money in thai banks?

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because of tax laws etc...might be in my interests to transfer large amount of money to thai bank....anyone got ideas on safety and interest rates for long term deposit. thanks. im an aussie so if any aussies have a good idea how to get your interest without exhorbitant tax rates in aus..would be great to know..thanks again

[deepee]

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Investments in Oz financial institutions are offering some of the highest term deposit interest rates in the world hence one of the reasons why the AUD is so strong these days. In comparison the Thai banks are offering 30 to 50% less for similar deposits plus their security ratings are way down in comparison . Even if you fork out 50% in taxes the security and international reputation of the Aussie banks would be enough for me to hold the majority of investments back in Australia.
Another factor with Thai investments is always that cloud of political uncertainty in the country. If things went down hill big time I would not be surprised to see foreigners funds simply disappear in the chaos.

[Spitfire]

because of tax laws etc...might be in my interests to transfer large amount of money to thai bank

Probably better to listen to the above poster. Don't transfer any more cash than you can afford to throw up in the air and walk away from. I wouldn't describe Thailand as a safe haven for large extra amounts of cash or a tax haven.

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[Super Joe]

Thailand introduced a 'Deposit Insurance Protection Scheme' a few years back, so I think it's 1 million Baht that's guaranteed per person, per bank company... ie: 4no. accounts in 4no. Siam Comm. branches is limited to 1M covered.

4 different bank companies, is 4M covered though, assuming you had a mill........


SJ

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thanks for responses guys..will take your advise..this forum is great:)..actually get informed answers.thanks again

[Takiap]

I know nothing about this sort of stuff, but I certainly wouldn't transfer a large sum of money to Thailand just so it can sit in the bank here. They may well have a deposit insurance scheme in place, but that really means nothing in Thailand because they simply change laws whenever they choose. You could wake up in the morning to discover there's a strict limit on the amount that can be taken out of the country for example. Let's not forget, even the constitution gets changed every fortnight.