Bank of Thailand reveal what Thais keep in their savings accounts - and it's not much

[lonewolf99]

Many Thais have their money tied up in Gold.....rings, necklaces and bangles...which they pawn on a constant basis. No need for banks.
Especially if you get paid a paltry amount in cash.

 

 

 

 

[puck2]

A typical crap, concerning statistics.

 

• If 83m saving accounts have been counted by WP and as Thailand has a population of only 68.6m by 2016 - including children – then there are people who have more than 1 account.

• In the number of 83m accounts there are foreign (falang)-related accounts, of mia(s) or mia noi(s), too.

• It's not clear if this number contains falang-accounts, including those of a Thai man or woman supported by a falang.

   

Result: You read a lot of numbers, but idiotic numbers without any significance.

 

There is no word about how many people are not at all able to save money. And there is a big percentage, easy to improve.

 

Let us assume that the minimum wage is payed everywhere in Thailand (in reality it isn't ). Furthermore let's assume 1 man or woman works 30 days a month, not abnormal in our area in the North, then he/she earns +9.000 within 1 month (if sick, no payment!). From this +9 thousand THB they have to pay water, electricity, rent, maybe oil or gasoline for their vehicle on their way to the workplace.

 

This all doesn't yet include children or family members they take care for. Even if man and wife would work that's scarcely not enough to save a few bahts.

Edited May 11, 2018 by puck2

[JulesMad]

18 hours ago, Expatthailover said:

Another one who cant help himself.

Corruption is everywhere man..even 'good old back home'.

Not everyone here is from america........

[DrTuner]

But,but,but... doesn't Thailand have a huge middle class? I only trust what others tell me in TVF, the source of all absolute truth. BoT must be taking the mickey.

[dorchester]

Crypto,my wallet,my keys= my money

[Bluespunk]

21 hours ago, snoop1130 said:

And accounts with more than 1 million baht make up only 1% of all accounts. 

Hard to develop this kind of savings on 300 baht a day...

[khunPer]

Thais would rather buy gold and land, than placing money in the bank – and some Thais invest in mutual funds and/or stock market – those having cash deposits in banks might often split into more than one account, just in case; with the coming rules with a guarantee of 1 million baht only (per bank), numerous accounts are advisable if one has some piles of cash to store...

[ninjanate]

I have about 20 million baht, but most of it is in the American stock market, not the local bank.

[rodney earl]

There is now one less that they can count as myself and my money have moved out and I am soo glad thaat I have.!!!

[BritManToo]

1 hour ago, ninjanate said:

I have about 20 million baht, but most of it is in the American stock market, not the local bank.

Quite a lot of foreigners with at least 800k in Thai bank accounts.

[Pravda]

On 5/10/2018 at 6:50 PM, SoilSpoil said:

 

Everyone should have at least 1 million baht in liquid form in case of emergencies. For me its my visa requirements and reserve for medical expenses that make me a 1% according to this (?) research. 

 

The topic is about Thais, not visa struggling expats. Btw, every expat should have at least 10 million in case if emergency. 1 million buys you 2 weeks at the hospital, if that.

[Pravda]

On 5/11/2018 at 3:26 PM, khunPer said:

Thais would rather buy gold and land, than placing money in the bank – and some Thais invest in mutual funds and/or stock market – those having cash deposits in banks might often split into more than one account, just in case; with the coming rules with a guarantee of 1 million baht only (per bank), numerous accounts are advisable if one has some piles of cash to store...

 

Thais are like Chinese and don't trust banks. I know my wife has 5-6 different bank accounts with half a million in each account.

[Assurancetourix]

51 minutes ago, Pravda said:

1 million buys you 2 weeks at the hospital,

You should try the public hospitals ;

for 1 million baht you can stay more than 2 years ...in a private room with airco, color Tv and a bed for somebody of your family ..

[Lacessit]

It would be interesting to see what proportion of the 1% is made up of farangs with the required 800K baht. Although the banks are presumably reluctant to disclose that information.

Thais tend to store their wealth in gold.

[Damrongsak]

2 hours ago, ninjanate said:

I have about 20 million baht, but most of it is in the American stock market, not the local bank.

One of my wife's cousins of similar age in Loei, Thailand is worth about 300 million Baht, according to my wife.  She and her husband did well. Nice looking girl, should have married her back then. But then she would have been as poor as me.  I went from $125 USD a month as a Peace Corps volunteer to maybe a net worth of 30 million Baht.  I could write you a check tomorrow for maybe 8 million Baht tax-free, more would take a couple days. But who cares.  $$$ is to take care of us, so as not to burden our children in our old age. 

 

She has several high school friends who did well.  Mostly Vietnamese-Thai.  Cha-ching!  My wife's sister is trying to sell 45 Rai of land in an important area for 45 million Baht now.  Good luck.

[PatOngo]

33 minutes ago, Lacessit said:

It would be interesting to see what proportion of the 1% is made up of farangs with the required 800K baht. Although the banks are presumably reluctant to disclose that information.

Thais tend to store their wealth in gold.

……….and iPhones and Honda Scoopy's and Toyota pick ups that they pay off for 10 or more years!

[BestB]

There is a tiny little flaw with this stats. One person can and does have more than 1 account????

[Orton Rd]

Most Thais have bugger all money of course as it's number one where the rich grab the most with 1% hoarding over two thirds of the wealth

 

https://www.aseantoday.com/2019/01/thailands-wealth-inequality-is-the-highest-in-the-world-what-does-this-mean-for-upcoming-elections/

[KiChakayan]

On 5/11/2018 at 7:36 AM, Boon Mee said:

Absolutely true that a million in ready cash is the most sensible of plans for the Farang. Life comes at you fast. 

Need more than that if you are married. Now I keep one million in a joint account and about 1.2 to 1.4 millions for Visa and CC deposits and daily expenses..

[Nsp64]

1 hour ago, Damrongsak said:

One of my wife's cousins of similar age in Loei, Thailand is worth about 300 million Baht, according to my wife.  She and her husband did well. Nice looking girl, should have married her back then. But then she would have been as poor as me.  I went from $125 USD a month as a Peace Corps volunteer to maybe a net worth of 30 million Baht.  I could write you a check tomorrow for maybe 8 million Baht tax-free, more would take a couple days. But who cares.  $$$ is to take care of us, so as not to burden our children in our old age. 

 

She has several high school friends who did well.  Mostly Vietnamese-Thai.  Cha-ching!  My wife's sister is trying to sell 45 Rai of land in an important area for 45 million Baht now.  Good luck.

What's the point of this post, other than a bit of showing off.

[onlycw]

On 5/10/2018 at 6:16 PM, CGW said:

I'm sure lower income people in the "West" are a lot worse off as they tend to have access to lots of high interest credit, its happening here now, wont be long before they are as indebted as the West!

Regarding indebtedness, we could learn from teachers and their access to cheap loans. Some bought cars on salaries near 10,000 THB. What could possibly go wrong?!? 

 

Me, I'm riding an old motor scooter... And I'm in debt by over 400,000 THB.

 

Many folks I know bought a washing machine for 50 k, not some "SAMSUNG" model for 25% that much. A car for the daughter in Bangkok (where she wouldn't need a car)... No property when in a few years' time they will get kicked out of free government housing... More suicides to come? 

[pee paub]

5 hours ago, ninjanate said:

I have about 20 million baht, but most of it is in the American stock market, not the local bank.

So you reopened a topic with no postings for almost a year to brag about how rich you are?

 

[Olmate]

5 hours ago, ninjanate said:

I have about 20 million baht, but most of it is in the American stock market, not the local bank.

So you don’t have 20 m baht!

[Pravda]

5 hours ago, pee paub said:

So you reopened a topic with no postings for almost a year to brag about how rich you are?

 

 

That's rich? This money barely buys you a house in most third rate cities back home. Not bragging, just a fact of life.

[mommysboy]

If you're earning a pittance it's impossible to save.

[from the home of CC]

On 5/10/2018 at 6:16 PM, CGW said:

I'm sure lower income people in the "West" are a lot worse off as they tend to have access to lots of high interest credit, its happening here now, wont be long before they are as indebted as the West!

they already are and have been for a long time, which is why loan sharks have been so popular here..

[Wilsonandson]

I just wonder how much is for show? Most of the cars I see driving around make them seem well off. Status is part of the culture. Showing off is part of the life style out here. Are 90% of the new cars on the road being paid off over 10 years? Is Thailand like some big 'Argos' store where all luxury goods are being paid off weekly at high interest? I should pay more attention in the queue at 7/11.

[toofarnorth]

On 5/10/2018 at 6:05 PM, SoilSpoil said:

I am gonna have an extra beer tonight, as I finally belong to the 1%.

Hey I got 14B more in my pension last week , will buy me 20L of water.

[onera1961]

On 5/10/2018 at 7:36 PM, Boon Mee said:

Absolutely true that a million in ready cash is the most sensible of plans for the Farang. Life comes at you fast. 

Anybody retiring in Thailand must have minimum two millions in cash and at least 40K income/month. One million in a Thaibank and one million in the home country bank. 40K/month is a meagre amount and good for living expenses. If one wants to buy house/car etc. they need even more. Don't spend all your cash in acquiring assets in Thailand and left with no cash. 

[onera1961]

2 hours ago, Pravda said:

hat's rich? This money barely buys you a house in most third rate cities back home. Not bragging, just a fact of life.

Don't know what is your home, I am guessing Australia. But the median house price in the US is 200K USD. Median house price in England is around 300K USD.