Sending funds to Thailand from overseas

[Impulse]

I have a savings account with the Thai Military Bank in pattaya.Im thinking of wiring about 10 or 15 thousand dollars(about half a million baht).Im assuming it will be deposited directly into my account,no problem,or will it be? Coming from the U.S. I dont plan on going there for a couple of years.Will I show up and they tell me its not there?Ive done badly in the market the last week and right now feel its better to convert my dollars to baht the easy way than trying to make money in this market right now. Thanks for reading.

I don't understand why you would want to convert your dollars to Baht whilst the dollar is so low. Surely it would be better to wait until the dollar makes a recovery, which it will inevitably do, then transfer your money.

G.

If you send money to Thailand you will get a lousy interest rate around 2.25%. Also 30% will be frozen for a year.

Much better to put your money into a high interest place - UK, New Zealand or suchlike and get 6.5%+ and transfer to Thailand as and when. Buy Apple shares or Australian Mining.

The US dollar is very low at the moment. Will it go lower or will it recoup? Many say the latter.

If you send money to Thailand you will get a lousy interest rate around 2.25%. Also 30% will be frozen for a year.

Much better to put your money into a high interest place - UK, New Zealand or suchlike and get 6.5%+ and transfer to Thailand as and when. Buy Apple shares or Australian Mining.

The US dollar is very low at the moment. Will it go lower or will it recoup? Many say the latter.

I've never had any of me inward remittances frozen.

And if you're waiting for the dollar to "recover", you're going to have a long wait!

And if you're waiting for the dollar to "recover", you're going to have a long wait!


I dont plan on going there for a couple of years.

More than sufficient time for a recovery in my opinion.

G.

It is my understanding the 30% "freezing" of funds only occurs if the amount wired is $20,000 US or over. I have been wiring funds to Thailand (Bangkok Bank) for over 10 years without any complications. The funds are in my Thai bank account the next day. Wowpow is correct about the lousy interest rate paid by Thai banks on savings accounts.

It is my understanding the 30% "freezing" of funds only occurs if the amount wired is $20,000 US or over. I have been wiring funds to Thailand (Bangkok Bank) for over 10 years without any complications. The funds are in my Thai bank account the next day. Wowpow is correct about the lousy interest rate paid by Thai banks on savings accounts.

Not as lousy as that paid on Japanese and Taiwanese savings accounts, but pretty lousy. Fiscal policy in action.

I have no USD for a decade already - what is happening now was foreseeable. A country can not spend more than it earns in the log run. To pay back the debt inflation and devaluation are the only solutions. The big hotels in Bangkok are now even planning to drop the USD pricing and may turn to EUR or THB.

So I think it is a very good idea to send money to Thailand, but please do it in USD, the Thai bank will then convert it to THB at the more convenient onshore exchange rate. You will get more THB for your USD than if converting at a bank in the US.

Yesterday, the Federal Reserve chief, Mr. Bernanke told the Congress that there will not be a turn around in the near future. While he would not speculate on a recession, most seem to expect one by the second quarter of 08. He did predict over 2 million more foreclosures by the end of 08.
It seems that it will take the next election to change the mood and direction in the U.S. Should the Democrats manage to win the White House, there should be a shift in policies and attitudes that could head us back to where things were before the Supreme Court hijacked the election in 2000. Change will come slowly but it will come. The dollar will strengthen over the long term. But, in the short term, the best we can hope for is that it bottoms out soon and not much lower than where it is now.
Who ever thought they would see the day that the Loonie (Canadian dollar) would trade above the greenback. Thank you George W.

I have a savings account with the Thai Military Bank in pattaya.Im thinking of wiring about 10 or 15 thousand dollars(about half a million baht).Im assuming it will be deposited directly into my account,no problem,or will it be? Coming from the U.S. I dont plan on going there for a couple of years.Will I show up and they tell me its not there?Ive done badly in the market the last week and right now feel its better to convert my dollars to baht the easy way than trying to make money in this market right now. Thanks for reading.


Hi,

For what its worth,you can send them to me and I'll convert them! You might not see them again, but I promise to convert them.

Well, it s better offer than A Nigerian sick relative scam looking for an "honest guy!!"

I have a savings account with the Thai Military Bank in pattaya.Im thinking of wiring about 10 or 15 thousand dollars(about half a million baht).Im assuming it will be deposited directly into my account,no problem,or will it be? Coming from the U.S. I dont plan on going there for a couple of years.Will I show up and they tell me its not there?Ive done badly in the market the last week and right now feel its better to convert my dollars to baht the easy way than trying to make money in this market right now. Thanks for reading.


Hi,

For what its worth,you can send them to me and I'll convert them! You might not see them again, but I promise to convert them.

Well, it s better offer than A Nigerian sick relative scam looking for an "honest guy!!"

http://i167.photobucket.com/albums/u152/GeorgeThai/roflao.gif Nice one Kevin.


George.

[francois]

If you send money to Thailand you will get a lousy interest rate around 2.25%. Also 30% will be frozen for a year.

"Much better to put your money into a high interest place - UK, New Zealand or suchlike and get 6.5%+ and transfer to Thailand as and when. Buy Apple shares or Australian Mining."

It is true higher interest rates are available in places like the UK and NZ however I believe you must apply in person at banks in these countries.
For sure this is true of NZ from research I have done. Not sure if Rocket wants to rocket himself to NZ?

You also have to have a lot of confidence in those currencies, as a slight fluctuation will wipe out whatever interest gains you have made.

Come on Rocket, there are a lot better ways to diversify out of $$$$ than sending your cash to a Banana Republic!

You could buy a closed end Thai Stock fund.

You could buy Euro futures

You could buy gold funds

You could even buy Euro bond or stock funds. That's my bet for a better hedge against a falling dollar.
If the $ fails as the world's reserve currency the big winner is going to be the Euro.

Whatever you do stay out of China! The American consumer is in a funk right now and as Walmart goes so goes China. That bubble is about to go POP!

Come on Rocket, there are a lot better ways to diversify out of $$$$ than sending your cash to a Banana Republic!

You could buy a closed end Thai Stock fund.

You could buy Euro futures

You could buy gold funds

You could even buy Euro bond or stock funds. That's my bet for a better hedge against a falling dollar.
If the $ fails as the world's reserve currency the big winner is going to be the Euro.

Whatever you do stay out of China! The American consumer is in a funk right now and as Walmart goes so goes China. That bubble is about to go POP!


Dear Kenc,

Are you calling the great Country of New Zealand a Banana republic??

Dear Kenc,

Are you calling the great Country of New Zealand a Banana republic??

As close as you can get without actually growing bananas.

Much as some may want NZ to be a republic, last I heard in was still a Queendom...

OK, OK. So, as close as you can get to being a banana republic without either growing bananas or being a republic.

[Aunty]

If you send money to Thailand you will get a lousy interest rate around 2.25%. Also 30% will be frozen for a year.

"Much better to put your money into a high interest place - UK, New Zealand or suchlike and get 6.5%+ and transfer to Thailand as and when. Buy Apple shares or Australian Mining."

It is true higher interest rates are available in places like the UK and NZ however I believe you must apply in person at banks in these countries.
For sure this is true of NZ from research I have done. Not sure if Rocket wants to rocket himself to NZ?

The New Zealand dollar is overvalued because of the carry trade (i.e.' overseas investors/banks etc borrowing money in low interest countries like Japan and then investing that money in safe 'high' interest rate countries like New Zealand). My advice for the retail investor, don't do it. The risk is quite high. The NZ dollar could easily lose 10% of its excess value within in a week or two if the current fashion changes, and that would totally wipe out any gains you'd achieve from our 'high' interest rates. (Around 8% for a 12 month term (CD) deposit).

[Aunty]

Of course the sad thing in all of this is that if the US wasn't the world's current reigning banana republic, with El Presidente George W. Bush as its vainglorious leader, then none of you would be in this currency mess.

I read a very interesting article the other day in the paper from George Soros, who opinioned that the US was fucked. And he means fucked. The future for the US is one that is bleak and scary. The US dollar will be replaced within the next year or two by the Euro as the worlds trade currency, economic and monetary power will shift back to Europe, and China will be the biggest beneficiary of America's economic decline. The US is finished.

Is that the sound of bananas I hear dropping on Pennsylvania Avenue?

hmmmm....banana republic sounds ok to me

oops, before I forget, not implying that either that sub-human primate or the chimpanzee next to him are gay

[krobbie]

Since Aunty has been so eloquent and knowledgable, I will just stick to the basics.

Stck your bananas up your bum.

There you go kquill ... you knew I would bite Mr Fong sooner or later.

Cheers, I feel much better.

[puckered_penguin]

I have just transferred 90,000 US Dollars into my BKK bank account and provided you state that it is for living expenses or car purchase then there is no problem.

wowpow wrote;

f you send money to Thailand you will get a lousy interest rate around 2.25%. Also 30% will be frozen for a year.

Wowpow shame on you giving erroneous information.

[Geezer]

My experience has been that, as regards government regulations, there is no erroneous information in Thailand. It is all true depending upon whom, when and where you ask.

Four months ago I brought over a similar amount. No one asked the purpose. I was told at Krung Thai Bank and Bank of Ayuthaya that thirty percent must be withheld for a year with no interest. I protested to no avail (as I expected).

I deposited the funds and have now drawn down one of the accounts beyond that level with nothing said. I have read in the Bangkok Post that the regulation was published, but the government said it would not be enforced. (???) TIT.

AndтАж

AndтАж

According to this, the governor of the Bank of Thailand announced just today the reserve requirement is still in force: http://www.pattayadailynews.com/shownew ... 0000004205 (http://www.pattayadailynews.com/shownews.php?IDNEWS=0000004205) Stay tuned!

Dear Kenc,

Are you calling the great Country of New Zealand a Banana republic??

No, no. I was refering to Rocket's original post where he's thinking about putting a large sum of $$ in a Thai bank to hedge against the falling dollar (and other US assets I suppose?)

After the coup and the collossal mismanagement of the central bank in I no longer have any confidence in the Thai government's ability to manage their economy. Just look at Geezer's last post to see what I mean.
Who wants to put up with this sort of crap with their money?

There are many ways to participate in overseas markets without having to fly suitcases full of cash out of the country.

Its the Magic of Wall Street!