The Real Problem With Keeping 800K In Thai Bank

[Henryford]

Many people, like me, have the 800k, the problem is that basically you can't use it. I always thought the 800k was there to prove you could meet every day expenses and maybe the odd medical emergency. Now it seems you need another 800k (total 1.6 m) to provide for both. If you just had the 800k it would only take a small unexpected expense to drop below the limit and lose your visa.

[Retiredandhappyhere]

12 hours ago, Kenchamp said:

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

But if you use that 800,000 for medical purposes, how do you get your next extension?  If your answer is to transfer another 800,000 from your home country, then you could have done that in the first place to pay your medical expenses.  The 400,000/800,000 in a Thai bank account is simply money the banks can use but effectively you, the owner, cannot.  In addition, of course, according to the Thai Government, ex-pats need another 800,000  per year to live on, slightly more than the average Thai.

[lamyai3]

6 hours ago, gentlemanjackdarby said:

I'm a CIA (Certified Internal Auditor) 

I'm ex-SAS (Special Arrangements for Seasoning) - maybe we could work together? 

[dbrenn]

Same rules apply in Thailand as elsewhere

1) Don't keep all your money in an account that has a card attached to it

2) Always cover the keypad with your hand when you enter your PIN

3) Never respond to or click on emails from your bank asking you to log in or provide personal details 

4) Never give out account details to any unsolicited caller, even if they say they are your bank. Call back your bank's main customer service number from a different phone to verify 

 

Thai banks are as safe as anywhere else. 

 

[1FinickyOne]

I think the real issue for most who have an issue with an 800,000 deposit is that they don't have 400,000 to their name.. 

[Scottie12]

Arithai 12 suggests keeping 800,000 Baht in a fixed deposit account but I tried this in Chaeng Wattana and was told it has to be in a savings account.

[AlfonsV]

3 minutes ago, Scottie12 said:

Arithai 12 suggests keeping 800,000 Baht in a fixed deposit account but I tried this in Chaeng Wattana and was told it has to be in a savings account.

I always keep it in a fixed deposit and it is not only accepted but liked or welcome or even recommended by the immigration

[Isaan Alan]

Two years ago, a good friend of mine in Ko Samui had his 800k in a BKK bank rejected because it was a fixed deposit. The IO said that it had to be readily available in case of an emergency such as a health problem. it cost him a lot of money to fix that mess including having to leave the country. BKK bank accepted no responsibility for bad advice, 

However reading the posts here, many advise that a fixed deposit is the way to go to at least earn some interest. 

Perhaps misinformed IOs or ones looking for tea money or ....

[bert bloggs]

13 hours ago, Sheryl said:

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. 

It is if your under a good govt hospital , anyway most of us have far more money in the UK but if you needed cash immediatly 800 or 400k is a decent amount to get the ball rolling ,your bills can be cleared later when you transfer money . so if you have to use that ,your in trouble .

[AlfonsV]

2 minutes ago, Isaan Alan said:

Two years ago, a good friend of mine in Ko Samui had his 800k in a BKK bank rejected because it was a fixed deposit. The IO said that it had to be readily available in case of an emergency such as a health problem. it cost him a lot of money to fix that mess including having to leave the country. BKK bank accepted no responsibility for bad advice, 

However reading the posts here, many advise that a fixed deposit is the way to go to at least earn some interest. 

Perhaps misinformed IOs or ones looking for tea money or ....

I can imagine such an answer/issue if you do not show another savings account with a "certain amount" of money in addition

[wgdanson]

3 minutes ago, bert bloggs said:

anyway most of us have far more money in the UK

Who are you trying to kid?

[Pib]

 
There have been MANY news reports over the years of Thai citizens having their accounts illegally drained or drawn down by bank employees and/or those related to them through out-and-out criminal behavior. Nothing to do with any lapses or scheming acquiantances of the account holder.
 
Oftentimes, we end up hearing that some bank employee/employees finally were arrested by the police, but often little or no mention of whether and when and how much the account holder was reimbursed for.
 

Happens all over the world. And if you discount social media posts that often leave out important details and many times are one-side details (like periodically seen in ThaiVisa), the number of times you see stories in news media is quite low in this country of 68 million people with probably around as many bank accounts.

Now one thing that probably does happen in Thailand more than western countries is older generation folks accounts getting tapped/drained by family members due to joint account and debit card misuse. Can't blame that on the banks.

[moe666]

Another thread started by a fear monger, these post about the new rules change has brought out this type in droves.

[Jai Dee]

More off-topic posts have been removed.

 

The subject is about keeping 800K in a Thai bank account, not banking systems elsewhere in the world.

[rumak]

1 hour ago, lamyai3 said:

I'm ex-SAS (Special Arrangements for Seasoning) - maybe we could work together? 

NSA here  ( non specific aggravation )

[Saladin]

It would be quite normal for a retiree who has been paid a salary or wage all his or her working life to keep 800K in a bank for 5 or 6 months, or indefinitely. But business people would never tie up their money by loaning it to a bank. They keep it working through investments in real estate, shares, business, etc. So although they might be good for the 800K it costs them money to have it sitting idle in a bank.  

[Just Weird]

15 hours ago, SCOTT FITZGERSLD said:

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

The real worry is people such as you posting unsubstantiated garbage and claiming it to be a general problem.

 

What you are alleging is not a problem...my 25 years here with accounts in 3 Thai banks (and no overseas banks as back ups) prove it as do the experiences of others on this thread.   Your one link does not.  There are problems sometimes, just as there can be in every country using automated banking systems, but they are usually corrected when justified.

 

[Just Weird]

13 hours ago, TallGuyJohninBKK said:

 

That doesn't mean it cannot and does not happen. It does, it's in the news regularly, and even for accounts with no bank cards involved.

No, reports of that nature are not "in the news regularly", not by any stretch of the imagination.

[Pib]

I used the Bt800K in a "fixed" savings for my annual extension of stay for 3 or 4 years....and I never touched the funds except rolling matured funds over into another fixed account around a half dozen times during those years.

Chaengwattana (Bangkok immigration...multiple immigration officers processing my extension application) had zero issues with this...never asked what money I was using to live on since I wasn't spending any of the money in the fixed accounts.

[Just Weird]

12 hours ago, Felt 35 said:

I plan to continue with income certificate (I'm from one of the countries still issue them) 

Any chance that you could post a redacted copy of your country's income letter?  I'd be interested in how much the wording differs from the 4 countries who are no longer able to do theirs.

[Just Weird]

13 hours ago, TallGuyJohninBKK said:

 

There have been MANY news reports over the years of Thai citizens having their accounts illegally drained or drawn down by bank employees and/or those related to them through out-and-out criminal behavior. Nothing to do with any lapses or scheming acquiantances of the account holder.

 

Oftentimes, we end up hearing that some bank employee/employees finally were arrested by the police, but often little or no mention of whether and when and how much the account holder was reimbursed for.

 

"MANY"?  I don't think so, two or three, maybe, over several years.  And no rational reason to suggest that reimbursements weren't made when the bank was at fault.

Edited February 4, 2019 by Just Weird

[Sheryl]

52 minutes ago, bert bloggs said:

It is if your under a good govt hospital , anyway most of us have far more money in the UK but if you needed cash immediatly 800 or 400k is a decent amount to get the ball rolling ,your bills can be cleared later when you transfer money . so if you have to use that ,your in trouble .

Bills in giovernment hospitals can exceed 1 million baht and nto a few foreigners have had seriosu problems with bills in the 1-2 millio nrange in government hospitals.

 

If you use the 800 or 400K to "get the ball rolling" you forfeit your extension. This is not set up to serve the purpose of  self insurance.

[gamini]

14 hours 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.

Yes, it is an issue for those who don't have enough money.  But why didn't they plan their retirement more sensibly. I have no sympathy for them.

[OJAS]

11 hours ago, OJAS said:

in connection with which I recall, with some concern, a report on here about 6 months ago relating to one such Bangkok Bank employee.

This is the report I was referring to. At least Bangkok Bank did the honourable thing in that particular case:-

 

 

[Just Weird]

11 hours ago, OJAS said:

Looks like I'm the first on here to have had actual experience of fraudulent ATM withdrawals on not 1, but 2, separate accounts with separate banks - Krung Thai and Kasikorn. So, as far as i am concerned, the OP's points are well-made. The amounts involved were around 20,000 THB in each case - and, needless to say, neither Krung Thai nor Kasikorn showed any inclination to reimburse me for my losses. As a result, I withdrew what was left in my accounts with those 2 particular banks PDQ, and let them eventually lapse.

 

These days I bank with Bangkok Bank but with no cards linked to my account. Fingers crossed, I have not, to date, experienced any further problems with unauthorised withdrawals. But, as others have pointed out, I am, of course, still not immune from negative actions instigated by determined crooked bank employees - in connection with which I recall, with some concern, a report on here about 6 months ago relating to one such Bangkok Bank employee.

You seem to be suggesting that the KTB and Kasikorn accounts that "lost" your funds were accounts that had cards, cards that you could use to withdraw those amounts.

 

Now you Bank with BBL, with no cards, and you've had no problems.  See a corollary there?  I sure do!

[robertson468]

15 hours ago, Lacessit said:

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

Neither have I, nor from my Wife's three Bank Accounts!

[balo]

Thai banks are fine and they work closely with the immigration and the agents .  I love Thai banks. 

 

 

[Pattaya46]

13 hours ago, TallGuyJohninBKK said:

Oftentimes, we end up hearing that some bank employee/employees finally were arrested by the police, but often little or no mention of whether and when and how much the account holder was reimbursed for.

A Google Search would give you a FEW articles about money stolen by a bank's employee, and several of them clearly say the bank paid back.

The most recent I found, from October last year, is on BangkokPost so I can't give a link, but just google "Bank returns money stolen by employee to customers"

and in the article :

"The bank told them it accepted responsibility and would repay the money plus interest" 

 

BTW agree with others that in most cases of "money disappeared" I have read about, the thief is a family member or friend 

[Sheryl]

2 minutes ago, Pattaya46 said:

A Google Search would give you a FEW articles about money stolen by a bank's employee, and several of them clearly say the bank paid back.

The most recent I found, from October last year, is on BangkokPost so I can't give a link, but just google "Bank returns money stolen by employee to customers"

and in the article :

"The bank told them it accepted responsibility and would repay the money plus interest" 

And these things make the newspapers precisely because they are rare, unusual events.

[OJAS]

44 minutes ago, Just Weird said:

The real worry is people such as you posting unsubstantiated garbage and claiming it to be a general problem.

So what have you got to say to people like myself who have actually had personal experience of the problem referred to in the OP (as I have already posted on here), then, eh???

 

EDIT: Not a lot judging from post #116 which I've now read. The manner in which you stoically defend Thai banks against all those who have the temerity to level criticisms against them has led me to seriously wonder whether you might, in fact, be a PR consultant for the Thai Banking Association!

Edited February 4, 2019 by OJAS