Is my 800,000 baht safe?

[SwissCheeseMan]

Is the 800,000 baht I keep in a Thai bank safe?  Could one or some of the banks go broke here?  If I wanted to withdraw it all, can I send it home easily?  Do local branches have safe deposit boxes and if they do, would the cash be safe in there until this is all over.  I don't care about next year's extension. 

 

Moderators.  I put this in the Pattaya section because I have been told the bank branches are a bit like a franchise and my money is in a Pattaya branch.  If you think it is better off in the bank section then please move it.    

[anto]

No Bank anywhere in any Country is 100% safe. If i had money saved i would put 50% at least into Gold.

[scubascuba3]

No bank is safe currently

[worgeordie]

Just check on it regularly, not all bank robbers wear masks,

with some it's an inside job.

regards worgeordie

 

[Leaver]

Interesting times ahead as the defaults start rolling in. 

 

https://thethaiger.com/hot-news/economy/thai-household-debt-hits-all-time-high-of-340k-baht-per-house

 

Could be a good idea to cash out early. 

 

Edited March 29, 2020 by Leaver

[bluebluewater]

It never was safe to begin with . . . .  

[Lacessit]

I remember Willie Sutton, the famous American bank robber. According to him, incorrectly attributed. Be that as it may, when he was asked why he robbed banks, he responded " Because that's where the money is".

On topic, IMO Thai banks are one of the safer places to be. Nothing guaranteed, however.

Start thieving the 800K, and Thailand as a retirement destination would be finished, pussy notwithstanding.

[Leaver]

4 minutes ago, Lacessit said:

I remember Willie Sutton, the famous American bank robber. According to him, incorrectly attributed. Be that as it may, when he was asked why he robbed banks, he responded " Because that's where the money is".

On topic, IMO Thai banks are one of the safer places to be. Nothing guaranteed, however.

Start thieving the 800K, and Thailand as a retirement destination would be finished, pussy notwithstanding.

Reading the OP I didn't get the feeling the member was worried about the theft of his money by robbery, more the bank going broke, like Lehman Brothers in the GFC.

 

I would hardly think a few bank robberies would sent a whole bank broke. 

 

 

[Lacessit]

1 minute ago, Leaver said:

Reading the OP I didn't get the feeling the member was worried about the theft of his money by robbery, more the bank going broke, like Lehman Brothers in the GFC.

 

I would hardly think a few bank robberies would sent a whole bank broke. 

 

 

Neither do I , a bit off - topic. I was thinking more of state-sanctioned theft, a la Cyprus.

[Leaver]

5 minutes ago, Lacessit said:

Neither do I , a bit off - topic. I was thinking more of state-sanctioned theft, a la Cyprus.

I see.  Interesting. 

[1FinickyOne]

do some research.. in USA in the late 80s there was a big banking crisis where many banks went bust... I have never heard of anything like that here but the world has never seen times like we are facing, IMO... at 800k you should be insured.. and if worried, put the money in a home safe... 

[mike787]

Run with your money while you still have something...

Edited March 29, 2020 by mike787

[baansgr]

Your 800,000 is covered by the banking guarantee. Normally I would say its safe. However Ive already withdrawn all my funds as we have never been in a situation like this. Stories abound from other countries in lock downs where ATMs are empty, banks are closed....Thinga are going to get a lot worse befoe they get better with talk of month a brat her than weeks....your decision but I prefer my money not to be in a Thai bank at present

[NCC1701A]

drink your fear everybody, it's good for you.

 

 

 

[n210mp]

Makes  for interesting reading 

 

https://www.thaiwebsites.com/deposits-insurance.asp

 

and edited 

 

 

 

https://thethaiger.com/coronavirus/7-key-service-required-by-all-thai-banks-during-disruption

Edited March 29, 2020 by n210mp

[Leaver]

3 minutes ago, baansgr said:

Your 800,000 is covered by the banking guarantee. Normally I would say its safe. However Ive already withdrawn all my funds as we have never been in a situation like this. Stories abound from other countries in lock downs where ATMs are empty, banks are closed....Thinga are going to get a lot worse befoe they get better with talk of month a brat her than weeks....your decision but I prefer my money not to be in a Thai bank at present

I think all bets are off for the banking guarantee under the present circumstances.

 

I would say the window of opportunity to cash out will close quickly, which in itself will cause a run on the banks.  

 

Those who get in early may be thankful they did so.

 

I use an agent, so don't have 800k tied up here.  It was always a waste of my money, in my opinion.  

 

I think next years visa should be the least of people's concern at the moment. 

[Puchaiyank]

You must balance your fear of the future of money and need to meet Thai immigration requirements..

 

The world will be permanently changed...it will not be business as usual...banks may suffer closures as loans default as businesses go under...

 

If you plan on staying in Thailand...you must believe the people in power will protect your trust in their banks...

 

Good Luck!

[19DL86]

In all sincerity if you have been here long enough then you have heard all the anti trust narritives.  I tend be beIieve them if they are reiterated and continuously spoken my all around you.  You only have to see for yourself the blatant corruption at I.O, Police,Land Office etc etc.

 

Thai banks to the best of my knowledge don't have the "stress tested" insurance or or guarantees.  You have already voiced concerns and doubt.  Stick with those gut feelings.

 

A few years ago I was unfortunately caught up in a criminal case, I wasn't 100% involved nor was I innocent or guilt of some knowledge.  But the obvious tea money favors and sweeteners  between the lawyers police and Attorneys office that I saw first hand was shocking.

Myself  personally I grease the clogs directly at the point, where I have had a contact fir years.  So never needing to worry about what shows in my bank account.

[fforest1]

Why not do some research to find the most stable and secure bank in Thailand for starters....

 

Banks going under is pretty damm rare....And if they all go under then every one is screwed so you will have plenty of company.... 

[Vigilante]

The govt will print or borrow money to compensate the acct holders

Even Greece didn't have a haircut on deposits (with a debt of 150% of GDP)

..and in Cyprus,  the haircut was for accts over 100k Euros

 

However, if we enter a zombie apocalypse senario, all bets are off.

 

Gold (the thai version) has its own host of problems but I won't elaborate

 

Edited March 29, 2020 by Vigilante

[searcher22]

1 hour ago, baansgr said:

Your 800,000 is covered by the banking guarantee. Normally I would say its safe. However Ive already withdrawn all my funds as we have never been in a situation like this. Stories abound from other countries in lock downs where ATMs are empty, banks are closed....Thinga are going to get a lot worse befoe they get better with talk of month a brat her than weeks....your decision but I prefer my money not to be in a Thai bank at present

I remember reading somewhere that a client, victim of theft, was denied compensation for his loss under the bank guarantee because it was the result of employee theft and not bank failure. I hope I'm wrong.

[anto]

45 minutes ago, Vigilante said:

The govt will print or borrow money to compensate the acct holders

Even Greece didn't have a haircut on deposits (with a debt of 150% of GDP)

..and in Cyprus,  the haircut was for accts over 100k Euros

 

However, if we enter a zombie apocalypse senario, all bets are off.

 

Gold (the thai version) has its own host of problems but I won't elaborate

 

>>Gold (the thai version) has its own host of problems but I won't elaborate<<

Please do .I know little about it ,but i know you can go into any Gold shop and buy those little 5 baht bars at the Gold rate posted for the day .Recently on the Kaiser Report he talked about people in the West buying Gold certificates ,but that the fact is there is no physical gold backing it up .ie if people went with their Certificate to get the physical Gold they would be told that there is none there.

[topt]

Pity the OP didn't check the recent threads - 

knock yourselves out!

[Leaver]

57 minutes ago, Vigilante said:

However, if we enter a zombie apocalypse senario, all bets are off.

Not exactly the way I would describe what I think we are heading into, but I would say all bets are off anyway. 

 

I think foreclosures will go through the roof and some Thai banks will be pushed to the brink. 

 

Edited March 29, 2020 by Leaver

[Vigilante]

7 hours ago, anto said:

>>Gold (the thai version) has its own host of problems but I won't elaborate<<

Please do .I know little about it ,but i know you can go into any Gold shop and buy those little 5 baht bars at the Gold rate posted for the day .Recently on the Kaiser Report he talked about people in the West buying Gold certificates ,but that the fact is there is no physical gold backing it up .ie if people went with their Certificate to get the physical Gold they would be told that there is none there.

When you buy thai gold (96.5%) you enter into an informal agreement w/the shop

They will buy it back at a slight discount.

 

Now imagine, that gold shoots up to the stratosphere (as it may)

Next day, millions of thais will try to cash in on their gold.

The shop will not be able to redeem but a tiny fraction of that gold

The equivalent of a massive bank run

 

Keep in mind that gold will start coming down once a peak is reached and calm returns to the markets

So, you will be stuck with a depreciating asset for months if not years.

 

Also, you cannot buy gold anonymously here afaik

In an extreme senario, it can be confiscated

 

Also...storage issues

You can get robbed esp if you have a mrs and she cannot keep her mouth shut

 

Lastly...if the situation turns very critical, we may get evacuated

Passing thru customs here or back home with gold in your pockets is not very wise

 

Have a nice day

 

 

[anto]

1 hour ago, Vigilante said:

When you buy thai gold (96.5%) you enter into an informal agreement w/the shop

They will buy it back at a slight discount.

 

Now imagine, that gold shoots up to the stratosphere (as it may)

Next day, millions of thais will try to cash in on their gold.

The shop will not be able to redeem but a tiny fraction of that gold

The equivalent of a massive bank run

 

Keep in mind that gold will start coming down once a peak is reached and calm returns to the markets

So, you will be stuck with a depreciating asset for months if not years.

 

Also, you cannot buy gold anonymously here afaik

In an extreme senario, it can be confiscated

 

Also...storage issues

You can get robbed esp if you have a mrs and she cannot keep her mouth shut

 

Lastly...if the situation turns very critical, we may get evacuated

Passing thru customs here or back home with gold in your pockets is not very wise

 

Have a nice day

 

 

Thank you .Just a further Q.If you buy Thai Gold can you only sell it back to the same shop you bought it ? .Also you might be interested in the Keiser Report on Youtube today the 28 th of March 2020.Titled ,Gold;Problems with exchange for physical E1520 ...They seem to recommend buying Gold coins and also Sprat ( sp ?) Canada which has physical Gold .

[baansgr]

Again in Phillipines, atms empty, queues to withdraw money from the few that are working .Italy has had cases of banks closed and people can't get their money...you only have to look at Cyprus 10 or so years ago...Governments can do whatever they want....combine that with hysteria and those that havnt or dont take action now may very well find they can't get hold of their money for months...

[SwissCheeseMan]

10 hours ago, topt said:

Pity the OP didn't check the recent threads - 

knock yourselves out!

Thanks.  I will read that thread. 

[SwissCheeseMan]

12 hours ago, Puchaiyank said:

You must balance your fear of the future of money and need to meet Thai immigration requirements..

 

The world will be permanently changed...it will not be business as usual...banks may suffer closures as loans default as businesses go under...

 

If you plan on staying in Thailand...you must believe the people in power will protect your trust in their banks...

 

Good Luck!

Thai immigration is the least of my concerns.  I couldn't care less if I had to start the process again. They might even relax the requirements when all this is over.   As far as trusting the people in power here, are you kidding me?  Liars and thieves, the lot of them.  I think you are right.  When all this is finished, the world will be a very different place with many people in very different financial situations to what they were in 12 months prior to the outbreak. 

 

I think a lot of people will have to change their retirement plans.

[SwissCheeseMan]

Thanks to everyone's replies.  I consider myself comfortable, but not wealthy.  Just 2 months ago I  had no concern at all for my 800, 000 baht in a Thai bank.  On a scale of 1 to 10 with 10 being lowest risk I would have given the risk a 9 to 10 score.  Now I put it at 5 which is a 50/50 bet.  I'm not a gambling man so leaning towards withdrawing the bulk of it.  I know I will have to make the decision pretty quick.