK - I was off to India to get their 7% rate in local currency (but its conversion rate is dropping fast) - Getting this rate beats everything else I have found so far - I'm going to make a visit back to Cambodia - Thanks!

present rate for INR 12m fixed deposit is 9.5%! Rupee has stabilised and gained 8% from its low on august 23rd.

update: USD / Rupee now at 61.725 = gain 11.22% from its low.

[mrspeed]

It's probably the only way they get money, and because it's not safe they have to give higher %

[youbuyshirt]

This solves a problem for me - I have 5 year fixed deposits maturing very soon in UK - I was off to India to get their 7% rate in local currency (but its conversion rate is dropping fast) - Getting this rate beats everything else I have found so far - I'm going to make a visit back to Cambodia - Thanks!

I read that it's almost impossible for a non-resident foreigner to open a bank account in India because of RBI rules that say you must close it within 6 months and can't maintain it after your visa expires. Have you found a way around this rule?

from all indications it looks like he is not aware of Indian local rules and regulations.

http://www.rbi.org.in/scripts/FAQview.aspx?id=30

From the first paragraph:

"Account Opened by Foreign Nationals and Foreign Tourists

(Updated up to June 22, 2012)

Q.1. Can foreign tourists open a bank account in India during their short visit?

A. Yes. Foreign tourists during their short visit to India can open a Non-Resident (Ordinary) Rupee (NRO) account (Current / Savings) with any Authorised Dealer bank dealing in foreign exchange. Such account can be opened up to a maximum period of 6 months."

Naam, if you can tell me that there's a way around this regulation, I'd be grateful to know about it. I want to invest in India.

[Naam]

It's probably the only way they get money, and because it's not safe they have to give higher %

a rather ignorant naïve statement based on an assumption which applies only to investments of the same currency.

basically different currencies of different countries with different inflation rates earn different yields. that's the major reason besides half a dozen (or more) additional ones.

[Naam]

Naam, if you can tell me that there's a way around this regulation, I'd be grateful to know about it. I want to invest in India.

unfortunately the "ways around" do most probably not apply to you. they would apply if

1. you had Indian citizenship by birth,

2. if your parents or grandparents possessed Indian citizenship in undivided India before partition.

3. you acquire the status "PIO" (Person of Indian Origin) by marrying a lady who qualifies for 1. & 2.

caveat: worthwhile to mention is that investment in Indian Rupees with the right to repatriate the money into foreign currency yield lower interest but are income tax free.

[Maramook]

HSBC in Singapore is the easiest to open , you need to keep a minimum 1000 usd in there at all times, but you get an atm card sent to you by post and can use it any ATM anywhere in the world but the cash will be dispensed in the local currency...

thanks a lot. it is the up to date information? So they just need my foreign passport + 1k usd and that is it?

why do they sent it to me by post, can't I just get there in a bank in Singapore?

and also, it that a $ atm card?

Edited September 20, 2013 by Maramook

[Maramook]

Fly to Phnom Penh and open a USD account at any bank - simple. If you want to earn some interest too, you can get a USD term deposit paying 7-8% for two years, or have a THB account for 6-7%.

The Microfinance institutions like Prasac are offering even more - up to 9% for USD for twelve months, 9.75 for riel or 8% for THB.

that's what a doctor ordered.

my initial goal is just open a $ account + atm card (+ internet bank + capacity to use an atm card abroad) in any country in se asia or in China.

So, Singapore (HSBC) and Cambodia. Maybe there are some other countries? What about Malaysia?

Edited September 20, 2013 by Maramook

[scobie redux]

Fly to Phnom Penh and open a USD account at any bank - simple. If you want to earn some interest too, you can get a USD term deposit paying 7-8% for two years, or have a THB account for 6-7%.

The Microfinance institutions like Prasac are offering even more - up to 9% for USD for twelve months, 9.75 for riel or 8% for THB.

Wow! - Really.

How can they offer these rates when US bank rates are a fraction of this?

All currency rates are set by the country central bank that the currency is from - in this case USA - So there should be (in theory) no advantage to any bank anywhere in the world collecting currency on deposit - Hence there should be very little difference between US and Cambodia rate - I am eager to understand how I can get to use this advantage i.e any web url links to the info on this advantageous rate?

Thanks in Advance.

Because in this case Cambodia uses the usd as a default currency so interest rates will be determined by local conditions such as liquidity, inflation etx.

Plus of course there are higher institutional risks here. The banking system is very new and lightly regulated.

[denby45]

Fly to Phnom Penh and open a USD account at any bank - simple. If you want to earn some interest too, you can get a USD term deposit paying 7-8% for two years, or have a THB account for 6-7%.

The Microfinance institutions like Prasac are offering even more - up to 9% for USD for twelve months, 9.75 for riel or 8% for THB.

Wow! - Really.

How can they offer these rates when US bank rates are a fraction of this?

All currency rates are set by the country central bank that the currency is from - in this case USA - So there should be (in theory) no advantage to any bank anywhere in the world collecting currency on deposit - Hence there should be very little difference between US and Cambodia rate - I am eager to understand how I can get to use this advantage i.e any web url links to the info on this advantageous rate?

Thanks in Advance.

Because in this case Cambodia uses the usd as a default currency so interest rates will be determined by local conditions such as liquidity, inflation etx.

Plus of course there are higher institutional risks here. The banking system is very new and lightly regulated.

Banks in Cambodia are just loan sharks in disguise. They are charging 18% for loans which is why they can give such inflated rates. It's still a lot better than 30% by the real loan sharks. Don't think that any of the viable companies in Cambodia are the ones borrowing this money. They bring their money with them from overseas. The people borrowing at such high rates are putting it into night clubs, taxi girls and other dubious enterprises. They are extremely risky loans. Do you really want to tie any of your money up for 1-2 years with these banks? These days you need to concentrate on "Return of your capital" Rather than "Return on your capital".

Den

[denby45]

Does anyone know of any banks in Thailand who have safety deposit boxes for rent. The reason I ask is, I normally transport all my cash in Dollars to avoid the rip off bank charges. Unfortunately my visits don't always coincide with the best exchange rates. I was thinking to open a dollar account and deposit the funds and wait until the chart signals a buy. Remove the funds and change at the local exchange booths who for sure give the best rates by far. Much better than any of the banks. Unfortunately that method does not work either because again you are faced with rip off bank fees of 1% as soon as you try to take your dollars. With a safety deposit box you don't face that 1% charge. Also I can bring my gold and store that too.

Any Idea's

Den