Keeping Moneys Here

[likeke]

I have lived in Bangkok now for two years, and will never open a Thai bank account. All my investments, savings,and direct deposits are in my US bank. I use my bank ATM card for my cash. Why in earth would you want your money in a third world country under a military junta dictatorship? If I ever need to make a quick getaway back to my country, all I need to grab is my passport, wallet with said ATM card, cell phone, and tooth brush. I sleep very well knowing I have this freedom to move about without any roots here.

[monk213]

Thanks for the replies everyone it has helped a lot so far. I am only mid 20s but everyone should save from time to time as we never know what is around the corner right..?

I am not going back to my home country of her old England any time soon, haven't for nearly 6 years and have zero intentions to, but who knows. My point is no bank account there can be opened when I am here, so that option is out.

I currently am with Kaiskorn and think they are maybe one of the best Thai banking systems? I am interesting in purchasing some gold though because as some mentioned, inflation rates constant flux of the value of the THB and other currencies is worrying if you want to save a lot of earned wealth. So I am thinking maybe have 3 bank accounts here in Thailand and also purchase some gold? Sound ok...?

So next question, where do I get my gold lol, how do I know it is legit and how should it be stored?

[scubascuba3]

a lot of people don't seem to like banks on here. Maybe consider shares, you will win some, lose some but potential for good growth, also downside but they should be liquid and so can sell and get the cash quickly. Also holding them electronically may reduce the risk of theft from dodgy farang or Thai. Investment Funds can be good, I'd recommend unit trusts or OEICs available in the UK

Edited November 1, 2015 by scubascuba3

[Ks45672]

Thanks for the replies everyone it has helped a lot so far. I am only mid 20s but everyone should save from time to time as we never know what is around the corner right..?

I am not going back to my home country of her old England any time soon, haven't for nearly 6 years and have zero intentions to, but who knows. My point is no bank account there can be opened when I am here, so that option is out.

I currently am with Kaiskorn and think they are maybe one of the best Thai banking systems? I am interesting in purchasing some gold though because as some mentioned, inflation rates constant flux of the value of the THB and other currencies is worrying if you want to save a lot of earned wealth. So I am thinking maybe have 3 bank accounts here in Thailand and also purchase some gold? Sound ok...?

So next question, where do I get my gold lol, how do I know it is legit and how should it be stored?

Yammorat or "chinatown" is chock full of gold shops, that's where the Thais get it

There is a big famous one that uses their own stamp and they will guarantee to buy the gold back off you for only 100thb service fee if you need the money since they know and trust their own gold etc

I guess the big famous franchises can be trusted not to give you "fake gold" ...

Be careful bringing it home if your buying kilos obviously

[Robert24]

I have lived in Bangkok now for two years, and will never open a Thai bank account. All my investments, savings,and direct deposits are in my US bank. I use my bank ATM card for my cash. Why in earth would you want your money in a third world country under a military junta dictatorship? If I ever need to make a quick getaway back to my country, all I need to grab is my passport, wallet with said ATM card, cell phone, and tooth brush. I sleep very well knowing I have this freedom to move about without any roots here.

a bit extreme or one dimensional view in my opinion. I recommend to diversify both in various asset classes as well as geographically. Putting all assets into the US isn't a smart approach neither.

[bazza40]

There is no reason to believe Thai banks are more or less secure than banks in any other country. As elgordo said, the flood of fiat money has resulted in no safe haven. Agree with Charlie H, diversify.

Most of my cash assets are in Australia, where the four banking pillars plus government guarantee on deposits up to $250K are about as good as you are going to get.

I sometimes wonder how the credit rating agencies got through the GFC unscathed, and continue to issue ratings which for all anyone knows could be total bullshit.

[bazza40]

Yammorat or "chinatown" is chock full of gold shops, that's where the Thais get it

There is a big famous one that uses their own stamp and they will guarantee to buy the gold back off you for only 100thb service fee if you need the money since they know and trust their own gold etc

I guess the big famous franchises can be trusted not to give you "fake gold" ...

Be careful bringing it home if your buying kilos obviously

Not sure the 100bht is accurate. When they buy it back, it's at a lower price than selling price that day.

For example, today gold at a Big C was selling at 19,400 baht per baht of gold. The buyback price was 18,350 baht per baht of gold.

[Ks45672]

Yammorat or "chinatown" is chock full of gold shops, that's where the Thais get it

There is a big famous one that uses their own stamp and they will guarantee to buy the gold back off you for only 100thb service fee if you need the money since they know and trust their own gold etc

I guess the big famous franchises can be trusted not to give you "fake gold" ...

Be careful bringing it home if your buying kilos obviously

Not sure the 100bht is accurate. When they buy it back, it's at a lower price than selling price that day.

For example, today gold at a Big C was selling at 19,400 baht per baht of gold. The buyback price was 18,350 baht per baht of gold.

There is definitely a shop in Chinatown that will buy their own gold back for just 100thb

Someone here will probably know the name of it, I had a gf who only bought gold from this specific place because they will buy it back anytime for the going rate + 100

Found one on Google with 100thb differnce ,unsure if it's the same one she uses

:http://www.goldpricethai.com/

Edited November 1, 2015 by Ks45672

[JoeBats]

http://www.warrenbuffett.com/warren-buffett-on-gold/

[ozyjon]

I have a friend back in Sydney i've known all my life,

with every question, his answer would be

''well yes and no'' he has never changed, so my

reply to your dilemma is ''well yes and no''

Since the 70's, i would travel to Europe

and other countries to monitor the families real

estate business so i would carry many envelopes

with different currencies, this has always been a

pain in the bottom as you may appreciate, why not

use a credit card or travelers cheques, well there

are personal reasons for not doing that,, the main

one being ''exchange rates and ''bank skimming

fees''

So to answer your question

---> ''no bank account back home''

---> foolish, because you being a resident you will

pay no foreigner tax and funds are secure in your

own currency.

---> if you come from a first world country and live in

a third world country eg, UK to Nigeria,

Move your currency to Nigeria, then try to move it

back to UK Pounds or € Euros, the exchange would

kill you.

Exchange for gold? WHY, it's not as valuable as it has

been, for jewellery, yes, for saving No

Keep your funds in Thailand (your life's savings) WHY

you are not Thai, this is not your country, reason also

Value of Baht currency is low, worldwide

Political stability,, low

Internet currency, PayPal, Bitcoin, major websites being

hacked every day, only some we know about.

Research as much as you can to evaluate the best options

for your personal circumstance.

[khunPer]

I don’t think Thai banks is that bad – as CharlieH says, you can use more than one bank – and you will have 1 million baht guarantee (from 2017, higher right now).

Especially if you expect to spend your savings in baht, it’s worth keeping the savings in baht and avoids currency exchange fee and rate deviations.

Personally I’m not in favor of gold, long-term figures don’t make me see gold as a good investment.

I’ve lived in Thailand for 10 years now and I use Thai banks for some of my savings – I use more than one bank, but I also keep my European account and deposit – and especially the banks so-called “Fund Books”, which are mutual funds in bonds and/or stock market.

Fund Books may be a good alternative to gain a little more than inflations, or if you dare being risky, you can gain quite well. The benefit with Fund Books, or mutual funds, is that you don’t need market knowledge – where you may need some insight if you play yourself on for example Thai SET stock exchange – as professionals do it for you, and you investments can be spread even with small amounts in the deposit, normally opening post is 5,000 baht and buy/sell close to same amount. You can choose between many funds, like Thai SET, Asian, Chinese, Europe, USA, World, etc. Kasikorn Bank has a very good English web-page about their mutual funds.

http://www.kasikornasset.com/EN/Pages/Disclaimer.aspx

Most banks offers “mutual funds”, but from the 3 Thai banks I use, K-bank has the best homepage – other Thai banks may also have good Internet information, just I’m not aware of it – but I do have Fund Book in all three banks.

Fixed bank deposits can give you from ca. 1.5% pa to 3% pa – normally minus 15% withholding tax – and that may just be around annual inflation. You can shop around different banks for best, limited period fixed term, i.e. for example 2.5% pa for an 11 month deposit.

“Safe” bonds in a Fund Book will normally give you same or slightly higher capital gain than bank interest rate, and there is no interest withholding tax as the Fund Book is accumulating (interest not paid out); some little more risky bonds as K-Cbonds (Kasikorn company-bonds) may increase by 3% to 4.5% a year, keeping you above average overall annual inflation rate. However, the higher gain or profit possibility, the higher risk for loosing some of your savings.

Stock market funds – or combination of bonds and stocks – can pay you dividend (normally annually) and on top increase your stock value; looked at very long term the stock market is the best investment, probably after buying land (depending of expenses and taxation). If you are Thai income taxed, the LTF (Long Term Funds) may be (very) interesting.

I’ve been saving in Thai Fund Books for about 8 years – and yes, stock market goes up and down – and the long-term performance has been comparable to equivalent European mutual funds.

Wish you good luck...

[VBF]

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.

British bank account deposits are guaranteed up to £85,000 per institution, dropping to £75,000 in January 2016.

If you're non-resident for tax purposes, (or even a resident but not a tax-payer) you can have the interest (such as it is these days) paid Gross.

[chilli42]

I would not keep meaningful amounts of money in any bank. The value of that money declines every year - adjusted for inflation. That said, having a bank to move money is certainly handy. Depending on your personal circumstances a bank in the US (or Europe) or Singapore is useful. If you really have savings (beyond 6 months living expenses), get it out of the bank and put it into an assortment instruments that are relatively safe and easily convertible.

[bazza40]

Personally I’m not in favor of gold, long-term figures don’t make me see gold as a good investment.

Gold is not an investment, never has been. It's a hedge against any currency. You can have some fairly wild fluctuations in the gold price. However, from 1970 on when Nixon decoupled the greenback from the price of gold, it's been a battle between fiat money and gold. IMHO gold will win out eventually.

[mrfaroukh]

If it is enough to buy some property in your home land (if it is a safe place) rent it out and use the money

[seancbk]

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.

I've never lived in the country that issued my passport.

Thailand is now my home as this is where I live, where I will eventually get married and where my new company will be started.

I see no issue with keeping my money in a Thai bank.

[jacko45k]

I suppose you have to look at deposit guarantee limits.

I believe they are due to drop in Thailand.

Government backed deposits might be best, for example National Savings in the UK.

But don't go looking for security with investment level returns.

[kiwikeith]

Investment wise I get 4.5 % offshore you cant get that here.

So for me offshore is the answer plus I would not want to have a big amount of money in a bank here as curiosity killed the cat!

[Ks45672]

Investment wise I get 4.5 % offshore you cant get that here.

So for me offshore is the answer plus I would not want to have a big amount of money in a bank here as curiosity killed the cat!

Do you mean something like this:

http://www.offshorelivingletter.com/cd-investment-options-in-panama-mongolia-and-colombia/

[Bigfarang1948]

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.

I wonder if Monk sits up at night fingering his worry beads while comtemplating the Baht crashing before gold crasjes (not likely for the gold given its life history) Just put your money in a Thai bank and quit worrying; you give me a headache.

[Bigfarang1948]

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.

I wonder if Monk sits up at night fingering his worry beads while comtemplating the Baht crashing before gold crasjes (not likely for the gold given its life history) Just put your money in a Thai bank and quit worrying; you give me a headache.

[monk213]

I have a friend back in Sydney i've known all my life,

with every question, his answer would be

''well yes and no'' he has never changed, so my

reply to your dilemma is ''well yes and no''

Since the 70's, i would travel to Europe

and other countries to monitor the families real

estate business so i would carry many envelopes

with different currencies, this has always been a

pain in the bottom as you may appreciate, why not

use a credit card or travelers cheques, well there

are personal reasons for not doing that,, the main

one being ''exchange rates and ''bank skimming

fees''

So to answer your question

---> ''no bank account back home''

---> foolish, because you being a resident you will

pay no foreigner tax and funds are secure in your

own currency.

---> if you come from a first world country and live in

a third world country eg, UK to Nigeria,

Move your currency to Nigeria, then try to move it

back to UK Pounds or € Euros, the exchange would

kill you.

Exchange for gold? WHY, it's not as valuable as it has

been, for jewellery, yes, for saving No

Keep your funds in Thailand (your life's savings) WHY

you are not Thai, this is not your country, reason also

Value of Baht currency is low, worldwide

Political stability,, low

Internet currency, PayPal, Bitcoin, major websites being

hacked every day, only some we know about.

Research as much as you can to evaluate the best options

for your personal circumstance.

So basically in your honest opinion I should return home, set up a bank account there, and keep all of my savings there in England? How can we ever trust banks they, they do not save your money as most of us are aware, they use to and spend it and lend it. Is owning god really not a good choice? I was thinking of taking half of my savings and spending it on gold, but maybe now I won't. I am also not so knowledgable when it comes to stocks and shares, so I would be a moron to go into that really.

[elgordo38]

I like all the negative comments on gold. Like any commodity or stock it is not deemed worthwhile as an investment till everybody sells their gold/stocks and the rest trash it as a bad useless archiac storehouse for money. After the dust settles the nature of the beast comes into play and of course the fiat currencies future collapse will help. Then like the herd mentality creatures that we are we realize our mistake and poor misplaced trust in fiat currency and that is when the fun starts. If you hold paper gold try redeeming it if panic sets in as they only hold 1 physical ounce of gold for each 224 ounces of "paper" gold. I just might live long enough to see this play out. It does not take many players to make a good gold bull market only about 20%. If you think paper money will remain king kurrency just look back to the Weirmar Republic. In this case history will repeat itself. I have to laugh when I see how "fancy and colorful" different countries make their currency to look impressive. Well I guess someday you can frame the bills and hang them on the wall as art. They are to beautiful to use in the bathroom.

[Ks45672]

I like all the negative comments on gold. Like any commodity or stock it is not deemed worthwhile as an investment till everybody sells their gold/stocks and the rest trash it as a bad useless archiac storehouse for money. After the dust settles the nature of the beast comes into play and of course the fiat currencies future collapse will help. Then like the herd mentality creatures that we are we realize our mistake and poor misplaced trust in fiat currency and that is when the fun starts. If you hold paper gold try redeeming it if panic sets in as they only hold 1 physical ounce of gold for each 224 ounces of "paper" gold. I just might live long enough to see this play out. It does not take many players to make a good gold bull market only about 20%. If you think paper money will remain king kurrency just look back to the Weirmar Republic. In this case history will repeat itself. I have to laugh when I see how "fancy and colorful" different countries make their currency to look impressive. Well I guess someday you can frame the bills and hang them on the wall as art. They are to beautiful to use in the bathroom.

You forgot to mention, gold is too painful to use in the bathroom so you might have wish you had the paper if it all goes down the pan

[elgordo38]

I like all the negative comments on gold. Like any commodity or stock it is not deemed worthwhile as an investment till everybody sells their gold/stocks and the rest trash it as a bad useless archiac storehouse for money. After the dust settles the nature of the beast comes into play and of course the fiat currencies future collapse will help. Then like the herd mentality creatures that we are we realize our mistake and poor misplaced trust in fiat currency and that is when the fun starts. If you hold paper gold try redeeming it if panic sets in as they only hold 1 physical ounce of gold for each 224 ounces of "paper" gold. I just might live long enough to see this play out. It does not take many players to make a good gold bull market only about 20%. If you think paper money will remain king kurrency just look back to the Weirmar Republic. In this case history will repeat itself. I have to laugh when I see how "fancy and colorful" different countries make their currency to look impressive. Well I guess someday you can frame the bills and hang them on the wall as art. They are to beautiful to use in the bathroom.

You forgot to mention, gold is too painful to use in the bathroom so you might have wish you had the paper if it all goes down the pan

I respect your comment but time will tell that is the beautiful thing about time. Some things just take more tic toc than others. You may yet get to play Monopoly with your "real" money.

Edited November 2, 2015 by elgordo38

[monk213]

As the OP I am still confused on what to do. I guess there is no full proof 100% safe option when it comes to storing life savings, and I do not intend to go back to my home country, I haven't once since I left in 2010

[scubascuba3]

As the OP I am still confused on what to do. I guess there is no full proof 100% safe option when it comes to storing life savings, and I do not intend to go back to my home country, I haven't once since I left in 2010

the answer is probably spread your money / investments around that way you are reducing the risk. All in one source is rarely a good idea.

[monk213]

As the OP I am still confused on what to do. I guess there is no full proof 100% safe option when it comes to storing life savings, and I do not intend to go back to my home country, I haven't once since I left in 2010

the answer is probably spread your money / investments around that way you are reducing the risk. All in one source is rarely a good idea.

That's a great point yeah, that saying that has been posted up in here already 'don't put all your eggs in one basket'

So I may sound naive or whatever here, but I have never been good with money. I am not some spoiled brat it's just I never really gave much importance to it. I am 27 now and thinking of my future. What kind of investments would you and others suggest to spread around my saving? Multiple currencies? Gold, stock market... I have an inkling water is going to be a like oil in a many decades from now. but hey that is not realistic here

[elgordo38]

As the OP I am still confused on what to do. I guess there is no full proof 100% safe option when it comes to storing life savings, and I do not intend to go back to my home country, I haven't once since I left in 2010

the answer is probably spread your money / investments around that way you are reducing the risk. All in one source is rarely a good idea.

That's a great point yeah, that saying that has been posted up in here already 'don't put all your eggs in one basket'

So I may sound naive or whatever here, but I have never been good with money. I am not some spoiled brat it's just I never really gave much importance to it. I am 27 now and thinking of my future. What kind of investments would you and others suggest to spread around my saving? Multiple currencies? Gold, stock market... I have an inkling water is going to be a like oil in a many decades from now. but hey that is not realistic here

Don't sell yourself short kid I think your onto something with regards to water and not many many decades away either here included. We can live without oil but not water. I think demand/construction/tourism here has hit a tipping point with mother nature and she is always on the winning side. It is scary watching TV about how other countries treat this precious resource. I think here in Asia waterways are used for sewage, dumps and everything under the sun. In Mexico they have guys that wear anti pollution suits and they go down in the gunk there and clean the screens that get plugged up with everything from human to animal corpses. Like I said your 27 and if you have something to invest your already ahead of the game in one way. The sad part is governments have robbed your money of the ability to work for you over the years with their zero interest rate policies. They do nothing but provide cheap money for billionaires to borrow and expand. I believed all that garbage about saving for my retirement and look where that has got me. The stock market is the only casino sorry game in town and I am to old to gamble and loose it all thus gold is looking good for me after all can the ancient pirates have been that stupid to die for a commodity worth nothing. I think it might drift lower say around the $1,000 an ounce market to clean out all of the Nervous Nellies and then well who knows. Harry Dent even has a lower figure of $750. If it gets that low back up the truck.

[scubascuba3]

As the OP I am still confused on what to do. I guess there is no full proof 100% safe option when it comes to storing life savings, and I do not intend to go back to my home country, I haven't once since I left in 2010

the answer is probably spread your money / investments around that way you are reducing the risk. All in one source is rarely a good idea.

That's a great point yeah, that saying that has been posted up in here already 'don't put all your eggs in one basket'

So I may sound naive or whatever here, but I have never been good with money. I am not some spoiled brat it's just I never really gave much importance to it. I am 27 now and thinking of my future. What kind of investments would you and others suggest to spread around my saving? Multiple currencies? Gold, stock market... I have an inkling water is going to be a like oil in a many decades from now. but hey that is not realistic here

you can forget water, thats a long way off, 100+ years time, maybe 100s. Investments are gambling, stocks, shares, gold etc. The reason for spreading around the cash is say in UK you are protected 75k each separate bank. Interest rates are expected to rise, but very slowly.

If you are able to invest in the UK I'd recommend unit trusts or OEICs, these are made up of many securities so you are diversifying your risk by investing in these rather than say 1 or 2 shares.

The big gamble with these is what to invest in, UK, property, European, Asia, Biotech etc etc, thats where the gamble is. People will have different ideas.

With the above gamble this is why some prefer to have the certainty of cash, spread around different banks and im not talking currencies as thats gambling too.