Is my 800,000 baht safe?

[Mops59]

Transfer with Transferwise to your home country account. In Europa your money is guaranteed up to €100.000. In Thailand I don't know the amount which is guaranteed. 

[19DL86]

Why play anything straight in a country that's as bent as a cork screw?  It makes no sense at all.

 

[giddyup]

3 hours ago, Mops59 said:

Transfer with Transferwise to your home country account. In Europa your money is guaranteed up to €100.000. In Thailand I don't know the amount which is guaranteed. 

1 million Baht, and there is no guarantee there won't be a run on European banks either.

[Baerboxer]

17 hours 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

 

 

Cyprus had a lot of "new citizens" and "residents" with very large bank balances, and with very Russian sounding names, who they new would find it difficult to complain too much when the Cypriot government stole large chunks of their money.

 

Made it a worth while enterprise for the Cypriot government.

[Krataiboy]

I was going to reply, "Safe as houses". Then I remembered what caused the 2008 crash!

[Baerboxer]

43 minutes ago, giddyup said:

1 million Baht, and there is no guarantee there won't be a run on European banks either.

 

Given the severity of the lock downs, and numbers of infections and deaths there could well be, However, as long as ATMs are kept stocked and on-line banking is available only those prone to panic will panic. The ones who've bought years' loads of toilet paper etc.

 

Besides, many people ain't got the savings to run for these days!

[AtlasAus]

Unless you need the money soon to renew your visa I would seriously think about taking out the bulk of it.... Maybe there is no bank run, but if the ATMs go down or anything else, cash will be king... Better to be prepared for the worst. Risk assessment. 

[topt]

1 hour ago, giddyup said:

1 million Baht, and there is no guarantee there won't be a run on European banks either.

Currently 5 million until early August when it reduces to 1m - if they go through with the reduction.

http://www.dpa.or.th/en/site/index

 

Scroll down to Knowledge and then click on Coverage of Insured products

[Ebumbu]

If the global economy collapses, you can't eat gold or any currency. 

[Leaver]

2 hours ago, giddyup said:

1 million Baht, and there is no guarantee there won't be a run on European banks either.

You make a good point, but I would still favor a bank in my home country, over a Thai bank, in these circumstances. 

[HHTel]

Your money is protected under the Deposit Protection Act.  After August it reduces to one million which, should the bank or financial institution go down, the protected amount is paid immediately.  Any cash greater than the protected amount needs to be claimed from liquidity.

Ideally, hold no more than a million in any one bank.  Spread it to other banks.

 

Source: http://www.dpa.or.th/site/index

[Philipg114763]

Cant understand why people put 800000 in a bank and on a OA visacan only draw 400000 when you only need to show 65000 going into bank every month and keep your money and on O visaonly 40000 a month not make sence to me 

[Vigilante]

8 minutes ago, Philipg114763 said:

Cant understand why people put 800000 in a bank and on a OA visacan only draw 400000 when you only need to show 65000 going into bank every month and keep your money and on O visaonly 40000 a month not make sence to me 

Well..many of us are not retirees

How can I show the 65k a month?

[Philipg114763]

2 minutes ago, Vigilante said:

Well..many of us are not retirees

How can I show the 65k a month?

Simple you take your 800000 out the bank and transfer it from a bank outside thailand and 65000 every month into a thai bank 

[Unify]

7 hours ago, Mops59 said:

Transfer with Transferwise to your home country account. In Europa your money is guaranteed up to €100.000. In Thailand I don't know the amount which is guaranteed. 

Transferwise transfers into Thailand, but not out.

[Vigilante]

10 hours ago, anto said:

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 .

Other shops can buy at an extra discount..I believe

The problem is they won't have the liquidity either, to redeem all the gold they've sold in recent years

Remember...everybody will be selling to cash in on the bonanza

 

Btw...if you are in the West, by all means buy gold

There will always be buyers (Central Banks and other big players)

Much more liquid markets than Somsak and his little gold shop

 

 

 

 

 

 

 

[MangoPineappleBanana]

I trust the private company safety deposit box, but even that institution should not be entirely trusted.

[stuandjulie]

22 hours 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

And that is exactly how runs on banks start.

[KKr]

23 hours ago, anto said:

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

and where will you put the gold ?

[Pedrogaz]

All bank accounts are government insured to at least 1 million baht. Don't lose too much sleep over this.

[natway09]

You want to send your money home ? Where is home ?

All small banks are vulnurable to some sxtent at this time anywhere in the world.

If in Indonesia for example that still have hundreds maybe 25 may not resurface after this.

The Big 5 in Thailand ,,,, sleep well

[Max69xl]

On 3/29/2020 at 6:46 PM, scubascuba3 said:

No bank is safe currently

The money is guaranteed by the government. Until August 2020 it's 5 million baht,then 1 million baht. 

[Onrai]

On 3/29/2020 at 7:45 PM, Leaver said:

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

So if “stories abound from other countries in lock down” and you don’t trust Thai banks where are you safely putting your money?

[Leaver]

2 minutes ago, Onrai said:

So if “stories abound from other countries in lock down” and you don’t trust Thai banks where are you safely putting your money?

I am not sure what you have done when posting, but you have misquoted me.  That was not my post.  The member "baansgr" posted that. 

 

However, I do not disagree, and have posted to this effect previously.

 

At this time, for me, I feel my money is safer in my home country.

 

There seems to be a lot members putting a lot of faith in the 5 million baht and 1 million baht after August 2020 guarantee.

 

A couple of things I have learned in Thailand is:

 

1) there are no guarantees about anything.  Just ask Thaksin.  ????

 

and

 

2) there is no such thing as a refund here. 

 

As I have said before, I use an agent, so I do not have 800k in a bank here, but if I did, it would have already been withdrawn.  It's not like it's earning great interest.  

[Number 6]

Not to hijack but what's best way to send money to US? SCB or Bangkok Bank? Any idea on fees? I recall limit 50k? How much to States before questions are raised? Thinking of repatriating a chunk of cash.

[Number 6]

1 hour ago, natway09 said:

All small banks are vulnurable

All small banks are not vulnerable. If you or anyone needs a small, conservative, Rock solid community bank and one of oldest in US message me. I don't want to post ticker or name here. Was one of OTC top performing stocks. After all the hell broke loose it's down about three bucks. Stock pays about 3.6% as well with quarterly dividend .26 ps.

 

Only thing happened in 2009 was dividend was pulled back a few years and profits down. Very conservatively managed.

[Kurtf]

Thailand is a kingdom with a dictatorship running the parliament. The king or the dictatorship can take any money you have in any bank any time it wants to. That's just a fact. But the same can be said about banks in America. The banks are federally controlled and the gov't can close any of them or all of them down anytime it wants to thereby eliminating any access to your funds. The only safe place for your money is in a safe in your own home and then it is only safe there if you can defend it against thieves. 

[couchpotato]

20 minutes ago, Kurtf said:

Thailand is a kingdom with a dictatorship running the parliament. The king or the dictatorship can take any money you have in any bank any time it wants to. That's just a fact. But the same can be said about banks in America. The banks are federally controlled and the gov't can close any of them or all of them down anytime it wants to thereby eliminating any access to your funds. The only safe place for your money is in a safe in your own home and then it is only safe there if you can defend it against thieves. 

You need to be careful what you say in your posts!!!

[couchpotato]

59 minutes ago, Leaver said:

I am not sure what you have done when posting, but you have misquoted me.  That was not my post.  The member "baansgr" posted that. 

 

However, I do not disagree, and have posted to this effect previously.

 

At this time, for me, I feel my money is safer in my home country.

 

There seems to be a lot members putting a lot of faith in the 5 million baht and 1 million baht after August 2020 guarantee.

 

A couple of things I have learned in Thailand is:

 

1) there are no guarantees about anything.  Just ask Thaksin.  ????

 

and

 

2) there is no such thing as a refund here. 

 

As I have said before, I use an agent, so I do not have 800k in a bank here, but if I did, it would have already been withdrawn.  It's not like it's earning great interest.  

Completely disagree.

Had accounts in Thailand since Bank of America days in the 70's.

Accounts with 4 of the major Banks and never any type of problem in all those years.

And Thailand has been thru multiple upheavals during those years (Global, financial, military etc), so each to their own, but for me much better.

Actually I can't remember (other than fraud or crime) anyone ever losing money in a Thai bank.

My opinion.

[Ebumbu]

Thailand banks are exactly like Hotel California.