Guest Posted July 25, 2001 Report Share Posted July 25, 2001 What do you expats do regarding savings/pensions when living in LOS? This is almost the only subject regarding living in Thailand that I've been unable to find any information on. Is it possible, as far as any of you know, to open savings accounts with a Thai bank, even personal pensions? I know that current accounts are available as long as you have a work permit but I've no information on the viability or otherwise of pensions and savings accounts for farangs. I am seriously considering the possibility of teaching English in Thailand (don't laugh!) and I need to know this as it's going to be very difficult to maintain my current UK pension scheme from LOS. I've always had my own personal pension plan in the UK, and I was hoping that something similar would be possible in Thailand. Any advice you guys could give me would be much appreciated. You may not be financial advisors but a lot of you must have encountered this yourselves so whatever you know would be good to hear. Thanks for any help you can give, Deejay. Link to comment Share on other sites More sharing options...
Mekong Posted July 25, 2001 Report Share Posted July 25, 2001 Hey DJ, If you leave the UK and become a non UK resident, legaly you are not allowed to contribute to a UK based pension scheme, but you are still allowed to have other forms of investments. Any contributions that you have already made into your current pension will still be valid, and you will still get payments at maturity. Link to comment Share on other sites More sharing options...
phiketpete Posted July 25, 2001 Report Share Posted July 25, 2001 quote: Originally posted by DJ1999J: I know that current accounts are available as long as you have a work permit Deejay.[/QB] It is not necessary to have a work permit before opening a bank account Link to comment Share on other sites More sharing options...
Guest Posted July 25, 2001 Report Share Posted July 25, 2001 The Thai banks have now started to get much more strict on the issues of work permits. They are asking not just for a copy of the passport with a current visa, but also a work permit. Some of them will let it slip and allow you to open a non-resident account. But then the interest rate is much lower. If you are working for a Thai company, and you have a work permit, you can contribute to the pension plan. Most large Thai companies, and the local units of multinationals, have what they call a Thrift plan. I live here and work for a Bank, so this information is current. DAveDAve Link to comment Share on other sites More sharing options...
Guest Posted July 26, 2001 Report Share Posted July 26, 2001 I thought it depended on the bank? During last years Bank Account v Work Permit saga Bank of Asia were quite happy to ignore the government directives and open accounts for foreigners, Bangkok Bank strictly complied and refused all foreigners, and TFB hadn't a clue what I was talking about. They asked "why can't foreigners have bank accounts" Note that you can also get savings accounts at the banks, not just current accounts but the interest rates are better in Jersy, just. Link to comment Share on other sites More sharing options...
ThaiHome Posted July 26, 2001 Report Share Posted July 26, 2001 I opened an account with Bangkok Bank two months ago without a work permit, just a type B visa. Back on the subject of the thread. Are you sure you would even want your pension plan to be in Thai Baht? I sure wouldn't... Link to comment Share on other sites More sharing options...
Guest Posted July 26, 2001 Report Share Posted July 26, 2001 Thanks for the replies guys, it does make things a little clearer. The pension options in LOS do not look good, as mentioned it would obviously have to be in Thai Baht! I suspect I'll end up investing money back in the UK to substitute for a pension but I have no idea of the possibilities there. I guess I'd better see a financial advisor here in the UK. Link to comment Share on other sites More sharing options...
Sukhumvit Posted July 26, 2001 Report Share Posted July 26, 2001 quote: Originally posted by DJ1999J: Is it possible, as far as any of you know, to open savings accounts with a Thai bank, even personal pensions? I know that current accounts are available as long as you have a work permit Deejay. There's an advert in the brochure from the Thai Food Festival. It's for the Bangkok Bank, London Branch. Don't know if it's just for expat Thais in the UK or whether you could open an account before you go. However, there is an email given: parnsak@bangkokbanklondon.fsnet.co.uk Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.