Dear readers,
I have a question where readers of Thailandblog may be able to provide me with some information:
My Thai boyfriend has been living in the Netherlands for two years now. Is already reasonably established and has also had a nice job for almost a year and therefore earns money himself. Some of this money is even left over and he now saves it in the bank. However, interest rates are sadly low, so it's not really helping.
Now he has a few Thai acquaintances who put money in what one of the ladies manages every month and if you need money you can take it out of the pot. If that is the maximum you have invested, you do not have to pay anything for this, if it is more than you have invested, you pay 10% "costs". In this way, “profits” are made by the participants.
At least, this is how I understand it and it seems to be a common form of saving / borrowing among Thai people. However, I am hesitant about it and have been able to hold it off so far. It's his money, but I don't want it suddenly gone. Has anyone had to deal with this with their partner and can someone explain to me what exactly the idea behind this is.
Thanks in advance.
Stefan
Dear Stephen,
NO! It happens a lot among Thai people. Things can go well for a long time, until a (wrong) person borrows money and suddenly disappears after paying the interest a few times. I have seen a lot that it really concerns 20.000 and more. Or the person who manages the money is suddenly robbed?
This has happened so many times before. Mostly ladies from massage houses, gambling, ect…
So trust me, never put your money in here, unless you can handle it when things go wrong.
Regards,
Mike
A Thai who keeps track of money is an exception in itself.
Then dump your money in a jar… That's putting the cat in the milk, just take it to the bank!
Success with it !!
To ask the question is to answer the question. Putting your money on red at roulette is also very safe, until black falls unexpectedly.
Indeed, know those systems all too well, here the city where we live there are three clans that organize this.
It has gone wrong many times. A Thai says 'mai pen rai', but in the meantime the money is gone. In the case here with us, that 10% interest is monthly…
There are always those who make a profit, but sometimes you also have the losers and that cannot be with a savings system.
You also have the Thai lotto and some other systems.
Eg the Thai pawn system; you bring in your gold, cash it in and pay 10% monthly interest or you pay back the amount in one go then you get your gold back.
Since it is always at 10%, the statement 1 time out of 10 it goes wrong, could well be the rule.
Dear saver.
Don't fall for it because sooner or later you will be cheated and you can whistle for your money. I have NOT experienced it myself, but people close to me have. It seems nice. You don't have a leg to stand on. And the person who manages it knows nothing about it.
Just the bank also all that interest very low. Courage
Jan D .
What you also hear is if you have money, see if there are people in your neighborhood (Thailand) with land who are in trouble, buying the land for little money. their from the worries you beneficial land.
Hi Theetje,
Lending money to someone who is in trouble is easy to do, provided it is recorded with a reputable notary.
We have lent 1 million baht at 7% interest per month to people who urgently needed money. If they do not pay back the interest + 1 million baht within 1 year, we own 7 rai of land on which a company with a very large house is located. ,
(We hope they can't afford it)
For example, 3 years ago my girlfriend bought a large shed in korat for 3 million baht, the bank has already called 4 times this year if my girlfriend wants to sell the shed with 2 rai of land for 10 million baht, but she does not want that, better wait a little longer, land in korat and Pak Chong is a very good investment if you have at least 10 years.
Since your name is Loan I suspect you are not Thai.
If you, as a foreign partner of a Thai, are involved in this kind of business, this can lead to serious nonsense for you and notary or not under Thai law, I think this falls under the heading of predatory lending and there is even a hotline in Thailand to prevent this kind of practice. and a farang who was also involved in these kinds of practices with his Thai madam was put behind bars together with his wife. I'll see if I can find the link.
If this isn't boastfulness, I'm shocked and feel a little nauseated.
Lending money with an interest rate of almost 100% per year and, in case of default, earning millions by taking the property from people who are already in the shit.
I just can't believe this…..
It could also be a scam from your spouse to you to extort a million. Isn't the loan too good to be true?
My very best Tjamuk
I don't know if I'm starting to lose track. But someone who lends me money in the hope that I can't pay it back. So that he can then take my possessions.
Can hardly be called humane. I've dealt with people like that.
I have a completely different name for such people.
Which I won't mention here
Greetings Kees
Lee Korat
Wow, you seem like a nice guy. (we hope they can't afford it)
What a fun way to make money. Taking advantage of people in trouble. I have an acquaintance he had a nice Bar on Phuket. He also went into the business you're in. He had to flee to the Netherlands. Left everything behind. He's on welfare. Of course that doesn't happen to you. So is he
“Them out of trouble and you beneficial land?”
That Thai will then have your money, but whether you will have land is something else.
The question is who will care after that.
But to keep it to the post.
I have heard all the wildest stories about this and always negative.
My advice would be to keep your hands off it
Their concern was also true in this case.
Someone in the neighborhood had done something for which he had to go to jail.
this could be bought off, in this case it was 1 rai of land that we could buy cheaply. The people had a lot of land but no cash.
That's why they don't worry, no prison for that man, and we have 1 rai on paper, everything neatly arranged.
I know, this is small but this often involves larger amounts.
Don't participate. My wife has lost a lot of money on it several times. These were almost always people she “fully trusted”. So not nice. I'm not going to immediately say that you can't trust the Thai with money, but you can never be sure that you will see your money back. Generally speaking, you do have that at a bank, unless…
If your friend is sensible, he opens an account at the thai government bank, the first year the interest is not high, but on average over 5 years it is still 4,75% interest per year, and for every 1000 bath savings you get a lottery number which has a monthly draw, if you are lucky you will soon get an interest rate of 6% on an annual basis, and the money is really safe, even in the event of a new bank crash, the state guarantees the entire amount,
good luck with that
Do not ! The best message you can get if you want to get your last money back is:
Sorry, we cannot pay later…..money gone.
Open an account with eg the Bangkok Bank and you will receive 3.3% interest on your savings.
If you also have an i-banking, you can transfer everything from NL and check your accounts.
Frank
Dear Frank,
You would recommend 3.3 percent interest to Stefan on the Bangkok Bank.
But you forget to tell Stefan that every Thai bank still deducts taxes from it. That could be as little as half a percent. Effectively it is then only 2.7 percent.
The interest on the Thai banks therefore always seem higher than they actually are.
I can completely share the advice to Stefan not to participate in this Thai private savings system.
greetings from Danny
Dear Stefan, you understand yourself that these kinds of things are not an issue in NL. That people do that in TH, and your friend, recognizing that, participates in it: you talk about that, and you state with certainty that you do not like his participation in those kinds of financial tricks. These kinds of practices are based on the fact that at some point someone will get stuck. At that moment the principle applies: knock someone out. See here the idea behind a 'piggy bank' like this.
Dear Soi
Mistake on your part. It is certainly the case here in the Netherlands. Among the Thai community
My wife worked in a Thai restaurant at the time. They all participated
Pon also came home with that story. The promised return was so ridiculously high that all alarm bells immediately went off for me. Luckily we didn't participate because it didn't end well.
Dear Tjamuk
Then I would also like to explain why I responded.
I was a bit ashamed of the THB. In my opinion, comments such as those from Leen Korat do not belong on the Blog. Just as good as Theetje's reaction
Who explains to us what you should pay attention to to get a good purchase of land
Or will she really think if you sell your house or a piece of land for a quarter of the price then you're out of your worries. It is taking advantage of someone's misery
(Just as good as Theetje's reaction
Who explains to us what you should pay attention to to get a good deal on land)
It's very simple people have a big problem, and came to my girlfriend themselves if she wants to do this, and if she doesn't want to (or can't) they go to someone else because they absolutely don't want to go to jail.
Tea
read your first comment. Find people who are in Trouble
Then you can land well. That's what it comes down to no more and no less. In the 2 subsequent responses you try to tone down your first response
And suppose that by buying that land that man didn't have to go to jail
You say he did something. If you've done something that puts you in jail, go to jail. Even a decent person wouldn't do that. I once had a conversation with a drug dealer. Why did he do that
He said if I don't do it someone else will. So then it's good tea?
I had to get this out
Hi Stefan,
In my opinion, a low interest rate is better than with “a Thai lady”
Seems safer to me and I can't figure out that he's getting any interest from this lady either.
LOUISE
STILL FORGET STEFAN.
On any bank in Thailand.
You can lock up your money for 6 or 12 and sometimes 25 months.
The banks have a different offer every time.
For example, we have 2 bank books that I always do this with.
Safe and at least you know for sure that your friend's money stays his.
It sounds bad, but a Thai with money cannot be trusted. (experience in this and several from our close environment)
They only see today.
Greetings,
LOUISE
An old saying comes from borrowing. I remember that a farang married a woman in Thailand. She bought a house in his name and they renovated and renovated the house. But 2 months after the wedding there were 2 people at the door. Thai It later turned out that the mafia said to the Farang that your wife still has a 50.000 bath debt that we are now coming to collect. If you don't pay then they made the well-known shooting gesture and we will kill you and your wife. He knew of no loan but he was frightened. paid. The striking thing about this story is that the same Dutchman now threatens to send the mafia to every altercation he has with fellow countrymen. He will think he will follow a good example. You are simply not allowed to extort money with money. the government takes action where they suspect that a lot of interest is being charged, usually without repayment.