Keeping money safe / savings / accounts / cash, etc

[backdoorpooloss]

Hi Everyone,

I'm just wondering the best option for keeping money/earnings safe with easy access. My business has started to pickup and now I'm able to finally start saving some money.

So far I've saved up a million baht and I'm not sure where to keep it.

Is it safe to keep money in Thai banks? i.e. what if the economy crashed, etc? I currently have Thai bank accounts with Krungsri, Bangkok Bank, SCB, Kasikorn with money spread across each one.

Does the Thai government guarantee an amount in case a bank goes under?

How about offshore accounts? A few of my friends have set up accounts in Singapore/Hong Kong with HSBC. Is it worth keeping the bulk of your money there?

Or do I send it back home and keep it in my UK bank account? I currently have this option set up via Bangkok Bank, so send money back now and again to help my family in the UK.

Or is it best kept in cash under the mattress?

My concern is Thailand can be an unstable place to live and there are many things to consider, i.e. a single incident could force you to leave the country very quickly.

Thanks in advance.

[KittenKong]

The Thai bank deposit guarantee was 50MB per person per bank for a long time. It's dropping to 25MB about now, and may drop again to 1MB next year some time.

I think the trick is to think in terms of eggs and baskets, all over the world.

[Cheesekraft]

diversify. I would never keep all of my money in banks; and if you do decide you want to do t his for some reason, at least spread them out between banks and preferrably countries/currencies if you can. Gold, investments, etc. are all preferrable to money sitting idle depreciating in value in the bank.

[DirtyDan]

For your investments, I agree with diversification: various investment accounts through various banks, preferably in various countries. I would look at market linked funds - but the amount invested is really dependent upon your investment timeline.

It's also prudent, due to the cash nature of Thailand's economy, of keeping a couple month's worth of funds immediately in your possession. Invest in a Chubb safe.

Also, gold is a depreciating asset; just another form of money sitting idle. It can be used sparingly as a hedge against market volatility but it's a poor investment - let me know the next time gold pays you a dividend.

[backdoorpooloss]

Thanks for the ideas.

I'm not to keen on keeping a safe in the house as it's too obvious where cash is stored. Also, you'll quickly open it if someone has a gun to your child's head. It can happen here...

Maybe an obvious safe with a small amount of cash and some fake watches inside - then your real cash somewhere else...

Ideally I'd like to buy land and a house in the future. I'm married to a Thai with two children. I would never put the house in her name, but possibly in to a company.

[AyG]

The first thing you need to ask yourself is what you're going to spend the money on. That will tell you which currency you should keep your savings in to avoid foreign exchange risk. If it's THB, then you'll get a better interest rate here than you will offshore, and you're well within the deposit protection limits. If it's GBP, then move your money to a UK bank account. (The new rules coming in will probably mean you won't pay any income tax on interest, depending upon your other income, making this a better bet than an offshore sterling account.)

1 million baht is, in the greater scheme of things, very little. Best to keep it readily available and secure. Wait until you've saved a bit more before considering speculation on shares or property.

[zierf1]

Keep at least 500k baht in cash somewhere(i.e. your condo room). It should be in big denomination foreign currency so it's easier to hide. I prefer cash as I just don't trust banks.

[backdoorpooloss]

Thanks, all good advice.

Eventually, I want to buy property here in Thailand so I guess I'll keep in Thai baht. However, I still need to cover myself in case I need to leave Thailand quickly. I guess keeping money in my both UK account and also with HSBC in Hong Kong or Singapore can't be a bad idea

I have roaming enabled on my Thai mobile, so if I was to leave I can still transfer money out of my Bangkok Bank to the UK from abroad.

I also have a business account with a cheque book, so I guess I could also take that with me - or maybe keep a few blank cheque's from that account at my house in the UK.

[geisha]

Aha, sounds a bit like you are preparing for the worst to happen ? What could possibly happen to make you flee Thailand so well prepared ? If you are really into staying here and buying a house, no harm will come to your money spread out in one or two good banks.There are safes for rent in banks and safe location companies for keeping cash and valuables handy.

[backdoorpooloss]

Always prepare for the worst. I've been here 15 years now and seen a lot in my time. Your life here can change in an instant.

I had one friend who killed a local in his car. The local ran a red light and my friend hit him head on. The locals wanted blood and my friend didn't have millions of baht to settle so he had to leave very quickly.

Anything can happen here so be prepared.

[MaeJoMTB]

The Greeks showed us, you can't trust bank accounts or bank deposit boxes.

Thai bank accounts with 1M in each bank and not internet or card access seems fairly secure.

Hard to forge your face + passport + bank book to get money out.

[backdoorpooloss]

OK. Cool. Thanks for all the advice.

[seancbk]

Thanks, all good advice.

Eventually, I want to buy property here in Thailand so I guess I'll keep in Thai baht. However, I still need to cover myself in case I need to leave Thailand quickly. I guess keeping money in my both UK account and also with HSBC in Hong Kong or Singapore can't be a bad idea

I have roaming enabled on my Thai mobile, so if I was to leave I can still transfer money out of my Bangkok Bank to the UK from abroad.

I also have a business account with a cheque book, so I guess I could also take that with me - or maybe keep a few blank cheque's from that account at my house in the UK.

First of all congratulations on having a business here that is making you money. It can definitely be done despite what the naysayers will tell you.

I'm confused why despite having a successful business, a Thai wife and kids, you still have the attitude that you might need to suddenly leave?

As long as you are here legally nothing should be bad enough for you to have to bolt.

[backdoorpooloss]

Thanks man. I'm so glad I ignored everyone who told me not to stay here, it's not a place to live, just come for a holiday, etc. Most of them were washed up, bitter old expats.

There are a lot of people who live here and work hard and make a good life for themselves and their family. I have a good circle of successful, hard working friends who inspire me. I don't drink, I don't go out, I work hard, exercise hard and spend time with my family. I'm also lucky to be in a position where I can send my children to International schools now. I want the best for them. Life is good here.

Like I said in my earlier post, my main concern is a car accident, say I kill some local in my car and they turn up demanding money or worse - it happens. Or someone gets jealous, fits you up with the police (that happened to another friend of mine)

I don't believe something will happen, but it's good to have a back up / get the hell out of dodge plan.

[Love66]

Nobody here , I think will give you the solution to not deal with your own responsabilities if you kill someone ... or in case of problems...

I hope.

Edited August 14, 2015 by Love66

[backdoorpooloss]

Nobody here , I think will give you the solution to not deal with your own responsabilities if you kill someone ... or in case of problems...

I hope.

is this a riddle?

[elgordo38]

Thanks, all good advice.

Eventually, I want to buy property here in Thailand so I guess I'll keep in Thai baht. However, I still need to cover myself in case I need to leave Thailand quickly. I guess keeping money in my both UK account and also with HSBC in Hong Kong or Singapore can't be a bad idea

I have roaming enabled on my Thai mobile, so if I was to leave I can still transfer money out of my Bangkok Bank to the UK from abroad.

I also have a business account with a cheque book, so I guess I could also take that with me - or maybe keep a few blank cheque's from that account at my house in the UK.

First of all congratulations on having a business here that is making you money. It can definitely be done despite what the naysayers will tell you.

I'm confused why despite having a successful business, a Thai wife and kids, you still have the attitude that you might need to suddenly leave?

As long as you are here legally nothing should be bad enough for you to have to bolt.

Even living here legally is getting to be a nightmare with immigration.

[ggt]

You could buy gold or silver and have it stored in Singapore or some other secure repository...do not purchase paper gold certificates...they are an unsafe investment...do not give your baht to your wife's brother for safe keeping...it will mysteriously disappear...

At some point you may want to ask yourself...what am I trying to save this money for?...how much money is enough?...why am I so worried about the security of paper money?

[sammygood]

if the money is clean from legal activity, no reason why not send it home

[Berkshire]

Thanks man. I'm so glad I ignored everyone who told me not to stay here, it's not a place to live, just come for a holiday, etc. Most of them were washed up, bitter old expats.

There are a lot of people who live here and work hard and make a good life for themselves and their family. I have a good circle of successful, hard working friends who inspire me. I don't drink, I don't go out, I work hard, exercise hard and spend time with my family. I'm also lucky to be in a position where I can send my children to International schools now. I want the best for them. Life is good here.

Like I said in my earlier post, my main concern is a car accident, say I kill some local in my car and they turn up demanding money or worse - it happens. Or someone gets jealous, fits you up with the police (that happened to another friend of mine)

I don't believe something will happen, but it's good to have a back up / get the hell out of dodge plan.

Firstly, congrats on your success. You've got a good attitude, unlike many here. I understand your concern, but you can't go through life worrying about the worst case scenario. Having a car accident and killing someone in the west is not exactly a cakewalk either. As for issues with jealousy, if you're not an arrogant dckhead, you never have to worry about that.

As for your question, major Thai banks (e.g., BKK, SCB) are quite safe. But it's also a good idea to have some assets in your home currency.

[carter1882]

Wow a million baht! Now you are going to send your two kids to international school. When you have paid the enrollment fees, bonds, add ons you might just have enough for the first term. Then what?!

[Transporter]

Thanks for the ideas.

I'm not to keen on keeping a safe in the house as it's too obvious where cash is stored. Also, you'll quickly open it if someone has a gun to your child's head. It can happen here...

Maybe an obvious safe with a small amount of cash and some fake watches inside - then your real cash somewhere else...

Ideally I'd like to buy land and a house in the future. I'm married to a Thai with two children. I would never put the house in her name, but possibly in to a company.

Keep a safe with just a note inside saying "Better Luck Next Time" Whatever you do do not keep anything of value in it. The Police just arrested safe thieves who only target foreigners by following them from airports all over Thailand. I am serious. They are based in Nakhon Ratchasima. They are all related and live in the same village. When you leave an airport by car or pick up and stop on the way home for food they wait and follow you. They know you had a long trip and are now fully fed and sleepy. They expect you have brought a lot of money and valuables with you. As soon as it is quiet they break in and take your safe or other valuables lying around. They are in and out very quickly and stealthily. Some victims have remained asleep in the room where they walked through from the entry window carrying the safe out the same way. Distance is no problem as they know what they will get.

I suggest you buy gold and keep it at the gold shop or insist your bank give you a safety deposit box and if they wont close the account and move on. Failing that find a very clever hiding place for your valuables the moment you get in. Forget everything else just do that one thing first. Do it alone and tell no one. The least people know the safer you will be. They strike between 2am and 6am.

Welcome to Thailand, Your level of enjoyment of your stay is Up To You! Be Warned!

[backdoorpooloss]

Wow a million baht! Now you are going to send your two kids to international school. When you have paid the enrollment fees, bonds, add ons you might just have enough for the first term. Then what?!

Ha! I didn't say how long it took me to save that up did I ?

I've saved up a million baht in just over a month and it's a re-occurring monthly income that's increasing steadily, so I'm sure I'll be fine with any fees. Go troll another post...

[Transporter]

Always prepare for the worst. I've been here 15 years now and seen a lot in my time. Your life here can change in an instant.

I had one friend who killed a local in his car. The local ran a red light and my friend hit him head on. The locals wanted blood and my friend didn't have millions of baht to settle so he had to leave very quickly.

Anything can happen here so be prepared.

Was he drunk? Its just that he was not the one in the wrong was he? Or was he? I found there is always more to a story like this.

[Transporter]

Wow a million baht! Now you are going to send your two kids to international school. When you have paid the enrollment fees, bonds, add ons you might just have enough for the first term. Then what?!

Ha! I didn't say how long it took me to save that up did I ?

I've saved up a million baht in just over a month and it's a re-occurring monthly income that's increasing steadily, so I'm sure I'll be fine with any fees. Go troll another post...

You are going to fit right in here! Sniff Sniff! Anyone smell something?

[backdoorpooloss]

Always prepare for the worst. I've been here 15 years now and seen a lot in my time. Your life here can change in an instant.

I had one friend who killed a local in his car. The local ran a red light and my friend hit him head on. The locals wanted blood and my friend didn't have millions of baht to settle so he had to leave very quickly.

Anything can happen here so be prepared.

Was he drunk? Its just that he was not the one in the wrong was he? Or was he? I found there is always more to a story like this.

No, he doesn't drink. He also had a dash cam which was taken by the local police and not seen again showing he wasn't at fault.

The guys family were local bumpkins. Farang shouldn't be here in our country. If Farang not here accident not happen. Their logic. They came after him, he did one.

[AyG]

So far I've saved up a million baht and I'm not sure where to keep it.

I've saved up a million baht in just over a month and it's a re-occurring monthly income that's increasing steadily

Something's not consistent here. "So far" doesn't usually mean the same as "in just over a month".

If you want honest advice you need to be honest about your actual situation.

Random people on the Internet sending messages to a total stranger don't really care whether you're making a million baht a month, or whether you've saved that up over a period of time.

However, I do wonder whether you are mixing up your business' profits with your personal cash. They are not the same thing.

[backdoorpooloss]

So far I've saved up a million baht and I'm not sure where to keep it.

I've saved up a million baht in just over a month and it's a re-occurring monthly income that's increasing steadily

Something's not consistent here. "So far" doesn't usually mean the same as "in just over a month".

If you want honest advice you need to be honest about your actual situation.

Random people on the Internet sending messages to a total stranger don't really care whether you're making a million baht a month, or whether you've saved that up over a period of time.

However, I do wonder whether you are mixing up your business' profits with your personal cash. They are not the same thing.

Detective AyG - what are you talking about? So far usually means from the beginning.... I opened this business just over a month ago and it's taken off, rapidly!

At the moment my business' profits is my personal cash.

[AyG]

Detective AyG - what are you talking about? So far usually means from the beginning.... I opened this business just over a month ago and it's taken off, rapidly!

At the moment my business' profits is my personal cash.

Indeed, "so far" means "from the beginning". However, when someone writes

My business has started to pickup and now I'm able to finally start saving some money.

Most people would take that to mean that the business had been running for some time and has only recently started to make a profit. It certainly doesn't match

"I opened this business just over a month ago and it's taken off, rapidly!"

I definitely detect the scent of the ordure of male cows here.

Also, if

"my business' profits is my personal cash"

then you are almost certainly breaking the law.

At this point I lose all interest in this topic. I'm not going to waste my time on someone who appears to be a criminal fantasist.

[carter1882]

Wow, a million baht in a month. , I am envious! But methinks if there is any truth in that then there may also be truth in one of your other statements that you might need to get out of town quick. I hope this is all legal and tax-paid!