Thai Banking

[tinot]

Brit soon to be returning to Thailand to live.

From what I've gathered you're only now covered for up to 1 million baht on deposits, is that right?

I know its pitiful but I've seen that SCB Jad tem offer 1% interest on deposits with them. 

Is there anything else that beats that currently?

TIA

 

[anchadian]

Your are correct

 

https://www.krungsri.com/en/personal/deposit/savings-account/mee-tae-dai

 

Edited May 25, 2022 by anchadian

[tinot]

5 minutes ago, anchadian said:

https://www.krungsri.com/en/personal/deposit/savings-account/mee-tae-dai

Much appreciated but that would appear to be less.

Be great if they had a headline figure instead of pages of rates.

I suppose I will need to acclimatise myself to all the red tape again.

Land of smiles (and pointless admin!)

Thanks again.

 

[tinot]

If I'm on a non-o and then renew for thai marriage visa I will be insured and not just considered a tourist, right?

[Upnotover]

An extension of stay based on marriage you mean?  Insured by who against what?  You will be a non-immigrant whatever happens, if or not you are considered a tourist depends on who is doing the considering.

[tinot]

21 minutes ago, Upnotover said:

An extension of stay based on marriage you mean?  Insured by who against what?  You will be a non-immigrant whatever happens, if or not you are considered a tourist depends on who is doing the considering.

Yes. Whoever governs the compensation scheme in the likelihood of collapse etc. Hope thats clear. Cheers.

[biervoormij]

I thought you might be interested to know the coverage for up to 1 million baht is per bank and not per account. If you are going to have a deposit account of 1 million in SCB you may want to have an account in a different bank for your day to day banking so all of your money is insured.

[tinot]

6 minutes ago, biervoormij said:

I thought you might be interested to know the coverage for up to 1 million baht is per bank and not per account. If you are going to have a deposit account of 1 million in SCB you may want to have an account in a different bank for your day to day banking so all of your money is insured.

Thanks for your reply. Its crazy how it used to be more but they reduced it to protect the people. Makes no sense whatsoever. 

[Onerak]

I don't think there is any possibility of losing money in a Thai bank but still think it is prudent to spread the money between multiple banks. And this is true for any country now. 

[Jerno]

9 hours ago, tinot said:

Thanks for your reply. Its crazy how it used to be more but they reduced it to protect the people. Makes no sense whatsoever. 

They reduced it to protect the banks and hi-so Elite owners of the banks.

[topt]

15 hours ago, tinot said:

Yes. Whoever governs the compensation scheme in the likelihood of collapse etc. Hope thats clear. Cheers.

Doesn't matter if tourist or whatever. If you have an account you are covered under the details of the scheme. 

Read up details here - (but note the limits mentioned are out of date)

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

[CharlieH]

Reported  troll comment and responses to it removed.

[Yellowtail]

19 hours ago, tinot said:

Thanks for your reply. Its crazy how it used to be more but they reduced it to protect the people. Makes no sense whatsoever. 

It makes no sense if you're rich, but if your poor, you're account is insured, and your taxes are not going to insure the accounts of the rich. 

 

I thought it went up and then came back down 

[pavlo]

Am to move to Thailand in few 2023/24, was looking condo and find few. Am keen to put money in them and was wondering, I need the paper from bank that money to used to purchase the condo need to come on my local account in Thailand from abroad before can have the title in my own name. My money is still hold on flat am living now in EU, need it until ready to move. I have a change to borrow this money from friend in Thailand, is there any way to avoid hassle to send amount to abroad and send it back to my account in Thai bank ?  

Any advice, legal ones , please.

[tinot]

Opened a Kasikorn in the end as it seemed the easiest of all. Less hoops etc.

 

Its only to throw the £10k in for visa. Think it doesn't even pay 0.5%.

 

May look at other/better options in future if needed or macro economic landscape improves.

 

Thanks for the input anyway!

[tinot]

On a side note do thai banks have any issues depositing from foreign crypto exchanges, coinbase, Binance?

[jwest10]

On 5/25/2022 at 8:12 PM, Upnotover said:

An extension of stay based on marriage you mean?  Insured by who against what?  You will be a non-immigrant whatever happens, if or not you are considered a tourist depends on who is doing the considering.

sEE TH POUND GOING DOWN TO 41.9 and a couple of days ago 42.90. Oh heck

[jwest10]

3 hours ago, tinot said:

On a side note do thai banks have any issues depositing from foreign crypto exchanges, coinbase, Binance?

See the exchange rate 41.90 to the pound and a couple of days ago 42.90 Oh heck here we go again.

 

[Onerak]

16 minutes ago, jwest10 said:

See the exchange rate 41.90 to the pound and a couple of days ago 42.90 Oh heck here we go again.

Currency exchange fluctuates. Facts of life.

[jwest10]

12 hours ago, Onerak said:

Currency exchange fluctuates. Facts of life.

 

12 hours ago, Onerak said:

Currency exchange fluctuates. Facts of life.

Yeah , don't we know it and currency manipulators and just saying for many of fixed and frozen income !!!