Saving some buck$ for your kid

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Bitte_Kein_Lexus
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Re: Saving some buck$ for your kid

Post by Bitte_Kein_Lexus »


Kammekor wrote:
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.
Good job. He'll have a sizeable amount when 18. I'm guessing it's for his education? What do you mean that it's out of your personal system? Is it one of those government sponsored ones when it's locked till the kid is a certain age, and they match the contributions or something?
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Re: Saving some buck$ for your kid

Post by Lonestar »

I have been using Prassac for fixed deposit accts. for years. They have a long track record, and plenty of cash on hand. Making loans in the provinces at high interest rates is a very good business. I would have no worries putting six figures into an account at any of the major MFI's. Also, they are of great benefit, because that money can also serve as your emergency fund. I think they only pay 2% on early withdrawal...but you can get the cash in less than a half hour.
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Re: Saving some buck$ for your kid

Post by Kammekor »

Bitte_Kein_Lexus wrote: Wed Jan 01, 2020 12:07 pm
Kammekor wrote:
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.
Good job. He'll have a sizeable amount when 18. I'm guessing it's for his education? What do you mean that it's out of your personal system? Is it one of those government sponsored ones when it's locked till the kid is a certain age, and they match the contributions or something?
I meant I have no intention to withdraw the money, it's just money I save in case the kid needs money for uni or something later on. I don't consider it my money so i have no intention to spend it (of course the tax department have different thoughts about the ownership....).
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Re: Saving some buck$ for your kid

Post by pczz »

Doc67 wrote: 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.
Thats useful. transferwise does not list Cambodia so i assumed it was not allowed. For reference Revolut have screwed it completley. You cannot revolut to or from Cambodia. I was going Revolut -> Lloyds International -> Acleda and back but now revolut have blocked wire transfers in USD to or from Channele Islands. However, after gettign $20k stuck at lloyds i discovered i could transfer it to revolut by topping up my revolut using the lloyds debit card instead of wire transfer. Revolut is now pretty much useless if you use USD from UK so i was thinking about transferwise
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Re: Saving some buck$ for your kid

Post by Doc67 »

pczz wrote: Thu Jan 02, 2020 12:09 am
Doc67 wrote: 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

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.
Thats useful. transferwise does not list Cambodia so i assumed it was not allowed. For reference Revolut have screwed it completley. You cannot revolut to or from Cambodia. I was going Revolut -> Lloyds International -> Acleda and back but now revolut have blocked wire transfers in USD to or from Channele Islands. However, after gettign $20k stuck at lloyds i discovered i could transfer it to revolut by topping up my revolut using the lloyds debit card instead of wire transfer. Revolut is now pretty much useless if you use USD from UK so i was thinking about transferwise
I see that Revoult is an online banking firm. TransferWise is good once you get it set up; they wanted proof of residence etc. I am not sure if you are permanently resident abroad they will accept funding of your TransferWise account. i.e. from your Lloyds International account. If so, great, it would be good to know.

Also, the SWIFT fee for me is $55. The routing is: TW - Barclays (Canary Wharf) - Standard Charted in New York (ABA's intermediary bank) - ABA.
Acleda will have their own intermediary bank and TransferWise can not and will not give you a quote for those intermediary fees because they don't know. But, $55 is a bit on the lumpy side of things for a SWIFT fee, so maybe yours will lower.

Hope this helps...
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Re: Saving some buck$ for your kid

Post by pczz »

Doc67 wrote: Thu Jan 02, 2020 7:56 am
pczz wrote: Thu Jan 02, 2020 12:09 am
Doc67 wrote: 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

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.
Thats useful. transferwise does not list Cambodia so i assumed it was not allowed. For reference Revolut have screwed it completley. You cannot revolut to or from Cambodia. I was going Revolut -> Lloyds International -> Acleda and back but now revolut have blocked wire transfers in USD to or from Channele Islands. However, after gettign $20k stuck at lloyds i discovered i could transfer it to revolut by topping up my revolut using the lloyds debit card instead of wire transfer. Revolut is now pretty much useless if you use USD from UK so i was thinking about transferwise
I see that Revoult is an online banking firm. TransferWise is good once you get it set up; they wanted proof of residence etc. I am not sure if you are permanently resident abroad they will accept funding of your TransferWise account. i.e. from your Lloyds International account. If so, great, it would be good to know.

Also, the SWIFT fee for me is $55. The routing is: TW - Barclays (Canary Wharf) - Standard Charted in New York (ABA's intermediary bank) - ABA.
Acleda will have their own intermediary bank and TransferWise can not and will not give you a quote for those intermediary fees because they don't know. But, $55 is a bit on the lumpy side of things for a SWIFT fee, so maybe yours will lower.

Hope this helps...
That is aUK ripoff. When you send to Uk you can use the "ours" option and pay the fees in cambodia. Acleda charges $30 for intermediary. I would complain like hell if i was charged $55. lloyds internatuional also only charge $30 or $35 intermediary, depending on whihc bank they use. I got residency in an EU country last year so i dont have to deal with Boris's Britain( soon to be Boris's England when NI and Scotland leave) :Yahoo!:
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Re: Saving some buck$ for your kid

Post by sean7321 »

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.
Hi, is it possible for a foreigner on tourist visa to open term deposits at this bank? thanks
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Re: Saving some buck$ for your kid

Post by Mishmash »

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.
There is no problem with adequate and traceable documentation.

Cambodia is a good country for business in this respect. Unlimited outward transfers of Capital.

The Banks are cautious. Takes me an hour or so for larger amounts. They are quite diligent.
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Re: Saving some buck$ for your kid

Post by Mishmash »

sean7321 wrote: Sun Jan 26, 2020 2:12 pm
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.
Hi, is it possible for a foreigner on tourist visa to open term deposits at this bank? thanks
They require residence letters, same as any country.
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Re: Saving some buck$ for your kid

Post by Mishmash »

Kammekor wrote: Mon Dec 30, 2019 4:40 pm OK, I've been saving up some money for my kid since 2015 or so. While doing this the interest rates offered in my home country dropped from 1-2% per year to 0.01% (last week). So down the road I bought some stocks and some bitcoin for my little one, but being very cautious with someone else's money I put most into a savings account back home. 100% guaranteed up to 100k and a yearly interest rate of 0,0x%.

So I bit the bullet, and started browsing around in my town. AMK offers 7% on a one year deposit, Sathapana 6.0%, Prince 4%, ACLeda 4.5% and ABA 3.5%. It's just too tempting with stocks at all time highs and being a non bitcoin believer....

So I decided to transfer the money into Cambodia and put half in AMK and half in Sathapana. Fingers crossed.....
Despite our differences and lively jousts I can see quite clearly we have the same values.

Kudos to you and I really hope your far-sight thinking gives your kids a great education and a fantastic life even better than ours.

The best of luck sir!
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