Bank deposit protection cut to THB1 million from August 11

[AwwYesNice1]

https://www.nationthailand.com/in-focus/40004190

[In Full Agreement]

 

I thought this took place a couple of years ago  and not just now.

 

[CharlieH]

MOVED TO BANKING

[JetsetBkk]

Can somebody explain in layman's terms what it means?

 

Is the below true?:

 

1. If I have 5 million in one bank, I'll get only 1 million back if the bank goes bust.

 

2. If I have 1 million in 5 banks, I'll get 1 million back from all 5 banks if they all go bust.

 

????

 

 

[bbabythai]

3 minutes ago, JetsetBkk said:

Can somebody explain in layman's terms what it means?

 

Is the below true?:

 

1. If I have 5 million in one bank, I'll get only 1 million back if the bank goes bust.

 

2. If I have 1 million in 5 banks, I'll get 1 million back from all 5 banks if they all go bust.

 

????

 

 

Put your 5mill in the pink bank GSB. Its the govt bank. No limits to their guaranteesssssss

[CharlieH]

7 minutes ago, JetsetBkk said:

Can somebody explain in layman's terms what it means?

 

Is the below true?:

 

1. If I have 5 million in one bank, I'll get only 1 million back if the bank goes bust.

 

2. If I have 1 million in 5 banks, I'll get 1 million back from all 5 banks if they all go bust.

 

????

 

 

Thats my understanding also.

[JetsetBkk]

Thanks for the info, guys.

 

From GSB web site:  "Details of Interest Rate 1. Less than 30 Million Baht 0.925 % per year".

 

Looks like I'll be paying my SCB lady bank teller a visit soon. ????  (To take out some cash.)

But first I'll visit the GSB in Chalong - quite handy as I live in Rawai!

 

Edited August 4, 2021 by JetsetBkk

[topt]

2 hours ago, In Full Agreement said:

 

I thought this took place a couple of years ago  and not just now.

 

It was planned but postponed until next week.

I have been expecting them to delay again but looks like it is not going to happen.

[JetsetBkk]

1 hour ago, JetsetBkk said:

Thanks for the info, guys.

 

From GSB web site:  "Details of Interest Rate 1. Less than 30 Million Baht 0.925 % per year".

 

Looks like I'll be paying my SCB lady bank teller a visit soon. ????  (To take out some cash.)

But first I'll visit the GSB in Chalong - quite handy as I live in Rawai!

 

If I go to SCB in Chalong, can I take out money from my SCB account that I opened in Central Festival?

 (That would save a trip to Central.)

[Kwasaki]

12 hours ago, JetsetBkk said:

Can somebody explain in layman's terms what it means?

 

Is the below true?:

 

1. If I have 5 million in one bank, I'll get only 1 million back if the bank goes bust.

 

2. If I have 1 million in 5 banks, I'll get 1 million back from all 5 banks if they all go bust.

 

????

 

 

Well all I can say is I don't have to worry about it because I wouldn't keep more than 800k here in a bank Thailand anyway.

[JetsetBkk]

5 hours ago, Kwasaki said:

Well all I can say is I don't have to worry about it because I wouldn't keep more than 800k here in a bank Thailand anyway.

I used to do that. Until about 3 1/2 months before my next extension, I got a serious leg infection which needed intravenous drips of antibiotics every 6 hours in hospital. 

 

My 800K was running out so fast I had to discharge myself so I could S.W.I.F.T. more money over from England.

 

Now I keep a lot more here for emergencies. You never know when a mountain dog is going to lick your leg and infect it.

 

[Chris.B]

18 hours ago, bbabythai said:

Put your 5mill in the pink bank GSB. Its the govt bank. No limits to their guaranteesssssss

They have guarantees? Are you sure?

 

[JetsetBkk]

18 hours ago, bbabythai said:

Put your 5mill in the pink bank GSB. Its the govt bank. No limits to their guaranteesssssss

Application rejected at Chalong GSB.

 

Looks like you have to be poor enough to have to work with a permit or daft enough to marry a Thai.

 

Sorry 

Edited August 5, 2021 by JetsetBkk
Added "Sorry".

[BobinBKK]

18 hours ago, JetsetBkk said:

Can somebody explain in layman's terms what it means?

 

Is the below true?:

 

1. If I have 5 million in one bank, I'll get only 1 million back if the bank goes bust.

 

2. If I have 1 million in 5 banks, I'll get 1 million back from all 5 banks if they all go bust.

 

????

 

 

Yes you are correct. It's also not a good idea to put all your eggs in one basket either.

[JetsetBkk]

1 minute ago, BobinBKK said:

18 hours ago, JetsetBkk said:

2. If I have 1 million in 5 banks, I'll get 1 million back from all 5 banks if they all go bust.

 

????

Yes you are correct. It's also not a good idea to put all your eggs in one basket either.

So it's back to plan 2, as I'm not married (legally) or have a Work Permit.

 

Hmmm, but which 5?  I currently have: Krung Thai, Krungsri, SCB and Kasikorn. Maybe Bangkok Bank?

Not much point worrying about the interest as it's pitiful anyway.

 

[Mickeymaus]

According to this article from 2012 the GSB provides 100 percent protection. Has anyone a different information? If it is like this I will try to open an account there. Do the accept retired expats without problems? 

 

https://www.nationthailand.com/business/30175209

[BobinBKK]

2 minutes ago, JetsetBkk said:

So it's back to plan 2, as I'm not married (legally) or have a Work Permit.

 

Hmmm, but which 5?  I currently have: Krung Thai, Krungsri, SCB and Kasikorn. Maybe Bangkok Bank?

Not much point worrying about the interest as it's pitiful anyway.

 

Personally, I only keep what's required to keep me "legally" in the country in a Thai bank (Bangkok Bank).

[JetsetBkk]

5 minutes ago, Mickeymaus said:

According to this article from 2012 the GSB provides 100 percent protection. Has anyone a different information? If it is like this I will try to open an account there. Do the accept retired expats without problems? 

 

https://www.nationthailand.com/business/30175209

Read my previous 2 posts.

[Mickeymaus]

4 minutes ago, JetsetBkk said:

Read my previous 2 posts.

So if you can open an account depends on the branch and the mood of the staff? 

[JetsetBkk]

12 minutes ago, Mickeymaus said:

So if you can open an account depends on the branch and the mood of the staff? 

Chalong is where I tried to open an account. I doubt it is different at any other branch.

I would certainly like to hear from any unmarried retiree with an account at any GSB branch.

 

 

 

[Kwasaki]

58 minutes ago, JetsetBkk said:

I used to do that. Until about 3 1/2 months before my next extension, I got a serious leg infection which needed intravenous drips of antibiotics every 6 hours in hospital. 

 

My 800K was running out so fast I had to discharge myself so I could S.W.I.F.T. more money over from England.

 

Now I keep a lot more here for emergencies. You never know when a mountain dog is going to lick your leg and infect it.

 

Well to get money from UK during the week with Wise these days takes a couple of hours if that. 

[D M G]

Not a good sign............

[Mickeymaus]

So which are the safest banks here. We know already the GSB. Then a read that the Government Housing Bank is also safe. What is with the Thai Military Bank and the Krung Thai Bank? 

[JetsetBkk]

58 minutes ago, Kwasaki said:

Well to get money from UK during the week with Wise these days takes a couple of hours if that. 

I don't think TransferWise was around in those days (2013), but I did try them a couple of months ago and successfully transferred a whopping £50 - just as a test.

 

Then I tried £1,000 and got this:

 

I couldn't be bothered to phone them as it was midnight here, and I haven't bothered trying again.

Maybe I should, just to have an alternate way of transferring cash set up.

[zzaa09]

Can almost guarantee that none of these writs apply, or be enacted, towards subsidized corporations, wealthy elite or influential financiers/investors.

[KannikaP]

1 hour ago, Kwasaki said:

Well to get money from UK during the week with Wise these days takes a couple of hours if that. 

Depending on the reason for the transfer, as said many times recently.

Long term stay in Thailand takes a day at least, but is an FTT.

[bbabythai]

3 hours ago, JetsetBkk said:

Application rejected at Chalong GSB.

 

Looks like you have to be poor enough to have to work with a permit or daft enough to marry a Thai.

 

Sorry 

try a GSB branch in a tourist area. 

 

Or put 1million in several different banks

[Kwasaki]

2 hours ago, JetsetBkk said:

I don't think TransferWise was around in those days (2013), but I did try them a couple of months ago and successfully transferred a whopping £50 - just as a test.

 

Then I tried £1,000 and got this:

 

I couldn't be bothered to phone them as it was midnight here, and I haven't bothered trying again.

Maybe I should, just to have an alternate way of transferring cash set up.

Couldn't be bothered was made to bother my ma use to tell me.

I don't have any problems with "Wise" up to you what you do, I couldn't care less. 

[Kwasaki]

1 hour ago, KannikaP said:

Depending on the reason for the transfer, as said many times recently.

Long term stay in Thailand takes a day at least, but is an FTT.

Don't know what your on about sorry, if I want money Monday to Friday no problem a couple of hours if that, on a Saturday or Sunday I get Monday.

[CharlieH]

As usual experiences vary and it remains a mystery as to why somd take longer or faster than others. I uee them once a month every month, never had a transfer longer than a few hours ( out of hours banking) usually a matter of minutes.

 

 

That said, this isnt about "wise" so back to topic please.