savings in Thailand

[DeHaro-old]

I would like to buy an apartement in Bangkok in 1 or 2 years. Does it make sense to put money in a Thai bank already ? What are the interest rates there ?

The Euro is very strong with over 50 baht exchange rate. As I have about 20.000 Euro "free" right now, I am thinking of transfering it to BKK already. Would you ?

Thank you for your advice.

I would like to buy an apartement in Bangkok in 1 or 2 years. Does it make sense to put money in a Thai bank already ? What are the interest rates there ?

The Euro is very strong with over 50 baht exchange rate. As I have about 20.000 Euro "free" right now, I am thinking of transfering it to BKK already. Would you ?

Thank you for your advice.

Keep the money in Europe, when you're ready to buy then you can send it. One, two years from now is still a long time and the Euro could even be stronger. Also when a farang buys property - you MUST proof the money came from overseas - If two years have passed - you might find it difficult.

You may already be aware that if you are transferring to buy a condo make sure it says that on the transfer document and that you get (can't remember the Thai name for it) a document saying that the money was transfered for the purpose of buying a condo. Also make sure you keep that document so if you later sell, you can take the money out of Thailand.

Best bet; ask a lawyer.

I would like to buy an apartement in Bangkok in 1 or 2 years. Does it make sense to put money in a Thai bank already ? What are the interest rates there ?

The Euro is very strong with over 50 baht exchange rate. As I have about 20.000 Euro "free" right now, I am thinking of transfering it to BKK already. Would you ?

Thank you for your advice.

DeHaro, are you aware that the best scientific evidence indicates that Bangkok will be under water in less than 20 years? Also, that's not the only reason to exercise caution. If you haven't actually lived in Bangkok, it might be wise to rent for a year or two first. Rentals are still quite cheap when compared to their selling prices. Finally, my suggestion is that if your field of expertise is not in the area of currency speculation that you keep your Euros in your native country.

You may already be aware that if you are transferring to buy a condo make sure it says that on the transfer document and that you get (can't remember the Thai name for it) a document saying that the money was transfered for the purpose of buying a condo. Also make sure you keep that document so if you later sell, you can take the money out of Thailand.

Best bet; ask a lawyer.

Tor Tor Sam..

[francois]

I would like to buy an apartement in Bangkok in 1 or 2 years. Does it make sense to put money in a Thai bank already ? What are the interest rates there ?
Thank you for your advice.

To answer your question on rates; The rates for Foreign Currency Accounts with the Bank of Ayudhya are 3.05%/12 months for Euros; 4.20%/12months for GBP; 5.50 % for AUD and 1.5% USD. A year or two ago the USD rate was close to 4%.
Google Bank of Ayudhya for more info.

[Bob]

The interest rate I get on my Siam Commercial Bank account (held in baht, not a foreign currency) sucks.....it's about 1% or so.
To bring Francois up to speed, rates are far lower now in the US. General savings accounts are 1.5% to 1.8% and 1-year cd's are about 2.5%.

[TrongpaiExpat]

To USD compare rates: https://bankrate.com/brm/rate/deposits_home.asp

For non-USD CD's : go to:

www.everbank.com/001Currency.aspx?LinkID=Promo1 (http://www.everbank.com/001Currency.aspx?LinkID=Promo1)

[/quote] DeHaro, are you aware that the best scientific evidence indicates that Bangkok will be under water in less than 20 years? [/quote]


That should increase the number of underwater sex shows a tad then!