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My Money

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  • My Money

    Hey all. I am going to Thai soon to be with the girlfriend (Im 66 she's 55). She has money and her own house and I am planning on staying with here for a few years.
    I want to know what to do with my money.
    I have gov. pension. I have £35000 in one UK bank and £70000 in another UK bank. I am planning to drip feed money into an account in Thai...and yes I know all about medical fees and Visa fees and how much I need to keep in the Thai account etc ... but where or what is the best I can do on keeping the money safe ?
    I want to know what is the best thing to do with my money ?
    cheers for any helpful advice

  • #2
    I would definitely keep your money in the UK banks, your are afforded far greater protection if things go wrong.

    If you have not yet done so, perhaps open a Wise account (formerly TransferWise) and send money over to Thailand as and when you need it.

    Given the sums involved, have you prepared a Will?
    Tobias - โทเบียส
    Every vaccination gives us HOPE.
    Don't delay in getting your
    COVID-19 vaccine when it is offered.


    • #3
      Thanks Tobias. Have been using Transferwise for many years. I was hoping someone was going to say about a nice trick with the banks like offshore tax free or something ......but I dream .....
      Yes I will put only what is necessary in Thai Bank and yes I have a will .
      Cheers .


      • #4
        When I sold my house I had a large amount of money to bank, I put it into the government savings bank called NS&I they used to give a great interest rate, but that’s now come down in line with other high street interest rates, but the good thing is that they will cover 100% of your money unlike other banks that cover up to £80,000, withdrawals from the bank and transfers are easy as well.


        • #5
          The Financial Services Compensation scheme protects £85,000 per person per bank. So if you have more, it may be wise to use more than one bank.

          Also, banks sometimes block accounts because of suspicious activity, so you can't withdraw money until the National Crime Agency or some other agency gives the go ahead to the bank to unfreeze it. This is another reason to have accounts with more than one bank.