Thaibahts.org

book reviews and living in Thailand

Author: Krishna Bhagwandas

  • Instant money transfers Thailand to anywhere

    Instant money transfers Thailand to anywhere

    Instant money transfers to just about any country is possible with a few clicks on your phone. If you are thinking of Western union or banks then you’ve got to update your information. There are many new and old ways to transfer money instantly to India, Philippines or anywhere in Europe and Americas. I’ve used these methods and here are a few ways to send money out of Thailand in a cost effective manner. I compare banks to money transfer services. If you are foreigner in Thailand, you may need a work permit to send money from a bank.

    Easiest way to send money out of Thailand is Skrill and Wise (Transferwise). You can use these two services to send money instantly to most countries around the world including most of Europe, Canada and Africa. I’ve used both Skrill and Wise to send money to Philippines, Canada and Ireland. read about them in detail below. Sending money through banks is a bit more complicated, especially as a foreigner.

    your options to transfer money are:

    1. Wise
    2. Skrill
    3. Dee Money
    4. Western union
    5. Bank transfer
    6. Paypal
    7. Moneygram
    8. Cryptocurrency

    Wise – Takes about a day

    To send money through wise you need to first sign up and submit your ID. Once you’re all set, transfers are done within one day. It’s pretty straightforward. In my experience, I could send most transfers within a day. In some cases, it was done in a couple of hours. The only downside is they didn’t respond to queries outside UK working hours. But very convenient overall.

    Skrill – Instant money transfers

    Sending money through Skrill is a breeze. you’d need a card and the bank account details of the person you’re sending the money to. The fees are very low. I was always able to send money realtime with their service. To send money to India from Thailand it was lightening fast. Certainly my favorite.

    Dee Money – Takes one business day

    Dee money is a Thailand based money transfer service. They send money in about a day after you’ve placed your request. They have a limit of 800,000 baht per day. which is 22,000 EUR limit. I tried to send money using their service and was sent a form through email. I had to fill it up, sign, scan and send it back! so I chose the easy way out. It has potential but they could work on their “customer experience”. It’s an effort to have to do “paper work”. Otherwise, It could be a great service. They charge about THB 250 per transaction + VAT.

    Bank Transfers

    Bank transfers from Thailand to countries outside ASEAN or the neighborhood could take a few days. you’d have to visit the bank unless you “set up” the international money transfers on their native app (Kasikorn bank and Bangkok bank). The experience in the branch could greatly vary depending on where you are. In my experience, I had a tough time with the banks because they were unsure of many procedures and it took a while (2 hours in the bank) to complete a transaction. There is always this uneasy interaction with foreign clients.

    Recommendations

    Fastest options

    The fastest option is Skrill. You may also try wise. These options are also quite affordable

    Alternatively, if you lack a local bank account and opt for cash payments, Western Union or MoneyGram are advantageous choices. They offer rapid cash deliveries, often within minutes. This also applies to Western Union transfers initiated from a bank account, with the recipient collecting the funds in cash.

    Most affordable

    In terms of cost-effectiveness, cash conversion emerges as the most economical due to its minimal service fees and currency conversion spreads. However, it’s important to acknowledge the trade-off involving the physical process and time consumption, making it preferable for non-urgent situations where you plan to travel to the destination anyway. Dee money is a good low cost option

    Big amounts

    For those seeking to send substantial sums exceeding 800,000 THB in a single daily transaction, bank transfers are the only route. Many banks allow transactions of up to 50,000 USD or equivalent in one go.

    With a local bank account, both bank transfers and DeeMoney are excellent choices.

    In cases where a local bank account is unavailable, Western Union is suitable for regular transfers, while cash conversion is preferable for irregular or one-time lump sum transfers.

    Skrill is probably the best option you have, this is said based on actual transactions through this service.

    If you look carefully, there are always ways to send instant money transfers out of Thailand. Revolut, xoom and instarem are not yet available in Thailand

    If you are interested in investing check this out

  • Make money with zoombucks from anywhere

    Make money with zoombucks from anywhere

    Zoombucks, now known as GrabPoints, is a platform that allows users to earn points for completing various online activities such as surveys, watching videos, playing games, and more. These points can then be redeemed for gift cards, PayPal cash, or other rewards. I’ve used it but I’m yet to cash out. I’ve been able to leverage the “watch videos” to get some decent points. It won’t make you rich or replace your regular income though. If you’re looking to make money with Zoombucks (GrabPoints), here are some steps you can take:

    1. Sign Up: Create an account on the Zoombucks (GrabPoints) platform. You’ll need to provide some basic information and confirm your email address.
    2. Complete Surveys: One of the primary ways to earn points is by completing surveys. Zoombucks (GrabPoints) partners with market research companies that offer surveys on various topics. Fill out surveys honestly and thoroughly to earn points.
    3. Watch Videos: You can earn points by watching videos on the platform. These videos may include advertisements, product demonstrations, or other content. Keep the videos playing in the background while you do other tasks to accumulate points.
    4. Play Games: Some platforms offer points for playing online games. If Zoombucks (GrabPoints) offers this option, you can earn points by playing games and reaching certain milestones.
    5. Complete Offers: Zoombucks (GrabPoints) often has offers from advertisers, such as signing up for free trials, downloading apps, or participating in special promotions. These offers typically offer higher points, but be cautious and only engage in offers that genuinely interest you.
    6. Refer Friends: Many rewards platforms, including Zoombucks (GrabPoints), offer referral programs. You can earn points by inviting friends to join the platform using your referral link. When they sign up and start earning points, you’ll receive a referral bonus.
    7. Daily Check-In: Some platforms offer daily check-in bonuses. Log in to your Zoombucks (GrabPoints) account regularly to receive these bonuses, which can help you accumulate points over time.
    8. Explore Special Promotions: Keep an eye out for special promotions and events on the platform. Zoombucks (GrabPoints) may offer limited-time opportunities to earn extra points or bonuses.
    9. Redeem Points: Once you’ve earned enough points, you can redeem them for gift cards to popular retailers, PayPal cash, or other rewards available on the platform. Choose the reward that aligns with your preferences and needs.
    10. Be Patient and Consistent: Earning money through platforms like Zoombucks (GrabPoints) takes time and consistency. While the earnings may not be substantial, they can add up over time with regular engagement.

    It’s important to note that while platforms like Zoombucks (GrabPoints) can provide an opportunity to earn extra money online, the earnings may not be significant. Additionally, be cautious of any platform that asks for personal or financial information or promises unrealistic earnings. Always do your research and ensure the platform is reputable before investing your time and effort.

  • Real Estate Regulation and Development Act – RERA empowering consumers

    Real Estate Regulation and Development Act – RERA empowering consumers

    Real Estate Regulation and Development Act (RERA): Empowering Consumers and Transforming the Real Estate Sector

    The real estate sector in India has been a critical driver of economic growth, infrastructure development, and urbanization. However, the lack of transparency, accountability, and consumer protection in the sector has been a concern for both homebuyers and investors. To address these issues, the Real Estate Regulation and Development Act (RERA) was enacted in 2016. This landmark legislation aimed to revolutionize the real estate industry by establishing a regulatory framework that enhances transparency, safeguards consumer rights, and promotes fair practices. In this article, we delve into the key aspects of RERA and its current status.

    The Journey of RERA: Enactment and Implementation

    The journey of RERA began with the passage of the Real Estate Bill in the Rajya Sabha on March 10, 2016, followed by its approval in the Lok Sabha on March 15, 2016. After receiving assent from the Hon’ble President on March 25, 2016, the Act was officially published in the Official Gazette on March 26, 2016. The Act came into force on May 1, 2016, with various sections notified for implementation. However, certain sections were not immediately enforced, awaiting the establishment of crucial institutional structures.

    The Act’s Scope and Objectives

    At its core, RERA was formulated to address the lack of consumer protection in the real estate sector. Despite existing consumer protection laws, the remedies provided were curative rather than preventive. This gap hindered the sector’s potential growth due to a lack of professionalism, transparency, and standardization. The objectives of RERA are multi-fold:

    • Accountability and Consumer Protection: RERA holds developers accountable for project timelines, quality, and adherence to commitments, thereby ensuring consumer protection.
    • Transparency and Fair Play: The Act promotes transparency by requiring developers to disclose project details on a centralized platform, aiding buyers in making informed decisions.
    • Professionalism and Standardization: RERA introduces professionalism through the establishment of regulatory authorities, fostering standardized practices and ethics in the real estate industry.
    • Symmetry of Information: The Act ensures that both developers and buyers have access to accurate project-related information, preventing information asymmetry.
    • Responsibilities and Governance: RERA defines responsibilities for both developers and buyers, instilling a sense of governance and compliance in the sector.
    • Dispute Resolution and Investor Confidence: The Act introduces a fast-track dispute resolution mechanism, enhancing investor confidence and reducing delays in project completion.

    Key Components of RERA

    RERA encompasses various provisions that reshape the real estate landscape:

    • Appropriate Government: The Act defines the “appropriate government” as per the jurisdiction and location of the project, determining its regulatory authority.
    • Regulatory Authority and Appellate Tribunal: The Act mandates the establishment of a regulatory authority and an appellate tribunal to address grievances and enforce compliance.
    • Real Estate Agents: RERA covers real estate agents, including web portals, ensuring their accountability and adherence to regulations.
    • Project Registration: Developers must register their projects with the regulatory authority before marketing or selling.
    • Consumer Safeguards: The Act specifies that a certain percentage of funds collected from buyers must be kept in an escrow account to avoid diversion of funds.
    • Project Delivery: Developers must adhere to project timelines and quality standards, ensuring timely delivery to consumers.

    Current Status and Future Implications

    As of the Act’s commencement, sections related to regulatory authority, appellate tribunal, and other fundamental structures have been established. However, some sections remain unnotified due to the requirement of institutional infrastructure, such as the establishment of the regulatory authority and appellate tribunal. These remaining sections are expected to come into force upon their establishment, ensuring a comprehensive regulatory framework.

    RERA has brought about significant changes in the real estate sector by improving transparency, accountability, and consumer protection. Developers are now more cautious about project commitments, and buyers are empowered with better information to make informed choices. The Act’s focus on dispute resolution and governance further enhances investor confidence, stimulating the sector’s growth.

    In conclusion, the Real Estate Regulation and Development Act (RERA) marks a turning point in the Indian real estate industry. By addressing historical issues and introducing a robust regulatory framework, RERA aims to transform the sector into a more transparent, accountable, and consumer-friendly domain. As the Act continues to shape the real estate landscape, its positive impact on developers, buyers, and the economy as a whole is becoming increasingly evident.

    RERA in GOA

    investing to achieve $1000 a month

  • How much should you invest to earn monthly income of $1000 – Indians

    How much should you invest to earn monthly income of $1000 – Indians

    (disclaimer: this is not financial advice) There are several types of investments based on how much risk can you take. Here I’m talking about a very low-risk or no-risk option which is bank deposits. In India, banks pay a healthy rate of interest ranging from 4% to 7.75%. To secure these high rates of interests, you’ll have to invest in “Fixed deposits” also known as term deposits. It’s become so easy to invest in FDs (Fixed deposits). Just use your banking app to transfer funds to FDs electronically.

    Recent (Aug 2023) FD rates from leading banks featured here are as follows.
    Federal bank – residents interest rates on deposits ranging from 3% to 7.75%
    State Bank of India – resident interest rates on deposits ranging from 3% to 7.80%
    HDFC bank – resident interest rates on deposits
    These rates are only indicative and you should check with these banks.

    How safe are fixed deposits in Indian banks?

    Fixed deposits (FDs) have long been a favored investment choice for individuals seeking stability and assured returns in India. The appeal of fixed deposits lies in their safety, making them a preferred option for both conservative investors and those looking to diversify their portfolios. This article delves into the safety aspects of fixed deposits in Indian banks, shedding light on the factors that contribute to their reliability.

    The Foundation of Trust: Fixed deposits in Indian banks have earned a reputation for being secure due to a combination of factors that contribute to their credibility:

    1. Regulated by Regulatory Authorities: Indian banks are governed by strict regulations and guidelines set by the Reserve Bank of India (RBI). The RBI monitors banks’ financial health, ensuring they meet stringent capital adequacy norms, which in turn safeguards the interests of depositors.

    2. Deposit Insurance and Credit Guarantee Corporation (DICGC): DICGC is a subsidiary of the RBI that provides deposit insurance up to ₹5 lakh per depositor in case of a bank’s failure. This insurance acts as an additional layer of protection for depositors, ensuring that their savings are not jeopardized even if the bank faces financial challenges.

    3. Stringent Prudential Norms: Indian banks are required to adhere to prudential norms, which include maintaining adequate provisions for bad debts, ensuring liquidity ratios, and adhering to capital adequacy standards. These norms enhance the overall stability of the banking system.

    4. Transparency and Accountability: Indian banks are subject to regular audits and inspections to ensure that their financial practices are transparent and accountable. This helps identify and address any potential risks in a timely manner.

    5. Long-Standing Tradition: Fixed deposits have a legacy of trust in India. Banks have a rich history of honoring their commitments to depositors, contributing to a strong foundation of trust and reliability.

    Benefits of Fixed Deposits: Apart from their safety, fixed deposits offer several other advantages:

    1. Assured Returns: FDs provide a predetermined interest rate that remains constant throughout the investment tenure, assuring investors of regular returns.

    2. Liquidity Options: While fixed deposits have a lock-in period, banks often offer premature withdrawal options, albeit with certain penalties. This provides flexibility in case of emergencies.

    3. Stable Investment Option: For risk-averse investors, FDs offer a stable investment option that shields their funds from market volatility.

    4. Diversification and Portfolio Balancing: Investors often include FDs as part of a diversified portfolio, balancing higher-risk investments with the stability of fixed returns.

    Conclusion: Fixed deposits in Indian banks have proven themselves to be a safe haven for investors seeking reliability and stability. The strong regulatory framework, deposit insurance, and prudential norms contribute to the security of these investments. While FDs may not offer the same potential for high returns as some other investment options, they are an essential component of a well-balanced financial strategy, providing peace of mind and stability to investors, especially those who prioritize safety over risk. Always consult with financial professionals before making investment decisions to ensure that they align with your specific goals and circumstances.

    Monthly investment required to achieve monthly income of $1000.

    $1000 is approximately ₹82,000. At an annual interest rate of 7.25%, here’s how much you would need to deposit in an FD. You would need to have deposits of ₹13,700,000 to earn ₹82,000 a month. You could now decide on a term or number of years to achieve this goal.

    Typically, an average Indian earns about ₹30,000 to ₹125,000 a month . Let’s take ₹75,000 a month, which is a very common salary in most tech jobs or government jobs in the cities. With a monthly deposit of ₹40,000, it would take 28.6 years to achieve a monthly income of $1000 or ₹82,000 @ 7.25%. More options on how to get a passive income by investing