Can I assume that the 2 safest banks in LOS is Govt savings bank and the Agriculture bank?

[Liverpool Lou]

3 hours ago, Foxx said:

18 hours ago, ubonr1971 said:

GSB (govt savings bank) and the Agriculture bank

Neither of these is covered by the DPA.  In fact, none of the 100% government owned banks is covered. 

It is not just that "they are not covered", they do not need to be covered by the DPA Act as they (the government) guarantee 100% of depositors' funds (at least the GSB specifies that it does).

[Liverpool Lou]

2 hours ago, nigelforbes said:

3 hours ago, jippytum said:

 

Mind you if there was a run on the banks i would expect the GSB to remove the guarantee for foreigners  .Like most Thai institutions laws and small print can be changed to the detriment of foreigners in a heartbeat.

Expand  

What nonsense you speak!

Hear, hear!

[Liverpool Lou]

3 hours ago, KhunBENQ said:

You can try to open an account with them.

The agricultural bank (BAAC) up here? No thanks, branch often completely crowded, mass gatherings waiting under gazebos on the premises. And branch network probably quite thin nationwide?

A Thai ID card is needed but if he gets past that obstacle there are around 700 branches, i.e. more than SCB or Krungsri, so there shouldn't b much difficulty in finding one.

[Liverpool Lou]

1 hour ago, Foxx said:

Of course, banks only go bankrupt once.  Maybe you've just been lucky.

Unless they are bailed out, then they can have another go!

[Liverpool Lou]

1 hour ago, Foxx said:

3 hours ago, jippytum said:

The GSB  is the only bank in Thailand to guarantee 100 %  your deposit

Perhaps you could share your source for that information?

It's very easily found.  He is correct.  

[Liverpool Lou]

1 hour ago, Foxx said:

My understanding is that there is an "assumption" that government-owned banks will be bailed out by the government in the event of crisis.  However, it doesn't amount to a "guarantee".

You're understanding is an assumption and is incorrect; deposits are guaranteed, that's why they had a huge increase in business after the DPA Act went into force.

[Liverpool Lou]

1 hour ago, Foxx said:

Incidentally a bank can't "100% guarantee your deposit".  If it goes bankrupt, your deposit goes with it.  A third party guarantor is needed.

Yes, it's called the Deposit Protection Agency, i.e. the government.

[Purdey]

I once had savings in an offshore bank that closed. Taken a long time to get the money back. For this reason, the majority of my savings are in GSB. I asked them to check for me several years ago how much of a guarantee they give and after checking with head office I was assured 100% of savings were guaranteed. I asked what if the bank went bankrupt (there was a brief run on the bank several years ago). They explained that for the bank to go bankrupt, the Thai government would have to be bankrupt. The government guarantees the bank. 

If commercial banks went bankrupt there is a scheme to pay you one million baht. If you have 5 million or more you will not be happy. 

I use SCB for salary deposits and ATM and have less than a million in several other commercial banks but I shift money to GSB whenever i need.

I also put money into their lottery account because I win an average of 1,000 baht a month plus annual interest. 

[Etaoin Shrdlu]

6 hours ago, ubonr1971 said:

What about Kiatakin bank. Do you know their credit rating??

thanks

I am unable to find a Standard and Poor rating for Kiatnakin. They carry a rating of "A" from TRIS (Thai Rating and Information Service) which provides credit analysis and ratings for Thai companies.

 

TRIS is 49% owned by Standard and Poor, so it is quite possible that TRIS follows similar methodologies as S&P. Having said that, I suspect that TRIS uses different metrics to assign ratings and a TRIS "A" rating may not be equal to a S&P rating of "A". For one thing, Thai firms will, on balance, be smaller than foreign firms and the metrics would possibly have go be scaled down to reflect that. TRIS ratings may be a valid basis to compare Thai firms with each other, but possibly not to compare Thai firms holding TRIS ratings with foreign firms holding S&P ratings. But I will happily defer to someone with more insight into this topic.

 

 

[ubonr1971]

7 hours ago, Foxx said:

Wrong.  Only certain banks are covered by the Deposit Protection Agency.  They are listed on its website at https://www.dpa.or.th/en/articles/view/list-of-insured-financial-institutions

 

Neither of these is covered by the DPA.  In fact, none of the 100% government owned banks is covered.  (Krung Thai, which is majority owned by the government, is covered.)

Thats bc they are government owned banks and solid as a rock?

[liddelljohn]

 Citibank which I used here faultlessly for business reasons for 12 years is now UOB  and im happy as they have top ratings and super services as well as 158 Branches  wheras Citi only had 3 but for overseas transaction  and investments they were great .

tried HSBC thailand but it was hopeless compared to HSBC Singapore   which superb when I worked there .

 

SCB I have used for 29 years never had a problem , very efficient compared to but  when I used Bangkok bank and Thai farmers had many errors , poor service and recently My wife who had Bangkok Bank  accounts for 25 years has closed them due to scams, bad service and account errors she lost 200,000 baht and it is now in a sort of class action with Thai banking regulators   as BKB stonewall and there are many complainants   , .She is now with KrungSri for her business  and SCB for personel

 

I will never ever touch Bangkok Bank again or  Thai farmers .

 

Fastest growing Thai bank for customer base and branches is Krung Sri as many people leaving Bangkok Bank and TF due to issues they are opening more branches  when BKB and TF close down many also their technology seems better .. 

 

Have recently seen many people in UK very unhappy with their banks , HSBC  are closing branches  and also having terrible customer service issues , last year I closed my 55 years old  HSBC UK accounts and switched  to Nationwide for better service, better products  and also because I had seen many friends  and my Daughter having appalling issues with HSBC  who would stonewall until taken to court or Ombudsman  when HSBC were clearly in error ..Ombudsman recovered £15k plus 10k compensation  for my daughter  from HSBC  but it took 2 years  and the report said they should have dealt with it immediately  as it was their error instead they closed her accounts and blacklisted her  , this has all been put right  obviously she  uses other banks now .

[ubonr1971]

4 hours ago, Liverpool Lou said:

GSB offers 100% deposit protection.  I believe that the BAAC may fall into the same category.

Whats your evidence for this?

 

I hope you're correct. Would like to know your source

thanks

[ubonr1971]

3 hours ago, Liverpool Lou said:

A Thai ID card is needed but if he gets past that obstacle there are around 700 branches, i.e. more than SCB or Krungsri, so there shouldn't b much difficulty in finding one.

A foreigner can open an account with agric bank. Need WP, PPort, salary evidence, marriage cert, yellow book

[brianthainess]

While on this subject (almost) I was thinking of opening a 'foreign currency account'  but only checked with the 'Krungsri' bank on their site that says there is NO 1 million guarantee on these accounts, I briefly looked at BKB also, but they don't tell you this. My guess is all banks don't. ????? 

[Foxx]

14 hours ago, ubonr1971 said:

Thats bc they are government owned banks and solid as a rock?

I presume that's meant as tongue-in-cheek.  I seem to recall that Islamic Bank of Thailand (which is government owned) ran into terrible financial difficulties and had to be restructured/refinanced just a few years ago.

 

[Liverpool Lou]

14 hours ago, ubonr1971 said:

17 hours ago, Liverpool Lou said:

A Thai ID card is needed but if he gets past that obstacle there are around 700 branches, i.e. more than SCB or Krungsri, so there shouldn't b much difficulty in finding one.

A foreigner can open an account with agric bank. Need WP, PPort, salary evidence, marriage cert, yellow book

Thanks for that clarification, the bank's website does not mention account-opening requirements for foreigners.

[ubonr1971]

3 hours ago, Liverpool Lou said:

Thanks for that clarification, the bank's website does not mention account-opening requirements for foreigners.

You should pop in and see them. When I did it took them 10min to find the requirements. For sure you will be rejected if you dont have a WP. They tried to put me off getting an account. They said the govt will scrutinise all deposits to the account. I think this bank is not farang friendly at all!

[lavender19]

I personally wouldn't trust any thing run by the government 

[jippytum]

On 1/21/2023 at 1:32 PM, nigelforbes said:

What nonsense you speak!

I repeat the GSB is the only bank in Thailand open to foreign account holders that offers in writing a 100 % deposit guarantee. Do your research . The reason for my comment about the removal of the guarantee should there be a run on the banks is because of the banks attitude towards foreigners.

For example although they are quite happy to accept your deposit they only allow Thai account holders to have internet banking not foreigners.

[jippytum]

7 hours ago, brianthainess said:

While on this subject (almost) I was thinking of opening a 'foreign currency account'  but only checked with the 'Krungsri' bank on their site that says there is NO 1 million guarantee on these accounts, I briefly looked at BKB also, but they don't tell you this. My guess is all banks don't. ????? 

Thai banks guarantee deposits in Thai Baht for one million baht except the GSB that currently offers unlimited protection . Foreign currency accounts at any Thai bank offer ZERO protection .

[jippytum]

20 hours ago, ubonr1971 said:

Whats your evidence for this?

 

I hope you're correct. Would like to know your source

thanks

would the GSB website be enough proof for you .I have verification in writing of the Guarantee also confirmation that internet banking is not available to foreign customers  .Do your research.

[jippytum]

23 hours ago, Etaoin Shrdlu said:

I am unable to find a Standard and Poor rating for Kiatnakin. They carry a rating of "A" from TRIS (Thai Rating and Information Service) which provides credit analysis and ratings for Thai companies.

 

TRIS is 49% owned by Standard and Poor, so it is quite possible that TRIS follows similar methodologies as S&P. Having said that, I suspect that TRIS uses different metrics to assign ratings and a TRIS "A" rating may not be equal to a S&P rating of "A". For one thing, Thai firms will, on balance, be smaller than foreign firms and the metrics would possibly have go be scaled down to reflect that. TRIS ratings may be a valid basis to compare Thai firms with each other, but possibly not to compare Thai firms holding TRIS ratings with foreign firms holding S&P ratings. But I will happily defer to someone with more insight into this topic.

 

 

Kiatnakin. bank offers one million baht guarantee on deposit. The only Thai bank to offer 100% protection is the GOVERNMENT  SAVINGS BANK . Since inception billions have been deposited with the GSB .i am not suggesting Thai banks are unsafe but the post was about CURRENT  bank guarantees.

[nigelforbes]

13 minutes ago, jippytum said:

I repeat the GSB is the only bank in Thailand open to foreign account holders that offers in writing a 100 % deposit guarantee. Do your research . The reason for my comment about the removal of the guarantee should there be a run on the banks is because of the banks attitude towards foreigners.

For example although they are quite happy to accept your deposit they only allow Thai account holders to have internet banking not foreigners.

Nonsense, I have internet banking from both UOB and Bangkok bank and have had so for many years.

 

And, the DPA rules are very clear about amounts that are covered and at what banks in what types of accounts, nowhere does it even hint that the rules only apply to Thai's, only in the minds of a few farangs is this the case.

[nigelforbes]

46 minutes ago, lavender19 said:

I personally wouldn't trust any thing run by the government 

That's OK, they don't trust you either, this is why you have to report every 90 days and have photographs taken with your wife in the living room, just to extend your marriage visa.

[Gaccha]

23 hours ago, Purdey said:

but I shift money to GSB whenever i need.

I also put money into their lottery account because I win an average of 1,000 baht a month plus annual interest. 

Sir, you had my curiosity ... but now you have my attention.

 

i had no idea this was a thing. Can foreigners join it and gain prizes? Is there anything worth knowing before I rush to a GSB office to open an account to enjoy a ludic thrill?

[jippytum]

21 hours ago, ubonr1971 said:

Thats bc they are government owned banks and solid as a rock?

The topic was about bank guarantees of deposit . Thai owned banks offer one million baht protection

except the Gov savings bank that currently offer 100 %protection . A foreign currency account with any Thai bank affords ZERO deposit protection

[jippytum]

1 minute ago, Gaccha said:

Sir, you had my curiosity ... but now you have my attention.

 

i had no idea this was a thing. Can foreigners join it and gain prizes? Is there anything worth knowing before I rush to a GSB office to open an account to enjoy a ludic thrill?

yes foreigners can join and win prizes .However foreigners are not allowed internet banking for some reason .

 

10 minutes ago, nigelforbes said:

Nonsense, I have internet banking from both UOB and Bangkok bank and have had so for many years.

 

And, the DPA rules are very clear about amounts that are covered and at what banks in what types of accounts, nowhere does it even hint that the rules only apply to Thai's, only in the minds of a few farangs is this the case.

The comments where about the GSB .Most banks offer internet banking however the GSB does not

allow foreign customers to have internet banking .check your fact before posting  the reference to GSB only with regard to internet banking was quite clear

[nigelforbes]

2 minutes ago, jippytum said:

yes foreigners can join and win prizes .However foreigners are not allowed internet banking for some reason .

 

The comments where about the GSB .Most banks offer internet banking however the GSB does not

allow foreign customers to have internet banking .check your fact before posting  the reference to GSB only with regard to internet banking was quite clear

As was my response!

 

Stop knocking Thai banks, if you're not happy with the banking rules in Thailand, bank in your own country.

[jippytum]

1 minute ago, nigelforbes said:

As was my response!

 

Stop knocking Thai banks, if you're not happy with the banking rules in Thailand, bank in your own country.

Typical response from a loser .The post was about bank guarantees  no one is knocking Thai banks .

 

[Gaccha]

31 minutes ago, jippytum said:

yes foreigners can join and win prizes .However foreigners are not allowed internet banking for some reason .

Sir,

 

Searching their website the promotion is described as currently closed.

 

Reading newspaper articles on this suggest that these funds pop up every 2 years and customers queue for them. Is this your experience? Or can I simply walk into a branch?

 

Is it a fixed time of promotion or always running?