How Secure is 800 000 B in Thai Bank

[rwill]

I don't think you are safe from bank employees stealing money from accounts anywhere.  However your money in a Thai bank is safer than you driving to the bank.

Thai banks offer better interest than the ones in USA, don't know about other countries.

 

Also 2 times KTB has sent me messages to get my ATM card replaced for free because it was used at an unsafe location.  But I have never had any money taken from my account.

 

Get SMS alerts and you will know instantly when funds are deposited/withdrawn from your account.

Edited October 26, 2018 by rwill

[Reluctant Traveller]

 

A bit of levity?

https://youtu.be/_nVk25ZvTkU

 

 

 

[Surasak]

Thai banks are as good, or bad, as any other bank in the world. My money has been in KrungThai bank for the past 15 Years with no problems. As Michael Miles used to say, "Take your pick". 

[khunPer]

22 hours ago, Farrows3399 said:

In other words how easy/difficult for a bankperson to remove account. say compared to a bank in U. S.

Wow, I don't know about the US, but extremely unlikely here.

 

I feel confident with my 800k baht in Bangkok Bank, which I have used as bank for 15+ years, and had my 800k baht retirement extension-of-stay deposit there for the majority of the years since 2007; however been shopping around a few times for better fixed long-term interest rate, but I'm back in Bangkok Bank for 3rd year in a row.

 

You have a guaranitie, that when it's lowered from the present multi-million baht in a few years, will cover up to 1 million baht. As long as you keep you bankbook safe, and have an account without ATM – for example fixed term for better interest rate – I cannot see any problems.

 

I also use SCB, and I have never experienced any problems with my bank accounts in Thailand, or mysterious withdrawals; i.e. I'm very satisfied with the banking system here, and I feel my modest funds are safe...????

[johnnysunshine]

In My Opinion, nothing is secure at this time as the global economy goes through a huge transformation starting in the USA and spreading to our world like it always does.    Keep your fingers crossed!

[LomSak27]

2 hours ago, rwill said:

Thai banks offer better interest than the ones in USA, don't know about other countries.

 

Likely a lot of folks keep their money in Mutual funds, or other investments, as such no matter what the interest I get form a Thai bank account, it wont be the same. That said I'm not worried about bank employees more worried about keeping it in baht and then something happens to the baht. All relative I suppose, and that hurdle wont be for another year so.

[Farrows3399]

5 hours ago, Straight8 said:

I'm just wondering if the OP would really make his mind up based on the feedback of what people say in this thread?

 

 

Why not there are alot of financially savvy folks here. Any way the bank lady at Bangkok Bank Central Festival Pattaya just said deposits are insured for 1000000.

So not to worry. Actually yesterday while topping up for the 800000 required for U.S. citizens now I had a minor clash with the female teller and got a little paranoid about this: What if she ....

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Edited October 26, 2018 by Farrows3399

[MarleyMarl]

For 10 years I've been using Kbank, Krungsri and Bangkok Bank and no issues. I usually have a couple of mb, I wouldn't be worried about 800k, just do as others have said don't have it linked to the ATM card.

[NCC1701A]

10 minutes ago, MarleyMarl said:

For 10 years I've been using Kbank, Krungsri and Bangkok Bank and no issues. I usually have a couple of mb, I wouldn't be worried about 800k, just do as others have said don't have it linked to the ATM card.

I am with Bangkok Bank now and want to bring more money into the country. Which bank do you think is better, Kbank or Krungsri?

[macahoom]

28 minutes ago, Farrows3399 said:

Any way the bank lady at Bangkok Bank Central Festival Pattaya just said deposits are insured for 1000000.

 

The bank lady is talking through her hat!

[simoh1490]

33 minutes ago, macahoom said:

 

The bank lady is talking through her hat!

I'm afraid it's you that's doing so, haven't you read the thread!

[asiaexpat]

The Thai Deposit Insurance Act provides 10m Baht insurance for accounts in Thai banks. This will be reduced to 1 m in 2020. As far as reliability, I have had a Thai bank account for nearly 20 years without a problem. I can not say that for a past Bank of America account in USA since a teller managed to withdraw funds from my account. She was caught and the bank replaced the funds.

[macahoom]

32 minutes ago, simoh1490 said:

I'm afraid it's you that's doing so, haven't you read the thread!

 

Hilarious!

 

Maybe it's you who needs to read it!

 

See my post, #5:

"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."

[Scouse123]

On 10/25/2018 at 2:56 PM, HappyAndRich said:

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

 

Probably safer than many in Europe and the USA

[simoh1490]

1 hour ago, macahoom said:

 

Hilarious!

 

Maybe it's you who needs to read it!

 

See my post, #5:

"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 why say in your post 40 that the lady is talking through her hat, are you OK!

[david555]

On ‎10‎/‎25‎/‎2018 at 1:42 PM, Jingthing said:

I've had no problems for over 10 years at SCB. So for me, 100 percent secure. Ha ha. 

Same for me for even higher , but I split in 2 accounts , one high ,and one low for to fill for monthly use or top up in case a purchase is to be done, the high one not taking card out of house and not for internet buying , this lower any risk

[macahoom]

16 minutes ago, simoh1490 said:

So why say in your post 40 that the lady is talking through her hat, are you OK!

 

Good lord! Are you OK?

 

Have you actually counted the zeros? There's only six, yes? 

 

"Any way the bank lady at Bangkok Bank Central Festival Pattaya just said deposits are insured for 1000000."

[david555]

2 minutes ago, macahoom said:

 

Good lord! Are you OK?

 

Have you actually counted the zeros? There's only six, yes? 

 

"Any way the bank lady at Bangkok Bank Central Festival Pattaya just said deposits are insured for 1000000."

at this moment even higher , but going to 1 million in near future , is in steps they lower the deposit guarantee

[Kerryd]

As for interest rates.

Recently I was looking at what kind of interest I could get for my money that's still in Canada. Don't want to bring it here because of the poor exchange rate.

I found that all the major banks had absolutely crap interest rates and even the best of them had a lot of "conditions" on them (like minimum balances and regular monthly deposits of at least a certain amount). Fail to meet one of the conditions and the account reverts to a much lower rate.

There were a couple small "boutique" banks that offered slightly higher interest rates but those are also the kind of banks that are more likely to fail as well (they offer higher interest rates to try and attract more deposits to cover the money they've borrowed from other banks and have been loaning out at higher rates.)
 

Meanwhile, at Bangkok Bank, my "Visa account" has 1 mil in it. It is earning 1.5% per annum (15,000 baht/year). I arranged it so the interest is "rolled over" (basically it is just added to the balance and is now also earning interest). They took off 2,500 for taxes when the interest payment was made, so I netted 1.25%.

I have a chequing account in Canada. I have more money in that account than I have in my Thai "visa" account. My chequing account charges me $15 a month for the privilege of writing one cheque a year (I have one bill that I have to pay by cheque). 

As a reward for having my money in that account, they give me about $1.68 in interest every year. 
(Yes, the next time I go home I will be changing that - I have other things linked to the account and can't change it from here so I'm screwed for awhile longer but that's life !)
 

I also have money in long term "Investments" with Bangkok Bank where you make lump sum payments every year for a period of time and they pay you a set amount of interest every year which works out to around 2.5% per annum I think it is. After the term is up, you get all your money back and you've made (however much) in interest as well.

However - you can't use those types of accounts when it comes to renewing your Extension/Visa/Whatever. Apparently the money has to be "accessible" and while I could take the money out of the investments at any time, I'd lose a big hunk of money if I took it out before it "matured" so they don't consider that "accessible".

I put the money in those Investments as a long term savings plan. Cashy money in your pocket (or easily accessible bank account) tends to burn a hole in that pocket (or account) and the next thing you know, you have a bunch of shiny toys you don't really need and no money in the bank !

 

Which bank is better ? Hard to say. I suspect that they are probably pretty much all the same for most things. They are in competition with each other so will try to match rates and other options. It probably comes down to location and service.

I started with Bangkok Bank just because when I wanted to open an account, a friend took me to that one. I have a commercial account with Siam Commercial that I hardly ever look at.

I've thought about opening an account in another bank just to spread the money around a bit. The problem with the banks today though is that if one has a financial crisis of some kind, they will all likely be affected (just like what happened during the "Asian Flu" banking crisis back in the 90s).
So trying to say that this bank is better than that bank is kind of hard.

Probably would have to say - whichever one is the most convenient for you. For example, if you do a lot of shopping at (XYZ) and they have a KrungSri ATM machine at the front door, and a branch office a couple hundred meters from your home, then that would probably be your best option.

 

(Another consideration may be which ATM network they are tied into. Bangkok Bank went with UnionPay a little while ago which may be better in Asia but not as good in the EU or North America. Would be a consideration if you expect to be making withdrawals from your Thai account while overseas somewhere.)

[TSF]

You're keeping the 800,000 THB in a bank to satisfy immigration requirements, very safe, just don't keep it in an account that has an ATM card....that's where the biggest risk lies, from ATM skimmers, not bank tellers. 

[observer90210]

The amount of money is sure protected for the locals if the bank crashes, but will the "system" give the farang similar rights in case of bank"rupcy", without harassing the hell out to give the money back ? The answer is probably "wait and see what happens"...

Edited October 26, 2018 by observer90210

[Chrisswe]

In my case no problem so far , I have kept 800.000 at SCB since 2007 , only very low interest !!!! 

[simoh1490]

1 hour ago, macahoom said:

 

Good lord! Are you OK?

 

Have you actually counted the zeros? There's only six, yes? 

 

"Any way the bank lady at Bangkok Bank Central Festival Pattaya just said deposits are insured for 1000000."

A minor point, a mere triviality.......

[Sheryl]

I have had amounts of between 800,000 -  1.5 million baht in Thai banks each year for the past 11 years (not maintaining that balance year long though, drawing down on it and replenishing) and lower but still significant sums for the 10 years prior to that.

 

Absolutely no problems.

 

As for possible loss or theft of ATM they do have safeguards in place such as lock outs if wrong PIN entered. They also immediately invalidate the ATM if you notify them it is lost.

 

The above re my Kasikorn bank account. which also has very convenient internet banking features.

 

I should also note that prior to 1997 I had funds in Kasikorn bank (called Thai Farmers at that time) branch in Phnom Penh (USD account). All banks in Phnom Penh closed for weeks to months after the violent clashes that occurred July 1997. In the case of the Thai banks and some other foreign banks they opted not to reopen, fearing future such instability. (They have since returned but only quite recently - the closure lasted almost 20 years) ).

 

I was able to get all of my money back from the main bank HQ in Thailand just by showing up with my passbook and ID. Refunded in full on the spot.  It in fact took me much longer to get access to the funds I also had in the Foreign Trade Bank of Cambodia.

 

One thing you should know, however, is that if you die it takes a court order to transfer the contents of your account to your heirs, and there is no way to pout an account "in trust" for someone else as can be done in many Western countries.

[simoh1490]

We have one account that is "either/or" and I believe this approach overcomes the court order and time delay difficulties that Sheryl mentions above.

[david555]

2 hours ago, macahoom said:

 

Good lord! Are you OK?

 

Have you actually counted the zeros? There's only six, yes? 

 

"Any way the bank lady at Bangkok Bank Central Festival Pattaya just said deposits are insured for 1000000."

1) the high financial requirement that some could easily handle but many would not feel 
comfortable in having that much money in a Thai bank.  While current govt deposit 
protection insurance covers amounts up to Bt15M right now, it steps down to Bt10M and Bt5M 
over the next few years and on 11 Aug 20 is steps back down to Bt1M.

Edited October 26, 2018 by david555

[macahoom]

3 minutes ago, david555 said:

1) the high financial requirement that some could easily handle but many would not feel 
comfortable in having that much money in a Thai bank.  While current govt deposit 
protection insurance covers amounts up to Bt15M right now, it steps down to Bt10M and Bt5M 
over the next few years and on 11 Aug 20 is steps back down to Bt1M.

 

I'm sorry David, but your figures are wrong.

 

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.

 

 

[david555]

9 minutes ago, macahoom said:

 

I'm sorry David, but your figures are wrong.

 

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.

 

 

yes we are both right , as I took this at least 2 years ago , I picked it out of my computer storage , I do not update my databank , so it proves that it is more than 1 million now , contrary what the bank lady say ,probably another trainee 

Edited October 26, 2018 by david555

[Sheryl]

1 hour ago, simoh1490 said:

We have one account that is "either/or" and I believe this approach overcomes the court order and time delay difficulties that Sheryl mentions above.

Yes, a joint account works fine. The problem is for those of us who want to leave our money to someone we do not want to list on a joint account.

[Farrows3399]

On 10/26/2018 at 9:17 AM, Kerryd said:

Chances of a bank employee ripping you off are so minuscule that it's not worth considering.

Yes statistically low

And not worried about  bank failure. But how easy would it be for a teller to do something like make out savings withdraw slip and pass it to friend who makes withdraw at this tellers counter? How about this solution: Stipulat that account is for ATM withdraws only. 

 

 

Edited October 27, 2018 by Farrows3399