Is Our Money Safe in a Thai BanK?

[chiang mai]

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!

Did you forget Iceland?

I put mine in Thai Military Bank, can't see the government or rebels playing with them.

TMB, 26% owned by ING, the people who bought you Barings!

[SheungWan]

Thai banks!I don't trust any bank anywhere.Most countries have borrowed so,much.I believe the world is like musical chairs.It's all fine now.Wait til the music stops.

But presumably you do trust the security box in your apartment room to hold all your worldly assets.

[AryanicAristocrat]

with the kind of interests that you can get from thai banks and their kind of service, its best to withdraw everything you have and put it into an overseas bank or off shore account or just keep cash at home in a safe.

[crazykopite]

In these uneasy times I would go and purchase a good fire safe for less than 20,000 baht that is what I did just in case

[makkam]

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I know of many instances of farangs who have had unauthorised amounts withdrawn from their accounts, and when they confront the branch they get met with a 'mai kow jai'.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

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I know of many instances of farangs who have had unauthorised amounts withdrawn from their accounts...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

[John 1]

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.

What a load of B/S

[Jip99]

I doubt that Suthep will try to close Bangkok Bank since they are so big in international finance. Also, they are a big donor to his cause.

Evidence ?

[makkam]

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.

The safe haven of the dimwit, expletives and denial.

Go away and drown in your sorrows little man

[makkam]

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.

What a load of B/S

Hide from reality all you like.

You look more handsome with your head in the sand I'm sure

[nickcar]

Thai banks are generally as safe as any bank anywhere. In times of crisis they could fail as any bank anywhere can fail. Although the protesters may be able to close a branch or two there is no chance they could close down a bank. (In my opinion)

[rotary]

Looks like Suthep has been talking with Obama to get "new" ideas.

[bhatmasterson]

A little off topic, but I'm interested in hearing opinions on Thai Military Bank (TMB). I assume it is connected to the military in some way. If this is the case, would that make it more or less safe in these uncertain times?

I had a job here in Chiang Mai a few years ago that opened a direct deposit account for me at this bank. Though I no longer have said employment, I still have the account with a very small amount of money in to keep it open.

I now have an account at a different bank but someone mentioned spreading money around to a few banks as opposed to having just one. I hardly ever hear TMB bank mentioned. Anyone had any good or adverse experiences with this bank?

[chiang mai]

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.

Rubbish, if you only had five satang you'd still have more money than sense!

[12DrinkMore]

A little off topic, but I'm interested in hearing opinions on Thai Military Bank (TMB). I assume it is connected to the military in some way. If this is the case, would that make it more or less safe in these uncertain times?

I had a job here in Chiang Mai a few years ago that opened a direct deposit account for me at this bank. Though I no longer have said employment, I still have the account with a very small amount of money in to keep it open.

I now have an account at a different bank but someone mentioned spreading money around to a few banks as opposed to having just one. I hardly ever hear TMB bank mentioned. Anyone had any good or adverse experiences with this bank?

I have an "No Fixed" account with them as it gives reasonable interest and instant access, which I use for unexpected large expenses.

I have also opened term deposits.

No problem getting the letter for tax reclaim.

The only issue I have is that their local opening hours are more restricted than the other majors. Otherwise just as friendly and helpful as all the other Thai banks I have used, except CIMB, where the local manager doesn't like foreigners and insists on having a Thai contact person before opening an account. I did not open an account)

(However I would rate the attractiveness of their staff as less than AYB, SCB or BBL, if that is important.....)

[vaultdweller0013]

Lets just say that no politician is going to close SCB: http://www.scb.co.th/en/about-scb/investor-relations/company-information/shareholder-structure

[chiang mai]

A little off topic, but I'm interested in hearing opinions on Thai Military Bank (TMB). I assume it is connected to the military in some way. If this is the case, would that make it more or less safe in these uncertain times?

I had a job here in Chiang Mai a few years ago that opened a direct deposit account for me at this bank. Though I no longer have said employment, I still have the account with a very small amount of money in to keep it open.

I now have an account at a different bank but someone mentioned spreading money around to a few banks as opposed to having just one. I hardly ever hear TMB bank mentioned. Anyone had any good or adverse experiences with this bank?

I have an "No Fixed" account with them as it gives reasonable interest and instant access, which I use for unexpected large expenses.

I have also opened term deposits.

No problem getting the letter for tax reclaim.

The only issue I have is that their local opening hours are more restricted than the other majors. Otherwise just as friendly and helpful as all the other Thai banks I have used, except CIMB, where the local manager doesn't like foreigners and insists on having a Thai contact person before opening an account. I did not open an account)

(However I would rate the attractiveness of their staff as less than AYB, SCB or BBL, if that is important.....)

Fixed accounts in Thailand provide the same access as savings account, the funds can be withdrawn at any time.

[movsrus]

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?

[jsflynn603]

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.

Edited February 4, 2014 by jsflynn603

[thaibook]

Fortunately (or not depending on your point of view) it would take more than a few protesters blocking the car park at head office to close a major bank. Your money is pretty safe with SCB, however if it was a serious amount I'd probably spread it around a few banks just in case.

As has been said, I think money in a commercial or even most state banks is fairly safe. However, if anyone has money in the Thai government savings bank (the one that has a lottery every month) I suspect that is the first place the government will plunder. Savers are mainly middle and upper class from urban areas - especially BKK - who need punishing and the money will go to pay farmers whose loencouraging and incidentally but irrelevantly for the government who really need money. We do not have much, but my wife is taking our money out of this institution.

[littleboylost]

After the debacle with failing banks and the resulting bail outs in both Europe and the US I seriously doubt if your money is 100% safe anywhere.

Unfortunately if the system does start to collapse all areas of investment, precious metals, real estate etc will suffer too. Without a stable banking system and money supply everything grinds to a halt.

[leosuntime]

I have been saying for about a month now on TVF the following;

- banks are not safe BUT that is NOT the REAL problem

- The real problem is WHEN the ppl with their eyes wide shut (including farang) figure out the banks don't actually have ANY MONEY at all and cause a run on the currency! If you keep a few million paper baht under your bed that still wont protect you if the value of the baht plunges. Who knows what may happen!

A run on the currency may force the central banks to double interest rates over night. If you don't believe me look at what turkey just did. There was a run on the lira just recently and the central bank doubled interest rates to 12%!!!!

I'm not saying this is definitely going to happen in this crisis, but all banks today eventually WILL DEFAULT and no its NOT going to be 30 years down the track. You can't run a ponzi scheme in the paper currency and expect it to last forever. This is old news now, the fact that we have a ponzi scheme as our money. You just have to stop denying it and look it up.

off the topic a bit but i think the root cause to all the problems all over the world stem from the manipulation of interest rates. This is only made possible because central banks can print and we accept that money as payment. Governments then grow too big. People then take on too much debt. Inflation, interest repayments and taxes destroy the wealth of the workers because the salaries are not keeping up! This system has only been if full swing for 43 years! Its not normal but every one thinks it is.

Edited February 4, 2014 by leosuntime

[shaurene]

The banks are pretty independent you did not see any problems with Thai banks like what happened in USA, UK, Europe and all over, same here inNew Zealand and Australia our banks never over extended. Your money will be ok, if you still not sure take it out and go buy gold or silver or Bitcoins.

[schietkop]

I would say, our money is safe in no bank. My brother used to have 50K EURO in an Iceland bank, the safest there was.... luckily the government bailed him out. If you want a safe storage, buy some Thai gold bulion in any street (only stores that are member from gold accociation, or silver in Chinatown but its difficut to sell here) and stuff it under your bed or any other place. Your home might be safer then any bank! The value of gold is the same already 5000 years. Because, they cant print it, its limited in supply. And note that the current low gold price is not because the gold price is low, its just because the paper money is valued a bit more due to goverment sponsored high stock prices and an already newly forming housing buble. The world gold price is also based on PAPER gold trading at the Comex, not on physical demand as this is outstrippoing demand already for over a year due to China's policy of buying gold instead of American bonds, as well as the hungre for gold in India where they even put an import stop on it to keep prices from rising. Also, keeping Thai Baht under your bed wont do you good, the THB will fall more and more since the unrest destroys all trust the world had left in the Thai economy. So buy some metal now if you do not need the cash, its cheap:). Well, even if you do need cash, its easy to sell Thai gold anywhere and get cash in return.

[chiang mai]

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!

[falangadang]

"Suthep is now threatening to close down any Thai bank that assists the present caretaker government" (OP)

...so that would be after he has managed to unfreeze his own assets seized by the PTP govt???

I am very concerned if this guy is allowed to take power that he will become a dictator!

[alex8912]

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

[MMarlow]

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!

I put mine in Thai Military Bank, can't see the government or rebels playing with them.

Why, because the Thai military has a minute shareholding?

[MMarlow]

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!

Did you forget Iceland?

I put mine in Thai Military Bank, can't see the government or rebels playing with them.

TMB, 26% owned by ING, the people who bought you Barings!

Not a bad deal for a quid.

[MMarlow]

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.

The safe haven of the dimwit, expletives and denial.

Go away and drown in your sorrows little man

Dimwit? "...drown in your sorrows"? D'you have a mirror?

Edited February 4, 2014 by MMarlow