How much money do you feel comfortable keeping in Thai Banks?

[Hal65]

I'm about to transfer $15,000 over. A small to mid sized amount of funds and it's making me rethink how secure one's finances are in Thailand. In the past I only transferred about $3,000 at a time.

 

Do you guys feel confident maintaining fairly high amounts in Thai banks or is there a high risk of doing so here?

[sirineou]

I think the protection limit per account per bank is 15 million baht.

I remember reading some place that Thai banks are doing very well and that their rating was raised from "stable " to  I don't remember the term they used , but better than stable. 

Sorry, that's all the info I have on the subject.

 

Edited November 1, 2019 by sirineou

[saengd]

The insured limit is being reduced from its present 5 million to 1 million, in 2020. 

 

https://forum.thaivisa.com/topic/1092522-thai-bank-deposit-guarantee/

[Kwasaki]

20 minutes ago, Hal65 said:

Do you guys feel confident maintaining fairly high amounts in Thai banks or is there a high risk of doing so here?

Well I have to one a year for 2 month otherwise I have a problem staying.

[BritManToo]

27 minutes ago, Hal65 said:

In the past I only transferred about $3,000 at a time.

I'm also good with $3,000 ...... any more than that and I'd worry.

 

What do I worry about?

Thai immigration refusing me entry, bank staff stealing my money, gf stealing my money, the bank failing, civil war.

Edited November 1, 2019 by BritManToo

[KhunBENQ]

In the past I had most of my money at SBG, renamed UBS (Union Bank of Switzerland). At the time THE role model for a solid Swiss Bank.

They mutated to a gambling hall and had to be saved with tax payers money.

Then I had most of my money in two German banks. One of them a Deutsche Bank subsidiary. Deutsche Bank, in the past THE role model for a solid German bank.

They turned into a gambling hall and fighting to stay afloat.

Since 2013 most of my money is in Thai banks.

Now make a guess whom I trust more.

 

Edited November 1, 2019 by KhunBENQ

[KhunBENQ]

Yesterday got the message from my German bank that the deposit on my credit card account will earn an interest of 0.01% from Jan 1.

(some 10+ years ago it was 2.x%)

[PatOngo]

400,000 and 800,000 baht seem to be popular amounts!

[Pilotman]

The minimum required to get my next extension

[KhunBENQ]

Just now, PatOngo said:

400,000 and 800,000 baht seem to be popular amounts!

Where do you know from?

[PatOngo]

1 minute ago, KhunBENQ said:

Where do you know from?

The immigration office!

[HampiK]

I trust the Thai bank as much I trust banks from other countries. But let's say if you want be on the secure side you should not put more than 1 million baht per Thai bank account, as from 2020 the secured limit is down to 1 million only.

 

On the other side your money also can disapear in a foreign bank so I would say you should probably put some parts in a Thai bank ans some parts in a foreign bank. The advantage if you put it in a Thai bank let's say about 1-2 years ago you have now more money because of the better currency exchange.

 

But on the other side you always will hear from a lot of people who will tell you not to put any money in a Thai bank!

[cyril sneer]

I wouldn't feel comfortable doing any amount if I was American

 

Thankfully i'm not

[WalkingOrders]

I would trust any large Thai bank you already have a good relationship with.

[DaRoadrunner]

29 minutes ago, PatOngo said:

400,000 and 800,000 baht seem to be popular amounts!

Plus enough to cover a years beer n pu$$y.

 

I recall 1997 when the Baht crashed and you could not withdraw cash or repatriate it. Since then I keep the minimum required to survive..... in comfort and decadent luxury that is.

[Number 6]

I think the banks are as stable as in the west. Look what happened a decade ago. EU and US banks took a dump. Santander, Countrywide...

 

I do wonder what will happen when the condo loans both on units and developer get called.

 

I'm gonna say 2.5m, maybe more.

 

Bangkok Bank, SCB, Krungthai, KBank. My preference first two.

 

[Slip]

I keep all of my money in a Thai bank, but I wouldn't if I could get my hands on a UK account again.

[saengd]

I keep 4m in Thai banks, it's perfectly safe.

[SteveK]

I think that Thai banks are probably just as safe and secure as any others. The issue is moving your money here then after a few years, some hiccup or other means you don't qualify for your marriage or retirement extension, have to make a fast border run, then can't get back into the country on a tourist visa or VE due to whatever new changes and are essentially screwed. Good luck getting your non-O in Laos if you lose your paperwork when your bag is stolen on a bus. Unlikely, but <deleted> happens and I could imagine that happening to me.

 

It's incredibly arduous getting anything achieved at my Thai bank even in person, trying to do something from abroad would be futile at best. I know you can use your ATM card abroad but the fees would kill you if you had a lot to withdraw over many days. Being stuck outside of Thailand with your money in a Thai bank would be a massive headache.

 

All the more reason to keep abreast of any new visa requirements and not step out of line I guess. There's also a risk of being accused of a crime and having all your funds seized.

Edited November 1, 2019 by SteveK

[richard_smith237]

19 minutes ago, saengd said:

I keep 4m in Thai banks, it's perfectly safe.

 

If there are no concerns with Visa, then there is no issue with the amount you can keep in a Thai bank unless you envisage wanting to transfer the money back out of Thailand at some point. 

 

With Visa issues - if someone is keeping their money in Thai Bank on a Type O visa (retirement or Marriage) then that surely helps. 

If someone is doing Tourist Visa runs or cycling Visa Exempts and Tourist Visa's then I can imagine they'd have greater cause for concern should they be keeping all their money in a Thai Bank. 

 

That said: It's good to have money outside of Thailand too. 

In the past I have kept substantial sums in Thailand, more recently I'm bringing in only what I expect to spend, if the Baht drops I'll bring in more to last a few years. 

 

Money is as safe in Banks here as anywhere else. The issue may be with someones expected longevity here and whether or not they are on the edge of complying with Visa regulations or not. 

 

Regarding money safety: Fraud could be an issue, but thats more related to Credit Cards issued in Thailand and whether or not you are fully covered against fraud. 

 

[madmen]

These threads are amusing. Punters worried about Thai banks so they leave there cash at home in "safe banks" whilst watching it disappear in massive exchange rate loss.

[Hal65]

Do

22 minutes ago, SteveK said:

IThere's also a risk of being accused of a crime and having all your funds seized.

 

Do they really seize funds on a mere accusal?

 

This is the type of stuff that concerns me.

[AussieBob18]

Zero.  Try transferring money from a Thai bank to an overseas western bank.  Try taking a Thai bank to consumer affairs/banking ombudsman because your money was 'lost or taken' And on and on and on.  They are not Govt guaranteed and they are not 'real' banks as we know is the west.  Example: go into the Bangkok Branch of your 'Bank' and try to take out some money from your Chiang Mai account - penalties and fees apply - because each Region operates as their own Franchise.

 

Does the Thai bank you use have a branch/es in your home western country? Does your western home country bank have a branch/es in Thailand?  And only 1 million is 'insured' - but good luck getting that if you need to try and recover your funds.  

 

And if the Thai economy and/or Baht crashes - good luck getting a few million baht out - out of the bank or out of the country.

Safe and Secure? No they are not - and neither is your money.

 

Keep the absolute minimum needed - and bring it in on the provisdo that you will not be able to take it back. And keep accounts with 2 Thai banks with the minimum needed funds in them - if you have trouble with one they can shut you out - just like that.

 

[Slip]

18 minutes ago, AussieBob18 said:

Zero.  Try transferring money from a Thai bank to an overseas western bank. 

 

<snip for brevity>

I transfer money from a Thai bank to Lloyds in the UK painlessly every single month for 300 baht.  It costs the recipients six quid.

[richard_smith237]

21 minutes ago, AussieBob18 said:

Zero.  Try transferring money from a Thai bank to an overseas western bank.  Try taking a Thai bank to consumer affairs/banking ombudsman because your money was 'lost or taken' And on and on and on.  They are not Govt guaranteed and they are not 'real' banks as we know is the west.  Example: go into the Bangkok Branch of your 'Bank' and try to take out some money from your Chiang Mai account - penalties and fees apply - because each Region operates as their own Franchise.

 

Does the Thai bank you use have a branch/es in your home western country? Does your western home country bank have a branch/es in Thailand?  And only 1 million is 'insured' - but good luck getting that if you need to try and recover your funds.  

 

And if the Thai economy and/or Baht crashes - good luck getting a few million baht out - out of the bank or out of the country.

Safe and Secure? No they are not - and neither is your money.

 

Keep the absolute minimum needed - and bring it in on the provisdo that you will not be able to take it back. And keep accounts with 2 Thai banks with the minimum needed funds in them - if you have trouble with one they can shut you out - just like that.

 

 

Penalties and fees?? Exaggerate much ?????  its 20 baht for a withdrawal outside of your province....

 

Thailand Deposit protection is up to 5 Million Baht per financial institution (it used to be 50 Million Baht) and will reduce to 1 Million Baht (from August 2020) - this is not good.

UK Deposit protection is up to GBP£85,000 (3.3 Million Baht) per financial institution - this is also not good.

 

But really, how are any of the issues you raise any different from any bank overseas? 'Northern Rock' anyone ?

 

Your comments are the monolog of barstool hysterics and perpetuated amongst pished up fools who thrive on embellished negative gossip and general bar-stool mythology.  

[richard_smith237]

57 minutes ago, Hal65 said:

Do

1 hour ago, SteveK said:

IThere's also a risk of being accused of a crime and having all your funds seized.

 

Do they really seize funds on a mere accusal?

 

This is the type of stuff that concerns me.

 

They do if you believe the barstool expert in the grubby shirt, drinking Chang sat next to you... 

[UKresonant]

399999 THB ????.

 

i have quite a bit of confidence in the Thai banks, but I doubt I would ever keep more than 500k with any one bank, I no longer feel it is real money once in the bank here, asked once to get some 10 pound notes back out of my FCD, they looked at me as if I had horns.

Any more than 1.5M THB would be given to the wife, so she can worry about it...????

[Beggar]

For Baht accounts you have the guarantee as mentioned here already. But be aware that this guarantee is not for accounts in foreign currency at Thai banks. 

[saengd]

8 hours ago, AussieBob18 said:

Zero.  Try transferring money from a Thai bank to an overseas western bank.  Try taking a Thai bank to consumer affairs/banking ombudsman because your money was 'lost or taken' And on and on and on.  They are not Govt guaranteed and they are not 'real' banks as we know is the west.  Example: go into the Bangkok Branch of your 'Bank' and try to take out some money from your Chiang Mai account - penalties and fees apply - because each Region operates as their own Franchise.

 

Does the Thai bank you use have a branch/es in your home western country? Does your western home country bank have a branch/es in Thailand?  And only 1 million is 'insured' - but good luck getting that if you need to try and recover your funds.  

 

And if the Thai economy and/or Baht crashes - good luck getting a few million baht out - out of the bank or out of the country.

Safe and Secure? No they are not - and neither is your money.

 

Keep the absolute minimum needed - and bring it in on the provisdo that you will not be able to take it back. And keep accounts with 2 Thai banks with the minimum needed funds in them - if you have trouble with one they can shut you out - just like that.

 

Nonsense! I have regularly transferred funds from Thailand to my bank in the UK and have done so without a problem for the past eighteen years, today I do it myself using internet banking although for amounts more than 2 mill I need to visit my branch. It's all very easy and straight forward, providing your bank understands who you are, what you are doing and proof that the money you want to transfer overseas was sent to Thailand from overseas in the first place.

 

And just for info: overseas banks that operate in Thailand are separate and distinct from their overseas namesakes. UOB Thailand for example is owned by UOB Thai and CIMB is owned by CIMB Thai. In both cases the overseas bank is a major shareholder in the Thai bank. But neither of those two Thai banks are recognised by their overseas namesakes, they are both separate and unrelated entities, in that respect there are no overseas retail branches, not even Bangkok Bank in London or New York, neither of which have retail banking licenses in those countries.

Edited November 1, 2019 by saengd

[baansgr]

One thing Thailand has right is their banking systems, far superior and advanced than that of the UK. Under the current climate though, I would keep the minimum, as  already mentioned in 97 couldnt withdraw and let's not forget what happened only a few years ago in Cyprus and Greece. Who knows what can happen overnight.