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Post by eldivino on Aug 25, 2023 14:13:22 GMT 7
So there’s this new neo broker by KKP: Dime (www.dime.co.th)
From a first glance, looks pretty good and exactly like something that westerners may have been missing: access to international funds and stocks including all those low-cost ETF for low fees and easily managed online. Just like we have back home but had to transfer money out of Thailand for.
— Does anyone have experience using this new broker?
— Is there any risk given that they are new to the market? For example, if they go bankrupt, what would happen to my investment? I’m not familiar with the legal setup in Thailand — in Europe, for example, I wouldn’t be much affected because I still own the shares in the ETF regardless of what happens to the broker.
— Do you happen to have more information on the fee structure? There’s not much published on the website. Creating an account in the app reveals a little bit but not too much either. Are there any hidden costs?
I normally transfer money back home twice a year or so to buy my ETF there, but given the current exchange rates it would be nice to buy something here and then transfer later when I get more EUR for my THB.
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chiangmai
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Post by chiangmai on Aug 25, 2023 17:00:39 GMT 7
Details of their fees are here: www.dime.co.th/en/invest/stockClick on the links for additional fee charges. They seem to be part of or owned by a securities company that thinks it's a bank but I don't know that it has a banking license from BOT! bank.kkpfg.com/th/aboutus/our-historyThe Dime website is here: www.dime.co.th/enI haven't dug into this to see exactly who owns what etc but at first glance there are many questions, including BOT regs on funds transfers overseas by foreigners I'll have a deeper look a little later., |
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Post by eldivino on Aug 25, 2023 20:31:45 GMT 7
at first glance there are many questions, including BOT regs on funds transfers overseas by foreigners I'll have a deeper look a little later., What exactly is your concern here? Worst case I would transfer the funds back to one of my banks and from there back home. Or did you mean something different? |
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chiangmai
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Post by chiangmai on Aug 26, 2023 4:18:43 GMT 7
at first glance there are many questions, including BOT regs on funds transfers overseas by foreigners I'll have a deeper look a little later., What exactly is your concern here? Worst case I would transfer the funds back to one of my banks and from there back home. Or did you mean something different? If you intend to use funds in Thailand for these investments, your ability to invest those funds overseas and then repatriate them to Thailand are governed by BOT Foreign Currency Exchange rules which are limiting for foreigners. If you have a work permit in Thailand these rules become easier to manager, I don't know if you do. There's then the issue of exchange rate risk when investing in USD denominated funds, using THB, this could be considerable and needs careful thought since FOREX movements could wipe out any potential investment gain. There's then the issue of consumer protection in Thailand for these investments, investment funds are not covered by the Banks Insurance Guarantee fund. There's also the issue of oversight, who exactly regulates the Security houses, presumably the Thai SEC does but I can't imagine this is a mature or sizeable market in Thailand. It may all be good and up and coming, the trouble is I don't know. But I do know that bad things happen here and often get swept under the carpet, for those reasons I sleep better at night, knowing that my investments are in a regulated environment, one where lots of consumer protection exists......but each to their own of course. It should go without saying, good luck no matter what you decide to do. |
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Moobin
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Post by Moobin on Aug 30, 2023 18:04:31 GMT 7
At the moment there seems to be a bit of competition between InnovestX and Dime, with Dime taking the lead in user satisfaction. Users are saying that Dime is easier to use and they encounter fewer problems. InnovestX is tied to Siam Commercial Bank, while, as Chiangmai says, Dime is tied Kiatnakin Pathra Bank. However, it is my understanding that both require ID card numbers to open accounts, so they are limited to Thais, if that is the case. Not a problem for me anymore but not very helpful for non-Thais.
Actually, I will be opening an InnovestX account so I can buy some overseas ETFs directly, rather than buying SCB Mutuals. The reason I went with this one rather than Dime, is that living upcountry it was easier to find an SCB branch to open an acccount which is needed for their Easy App, which also provides access to InnovestX. Before I only had Bangkok Bank and UOB accounts.
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chiangmai
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Post by chiangmai on Aug 31, 2023 7:48:22 GMT 7
It may be worthwhile to understand the history of these banks, many of which were Securities firms prior to the 97 crash and were mostly responsible for the irresponsible lending that led to the crash. After the 97 crash, many of them emerged as something else, one of them quite famously became a bank which has now merged or taken over another bank quite recently. Yesterday's villains are the new hero's.....I'm doubtful.
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