Thai gov. to tax (remitted) income from abroad for tax residents starting 2024 - Part II

[rak sa_ngop]

The TMB No Fixed Account offers a passbook account paying 2.25 pc interest and 2 free (no loss of interest) withdrawals a month. Withdrawals can be made at any TMB branch by showing the passbook and your passport. No ATM service available. Looks ideal for salting away your retirement 800,000 baht

 

Friends in Jomtien say that it is easy to open this account in Pattaya, but in Bangkok it is not quite so.

 

First you will be told absolutely that this account is only available if you have a work permit. Tell the branch to check with head office. You can open it with a retirement extension by obtaining a Residence Certificate from Immigration.

 

Then when you go to Chaeng Wattana you will be told absolutely that they do not issue Residence Certificates for bank accounts. Just say you need the RC for a driving license or buying/sellling a vehicle (choose car or motorbike). Pay 200 baht and wait 2 weeks for the EMS letter to arrive.

 

Next go back to TMB and be prepared to wait 10's of minutes while they punch in data into their computer and spend ages on the phone talking to head office.

 

Then maybe have to return the next day and hopefully they can complete the process and issue you the passbook.

 

After 5 visits and over 2 hours sitting in front of a desk watching calls being made, keys being punched. calculations being made I finally was handed my TMB No Fixed Account passbook. Phew! wot-a-palaver!

 

Note I already had a retirement extension for 1 year,.

 

And don't even bother trying if you are an American or have any American dealings.

 

 

[KittenKong]

Sounds like the usual problem of opening bank accounts here. Depending on which branch you go to and which way the wind is blowing it may be as easy as falling off a log or well-nigh impossible.

 

For most banks in Pattaya/Jomtien in the branches in popular tourist areas it's generally all fairly easy.

[tubby johnson]

Two years ago my bank SCB offered a 2-year fixed deposit (no withdrawals) at 3.2% interest. Naturally, I jumped at the opportunity. Dressed formally, went to my local branch, where a young and inexperienced bank teller asked for my work permit. I overbluffed her by saying (in Thai) that SCB already have all my paperwork which I submitted years ago upon opening my original account. Fine, earned the 3.2% interest for two years until it expired last month. When I asked how much they offered if I extended for a longer period, they answered 0.35%. So I declined. Inflation is a bitch.

My other bank (Ayudhya) offered me 2.35% on a special savings account, monthly payouts, with withdrawals allowed. So I now use that as my savings deposit as well as for my regular transactions.

It therefore helps if you shop around a bit. Ask what different banks have to offer. Finally, be polite and humble, maintain a good sense of humour about the whole process. Learn to read and speak some Thai while you're living here. That makes your life infinitely easier.

[chiang mai]

Try another branch and let us know what happens, really!

[JacChang]

If 2ish%, may I recommend to you money market mutual funds?

 

You can buy and sell any business working days, the money comes in the next day.

Interest is roughly 2.4.-2.8.

 

No fixed time, so even if you put 1 month, and withdraw it, you still get the stated interest rate divided by the days.

[chiang mai]

If 2ish%, may I recommend to you money market mutual funds?

 

You can buy and sell any business working days, the money comes in the next day.

Interest is roughly 2.4.-2.8.

 

No fixed time, so even if you put 1 month, and withdraw it, you still get the stated interest rate divided by the days.

 

Mutual Funds are much higher risk than FD's, most don't understand the difference so don't try to sell here.

[JacChang]

 

If 2ish%, may I recommend to you money market mutual funds?

 

You can buy and sell any business working days, the money comes in the next day.

Interest is roughly 2.4.-2.8.

 

No fixed time, so even if you put 1 month, and withdraw it, you still get the stated interest rate divided by the days.

 

Mutual Funds are much higher risk than FD's, most don't understand the difference so don't try to sell here.

 

Have you bought one before? (No offence intended, genuinely asking)

 

Money market mutual funds are one of the safest investments out there literally. Every professional and retail investor use it, as a parking spot for their money when not investing.

 

What it invests in, term deposits, and interbank rate bonds. Basically they are able to invest in better instruments than what customers are regularly allowed to. The leftover trash is offered as "fixed term interest deposits" for customers.

 

Most smart people who have touched this once, never go back any other route. It's those who have never bought one, that will say negative things about it. I've had it for decades.

 

I wouldn't recommend mutual funds openly like this if it wasn't safe. Remember, it's money market mutual funds. Even corporate bond mutual funds do not apply, because they have risks, they fluctuate.

 

Be informed, to inform others.

[thailiketoo]

Do you know the American part for a fact?  If so how?

[mahjongguy]

Because in theory money market mutual funds don't depreciate they should be suitable as the deposit funds for Immigration extensions. But, I would not want to convince an Immigration Officer of that fact. It's not their job to differentiate such things. When they see the word "fund", they balk.

 

Otherwise, despite the lack of depositor insurance, they could be a smart way to make higher interest.

[chiang mai]

 

Have you bought one before? (No offence intended, genuinely asking)

 

Money market mutual funds are one of the safest investments out there literally. Every professional and retail investor use it, as a parking spot for their money when not investing.

 

What it invests in, term deposits, and interbank rate bonds. Basically they are able to invest in better instruments than what customers are regularly allowed to. The leftover trash is offered as "fixed term interest deposits" for customers.

 

Most smart people who have touched this once, never go back any other route. It's those who have never bought one, that will say negative things about it. I've had it for decades.

 

I wouldn't recommend mutual funds openly like this if it wasn't safe. Remember, it's money market mutual funds. Even corporate bond mutual funds do not apply, because they have risks, they fluctuate.

 

Be informed, to inform others.

 

 

Rubbish!

 

The twelve month BOT rate is currently 2.8%, would I bet against that figure, in Thailand, yes. Is the money market rate the "market rate parking lot for funds", more rubbish, UK "parking" rates are 0.50%, European "parking" rates are negative.

 

Long dated government bonds yield higher returns and they have risks! Really!!

 

Have you ever actually cracked open your china pig yet, you're talking poo!

[KittenKong]

If 2ish%, may I recommend to you money market mutual funds?

 

The OP seemed to be looking for a possible home for his retirement extension deposit. The last I heard money market funds are not suitable for this due to them having no fixed value.

[AnotherOneAmerican]

Refer them to look at their English website where documents required are clearly stated

https://www.tmbbank.com/personal/deposits/nofixed/tmb-no-fixed-account-en.php

Bottom right tab, Documents required


"Documents Required for Account Opening
Individuals

A copy of a citizen ID card or an ID card with a photograph issued by a government agency"

Doesn't say what government, so your passport would do.
If they insist Thai government, Thai DL would do.

[JacChang]

 

 

Have you bought one before? (No offence intended, genuinely asking)

 

Money market mutual funds are one of the safest investments out there literally. Every professional and retail investor use it, as a parking spot for their money when not investing.

 

What it invests in, term deposits, and interbank rate bonds. Basically they are able to invest in better instruments than what customers are regularly allowed to. The leftover trash is offered as "fixed term interest deposits" for customers.

 

Most smart people who have touched this once, never go back any other route. It's those who have never bought one, that will say negative things about it. I've had it for decades.

 

I wouldn't recommend mutual funds openly like this if it wasn't safe. Remember, it's money market mutual funds. Even corporate bond mutual funds do not apply, because they have risks, they fluctuate.

 

Be informed, to inform others.

 

 

Rubbish!

 

The twelve month BOT rate is currently 2.8%, would I bet against that figure, in Thailand, yes. Is the money market rate the "market rate parking lot for funds", more rubbish, UK "parking" rates are 0.50%, European "parking" rates are negative.

 

Long dated government bonds yield higher returns and they have risks! Really!!

 

Have you ever actually cracked open your china pig yet, you're talking poo!

 

 

Relax, it's easy to get angry when offended about your lack of knowledge. But you do have to be informed of the real knowledge out there.

 

While money market mutual funds, have low rates in the UK and so on. This is not entirely true for Thailand. Thailand has one of the best money market mutual fund returns, that can easily beat timed deposits. Like I said, I asked if you have bought one, not for insults, as stated, but to know what level you are coming from, and if you know your facts. But you haven't replied, thus the ignorant angry reply I received. Just because you don't understand it, doesn't mean others have to follow suit. I could even counter your claim of risk, that the money market mutual funds are safer than your timed deposits, because they benefit from ease of liquidity, and their credit ratings are actually better.

 

For those interested, money market mutual funds, offer right now roughly 2.5% average, this goes up and down 0.2%. 1 year ago, it used to yield 3-3.5%. It's really an alternative for people serious about gains to consider.

[JacChang]

 

If 2ish%, may I recommend to you money market mutual funds?

 

The OP seemed to be looking for a possible home for his retirement extension deposit. The last I heard money market funds are not suitable for this due to them having no fixed value.

 

You are right. Only savings, time deposits, stocks, and property are. Because they are managed by someone, the asset itself could change at their discretion.

[Sena Dave]

I opened an Savings account with ATM card at Bangkok Bank last week in preparation for 1 year O visa application.Needed Passport ,Malaysian ID card and a letter from my brief emplaining why I needed an account . They "Knew" a bird working in the branch apparently. Very odd

[chiang mai]

 

 

 

Have you bought one before? (No offence intended, genuinely asking)

 

Money market mutual funds are one of the safest investments out there literally. Every professional and retail investor use it, as a parking spot for their money when not investing.

 

What it invests in, term deposits, and interbank rate bonds. Basically they are able to invest in better instruments than what customers are regularly allowed to. The leftover trash is offered as "fixed term interest deposits" for customers.

 

Most smart people who have touched this once, never go back any other route. It's those who have never bought one, that will say negative things about it. I've had it for decades.

 

I wouldn't recommend mutual funds openly like this if it wasn't safe. Remember, it's money market mutual funds. Even corporate bond mutual funds do not apply, because they have risks, they fluctuate.

 

Be informed, to inform others.

 

 

Rubbish!

 

The twelve month BOT rate is currently 2.8%, would I bet against that figure, in Thailand, yes. Is the money market rate the "market rate parking lot for funds", more rubbish, UK "parking" rates are 0.50%, European "parking" rates are negative.

 

Long dated government bonds yield higher returns and they have risks! Really!!

 

Have you ever actually cracked open your china pig yet, you're talking poo!

 

 

Relax, it's easy to get angry when offended about your lack of knowledge. But you do have to be informed of the real knowledge out there.

 

While money market mutual funds, have low rates in the UK and so on. This is not entirely true for Thailand. Thailand has one of the best money market mutual fund returns, that can easily beat timed deposits. Like I said, I asked if you have bought one, not for insults, as stated, but to know what level you are coming from, and if you know your facts. But you haven't replied, thus the ignorant angry reply I received. Just because you don't understand it, doesn't mean others have to follow suit. I could even counter your claim of risk, that the money market mutual funds are safer than your timed deposits, because they benefit from ease of liquidity, and their credit ratings are actually better.

 

For those interested, money market mutual funds, offer right now roughly 2.5% average, this goes up and down 0.2%. 1 year ago, it used to yield 3-3.5%. It's really an alternative for people serious about gains to consider.

 

 

More nonsense, US QE has seen foreign asset withdrawals from the SET of US 25 bill, thus far this year, as QE unwinds that position will worsen. And since when did an average 2.5% return beat a risk free 2.8% no risk return!

[JacChang]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

 

 

 

 

 

Have you bought one before? (No offence intended, genuinely asking)

 

Money market mutual funds are one of the safest investments out there literally. Every professional and retail investor use it, as a parking spot for their money when not investing.

 

What it invests in, term deposits, and interbank rate bonds. Basically they are able to invest in better instruments than what customers are regularly allowed to. The leftover trash is offered as "fixed term interest deposits" for customers.

 

Most smart people who have touched this once, never go back any other route. It's those who have never bought one, that will say negative things about it. I've had it for decades.

 

I wouldn't recommend mutual funds openly like this if it wasn't safe. Remember, it's money market mutual funds. Even corporate bond mutual funds do not apply, because they have risks, they fluctuate.

 

Be informed, to inform others.

 

 

Rubbish!

 

The twelve month BOT rate is currently 2.8%, would I bet against that figure, in Thailand, yes. Is the money market rate the "market rate parking lot for funds", more rubbish, UK "parking" rates are 0.50%, European "parking" rates are negative.

 

Long dated government bonds yield higher returns and they have risks! Really!!

 

Have you ever actually cracked open your china pig yet, you're talking poo!

 

 

Relax, it's easy to get angry when offended about your lack of knowledge. But you do have to be informed of the real knowledge out there.

 

While money market mutual funds, have low rates in the UK and so on. This is not entirely true for Thailand. Thailand has one of the best money market mutual fund returns, that can easily beat timed deposits. Like I said, I asked if you have bought one, not for insults, as stated, but to know what level you are coming from, and if you know your facts. But you haven't replied, thus the ignorant angry reply I received. Just because you don't understand it, doesn't mean others have to follow suit. I could even counter your claim of risk, that the money market mutual funds are safer than your timed deposits, because they benefit from ease of liquidity, and their credit ratings are actually better.

 

For those interested, money market mutual funds, offer right now roughly 2.5% average, this goes up and down 0.2%. 1 year ago, it used to yield 3-3.5%. It's really an alternative for people serious about gains to consider.

 

 

More nonsense, US QE has seen foreign asset withdrawals from the SET of US 25 bill, thus far this year, as QE unwinds that position will worsen. And since when did an average 2.5% return beat a risk free 2.8% no risk return!

 

 

Taken from the kbank website

1 year deposit 1.7

2 year deposit 1.9

3 year deposit 1.9

 

Fixed Deposit Special 14 Months  2.8%

 

Money market mutual fund from the k asset website

2.6% from last year to this Tuesday's performance

 

While you are happy with your 2.8%, you have your full rights to go ahead and buy it. I've never stopped you.

But I recommend this money market fund to members as an alternative, because of it's high rates and ease of liquidity.

 

1) Today you can put in your 2.8%, and in this 14 month's time, you need to withdraw it, you would get the lowest interest rate. That you have lost already. Today this money market mutual fund, at any time of withdrawal, still offers that nice 2.6%. That to me is risk right there. The possibility of early withdrawal and getting hit with low interest rates, than the insurance to relax and know that whenever you would like to sell it, it will be at that attractive rate.

 

2) Mutual funds performance rate changes as market changes. As you can see, we went from a high of 3% to a drop of nearly 2%. I have posted the 1-3 year rates, would we agree the mutual fund looks more attractive? Plus + a free anytime exit ticket with no fees/costs. While you are happy to boast the 2.8% beats the mutual fund, I am not surprised. As you can see it is a "special" fixed deposits, probably runs for a month or so. If you decide to take the fixed deposit, and enjoy your 2.8%. Should I telephone you and boast of my 3% when I receive it? No I won't, because interest rate fluctuates. When you enjoy this 2.8% as opposed to the "normal" 1.9%, the mutual fund is buying this new rate as well, so don't laugh too early. The mutual fund performance will go up, while you are stuck with a 2.8%.

I'm not here to argue, it's meaningless. But you first started with money market funds being risky, I will have to correct that assumption. Then you raised how your % is higher. It's higher for now, but not for long. That's the beauty of funds, they constantly acquire new assets.

But my point still stands, members can consider it as an alternative.

+It is as safe as savings/deposits, no surprise fluctuations. Daily value goes up.

+Can redeem any business day, without any costs/fees/"no interest because early withdrawal" only benefits, no negatives

+ Money comes in the next day, no questions asked, directly to your bank savings account.

+Competitive rates of 2.6% currently

+Think of it as a savings account that pays 2.6%. You can't compare pistols to rifles. Nothing is perfect in this world. The flexibility of a savings account, one of the best rates (but not the best), most can't argue that. Yours to choose, I've chosen years ago, served me well, if you still hate it, well, knowledge is power if you choose to use it, if you don't your choice.

[chiang mai]

And taken from a number of different banks in CM:

 

2.8% guaranteed for anywhere between 7 and 14 months from today going forward, versus, mutual fund performance of 2.6%, from last year to this Tuesday's performance - past performance is no guarantee of ...blah blah blah.

 

And yes I have held K'banks mutual funds in the past, some of the many drawbacks is that the returns are not guaranteed, the funds cannot be used for Immigration collateral purposes and they can only be sold on a day delay basis, IF there is a buyer. Next!

[Boo]

Moved to the banking section

[KittenKong]

 

 

If 2ish%, may I recommend to you money market mutual funds?

 

The OP seemed to be looking for a possible home for his retirement extension deposit. The last I heard money market funds are not suitable for this due to them having no fixed value.

 

You are right. Only savings, time deposits, stocks, and property are. Because they are managed by someone, the asset itself could change at their discretion.

 

 

Stocks and property are not acceptable either, for the same reason. Only Baht cash deposits are acceptable as they are the only thing that has a fixed Baht value (and are even insured by the government protection scheme should the bank collapse).
 

[chiang mai]

The primary issue with mutual funds and the like, as far as Immigration is concerned, is not the lack of fixed value but the fact that they are not immediately liquid, Mutual Funds and stocks become so only after a one day delay.

[noendtoit]

Try another branch and let us know what happens, really!

I had trouble opening a TMB account.  When they said I needed a work permit, I just said, "Fine," and went to another branch.  The next branch said I needed a work permit, and I said, "Fine," and went to the next branch.  They said, "Welcome, no problem."

[meatboy]

 

 

 

Have you bought one before? (No offence intended, genuinely asking)

 

Money market mutual funds are one of the safest investments out there literally. Every professional and retail investor use it, as a parking spot for their money when not investing.

 

What it invests in, term deposits, and interbank rate bonds. Basically they are able to invest in better instruments than what customers are regularly allowed to. The leftover trash is offered as "fixed term interest deposits" for customers.

 

Most smart people who have touched this once, never go back any other route. It's those who have never bought one, that will say negative things about it. I've had it for decades.

 

I wouldn't recommend mutual funds openly like this if it wasn't safe. Remember, it's money market mutual funds. Even corporate bond mutual funds do not apply, because they have risks, they fluctuate.

 

Be informed, to inform others.

 

 

Rubbish!

 

The twelve month BOT rate is currently 2.8%, would I bet against that figure, in Thailand, yes. Is the money market rate the "market rate parking lot for funds", more rubbish, UK "parking" rates are 0.50%, European "parking" rates are negative.

 

Long dated government bonds yield higher returns and they have risks! Really!!

 

Have you ever actually cracked open your china pig yet, you're talking poo!

 

 

Relax, it's easy to get angry when offended about your lack of knowledge. But you do have to be informed of the real knowledge out there.

 

While money market mutual funds, have low rates in the UK and so on. This is not entirely true for Thailand. Thailand has one of the best money market mutual fund returns, that can easily beat timed deposits. Like I said, I asked if you have bought one, not for insults, as stated, but to know what level you are coming from, and if you know your facts. But you haven't replied, thus the ignorant angry reply I received. Just because you don't understand it, doesn't mean others have to follow suit. I could even counter your claim of risk, that the money market mutual funds are safer than your timed deposits, because they benefit from ease of liquidity, and their credit ratings are actually better.

 

For those interested, money market mutual funds, offer right now roughly 2.5% average, this goes up and down 0.2%. 1 year ago, it used to yield 3-3.5%. It's really an alternative for people serious about gains to consider.

 

we havnt done toooooooo bad with fixed term rates the past 5yrs.the worst being 2.65% for a short term but all the rest have been 3.25%-3.78%,the 3 we hold now are,3.30,3.50 and 3.25 all over 15months.tax paid and reclaimed and with no risks. I am not a greedy bar-steward just someone gratefull for small mercies.

[chiang mai]

 

 

If 2ish%, may I recommend to you money market mutual funds?

 

The OP seemed to be looking for a possible home for his retirement extension deposit. The last I heard money market funds are not suitable for this due to them having no fixed value.

 

You are right. Only savings, time deposits, stocks, and property are. Because they are managed by someone, the asset itself could change at their discretion.

 

 

Wrong again! Neither property nor stocks are suitable for or accepted by Immigration for retirement fund purposes, only savings and/or fixed deposits are - the funds must be immediately liquid (as in, on demand).

[JacChang]

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we havnt done toooooooo bad with fixed term rates the past 5yrs.the worst being 2.65% for a short term but all the rest have been 3.25%-3.78%,the 3 we hold now are,3.30,3.50 and 3.25 all over 15months.tax paid and reclaimed and with no risks. I am not a greedy bar-steward just someone gratefull for small mercies.

 

I used to have some as well. 3 years back, I got 3.6% I think from Citibank, I've compared and researched and they offered the best at the time for 3 year time deposit. But they have since expired, and now we are left with lower interest rates. Not to mention tax, so MM mutual funds still is attractive compare to time deposits.

 

 

Kong

"The last I heard money market funds are not suitable for this due to them having no fixed value."

 

You are right. Only savings, time deposits, stocks, and property are. Because they are managed by someone, the asset itself could change at their discretion.

 

 

Wrong again! Neither property nor stocks are suitable for or accepted by Immigration for retirement fund purposes, only savings and/or fixed deposits are - the funds must be immediately liquid (as in, on demand).

 

You misread and misunderstood the direct quote. My quote was with regards to Kong's "no fixed value", which savings, time deposits, stocks, and property are. With financial institutions, these assets are allowed for declaration of assets. However mutual funds are not, because of the stated prior reason. And funds are not immediately liquid, they usually require T+1 or more.

 

And taken from a number of different banks in CM:

 

2.8% guaranteed for anywhere between 7 and 14 months from today going forward, versus, mutual fund performance of 2.6%, from last year to this Tuesday's performance - past performance is no guarantee of ...blah blah blah.

 

And yes I have held K'banks mutual funds in the past, some of the many drawbacks is that the returns are not guaranteed, the funds cannot be used for Immigration collateral purposes and they can only be sold on a day delay basis, IF there is a buyer. Next!

 

Wrong, money market mutual funds even Kbanks, do not need a buyer. That is false information. It is called an open end mutual fund, where new units are created each day if there are buyers, and sellers can redeem their units directly with the asset management company. There is no need for a buyer, unlike stocks.

[meatboy]

who remembers the good old days,the late eighties and the nineties,av.interest around 10%,till it dropped like a stone.not sure but around 1998-9?

[chiang mai]

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I used to have some as well. 3 years back, I got 3.6% I think from Citibank, I've compared and researched and they offered the best at the time for 3 year time deposit. But they have since expired, and now we are left with lower interest rates. Not to mention tax, so MM mutual funds still is attractive compare to time deposits.

 

 

Kong

"The last I heard money market funds are not suitable for this due to them having no fixed value."

 

You are right. Only savings, time deposits, stocks, and property are. Because they are managed by someone, the asset itself could change at their discretion.

 

 

Wrong again! Neither property nor stocks are suitable for or accepted by Immigration for retirement fund purposes, only savings and/or fixed deposits are - the funds must be immediately liquid (as in, on demand).

 

You misread and misunderstood the direct quote. My quote was with regards to Kong's "no fixed value", which savings, time deposits, stocks, and property are. With financial institutions, these assets are allowed for declaration of assets. However mutual funds are not, because of the stated prior reason. And funds are not immediately liquid, they usually require T+1 or more.

 

And taken from a number of different banks in CM:

 

2.8% guaranteed for anywhere between 7 and 14 months from today going forward, versus, mutual fund performance of 2.6%, from last year to this Tuesday's performance - past performance is no guarantee of ...blah blah blah.

 

And yes I have held K'banks mutual funds in the past, some of the many drawbacks is that the returns are not guaranteed, the funds cannot be used for Immigration collateral purposes and they can only be sold on a day delay basis, IF there is a buyer. Next!

 

Wrong, money market mutual funds even Kbanks, do not need a buyer. That is false information. It is called an open end mutual fund, where new units are created each day if there are buyers, and sellers can redeem their units directly with the asset management company. There is no need for a buyer, unlike stocks.

 

I have a problem with the extent of false information you're posting on these threads, K'banks mutual funds are not immediately liquid, regardless of who or what the buyer is, it's a next day process, either you don't know that or you are simply being argumentative for its own sake..

[KittenKong]

The primary issue with mutual funds and the like, as far as Immigration is concerned, is not the lack of fixed value but the fact that they are not immediately liquid, Mutual Funds and stocks become so only after a one day delay.

 

I suspect it is the value question that bothers them most and to me this makes sense. After all, money in a deposit account wont be accessible on a public/bank holiday yet it is deemed to be acceptable because the Baht value is known in advance and will remain the same at all times. You simply cant say that about stocks or property or gold etc etc

[JacChang]

 

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I used to have some as well. 3 years back, I got 3.6% I think from Citibank, I've compared and researched and they offered the best at the time for 3 year time deposit. But they have since expired, and now we are left with lower interest rates. Not to mention tax, so MM mutual funds still is attractive compare to time deposits.

 

 

 

Wrong again! Neither property nor stocks are suitable for or accepted by Immigration for retirement fund purposes, only savings and/or fixed deposits are - the funds must be immediately liquid (as in, on demand).

 

You misread and misunderstood the direct quote. My quote was with regards to Kong's "no fixed value", which savings, time deposits, stocks, and property are. With financial institutions, these assets are allowed for declaration of assets. However mutual funds are not, because of the stated prior reason. And funds are not immediately liquid, they usually require T+1 or more.

 

And taken from a number of different banks in CM:

 

2.8% guaranteed for anywhere between 7 and 14 months from today going forward, versus, mutual fund performance of 2.6%, from last year to this Tuesday's performance - past performance is no guarantee of ...blah blah blah.

 

And yes I have held K'banks mutual funds in the past, some of the many drawbacks is that the returns are not guaranteed, the funds cannot be used for Immigration collateral purposes and they can only be sold on a day delay basis, IF there is a buyer. Next!

 

Wrong, money market mutual funds even Kbanks, do not need a buyer. That is false information. It is called an open end mutual fund, where new units are created each day if there are buyers, and sellers can redeem their units directly with the asset management company. There is no need for a buyer, unlike stocks.

 

I have a problem with the extent of false information you're posting on these threads, K'banks mutual funds are not immediately liquid, regardless of who or what the buyer is, it's a next day process, either you don't know that or you are simply being argumentative for its own sake..

 

That is false information. I can get any kbank asset management staff to correct that fake statement. Kbanks MM mutual funds can be redeemed on any business day and the money will be deposited directly into the savings account the next day. It DOES NOT require a buyer as you claim, that is fake information. The fund manager will gladly redeem any units that the customers wish to sell, you don't have to wait for a buyer. Don't just be argumentive, get your facts straight, stop giving fake information.

[fletchsmile]

I check out the money market fund rates from time to time. I don't find the K-money market range worthwhile: T+1 settlement plus I can usually find better rates in savings accounts. While in some countries they are worthwhile, in Thailand I find generally not

 

eg TMBs ME and No Fixed accounts consistently beat these MM rates, as does Stan Chart's Marathon Savings accs (they bring out every Sep/Oct/Nov Mar/Apr/May) and their e-Saver accounts. All these allow pretty much instant access if you really need it. By consistently I don't mean always, but the majority of the time.

 

Last time I looked the K-Asset MM fund had earned about 14% over 6+ years, and commonly is only 2.X % annualised. Just did a quick google and that still holds. Here's Feb of this year - first one I came to - bit out of date but the picture is usually similar:

 

http://www.kasikornasset.com/EN/FundDocuments/Fund%20Fact/K-MONEY_Eng.pdf

 

One other thing that isn't clear is whether their returns are quoted after the management fee of 0.5%. I've never bothered to check though, as I say I usually find it easy to have an easier access account with better rates. Yes it beats the 3m standard fixed deposit rates, but then again those aren't exactly the best rates on the market either.

 

Cheers

Fletch :)