Thai Bank Deposit protection cut to 1 million THB

[jacko45k]

3 hours ago, Neeranam said:

I've had issues in the bank before where a member of staff was stead long interest.

What does this mean?

[lodstewart]

3 hours ago, Neeranam said:

No, gold is not a good investment, I'm in bitcoin, much easier to store and has increased by an average of 100% a year. 

its not for investment . it is for safety with low risk

[Neeranam]

24 minutes ago, jacko45k said:

What does this mean?

misprint - stealing

[jacko45k]

22 minutes ago, Neeranam said:

misprint - stealing

Was it a K Bank on Bua Khao where a staff member was using old bankbooks to create new accounts for people with good interest rates... but the money never got deposited and he kept it?

[Sir Dude]

If you are going to have your money over here in a bank, then one of the best would probably be the SCB as it's the first bank here in Thailand, with the royal seal plus a certain vested interest owns like 30% of the shares... highly unlikely that the SCB will be allowed to fail under any curcumstances.

As for the 1 million limit, it is derisory really and does not inspire confidence. Although, as a foreigner, I'd say that people should only be really bringing over here what you need to for the short-term future as so many things can do a 180 at a moments notice... there is a reason the often repeated adage about only having/investing here what you can walk away from, exists.

If you are retired or have capital as a foreigner and haven't (which obviously you should never do) severed your financial ties to your home country, then you probaly should be having most of your wealth invested in something like an index/EFT fund (tracking the S&P 500 like Vanguard etc.) and maybe a portion of the total as slush money to move around and do as you want with... maybe 75% to 25% or something like that. Guess it depends on your risk tolerance levels and what you can or cannot squander.

As a large investor, then I could probaly come up with much better ideas for destination countries than Thailand for bigger capital. If on that level, we could always canvass the likes of Carlsberg, Pepsi or Australian mining companies for their opinions.

Thailand needs to understand that sentiment and confidence are key and you get those by civilian government, strengthening the rule of law, and treating all equally before it, foreigner or Thai, rich or poor. As it stands, I'm quite happy to let my investments in the West rack-up and roll-over, and then moving over what I need to live comforably through Transferwise.

Edited August 7, 2021 by Sir Dude
Typos

[Neeranam]

14 minutes ago, jacko45k said:

Was it a K Bank on Bua Khao where a staff member was using old bankbooks to create new accounts for people with good interest rates... but the money never got deposited and he kept it?

No, it was in Krung Thai. The woman was telling foreigners they couldn't get interest and pocketing it. I asked a former Minister of Finance(Khun Korn) to help; he sent his team and the bank started giving interest but they asked me not to press charges and ask for back payment as she would lose her job.

She still works there so might have an axe to grind.

[Neeranam]

On 8/5/2021 at 9:08 PM, Heng said:

That's a confidence booster.   Will move the appropriate amounts offshore, which I assume is their "goal" here.

Where would you recommend keeping 'large' amounts of cash? How about stable cryptocurrencies?

[Heng]

50 minutes ago, Neeranam said:

Where would you recommend keeping 'large' amounts of cash? How about stable cryptocurrencies?

This is clearly a trick question.    

 

 

[1FinickyOne]

On 8/6/2021 at 7:40 AM, canthai55 said:

And when it is time to renew your visa take your mattress to Immigration

only if it has your bank book hidden in there too...

[1FinickyOne]

1 hour ago, Neeranam said:

Where would you recommend keeping 'large' amounts of cash? How about stable cryptocurrencies?

stable? I think the horses are out and running wild... there is nothing stable abt any investment that was worth near $60,000 a few months ago and now $40,000... 

[Neeranam]

12 hours ago, 1FinickyOne said:

stable? I think the horses are out and running wild... there is nothing stable abt any investment that was worth near $60,000 a few months ago and now $40,000... 

Stablecoins are cryptocurrencies without the volatility. They share a lot of the same powers as other cryptos, but their value is steady, more like a traditional currency, i.e. the US Dollar, Indian Rupee, etc. With stablecoins, you can maximise your chances of protection from market fluctuations

https://www.livemint.com/market/cryptocurrency/all-you-need-to-know-about-stablecoins-11627273769232.html

 

You obv don't know anything about crypto. You mention $60k, so you are talking Bitcoin, which was $10k one year ago, $3k 18 months ago. I'll take that, thanks

[Nickelbeer]

I keep no more than enough to keep my account open in my Bangkok Bank account.

[userabcd]

 

Deleted

Edited August 9, 2021 by userabcd
deleted

[Gottfrid]

On 8/5/2021 at 4:05 PM, snoop1130 said:

The coverage includes individual and juristic depositors in 18 Thai commercial banks, 12 foreign bank branches, 2 finance companies and 3 credit foncier companies

But, no problem then! Just put 1 million in each. That will make 35 million baht. I have never heard a bank or a financial institute deny a person an account to hold money in. Never understood why some people need so much money here, though. Most guys I talk to, says they came here because it´s cheaper.

[Neeranam]

4 minutes ago, userabcd said:

But those cryto coins are worth nothing on their own unless they are cited and exchanged in corresponding values of fiat.

They are certainly worth something on their own, as they can be exchanged for other things. One benefit of keeping them rather than money in the bank is 10% p.a interest. 

[Neeranam]

5 minutes ago, Gottfrid said:

Never understood why some people need so much money here, though. Most guys I talk to, says they came here because it´s cheaper.

Where is this, Pattaya?

Most foreigners I know have family and houses. 

[userabcd]

On 8/7/2021 at 1:44 PM, Sir Dude said:

If you are going to have your money over here in a bank, then one of the best would probably be the SCB as it's the first bank here in Thailand, with the royal seal plus a certain vested interest owns like 30% of the shares... highly unlikely that the SCB will be allowed to fail under any curcumstances.

As for the 1 million limit, it is derisory really and does not inspire confidence. Although, as a foreigner, I'd say that people should only be really bringing over here what you need to for the short-term future as so many things can do a 180 at a moments notice... there is a reason the often repeated adage about only having/investing here what you can walk away from, exists.

If you are retired or have capital as a foreigner and haven't (which obviously you should never do) severed your financial ties to your home country, then you probaly should be having most of your wealth invested in something like an index/EFT fund (tracking the S&P 500 like Vanguard etc.) and maybe a portion of the total as slush money to move around and do as you want with... maybe 75% to 25% or something like that. Guess it depends on your risk tolerance levels and what you can or cannot squander.

As a large investor, then I could probaly come up with much better ideas for destination countries than Thailand for bigger capital. If on that level, we could always canvass the likes of Carlsberg, Pepsi or Australian mining companies for their opinions.

Thailand needs to understand that sentiment and confidence are key and you get those by civilian government, strengthening the rule of law, and treating all equally before it, foreigner or Thai, rich or poor. As it stands, I'm quite happy to let my investments in the West rack-up and roll-over, and then moving over what I need to live comforably through Transferwise.

A banks public annual and quaterly balance sheet along with other financial reports and international ratings such as fitch and other ratings agencies would give insight into the health and financial stabiliity of a bank.

[Gottfrid]

22 minutes ago, Neeranam said:

Where is this, Pattaya?

Most foreigners I know have family and houses. 

First, do you believe that it is impossible to have a house and family in Pattaya? Sounds like that.

 

Yes, most I know and associate with also have house, car and family. However, Compare building a house here, with doing that in US, UK, Sweden, Germany etc. After that you have the regular cost of living. Are you still thinking that it is not cheaper here?

[BE88]

On 8/6/2021 at 8:21 AM, Andycoops said:

I can understand the commercial banks failing but what about the banks owned by the government itself?

Is no the first time the government make bankruptcy, nothing is safe in Thailand

[Neeranam]

2 minutes ago, Gottfrid said:

First, do you believe that it is impossible to have a house and family in Pattaya? Sounds like that.

 

Yes, most I know and associate with also have house, car and family. However, Compare building a house here, with doing that in US, UK, Sweden, Germany etc. After that you have the regular cost of living. Are you still thinking that it is not cheaper here?

It is possible. 

 

If building/buying a house in Pattaya, you would need to have millions in the bank. All guys I know in Pattaya only live there for one thing, and it's not the beach.

 

Did I say it wasn't cheaper here than the West? 

[Gottfrid]

6 minutes ago, Neeranam said:

Did I say it wasn't cheaper here than the West? 

You initially quoted my comment where I talk about it´s cheaper, and by your quote it reads that you do not know where it is cheaper or that you are opposing that. So, yes! In a way you said exactly that.

Edited August 9, 2021 by Gottfrid

[BE88]

On 8/6/2021 at 8:27 AM, vukovar77 said:

Nothing new. Postponed many times already.

I assume you have lost what was previously guaranteed from 100 million to 30million to 10 million up to now to 1 million, next 100.000 B. ?

[Neeranam]

11 minutes ago, Gottfrid said:

You initially quoted my comment where I talk about it´s cheaper, and by your quote it reads that you do not know where it is cheaper or that you are opposing that. So, yes! In a way you said exactly that.

Are you serious?

 

I never suggested, said, insinuated that Thailand wasn't cheaper than anywhere else. 

 

I quoted you saying you don't know why people need so much money. 

[Gottfrid]

44 minutes ago, Neeranam said:

I quoted you saying you don't know why people need so much money.

And you think that is not connected with that things are cheaper. If you as you say need to buy or build a house. Yeah then you make a transfer for a house and pay the sum. Not need so much guarantees there. I goes quick.

[Capella]

On 8/6/2021 at 7:09 AM, Henryford said:

When the crash comes these "guarantees" will mean nothing, not even in the West.

The guarantees will remain, but inflation will devalue people's savings to next to nothing.

[LivingNThailand]

In case anyone else was wondering about joint accounts....I went to the bank yesterday and asked the manager.  One account, one Bank, One Million.  Period.  If it's a joint account it is not one million each person.  Just one million insurance per bank.   I could have opened another account in a different bank, but I just wired most of my money back to the US. I can get it back in 1-2 days if I need it.  

 

[jacko45k]

On 8/9/2021 at 11:32 AM, Neeranam said:

All guys I know in Pattaya only live there for one thing, and it's not the beach.

And what might that be.... I love generalizations that include me.

[redwood1]

On 8/9/2021 at 11:44 AM, BE88 said:

I assume you have lost what was previously guaranteed from 100 million to 30million to 10 million up to now to 1 million, next 100.000 B. ?

Well if going from 100,000,000 million to 1,000,000 million was just fine then going from 1,000,000 million to 100,000 Thousand should also not be a problem...

With a pit stop at 500,000 on the way down....

Edited August 12, 2021 by redwood1

[BE88]

9 minutes ago, redwood1 said:

Well if going from 100,000,000 million to 1,000,000 million was just fine then going from 1,000,000 million to 100,000 Thousand should also not be a problem...

With a pit stop at 500,000 on the way down....

If a bank were to go bankrupt, the government wouldn't even have the B 500,000.

 

[spidermike007]

Perhaps the finance ministry knows more than we do, about how dire the situation is here, and sees the possibility of Thailand becoming a failed state, and some of the banks collapsing. There are alot of rumors out there, and some may be true. 

 

There is no question the economy is teetering on the verge. Real unemployment is likely between 30 and 45% right now, tourism is utterly destroyed, and not coming back anytime soon, and foreign investors have lost all confidence in this nation, and it's horrific leadership.