Is Our Money Safe in a Thai BanK?

[FalangBaa]

No.

[MMarlow]

Same with stocks: I challenge ANYONE here,. c'mon--one single person--pipe up--to say that they own 1 single share. Let someone come forth and say: "I do--the shares I own are REGISTERED IN MY NAME!" I do not believe that a single person, of the many that own stock here can say that. If you think you own 100 shares Apple--you do not--the brokerage owns it and you own A PROMISE--the same promise made to the electric company and the garbage collector that serves the brokerage. (Unless the shares are registered in your name). Brokerages no longer charge much. In the 70's a small trade was $40, today it should be $120--what is it? Maybe $2.50 - $9.99--why--because the brokerage houses do not want your fees--they want your stock to play with as, yup, you guessed it--derivatives.

"I do--the shares I own are REGISTERED IN MY NAME!"

Guilty. More than one share.

[Tchooptip]

I have a retirement Visa so I have to put some money somewhere in Thailand since HSBC is "holding" my money, in Thailand its Krungsri, any opinion of this bank?

[Naam]

I would only ever keep the bare amount you require in a thai bank account.

Just about every single institution is rotten to the core in Thailand. Even the monks have 24 carat charlatans in their midst who are whoremongers, bagmen and drug addicts.

I know ( personally ) a lady who worked in a bank in a tourist area. Farang men who'd come in regularly, she'd check out re their marital status and of course their money.

One guy gets in regularly who is minted and single ( and old, vulnerable and ugly ), she makes a play for him successfully and hey presto she now lives in a very very nice house in Khao Lak and away from the drudgery of the bank.

I know of many instances of farangs who have had unauthorised amounts withdrawn from their accounts, and when they confront the branch they get met with a 'mai kow jai'.

Treat every thai as guilty until proven innocent ( without being openly disrespectful ) and you'll do ok.

They all think we have more money than sense and that we wont miss or need the money they'll steal from us or that we can easily replace it.

On their own turf they are as slippery as eels and have more faces than a cosmetic surgeon's catalogue.

How can one person know so many losers? Hmmmmm

"birds of a feather flock together"

[louse1953]

I would only ever keep the bare amount you require in a thai bank account.

Just about every single institution is rotten to the core in Thailand. Even the monks have 24 carat charlatans in their midst who are whoremongers, bagmen and drug addicts.

I know ( personally ) a lady who worked in a bank in a tourist area. Farang men who'd come in regularly, she'd check out re their marital status and of course their money.

One guy gets in regularly who is minted and single ( and old, vulnerable and ugly ), she makes a play for him successfully and hey presto she now lives in a very very nice house in Khao Lak and away from the drudgery of the bank.

I know of many instances of farangs who have had unauthorised amounts withdrawn from their accounts, and when they confront the branch they get met with a 'mai kow jai'.

Treat every thai as guilty until proven innocent ( without being openly disrespectful ) and you'll do ok.

They all think we have more money than sense and that we wont miss or need the money they'll steal from us or that we can easily replace it.

On their own turf they are as slippery as eels and have more faces than a cosmetic surgeon's catalogue.

This is BS,and you makkam are a bigotted racist.

[leosuntime]

I would only ever keep the bare amount you require in a thai bank account.

Just about every single institution is rotten to the core in Thailand. Even the monks have 24 carat charlatans in their midst who are whoremongers, bagmen and drug addicts.

I know ( personally ) a lady who worked in a bank in a tourist area. Farang men who'd come in regularly, she'd check out re their marital status and of course their money.

One guy gets in regularly who is minted and single ( and old, vulnerable and ugly ), she makes a play for him successfully and hey presto she now lives in a very very nice house in Khao Lak and away from the drudgery of the bank.

I know of many instances of farangs who have had unauthorised amounts withdrawn from their accounts, and when they confront the branch they get met with a 'mai kow jai'.

Treat every thai as guilty until proven innocent ( without being openly disrespectful ) and you'll do ok.

They all think we have more money than sense and that we wont miss or need the money they'll steal from us or that we can easily replace it.

On their own turf they are as slippery as eels and have more faces than a cosmetic surgeon's catalogue.

How can one person know so many losers? Hmmmmm

"birds of a feather flock together"

WOW AMAZING TWO MORE FILTHY LOSERs APPEAR OUT OF THE WOOD WORK! THEY ARE EVERY WHERE HAHAHAHAH

opps sry for the caps

where was i... oh yeah, how do we avoid this filth???

Edited February 4, 2014 by leosuntime

[louse1953]

I know of many instances of farangs who have had unauthorised amounts withdrawn from their accounts...

i claim you know nothing but shit and you are full of it. and that notwithstanding the fact that you are violating forum rules.

Rather harsh critique. Are you trolling and trying to start a flame war? If you disagree there are more respectful ways to respond unless you are PWP in which case it is rather early in the morning to start, isn't it?

The harser the better to racists.No tolerance,no respect.

[Naam]

I know of many instances of farangs who have had unauthorised amounts withdrawn from their accounts...

i claim you know nothing but shit and you are full of it. and that notwithstanding the fact that you are violating forum rules.

Rather harsh critique. Are you trolling and trying to start a flame war? If you disagree there are more respectful ways to respond unless you are PWP in which case it is rather early in the morning to start, isn't it?

read and then shove your critique where the moon does not shine. or do you think this derogatory part of the posting (to which i was actually referring) commands any respect?

Treat every thai as guilty until proven innocent (without being openly disrespectful ) and you'll do ok.

They all think we have more money than sense and that we wont miss or need the money they'll steal from us or that we can easily replace it.

On their own turf they are as slippery as eels and have more faces than a cosmetic surgeon's catalogue.

[chiang mai]

I have a retirement Visa so I have to put some money somewhere in Thailand since HSBC is "holding" my money, in Thailand its Krungsri, any opinion of this bank?

It's one of the better banks, they bought HSBC Thailand retail division and now in turn they have been bought (72%) by Bank of Tokyo/Mitsubishi which has assets of USD 2.5 TRILLION (yes, trillion USD). So I don't think they are going anywhere and the idea that Suthep or anyone else is going to steal a few million baht from the Krungsri accounts, well, it's laughable.

[RecklessRon]

I don't know but "Is Our Money Safe in a" US "Bank"?

Despite the media's blitz with the 'it could never happen in America' ignorant drivel no one who knows both economics and history would advise placing money in a USA bank for the long term. Aside from the trade deficit and insurmountable debt, systemic government corruption by special interest and big business groups, the infrastructure collapsing, the constant increase of the poor and homeless, the income inequality increasing, the laws changing to ignore people's rights while handing more and more rights to business... aside from all of that they are fracking everywhere and, in the not too distant future, there will be no safe water left to drink.

How could that be consider a 'safe' place to park money?

Edited February 4, 2014 by RecklessRon

[RecklessRon]

Form two orderly queues, preppers, doomers and conspiracy theorists on the left and thinking people on the right, no pushing and shoving please - my, isn't that left line long!

Thinking people ARE preppers and doomers and a LOT more of the conspiracies have a kernel of truth to them than you would expect!

Only ignorant fools think that everything will be fine in the long run and that their great grandchildren will be free to walk into a 7-11 a pick from 20 varieties of chocolate bars!

[thailandbeachisland]

Don't worry, someone will find a solution to stop them if they attack the banks !

[chiang mai]

I'm not opposed to a decent conspiracy theory myself from time to time, they're entertaining and can be fun. The problem is of course is that they are contagious and people become addicted to them, if allowed to they will take over all the rationale and before long people start seeing little green men peering at them out of every window. Case in point is some posters in this thread who believe that the political unrest in Bangkok will result in us all having our bank accounts seized and we'll all go bust. I mean really, where did that notion come from, is there a grain of truth based on fact anywhere in the story or is it merely another irrational and improbable fear that has been verbalized, hmm, 'tis the latter for sure.

As for our great grandchildren, they'll be just fine, they will have adapted to events and circumstances between now and then, it's us with our history of having got used to the status quo that wouldn't be fine if we were to live for another 100 years.

[Krataiboy]

He is?

Can you supply the link about that?

You got my attention!

I think the following needs to get everybody's attention - especially anyone under the illusion that their savings are safe up to

50 million baht under Thailand's deposit insurance scheme.

"Deposit in Thailand is fully guaranteed until 10 August 2011. From 11 August 2011 until 10 August 2012, the coverage drops to 50 million baht per depositor per bank. Thereafter, coverage is limited to THB one million per depositor per bank". - WICKIPEDIA.

The bold italics are mine. But even without them, the meaning is pretty clear. If any Thai bank goes bust, you will get back just about enough to qualify for your next Retirement Visa.

Not only that, but you will be at the end of a long line of creditors and you could have to wait a year or more to get anything back.

And you thought offshore compensation schemes were lousy!!

[John 1]

I'm not opposed to a decent conspiracy theory myself from time to time, they're entertaining and can be fun. The problem is of course is that they are contagious and people become addicted to them, if allowed to they will take over all the rationale and before long people start seeing little green men peering at them out of every window. Case in point is some posters in this thread who believe that the political unrest in Bangkok will result in us all having our bank accounts seized and we'll all go bust. I mean really, where did that notion come from, is there a grain of truth based on fact anywhere in the story or is it merely another irrational and improbable fear that has been verbalized, hmm, 'tis the latter for sure.

As for our great grandchildren, they'll be just fine, they will have adapted to events and circumstances between now and then, it's us with our history of having got used to the status quo that wouldn't be fine if we were to live for another 100 years.

It's some of the posters on here that believe in WWWrestling and the Walking dead that need a wake up call. Sorry to say some could be Americans going by there constant referral to American bank's. Why not just keep to Thai related.

[John 1]

I'm not opposed to a decent conspiracy theory myself from time to time, they're entertaining and can be fun. The problem is of course is that they are contagious and people become addicted to them, if allowed to they will take over all the rationale and before long people start seeing little green men peering at them out of every window. Case in point is some posters in this thread who believe that the political unrest in Bangkok will result in us all having our bank accounts seized and we'll all go bust. I mean really, where did that notion come from, is there a grain of truth based on fact anywhere in the story or is it merely another irrational and improbable fear that has been verbalized, hmm, 'tis the latter for sure.

As for our great grandchildren, they'll be just fine, they will have adapted to events and circumstances between now and then, it's us with our history of having got used to the status quo that wouldn't be fine if we were to live for another 100 years.

It's some of the posters on here that believe in WWWrestling and the Walking dead that need a wake up call. Sorry to say some could be Americans going by there constant referral to American bank's. Why not just keep to Thai related.

[Krataiboy]

He is?

Can you supply the link about that?

You got my attention!

I think the following needs to get everybody's attention - especially anyone under the illusion that their savings are safe up to

50 million baht under Thailand's deposit insurance scheme.

"Deposit in Thailand is fully guaranteed until 10 August 2011. From 11 August 2011 until 10 August 2012, the coverage drops to 50 million baht per depositor per bank. Thereafter, coverage is limited to THB one million per depositor per bank". - WICKIPEDIA.

The bold italics are mine. But even without them, the meaning is pretty clear. If any Thai bank goes bust, you will get back just about enough to qualify for your next Retirement Visa.

If, that is, there is anything left after all the other creditors have been paid. Oh, and it could take a year or more for the money to be disbursed.

Of course, one could always try suing Kuhn Suthep for your lost millions. But I gather he is already up to his scrawny little neck in debt, to the tune of more than 300 million baht.

And you thought you had problems!!!

[chiang mai]

He is?

Can you supply the link about that?

You got my attention!

I think the following needs to get everybody's attention - especially anyone under the illusion that their savings are safe up to

50 million baht under Thailand's deposit insurance scheme.

"Deposit in Thailand is fully guaranteed until 10 August 2011. From 11 August 2011 until 10 August 2012, the coverage drops to 50 million baht per depositor per bank. Thereafter, coverage is limited to THB one million per depositor per bank". - WICKIPEDIA.

The bold italics are mine. But even without them, the meaning is pretty clear. If any Thai bank goes bust, you will get back just about enough to qualify for your next Retirement Visa.

If, that is, there is anything left after all the other creditors have been paid. Oh, and it could take a year or more for the money to be disbursed.

Of course, one could always try suing Kuhn Suthep for your lost millions. But I gather he is already up to his scrawny little neck in debt, to the tune of more than 300 million baht.

And you thought you had problems!!!

Wicki. is wrong, the existing insurance was extended until 2016.

http://www.dpa.or.th/main.php?filename=index___EN#language

Edited February 4, 2014 by chiang mai

[bitcoinbob]

As america reduces its monthly free money to the world policy called QE from 85 billion to less and less every month the banks they have been helping will started to collapse example of HSBC http://www.zerohedge.com/news/2014-01-24/bank-run-fears-continue-hsbc-restricts-large-cash-withdrawals now if hsbc goes every bank in asia goes.

[chiang mai]

As america reduces its monthly free money to the world policy called QE from 85 billion to less and less every month the banks they have been helping will started to collapse example of HSBC http://www.zerohedge.com/news/2014-01-24/bank-run-fears-continue-hsbc-restricts-large-cash-withdrawals now if hsbc goes every bank in asia goes.

Zero hedge is wrong in its assumptions as indeed it is many times over, HSBC WAS limiting withdrawals by virtue of its duty of care obligation although that only applied to cash withdrawals, electronic transfers remain unrestricted.

[bkksiam]

I suggest you look at your banking agreement or consult your bank to see for how much personal deposits are insured against any calamities. If the amount in your account exceeds the amount insured by your bank, then you might want to move the excess to other banks.

[chiang mai]

I suggest you look at your banking agreement or consult your bank to see for how much personal deposits are insured against any calamities. If the amount in your account exceeds the amount insured by your bank, then you might want to move the excess to other banks.

I suggest you might want to look here for that info. rather than at individual banks:

http://www.dpa.or.th/main.php?filename=index___EN#language

[bitcoinbob]

tell me the last time a bank limited cash withdrawals for your own safety? of course they are going to give a reason like that dont want to worry anyone?

http://www.zerohedge.com/news/2014-01-26/furious-backlash-forces-hsbc-scrap-large-cash-withdrawal-limit

[bitcoinbob]

the deposit insurance scheme here just like in Singapore covers only thai baht, if you have deposits in an other currency dollars,euros, francs zero coverage. all they are going to do is print thai baht like crazy to cover the shortfall . can not do that with other currencies that is why zero coverage.

[midas]

Chop chop Midas, aka Big Gun 2, all the OP needs now is some of your Zero Hedge posts telling him the world is going to end tomorrow and the circle will be complete.

Sorry OP but you really should chill.

Sorry I'm late chiang mai

I wouldn't dream of doing that because I know how much you disbelieve Zero Hedge

.

How about if I posted some links to history books as to how this is going to end - would you believe those?

Or don't tell me you one of those delusional people who say “ ah but it will be different this time “

[midas]

No.

Worldwide there are about 60 trillion US dollar equivalent in derivatives.

All banks are insolvent, at least the large ones.

In 2012 the Gross Domestic Product for the entire world--everything made, all services--not just product: 71.67 trillion USD (2012) That's PRODUCT, not "net."

All Ponzi schemes fail. The question is simple: When?

The big Thai banks are right up there with the rest of the game players:

See: http://www.risk.net/asia-risk/feature/2298283/bank-of-the-year-thailand-siam-commercial-bank

The Cyprus "bail-in" will be what happens if (when) systemic contagion occurs.

In the US people believe that the FDIC (Fed Deposit Insurance Corp) will save them.

Well--it will--unless, and this is a big "unless," more than 1% of banks fail--because that is all that is in the FDIC corp coffers.

And if the burp is, let's say a mere 5% of derivative notional value or a mere 3 trillion--do seriously think that Obama and his cronies are going to pump that into the system--and if so--what happens then.

Same with stocks: I challenge ANYONE here,. c'mon--one single person--pipe up--to say that they own 1 single share. Let someone come forth and say: "I do--the shares I own are REGISTERED IN MY NAME!" I do not believe that a single person, of the many that own stock here can say that. If you think you own 100 shares Apple--you do not--the brokerage owns it and you own A PROMISE--the same promise made to the electric company and the garbage collector that serves the brokerage. (Unless the shares are registered in your name). Brokerages no longer charge much. In the 70's a small trade was $40, today it should be $120--what is it? Maybe $2.50 - $9.99--why--because the brokerage houses do not want your fees--they want your stock to play with as, yup, you guessed it--derivatives.

We are screwed...but again...when? A year, two, three... who knows....

Read up on Cyprus. Then read on verbiage about bail-ins in Canada and Euroland. And consider Obama's new savings plan called MYRA (some refer to it as my raped...well, you fill in the blanks). If (when) the brown stuff hits the fan just maybe MYRA won't be optional...read up on Poland's recent seizure of ALL Bonds in retirement accounts.

Remember it is axiomatic that near the end--governments turn on their own people.

According to the Wall Street Journal, even in 2010 they wrote

“ The global market for transferring risk, whether through over-the-counter swaps or exchange-traded futures and options, could represent a $700 trillion industry year's end “

http://online.wsj.com/news/articles/SB10001424052748703471904576003400646739990

It's totally unregulated $ 700 TRILLION market. And more to the point Alan Greenspan fought tooth and nail to keep it unregulated just after the market meltdown in 2008. This is shown very clearly in the informative film “ Inside Job “

https://www.youtube.com/watch?feature=player_detailpage&v=Uuf3jz4stvI

Edited February 4, 2014 by midas

[chiang mai]

Chop chop Midas, aka Big Gun 2, all the OP needs now is some of your Zero Hedge posts telling him the world is going to end tomorrow and the circle will be complete.

Sorry OP but you really should chill.

Sorry I'm late chiang mai

I wouldn't dream of doing that because I know how much you disbelieve Zero Hedge

.

How about if I posted some links to history books as to how this is going to end - would you believe those?

Or don't tell me you one of those delusional people who say “ ah but it will be different this time “

I shall forgive you this once only Midas, expecting better things next term.

History is of course usually fairly accurate, based on who how and why a particular event is being recanted, sadly, most of us were not present at the time ALL the ACTUAL events took place hence it's difficult to form an independent view on matters!

But hey ho, the past is always a good indicator for the future, that doesn't mean of course that the future must or will replicate the events of the past, the path forward might just be a different one and on the basis of probability, will be.

Cue historic examples of blah blah - cut to marketing material for tin foil hat sales, play!

[Rumpole]

Ordinarily I would say its nonsense to even think its at risk.

Then the word Cyprus pops in to my mind and I can't be 100% sure.

I'm stil 99.999% sure though!

And the woes in Cyprus were purely financial, there was no civil unrest. In the event of a serious escalation of the present political situation, I would expect the banks to close their doors.

I was working in Bahrain in 1990 during the outbreak of Gulf War 1, but was on an extended trip to Hong Kong when Saddam's tanks rolled into Kuwait. I was carrying US dollar denominated American Express travelers' cheques issued by a Bahraini financial institution. After the invasion, it was impossible to cash the cheques (had no problems before that). Nobody wanted them, including the Hong Kong American Express office. Even the banks and money changers in Dubai wouldn't take them on my trip back to the Gulf - presumably because Bahrain was seen as being at high-risk of internal disorder due to the invasion and its aftermath. I know that travelers' cheques are nowadays almost obsolete, but my point is that you may not be able to rely on any financial instrument issued in a conflict zone, and that conflict could develop virtually overnight.

As an aside, but still pertinent to the topic, when I got back to Bahrain I learned that there had been a run on the banks just after the invasion, with many of them shutting up shop in response. It took government intervention to force them to re-open.

Edited February 4, 2014 by Rumpole

[midas]

Chop chop Midas, aka Big Gun 2, all the OP needs now is some of your Zero Hedge posts telling him the world is going to end tomorrow and the circle will be complete.

Sorry OP but you really should chill.

Sorry I'm late chiang mai

I wouldn't dream of doing that because I know how much you disbelieve Zero Hedge

.

How about if I posted some links to history books as to how this is going to end - would you believe those?

Or don't tell me you one of those delusional people who say “ ah but it will be different this time “

I shall forgive you this once only Midas, expecting better things next term.

History is of course usually fairly accurate, based on who how and why a particular event is being recanted, sadly, most of us were not present at the time ALL the ACTUAL events took place hence it's difficult to form an independent view on matters!

But hey ho, the past is always a good indicator for the future, that doesn't mean of course that the future must or will replicate the events of the past, the path forward might just be a different one and on the basis of probability, will be.

Cue historic examples of blah blah - cut to marketing material for tin foil hat sales, play!

But you were here in 2007 and 2008?

This is definitely going to repeat itself because nothing has changed only they have just blown an even bigger bubble this time around

Edited February 4, 2014 by midas

[chiang mai]

Chop chop Midas, aka Big Gun 2, all the OP needs now is some of your Zero Hedge posts telling him the world is going to end tomorrow and the circle will be complete.

Sorry OP but you really should chill.

Sorry I'm late chiang mai

I wouldn't dream of doing that because I know how much you disbelieve Zero Hedge

.

How about if I posted some links to history books as to how this is going to end - would you believe those?

Or don't tell me you one of those delusional people who say “ ah but it will be different this time “

I shall forgive you this once only Midas, expecting better things next term.

History is of course usually fairly accurate, based on who how and why a particular event is being recanted, sadly, most of us were not present at the time ALL the ACTUAL events took place hence it's difficult to form an independent view on matters!

But hey ho, the past is always a good indicator for the future, that doesn't mean of course that the future must or will replicate the events of the past, the path forward might just be a different one and on the basis of probability, will be.

Cue historic examples of blah blah - cut to marketing material for tin foil hat sales, play!

But you were here in 2007 and 2008?

This is definitely going to repeat itself because nothing has changed only they have just blown an even bigger bubble this time around

Please advise hat size in accordance with the following:

http://www.ubs.iastate.edu/hat_sizing_chart.html

Shall also require preference as to foil, tin, steel or kevlar, please advise.

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