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

[BritManToo]

27 minutes ago, david555 said:

In Europe we getting max. 0,10% or even zero planned now , so for us we get at least 0,50% from Thai banks 

Not counting in other gambling risky options , using home country option...

Vietnam pays 8% (on Dong accounts)

Cambodia pays 6% (on USD accounts)

I pay 5.87% on my Thai mortgage.

 

If I had spare money sitting around, I would use it on one of the above.

Edited November 2, 2019 by BritManToo

[JimGant]

Don't let Moody's spoil your argument against Thai banks......

https://forum.thaivisa.com/topic/1131724-moodys-boosts-thai-banking-outlook-from-stable-to-positive/

 

[david555]

2 minutes ago, fittobethaied said:

Below is some sobering information that I bet very few of you are aware of:

 

Deposit Protection. From August 11, 2019 Thai Baht Deposits are protected under the Deposit Protection Agency Act up to a maximum of 5 million baht per one depositor per financial institution until August 10, 2020.

 

Protected Deposits:  Thai Bath Account, deposited with domestic financial institutions (except for Non-Resident Baht Accounts (NRBA)) i.e. Current Account, Savings Account, Fixed Deposit Account, Negotiable Certificate of Deposit and Certificate of Deposit.

 

Make sure you understand that your Foreign Currency Deposit accounts are not insured, and it appears that since we expats have Non-Resident Baht Accounts, they too are not insured. 

 

Source: https://www.bangkokbank.com/en/Personal/Tips-and-Insights/Save-and-Invest/Practical-advice-on-deposit-protection

But when 180 days in a year residing Thailand ….taxable (in some cases )…..another contradiction 

[saengd]

2 minutes ago, fittobethaied said:

Below is some sobering information that I bet very few of you are aware of:

 

Deposit Protection. From August 11, 2019 Thai Baht Deposits are protected under the Deposit Protection Agency Act up to a maximum of 5 million baht per one depositor per financial institution until August 10, 2020.

 

Protected Deposits:  Thai Bath Account, deposited with domestic financial institutions (except for Non-Resident Baht Accounts (NRBA)) i.e. Current Account, Savings Account, Fixed Deposit Account, Negotiable Certificate of Deposit and Certificate of Deposit.

 

Make sure you understand that your Foreign Currency Deposit accounts are not insured, and it appears that since we expats have Non-Resident Baht Accounts, they too are not insured. 

 

Source: https://www.bangkokbank.com/en/Personal/Tips-and-Insights/Save-and-Invest/Practical-advice-on-deposit-protection

Very old news, I think most people are aware of this.

[saengd]

Just now, david555 said:

But when 180 days in a year residing Thailand ….taxable (in some cases )…..another contradiction 

Yes for condo/house sale, yes for work permit expiry....that's it. When I left Hong Kong twenty years ago I couldn't withdraw my bonus from HSBC Hong Kong until the HK gov. had taken taxes.

 

 

[saengd]

4 minutes ago, BritManToo said:

Vietnam pays 8% (on Dong accounts)

Cambodia pays 6% (on USD accounts)

 

Rates in Thailand are rubbish.

Yes, but over two years you would have lost 6% on the exchange rate!

[david555]

1 minute ago, BritManToo said:

Vietnam pays 8% (on Dong accounts)

Cambodia pays 6% (on USD accounts)

 

Rates in Thailand are rubbish.

But more risky …. that's going always together with high rates …. try now Nigeria or even Zimbabwe for high % 

[saengd]

34 minutes ago, david555 said:

Only problem I see is the problem when dying the will is not good handled automatically as in the west , like accounts blocked instantly ( I don't see how they do that , might be they get daily lists from the dying ones automatic?

So that is the only worry I see and maybe the not handling equal to foreigners in such case  

Somebody needs to inform the bank, that's true no matter where the bank is, in Thailand or in Europe. Once the bank is informed the account is frozen and release of funds is subject to probate rules.

[ICELANDMAN]

22 minutes ago, david555 said:

AS reason for this ….spread on different banks , or buy a very good safe and don't tell anybody...

 

I buy two safes

[fittobethaied]

4 hours ago, IvorBiggun2 said:

Put it in a Credit Union in a Thai name (wife) and get 6% fixed term. Or put it a farangs name and you can make withdrawals and get 4% interest. Been in one for years and never a problem. Unfortunately Immigration don't recognize a Credit Union as a bank and won't issue an extension based on money in one. T*****s.

And where in Thailand are these credit unions that pay that much interest on term deposits?

 

[BritManToo]

1 minute ago, saengd said:

Yes, but over two years you would have lost 6% on the exchange rate!

On ignore, I have very little patience with fools.

[nausea]

800,000 bt, obviously. What would worry me, if I had the extra funds, would be getting it out.

[saengd]

2 minutes ago, BritManToo said:

On ignore, I have very little patience with fools.

You might not see this but others will, they can decide who is the fool:

 

https://www.xe.com/currencycharts/?from=USD&to=VND&view=5Y

Edited November 2, 2019 by saengd

[BritManToo]

mistake

Edited November 2, 2019 by BritManToo

[david555]

1 minute ago, saengd said:

Somebody needs to inform the bank, that's true no matter where the bank is, in Thailand or in Europe. Once the bank is informed the account is frozen and release of funds is subject to probate rules.

Not in my home country , when my mother died the next morning account blocked , and as I brought them the news ...and they knew it already , and I was only family member !

[saengd]

Just now, BritManToo said:

Both currencies are 6% up on the British pound over the last year.

I would have made 14% gross in Vietnam, and 12% gross in Cambodia.

And of course the British Pound has fallen by how much against USD over that same time?

[ICELANDMAN]

4 minutes ago, david555 said:

But more risky …. that's going always together with high rates …. try now Nigeria or even Zimbabwe for high % 

Or Forex-3d offered a 10% monthly return

 

https://www.bangkokpost.com/thailand/general/1784949/investors-fear-b40bn-forex-operator-is-another-ponzi

[saengd]

1 minute ago, david555 said:

Not in my home country , when my mother died the next morning account blocked , and as I brought them the news ...and they knew it already , and I was only family member !

Perhaps bankers in your country are all clairvoyant, in my country and in Thailand they are not.

[david555]

4 minutes ago, ICELANDMAN said:

I buy two safes

I know , I guess 1 as a low countenance decoy , the other one propped full 

[ICELANDMAN]

6 minutes ago, fittobethaied said:

And where in Thailand are these credit unions that pay that much interest on term deposits?

 

I think only Bangkok http://smcunion.com/fixed-deposits-account.html

[dotpoom]

$15,000...not exactly a big amount of money. Quite a few of us on Retirement Ext. have to have more than that lodged for 5 months of the yeàr just to qualify alone for it.

[david555]

10 minutes ago, saengd said:

Perhaps bankers in your country are all clairvoyant, in my country and in Thailand they are not.

I guess any dying in hospital or public or by medics is reported online and as a country with max. 14 millions populations a computer can handle that easy to deliver automatically the list of dying people by our national number (unchanged for lifetime..) dead peoples list delivered at  all banks daily automatically  ....,and all banks are official known including banksafe holders , do not underestimate  records , as once with a doctor he could see in records as  a 6 year old I had appendix operation ….and I was then already 55 year old , so long time ahead before big brother ...

Of course unknown dead's for which reason ever not included

 

Surely not in Thailand happening …. that is the problem  money's can go disappear finally after years in gov. pockets as not claimed , that's my concern , before other risks

Edited November 2, 2019 by david555

[Orton Rd]

18 hours ago, saengd said:

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/

Makes no difference can you imagine the time and bother it would take to claim anything back if your bank went under?

[Power of life yoga]

I don't have much in my thai bank but millions tied up in property's here. everything's always a gamble ????

[IvorBiggun2]

6 minutes ago, fittobethaied said:

And where in Thailand are these credit unions that pay that much interest on term deposits?

Everywhere. The police have them. The nurses have them. The teachers have them etc. There are approximately 134 in Thailand.  The one I use is the 

Read post #5

[thesetat2013]

18 hours ago, sirineou said:

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.

 

Haha protection limit? What about the many stories I have read here where money went missing from their accounts and the bank did nothing. 

[tugman]

I don't feel secure living here if my account drops below 20 million baht.

[david555]

2 minutes ago, tugman said:

I don't feel secure living here if my account drops below 20 million baht.

Better don't feel secure for your life if that is known ….here

Edited November 2, 2019 by david555

[Lucky dog]

To Cyril sneer.   I’m thankful your not also. 

[saengd]

3 minutes ago, thesetat2013 said:

Haha protection limit? What about the many stories I have read here where money went missing from their accounts and the bank did nothing. 

Change barstools, you'll stop hearing the same stories.