What would happen if a Bank goes down?

[Grumpy John]

Thailand maybe a 3rd world country in name only......nuh,  it's a 3rd world country period. 

[david555]

20 minutes ago, saengd said:

You don't think if a bank were to collapse and you were waiting for a payout from the DPA that the government /Immigration might give you a pass? I think there's  reasonable chance they might.

Could be …. would be nice from Thai gov. eg. I.O. , but I would prepare for worst case scenario  ,as I realize my best chances to recover my missing 800K is when I am present in Thailand , as from outside Thailand , I would be a sitting Duck for a lawyer(s)

Like in a case like now even I would have problem to change my under pillow lying €'s to change ????

[steven100]

you tink too mut

[saengd]

16 minutes ago, morrobay said:

Incorrect, the term 2nd world Is irrelevant now and was referring to communist countries. Third World, developing countries and First World are the relevant current terms. 

Have a read, take your pick.

 

https://www.un.org/en/development/desa/policy/wesp/wesp_current/2014wesp_country_classification.pdf

 

http://www.a4id.org/policy/understanding-the-developeddeveloping-country-taxonomy/

 

https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Classifications-of-Countries-Basedon-their-Level-of-Development-How-it-is-Done-and-How-it-24628

[david555]

50 minutes ago, BritManToo said:

I wish I had a caravan back home!

Tent's also  still for sale I guess in U.K. ? ????

[ChipButty]

I was thinking more on the lines of guys retirement visa's and marriage visa's also and they where not able to replenish the relevant funds required, would the immigration help you out? OK stupid question

[david555]

1 minute ago, ChipButty said:

I was thinking more on the lines of guys retirement visa's and marriage visa's also and they where not able to replenish the relevant funds required, would the immigration help you out? OK stupid question

not a stupid question ….only the part where I.O. would consider your that time problem …..as they are not company liquidating lawyers 55555

[Susco]

1 hour ago, saengd said:

Second, Thai banks are rated quite highly by the rating agencies such as Moodys and Fitch who have increased their credit ratings a couple of times fairly recently.

The subprime mortgages in 2008 were also highly rated by those same agencies, in fact they were the cause of the crash.

 

https://truthout.org/articles/the-indisputable-role-of-credit-ratings-agencies-in-the-2008-collapse-and-why-nothing-has-changed/

 

The Indisputable Role of Credit Ratings Agencies in the 2008 Collapse, and Why Nothing Has Changed

[david555]

6 minutes ago, pdtokyo said:

if you are in Oz i'll sell you mine, i'm heading to Thai asap

You must be an optimist to travel Thailand as now....anyway welcome as  many of us are staying anyway too

Edited March 26, 2020 by david555

[Susco]

57 minutes ago, saengd said:

You don't think if a bank were to collapse and you were waiting for a payout from the DPA that the government /Immigration might give you a pass? I think there's  reasonable chance they might.

 

Haha dreaming, like in the current situation where they refuse extensions to people who can't fly out.

 

This country/government accommodating to foreigners is nothing more but a wet dream.

Edited March 26, 2020 by Susco

[Somtamnication]

Many TV members were here in 1997. Ask any of them.

[ChipButty]

1 hour ago, BritManToo said:

I wish I had a caravan back home!

See the price of some of them static caravans? back home cost fortunes plus site fee's

The coach built ones the gypo's have

Edited March 26, 2020 by ChipButty

[taxout]

This is why you have a central bank.

 

When there's a crisis, it's the function of the central bank to make clear it will support the banking system and prevent any bank failures. (And if you passed Econ I and II, you know how a central bank can do this.)

 

Now, whether the central bank in fact exercises its powers to prevent a bank run or failure is a question of politics and competency. But the powers are certainly there.

[ChipButty]

How safe is 800,000 baht in any/all Thai banks for retirement visa? I found this from 2014

 

https://forum.thaivisa.com/topic/778528-how-safe-is-800000-baht-in-anyall-thai-banks-for-retirement-visa/

 

[laosnative]

14 minutes ago, ChipButty said:

See the price of some of them static caravans? back home cost fortunes plus site fee's

The coach built ones the gypo's have

I bought one for me ma.

Perrywinkle blue.

[saengd]

3 minutes ago, ChipButty said:

How safe is 800,000 baht in any/all Thai banks for retirement visa? I found this from 2014

 

https://forum.thaivisa.com/topic/778528-how-safe-is-800000-baht-in-anyall-thai-banks-for-retirement-visa/

 

For as far back as I can remember, 2008 I think, TV Forum members have had this idea that funds in a Thai bank aren't safe because of this and that and whatever. Occasionally an incident would make the press that involved a corrupt bank teller or a partnership between a teller and a friend/relative of the account holder, funds would go missing and it would be reported widely. One of those articles was enough to fuel the conspiracy theory amongst TVF members that all banks were unsafe, it would be enough to last them for several years.

 

But if you ask around to people in the forum and among people you can know who are reliable if they've ever had any bad experience such as the ones those threads portray, they all say no. For me personally I've banked here full time for almost twenty years and not once have I experienced anything remotely like fraud or even a hint of it and I keep many millions here full time, ditto anyone I know, ditto anyone I ever met, ditto anyone who posts here that has any credibility.

[david555]

11 minutes ago, ChipButty said:

How safe is 800,000 baht in any/all Thai banks for retirement visa? I found this from 2014

 

https://forum.thaivisa.com/topic/778528-how-safe-is-800000-baht-in-anyall-thai-banks-for-retirement-visa/

 

Crime can happen anywhere , but in 11 years I had not 1 problem with my 2 KK accounts , much is depending how you care safety yourself on your bank accounts cards pin's ….

Advise is you use 2 accounts  1 mother account not using for online buying or equal , and second account for day/by day or month by month ATM , make Kweb card for online buying or equal (is a virtual card , can be deleted or a new one  made in few hours if needed …)

So you fill  your second card with the mother card as needed and so minimize any risk could it  be something bad happens . 

I never carry or use the mother account bank card outside unless for something at a branch needed

Edited March 26, 2020 by david555

[mfd101]

Few things will drive a bank under more quickly than the panic caused by stupid, ill-informed or malevolent people speculating that the bank might go under.

[mfd101]

1 minute ago, pdtokyo said:

... and your solution or advice to OP is ...?

Get a book. Go back to bed.

[LomSak27]

What would happen if a Bank goes down?

 

Depends on the bank. If Bangkok bank, then I lose my 800K, likely would have my non o extension non renewed, because I did not keep at least 400K in account outside of the 5 months bracketing the renewal date when I need the 800K in. 

 

Edited March 26, 2020 by LomSak27

[saengd]

When I consider opening a bank account I like to look at things like this because they tell me which bank is regarded as being the safest:

 

https://d2tyltutevw8th.cloudfront.net/media/document/press-release-the-safest-banks-in-asia-2019-1568899975.pdf

 

Me, I bank with UOB (United Overseas Bank) and always have.

[Matzzon]

2 hours ago, donnacha said:

As you were one of the most strident voices saying EXACTLY the same thing about Coronavirus, sneering at anyone who suggested it was shaping up to be a problem, I am entirely confident that anything you now have to say about the economic consequences is definitely going to be wrong.

You can't keep placing the wrong bets, while insulting the people who keep getting it right, without eventually undermining your own credibility. Seriously, @saengd, have you no shame?

 

Why do you file terms and conditions for banks at in the same box as expectations regarding a virus. Very bad choice to compare.

[david555]

2 minutes ago, saengd said:

When I consider opening a bank account I like to look at things like this because they tell me which bank is regarded as being the safest:

 

https://d2tyltutevw8th.cloudfront.net/media/document/press-release-the-safest-banks-in-asia-2019-1568899975.pdf

 

Me, I bank with UOB (United Overseas Bank) and always have.

Now you go scare OP  really as no Thai bank on the page ????….. all mostly Singapore ….

[Lacessit]

52 minutes ago, pdtokyo said:

if you are in Oz i'll sell you mine, i'm heading to Thai asap

Don't forget your COVID-19 medical certificate and USD 100K insurance.

[saengd]

Just now, david555 said:

Now you go scare OP  really as no Thai bank on the page ????….. all mostly Singapore ….

Sure, but UOB (Thai) is a part of UOB. 

 

https://www.uob.co.th/investor-en/aboutUOB/about-us-uob-corporate-profile.page

[Lacessit]

1 hour ago, BritManToo said:

If you're not allowed to go out the house, you don't need much money.

I bought a 45Kg sack of Jasmine rice for 1,300bht, so that's emergency food taken care of.

I'm a noodle and pasta guy, rice clogs me up too much.

[donnacha]

3 minutes ago, Matzzon said:

Why do you file terms and conditions for banks at in the same box as expectations regarding a virus. Very bad choice to compare.

 

No one in this thread is talking about the terms & conditions of banks. No one.

We are talking about the potential collapse of a bank if the Thai economy is damaged by the government measures against the virus.

Go back to the first post, start again and, this time, try harder to understand.

 

[Lacessit]

38 minutes ago, pdtokyo said:

i am an optimist, but even if i wasn't, my partner is there, i am here. I'll be on first open flight there or she will be on first open flight here. Maybe a while. I envy you.

If one can dodge the COVID-19 bullet, IMO Thailand is the better place to be. Not so sure if I develop pneumonia. Couldn't get out anyway, no airline would take me with symptoms.

[david555]

Just now, Lacessit said:

If one can dodge the COVID-19 bullet, IMO Thailand is the better place to be. Not so sure if I develop pneumonia. Couldn't get out anyway, no airline would take me with symptoms.

No repatriation option in insurance contract ?

[Susco]

2 hours ago, spiekerjozef said:

Did many of the so called banks closed in 2008 during the financial crisis which they caused? Nope.

2008 was not the Asian financial crisis, but in 1997 in Thailand 57 banks and financial institutions were shut down.

 

In the US not less than 465 banks were closed down between 2008 and 2012