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Banking Question

Discussion forum for expats moving to or living in Thailand.

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Banking Question

Post Posted: Fri Aug 04, 2006 9:59 pm

Hi everyone,

I just became a member and wanted to introduce myself. I'll be moving [retirement visa] to Chiangmai from the U.S.A. in October 2007.

I'm wondering if anyone knows if Thai Banks offer "safe deposit box" rentals as they do in the states. If not, is there something similar?

Also Question , are there any other "important" banking differences that I need to be aware ????

Thanks for your help Very Happy

 

barcode
Newbie
Newbie
 
 
  
Re: Banking Question

Post Posted: Sun Aug 06, 2006 7:12 am

barcode,

I shall be in CM in Sept. We are on a fact finding trip to plan for our retire there in 2007 also. We plan to stay for 3 months. I shall check into this banking and let you know if you have not had an answer by then.

Where are you in S. Florida. We are in Orlando.

Meanwhile you can go to :

www.chiangmaiexpatsclu...essage.asp

post a question there, either on the bulletine board or on the delphia CM expats forum. I find them very helpful. There is a volunteer. His name is Mr. Malcolm Logan. He is very helpful. He has been living in CM for couple of years and volunteer to help expats to settle in CM.

You can email me directly: patrickphm @ yahoo.com. We can share with you what we find on this trip

Good luck

 

dukkha
Newbie
Newbie
 
 
  
Re: Banking Question

Post Posted: Sun Aug 06, 2006 2:17 pm

- barcode

I just became a member and wanted to introduce myself. I'll be moving [retirement visa] to Chiangmai from the U.S.A. in October 2007.
I'm wondering if anyone knows if Thai Banks offer "safe deposit box" rentals as they do in the states.



barcode, yes, safe deposit boxes are common in banks here.
Rates are very low.

If you are moving to Chiangmai, it would be a smart idea to select a safe deposit box on a higher tier to avoid the floods. (not a joke)

are there any other "important" banking differences that I need to be aware ?



Hmmmm....
Have you been to Thailand before?
The most important difference is the use of Thai language.
I've found that a very high barrier to getting things done.
Learned that the best way to do anything is to hire an English-speaking clerk from my lawyer's office to go to the bank with me.

Best advice I can give you is avoid bringing into Thailand any more money than is necessary for your immediate needs.
For your retirement visa you will need some money on deposit here, of course.
But keep the substantial funds in a safe place: maybe a bank in New Zealand or Switzerland or somewhere safe like that.
Not here.
.

 

Peter4
Regular Poster
Regular Poster
 
 
  
Re: Banking Question

Post Posted: Mon Aug 07, 2006 5:52 am

Peter4,

Thanks for the info and yes I've been to BKK and Chiangmai for a 2 week tour last December. I went there for a "look-see" before jumping with both feet - so to speak.

Your advice is definately appreciated. Thank you.

 

barcode
Newbie
Newbie
 
 
  
Re: Banking Question

Post Posted: Fri Aug 11, 2006 8:31 am

Hi barcode:

I don't think there's any harm in deposit the money in Thai bank. As long as you dont give your ATM card & code to somebody else. I do deposit my valuable belonging with the bank under my office building. They are fine. All my expat colleague are using Thai bank which is very convenient and fast.
But for your comfort feeling, you can choose to follow Peter4 instruction too.

 

khunsee
Regular Poster
Regular Poster
 
 
  
Re: Banking Question

Post Posted: Sat Aug 12, 2006 5:22 pm

- khunsee

I don't think there's any harm in deposit the money in Thai bank.



Kunsee's comments politely hint that I omitted reasons for avoiding Thai banks.
I will correct that here.

I keep only a minimum of money in Thailand -- just enough for a few months' expenses.
Everything else stays in safe countries abroad until I need to bring it in via ATM or bank wire.

Why?

Two reasons:
First: the approaching world war of the Muslims against the West.
As the attacks get stronger, many governments will start to panic.
Thai people are not interested in this war, but the Muslim war is interested in Thailand.

Second: the approaching collapse of the US Dollar.
That will be followed by the collapse of many other currencies that depend on trade with the USA.
Thailand depends heavily on US trade.

In times of war and currency collapse, one of the easiest things for governments to control is bank withdrawals and foreign currency exchange.
Therefore, such controls are often the first response to war and panic.
This is very likely to happen in many countries.
It is less likely to happen in such countries as, say, Canada, Finland, New Zealand, Panama, Switzerland, etc.

Ordinary Thais are not allowed to exchange large amounts of Baht into foreign currency.
So, they can't protect themselves from the approaching currency storm.
But we farangs have many options
Avoiding Thai banks is one option.
.

 

Peter4
Regular Poster
Regular Poster
 
 
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