monk213 Posted October 31, 2015 Share Posted October 31, 2015 I have lived in the land of Thais for 5 and a bit years, always had a Kasikorn bank account, well now I have 2 actually. Anyway I use one for incoming money and the other I have decided to use to save money. Now, the issue I have in my mind is this: is it wise to store your savings in a Thai bank? I have no bank account back home so for me the only other alternatives would be like to store it in cash at home (yeah nice idea right) purchase gold and store gold (I worry the THB will crash some day of course) or I could keep it something like Paypal. What would be the best thing to do here in you guys and gals opinions?? Link to comment Share on other sites More sharing options...
KhunBENQ Posted October 31, 2015 Share Posted October 31, 2015 Future of the gold price? Future of the Thai Baht. who crashes first? Billion Dollar questions. I am in a somewhat similar situation but still having an account in a Euro country. Most money in THB, so far a good development. Some gold in the safe. Wish I knew the answers and looking forward to opinions. Link to comment Share on other sites More sharing options...
Ks45672 Posted October 31, 2015 Share Posted October 31, 2015 Not PayPal if it were my choice, I hate that company, they can lock your money for any reason and they're not easy to deal with when you need answers asap... Link to comment Share on other sites More sharing options...
WhizBang Posted November 1, 2015 Share Posted November 1, 2015 (edited) Personally, I keep no money here, other than what I need to live on. I have offshore bank accounts and credit cards and investments Edited November 1, 2015 by WhizBang Link to comment Share on other sites More sharing options...
Suradit69 Posted November 1, 2015 Share Posted November 1, 2015 (edited) Now, the issue I have in my mind is this: is it wise to store your savings in a Thai bank? If you're talking about safety, how many Thai banks have closed or collapsed compared to those that have done so in the west? The western banks that have survived are probably safer now than they were, but none of the major Thai banks have any solvency or liquidity issues. If you mean in terms of exchange rates, it's a good idea to buy baht when the exchange rate is good and then coast for awhile on what you've accumulated when the exchange rate is not so good. With an advantageous exchange rate making both the baht and the price of gold comparatively cheap, buying some gold makes some sense. If/when the dollar weakens and if ever inflation kicks in because of all the monetary stimulus being used in the US, Europe, Japan and China, gold could be your friend, but of course you have to consider that approach to involve some risk, especially in the short run. Since you have no bank account back home, I don't see any realistic alternatives. You could invest in the local stock market, but that has its own risks. See this discussion: http://www.thaivisa.com/forum/topic/865546-name-a-set-listed-company-that-interests-you/ Edited November 1, 2015 by Suradit69 Link to comment Share on other sites More sharing options...
Briggsy Posted November 1, 2015 Share Posted November 1, 2015 You could open a bank account and a brokerage account in Singapore. Keep your capital in Singaporean dollars or invest in shares, funds, commodities, bonds, etc. to hedge against currency risk. If that is not for you, at least spread your capital around a number of Thai banks. That would at least reduce your risk of loss through internal fraud by bank staff (my biggest concern here). If you have doubts about the future value of the Thai Baht or the security of Thai banks, it would not make sense to keep all your money in Thai Baht in one Thai bank. Link to comment Share on other sites More sharing options...
CharlieH Posted November 1, 2015 Share Posted November 1, 2015 "All your Eggs in one basket", springs to mind, at least as suggested above have another Bank account, TMB as an example, no fees with them for out of province etc. Also gives you access choice if the other is not available for some reason. Never liked the idea of anything of real value in the home.(other than the wife) Link to comment Share on other sites More sharing options...
Robert24 Posted November 1, 2015 Share Posted November 1, 2015 CharlieH makes the right point. You should diversify at least. Split your savings over different banks and consider the credit risk. For example KTB, TMB, GSB are all majority owned by the Thai government so your credit risk is equal to debt from the Thai government. Kbank has no government involvement but I would consider them too big to fail too, so probably BoT or Thai government would rescue them in case of a problem. If you don't want an offshore account in Singapore or another country you may want to open a bank account with UOB Thailand. If you have more significant savings here I would recommend to diversify more and look into other asset classes than cash as well. Stocks, bonds, property, precious metals, some commodities. Link to comment Share on other sites More sharing options...
WorkingTourist Posted November 1, 2015 Share Posted November 1, 2015 You have lived here 5-6 years and no bank account at home. So is your income and expenses in Thailand? And do you expect your future to also be in Thailand? If so, there is little reason to hedge against currency fluctuations. You’re starting to save up money, but how much are we talking about? Most casual savers are perfectly safe with just a single bank account, though you may consider putting money in something that yields a return, but if we’re talking about less than a million then I would not place it in anything with risk, i.e. go for term deposits. PayPal is not a safe haven for your money, on the contrary, as was already said, they can freeze your account for little reason, and getting your account unfrozen is a tedious process, as they might require documents from you that can be hard to produce, plus they might put in limits on how much you can get out and/or charge you fees for moving money. Gold is a dividing topic, but I think most will agree that there is serious risk involved, and if I understand you correctly, you want to minimize your risk. Link to comment Share on other sites More sharing options...
chicowoodduck Posted November 1, 2015 Share Posted November 1, 2015 Oh my Buddha....save your money to buy the Brooklyn Bridge.....? Link to comment Share on other sites More sharing options...
micmichd Posted November 1, 2015 Share Posted November 1, 2015 I would buy gold. Link to comment Share on other sites More sharing options...
AdamRich Posted November 1, 2015 Share Posted November 1, 2015 See Greece, Argentina, Venezuela, and most recently Brazil. If shhits the fan and you need to make a departure, they may only let you take so much money from the bank. I keep two bank accounts in the USA and a Kasikorn in Thailand with a little more than the money I need. Don't put all your eggs in the same basket; especially if it is a foreign basket. Link to comment Share on other sites More sharing options...
elgordo38 Posted November 1, 2015 Share Posted November 1, 2015 Personally, I keep no money here, other than what I need to live on. I have offshore bank accounts and credit cards and investments With the way the world is and the flood of fiat currency everywhere are offshore bank accounts really safe? We are after all a global village. Even the almighty Greenback could be in for a rough ride in the future. Maybe pick a currency that has already had the snot beat out of it. Stay out of Euroland and Japan. Their QE is almost reaching the stars. We are getting well IMHO close to where the Weirmar Republic was with all the funny money floating around. Everybody is trying to debase their currency soooo how safe is any currency? Link to comment Share on other sites More sharing options...
elgordo38 Posted November 1, 2015 Share Posted November 1, 2015 Now, the issue I have in my mind is this: is it wise to store your savings in a Thai bank? If you're talking about safety, how many Thai banks have closed or collapsed compared to those that have done so in the west? The western banks that have survived are probably safer now than they were, but none of the major Thai banks have any solvency or liquidity issues. If you mean in terms of exchange rates, it's a good idea to buy baht when the exchange rate is good and then coast for awhile on what you've accumulated when the exchange rate is not so good. With an advantageous exchange rate making both the baht and the price of gold comparatively cheap, buying some gold makes some sense. If/when the dollar weakens and if ever inflation kicks in because of all the monetary stimulus being used in the US, Europe, Japan and China, gold could be your friend, but of course you have to consider that approach to involve some risk, especially in the short run. Since you have no bank account back home, I don't see any realistic alternatives. You could invest in the local stock market, but that has its own risks. See this discussion: http://www.thaivisa.com/forum/topic/865546-name-a-set-listed-company-that-interests-you/ If gold was good enough for the pirates of the Caribbean its good enough for me. Buying gold is all in the timing. 900 to 1000 an ounce back the truck up. Link to comment Share on other sites More sharing options...
ggt Posted November 1, 2015 Share Posted November 1, 2015 Universally, banks are in deep doo...before they will go under...they will confiscate your savings...after all you gave it to them for safe keeping and their mindset is that it is theirs now...many have laws on the books that say so... Storing gold in a repository "may" be your best bet...but it begs the question...who can you really trust? The only way to "know" that your wealth is secure and out of the reach of government/bank raiders...is to keep gold or other precious metals yourself... The only way to keep your gold safe at home...is to never tell anyone...If you tell just one person...your wealth will be compromised...and likely disappear... I wish I had better news...but it is the kind of world we find ourselves in today...lacking integrity, corrupt, and fiscally irresponsible... Link to comment Share on other sites More sharing options...
elgordo38 Posted November 1, 2015 Share Posted November 1, 2015 "All your Eggs in one basket", springs to mind, at least as suggested above have another Bank account, TMB as an example, no fees with them for out of province etc. Also gives you access choice if the other is not available for some reason. Never liked the idea of anything of real value in the home.(other than the wife) Careful Charlie someone could whisk her away and hold her for ransom. Link to comment Share on other sites More sharing options...
Ks45672 Posted November 1, 2015 Share Posted November 1, 2015 I would buy gold. Where would you keep it safely for X years ? I would like physical gold too but it's not worth the hassle until I know I can protect it, I'm not going to bury it in land I don't own etc (my friend does this) Safe deposit boxes are in short supply from banks and I don't trust a private one with serious dough... Link to comment Share on other sites More sharing options...
Shiver Posted November 1, 2015 Share Posted November 1, 2015 I don't keep more here than I think would be needed for a broken leg or some other event. If I were to keep more here I would spread it around many accounts, since the insurance coverage of bank failure is reducing rapidly over this year and next year. Another alternative is to get a HK or Singapore account since their fractional reserve is something like 19% (compared to about 1.6% average in USA). If you want gold for storage then be creative in how you store the physical (not in a bank). Link to comment Share on other sites More sharing options...
elgordo38 Posted November 1, 2015 Share Posted November 1, 2015 Quote they can freeze your account for little reason, and getting your account unfrozen is a tedious process, as they might require documents from you that can be hard to produce, plus they might put in limits on how much you can get out and/or charge you fees for moving money. unquote. Sounds like the new FATCA rules in America plus what they have planned for the future. They are so hard up for money they are doing their darndest to keep it and you in country. I see RBS has joined some other banks and has turfed out their foreign accounts(which will more than likely migrate into the American stock market and drive insane valuations to more insane levels) so how long till the banks here decide the rules for foreign money is just to crazy to be bothered with. About 10 days ago I took out a term deposit with Bangkok Bank at 1.625%. Today they are paying 1.5% How long till like Western and European banks they pay zero. Last year I got 3.25% They must be awash in money with lending dropping and lending conditions being tightened up. They are following other world wide banks down the garden path to zero interest or you pay to park your money. The robber barons are at work. Remember Jekyll Island. The IMF and the TPP and other organizations have big plans for us but unfortunately we were never consulted. Link to comment Share on other sites More sharing options...
brain150 Posted November 1, 2015 Share Posted November 1, 2015 There is NO bank in the world where money is save now !!! Just as well as there is no save currency any more (as we effectively have no money any more ... learn the difference !) Both the US and the EU are preparing the "cashless-society" which will be the final step to total control of everything. (check the laws in preparation !!!) Only real value will prevail ... all the rest you can forget about. Link to comment Share on other sites More sharing options...
Ks45672 Posted November 1, 2015 Share Posted November 1, 2015 I don't keep more here than I think would be needed for a broken leg or some other event. If I were to keep more here I would spread it around many accounts, since the insurance coverage of bank failure is reducing rapidly over this year and next year. Another alternative is to get a HK or Singapore account since their fractional reserve is something like 19% (compared to about 1.6% average in USA). If you want gold for storage then be creative in how you store the physical (not in a bank). If your renting or leasing a property I would be afraid to keep several kilos of gold on it no matter how well hidden Even in a hidden safe is not safe, Japanese guy got killed last week for his money.... By his wife and neighbour Link to comment Share on other sites More sharing options...
VIPinthailand Posted November 1, 2015 Share Posted November 1, 2015 (edited) invest in bitcoins. Edited November 1, 2015 by VIPinthailand Link to comment Share on other sites More sharing options...
schietkop Posted November 1, 2015 Share Posted November 1, 2015 I would buy gold. Where would you keep it safely for X years ? I would like physical gold too but it's not worth the hassle until I know I can protect it, I'm not going to bury it in land I don't own etc (my friend does this) Safe deposit boxes are in short supply from banks and I don't trust a private one with serious dough... Its not smart to store at a bank. Didnt you see what happened in Greece, BANK HOLIDAY..... goodluck to those who save at a bank. Lets keep the printing press roling and people here still think paper is better then gold.... history has proven you all wrong. No fiat currency survived long there have been 10000's of versions Link to comment Share on other sites More sharing options...
JoeBats Posted November 1, 2015 Share Posted November 1, 2015 Personally, I keep no money here, other than what I need to live on. I have offshore bank accounts and credit cards and investments I use your strategy as well. Link to comment Share on other sites More sharing options...
Mudcrab Posted November 1, 2015 Share Posted November 1, 2015 See Greece, Argentina, Venezuela, and most recently Brazil. If shhits the fan and you need to make a departure, they may only let you take so much money from the bank. I keep two bank accounts in the USA and a Kasikorn in Thailand with a little more than the money I need. Don't put all your eggs in the same basket; especially if it is a foreign basket. Yet you have two foreign bank accounts and only one local? Link to comment Share on other sites More sharing options...
AdamRich Posted November 1, 2015 Share Posted November 1, 2015 See Greece, Argentina, Venezuela, and most recently Brazil. If shhits the fan and you need to make a departure, they may only let you take so much money from the bank. I keep two bank accounts in the USA and a Kasikorn in Thailand with a little more than the money I need. Don't put all your eggs in the same basket; especially if it is a foreign basket.Yet you have two foreign bank accounts and only one local?Yet I am American and have property in the USA and a place in Thailand and my money comes in USD. Thailand is not my country. I am a visitor just as every other foreigner and I realize that. If push comes to shove I can leave Thailand at a moment's notice with only the clothes on my back and not worry about all the other menial crap I am leaving behind. If a person put all of their life into a Thai bank, all it would take is one visa run gone bad for him to realize what a big mistake he had made. You can always go back to the country that issued your passport. Your time and assets in a foreign country are not guaranteed. Link to comment Share on other sites More sharing options...
Mudcrab Posted November 1, 2015 Share Posted November 1, 2015 See Greece, Argentina, Venezuela, and most recently Brazil. If shhits the fan and you need to make a departure, they may only let you take so much money from the bank. I keep two bank accounts in the USA and a Kasikorn in Thailand with a little more than the money I need. Don't put all your eggs in the same basket; especially if it is a foreign basket.Yet you have two foreign bank accounts and only one local?Yet I am American and have property in the USA and a place in Thailand and my money comes in USD. Thailand is not my country. I am a visitor just as every other foreigner and I realize that. If push comes to shove I can leave Thailand at a moment's notice with only the clothes on my back and not worry about all the other menial crap I am leaving behind.If a person put all of their life into a Thai bank, all it would take is one visa run gone bad for him to realize what a big mistake he had made. You can always go back to the country that issued your passport. Your time and assets in a foreign country are not guaranteed. Many people have made Thailand their home and I doubt they consider their wife and children "menial crap" or themselves visitors Many people do not sweat with trepidation on the "next visa run". Genuine people who have made their home here don't need to visa runs....just get the next extension of stay sorted. Not that hard. Up to you where you keep your money.....but remember you assets aren't guaranteed in the country that issued your passport either. Link to comment Share on other sites More sharing options...
Toscano Posted November 1, 2015 Share Posted November 1, 2015 I have considered putting my savings in a Thai bank , but the % on ones deposit account is quite small . You cannot easily take your money out of Thailand if you wanted to leave . I keep money that isn't currently invested in my home country bank , where there is better prospects for investment . Link to comment Share on other sites More sharing options...
NoshowJones Posted November 1, 2015 Share Posted November 1, 2015 Not PayPal if it were my choice, I hate that company, they can lock your money for any reason and they're not easy to deal with when you need answers asap... Paypal???? Worst company I ever dealt with, or tried to deal with. Shower of ignoramuses. Link to comment Share on other sites More sharing options...
RBOP Posted November 1, 2015 Share Posted November 1, 2015 Standard & Poor's credit rating for Thailand stands at BBB+. http://www.tradingeconomics.com/thailand/rating But just to be safe have at least 2 different Banks and go with the ones that have the best credit ratings like Bangkok Bank, Kasakorn to name a few. Also reassuring is deposits in Thailand have insurance as follows: Coverage of insured deposit The Coverage of insured deposits according to The Royal Decree on an extension of deposit coverage, is as follows: Period Coverage 11 Aug 2012 – 10 Aug 2015 Baht 50 million 11 Aug 2015 – 10 Aug 2016 Baht 25 million 11 Aug 2016 – Onwards Baht 1 million Deposits exceeding the coverage amount could be claimed from the liquidation process. http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN Link to comment Share on other sites More sharing options...
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