88% of Thailand bank accounts have less than 50,000 THB

[Blumpie]

2 hours ago, mania said:

Many of the country Thai folks I know keep most of their saving in Gold or at home.

Many do not really trust banks actually

 

It surprises me but at the same time given the corruption there it really shouldn't.  I often wonder how expats end up getting their money out of there when they leave.

And most end up leaving - it's not really a home.  It's year to year.  

[nigelforbes]

There is no more surprise in these numbers today than there was the last time they were posted, half a dozen years ago when they said exactly the same thing.

[kingstonkid]

5 hours ago, hotchilli said:

Hence the high household debt, it's not money in the bank.

It's borrowed and spent.

Only the elite have bulging bank balances.

Don't forget Expats on retirement or marriage extensions ????

[bradiston]

32 minutes ago, nigelforbes said:

There is no more surprise in these numbers today than there was the last time they were posted, half a dozen years ago when they said exactly the same thing.

These figures are from 6 years ago. How about they post figures for this year?

 

I found this link, but can't make head or tail of it.

 

https://www.bot.or.th/App/BTWS_STAT/statistics/BOTWEBSTAT.aspx?reportID=188&language=ENG

Edited March 8, 2023 by bradiston

[Seeall]

6 hours ago, HuskerDo2 said:

It's like that everywhere. In the US they just hit a record with $930 BILLION in credit card debit. Young people aren't responsible these days like their parents and grandparents. These days people buy on credit whenever they "want" something. In the past, frugal people would only buy (with cash) what they "needed" and were never in debt.

 

It's just the younger generation not being responsible while they walk around staring at their I-Phones sipping their Starbucks.

very well said, its like rocks in the head right?  see it and get it and dont want work for it...

[Burma Bill]

88% of Thailand bank accounts have less than 50,000 THB

 

So most of the remaining 12% have in excess of either 400,000 or 800,000 THB???

[nigelforbes]

1 hour ago, bradiston said:

These figures are from 6 years ago. How about they post figures for this year?

 

I found this link, but can't make head or tail of it.

 

https://www.bot.or.th/App/BTWS_STAT/statistics/BOTWEBSTAT.aspx?reportID=188&language=ENG

Yes, that's the up to date version, well done, that's a good find.

 

98 million accounts containing less than 50k Baht, the remainder, about 13 million, have balances over 50k. Broadly 88%.

[malibukid]

very ironic for a Buddhist country.

[malibukid]

6 hours ago, HuskerDo2 said:

It's like that everywhere. In the US they just hit a record with $930 BILLION in credit card debit. Young people aren't responsible these days like their parents and grandparents. These days people buy on credit whenever they "want" something. In the past, frugal people would only buy (with cash) what they "needed" and were never in debt.

 

It's just the younger generation not being responsible while they walk around staring at their I-Phones sipping their Starbucks.

snowflakes are so materialistic these days.  no wonder they are depressed. 

[cnx101]

9 hours ago, ezzra said:

Interesting bit of information, i thought that Thai people would have more in their accounts seeing the high standards of living and spending i witnessed for many years.

Maybe they read read and know about the bank staff scams and stealing their money

[HuskerDo2]

Just now, malibukid said:

snowflakes are so materialistic these days.  no wonder they are depressed. 

Yea, the world is different for sure these days. As I've said many times, I'm very glad I was born when I was. I'd hate to see what this world has become in 30 or 40 years. Won't be good. I hope I'm wrong for the sake of the innocent being born today but....

[BananaStrong]

1 minute ago, HuskerDo2 said:

I'm very glad I was born when I was. I'd hate to see what this world has become in 30 or 40 years. Won't be good.

hahahahhahahahahhahahahahhahha.  If I had a NICKEL for every time I heard this!!!!!!!!  lol

 

bro, 2023 versus 1900?  OK, 1 zillion times better.

2023 versus 1940.     1 zillion times better

2023 versus 1990.   1 zillion times better

2023 versus 2000.    Not 1 zillion, but 9/11 on 2001 and the dot com bubble burst wasn't good.   1 million times better.

2023 versus 2010.   Better internet, computers, cars, planes, food, sanitation, houses, etc..... America.      Now 100,000 times better.    

2023....................... electronic age is just ramping UP.    AI is the new thing!!!!!    Space exploration!!!!!!!!

 

The glass isn't just half full, it's a WATERFALL!!!!!!!!!!  lol

 

Don't worry, another old guy will say in 2123 and 2223  and 2323  and 2423......  DOOM AND GLOOM!!!!    

 

wait until 2623 when they find out about a parallel universe and the matrix!!!!!!!!!!

[HuskerDo2]

Just now, BananaStrong said:

hahahahhahahahahhahahahahhahha.  If I had a NICKEL for every time I heard this!!!!!!!!  lol

 

bro, 2023 versus 1900?  OK, 1 zillion times better.

2023 versus 1940.     1 zillion times better

2023 versus 1990.   1 zillion times better

2023 versus 2000.    Not 1 zillion, but 9/11 on 2001 and the dot com bubble burst wasn't good.   1 million times better.

2023 versus 2010.   Better internet, computers, cars, planes, food, sanitation, houses, etc..... America.      Now 100,000 times better.    

2023....................... electronic age is just ramping UP.    AI is the new thing!!!!!    Space exploration!!!!!!!!

 

The glass isn't just half full, it's a WATERFALL!!!!!!!!!!  lol

 

Don't worry, another old guy will say in 2123 and 2223  and 2323  and 2423......  DOOM AND GLOOM!!!!    

 

wait until 2623 when they find out about a parallel universe and the matrix!!!!!!!!!!

Clueless one....

 

let me remind you that before the internet days there was no such thing as cyber crime where your bank acct could be drained while you sleep. Nor would your bank or hospital or utility be held hostage until the crooks are send some goofy bitcoin.

 

Also, let me remind you of the explosion in drugs like fentanyl that is killed hundreds of thousands of the young these days.

 

Let me remind you of the global warming that is changing the lives of most of the inhabitants of the Earth.

 

Let me remind you also of.... nevermind. You're a know-it-all and have everything figured out, right. Have a great day.

[bradiston]

24 minutes ago, malibukid said:

snowflakes are so materialistic these days.  no wonder they are depressed. 

Hey, <deleted> I may be, snowflake I ain't!

[RamenRaven]

Given the high levels of debt compared to the average income levels in Thailand, this is nothing surprising at all.

 

Rather, the question should be, who are the top 12% that has more than 50,000 baht in their bank accounts?

 

Many Americans and Europeans living paycheck to paycheck don't even have $1500 in their bank accounts.

[Toby1947]

And these banks make it so difficult for foreigners with real money to open an account. Confusing 

[Tropposurfer]

I listened to a few economists, sociologists, philosophers, the other day on Utube and some said that we live in a modern feudal system today. The uber rich being the lords and the rest of us the vassals that serve them.

[edwinchester]

8 hours ago, KhunLA said:

The obvious, most people, Thais & Yanks are idiots when it comes to financial planning.

Bit harsh to call most idiots. In Thailand if you're on minimum wage or a 600 bht per month pension I doubt there is much opportunity to save.

[KhunLA]

38 minutes ago, edwinchester said:

Bit harsh to call most idiots. In Thailand if you're on minimum wage or a 600 bht per month pension I doubt there is much opportunity to save.

Harsh ... reality is 60-80% can't rustle up money in an emergency.

 

You have people working till 65, 70 yrs old, not by choice, retire & krap out.   A little, very little, financial planning would avoid that.   

 

Two simplest thing, no thinking needed:

... stop buying krap you don't need for show

... Invest all spare money, into paying off your mortgage, every thing extra you pay, gives you a ~50% return, on them silly 30 yr mortgages people love????   Best -0- risk investment you'll ever get.

 

Before some asks - $100k mortgage w/$300 additional monthly payment, on a 30 yr / 3% mortgage.   Not only do you save interest, build equity 15 yrs earlier.:

 

This is not rocket science people, just common sense.   Instead of paying $300 on the CC for krap you don't need, for show, put it towards your mortgage, or anything you have extra.  ~ 50% return on whatever extra you pay.   Play with the #s if you don't believe me.  No charge for financial consultation ????

https://www.mortgagecalculator.org/calculators/what-if-i-pay-more-calculator.php#top

 

Do you really need a new car every 3 yrs, and hope you paid cash for ... you didn't ... IDIOT

 

Get rid of interest payments and you'll build equity and retire early, with spare coin in the pocket ... every month.

 

 

Edited March 8, 2023 by KhunLA

[Freed1948]

10 hours ago, BritManToo said:

Dinosaur thinking! 

Interest rates are lower than inflation so no point in saving. 

Money in your bank is depreciating money. 

That's why mine is stuffed in my pillow.

[Bday Prang]

         A somewhat pointless and meaningless article,  Anybody with large amounts of spare money in the bank is suffering big  losses due to inflation,  I am having serious  difficulty believing that 1023 savings accounts contain 500 million baht,  who on earth would keep that amount of money in a savings account ?

        Is there an amount that would be guaranteed should the bank collapse,?   In the UK its around £80k  can't see it being much more than 1 million baht 

        Now that the daughter has left home my mrs recently started sorting out and chucking out all her boxes of Junk. she found about a dozen bank books from different accounts all with next to nothing in them, I imagine that to be a common scenario.

         Many Thais will buy gold rather than stash money away in the bank

        

[ThailandRyan]

And household debt at 87% of GDP, makes it easy to understand why 88% of bank accounts have less than 50k Thb in them........no money so let's borrow.....

[KhunLA]

8 minutes ago, Bday Prang said:

        Is there an amount that would be guaranteed should the bank collapse,?   In the UK its around £80k  can't see it being much more than 1 million baht        

It was just lowered to 1 million recently.  Wife was told per bank, not account, at bank, though not sure how true that is. 

 

Yea ... she moved a bit around, and now at different banks ????

 

Apparently true: "Thai Baht Deposits are protected under the Deposit Protection Agency Act up to a maximum of one million baht per one depositor per financial institution."

Edited March 8, 2023 by KhunLA

[RichardColeman]

12 hours ago, Mike Teavee said:

Don't know which country you are from but in the UK I doubt >10% of people have > £1200 in their bank account either.  

Maybe - but we also do not have expensive pick-ups and new cars lining the streets of people with bank balances of less than £1,200 !!! Here all I see are potless Thais will multiple new cars. 

 

 

[ThailandRyan]

41 minutes ago, KhunLA said:

It was just lowered to 1 million recently.  Wife was told per bank, not account, at bank, though not sure how true that is. 

 

Yea ... she moved a bit around, and now at different banks ????

 

Apparently true: "Thai Baht Deposits are protected under the Deposit Protection Agency Act up to a maximum of one million baht per one depositor per financial institution."

It's why I moved to the LTR visa, removed the 800k+ from Kbank and repatriated to the US. One account ar Kbank is all I have now. Closed my accounts at SCB and GSB...was told it was one depositor 1 million Thb max. 

[nigelforbes]

52 minutes ago, KhunLA said:

It was just lowered to 1 million recently.  Wife was told per bank, not account, at bank, though not sure how true that is. 

 

Yea ... she moved a bit around, and now at different banks ????

 

Apparently true: "Thai Baht Deposits are protected under the Deposit Protection Agency Act up to a maximum of one million baht per one depositor per financial institution."

That's one million per depositor per bank. If you have ten accounts, all at different banks, you're covered for 10 million.

[KhunLA]

1 hour ago, nigelforbes said:

That's one million per depositor per bank. If you have ten accounts, all at different banks, you're covered for 10 million.

That's what I posted ... 

[Hanuman2547]

If the title of the thread is correct, I guess that puts me in the 12% group.

[Isaan sailor]

No wonder Thai girls seem attracted to western retirees here.

[Bday Prang]

5 hours ago, KhunLA said:

It was just lowered to 1 million recently.  Wife was told per bank, not account, at bank, though not sure how true that is. 

 

Yea ... she moved a bit around, and now at different banks ????

 

Apparently true: "Thai Baht Deposits are protected under the Deposit Protection Agency Act up to a maximum of one million baht per one depositor per financial institution."

I really would not like to be in the position where I needed to put that guarantee to the test,