With everything that has gone on with the banks this year, account freezes/closures etc - do you still trust them?

 

For me the answer is a resounding no.

 

I have liquidated all my assets into cash and gold and completely given up on mobile banking.

 

We must resist this WEF nonsense at all costs! Cash is our single biggest asset to privacy and anonymity, and we lose that at our peril...

 

Eric.

yes definitely the one million that is guaranteed

Just now, mordothailand said:

yes definitely the one million that is guaranteed

What?

7 minutes ago, Stressed Eric said:

What?

one million baht savings is guaranteed for people

So you rely on getting cash from the ATM as you need it ? What about the gold - how do you keep that ?

7 minutes ago, mordothailand said:

one million baht savings is guaranteed for people

what about  when they freeze/close your account?

 

what happens to your so called million then?

4 minutes ago, persimmon said:

So you rely on getting cash from the ATM as you need it ? What about the gold - how do you keep that ?

Locked away in a secret location.

 

4,000 an ounce now.....

24 minutes ago, Stressed Eric said:

With everything that has gone on with the banks this year, account freezes/closures etc - do you still trust them?

 

For me the answer is a resounding no.

 

I have liquidated all my assets into cash and gold and completely given up on mobile banking.

 

We must resist this WEF nonsense at all costs! Cash is our single biggest asset to privacy and anonymity, and we lose that at our peril...

 

Eric.

Apparently you are not on extensions of stay 

Hasnt it been well established that if you have a long-term visa then there is no issue with accounts being frozen?

 

Is that not the case?

13 minutes ago, Larkin said:

Hasnt it been well established that if you have a long-term visa then there is no issue with accounts being frozen?

 

Is that not the case?

Who says I want to stay here long term??

8 minutes ago, Stressed Eric said:

Who says I want to stay here long term??

 

 

Nobody.   But isn't the point that it makes complete sense for banks to give accounts only to those with bona-fide long-term visas?  

 

If you're not on a long-term visa, why do you need a local bank account, especially in the days of Wise and Revolut?

 

The rules are clear.  For a bank account you need a long-term visa.  if you dont have a long-term visa how can anyone complain if their accounts are being frozen?

 

 

 

   

1 hour ago, Stressed Eric said:

what about  when they freeze/close your account?

 

what happens to your so called million then?

its guaranteed by the state

I wouldn't transfer all your money over but a million or so isn't a big deal, not worth getting your knickers in a twist 

Are you kidding me bob? I just went ahead and opened accounts with all these Thai banks and dropped ฿10 million into each one: Bangkok Bank, Kasikornbank, Siam Commercial Bank, Krungthai Bank, Bank of Ayudhya, TMBThanachart Bank, CIMB Thai Bank, United Overseas Bank Thailand, Standard Chartered Bank Thailand, Kiatnakin Phatra Bank, Government Savings Bank, Export Import Bank of Thailand, Islamic Bank of Thailand, Land and Houses Bank, and Thai Credit Retail Bank.

 

I was going to follow your genius plan and blow it all on ladyboys and cheep Thai beer, but then I had an unexpected change of heart. Now look at me, earning a mind blowing 0.5% interest on all my money. I mean, who wouldn’t be over the moon, right mate?

13 hours ago, Larkin said:

 

 

Nobody.   But isn't the point that it makes complete sense for banks to give accounts only to those with bona-fide long-term visas?  

 

If you're not on a long-term visa, why do you need a local bank account, especially in the days of Wise and Revolut?

 

The rules are clear.  For a bank account you need a long-term visa.  if you dont have a long-term visa how can anyone complain if their accounts are being frozen?

 

 

 

   

 

The rules about “long term visas,” are not absolutely clear and they are also about 3 months old. Until a couple years ago Bangkok Bank advertised their accounts for tourists, on their website.

 

Furthermore, the DTV is valid for 5 years and the NON-O is valid for three months. You then need to open a bank account on that 3 month visa to extend it.

 

There’s no need to pretend like that is “absolutely clear.”

For my part, “no,” but I’m mostly worried about having my account frozen while I am out of Bangkok where my account is and having it be inconvenient to return, only to be told they don’t want my business any more. 

15 hours ago, Stressed Eric said:

Locked away in a secret location.

 

4,000 an ounce now.....

4300 now.

 

No I don't trust banks.

7 months 400k

5 months 800k

just to get the extention.

2 hours ago, Everyman said:

 

The rules about “long term visas,” are not absolutely clear and they are also about 3 months old. Until a couple years ago Bangkok Bank advertised their accounts for tourists, on their website.

 

Furthermore, the DTV is valid for 5 years and the NON-O is valid for three months. You then need to open a bank account on that 3 month visa to extend it.

 

There’s no need to pretend like that is “absolutely clear.”

I get that BKK bank and presumably other banks have changed their policies in recent years. But surely that’s a reflection of two things: tightening rules on visas and a desire to get better long term expats rather than border runners, and also a tightening of banking regulations to reflect that. 
 

That seems a good thing to me. 
 

wouldn’t we want the same in our home countries? 
 

 

Just keep savings and investments in Singapore and maintain a basic amount to cover extension, plus three to four months living costs in Thai accounts. Holding as cash and gold stashed under the mattress is nonsensical and simply asking for trouble.

Keeping savings protected means trying to maintain accounts with one million each per private bank, which is insured.  However, a further reduction in bank deposit insurance coverage would also create less trust in the banking system overall I believe. Spreading money into the stock market for dividends and gold may be wise. 

As mentioned, the insurance applies to private banks only, not government owned banks. The Finance Ministry is the major shareholder of these banks and would be liable to provide a blanket guarantee against bankruptcy. This includes banks such as the Government Housing Bank, and the Government Savings Bank. A blanket guarantee means 100% of your saving is guaranteed.

What if Thailand became bankrupt? Governments can print money as needed, unlike private banks and listed companies.

18 hours ago, Stressed Eric said:

With everything that has gone on with the banks this year, account freezes/closures etc - do you still trust them?

 

For me the answer is a resounding no.

 

I have liquidated all my assets into cash and gold and completely given up on mobile banking.

 

We must resist this WEF nonsense at all costs! Cash is our single biggest asset to privacy and anonymity, and we lose that at our peril...

 

Eric.

What did you smoke???And where you're hiding your cash money and gold??

Tell us🎉

42 minutes ago, Stocky said:

Just keep savings and investments in Singapore

Unless you already have an account or considerable funds and happy to travel there I don't think it is that easy - and hasn't been for quite a few years as far as I understood it?

4 hours ago, Larkin said:

I get that BKK bank and presumably other banks have changed their policies in recent years. But surely that’s a reflection of two things: tightening rules on visas and a desire to get better long term expats rather than border runners, and also a tightening of banking regulations to reflect that. 
 

That seems a good thing to me. 
 

wouldn’t we want the same in our home countries? 
 

 

 

There nothing better about an expat that is over 50 than is under 50. That’s the difference. 

 

I’ve heard this ridiculous argument many times and it never makes sense. 

all thai banks have become stricter with regulations. does that make them less trustworthy for some of you, or did i misunderstand something? has anyone ever lost money because of a thai bank?

 

On 10/16/2025 at 8:35 PM, mordothailand said:

yes definitely the one million that is guaranteed

 You really think you would get any of that back? There would be a compensation pot yes, that would soon run dry and most would get nothing, guaranteed in name only. Same happened when insurance companies went bust during covid, backed by a government compensation promise, but not many were paid back .

25 minutes ago, proton said:

 Same happened when insurance companies went bust during covid, backed by a government compensation promise, but not many were paid back .

i can't recall that, any link please if possible ...

if something like that happened with an insurance, are you sure the same could happen also with banks? because the 1 million guarantee is a written law, not just a promise ...

21 minutes ago, motdaeng said:

i can't recall that, any link please if possible ...

if something like that happened with an insurance, are you sure the same could happen also with banks? because the 1 million guarantee is a written law, not just a promise ...

 

Why do people always want a link? This is what happened to us when first insurance went bust, applied for the refund straight away, then nothing, the govt department would not answer phone calls or emails after, never got anything back but only about 5k.

7 minutes ago, proton said:

never got anything back but only about 5k.

Well what was it - you got 5k back or nothing......

Sure we trust their banks and online banking systems....only to put in the amounts one can afford to loose of course. Not to mention further rules and regulations that can suddenly change overnight and make it a nightmare...

 

In fact no bank be it in Thailand or in America can be blindly trusted with any amount more then what you can affort to loose. 

19 hours ago, topt said:

Unless you already have an account or considerable funds and happy to travel there I don't think it is that easy - and hasn't been for quite a few years as far as I understood it?

You can open an account in Singapore, yes there is more required in terms of identification with KYC, but that's the same globally. Singapore is an hour's flight from Hat Yai hardly a long way. As for substantial funds I guess that's a matter of perspective.