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Posted

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.

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Posted

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 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 laugh.png

Posted

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 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 laugh.png

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

Posted

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)

Posted

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

Posted (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.

thumbsup.gif

Edited by Briggsy
Posted

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.

thumbsup.gif

Ok thanks for the 411 .. much appreciated

Posted

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.

Posted

"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.

Posted

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)?

Posted

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.

Posted

Nope. Definitely not more than SGD500k. There are "high end" private bankers (the Swiss banks alike) and there are private bankers in Singapore.

Posted

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. thumbsup.gif

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