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

[kingofthemountain]

4 hours ago, IvorBiggun2 said:

Put it in a Credit Union in a Thai name (wife)

Very bad advice 

[david555]

5 minutes ago, kingofthemountain said:

Very bad advice 

 " 5 hours ago, IvorBiggun2 said:

Put it in a Credit Union in a Thai name (wife)"

 

Very bad advice 

 

Unless worth more alive than dead …..

Edited November 2, 2019 by david555

[Aussieroaming]

27 minutes ago, ICELANDMAN said:

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

Thats pretty good, we've got a fixed term account with Kasikorn that pays 1.7%/annum. I think I will be sending my wife to open a secondary fixed term account.

[NCC1701A]

19 hours 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?

yes big money Bangkok Bank. Five years. Zero problems.

 

[david555]

Just now, NCC1701A said:

yes big money Bangkok Bank. Five years. Zero problems.

 

10 years Kasikorn bank  more than double the immigration quoted money also  zero problem .

Only very bad exchange rate giving always 

[Colabamumbai]

Absolutely nothing. 

[1FinickyOne]

no worries at all for me.. Have the banks here ever gone belly up like in USA

[justin case]

what happens to your access to your bank account if you ever get denied at the airport... gone ?

[natway09]

The big 5 banks here are as solid as any bank in the world

[saengd]

12 minutes ago, justin case said:

what happens to your access to your bank account if you ever get denied at the airport... gone ?

Why would it? Immigration and the banks are totally separate entities, does Immigration know that you have a bank account in Thailand, which bank and the account number? No!

[Hal65]

Worst case scenario you should also be able to withdraw from an ATM at a poor forex rate. I'd say the real threats are:

 

1) Seizure of funds based on something flimsy, like a simple accusation (does this actually happen?)

2) Employee or other theft that ends up not being covered by Thai deposit insurance

[LivinLOS]

5 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.

any links for further research ?? 

[david555]

3 minutes ago, Hal65 said:

Worst case scenario you should also be able to withdraw from an ATM at a poor forex rate. I'd say the real threats are:

 

1) Seizure of funds based on something flimsy, like a simple accusation (does this actually happen?)

2) Employee or other theft that ends up not being covered by Thai deposit insurance

For those there is the always golden rule....(some sure amount of) cash is King …. and gold Emperor 

[saengd]

6 minutes ago, Hal65 said:

Worst case scenario you should also be able to withdraw from an ATM at a poor forex rate. I'd say the real threats are:

 

1) Seizure of funds based on something flimsy, like a simple accusation (does this actually happen?)

2) Employee or other theft that ends up not being covered by Thai deposit insurance

1 - would require a court order

2 - Thai deposit insurance doesn't cover theft, it's designed to kick in if the bank is no longer solvent.

[4MyEgo]

18 hours ago, DaRoadrunner said:

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

It's only two thing keeping me sane.

[IvorBiggun2]

1 hour ago, kingofthemountain said:

Very bad advice 

Up to you.

[Tom89]

800,000 Bt for my visa, about USD 10-12K for living expenses and if I'm about to make any major purchases (motorcycle etc) enough for that.

[JAFO]

Funny thread. 

 

As noted, check whats the insured amount and that keeps it simple. Same in the US, why would I keep xxxx dollars over what the the bank will cover in the event of a collapse (Which btw the way is idiotic to even think it will ???? )

 

The rest is noise.

 

To the OP, $15K is a good number. I do not know where you are from but if you are from the US and use BKK they have an office in NY. I can wire money from BKK to my bank or vise versa for very little and do from time to time. I work and live here and am paid in Thai Baht so occasionally when I feel there is enough in our acct, I just wire the balance to my US bank. 

 

It really boils down to your personal comfort level. If you are here for the long haul, then manage it accordingly. If you are a part timer then I would only bring enough that you could convert and carry it back with you on the plane legally which is $10K USD. 

Edited November 2, 2019 by JAFO

[worgeordie]

I would feel a lot more comfortable, if i had a lot more money

in a Thai bank????.

regards worgeordie

[thaipod]

In the 20+ years of using Thai banks I have never had a problem and at this time I still feel the service is good. Last week I went into the ANZ in Aussie and ended up so frustrated then withdrawing my money and closing my accounts due to arrogant tellers and terrible service 

[NoshowJones]

I would not trust the Thai government on anything at all, and the biggest amount of money I have will always be kept in my UK bank.

[NoshowJones]

20 hours ago, HampiK said:

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!

To reduce the insurance from 5 million Bt to 1 Million just shows you how much the  insurance companies trust the Thai banks. and they are just as crooked as the banks.

[NoshowJones]

20 hours ago, Slip said:

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.

and what is stopping you doing that?

[DogNo1]

I only transfer in about 66,000 per month to meet the financial requirements for my yearly extension of stay.  I keep around 150,000 in my Bangkok Bank account for local cash purchases but pay for most everything with my Navy Fed Visa Card to earn that 1% back.  Most of my money stays in my US accounts for the sake of convenience but I also keep about $60,000 in my Sumitomo-Mitsui account, also for the sake of convenience of making and collecting payments in Japan.  In short, I don’t keep any more money in foreign accounts than is necessary for convenience. We Americans have FBAR and income tax reporting requirements so it is a hassle to keep much money overseas.  So far as investing goes, it is tedious to file about 15 K-1s each year that include a foreign investment component.  I only do it because the rate of return on each fund makes it worth it in my investment advisor’s opinion.

[tabarin]

Less than a few million is nothing to worry about, that is small money with banks here anyway. Just split it among 2-3 accounts if desired.
To worry about a transfer of like less than 500K baht is laughable / really old fashion thinking. 

I trust Thai banks more than I trust European / Western ones, that is for sure. It always works and there is always a branch open to service me too.
Nobody is messing with your money here, no questions asked and just the minor yearly fee. 

Even when I once had a issue abroad, I called Kasikorn and had a native English speaker (foreigner or half thai for sure) solving it within 30 minutes.

Generally speaking, if wanting to be safe, just no more than 100K EUR/USD per bank account/country. If you only have 100K, split it in 3 ways / currencies.
 

Edited November 2, 2019 by tabarin

[phantomfiddler]

As much as possible ???? 

[david555]

37 minutes ago, possum1931 said:

and what is stopping you doing that?

20 hours ago, Slip said:

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.

 

 

Maybe Slip "slipped" the taxing office ….

Edited November 2, 2019 by david555

[mserror]

I was comfortable with 50 baht, but that soon disappeared due to fees.

 

Now comfortable with 0 baht.

 

I use Ing Australia, and they even pay the extortionate 220 baht ATM fees. And Australian credit cards with no fees.

 

[simon43]

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.

 

I get 7% pa interest with my Laos Kip bank account, (and no, the bank has never crashed...).  Have to be resident with WP in Laos to get access to these rates (Cambodia and Myanmar banks offer similar interest rates).  

[IraqRon]

3 hours ago, saengd said:

Why would it? Immigration and the banks are totally separate entities, does Immigration know that you have a bank account in Thailand, which bank and the account number? No!

what???? Of course they know now when you  are required to provide this info at renewal time, etc.  How ignorant of you.