Leaving money in bank in Thailand when going to USA long term safe?

[happysanook]

I have about 150k baht in a Thai bank. How safe is it there if I leave for an unknown amount of time. Could be 3 months, could be 10 years. I've heard stories about farang money just disappearing with no valid excuse from the banks.

I've considered just sneaking it out, but don't want to get it seized because it's over the 50k limit.

Obviously converting it to USD and transferring it, or taking it with me in USD cash is the safest option, but this is a terrible time to be converting.

So just considering leaving it there. But I don't think I'll be able to bring myself to trust it in a Thai bank long term.

[happynthailand]

I opened a bank account in the 70's here as a "GI"

had 80K in the account,was still there in 2008,they just don't pay interest after 90 days with no activity

[thrilled]

I've had money in Kasikorn bank for over 4 years.They haven't taken any that I can see.It's not A savings account so no interest.

[Torrens54]

My wife and I left a large sum in the Siam Commercial Bank in CNX while we went to Australia for a few years, came back and it was ALL there.

A smaller amount in the Kasikorn Bank however, had been reduced by "Bank Fees" and considering we paid that mob CASH for a house before we went abroad, I was NOT impressed so we closed the account and now only deal with SCB.

[moradave]

I bank with Bangkok Bank (BB) and consider them a good, reliable, safe bank. However, I am concerned about the financial support BB has alledgedly given to Suthep and his protest groups. An ATM, on the street, in a busy market, near my aparment was removed a couple of days ago. I am concerned that the present government may take punitive action against BB. So I wouldn't park a large amount of money there right now.

[CMSteve]

The 50K limit is $50K USD for electronic transfers. Nobody will bat an eye at $5000 USD in your pocket.... And like others have said "farang money just disappearing with no valid excuse from the banks." is just BS.

[Pib]

This ThaiVisa post may be helpful...it quotes some Bank of Thailand guidelines and says $20K USD can be carried out before needing to declare to Thai customs. Bt150K/$5K is really not that much in terms of money leaving or entering the country. Be sure to convert your baht to USD "in Thailand" as you get a significantly better rate than what you would get from a U.S. bank. Where one poster said they don't pay interest on an account after 90 days I don't believe that is true....heck, I have multiple regular and fixed savings accounts and they all pay interest. However, but, Thai regular savings accounts do not pay interest if, repeat, if your account was opened/coded as a tourist/non-resident; otherwise, they pay interest just like a Thai citizen gets. If your account drops below 2,000 baht with no activity after 12 months they will begin charging a monthly maintenance fee of approx 50 baht...and when the balance reaches 0 they will close the account. Is it safe to leave your money in a Thai bank account?...sure I feel so...just be sure you safeguard any debit card that came with the account...and being able to monitor the bank account via internet banking/phone banking is always a good idea regardless of which country the account resides in.

[happysanook]

I realize I can take it out in USD. The issue is that I don't want to convert it now because of conversion rates.

The money is in Krung Thai

Hmmm... Maybe I'll withdraw 50 and take it with me. Leave 100 in krung thai. I also have a kasikorn. Maybe I'll put 50 there, leave 50 in krung thai and take 50 home.

Edited December 18, 2013 by happysanook

[keeniau96]

US gov't regulation that you must declare cash or equivalents with value of US$10k or more. There is a place on the arrival card for that declaration and the Immigration dude may have question but it is perfectly legal to bring in any amount as long as it is declared.

[Smokin Joe]

Get an ATM card for the account and you can take it out in the US anytime you want if you decide you won't be returning for a long time.

[davejones]

If you don't trust them then just withdraw it. I can't see why anyone would even put money in a bank they don't trust. Just for the record, I trust Thai banks and have never had money go missing. Where do you hear these strange tales? At a bar maybe?

[sikishrory]

Im in the same position now.

Im wondering about term deposits. Would it be possible to put it in a term deposit and just keep it like that? If possible i am wondering when the term deposit is finished is it automatically unlocked and withdrawable from ATM or do you have to go in sign a bunch of papers and present ID.

[Pib]

With a "traditional" fixed deposit it does not come with an ATM card since it's a fixed deposit...not meant for money being removed until the deposit matures. Once the deposit matures it usually rolls over automatically into a three month fixed deposit unless you go in a pick a new deposit period to roll it over into.

Yes there are "hybrid" deposits accounts that pay much more than a regular savings account but less than a traditonal fixed account that may allow x-number of withdrawals per month and come with an ATM card...but these type of accounts usually don't have a maturity date. Like mentioned they are a "hybrid" of a fixed and regular savings account.