saengd

2 minutes ago, iaminwa said:

So explain this to me.

 

A Farang guy I know has been divorced now from his Thai wife for 4 years - judge determined that their newly built house in a gated community in Bangkok with a mortgage be sold and any profits from said sale to be split between them.

 

House goes on the market for sale - Farang stays in house, ex Thai wife goes back to the village.

 

Farang stopped paying the mortgage 3 years ago, and only pays the utilities.

 

When I asked him why has the bank not foreclosed on it - he said they don't that in Thailand for years, as they have so many properties already.

 

What a mess.

 

I'm sure Thai banks have other practices that you and I might see as different from what we're used to in the West but hey, that's the way it is, that's what they do. And as long as the numbers stay right who cares. I guess I can imagine that a bank might think that having someone living in the property taking some care of it is better than leaving it empty and potentially being trashed and the garden overgrown etc etc.

10 minutes ago, morrobay said:

You might be able to get by as second rate economist but forget all about a comedian 

Funny, so many posters with so much angst because they didn't get it and thought that they had, I suppose it's a bit like telling someone their kid is ugly, not well received. What can be said, you're never too old to join up the dots. The truly odd part is that then having conceded the debate about the Baht and the economy they then feel the need to insult and make it personal, what's all that about I wonder!

1 minute ago, morrobay said:

I don't need to go through all that mumbo-jumbo. The term 2nd  world originated from the countries in column 2 in the U.S. Customs tariff schedule. Currently only Cuba and N. Korea . 

Feel free to keep using the term third world country if you wish, if that and wearing kipper ties and flared trousers makes you happy.

1 hour ago, Lacessit said:

That is news to me, because I regularly take Thai baht out of Thailand so I don't have to use an airport ATM or do currency exchange when I come back.

I could exchange my Thai baht for AUD when I land in Melbourne with Travelex, if I felt like being bent over.

I thought it might be but it's really not a secret.

I've probably posted the following link over one hundred times yet there are still people who either don't know or don't believe:

https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

THB can be held by overseas banks in only very limited amounts, either for themselves or on behalf of customers, if they exceed those limits (which are quite low) BOT will not allow that bank to transact again in THB.

Foreigners and citizens can transfer funds overseas but not in THB, banks ALWAYS convert the funds to the currency of the destination country first. It is possible to hand carry THB out of the currency but this is subject to low limits, 50,000 Baht for most of us to most destinations, exceptions are to Vietnam and some Chinese provinces where it's 2 mill. Baht.

Even Thai citizens must follow recently relaxed guidelines regarding the export of currency.

This is one of the major reasons why THB remains strong and why hedge funds can no longer take a position against the currency (as they did in 1997).

12 minutes ago, Assurancetourix said:

The TMB don't seem to get on tracks ...
2 bankruptcies in less than 50 years

I haven't read about their past but today they have merged with Thanachart Bank in Thailand's biggest ever bank merger, the joint company is owned by ING (Netherlands), Scotibank (Canada)and the Finance Ministry plus others, holdings are 21%, 18% and 6% respectively, seems like a pretty decent pedigree to me. 

1 minute ago, WhereIsMyRyeBread said:

Thanks for the info. Just to answer the 'why would it be' .
As you may have noted workpermits are in some contexts being used to differ between who is a resident and who is not in many contexts.

For example, if you would like to enter Thailand now you need to have a workpermit not just a non-immi O marriage visa, you get reduced entry fee for some public venues if you have a work permit as you're considered a local but if you only got a non immi O visa you pay the farang fee. e.g national parks and stuff..hence the idea.  But that's a diff topic..

 

I've been here for about twenty years on different visa's at different times, predominantly an O-A and an O but I did hold a work permit for a while, way back when. I have never noticed any difference in the way I am treated as a result of holding one visa type versus another, except that work permit holders can transfer funds outside Thailand more easily, at least that used to be the case, now I think it's a level playing field. The discount for Thai attractions largely came in as a blanket rule for all foreigners although at one time I could get discounts for holding a Thai driving license, visa type however was never an factor.

1 minute ago, WhereIsMyRyeBread said:

That's a broad and reassuring statement but you need to think about is some more. Look at Greece debt crisis in 2015.

Capital controls didn’t allow withdrawals of more than €60 a day. Endless queues formed in front of bank branches, with customers waiting for over three hours to withdraw their money.

While you withdraw that small amount daily (if you can get it), the currency is devalued and that's how the money is lost.

THB is not a fully convertible currency, it cannot be exported or held overseas. There is therefore zero reason why any bank in Thailand would impose capital controls here because the money can't go any where.

11 minutes ago, kickstart said:

Have a look at this the BBC Bangkok Bank of Commerce  went bust in the 90's,and some say triggered the 1997 crash,

Could  not see it happening today ,we had a BBc bank in our town ,as the wife reminded me our 7-11 is now there...........making more money .

 

You are miles off on this one, BB of C was out and out fraud, that's all it was and it had zero to do with the crash of 1997. The man in question was a Mr. Saxena, an Indian who was employed as Finance Director, he was my client for about three months whilst we put in system at the bank, he embezzled USD 88 mill. and took off to Canada.

9 minutes ago, donnacha said:

As I said, I am here for the people who want to dispassionately examine the problems we all face. 
 

Judging from many of your responses and from the number of your posts the mods have deleted, I think you're here to troll TBH, notwithstanding you do occasionally try to add an air of common sense and respectability to the odd posts from time to time. But to suggest you are here to dispassionately...blah blah blah is stretch way too far.

11 minutes ago, CNXBKKMAN said:

The banking system failed in the UK 2008. The Bank Of England at the press of few buttons pumped billions and billions into the failed banks. The Bank of Thailand can do the same. Just like the Bank of England they can create money out of nothing. Electronic money or actually print billions of bank notes. So the big banks will never fall like dominos. 

       Some small financial company that doesn't endanger the whole system, that may be allowed to fail or have some kind of controlled demise.

       

'Printing money' is a metaphor for increasing the money supply. That happens whenever new debt is created. Banks can do that by issuing loans, governments and corporations can do that by issuing bonds, and central banks can do that by letting them do it (as given the opportunity, they will).

1 minute ago, baansgr said:

When my Mrs in Philippines told me a few weeks ago what was happening there, I suggested to friends withdraw money...of course if you have millions its difficult but those with less should withdraw all of it...sod the visas, always an agent can do that next time..unchartered waters at present but I've taken all mine out and just left 5k...I don't think there will be any discrimination towards foreigners, but with lockdowns and curfews, supply chains get broken...and who knows what three months from now will be like...cash is king...get your money out now.

I don't think that's sound advice, perhaps far better to spread your funds around a couple or three banks instead.

Just now, david555 said:

Now you go scare OP  really as no Thai bank on the page ????….. all mostly Singapore ….

Sure, but UOB (Thai) is a part of UOB. 

https://www.uob.co.th/investor-en/aboutUOB/about-us-uob-corporate-profile.page

When I consider opening a bank account I like to look at things like this because they tell me which bank is regarded as being the safest:

https://d2tyltutevw8th.cloudfront.net/media/document/press-release-the-safest-banks-in-asia-2019-1568899975.pdf

Me, I bank with UOB (United Overseas Bank) and always have.

3 minutes ago, ChipButty said:

How safe is 800,000 baht in any/all Thai banks for retirement visa? I found this from 2014

 

https://forum.thaivisa.com/topic/778528-how-safe-is-800000-baht-in-anyall-thai-banks-for-retirement-visa/

 

For as far back as I can remember, 2008 I think, TV Forum members have had this idea that funds in a Thai bank aren't safe because of this and that and whatever. Occasionally an incident would make the press that involved a corrupt bank teller or a partnership between a teller and a friend/relative of the account holder, funds would go missing and it would be reported widely. One of those articles was enough to fuel the conspiracy theory amongst TVF members that all banks were unsafe, it would be enough to last them for several years.

But if you ask around to people in the forum and among people you can know who are reliable if they've ever had any bad experience such as the ones those threads portray, they all say no. For me personally I've banked here full time for almost twenty years and not once have I experienced anything remotely like fraud or even a hint of it and I keep many millions here full time, ditto anyone I know, ditto anyone I ever met, ditto anyone who posts here that has any credibility.

27 minutes ago, thailand49 said:

You just prove my point read your own words! " cost of room is cost of room " " rooms types vary and are cost accordingly "  " the cost of those rooms do not vary " what is it what are you defending?  bye! 

I'm not defending anything I'm challenging what you wrote. You said, "but are you and others missing something in my post " Bangkok/Pattaya  nice to know CM is cheaper though"! By that you insinuate that hospitals in Bangkok/Pattaya are far more expensive than elsewhere which is only true to a small extent, Bangkok Hospital ROOM costs are the same in both locations, as evidenced by the link I posted.

And if you delve further into that link you'll see the neither the cost of a room nor the cost of ICU alone is anything like the high numbers you stated at the outset, you are simply wrong on your initial statement, as I wrote at the start of all of this.

16 minutes ago, morrobay said:

Incorrect, the term 2nd world Is irrelevant now and was referring to communist countries. Third World, developing countries and First World are the relevant current terms. 

Have a read, take your pick.

https://www.un.org/en/development/desa/policy/wesp/wesp_current/2014wesp_country_classification.pdf

http://www.a4id.org/policy/understanding-the-developeddeveloping-country-taxonomy/

https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Classifications-of-Countries-Basedon-their-Level-of-Development-How-it-is-Done-and-How-it-24628

4 minutes ago, Pravda said:

 

The thread title is what would happen if a bank goes down.

 

I have every right to share my view based on the previous track record and experience. 

 

The bank is in a great shape until it is not. I think 2008 crisis proves this quite nicely. Ironically you mention certain credit agencies that give Thai banks super duper credibility. 

 

https://en.wikipedia.org/wiki/Credit_rating_agencies_and_the_subprime_crisis

 

 

edit:

 

No, I don't think there will be bank run in Thailand, but OP asks a valid question.

Chill out and read what I wrote again and stop getting excited.

1 minute ago, thailand49 said:

That is nice to know!  but are you and others missing something in my post " Bangkok/Pattaya  nice to know CM is cheaper though!

Here's the link to Bangkok Hospital chain and the cost of rooms at their hospitals.

https://ww2.bangkokhospital.com/index.php/en/patient-support

Just now, Orton Rd said:

My Thai bank is mainly owned by the Japanese so not as bothered

Bank of Ayudhya? (sp)

1 minute ago, thailand49 said:

In all due respect, I think you are being a bit anal retentive here!  You going around posting " nonsense and wrong " you see what is on paper on website have you actually seen a break down when you check out of a hospital?  times you get lucky and it is lower than quoted then there are times it is higher with all the bells and whistle added on that is real life!

I have a number of past billing from Bangkok/Pattaya no insurance general room cost not ICU is 6000 for Ward A, Ward B better rooms nicer bathroom, microwave starts at 8,000 everything else is ala cart as I noted.

 

Ten years ago I went throughout Chon Buri, to all the private hospital to check on prices without insurance because my Thai wife had cancer were prices all the same they were comparable!  And that is what my point is all about " around "

You note "21,000"  can you guarantee when if you walked out when everything is added deducted it will come out exactly 21,000!  Get over it!

The cost of a room is the cost of a room......room types vary and are costed accordingly, they start with a shared room and end up with a suite, after that is an ICU room. The cost of those rooms do not vary, the services and treatments you get on top of the room cost do....retain that wherever you wish!

1 minute ago, david555 said:

Depending the time frame up to my ret ext. Date for renuwing i would have to open a new bank account to transfer in a new 800 k from my abroad home country bank ...

..that would be the most urgent problem as the 2 months seasoning would have to be respected!

 

As needed time to recover and claim from guarantee funds collapsed bank

You don't think if a bank were to collapse and you were waiting for a payout from the DPA that the government /Immigration might give you a pass? I think there's  reasonable chance they might.

5 minutes ago, thailand49 said:

I guess by now you got your answer mines comes from first hand experience and also from a number of close friends who have had to use it.

Post 16 above shows the link to Bumrungrad Hospital's list of prices for ICU, Bumrungrad is the most expensive private hospital in the country by a long way.

1 minute ago, donnacha said:

As you were one of the most strident voices saying EXACTLY the same thing about Coronavirus, sneering at anyone who suggested it was shaping up to be a problem, I am entirely confident that anything you now have to say about the economic consequences is definitely going to be wrong.

You can't keep placing the wrong bets, while insulting the people who keep getting it right, without eventually undermining your own credibility. Seriously, @saengd, have you no shame?

 

"As you were one of the most strident voices saying EXACTLY the same thing about Coronavirus, sneering at anyone who suggested it was shaping up to be a problem".

Only in your overly vivid imagination is that true, unless of course you can support anything you claim with a hint of fact and supporting evidence......no, I thought not!