The Real Problem With Keeping 800K In Thai Bank

[Just Weird]

10 hours ago, TallGuyJohninBKK said:

 

Not so rare at all... Just go a Google search for the site thaivisa.com along with the search terms "bank" "employee" "arrested".  These aren't necessarily the worst cases or the most recent ones, just a sampling of examples of the kind of stuff that goes on here.

 

 

 

 

 

 

 

 

https://news.thaivisa.com/article/19493/ex-bank-employee-nabbed-for-allegedly-selling-bank-books-to-call-centre-gangs

 

https://coconuts.co/bangkok/news/service-smile-bank-officer-paid-gold-partying-customers-stolen-credit-cards/

 

 

 

You need to research better when you are trying to justify your claims!  Out of those that you linked to only one (the counterfeit card report) related to the thread and your original assertion alleging problems for foreigners! 

[Surasak]

An interest earning savings A/C with a book and no cards, been like that for the past twenty nine years. Whats to worry?

My other two A/Cs with cards over the same period, for day to day use have been the same. A bank is a bank, wherever.

[luckyluke]

6 minutes ago, OJAS said:

So what have you got to say to people like myself who have actually had personal experience

The exception proves the rule.

 

But sad when one is the particularly one who is the victim of the exception.

[hobobo]

15 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.

Although a friend with a sudden medical emergency discovered his 3-day stay in hospital cost him in excess of 1 million baht. Another reason why I am a firm believer in health/accident insurance.

[Olmate]

6 minutes ago, hobobo said:

Although a friend with a sudden medical emergency discovered his 3-day stay in hospital cost him in excess of 1 million baht. Another reason why I am a firm believer in health/accident insurance.

Wow, that’s huge! Why so if you can expand a bit please. .

[Thaidream]

6 minutes ago, luckyluke said:

he exception proves the rule.

 

But sad when one is the particularly one who is the victim of the exceptio

Absolutely correct.  There are too many cases of fraud involving Thai banks.  On a percentage basis- you probably won't be affected but I would prefer and do keep all of my funds in a secure American Bank protected by high levels of security as well as insured at much higher levels than Thailand.

During any month- I can use a Thai ATM and debit any amount I need or go through a counter withdrawal.  I have bought cars; and other high priced items in Thailand simply using an ATM card from the USA (4 of them actually).

 

This is the 21st Century- Thai banks are decades behind the Western World in security simply because they refuse to spend the funds to upgrade.  Their staff is poorly trained and their management gleaned from the Elite based upon name and not  educational or working experience achievement.

 

 

I'll stick with my 50 year experience with my USA bank- and the income method of 65K per month- in a Thai bank  for  one day- out the same day.

[Just Weird]

18 minutes ago, OJAS said:

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!

You've seen what I had to say, I think I may have had a point!

 

Apart from you which others have personally had a problem?

 

"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!"

Most of those criticising Thai banks have no personal justification to do so (such as the OP), can only point to examples that do not relate to them or to the subject of this thread or cite examples where the banks reimbursed.  When you said "temerity", perhaps you meant "inaccuracy".

 

 

 

 

[Jimbo2014]

It did happen to me - 10,000 Baht - the bank returned it - but its a wake up call to check statements etc.

[Date Masamune]

The true translation of don’t trust Thai banks 90% of the time is “can’t stump up the 800”. There is no problem with Thai banks.

 

[SchuetzRob]

This new rule for money in the bank must be a welcome godsend for Thai banks. Are there any numbers available? How many people are affected? How much in total will be thus deposited in Thai banks. In many areas bank branches are closed down (I know of such closures in pakkred district (nonthaburi), in thanyaburi (pathum thani), in Chiang Dao and Mae taeng (Chiang mai).... Was this change to immigration rules invented with a little help from bankers?

[JLCrab]

30 minutes ago, Thaidream said:

I'll stick with my 50 year experience with my USA bank- and the income method of 65K per month- in a Thai bank  for  one day- out the same day.

I live in a rural area alone a good deal of the time.  I like the convenience of the Thai bank ATMs -- all of them bank ATMs and not 3rd party ones like many in the USA -- so I can keep a minimum of cash on hand or in the house.

[watcharacters]

16 hours ago, BritManToo said:

 

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

 

You mean around  middle to latter  70's?   Or more recently?

[khunPer]

Use a fixed deposit of 3-month – or up to 12-month, if your deposit stays for a whole year – and you'll never face a problem, as there are no ATM, nor online banking to worry about, and you have you bankbook with machine register receipt of your funds together with your deposit slip with cashiers signature. Worked fine for me for many years...????

[Thomas J]

16 hours ago, arithai12 said:

A non-issue.

Keep 800k in a fixed deposit account.

800k tied up in a Thai bank at near zero interest.  AT&T stock pays a 6.8% dividend, Royal Dutch a 6.09% dividend and British Tobacco Company a 7.7% dividend.  So that idle money costs you far more than the $1,800 baht to renew the visa not counting the risk of the baht being devalued or the Thai government suddenly nationalizing the banks. Lastly, getting money into Thailand is easy.  Getting it out is another thing. 

[hobobo]

55 minutes ago, Olmate said:

Wow, that’s huge! Why so if you can expand a bit please. .

Massive stroke. Can't expand as further details may reveal his identity. It was in Pattaya.

[JLCrab]

24 minutes ago, Thomas J said:

800k tied up in a Thai bank at near zero interest.  AT&T stock pays a 6.8% dividend, Royal Dutch a 6.09% dividend and British Tobacco Company a 7.7% dividend.

So you just have to figure out how much it is worth to you in tangible and intangible numbers to be able to live in Thailand.

 

And while people on here talk of medical emergencies that may require surgery and hospital stay, one of the big advantages here compared to USA is the ability to arrange for long-term in-home care so one can remain relatively independent.

[marcusarelus]

14 minutes ago, Thomas J said:

800k tied up in a Thai bank at near zero interest.  AT&T stock pays a 6.8% dividend, Royal Dutch a 6.09% dividend and British Tobacco Company a 7.7% dividend.  So that idle money costs you far more than the $1,800 baht to renew the visa not counting the risk of the baht being devalued or the Thai government suddenly nationalizing the banks. Lastly, getting money into Thailand is easy.  Getting it out is another thing. 

Not true.  Interesting but not true.  1.  Stock is not the same as money in the bank.  Not apples to apples can't compare.  2.  No discussion about relative currency to currency values.  Most have gone down relative to Thai baht.  3.  2% is not 0 interest.  4.  For those concerned with safety get SMS notification or no debit card.  5.  Devaluing the baht?  I believe there is a greater chance of the pound being devalued.  Nationalizing banks?  AW come on.  this is Thailand.  Rich people run the country not the reverse.  Check history of Thailand. 

 

None of the things you mentioned hold any water. 

[Peterhua]

16 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. 

But it might be enough for a broken leg or initial care for a minor heart attack. There are many guys here without a pot to piss in. What would they do with no insurance and little money?

[kannot]

17 hours ago, sirineou said:

Same here, over ten years never a problem.

13  years and  no problems 2  different banks Kasikorn and Bangkok Bank..................SCB  wouldnt let me  open an account using 3million  baht 10 years ago......their loss

[Date Masamune]

23 minutes ago, Thomas J said:

800k tied up in a Thai bank at near zero interest.  AT&T stock pays a 6.8% dividend, Royal Dutch a 6.09% dividend and British Tobacco Company a 7.7% dividend.  So that idle money costs you far more than the $1,800 baht to renew the visa not counting the risk of the baht being devalued or the Thai government suddenly nationalizing the banks. Lastly, getting money into Thailand is easy.  Getting it out is another thing. 

It is nice to have money to invest but as I said most of the "Thai banks can't be trusted" fellows really are just short on funds..

Nationalizing the banks? Get real. And what if they did still does not mean individuals money would be confiscated.

 

Getting money out of Thailand is as difficult as going into your branch and requesting a wire there are no capital controls.

An old barstool legend from people who have not worked since the 1970s.

 

[Sheryl]

36 minutes ago, khunPer said:

Use a fixed deposit of 3-month – or up to 12-month, if your deposit stays for a whole year – and you'll never face a problem, as there are no ATM, nor online banking to worry about, and you have you bankbook with machine register receipt of your funds together with your deposit slip with cashiers signature. Worked fine for me for many years...????

I agree a FD would be the least hassle approach to this, though it will cost most of us some  lost interest/earnings on money that would otherwise be better invested (so of course would putting the money in a savings account). The problem is that  up until now not all IOs have accepted fixed deposits, some have insisted on only savings accounts that showed draw down of the funds.  Not an official rule, just one of those things some IOs did (and one could see their logic).  With the new rules they should allow it since the emphasis now is on not spending funds, but the problem is no one can say for sure unless TI issues documentation guidelines that specifically say FD.

 

I have to stop by my local Imm Office later this week on another matter and will try asking them if fixed deposits are acceptable but wish me luck in getting my meaning across.  My Thai isn't bad but  doesn't  extend much to banking terms and their English is close to nil.  I have never asked them before as had no reason to, the interest rates for FDs in Thailand being less than I can get elsewhere I only brought it what I was going to spend in the same year.

 

But I don't want to have to keep track of different required balances at different times of the year (remembering when to do a once yearly transfer-in was challenge enough, LOL!).  I also do not want to unnecessarily waste money on bank transfer fees. So just bringing in 800K once and parking it, for me, seems the least worst of the options, at least until rules for the combo method are clarified.

 

 

[Psimbo]

Ahhhh- the urban Myth raises its ugly hysterical head yet again. I've been banking here for years and never had any issues.

[BritManToo]

1 hour ago, watcharacters said:

You mean around  middle to latter  70's?   Or more recently?

I remember the 70s better than I remember last month.

[rumak]

14 minutes ago, Sheryl said:

But I don't want to have to keep track of different required balances at different times of the year (remembering when to do a once yearly transfer-in was challenge enough, LOL!).  I also do not want to unnecessarily waste money on bank transfer fees. So just bringing in 800K once and parking it, for me, seems the least worst of the options, at least until rules for the combo method are clarified.

Well,  finally a person using common sense.   Just do it  ????     

For those that don't want to go this route...well,  there are other choices.

[murraynz]

18 hours ago, arithai12 said:

A non-issue.

Keep 800k in a fixed deposit account.

surely it realy IS  as simple as this---what is all the fuss about..

if your budget is so tight, or you havent been able to save 8000,000thb after a lifetime of working---perhaps you are best to stay in your home country...

[garyk]

1 hour ago, JLCrab said:

 

And while people on here talk of medical emergencies that may require surgery and hospital stay, one of the big advantages here compared to USA is the ability to arrange for long-term in-home care so one can remain relatively independent.

That is available in the states and subsidized if needed???

This kind of info shows the lack of knowledge...

[garyk]

1 hour ago, Thomas J said:

800k tied up in a Thai bank at near zero interest.  AT&T stock pays a 6.8% dividend, Royal Dutch a 6.09% dividend and British Tobacco Company a 7.7% dividend.  So that idle money costs you far more than the $1,800 baht to renew the visa not counting the risk of the baht being devalued or the Thai government suddenly nationalizing the banks. Lastly, getting money into Thailand is easy.  Getting it out is another thing. 

Just think what the banks are going to make with billions of dollars being stowed away in their banks...

People just don't see the big picture..

[Thaidream]

28 minutes ago, Benroon said:

) I think you meant there are too many cases of fraud involving banks (I have deleted the word ‘Thai’ for you as you have nothing to back that up. (Xenophobia doesn’t count)

 

2) Decades behind the West ? I don’t need to enter a pin at my Thai ATM making the experience far more secure - this technology has yet to reach the U.K. 

The fraud I am talking about is the kind in which a bank employee actually steals the money from your account.  It has happened so many times in Thailand that it would be impossible to even remember the number- the banks eventually return your money after months of investigation. the times this happens in the USA is few and far between.

 

In 1996-1997 Banks in Thailand literally went broke as some of their officers lent out money to customers who never should have had a loan- huge amounts- of course with a kickback to the officers.  The whole system almost crashed.  The exchange rates plummeted- nice if one was remaining in Thailand but for those of us still working- I lost $21,000 repatriating dollars. You want to learn about Thai banks- google Rakesh Saxena and Bangkok Bank of Commerce and also Finance One.

It still happens today- want to get a mortgage- the Bank Officer will approve your loan for a 'fee'.  The system is rife with corruption.

 

As far as security- there is always a way around a computer system but most US banks are capable of adjusting quickly to an attack on their systems- Thai banks are still using outdated systems in their ATM machines.

 

As far as Nationalization- doubt that is an issue but Thailand manipulates it's currency constantly based on the whims of those in power and whether they have enterprise abroad and need a positive exchange rate.  the Thai Baht at present is way overvalued but will continue being manipulated until the power brokers decide they have used the people's money enough and then the peons will be given a taste with rates following real values.

 

You or whomever can leave your money in a Thai bank if you want- but I will never trust Thai banks again as I know exactly how they work and I have experienced it first hand. Most will be lucky and won't be affected , except by poor exchange rates. 

[marcusarelus]

23 minutes ago, garyk said:

That is available in the states and subsidized if needed???

This kind of info shows the lack of knowledge...

So you don't have to spend down your entire fortune before it is possible?  Tell me what you can keep?  Talk about lack of knowledge....

 

https://www.payingforseniorcare.com/medicaid/spend-down.html

[dick dasterdly]

18 hours ago, Pib said:

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.

And business employees that were employed as admin. staff, that had access to their bank account details.

 

Mind you, the one Westerner I knew that claimed this, turned out to be equally 'crooked'......