houlicha Posted November 3, 2015 Share Posted November 3, 2015 I'm in the US but may consider Thailand at some time in the future. Not to hijack this thread, but are there now any restrictions on getting money back out of Thailand? I'd probably never go back to the US, but could see myself moving to China or the Philippines. If I put say $500,000 in a Thai bank, could I get it back out again in a few years? I realize there are no guarantees when dealing with Thailand. Link to comment Share on other sites More sharing options...
lindaken6 Posted November 3, 2015 Share Posted November 3, 2015 your money all in thailand.... and you are 27... I assume you receive salary in THB .. not GBP or USD. the first step should be trying to learn something about money management (buy and read a book). meanwhile, save some money. Since baht is going low, you may deposit your money to USD or GBP. I don‘t know whether you can open an foreign currency account in your bank if your deposit is over 500k baht, you may want to transfer some back to UK.. 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 2010the 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 Link to comment Share on other sites More sharing options...
monk213 Posted November 3, 2015 Author Share Posted November 3, 2015 your money all in thailand.... and you are 27... I assume you receive salary in THB .. not GBP or USD. the first step should be trying to learn something about money management (buy and read a book). meanwhile, save some money. Since baht is going low, you may deposit your money to USD or GBP. I don‘t know whether you can open an foreign currency account in your bank if your deposit is over 500k baht, you may want to transfer some back to UK.. 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 2010the 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 okok and thank, any book titles to suggest? The USD looks like it could turn sour soon thought ... I am a young gun yea but want to save wisely you know Link to comment Share on other sites More sharing options...
Briggsy Posted November 3, 2015 Share Posted November 3, 2015 How much are your total liquid assets? (Give a range if you want) e.g. 6 figures in Baht (100,000 - 999,999 Baht), 7 figures in Baht How much is your annual income? (range again) What currency is your income paid in? What is your annual expenditure? (give it as a percentage of annual income) Link to comment Share on other sites More sharing options...
monk213 Posted November 3, 2015 Author Share Posted November 3, 2015 How much are your total liquid assets? (Give a range if you want) e.g. 6 figures in Baht (100,000 - 999,999 Baht), 7 figures in Baht How much is your annual income? (range again) What currency is your income paid in? What is your annual expenditure? (give it as a percentage of annual income) I have 2k GPB in a bank account, not my name but a family name, it's mine and waiting for a specific date. Of course the wills of my parents but have no clue about those Income, well annually I would estimate at around 25-35k THB depending I spend about 70-80% of my income I have only recently started saving money and that is why I made this thread, I want to make the best decision and the most secure Link to comment Share on other sites More sharing options...
Briggsy Posted November 3, 2015 Share Posted November 3, 2015 (edited) You have savings of £2000. I assume you have made a mistake and you have monthly income of 25,000 to 35,000 Baht (I assume at your age and income you are a TEFL teacher). With your level of savings and income, you have nothing to worry about. Just keep all of the above in a standard Thai savings ormsap account. When you have saved up, say 200,000 Baht, you may want to consider a fixed term deposit in a Thai bank offering better interest. If at some point in the future, you receive an inheritance and have a lot more to invest, you will need to change your investment plan. Edited November 3, 2015 by Briggsy Link to comment Share on other sites More sharing options...
monk213 Posted November 4, 2015 Author Share Posted November 4, 2015 You have savings of £2000. I assume you have made a mistake and you have monthly income of 25,000 to 35,000 Baht (I assume at your age and income you are a TEFL teacher). With your level of savings and income, you have nothing to worry about. Just keep all of the above in a standard Thai savings ormsap account. When you have saved up, say 200,000 Baht, you may want to consider a fixed term deposit in a Thai bank offering better interest. If at some point in the future, you receive an inheritance and have a lot more to invest, you will need to change your investment plan. Ok thanks for the 411 .. much appreciated Link to comment Share on other sites More sharing options...
Briggsy Posted November 4, 2015 Share Posted November 4, 2015 "411" strangely American term for a Brit to use. Link to comment Share on other sites More sharing options...
Gutenberg Posted November 4, 2015 Share Posted November 4, 2015 If you are non-US you could easily open personal "offshore" bank accounts, e.g. https://www.cimbanque.com/ allows an online meeting with the banker via webcam. Link to comment Share on other sites More sharing options...
Briggsy Posted November 4, 2015 Share Posted November 4, 2015 If you are non-US you could easily open personal "offshore" bank accounts, e.g. https://www.cimbanque.com/ allows an online meeting with the banker via webcam. I think you need to read the thread and familiarise yourself with this "poster's" net worth. Your suggestion may not be appropriate in his case. Link to comment Share on other sites More sharing options...
monk213 Posted November 4, 2015 Author Share Posted November 4, 2015 "411" strangely American term for a Brit to use. lol no I can assure you I am a Brit from blighty, but of course I have heard it on TV back when I actually cared about watching anything on the idiot box. Link to comment Share on other sites More sharing options...
gk10002000 Posted November 4, 2015 Share Posted November 4, 2015 open a charles schwab account. Very good international reach and access. Link to comment Share on other sites More sharing options...
micmichd Posted November 4, 2015 Share Posted November 4, 2015 Keeping my money here is not the problem, getting my money here is. Link to comment Share on other sites More sharing options...
VIPinthailand Posted November 5, 2015 Share Posted November 5, 2015 (edited) for American guys, better to keep their money in the USA. non Americans are safe in Thailand. problem is not Thailand. it s fatca Edited November 5, 2015 by VIPinthailand Link to comment Share on other sites More sharing options...
Benben Posted November 6, 2015 Share Posted November 6, 2015 Depending on how much money you have, there are private bankers who will fly here from Singapore to help you with your finances. I think the minimum cash/investment amount is SGD300k or SGD500k (i can't remember)? Link to comment Share on other sites More sharing options...
fang37 Posted November 6, 2015 Share Posted November 6, 2015 Depending on how much money you have, there are private bankers who will fly here from Singapore to help you with your finances. I think the minimum cash/investment amount is SGD300k or SGD500k (i can't remember)? You might find that it is USD1+m investable funds. Link to comment Share on other sites More sharing options...
Benben Posted November 6, 2015 Share Posted November 6, 2015 Nope. Definitely not more than SGD500k. There are "high end" private bankers (the Swiss banks alike) and there are private bankers in Singapore. Link to comment Share on other sites More sharing options...
fang37 Posted November 6, 2015 Share Posted November 6, 2015 I was referring to LGT Bank - based in Liechtenstein. They have offices worldwide. Link to comment Share on other sites More sharing options...
Briggsy Posted November 6, 2015 Share Posted November 6, 2015 Depending on how much money you have, there are private bankers who will fly here from Singapore to help you with your finances. I think the minimum cash/investment amount is SGD300k or SGD500k (i can't remember)? The OP has revealed he has £2,000 in savings and has monthly (?) income of 30,000 Baht. No private bankers will be flying anywhere. Link to comment Share on other sites More sharing options...
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