The Real Problem With Keeping 800K In Thai Bank

[SCOTT FITZGERSLD]

Many are talking now about the new requirement to keep 800K in a thai bank account for at least

5 months in a year, prior and post retirement visa extention.

but they forget to mention the real worry here - that the banks, especially bangkok bank,  are

not that reliable and moneis can be stolen / disapeared from accounts.

I've heard many stories about money disapear from client's bank accounts, weather

by corrupt employees or by incompetent ATM system (thieves target thailand for

ATM scams because the ATM's here are not the latest models).

sometimes those stories hit the news, like in the link below (don't be affraid to click , it is

not a bank virus):

 

<Link to Bangkok Post removed as per forum rules>

[Lacessit]

In ten years with two banks, never had it happen. I stick with savings passbooks, no debit/credit cards.

[arithai12]

A non-issue.

Keep 800k in a fixed deposit account.

[bkk6060]

You have heard many stories?

Got any more besides the article you read where in fact the money was returned?

[sirineou]

1 minute ago, Lacessit said:

In ten years with two banks, never had it happen. I stick with savings passbooks, no debit/credit cards.

Same here, over ten years never a problem.

[Pib]

Ditto....over 10 years with various Thai bank accounts, predominately Bangkok Bank, no problem.  No funds have gone missing, etc 

 

IMO most stories you hear from farangs in Thailand regarding money disappearing from their account are related to the individual's lax security of his ibanking and debit card credentials....debit card gets used for purchases...etc.  And of course "love you long time" girlfriends and estranged spouses.

[BritManToo]

21 minutes ago, SCOTT FITZGERSLD said:

but they forget to mention the real worry here - that the banks, especially bangkok bank,  are

not that reliable and moneis can be stolen / disapeared from accounts.

I was more worried about a civil war, were all foreigners get escorted to the airport, and the banks were all closed.

It happened next door in Cambodia, not so long ago.

[kokesaat]

22 years here, accounts in 5 different banks at times, never a problem.  It seems like every time I read of a 'heist', the rest of the story is that the account holder gave his card/pin to a family member.  Duh!

Not so much today, but not many years ago, it was common to see Yai at an ATM, bewildered by the technology.  A good Samaritan (usually a person standing in line behind Yai) would step up and help out.  Now, if Yai takes her grandson to the ATM so he can help out, well, there you go.  

I feel as comfortable with my accounts here......even online.....as I do with any account in the US.

[NCC1701A]

30 minutes ago, SCOTT FITZGERSLD said:

Many are talking now about the new requirement to keep 800K in a thai bank account

no problems for five years Bangkok Bank for big bucks not linked to ATM or ONLINE and SCB for small stuff and backup bank . In fact I am opening another account at  Krungsri with an additional 800,000 baht for just in Case. And a Transferwise account.

 

And I am meeting Case in Bangkok next week. 

[ChouDoufu]

if you're worried, set up three accounts:   a fixed account for your immigration seasoning that earns more interest.  a savings account for the bulk of your savings that you swift money into and has no atm card.  and a second savings account with atm card for your daily expenses that you can recharge from your bulk account online.

[Sheryl]

Non-issue.

 

Not being able to spend what used to be the money to live on, IS an issue. But not the banking aspect.

[Pib]

1 minute ago, Sheryl said:

Non-issue.

 

Not being able to spend what used to be the money to live on, IS an issue. But not the banking aspect.

Yeap, it's like you said in a related thread, the new retirement extension requirement is basically requiring you to lock down money...basically creating a "bond."   For 5 months of the year the bond has to stay at Bt800K and then for the remaining 7 months it can be adjusted down to Bt400K.  Then repeat this cycle next year.

[Kenchamp]

For those that don't have any health or accident insurance, having 800k in the bank is not a bad idea.

[Sheryl]

9 minutes ago, Kenchamp said:

For those that don't have any health or accident insurance, having 800k in the bank is not a bad idea.

Except that you won't be allowed to spend it for your medical costs! If you do, you either forfeit your next extension (if during the pre 2 months) or invalidate it (if afetrwards).

 

800K is not adequate for self insurance in any case. 

[totally thaied up]

7 minutes ago, Sheryl said:

800K is not adequate for self insurance in any case

It seems a lot of people cannot even make the 800K so I cannot say what they would do if something bad happened to them with health.

 

As for Banks, been with Bangkok Bank for ten years. Many, many of millions have gone through this account and never a problem. I treat it the same as any of my accounts in Australia.

[Sheryl]

yes, I have no complaints with Thai banks other than the currently low interest rates.

 

I'm starting to have some serious complaints with immigration though..... ????

[bwpage3]

These days if you cannot afford to leave 800,000/400,000 thb in the bank all year and every year, you probably don't have enough money to live in Thailand.

 

 

[marcusarelus]

1 minute ago, bwpage3 said:

These days if you cannot afford to leave 800,000/400,000 thb in the bank all year and every year, you probably don't have enough money to live in Thailand.

That is the real answer to the real problem posed in this thread. 

[Pib]

Can't blame low interest rates at individual Thai banks as they follow the prime interest rates as set by the Bank of Thailand....just like US banks follow the prime rates set by the Federal Reserve....ditto in how banks in all countries follow the interest rates set by their central bank/financial authority.   

[Toosetinmyways]

Why would anyone who has doubts over a country's banking system choose to retire here.

[amexpat]

9 minutes ago, bwpage3 said:

These days if you cannot afford to leave 800,000/400,000 thb in the bank all year and every year, you probably don't have enough money to live in Thailand.

 

 

Where then?

[totally thaied up]

16 minutes ago, Sheryl said:

I'm starting to have some serious complaints with immigration though

Don't worry, my wife read the Thai version of the latest order and said it read a real dog's breakfast even for her in Translation. It states what it says but she just shook her head in amazement and said in English, ''simply unbelievable'.

 

Seems just 800K left in a bank is going to be it. Just waiting to see what they are going to do for Marriage extensions but the wife is 'slightly optimistic' that they cannot change it too much as it will affect too many of its Thai citizens directly and they really do not want to do that ... (maybe???) ... 

 

I never have a problem with the banks. When I go into my branch now, all the staff know me and they treat me good. I have nothing to complain about. 

[dcnx]

28 minutes ago, Sheryl said:

yes, I have no complaints with Thai banks other than the currently low interest rates.

 

I'm starting to have some serious complaints with immigration though..... ????

Didn’t you move to Malaysia or am I confusing you with someone else?

  

[Sheryl]

5 minutes ago, totally thaied up said:

Don't worry, my wife read the Thai version of the latest order and said it read a real dog's breakfast even for her in Translation.

As I expected. Does not bode at all well for implementation. IOs will be all over the map in their understanding of it. It was bad enough before in that respect when the rules were comparatively simple.

[tingtongtourist]

the biggest problem with keeping 800k in a Thai bank:

-most foriegner dont have 800k

 

then must wonder why you see so many married guys on a visa run 

every 3 months at border getting another visa because dont have the 400k for marriage visa.

 

sorry to say but so many down and outer farangs in thailand cant scrap up even 400k

how many is gonna have 800k?

 

Thais are cleaning out the cupboards and not gonna be many left when they finish

 

 

 

 

[dcnx]

14 minutes ago, amexpat said:

Where then?

Cambodia, Philippines, Ecuador, Mexico, Colombia, Peru, and Chile are reasonably priced. You can get citizenship in Peru in 2 years. Ecuador gives you 7% - 8% on the money you put in their banks for an investment / business visa. There are options, you just have to research. TONS of groups on Facebook for all of their countries full of helpful expats. 

[ballpoint]

I've had a Thai Farmers Bank, (now Kasikorn Bank), account for around 30 years and I top it up every time it drops below 1 million, even though, having a work permit, there has been no requirement for my having any amount in a bank here.  (My local Amex card and most bills are auto deducted from it, and I can chalk up some big credit card bills occasionally, which is why I keep it that way).  I have had, and used, an ATM card linked to it that whole time, and have never had any problem with money missing / lost / removed / stolen from my account.  As previous posts have said, I think the reason for any losses suffered by anyone can be found closer to home.

[chickenslegs]

1 hour ago, Sheryl said:

Non-issue.

 

Not being able to spend what used to be the money to live on, IS an issue. But not the banking aspect.

I may be missing something, but I don't see any incentive to use the 800,000 in a Thai bank method any longer.

Sounds like you might be better off keeping your 800,000 back in your home country, then bring it here in monthly installments of 65,000 baht. That way you would qualify for your extension and be free to spend your money as you wish.

[BritManToo]

18 minutes ago, amexpat said:

Where then?

Cambodia, you only need $300 for a 1 year retirement VISA, if over 55.

Philippines, you only need the extension fees for up to 3 years, any age.

Vietnam, you just need the extension fees.

[marcusarelus]

2 minutes ago, chickenslegs said:

I may be missing something, but I don't see any incentive to use the 800,000 in a Thai bank method any longer.

Sounds like you might be better off keeping your 800,000 back in your home country, then bring it here in monthly installments of 65,000 baht. That way you would qualify for your extension and be free to spend your money as you wish.

I'm going to switch from the 800 to the monthly method as I have more than enough coming in monthly.  I'll look for the highest return to deposit my money in whatever bank gives me the most whatever country that may be. 

 

I'm sure I'm not alone.  I can see a net drop in foreign deposits as a result of the new law.  Obvious they have not thought it through.