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

[saengd]

Yes I agree, I think that when it comes to choice of banks and how much money to keep in an account, a person should exercise the same judgement and caution here that they would in their home country, no more and no less. The key indicator for me is the insured limit, the work around for that is to spread funds across several banks.

[baansgr]

9 hours ago, madmen said:

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.

The exchange rate can go both ways....Baht coukd easily devalue 50% just as westeen currencies have, also maybe its invested other ways with high paying dividends etc..

[scubascuba3]

Transfers are always a little worrying as they can go missing and banks often just shrug their shoulders.

 

I don't transfer more than i need, depending on exchange rate. 1m per bank would be my max based on the protection level, but can't say i trust that

[AussieBob18]

10 hours ago, richard_smith237 said:

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.  

3 Responses:

1.  The OP asked for my opinion - somehow that offends you? - get a life.

2.  I will ask the question again: why no Thai Banks in Australia, UK, USA etc? (except for very limited business banking) 

3.  You comment is the response of an ignorant fool who has no idea about international banking governance - but I am not offended by them in any way - you should read more - and drink/smoke less.

 

[saengd]

14 minutes ago, AussieBob18 said:

3 Responses:

1.  The OP asked for my opinion - somehow that offends you? - get a life.

2.  I will ask the question again: why no Thai Banks in Australia, UK, USA etc? (except for very limited business banking) 

3.  You comment is the response of an ignorant fool who has no idea about international banking governance - but I am not offended by them in any way - you should read more - and drink/smoke less.

 

There are Thai banks in the UK, Bangkok Bank and Siam Commercial Bank both have commercial branches in London, intended to facilitate trade. Those banks do not however compete in the retail banking space hence they have not needed a retail bank license from the BOE. As said previously, Bangkok Bank also has a branch in New York, for the same reason it has one in the UK.

[sandyf]

2 hours ago, scubascuba3 said:

Transfers are always a little worrying as they can go missing and banks often just shrug their shoulders.

Funds do not go missing, they go somewhere and leave a paper trail, you just have to follow it.

First step is a copy of the SWIFT report from the originating bank.

[AussieBob18]

It took me a while to find it - but here is an example fo what I tried to say: 

And I should clarify - when I said take money out of Thailand - but I meant take all my money out of Thailand bank.

Try to transfer 5 million baht from your Thai bank account because the baht is crashing and you want to move it overseas quickly. The Thai Banks can stop you - just like that - and not a damn thing you can do about it.

 

Sure - you can send (via Swift etc) small money from a Thai Bank to an overseas bank. The OP questions how much I am comfortable leaving in a Thai Bank.  I am comfortable with Zero - but when we lived there full-time - I only put into Thailand banks what we needed to live - the absolute minimum.  And nopthing has changed that.

 

Would I be comfortable putting $200K AUD into a Thai Bank? Even today that is about 4 million Baht.  No Way is my answer.  That same amount of money in an Australian Bank is as safe as houses - and I have full legal recourse should anything go wrong - I do not have either of those in Thailand.

 

[gk10002000]

13 hours ago, BritManToo said:

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.

Spot on BritMan, spot on.  And there are probably a few more reasons

[IvorBiggun2]

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.

[NicolasM]

14 hours ago, BritManToo said:

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.

If they refuse your entry you can withdraw from abroad right ? Even from Laos they have a branch there.

[IraqRon]

1 hour ago, gk10002000 said:

Spot on BritMan, spot on.  And there are probably a few more reasons

some I thought of months ago and not while on a bar stool but while at home after reading TV posts, in addition to Britmantoo's list:

the Thai Govt. says we have to prove we don't owe any taxes before allowing withdrawal of funds and how in the heck would we do that quickly?

police and others now can know our bank account number and approximate balances per our visa type making us targets for bogus set-ups and extortions.

 

Always consider all possibilities when dealing with money.

 

Call me paranoid, just don't call me late for dinner.

[Kinnock]

I feel comfortable with around a million baht in the bank, but it makes my wife feel uncomfortable so she gives it to Lazada and the nice man in the gold shop for safe keeping.

[stigar]

0 bath in thaibanks.I dont trust them.

[saengd]

1 hour ago, AussieBob18 said:

It took me a while to find it - but here is an example fo what I tried to say: 

And I should clarify - when I said take money out of Thailand - but I meant take all my money out of Thailand bank.

Try to transfer 5 million baht from your Thai bank account because the baht is crashing and you want to move it overseas quickly. The Thai Banks can stop you - just like that - and not a damn thing you can do about it.

 

Sure - you can send (via Swift etc) small money from a Thai Bank to an overseas bank. The OP questions how much I am comfortable leaving in a Thai Bank.  I am comfortable with Zero - but when we lived there full-time - I only put into Thailand banks what we needed to live - the absolute minimum.  And nopthing has changed that.

 

Would I be comfortable putting $200K AUD into a Thai Bank? Even today that is about 4 million Baht.  No Way is my answer.  That same amount of money in an Australian Bank is as safe as houses - and I have full legal recourse should anything go wrong - I do not have either of those in Thailand.

 

Once again this is wrong! I sold a condo in Chiang Mai in 2007 for THB 6.3 mill., I took the blue receipt issued by the Land Office showing tax paid, to my bank, and asked them to transfer the funds back to the UK...the funds were sent as intended without any problems or queries.

 

As for the Baht crashing: you do realise that THB is not fully convertible, BOT alone has the means with which to control the value of the currency, third parties do not. 

 

From your various posts I have come to believe you are nothing more than a Thai basher, your posts have no substance in fact and all seem geared towards having no trust in the Thai financial system. Perhaps if you were slightly more factual and objective you might arrive at a different set of conclusions, as things stand your anti-Thai bias is showing in spades.

[saengd]

15 hours ago, BritManToo said:

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.

Don't forget an asteroid strike and global plague!

[BritManToo]

8 minutes ago, saengd said:

Once again this is wrong! I sold a condo in Chiang Mai in 2007 for THB 6.3 mill., I took the blue receipt issued by the Land Office showing tax paid, to my bank, and asked them to transfer the funds back to the UK...the funds were sent as intended without any problems or queries.

Every bank branch and every bank teller has their own rules.

12 years ago I could buy a 1 year non-o VISA for 120GBP, no questions asked.

[Cricky]

15 hours ago, BritManToo said:

bank staff stealing my money, gf stealing my money, the bank failing, civil war.

I have a few American friends who have never been to Thailand, they have the same concerns about their country. 

[KhunBENQ]

15 hours ago, PatOngo said:

The immigration office!

A smiley is not enough to mark my question as a joke?

 

[saengd]

1 hour ago, BritManToo said:

Every bank branch and every bank teller has their own rules.

12 years ago I could buy a 1 year non-o VISA for 120GBP, no questions asked.

This is nothing more than scaremongering and again is not true, BOT sets the rules regarding overseas funds transfer and the banks have to abide by them. https://www.bot.or.th/English/FinancialMarkets/ForeignExchangeRegulations/FXRegulation/Pages/default.aspx

[abrahamzvi]

I think Thai banks are as safe as any in other countries. 

[Sheryl]

I keep 800k year round in a fixed deposit account and balances in my other regular savings acct range from highs of over 1 million to lows of about 200k, this last has been the cade for some20 yrars now. . I have occasionally brought in more when planning a major purchase or constructing/repairing house.

 

No worries.

[bkk6060]

Beyond the 800 k. Why keep more sitting for nothing?

Same buying a dead money condo.

Keep your money in your home country my stock accounts are up around 15% this year and I am fairly conservative.

Edited November 2, 2019 by bkk6060

[david555]

3 minutes ago, Sheryl said:

I keep 800k year round in a fixed deposit account and balances in my other regular savings acct range from highs of over 1 million to lows of about 200k, this last has been the cade for some20 yrars now. . I have occasionally brought in more when planning a major purchase or constructing/repairing house.

 

No worries.

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  

[Lacessit]

Not more than 1 million in any one bank.

[david555]

6 minutes ago, bkk6060 said:

Beyond the 800 k. Why keep more sitting for nothing?

Same buying a dead money condo.

Keep your money in your home country my stock accounts are up around 15% this year and I am fairly conservative.

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...

Edited November 2, 2019 by david555

[JimGant]

2 hours ago, IraqRon said:

Thai Govt. says we have to prove we don't owe any taxes before allowing withdrawal of funds

BS. Another barstool input?

 

[david555]

13 minutes ago, Lacessit said:

Not more than 1 million in any one bank.

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

 

Edited November 2, 2019 by david555

[david555]

8 minutes ago, JimGant said:

BS. Another barstool input?

 

The rumor coming from when transferring OUT of Thailand , then needed .., example if paid any taxes when condo sold money transferred out by bank , then be asked the documentation for that by banks

Edited November 2, 2019 by david555

[fittobethaied]

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

[PatOngo]

1 hour ago, KhunBENQ said:

A smiley is not enough to mark my question as a joke?

 

I got it Q, all my posts end with !