Saving some buck$ for your kid

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General Mackevili
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Re: Saving some buck$ for your kid

Post by General Mackevili » Tue Dec 31, 2019 10:02 am

phuketrichard wrote:
Mon Dec 30, 2019 5:12 pm
prasac offers 8% for a year deposit - 6% tax on interest.

https://www.prasac.com.kh/en/services/d ... it-account

crazy to leave money in a non interest bearing account, even if its safe..
That's unreal. The best I've ever had back in the US was around 5%, and that well over a decade ago.

Blue chip stocks or indexes are probably good long-term. It's probably time to look into some cannabis stocks too. :bong:
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Re: Saving some buck$ for your kid

Post by Kammekor » Tue Dec 31, 2019 10:38 am

Bitte_Kein_Lexus wrote:
Tue Dec 31, 2019 9:04 am
Good job as others have said. I wouldn't worry about the bank collapsing. Interest rates in Western banks are non-existent, so I really don't see why you'd even contemplate putting savings in them. The only worthwhile thing to do would be to buy a few blue chip stocks or something and hold on for 15 years. If you don't mind us asking, how much are you putting aside per year and how old is the child? I'm guessing the amounts are fairly small, so I wouldn't worry about a bank default (especially the bigger ones). If the amount gets sizeable in ten years or something, then you can always cash out and transfer to a western bank for safety.
The kid's nearly 8 and I'm putting 200-300 EUR aside per month. Last year I put about 1k in stocks, about 300 in Bitcoin, there's about 10k left in the bank. Started saving when the kid was three if I remember correctly.

Interest rate currently on offer on kids account is 0,05% but it'll drop tomorrow to 0,01%. Stocks have performed really well last year, but for instance Microsoft went up 20% since I bought them for my kid so I'm reluctant to buy more now even though it's a long term game.

About withdrawing, this money is totally outside of my personal system, I don't even count it as my own money, so if I can't touch / withdraw it for a year it's no problem.
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Re: Saving some buck$ for your kid

Post by Doc67 » Tue Dec 31, 2019 10:45 am

Just remember the Cambodia is on a Grey List for money laundering. You might be wise to bring some over, and then try to send some back! See if you can.

I haven't tried to send any back yet but if anyone has any experience in sending, say $10,000 back to any normal country, then please share your experience.
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Re: Saving some buck$ for your kid

Post by TWY » Tue Dec 31, 2019 1:58 pm

I save money for my children.

I simply put it into an S&P 500 index fund. Any major brokerage firm can easily set up an automatic deposit and now most aren't charging for trades so you should be able to find one that can do it with no fees.

Its just my opinion, but I would not be placing investment money into a Cambodian bank to try to get 6 or 7% interest.

If you are stuck on buying individual stocks then I would stick with things that you are knowledgeable about. Just remember that GE was a "blue chip" stock as recently as 2016. Given they have some time I'd try to purchase smaller sized companies in areas where you have knowledge - they might be the ones that provide outsized returns over time.

Good luck.
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Re: Saving some buck$ for your kid

Post by pczz » Tue Dec 31, 2019 2:54 pm

Doc67 wrote:
Tue Dec 31, 2019 10:45 am
Just remember the Cambodia is on a Grey List for money laundering. You might be wise to bring some over, and then try to send some back! See if you can.

I haven't tried to send any back yet but if anyone has any experience in sending, say $10,000 back to any normal country, then please share your experience.
I have done this. provided you are with a real bank and not one of the App only new kids it is ok to send to and from Cambodia. Most of the app only places will NOT send to or from Cambodia. Real banks are a bit more fussy if you send here. In general in uk they start to get awkward if it is over £80,000 and Uk bank generally have a daily limit or a transaction limit of £20,000. According to ACLEDA if you send more than $20,000 they have to get approval from Ministry of Finance which is a formality but can hold your transaction up a day or 2. Interesting when I wire money home from ACLEDA it arrives in my uk bank inside 36 hours. When i send it out from the Uk it takes 3 to 4 days
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Re: Saving some buck$ for your kid

Post by pczz » Tue Dec 31, 2019 2:57 pm

phuketrichard wrote:
Mon Dec 30, 2019 5:12 pm
prasac offers 8% for a year deposit - 6% tax on interest.

https://www.prasac.com.kh/en/services/d ... it-account

crazy to leave money in a non interest bearing account, even if its safe..
The normal instant access saving account at Praasac and other banks charges 4% tax. Fixed term account are taxed more heavily. Also if you are not resident the tax at Prasac is 12% on bonds. To get round it just make sure you have a 6 months min visa when you open
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Re: Saving some buck$ for your kid

Post by cptrelentless » Tue Dec 31, 2019 5:08 pm

pczz wrote:
Tue Dec 31, 2019 2:54 pm
Doc67 wrote:
Tue Dec 31, 2019 10:45 am
Just remember the Cambodia is on a Grey List for money laundering. You might be wise to bring some over, and then try to send some back! See if you can.

I haven't tried to send any back yet but if anyone has any experience in sending, say $10,000 back to any normal country, then please share your experience.
I have done this. provided you are with a real bank and not one of the App only new kids it is ok to send to and from Cambodia. Most of the app only places will NOT send to or from Cambodia. Real banks are a bit more fussy if you send here. In general in uk they start to get awkward if it is over £80,000 and Uk bank generally have a daily limit or a transaction limit of £20,000. According to ACLEDA if you send more than $20,000 they have to get approval from Ministry of Finance which is a formality but can hold your transaction up a day or 2. Interesting when I wire money home from ACLEDA it arrives in my uk bank inside 36 hours. When i send it out from the Uk it takes 3 to 4 days
UK to ACLEDA via Swift does take 3 - 4, for some reason Transferwise is able to shave a day off this.
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Re: Saving some buck$ for your kid

Post by Fitz » Tue Dec 31, 2019 7:09 pm

I would never bring money into Cambodian banks. The place is a one man operation after all. It makes very little sense to move your hard currency into a soft currency. If you definitely want to invest in the region, find some Vietnam focused ETF that will spread your risk. But a safer bet is If you split it up with 50% in some too-big-to-fail tech stock (Amazon, Apple, Google, Alibaba), then another 50% in dreary blue chip stock like Coca Cola or Nestle, the entire western civilisation would have to fail for you to lose all your money. Your savings value will fluctuate, but if you do regular purchases then it won't matter. You can even buy fractional shares, so the $1700 price of Amazon does not need to bother you.
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Re: Saving some buck$ for your kid

Post by pczz » Wed Jan 01, 2020 2:34 am

cptrelentless wrote:
Tue Dec 31, 2019 5:08 pm
pczz wrote:
Tue Dec 31, 2019 2:54 pm
Doc67 wrote:
Tue Dec 31, 2019 10:45 am
Just remember the Cambodia is on a Grey List for money laundering. You might be wise to bring some over, and then try to send some back! See if you can.

I haven't tried to send any back yet but if anyone has any experience in sending, say $10,000 back to any normal country, then please share your experience.
I have done this. provided you are with a real bank and not one of the App only new kids it is ok to send to and from Cambodia. Most of the app only places will NOT send to or from Cambodia. Real banks are a bit more fussy if you send here. In general in uk they start to get awkward if it is over £80,000 and Uk bank generally have a daily limit or a transaction limit of £20,000. According to ACLEDA if you send more than $20,000 they have to get approval from Ministry of Finance which is a formality but can hold your transaction up a day or 2. Interesting when I wire money home from ACLEDA it arrives in my uk bank inside 36 hours. When i send it out from the Uk it takes 3 to 4 days
UK to ACLEDA via Swift does take 3 - 4, for some reason Transferwise is able to shave a day off this.
Can you send transferwise to Cmabodia? Its not on the list. Was lookingthis week because its totally blocked by revolut now
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Re: Saving some buck$ for your kid

Post by Doc67 » Wed Jan 01, 2020 11:27 am

pczz wrote:
Wed Jan 01, 2020 2:34 am
cptrelentless wrote:
Tue Dec 31, 2019 5:08 pm
pczz wrote:
Tue Dec 31, 2019 2:54 pm
Doc67 wrote:
Tue Dec 31, 2019 10:45 am
Just remember the Cambodia is on a Grey List for money laundering. You might be wise to bring some over, and then try to send some back! See if you can.

I haven't tried to send any back yet but if anyone has any experience in sending, say $10,000 back to any normal country, then please share your experience.
I have done this. provided you are with a real bank and not one of the App only new kids it is ok to send to and from Cambodia. Most of the app only places will NOT send to or from Cambodia. Real banks are a bit more fussy if you send here. In general in uk they start to get awkward if it is over £80,000 and Uk bank generally have a daily limit or a transaction limit of £20,000. According to ACLEDA if you send more than $20,000 they have to get approval from Ministry of Finance which is a formality but can hold your transaction up a day or 2. Interesting when I wire money home from ACLEDA it arrives in my uk bank inside 36 hours. When i send it out from the Uk it takes 3 to 4 days
UK to ACLEDA via Swift does take 3 - 4, for some reason Transferwise is able to shave a day off this.
Can you send transferwise to Cmabodia? Its not on the list. Was lookingthis week because its totally blocked by revolut now
Yes, I use TransferWise from the UK. Barclays - TransferWise = ABA.

Last time I sent money, I ordered at 1pm Phnom Penh time (6am London). Sent money from Barclays to TransferWise right away. At 3pm the next day it hit my ABA account. You can't get better than that.
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