Largest Amount Of Thb You Would Keep In A Thai Bank?

[khunjake]

So what the highest amount of cash one would feel comfortable holding on deposit at any Thai Bank?

I think the insurance limit is only set to 1M THB per account/depositor although the banks here seem to be well capitalized without the same issues that US and European banks have experienced.

[bojo]

So what the highest amount of cash one would feel comfortable holding on deposit at any Thai Bank?

I think the insurance limit is only set to 1M THB per account/depositor although the banks here seem to be well capitalized without the same issues that US and European banks have experienced.

Regardless, I'd still spread my risks amongst different accounts in the top banks, namely Bangkok Bank and SCM etc.

Regards Bojo

[Beacher]

I basically clear out my Thai bank account once a year and transfer the funds to a financial institute overseas where I can earn a bit of interest.

It's the not the insurablility of the money that concerns me. It's the fact that I'm not going to leave a substantial amount of money in a bank where they can use to generate income but refuse to give me anything in return. I've tried to get even 2% from SCB, but they refuse, so once a year I generally clean out my account.

[Soutpeel]

I hold no more than THB 150,000 in my Thai Bank Account, vast bulk is held in an offshore account, outside Thailand

[inthepink]

I would feel "comfortable" holding as much money here as I would in any other country. If you personally know of a single person who has lost money because of a Thai bank collapsing, I'd be flabbergasted.

[toptuan]

I basically clear out my Thai bank account once a year and transfer the funds to a financial institute overseas where I can earn a bit of interest.

It's the not the insurablility of the money that concerns me. It's the fact that I'm not going to leave a substantial amount of money in a bank where they can use to generate income but refuse to give me anything in return. I've tried to get even 2% from SCB, but they refuse, so once a year I generally clean out my account.

What transfer method do you use? Do they require any sort of documentation beyond your passport and passbook?

[Naam]

So what the highest amount of cash one would feel comfortable holding on deposit at any Thai Bank?

I think the insurance limit is only set to 1M THB per account/depositor although the banks here seem to be well capitalized without the same issues that US and European banks have experienced.

stating facts is better than "thinking"

http://www.reuters.com/article/rbssInvestm...K20702720081028

[Denim]

Well....10 baht would be 9 baht too much

[Beacher]

I basically clear out my Thai bank account once a year and transfer the funds to a financial institute overseas where I can earn a bit of interest.

It's the not the insurablility of the money that concerns me. It's the fact that I'm not going to leave a substantial amount of money in a bank where they can use to generate income but refuse to give me anything in return. I've tried to get even 2% from SCB, but they refuse, so once a year I generally clean out my account.

What transfer method do you use? Do they require any sort of documentation beyond your passport and passbook?

I just looked at the latest form they used and at the top is says, "Outward Payment Order"

It also mentions something about "FT Type - FT No. 4" ( I assume FT means Funds Transfer.)

Also, there is a flat-rate commision of 550 baht.

I think SCB might refer to it as a Direct Deposit (or possibly a Telex Transfer)

I needed to get some info from the recieving financial institute besides my account number.

Sorry that I couldn't be more helpful, but that's about all I can tell you.

[likewise]

I basically clear out my Thai bank account once a year and transfer the funds to a financial institute overseas where I can earn a bit of interest.

It's the not the insurablility of the money that concerns me. It's the fact that I'm not going to leave a substantial amount of money in a bank where they can use to generate income but refuse to give me anything in return. I've tried to get even 2% from SCB, but they refuse, so once a year I generally clean out my account.

Weird that they don't give you interest. I am with SCB and get interest on all my accounts with them.

[Beacher]

I basically clear out my Thai bank account once a year and transfer the funds to a financial institute overseas where I can earn a bit of interest.

It's the not the insurablility of the money that concerns me. It's the fact that I'm not going to leave a substantial amount of money in a bank where they can use to generate income but refuse to give me anything in return. I've tried to get even 2% from SCB, but they refuse, so once a year I generally clean out my account.

Weird that they don't give you interest. I am with SCB and get interest on all my accounts with them.

Ya, I've heard many times of foreigners getting interest on their accounts at SCB but I've given up trying. Every time, they would say, "Only Thai people", so it's easier to just send the money out of the country. I'm not talking about a lot of money -- only a few million baht, so I guess they figure this is a measly amount that isn't worth trying to work out a way of giving me some interest and keeping it in their bank.

I'm guessing that one needs about 10 million baht or more in a Thai bank to start getting some interest. Is that right?

Up to them!

Edited August 6, 2009 by Beacher

[hansnl]

I basically clear out my Thai bank account once a year and transfer the funds to a financial institute overseas where I can earn a bit of interest.

It's the not the insurablility of the money that concerns me. It's the fact that I'm not going to leave a substantial amount of money in a bank where they can use to generate income but refuse to give me anything in return. I've tried to get even 2% from SCB, but they refuse, so once a year I generally clean out my account.

Weird that they don't give you interest. I am with SCB and get interest on all my accounts with them.

Ya, I've heard many times of foreigners getting interest on their accounts at SCB but I've given up trying. Every time, they would say, "Only Thai people", so it's easier to just send the money out of the country. I'm not talking about a lot of money -- only a few million baht, so I guess they figure this is a measly amount that isn't worth trying to work out a way of giving me some interest and keeping it in their bank.

I'm guessing that one needs about 10 million baht or more in a Thai bank to start getting some interest. Is that right?

Up to them!

My friendly, and frankly very beautiful, woman bankmanager of KTB assured me that all Thai banks can give an intrest on accounts held by foreigners.

Some don't want, some don't like the extra work, some employee's are just stupid or lazy.....whatever

I gather it seems to revolve around the customer having a Thai ID-number and a yellow Tambien Baan.

Probably it also has something to do with taxability, tax is deducted from the intrest.

I get intrest, but only because I had a yellow Tambien Baan.

[katabeachbum]

I basically clear out my Thai bank account once a year and transfer the funds to a financial institute overseas where I can earn a bit of interest.

It's the not the insurablility of the money that concerns me. It's the fact that I'm not going to leave a substantial amount of money in a bank where they can use to generate income but refuse to give me anything in return. I've tried to get even 2% from SCB, but they refuse, so once a year I generally clean out my account.

Weird that they don't give you interest. I am with SCB and get interest on all my accounts with them.

Ya, I've heard many times of foreigners getting interest on their accounts at SCB but I've given up trying. Every time, they would say, "Only Thai people", so it's easier to just send the money out of the country. I'm not talking about a lot of money -- only a few million baht, so I guess they figure this is a measly amount that isn't worth trying to work out a way of giving me some interest and keeping it in their bank.

I'm guessing that one needs about 10 million baht or more in a Thai bank to start getting some interest. Is that right?

Up to them!

Start with a fixed savings account, like 300k fixed deposit for 6 months. Returns approx 1,8% pa after tax deducted, look for posters in the bank (bank deducts tax for you). Now you are classified as a "farang interest customer".

[zzaa09]

We only use banks here to conduct assorted business - transfers, our businesses, etc. I don't trust banks {anywhere} nor do I look upon the banks as extended family. A pox on all their houses. We, like a great percentage of people do here, have cash stashes. Imagine a world in where you don't have to be dependent or controlled by the financial institutions.....

[Soutpeel]

I gather it seems to revolve around the customer having a Thai ID-number and a yellow Tambien Baan.

Probably it also has something to do with taxability, tax is deducted from the intrest.

I get intrest, but only because I had a yellow Tambien Baan.

Rubbish...

Allow me to edit your post..as above

I get interest and I dont have a yellow Tambien Baan..

Taxability may or may not have something to do with it...but Yellow Tambien Baan..No

[Naam]

I basically clear out my Thai bank account once a year and transfer the funds to a financial institute overseas where I can earn a bit of interest.

It's the not the insurablility of the money that concerns me. It's the fact that I'm not going to leave a substantial amount of money in a bank where they can use to generate income but refuse to give me anything in return. I've tried to get even 2% from SCB, but they refuse, so once a year I generally clean out my account.

Weird that they don't give you interest. I am with SCB and get interest on all my accounts with them.

Ya, I've heard many times of foreigners getting interest on their accounts at SCB but I've given up trying. Every time, they would say, "Only Thai people", so it's easier to just send the money out of the country. I'm not talking about a lot of money -- only a few million baht, so I guess they figure this is a measly amount that isn't worth trying to work out a way of giving me some interest and keeping it in their bank.

I'm guessing that one needs about 10 million baht or more in a Thai bank to start getting some interest. Is that right?

Up to them!

no it is not right. i have never asked for interest but since i am with SBC i am getting interest (albeit a miniscule percentage that varied over the years) on balances between min 500k and max 2 million Baht.

[Tafia]

I basically clear out my Thai bank account once a year and transfer the funds to a financial institute overseas where I can earn a bit of interest.

It's the not the insurablility of the money that concerns me. It's the fact that I'm not going to leave a substantial amount of money in a bank where they can use to generate income but refuse to give me anything in return. I've tried to get even 2% from SCB, but they refuse, so once a year I generally clean out my account.

Weird that they don't give you interest. I am with SCB and get interest on all my accounts with them.

Ya, I've heard many times of foreigners getting interest on their accounts at SCB but I've given up trying. Every time, they would say, "Only Thai people", so it's easier to just send the money out of the country. I'm not talking about a lot of money -- only a few million baht, so I guess they figure this is a measly amount that isn't worth trying to work out a way of giving me some interest and keeping it in their bank.

I'm guessing that one needs about 10 million baht or more in a Thai bank to start getting some interest. Is that right?

Up to them!

How easy is it to send money out of the country, I thought there were certain restrictions and a lot of paperwork required to do it??

[Soutpeel]

How easy is it to send money out of the country, I thought there were certain restrictions and a lot of paperwork required to do it??

In my experience, pretty easy to do and 1 form...

[Lite Beer]

Inflammatory posts and the replies to them have been deleted.

[Time Traveller]

I would feel "comfortable" holding as much money here as I would in any other country. If you personally know of a single person who has lost money because of a Thai bank collapsing, I'd be flabbergasted.

Maybe you might like to read up on the Bangkok Bank of Commerce collapse in the 1990's. Many many have lost money that was loaned to thai banks during that time. Granted things are a little different now.

[khunjake]

So far, the range has been as low as 150k up to "a few million".

[Ijustwannateach]

I was surprised to read that the deposit insurance would be 'phased out.' Wouldn't that have the potential to create a scare and a run on the banks?

I was also under the impression that the insurance was only for 100k per depositor at each bank- does anyone have the actual facts (the maximum amount wasn't stated in the above article).

So far I've usually moved savings to other places; I don't usually let my balance stay over 100K for long (for the above reasons).

[scotsman]

I only keep a very low amount in my account most of the year right now its 1500 baht and for 1 month in the year for visa purposes I may have 90k but I use that very quickly after I get my visa and its back down to 1500 Baht. The reason for this is that I have read so many stories some on this forum some in the local newspapers about people losing money from there account's & the bank or the police will do nothing, so I don't trust the banks in Thailand. I know you can use a bank account with a pass book only but that will not help make your banking easy so its better for me to just use the ATM and withdraw my funds from my uk bank or credit card.

Regards

Scotsman

[Soutpeel]

so I don't trust the banks in Thailand.

Why only single out banks in Thailand, I personally dont trust banks anywhere...

[Absingjul]

Just like everything else here... only what I am willing to walk away from.

[RickBradford]

Just like everything else here... only what I am willing to walk away from.

Wise words....

[Heng]

However much one needs to transact business and life's mundane bills. The rest is offshore (although pretty much readily accessible through Standard Chartered and HSBC).

Otherwise, none of your business.

Edited August 7, 2009 by Heng

[scotsman]

so I don't trust the banks in Thailand.

Why only single out banks in Thailand, I personally dont trust banks anywhere...

Because the banks in the uk will refund any money that has been stolen out of your account. As under the British law they will have to investigate and will refund your money. There is no law in Thailand to force a Thai bank to refund or investigate if someone steals your money out of your account.

regards

Scotsman

[Soutpeel]

so I don't trust the banks in Thailand.

Why only single out banks in Thailand, I personally dont trust banks anywhere...

Because the banks in the uk will refund any money that has been stolen out of your account. As under the British law they will have to investigate and will refund your money. There is no law in Thailand to force a Thai bank to refund or investigate if someone steals your money out of your account.

regards

Scotsman

Solution simple...dont have a Thai bank account then....or if you do...keep them minimum amont of money it it and bank overseas, where you do get a refund...

[inthepink]

I would feel "comfortable" holding as much money here as I would in any other country. If you personally know of a single person who has lost money because of a Thai bank collapsing, I'd be flabbergasted.

Maybe you might like to read up on the Bangkok Bank of Commerce collapse in the 1990's. Many many have lost money that was loaned to thai banks during that time. Granted things are a little different now.

Banks' Creditors losing money and individuals losing money they keep in a bank account are two entirely different things. I would still like to hear from anyone who has lost money they put in a Thai bank account, owing to the collapse of that bank. I had a good google and as far as I can see the BOT took over the Bangkok Bank of Commerce and there is no mention of any depositors losing money. Given the huge losses that corporate creditors have had forced on them in the West over the last year or so and the run on Northern Rock in the UK, I still fail to see why anyone thinks their money is less safe here. Edited August 7, 2009 by inthepink