Thai banks

[ahddub]

Would anyone know a site where I can find the "safest", as in Solvency, bank? I'm concerned about a possible repeat of 1997 in 2004.

[MaiChai]

What do you think will happen in 2004, or more precisely, why do you think it will happen. eg what chain of events?

[hukster]

From what i've read Bangkok bank, and Krungthai bank are the top two Thai banks. You also have City bank, and Bank of america in Bangkok. If their were to be another asian chrises, and the devaluation of the baht no matter what bank you have your money in would not make a difference.

[Roger13]

There is also

Standard Chartered (British)

Hong Kong Shanghai Banking Corp - HSBC (British)

UOB (Singaporean)

[ahddub]

Thanx to all for your responses.  How about Kasikorn Bank?

Mai Chai,

I've heard concerns regarding excessive governmental spending in order to spur the economy - a very lax monetary policy as well as government support of bank credit and public programs.  In my own humble opinion (I'm an American supply-sider), support of domestic spending would only fuel growth; the free trade agreement with China will only help to shore up the policies.

But I'm also prudent and like to make the right choices based upon available information.

Cheers.

[singa-traz]

Not sure what is your real concern ?

In 1997, if you had 100K THB in your account ...you would have had 100K THB, if you did not touch it, in any of the bank.

I don't recall any of the restriction that I have heard in Argentina (limitation in withdrawing your own money)

In 1997, the risk was more about currency exchange ...

example: Paid in Thai Bath ... loan in US$.

If you had plenty of cash at that time, it was actually an opportunity ... had you convert it in US$ before July ... then convert it back in THB a few weeks/month later ... like many did.

[Roger13]

Hi ahddub,

If you really are so concerned

- why are you limiting your interest to Thai Banks?

If you are following the mention of funds

needing to be in a "Thai Bank" in the Immigration Rules,

you can read that to mean a "Bank in Thailand".

The Foreign Banks are acceptable.

Roger

[singa-traz]

I guess, he is referring to this:

- http://asia.news.yahoo.com/030713/afp/0307...216business.htm

Or this one ?

http://asia.news.yahoo.com/030713/afp/0307...16business.html

OK ... missed the l in html.

[wolf5370]

Sorry Singa-Traz, get a 404 on that link (typo?).

If I remember right, a good few banks and investment houses dispanded overnight and peoples cash along with it. If I also remember correctly, they were mostly European (a french one was headlines for a while) and the companies that fronted them withdrew back to their respective homeshores along with the said investments/savings. As far as I remember all the Thai banks were slated, and lots of important people were sacked, investigated and had their gross worth spread all over the Bangkok Post (Officials and Bank Execs) - but all stayed afloat with a litle help from the Government.

Therefore, your money would be roughly the same net worth today - and more if you'd put it in when it hit the mid 90's (to the £ that is).

The biggest hit since then has been interest rates - try and get a Thai Account paying 8% (farang) or 10+% (Thai) now however much you've got.

Personally I think anyone who had their money in a bank over that period must have had their head in the sand - it was well enough publisised that Thailand was to break with the US$, and obvious it would take a while to stablise (and then unlikelt to still be 40Bht to the £). The tiger's were showing signs of strugling and Japan and Malaysia were in the news big time.

I had a small amount of cash in a Thai account (BKK Bank + Thai Farmers) which I withdrew as sterling (Thai accounts) and put back in when it hit 82.  ::