Your money

[Changman 1]

I'm still a few years out from retirement and still have a bit of planning to do.

I'm American, have a 403-B, Roth and pension to live on at 55.

My question is " What is the best way to access your retirement money" each time you need it. ATM? Transfer etc.

[torrenova 649]

Don't even worry about it now but likely transfer of a sum to fund capital purchases and then income stream as you receive it, most likely managed through the internet.

 

The rules on what you have to do visa wise post retirement are likely to change numerous times if you are some way off from retiring.

[Changman 1]

Thanks Torrenova,

I realize things are bound to change between now and then. I just wondered how you lucky guys manage your money on a monthly, weekly basis in order to pay the bills etc.

Is it better to keep your monthly allotment in your American account where you gain a bit of intrest, transfer to and out of savings acct.

I've got one friend that lives in Jomtien and he takes lump sums out of his checking acct. back in the states with his ATM but gets charged the ATM fee with each withdrwal.

I'll continue to dream of that day I start life anew.

Cheers.

[pattysteve 34]

You are right in 2 yrs things could change,indeed have changed fairly recently.

 

Some Thai banks are now offering as much as 5% interest.

 

My advice would be a check on these interest rates and the exchange rates.there may be a time when the Baht may get back to $1 = 40 plus Baht.Then it may be prudent to transfer all your capital to Thailand.

 

Its really all a gamble,but keeping an eye on things might turn out pretty good.

[torrenova 649]

As Steve says, exchange rates will fluctuate. Against GBP/USD/EUR the THB has appreciated by over 10% and is likely to increase further in the short term. The best rate for GBP was 78 compared to a paltry 66 or so now. Thats a lot of lost / gained income over large amounts.

 

The prudent thing to do would be to make sure that any financial plans include provision for inflation and reasonable exchange rate movements. The reality is that costs here are not as low as they once were but then salaries and asset values in the developed world have risen over the same period.

 

Very simply, if you think you'll need 60k per month, make sure you have more than that, perhaps 80k and then have some inflation linked increases.

[Changman 1]

If things keep going the way they have been I'll recieve just over 4-K per month U.S. I know that's more than enough, in fact twice more than what I'll need and that's part of the plan. Now I just have to stay healthy enough and single enough to get there.

[torrenova 649]

Depends upon how long into the future you are talking. A couple of years ok, but 10 years plus and your 4k will, I suspect, be the lower end of what is required.

[Owen` 2]

A particularly good, and recent, article about ATM withdrawls and credit card fees used

in foreign purchases. The focus is for travelers, but the details are solid.

 

http://www.concierge.com/cntraveler/articl...articleId=10173

[Emil 0]

You need to check out the various financial instutions, my credit union doesn't charge any ATM fees. You do need to keep a specific amount of money with them, but that can be accomplished by totaling your checking, saving, CD's and IRA's accounts with them.

[biggles 509]

when I come here for a 3 months stint I do a once only internet transfer from my oz bank account to my thai account ($A22). then I use my thai ATM card to withdraw funds, no fees at all. Keep the bulk of money in oz accounts at around 5% interest, tho several thai banks are offering money up to 5% on term deposits. Not sure I have enuff faith in the thai banking system to put too much on deposit here tho.

[irishman 0]

I use an ATM from an interest earning account with a brokerage firm that allows up to 6 free transfers a month.

 

When the baht/dollar ratio gets above 42/dollar, I usually transfer a few million baht and will use that part of the time also.

 

Cheers

[Changman 1]

Thanks for the help guys. Best of luck to all.

Cheers!!!

[BigDUSA 71]

I plan on keeping 95%+ of my money in a US Bank. Easy to access by ATM and I have US Banking laws on my side versus Thai Banking laws.