Good news for those having money in Thai banks

[topt]

2 hours ago, pookondee said:

I didnt state it as fact, i was guessing what might be the case..

 

Anyway how would the money be replaced?

Would it just miraculously turn back up in your bank account?

 

Or would you have to go to a gov office and present a ton of paperwork?

( as is their love of hard to arrange paperwork)

 

If they required Thai I.D card, Thai tax numbers, house book, or work permits..etc

that would be enough to count most farangs out.

 

Judging by how they treat us at immigration I doubt they would make it easy, but i hope im wrong. 

 

Not sure why you were guessing at something when I had already posted a link to how it works in post #32........

Read about it here - 

http://www.dpa.or.th/en/file/download/khumux-tham-txb-phasa-xangkvs

[pookondee]

11 minutes ago, topt said:

Not sure why you were guessing at something when I had already posted a link to how it works in post #32........

Read about it here - 

http://www.dpa.or.th/en/file/download/khumux-tham-txb-phasa-xangkvs

Thsnks but that form does state:

 

10. Non resident baht accounts are not covered.

which is defined again in:

22. (2)

 

So again (and im only guessing so dont shoot me)

that sounds like you have to be a Thai citizen or at least be a resident for tax purposes or have a Thai tax file number?

[topt]

1 minute ago, pookondee said:

Thsnks but that form does state:

 

10. Non resident baht accounts are not covered.

which is defined again in:

22. (2)

 

So again (and im only guessing so dont shoot me)

that sounds like you have to be a Thai citizen or at least be a resident for tax purposes or have a Thai tax file number?

if you read it clearly point 7 and 10 clearly state foreigners are covered. Point 22 states what a NRBAs are - they are specific investment accounts (eg brokers account for trading shares) or for trade purposes. They are not your standard savings account as most would have here in Thailand.

[SwissCheeseMan]

9 hours ago, CharlieK said:

And if it came to it do you really think your money would be safe in your home country? What good is a guarantee when money is worthless.

Not here for an argument. 

 

My home country is a developed nation, where I am a citizen, with rights. Things are very different for a foreigner in Thailand, even as a customer of a bank. 

 

I moved my money out of Thailand, and don't regret doing so.  You leave your money in Thailand.  I don't have a problem with that.  Good luck to us both. 

 

I didn't see the point leaving the money here just for a visa, and that's the only reason I moved a lump sum here, for the visa.   

 

We saw how unstable Thailand can be with various military coups and other things.  I simply don't have the confidence in Thailand to be able to manage the virus crisis in an effective manner.   

 

I respect everyone's decision, regardless of whether they pull the money out of Thailand, or keep it in Thailand. 

[BritManToo]

3 hours ago, topt said:

if you read it clearly point 7 and 10 clearly state foreigners are covered. Point 22 states what a NRBAs are - they are specific investment accounts (eg brokers account for trading shares) or for trade purposes. They are not your standard savings account as most would have here in Thailand.

It's nice that you're confident, and I'm happy for you to put your money in a Thai bank.

It's not for me though, if I were to risk putting money in a 3rd world bank it'd be a 7% interest dollar account in a Cambodian bank.

Edited April 9, 2020 by BritManToo

[SwissCheeseMan]

6 hours ago, StevieAus said:

And banks haven’t crashed overseas?

You have a short memory think US, UK

 

They have, but I would consider the banks in my home country safer than those in Thailand.  

 

I only moved the money here for the visa.  For me, that's not a good enough reason to keep it here now, in the present circumstances. 

[topt]

1 minute ago, BritManToo said:

It's nice that you're confident, and I'm happy for you to put your money in a Thai bank.

It's not for me though, if I were to risk putting money in a 3rd world bank it'd be a 7% interest dollar account in a Cambodian bank.

I don't think I ever said anything about my money......

I was simply responding to a concern about whether foreigners' money was covered which earlier you suggested wasn't.

 

The risk reward may be better at 7% but is there any guarantee at all from banks in Cambodia?

 

[CharlieK]

45 minutes ago, SwissCheeseMan said:

Not here for an argument. 

 

My home country is a developed nation, where I am a citizen, with rights. Things are very different for a foreigner in Thailand, even as a customer of a bank. 

 

I moved my money out of Thailand, and don't regret doing so.  You leave your money in Thailand.  I don't have a problem with that.  Good luck to us both. 

 

I didn't see the point leaving the money here just for a visa, and that's the only reason I moved a lump sum here, for the visa.   

 

We saw how unstable Thailand can be with various military coups and other things.  I simply don't have the confidence in Thailand to be able to manage the virus crisis in an effective manner.   

 

I respect everyone's decision, regardless of whether they pull the money out of Thailand, or keep it in Thailand. 

That is fair enough. And I'm just saying if the sh** hits the fan even our funds in the good old home country aren't safe either. There is that adage. Don't put into Thailand that which you can't walk away from. I only bring what I need to live here no more no less. 

[Leaver]

On 4/9/2020 at 5:09 PM, CharlieK said:

Don't put into Thailand that which you can't walk away from. I only bring what I need to live here no more no less. 

I'm the same.

 

I considered 800k baht in a Thai bank to be a waste of my money.  Now, the risk profile of that 800k baht has significantly increased.  If it wasn't worth it then, it's most certainly not worth it now.   

 

As you say, money left in my home country is also now at risk, but I would suggest, nowhere near the risk of it being in a Thai bank.

 

Edited April 10, 2020 by Leaver

[SwissCheeseMan]

On 4/9/2020 at 5:09 PM, CharlieK said:

That is fair enough. And I'm just saying if the sh** hits the fan even our funds in the good old home country aren't safe either. There is that adage. Don't put into Thailand that which you can't walk away from. I only bring what I need to live here no more no less. 

I accept all countries are impacted by the virus.  I think my home country is better equipped to cope with the from a public health view, and from and economic view, so the money has gone back.  

 

I straight away started on the 65,000 baht method,  and may as well stay with that for the future.  Who can be sure anyone will still want to live in Thailand 6 months from now?  It will take 12 to 18 months, maybe longer, to get back to the lifestyle we knew here.    

[Leaver]

On 4/9/2020 at 4:31 PM, topt said:

I don't think I ever said anything about my money......

I was simply responding to a concern about whether foreigners' money was covered which earlier you suggested wasn't.

 

The risk reward may be better at 7% but is there any guarantee at all from banks in Cambodia?

 

As I have posted in another thread, the Thai government is now crying poor.  How solid is that "guarantee" looking now?  

[SwissCheeseMan]

On 4/19/2020 at 7:13 PM, Leaver said:

As I have posted in another thread, the Thai government is now crying poor.  How solid is that "guarantee" looking now?  

With all the unemployed Thai's using whatever they have in savings, that's a lot of withdrawals from Thai banks also.  

[Brunolem]

1 hour ago, SwissCheeseMan said:

With all the unemployed Thai's using whatever they have in savings, that's a lot of withdrawals from Thai banks also.  

These people are not the one who represent the bulk of the deposits.

 

They generally have accounts with a few hundred or thousand baht at most, which they use to receive a small monthly income, only to withdraw it upon arrival.

 

[Leaver]

On 4/22/2020 at 6:16 PM, SwissCheeseMan said:

With all the unemployed Thai's using whatever they have in savings, that's a lot of withdrawals from Thai banks also.  

The majority of the wealth in Thailand is held by a minority.  Those Thai's on low wages would have very little in the bank, so not a big issue for the bank.  

 

The problem for Thai banks is, if this crisis heavily impacts the middle class, and it very well may do, then many Thai banks may be exposed. 

[SwissCheeseMan]

On 4/24/2020 at 9:45 PM, Leaver said:

The majority of the wealth in Thailand is held by a minority.  Those Thai's on low wages would have very little in the bank, so not a big issue for the bank.  

 

The problem for Thai banks is, if this crisis heavily impacts the middle class, and it very well may do, then many Thai banks may be exposed. 

I don't think the unemployment is just effecting the low paid workers.  There would be a lot of middle class Thai's out of work also.  They are most likely to be the ones using up their savings, and then defaulting on any loans.  

 

It's a triple hit for Thai banks.  A lot of withdrawals, and probably soon, a reduction in loan repayments received.  This ends up as a foreclosure or repossession, with the surety asset like property or car, probably sold for less that the loan.    

[Brunolem]

3 minutes ago, SwissCheeseMan said:

I don't think the unemployment is just effecting the low paid workers.  There would be a lot of middle class Thai's out of work also.  They are most likely to be the ones using up their savings, and then defaulting on any loans.  

 

It's a triple hit for Thai banks.  A lot of withdrawals, and probably soon, a reduction in loan repayments received.  This ends up as a foreclosure or repossession, with the surety asset like property or car, probably sold for less that the loan.    

Most consumer loans are made by state owned banks, not so much by private ones. 

[Neeranam]

Are you sure this applies to non Thais? 

[Brunolem]

2 minutes ago, Neeranam said:

Are you sure this applies to non Thais? 

If you are referring to the 5 million baht guarantee, yes. 

[SwissCheeseMan]

10 minutes ago, Brunolem said:

Most consumer loans are made by state owned banks, not so much by private ones. 

So the Thai government is even more exposed to heavy losses.  

[Brunolem]

4 minutes ago, SwissCheeseMan said:

So the Thai government is even more exposed to heavy losses.  

Yes, but it also has the money printing machine... 

[SwissCheeseMan]

Just now, Brunolem said:

Yes, but it also has the money printing machine... 

If the money printer has to start up, that could send the Thai economy pear shaped.  

[Brunolem]

2 minutes ago, SwissCheeseMan said:

If the money printer has to start up, that could send the Thai economy pear shaped.  

They would have a lot of printing to do before catching up with the US, the EU, Japan or China... to mame a few... 

[Leaver]

4 hours ago, SwissCheeseMan said:

I don't think the unemployment is just effecting the low paid workers.  There would be a lot of middle class Thai's out of work also.  They are most likely to be the ones using up their savings, and then defaulting on any loans.  

 

It's a triple hit for Thai banks.  A lot of withdrawals, and probably soon, a reduction in loan repayments received.  This ends up as a foreclosure or repossession, with the surety asset like property or car, probably sold for less that the loan.    

Well, the first to tumble will be the low paid workers, and we are seeing their plight now, with them queuing up for food.  

 

If the financial distress creeps up the ladder into the middle class, Thailand could be in a lot of trouble, because they are the ones most likely heavily indebted to the banks.  

 

Low paid workers are / were still consumers, but if they have nothing to spend, that could have a flow on effect to small to medium sized businesses, many of which are managed and staffed by Thai middle class, so that's lay offs, cost cutting, possibly even closures, which could mean no income for many many middle class in the near future.    

[meechai]

On 4/28/2020 at 8:26 PM, Brunolem said:

They would have a lot of printing to do before catching up with the US, the EU, Japan or China... to mame a few... 

You know how printing/digitizing works eh?

 

Someone needs to buy the debt that powers the newly added money

[meechai]

 

On 4/28/2020 at 8:06 PM, Neeranam said:

Are you sure this applies to non Thais? 

 

On 4/28/2020 at 8:09 PM, Brunolem said:

If you are referring to the 5 million baht guarantee, yes. 

 

Yes it applies to all deposits....but have you seen in recent years the run on a Thai bank like say that time

The Thai Farmers bank was run upon because Thai's  were afraid govt & bank were going to allow something they didn't agree with.

 

Now imagine a collapse in Thai Banking & the Thai equivalent of FDIC has to pay out billions (no they don't just print it)

In the line that forms where do you think Thai's stand & where do you think Falangs stand?

 

Same as always SOP is not more than you can walk away from

 

[Leaver]

15 hours ago, meechai said:

 

 

 

Yes it applies to all deposits....but have you seen in recent years the run on a Thai bank like say that time

The Thai Farmers bank was run upon because Thai's  were afraid govt & bank were going to allow something they didn't agree with.

 

Now imagine a collapse in Thai Banking & the Thai equivalent of FDIC has to pay out billions (no they don't just print it)

In the line that forms where do you think Thai's stand & where do you think Falangs stand?

 

Same as always SOP is not more than you can walk away from

 

The Thai government doesn't even guarantee what the visa laws there will be next week for foreigners,  so their bank deposit guarantee would be similar.

[topt]

19 hours ago, Leaver said:

The Thai government doesn't even guarantee what the visa laws there will be next week for foreigners,  so their bank deposit guarantee would be similar.

The bank deposit protection is for both Thai and foreigners. Visa laws on the other hand...............

[Leaver]

On 5/2/2020 at 8:08 PM, topt said:

The bank deposit protection is for both Thai and foreigners. Visa laws on the other hand...............

In my opinion, the best protection one could have here, is not having anything here that needs protection.  ????

[Leaver]

On 5/1/2020 at 8:02 AM, meechai said:

You know how printing/digitizing works eh?

 

Someone needs to buy the debt that powers the newly added money

The printers can run 24/7 here, but that's not going to put food on the table for many in this country.   

[Leaver]

On 4/29/2020 at 4:26 PM, Brunolem said:

They would have a lot of printing to do before catching up with the US, the EU, Japan or China... to mame a few... 

I agree, but the Thai economy will be hit hard by the virus.  Some suggest, it will be the hardest hit economy in Asia. 

 

I hope they have ordered a lot of ink and paper.   ????