Galong Posted August 4, 2021 Share Posted August 4, 2021 Check this silly stuff out. I thought they wanted us to put money in Thai banks. Is something big about to happen that we don't know about? Are there too many defunct loans not being paid back? Are some banks getting ready to go belly up?https://www.nationthailand.com/in-focus/40004190 Link to comment Share on other sites More sharing options...
KannikaP Posted August 4, 2021 Share Posted August 4, 2021 I wonder what applies to Foreign Currency Accounts. 1 Link to comment Share on other sites More sharing options...
Popular Post scubascuba3 Posted August 4, 2021 Popular Post Share Posted August 4, 2021 This has been planned for quite a while, still it's bad timing, think I'll keep my balances below 1m 15 1 Link to comment Share on other sites More sharing options...
Galong Posted August 4, 2021 Author Share Posted August 4, 2021 (edited) KannikaP... It says, "DPA offers protection to both Thai and foreign individuals and juristic persons who hold accounts in the Thai currency in any of 35 financial institutions" So, it doesn't seem like it would affect other currencies, but that would be worth sussing out for sure. Edited August 4, 2021 by Galong add name 2 Link to comment Share on other sites More sharing options...
HappyExpat57 Posted August 4, 2021 Share Posted August 4, 2021 5 minutes ago, scubascuba3 said: This has been planned for quite a while, still it's bad timing, think I'll keep my balances below 1m I really don't have a choice. 800k plus a 20k buffer is all I can do at the moment. Real estate rich, cash meh. 1 1 Link to comment Share on other sites More sharing options...
Galong Posted August 4, 2021 Author Share Posted August 4, 2021 6 minutes ago, scubascuba3 said: This has been planned for quite a while, still it's bad timing, think I'll keep my balances below 1m It has happened before too. Yeah, alas, everything seems to be 'bad timing' these days. Link to comment Share on other sites More sharing options...
Popular Post Galong Posted August 4, 2021 Author Popular Post Share Posted August 4, 2021 2 minutes ago, HappyExpat57 said: I really don't have a choice. 800k plus a 20k buffer is all I can do at the moment. Real estate rich, cash meh. I guess it makes sense to spread out money over several banks. I've got four bank accounts, so that's easy for me. I don't know how challenging that might be for others. Good luck either way, sir. BTW, here is a list of DPA banks https://www.dpa.or.th/en/articles/view/list-of-insured-financial-institutions 3 Link to comment Share on other sites More sharing options...
ubonjoe Posted August 4, 2021 Share Posted August 4, 2021 Moved to the business and banking forum. Link to comment Share on other sites More sharing options...
Popular Post ArcticFox Posted August 4, 2021 Popular Post Share Posted August 4, 2021 They signaled that move quite awhile ago. For all the talk about rich well-heeled foreigners obtaining visas and work permits by dumping huge amount of cash into Thai banks - well moves by the Thai central bank to leave depositors holding most of the risks will be a factor in making sure that "scheme" never goes anywhere. They are clearly signaling that there is excess risk withing the banking system. I gotta agree as the system is floating in over-extended debt held on Thai bank's balance sheets. When it goes pear shaped they will stiff the depositors. 7 2 Link to comment Share on other sites More sharing options...
yang123 Posted August 4, 2021 Share Posted August 4, 2021 I'd like to see figures indicating movements in banks' non-performing loans over the last seven years.... 1 1 Link to comment Share on other sites More sharing options...
Popular Post Mickeymaus Posted August 4, 2021 Popular Post Share Posted August 4, 2021 1 hour ago, KannikaP said: I wonder what applies to Foreign Currency Accounts. They were never protected. 5 1 1 Link to comment Share on other sites More sharing options...
DJ54 Posted August 4, 2021 Share Posted August 4, 2021 There was news about the change awhile back.. .. 1 Link to comment Share on other sites More sharing options...
david555 Posted August 4, 2021 Share Posted August 4, 2021 (edited) Maybe not direct related , but beware Thailand should sign in to the OECD "club" before end August 2021 or become on a certain list ... & look at this part in pdf JURISDICTIONS UNDERTAKING FIRST EXCHANGES BY 2023 (3) (2022 first tests...) , 2023 money reporting starting Common Reporting Standard: Potential Impacts on Financial Institutions in Thailand and Residents (globalcompliancenews.com) OECD AEOI-Commitments 2023 Thailand start.pdf Edited August 4, 2021 by david555 1 1 Link to comment Share on other sites More sharing options...
Popular Post Chivas Posted August 4, 2021 Popular Post Share Posted August 4, 2021 You could have a protection scheme of just 200,000 or 20 million but you know damn its not worth the paper its written on when push comes to shove 5 2 Link to comment Share on other sites More sharing options...
Popular Post soi3eddie Posted August 4, 2021 Popular Post Share Posted August 4, 2021 7 hours ago, scubascuba3 said: This has been planned for quite a while, still it's bad timing, think I'll keep my balances below 1m I wish I had a single balance above 1m. 3 3 Link to comment Share on other sites More sharing options...
Popular Post soi3eddie Posted August 4, 2021 Popular Post Share Posted August 4, 2021 7 hours ago, HappyExpat57 said: I really don't have a choice. 800k plus a 20k buffer is all I can do at the moment. Real estate rich, cash meh. Crazy Thailand. I own a BKK condo at 5mTHB at lowest but still need to keep 800+k in the bank for visa extension. Duh! 3 1 Link to comment Share on other sites More sharing options...
Popular Post scubascuba3 Posted August 4, 2021 Popular Post Share Posted August 4, 2021 3 hours ago, soi3eddie said: Crazy Thailand. I own a BKK condo at 5mTHB at lowest but still need to keep 800+k in the bank for visa extension. Duh! Wasn't the 800k originally meant to be available for expenses and medical, can't quickly sell a 5m baht condo 3 Link to comment Share on other sites More sharing options...
scubascuba3 Posted August 4, 2021 Share Posted August 4, 2021 5 hours ago, Chivas said: You could have a protection scheme of just 200,000 or 20 million but you know damn its not worth the paper its written on when push comes to shove probably ok for 1 or 2 banks folding but if many get into crisis then I can see the protection stalling 1 1 Link to comment Share on other sites More sharing options...
Parsve Posted August 5, 2021 Share Posted August 5, 2021 12 hours ago, Mickeymaus said: I wonder what applies to Foreign Currency Accounts. Last sentence in the article says, “Protection will only be provided to accounts in the baht currency. In case a financial institution gets its licence revoked, the account holder will get their money back within the sum covered within 30 days,” 2 Link to comment Share on other sites More sharing options...
Popular Post tonray Posted August 5, 2021 Popular Post Share Posted August 5, 2021 3 hours ago, scubascuba3 said: Wasn't the 800k originally meant to be available for expenses and medical, can't quickly sell a 5m baht condo Can't spend the 800K (or at least 50% of it) or you 'invalidate' your extension. It's a ridiculous set of rules to try and prevent scammers sharing the same 800K when in all reality the scamming going on is from agents and officers of the Immigration department. 7 Link to comment Share on other sites More sharing options...
Popular Post topt Posted August 5, 2021 Popular Post Share Posted August 5, 2021 9 hours ago, david555 said: Maybe not direct related , but beware Thailand should sign in to the OECD "club" before end August 2021 or become on a certain list ... & look at this part in pdf JURISDICTIONS UNDERTAKING FIRST EXCHANGES BY 2023 (3) (2022 first tests...) , 2023 money reporting starting Common Reporting Standard: Potential Impacts on Financial Institutions in Thailand and Residents (globalcompliancenews.com) OECD AEOI-Commitments 2023 Thailand start.pdf 730.69 kB · 0 downloads As mentioned, on previous threads about CRS, Thailand still has to enable internal legislation to actually undertake this and I haven't seen any notice of that happening - have you? Also it is going to affect the Thai's with big money as much, if not more than, expats unless avoiding paying their home country tax man. Be interested to see if anybody has any more recent information. 3 1 Link to comment Share on other sites More sharing options...
2009 Posted August 5, 2021 Share Posted August 5, 2021 8 minutes ago, tonray said: Can't spend the 800K (or at least 50% of it) or you 'invalidate' your extension. It's a ridiculous set of rules to try and prevent scammers sharing the same 800K when in all reality the scamming going on is from agents and officers of the Immigration department. Don't you just have to have the 800k in two months prior to applying for your extension? Similar to the family extension with 400k? Link to comment Share on other sites More sharing options...
Popular Post tonray Posted August 5, 2021 Popular Post Share Posted August 5, 2021 Just now, 2009 said: Don't you just have to have the 800k in two months prior to applying for your extension? Similar to the family extension with 400k? Must also maintain 800K for 3 months after your extension and additionally can never drop below 400K at any time. It's a useless account and causes many problems for people that really do need to access the money in an emergency. 6 Link to comment Share on other sites More sharing options...
Popular Post Henryford Posted August 5, 2021 Popular Post Share Posted August 5, 2021 9 hours ago, Chivas said: You could have a protection scheme of just 200,000 or 20 million but you know damn its not worth the paper its written on when push comes to shove Yes when the big crash comes these "protections" mean nothing, not even in the West. 3 1 Link to comment Share on other sites More sharing options...
tonray Posted August 5, 2021 Share Posted August 5, 2021 12 minutes ago, Henryford said: Yes when the big crash comes these "protections" mean nothing, not even in the West. The FDIC protection in the US has never failed. In Thailand, the great baht crisis of 1997 is why almost all average Thais keep their savings in gold under their beds instead of in banks. Banks are used to facillitate transactions but the savings (if any) are kept in gold. I'm sitting right next to the GF's stash....I should weigh it someday...ha ha ha ha 1 Link to comment Share on other sites More sharing options...
brianthainess Posted August 5, 2021 Share Posted August 5, 2021 41 minutes ago, 2009 said: Don't you just have to have the 800k in two months prior to applying for your extension? Similar to the family extension with 400k? NO not the same. 1 Link to comment Share on other sites More sharing options...
2009 Posted August 5, 2021 Share Posted August 5, 2021 2 minutes ago, brianthainess said: NO not the same. So, you need to show a whole year's statement, rather than just a few months before extension? Link to comment Share on other sites More sharing options...
tonray Posted August 5, 2021 Share Posted August 5, 2021 3 minutes ago, 2009 said: So, you need to show a whole year's statement, rather than just a few months before extension? Correct 2 Link to comment Share on other sites More sharing options...
Popular Post brianthainess Posted August 5, 2021 Popular Post Share Posted August 5, 2021 Just now, 2009 said: So, you need to show a whole year's statement, rather than just a few months before extension? In theory on your first 90day report you must show still 800,000 baht in the bank and on your next renewal show that it did not drop below 400,000 for the whole year. Married extension once granted you can spend the lot. 3 Link to comment Share on other sites More sharing options...
tonray Posted August 5, 2021 Share Posted August 5, 2021 1 minute ago, brianthainess said: In theory on your first 90day report you must show still 800,000 baht in the bank and on your next renewal show that it did not drop below 400,000 for the whole year. Married extension once granted you can spend the lot. I guess the assumption is you can sponge off the wife and Mia Noi(s) if you're married ? 1 Link to comment Share on other sites More sharing options...
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