The risks of actually doing business in S E Asia at the
moment is volatile and totally underestimated by foreign companies.
Executives in Thailand " have not fully appreciated the corrupt
political system and the impact it will have on business and the wider
economy". This latest report comes from the Political &
Economic Risk Consultancy Ltd or (PERC).
They go on to say the worst countries to
do business are Indonesia, Malaysia & the Philippines due to their
domestic unrest and the ethnic problems they are all having. However
Singapore which is perhaps the most non corrupt of the SE Asian
countries could actually become a pawn if these countries erupted. A
survey showed 71% gave political unrest as the greatest concern &
29% who thought that the country cited economic risks. However the same
survey in Singapore was the exact opposite-- 29.71.
The problem with focusing on these
economic variables is that Singapore could risk giving foreign companies
a false sense of security. Indonesia & Malaysia have political
problems. In Malaysia the problem lies with Dr. Mahathir who it appears
is holding onto power too long. Could this be like a lot of other so
called leaders of their country: e.g. Fujimori of Peru just dropped; Zimbawbwe's
Robert Mugabe is going even more senile, Cambodia's lack of International cooperation with the
Khmer Rouge trials, the Military junta in Myanmar needs more drug money
hence theyre trying to route the Shan in favour of the Wa who make
the drugs, & now the new PM in Indonesia is on the corruption
Why are these countries rulers so enept at holding onto the reins at any
cost? or have they many "things" they are hiding. Thus
the economic volatility is being portrayed in SE Asia & foreign
companies are disappointed with Malaysia's economic performance &
those of Indonesia not forgetting Myanmar's lack of allowing proper
democratic voting for it's people..
China however saw political risks at 40% &
economic risks at 60%. While these situations continue their will be an
imbalance of foreign investment in Thailand. What with the corruption in
the voting electorates recently & the inconvenience caused by the
enormous cost to initiate a new vote X4 one must ask, why are these
corrupt practices tolerated & why are these same candidates allowed
to stand for a rerun when they have not abided by the laws. This and
other vote buying practices will no doubt be logged into the minds of
foreign investors until somewhere, somehow these practices are
If a politician can be wooed to another
party then what about the constituents who voted for these candidates
& the party they stand for. In fact money; "yes 2m baht given by Thai
Rak Thai" to woo candidates away from there respective parties. To buy other party candidates is a disappointment for the
people who voted these candidates who are now enticed by greed and
money-- not the peoples thoughts. Until Thai politics thwarts these practices I'm
afraid the Thai people will remain the pawns with the rich becoming
richer, the poor becoming poorer, & the foreigners in Thailand
taking the brunt of this delemna.
government needs foreign money to defray their large deficit. Not
from the west but from China. This will no doubt be Thailand's
mistake in its life if they go ahead. Remember China has a long
memory and they still want their little baby back--(Taiwan) &
not forgetting the Japanese whom they dislike for the mass
killings they did in the 50's.China will hold the purse strings to
unlock Thailand if this happens.
Rak Thai has won the election but what will happen now and will
the coalition parties of New Aspiration & Chart Thai fair any
better. History has proven a little differently but we hope the
leaders will look at corruption as a bad thing--but will they?? It
must be remembered that when Thailand's economic collapse started
the Shinawatra group via inside Trading made millions of dollars
on the exchange market?? General Chavalit also had his hand in
amongst this and not forgetting the little fellow Barnham who
certainly spent a lot on his city. All these folk run the country
& the coffers.
the political situation will not stop here. Corruption is a way of
life in Asia & it will take years to stamp out, if at all. We have
seen it in every avenue in Thailand & it still goes on.
YOUR MONEY FROM THAILAND TO ANOTHER COUNTRY:
is 6 ways to send money out of Thailand: bank drafts, bank
transfer, ATM cards, traveller's and Visa Travel Money.
method. Bank issues a cheque & then its sent overseas. Cost
103 baht for bank fee for US$, stirling & most others but 230
baht for Australian dollar. Drafts are safe but if you stop
payment under 1000 baht it costs 1050 baht to initiate a stop
payment on the cheque. Process can take 2-3 weeks to clear a
Safe & convenient but
expensive in Thailand. Bank's charge 1% of the value plus 23 baht
per cheque. Good when you leave the country. If not travelling
they can be hard to buy as may need a ticket to show. The good
thing is you need your passport to access cash.
Transferring to another
account overseas is fast say 3-4 working days. Charges 400-600 baht
but may be a charge at the other end. eg USA fee is $US15-$20.No
more than $50,000 can be sent out in any one year. Thai banks may
need to see what you want to pay for first.
Plu cards & Maestro have
entry fee of 50 baht-100 baht. & annual fee up to 200 baht. If
you use overseas charges are 75-100 baht per zipzap except
Citibank which has no charge. Cannot get account balance &
limited access to funds per day.
Card like an ATM one. No fees
but banks charge 1% value of the card. You can put in $10,000 on
the card but cannot top up.
Need quick cash then use a credit card but ask your bank. Charges
in Thai banks can be 300 baht per 5000 baht withdrawn. Foreign
Banks can charge the same fee & interest on the card up to
27.5% from the day of withdrawal.
money services like Western union & Moneygram for emergencies.
Can have the money processed and available in 10 minutes. Only
$2000 a time & fees 5-10% charged. The Bank gives a pin which
you tell the collector and money can be uplifted straight away.
from Thai Military bank charges between US$12 & $300 per
transaction up to $10,000 sent at once & $20,000 limit per
If travelling out you can take out
US$ but make sure you know how much youre allowed first and also
in the other country. Remember you can open a $US account here
which helps if the baht falls???