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How Secure is 800 000 B in Thai Bank


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no problems at Bangkok Bank for the past five years. The account in insured to 1 million baht in case of bank failure. 

 

i have one million baht in accounts that are not linked to ATM cards.

 

I am in the process of bringing more money into the country so I will be opening more accounts at other banks soon.

 

 

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35 minutes ago, NCC1701A said:

no problems at Bangkok Bank for the past five years. The account in insured to 1 million baht in case of bank failure. 

 

i have one million baht in accounts that are not linked to ATM cards.

 

I am in the process of bringing more money into the country so I will be opening more accounts at other banks soon.

 

 

 

Why do people keep repeating this falsehood: "The account in insured to 1 million baht in case of bank failure."

 

The facts: Currently, the amount guaranteed is 10 million baht.
 
That is due to drop to 5 million in August 2019, and then to 1 million in August 2020.

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1 minute ago, macahoom said:

 

Why do people keep repeating this falsehood: "The account in insured to 1 million baht in case of bank failure."

 

The facts: Currently, the amount guaranteed is 10 million baht.
 
That is due to drop to 5 million in August 2019, and then to 1 million in August 2020.

i always say 1 million to stop confusion and because that is what it will be in the near future. typically for people who are just coming to Thailand.

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8 minutes ago, macahoom said:

 

Why do people keep repeating this falsehood: "The account in insured to 1 million baht in case of bank failure."

 

The facts: Currently, the amount guaranteed is 10 million baht.
 
That is due to drop to 5 million in August 2019, and then to 1 million in August 2020.

So in fact what you are saying is that for the future, should you have 10 million baht it is only protected if it is deposited in 10 seperate accounts - correct ?  Does the Ts & Cs however actually restrict that guarantee to a maximum of one named account holder irrespective of how many seperate accounts that named account holder has ?

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1 hour ago, Farrows3399 said:

How secure is for example 800000 B in Bangkok Bank. In other words how easy/difficult for a bankperson to remove account. say compared to a bank in U. S. 

As secure as it would be in any bank in the world.

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6 minutes ago, Esso49 said:

So in fact what you are saying is that for the future, should you have 10 million baht it is only protected if it is deposited in 10 seperate accounts - correct ?  Does the Ts & Cs however actually restrict that guarantee to a maximum of one named account holder irrespective of how many seperate accounts that named account holder has ?

Here's the link, read up on the subject:

http://www.dpa.or.th/main.php?filename=index___EN

 

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the US FDIC has taken control of over 480 US banks since the year 2000, that's over 480 banks that have failed, the BOT however and the DPA have taken control of no banks in Thailand during the same period.

https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008–present)

 

 

 

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"Based on supervisory data on the incidence of insider abuse and fraud at FDIC-insured banks, we find that insider abuse and internal fraud, often by senior bank officers, were present among 37 percent of the 1,237 U.S. commercial and mutual savings banks that failed between 1989 and 2015". 

http://clsbluesky.law.columbia.edu/2018/04/18/detection-of-insider-abuse-and-bank-fraud-among-u-s-failed-banks/

 

note: that's a bank failure rate of almost one bank every week over twenty five years, people say it's nice to have the backing and safety net of the FDIC but frankly it looks like it's critical to consumer and banking industry survival, no sensible person would put money into banks without it!

 

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The problem is that the people latch onto some urban myth story

of Thai banks just withdrawing your money and with no recourse.

they have all heard the “ my mate got all his savings taken out by a bank teller story and similar strains of confusion “

 

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I know a guy who had the necessary retirement funds in a bank I shall not name for the usual reasons. Some jerk got his ATM or made a copy from a skimmer and was captured on video going from town to different town, day by day, withdrawing the max daily allowable and this never raised a flag to this bank. Last I heard the account owner was having a devil of a time getting the bank to cough up the funds. This guy could PROVE he was not in any of those towns at the time but the bank was balking. I would suggest as did the above Trekkie NEVER have an ATM card for any account with a significant amount of money.

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34 minutes ago, simoh1490 said:

the US FDIC has taken control of over 480 US banks since the year 2000, that's over 480 banks that have failed, the BOT however and the DPA have taken control of no banks in Thailand during the same period.

https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008–present)

 

 

 

It may be a little easier to keep a suspect bank open under Thai banking regulations.

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9 minutes ago, quandow said:

I know a guy who had the necessary retirement funds in a bank I shall not name for the usual reasons. Some jerk got his ATM or made a copy from a skimmer and was captured on video going from town to different town, day by day, withdrawing the max daily allowable and this never raised a flag to this bank. Last I heard the account owner was having a devil of a time getting the bank to cough up the funds. This guy could PROVE he was not in any of those towns at the time but the bank was balking. I would suggest as did the above Trekkie NEVER have an ATM card for any account with a significant amount of money.

No different in the UK or US.

https://www.thisismoney.co.uk/money/saving/article-2215223/Victim-chip-pin-fraud-Its-YOUR-fault-insist-banks.html

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4 minutes ago, smotherb said:

It may be a little easier to keep a suspect bank open under Thai banking regulations.

Possibly, but I suspect very strongly that Thai central bank monitoring of retail banks is pretty intensive, given what happened in 1997 hence they have an incentive. From what I read of retail banking in Thailand BOT seems to have a pretty good handle on volumes, percentages, capital adequacy, NPL's etc.

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Just now, simoh1490 said:

Possibly, but I suspect very strongly that Thai central bank monitoring of retail banks is pretty intensive, given what happened in 1997 hence they have an incentive. From what I read of retail banking in Thailand BOT seems to have a pretty good handle on volumes, percentages, capital adequacy, NPL's etc.

I am sorry that I do not possess the same level of confidence in Thai officialdom. I am not claiming that the US or any other Western country is perfect; far from it. However, I believe the Western systems of checks and balances is more likely to uncover individual slight of hand.  

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1 minute ago, smotherb said:

I am sorry that I do not possess the same level of confidence in Thai officialdom. I am not claiming that the US or any other Western country is perfect; far from it. However, I believe the Western systems of checks and balances is more likely to uncover individual slight of hand.  

I have no axe to grind in this matter but I do like to see a fair and balanced view. As things stand there appears to be no substantial evidence to suggest the Thai banking system is any less reliable or safe than the US or UK system, in fact, there is considerable evidence that the failure rate of US banks is excessive by any measure and that employee fraud is a significant contributor to that. Card fraud, skimming, teller fraud, they are all features of the banking system in every country so it's pointless to cite anecdotal instances where this or that happened to a friend or somebody I knew and claim the entire system in that country is lacking as a result. Checks and balances: I'll be very surprised if all the banks being compared here don't follow very similar processes, regardless of which country they are in - employee regs., internal and external audits, processes and controls, most will have been copied or derived using international standards, what that leaves us with is the confidence factor and hearsay and suspicion, hardly an objective way to assess financial safety.. 

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58 minutes ago, simoh1490 said:

the US FDIC has taken control of over 480 US banks since the year 2000, that's over 480 banks that have failed, the BOT however and the DPA have taken control of no banks in Thailand during the same period.

https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008–present)

 

When you put your pom poms down  ....   :biggrin:

 

The main concern is what happens if a 97 type problem hits .... and you have 800k in Thai baht. Some one was mentioning you can get an account denominated in Dollars, Euros, that can be used for the 800k, but people say a lot of things around here, sometimes they are even true.   

Are there some posts or threads about your options here on Thaivisa, or on the internet that spell out what is allowable, and how you go about setting it up. If someone can point me there I would greatly appreciate it.  

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2 minutes ago, simoh1490 said:

I have no axe to grind in this matter but I do like to see a fair and balanced view. As things stand there appears to be no substantial evidence to suggest the Thai banking system is any less reliable or safe than the US or UK system, in fact, there is considerable evidence that the failure rate of US banks is excessive by any measure and that employee fraud is a significant contributor to that. Card fraud, skimming, teller fraud, they are all features of the banking system in every country so it's pointless to cite anecdotal instances where this or that happened to a friend or somebody I knew and claim the entire system in that country is lacking as a result. Checks and balances: I'll be very surprised if all the banks being compared here don't follow very similar processes, regardless of which country they are in - employee regs., internal and external audits, processes and controls, most will have been copied or derived using international standards, what that leaves us with is the confidence factor and hearsay and suspicion, hardly an objective way to assess financial safety.. 

Slow down slick, I do not know the Thai banking system other than my interaction with them. That interaction guides my opinion; I have not been impressed. If you feel safe, go for it.

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5 minutes ago, smotherb said:

Slow down slick, I do not know the Thai banking system other than my interaction with them. That interaction guides my opinion; I have not been impressed. If you feel safe, go for it.

I set out my arguments for the benefit of the wider audience, I'm not taking a pop at you.

 

but yes, I do feel comfortable banking here and I have worked for banks in the US and the UK.

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If you are leaving the 800k in an account specifically for your Extension of Stay and do not plan on using it, then I would suggest opening a Fixed Term savings account.

 

At Bangkok Bank, they offer a Fixed Term account that auto-renews every year and earns 1.5% per annum, so on 800k you'd earn 12,000 baht in interest. Minus taxes and you'd have about 10,000 left over which is more than enough to pay for your annual Extension of Stay and a Multi Re-entry permit (if you use those).

The interest can be deposited into your regular savings account or you can leave it in the Fixed term account where it will earn a wee bit more.

 

The good thing about the Fixed Term account is that, if you need the money suddenly (i.e. for a medical emergency) you can withdraw it at any time, but you will lose any interest earned to that point. (If you need the money that badly, I'm sure the couple thousand baht you'd lose in interest wouldn't be a major concern any ways.)

 

No ATM cards issued with the Fixed Term accounts, just the passbook. Lock that up somewhere safe. Chances of a bank employee ripping you off are so minuscule that it's not worth considering.

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3 minutes ago, Kerryd said:

If you are leaving the 800k in an account specifically for your Extension of Stay and do not plan on using it, then I would suggest opening a Fixed Term savings account.

 

At Bangkok Bank, they offer a Fixed Term account that auto-renews every year and earns 1.5% per annum, so on 800k you'd earn 12,000 baht in interest. Minus taxes and you'd have about 10,000 left over which is more than enough to pay for your annual Extension of Stay and a Multi Re-entry permit (if you use those).

The interest can be deposited into your regular savings account or you can leave it in the Fixed term account where it will earn a wee bit more.

 

The good thing about the Fixed Term account is that, if you need the money suddenly (i.e. for a medical emergency) you can withdraw it at any time, but you will lose any interest earned to that point. (If you need the money that badly, I'm sure the couple thousand baht you'd lose in interest wouldn't be a major concern any ways.)

 

No ATM cards issued with the Fixed Term accounts, just the passbook. Lock that up somewhere safe. Chances of a bank employee ripping you off are so minuscule that it's not worth considering.

Even better perhaps, split the 800k into three separate fixed rate deposits of 250k each, that way you won't lose all the interest. BTW if you cash the fixed rate deposit you recieve the principle less any interest that was paid out, plus the value of interest at the normal savings rate.

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1 hour ago, simoh1490 said:

the US FDIC has taken control of over 480 US banks since the year 2000, that's over 480 banks that have failed, the BOT however and the DPA have taken control of no banks in Thailand during the same period.

https://en.wikipedia.org/wiki/List_of_bank_failures_in_the_United_States_(2008–present)

 

 

 

From past threads I think the worry is funds "expropriated" by bank staff. Not covered by insurance.

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7 minutes ago, elgenon said:

From past threads I think the worry is funds "expropriated" by bank staff. Not covered by insurance.

From Post 14 above:

 

"Based on supervisory data on the incidence of insider abuse and fraud at FDIC-insured banks, we find that insider abuse and internal fraud, often by senior bank officers, were present among 37 percent of the 1,237 U.S. commercial and mutual savings banks that failed between 1989 and 2015". 

http://clsbluesky.law.columbia.edu/2018/04/18/detection-of-insider-abuse-and-bank-fraud-among-u-s-failed-banks/

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On 10/25/2018 at 7:01 AM, NCC1701A said:

 

 

i have one million baht in accounts that are not linked to ATM cards.

 

I am in the process of bringing more money into the country so I will be opening more accounts at other banks soon.

 

 

Any chance of a small loan please.....:whistling:

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