2 Million Baht...best Investment?

[AjarnJohn]

Hi all.

I have 2 million baht deposited in my girlfriend's bank account. We do plan on building or buying our house with that but not for the near future.

Any ideas as to what to do to make the most of it? It's only a standard Bangkok Bank account and the interest paid is negligeble (sp!) so I would like to buy a business or invest in something.

I do get sunbelt asia listings every week via email and there are lots of opportunities there.

Or are there any good bank accounts/savings accounts which pay good interest? I think not but you may know otherwise.

Hope to get your ideas.

AjarnJohn

[lannarebirth]

Hi all.

I have 2 million baht deposited in my girlfriend's bank account. We do plan on building or buying our house with that but not for the near future.

Any ideas as to what to do to make the most of it? It's only a standard Bangkok Bank account and the interest paid is negligeble (sp!) so I would like to buy a business or invest in something.

I do get sunbelt asia listings every week via email and there are lots of opportunities there.

Or are there any good bank accounts/savings accounts which pay good interest? I think not but you may know otherwise.

Hope to get your ideas.

AjarnJohn

Why wouldn't the money be deposited in your own account? You're off to a bad start IMO. Good Luck.

[smilingjim]

Hi all.

I have 2 million baht deposited in my girlfriend's bank account. We do plan on building or buying our house with that but not for the near future.

Any ideas as to what to do to make the most of it? It's only a standard Bangkok Bank account and the interest paid is negligeble (sp!) so I would like to buy a business or invest in something.

I do get sunbelt asia listings every week via email and there are lots of opportunities there.

Or are there any good bank accounts/savings accounts which pay good interest? I think not but you may know otherwise.

Hope to get your ideas.

AjarnJohn

I assume you are an expat here for the long-term?

Why not put it in an off-shore bank account where you can easily get 5%. Hong Kong, Singapore or many of the Isle of Man banks. Instant access so you can use it when you decide to buy land/build a house.

[Casanundra]

I cannot understand why it's in your girl friends account either, unless of course you don't have a WP here, which could explain it.

To answer your question about what could be done, well this is what I did this weekend because I believe in spreading my risk when dealing with Thai banks that don't give the same protection as what you would back home.

I put 500k into Tanachart bank at 4.5% fixed for 7 months

I put 500K into Kasikorn bank at 4.75% fixed for 9 months

I put 500k into Siam bank at 5.15% fixed for 12 months

When the fixed periods are up and I have earned the interest, I will then simply move the money to yet another fixed term account offering interest and will just keep on doing that as long as some of my money remains in Thailand. The rest of my money I keep offshore earning higher interest tax free.

To open up all of these accounts they did ask for my Work Permit however...

Edited November 20, 2006 by Casanundra

[shaunmiller]

Hi all.

I have 2 million baht deposited in my girlfriend's bank account. We do plan on building or buying our house with that but not for the near future.

Any ideas as to what to do to make the most of it? It's only a standard Bangkok Bank account and the interest paid is negligeble (sp!) so I would like to buy a business or invest in something.

I do get sunbelt asia listings every week via email and there are lots of opportunities there.

Or are there any good bank accounts/savings accounts which pay good interest? I think not but you may know otherwise.

Hope to get your ideas.

AjarnJohn

hi there, i bank in singapore HSBC its only a hour away internet banking etc, and there english is second to none so no confusion.... get it in your own account man....!!!!

[cmsally]

I would imagine if you buy a business it would take a lot of time to sell ,in order to get cash out to build a house.

Bank of Scotland offshore was offering around 5.6% for 1 year fixed. About the best option around at the moment I think, unless you are Australian/NZ,and I believe with their currencies you can get more. I think that was discussed in another thread.

Bank of Scotland

Why is it in your girlfriends name; you know us ladies when we get our hands on the cash, don't give up easily.

[naka]

Get it out of your girlfriend's account pronto !

Plenty of local banks are paying around 5% on 1 year term deposits,

and you do not need a work permit to open an account !

Naka

[Casanundra]

Plenty of local banks are paying around 5% on 1 year term deposits,

and you do not need a work permit to open an account !

Which banks are not asking for WP then? The only one I know is Bangkok bank.

All the other ones I went to (Siam, Kasikorn, Tanachart) ALL asked for my WP and Passport to open a new account with them and none of them are offering 1 year fixed. I went and did the rounds this weekend and so have all the latest info about what is or not available.

[Heng]

Pretty well summed up. Fixed in Singapore for tax free interest. Fixed locally if you happen to have a reason to need to keep it closer to home.

[englishoak]

I think the main point of most of the posters is the same as mine

Why is it in your Girlfriends bank ? It's gonna earn you nothing there but possibly trouble.

[naka]

Plenty of local banks are paying around 5% on 1 year term deposits,

and you do not need a work permit to open an account !

Which banks are not asking for WP then? The only one I know is Bangkok bank.

All the other ones I went to (Siam, Kasikorn, Tanachart) ALL asked for my WP and Passport to open a new account with them and none of them are offering 1 year fixed. I went and did the rounds this weekend and so have all the latest info about what is or not available.

Kasikorn Fixed deposits

UOB Fixed Deposits

Bank Ayudhya Fixed Deposits

Naka.

Edited November 21, 2006 by naka

[Berty]

Buy a beer bar mate, what the hel_l, buy two!!!