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.

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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!!"