Are you concerned that your funds might be lost?

[chang beer]

Hi. Call me paranoid but leaving funds in Thailand bank for retirement visa worries me. Do you worry that the market there in Thailand might crash and your funds might be lost?

Do I have anything to worry about leaving 800,000 bht in a Thai bank? What is the worst case scenario?

I know most xpats have no choice but to take this route.

I'm new to this so.

thank you

BEER

PS. or do you transfer funds back and forth as soon as you attain retirement visa?

[theoldgit]

Nothing to do with Visas to other countries, moved to Banking section as it's more to do with the safety of Thai banks rather than the extension of stay process..

You don't have to leave funds in the bank, the monthly income route is a viable alternative.

[KhunBENQ]

And after the extension is granted, the money can be used up during the next 9 months, then a "refill" from abroad (if you prefer).

Generally it is also possible to convert/send back the money (if you have proof of transfer from abroad).

Yes, I do worry somewhat about the economical future of Thailand.

Big crash of the Baht? Not likely if civil war can be avoided.

[durhamboy]

I've been told by some friends who have retirement visas that you can get a lawyer to deposit the money and then immediately withdraw it so it's only in your Thai bank account for 24 hours.

Never done it myself but might be worth you making further enquiries.

[commie Joe]

And after the extension is granted, the money can be used up during the next 9 months, then a "refill" from abroad (if you prefer).

Generally it is also possible to convert/send back the money (if you have proof of transfer from abroad).

Yes, I do worry somewhat about the economical future of Thailand.

Big crash of the Baht? Not likely if civil war can be avoided.

Don't forget that if you dont have a Thai will& anything happens then the Thais keep whatever is in their banks in your name. It dont matter if you have a will in your own country. Personally think that is really the reason for this rule on long term stay visa's & extentions

[chiang mai]

And after the extension is granted, the money can be used up during the next 9 months, then a "refill" from abroad (if you prefer).

Generally it is also possible to convert/send back the money (if you have proof of transfer from abroad).

Yes, I do worry somewhat about the economical future of Thailand.

Big crash of the Baht? Not likely if civil war can be avoided.

Don't forget that if you dont have a Thai will& anything happens then the Thais keep whatever is in their banks in your name. It dont matter if you have a will in your own country. Personally think that is really the reason for this rule on long term stay visa's & extentions

Untrue! Wills made in other countries can also cover Thai assets, where specified. The benefit of having a Thai Will also is because it simplifies the probate process.

[commie Joe]

And after the extension is granted, the money can be used up during the next 9 months, then a "refill" from abroad (if you prefer).

Generally it is also possible to convert/send back the money (if you have proof of transfer from abroad).

Yes, I do worry somewhat about the economical future of Thailand.

Big crash of the Baht? Not likely if civil war can be avoided.

Don't forget that if you dont have a Thai will& anything happens then the Thais keep whatever is in their banks in your name. It dont matter if you have a will in your own country. Personally think that is really the reason for this rule on long term stay visa's & extentions

Untrue! Wills made in other countries can also cover Thai assets, where specified. The benefit of having a Thai Will also is because it simplifies the probate process.

I prefer the advice given me by my UK solicitor & my Thai Lawyer who both said the same. Another rule is that the Thai will & he UK will should be in both languages

[chiang mai]

OP, when you say "the market could crash", which market is that, do you mean the SET could crash or the local currency could crash? It's unclear from what you've written whether you are concerned about currency or stock exchange risks.

Either way, I think you will find that most Thai banks are well capitalized and pretty safe, especially when compared to western banks. Krungsri Bank for example bought out HSBC Thailand last year and now they're owned by Bank of Tokyo which has USD 2.5 TRILLION in assets, loads of other examples out there of very solid Thai/Asian banks but, if all you're worried about is 800K baht, I really wouldn't loose sleep over which bank you use!

[chiang mai]

And after the extension is granted, the money can be used up during the next 9 months, then a "refill" from abroad (if you prefer).

Generally it is also possible to convert/send back the money (if you have proof of transfer from abroad).

Yes, I do worry somewhat about the economical future of Thailand.

Big crash of the Baht? Not likely if civil war can be avoided.

Don't forget that if you dont have a Thai will& anything happens then the Thais keep whatever is in their banks in your name. It dont matter if you have a will in your own country. Personally think that is really the reason for this rule on long term stay visa's & extentions

Untrue! Wills made in other countries can also cover Thai assets, where specified. The benefit of having a Thai Will also is because it simplifies the probate process.

I prefer the advice given me by my UK solicitor & my Thai Lawyer who both said the same. Another rule is that the Thai will & he UK will should be in both languages

EDIT double post

[chiang mai]

And after the extension is granted, the money can be used up during the next 9 months, then a "refill" from abroad (if you prefer).

Generally it is also possible to convert/send back the money (if you have proof of transfer from abroad).

Yes, I do worry somewhat about the economical future of Thailand.

Big crash of the Baht? Not likely if civil war can be avoided.

Don't forget that if you dont have a Thai will& anything happens then the Thais keep whatever is in their banks in your name. It dont matter if you have a will in your own country. Personally think that is really the reason for this rule on long term stay visa's & extentions

Untrue! Wills made in other countries can also cover Thai assets, where specified. The benefit of having a Thai Will also is because it simplifies the probate process.

I prefer the advice given me by my UK solicitor & my Thai Lawyer who both said the same. Another rule is that the Thai will & he UK will should be in both languages

This topic, all aspects of it, have been discussed up one side and down the other for the past X years on this forum, you'd do well to search the forum to read those recent debates to find out what the various lawyers have said and what posters report actually work and what doesn't, I'm certainly not inclined to go around on this debate yet again.

Having said those things, I note from your posts on other subjects that you have an unnatural distrust of all banks, presumably that thinking extends to all things not from your home country!

[Naam]

I've been told by some friends who have retirement visas that you can get a lawyer to deposit the money and then immediately withdraw it so it's only in your Thai bank account for 24 hours.

Never done it myself but might be worth you making further enquiries.

some friends told you

[PattayaPhom]

I've been told by some friends who have retirement visas that you can get a lawyer to deposit the money and then immediately withdraw it so it's only in your Thai bank account for 24 hours.

Never done it myself but might be worth you making further enquiries.

some friends told you

Friend of a friend that read it on Thai visa and told his mate in the bar.

[Suradit69]

Hi. Call me paranoid but leaving funds in Thailand bank for retirement visa worries me. Do you worry that the market there in Thailand might crash and your funds might be lost?

Do I have anything to worry about leaving 800,000 bht in a Thai bank? What is the worst case scenario?

I know most xpats have no choice but to take this route.

If you're getting a "retirement visa" in your home country, there's no need for Baht 800,000 in a Thai bank although you'll need to prove that you have financial resources.

When you get around to applying for an extension of stay based on retirement, then you'll need either the money in the bank or proof of Baht 65,000 a month in income or a combination.

So most expats do have a choice, including the choice to not come to Thailand and fret over whether or not the nasty foreign banks will steal all their money. Actually I've kept money in Thai banks for about 15 years and guess what !!! none of it was lost !!! During that time a lot of banks in the US and Europe collapsed or had limitations on withdrawals or threatened to tax foreign deposits and also money in investments evaporated or was stolen by people like Bernie Madoff or "Sir" Allan Stanford or Lehman Brothers or ... well the list is endless ... but none of them were Thai.

It's Baht 800,000. You're going to spend it pretty quickly anyway and if you are going to spend all your time worrying about it, wouldn't it be better to find a nice bed-sit back in farangland where you can sit clipping supermarket coupons to wile away the golden years rather than being in Thailand in the midst of a bunch of foreigners?

Seriously, if this is your first time away from home and you feel your little bit of cash is unsafe here amongst the conniving locals, and you haven't even managed to figure out the difference between the requirements for an extension of stay versus the mythical retirement visa, you're probably going to be miserable here anyway ... and Heaven knows we already have enough people on TV whining about all sorts of imagined inconveniences in their sordid lives, including worrying about what happens to their loose change after they die. Really, why bother?

If it would make you feel better, keep your money in Europe. What could go wrong?

[SheungWan]

No Northern Rock depositor lost any money from their account.

[SantiSuk]

To Tie-up more than 20% of your net wealth (10% to be safe) in one asset of any description in any country is not a good idea for a retiree/pre-retiree who will need to rely on those funds for her/his future financial health.

So some can afford to leave 800k lying around in a Thai bank account - many should not and should look to the alternatives of different types of stay or money-shifting - as suggested by posters above. EU is supposedly safer than that with its 100,000 Euro apparent protection - but even that looked suspect for a while in the 2008 meltdown. The older you get the less you will trust governments and cast-iron guarantees - better to apply the diverse portfolio mantra no matter where you are.

[zuluboyy]

hi providing you have the money in a reputable bank ---bangkok, .scb or kasikorn bank you have nothing to worry about ...Thailand is the 13th wealthiest country in the world in terms of foreign exchange reserves !!!!! DOUBLE THE reserves that germany has ...They learnt well from the 1997 crash ...[google it yourself ].

[55Jay]

100% agree, which is why I keep mine under my mattress. Spread out evenly so there's not a big lump to give me back pain.

[goatfarmer]

In answer to the OP's question, "No". If it didn't happen in 1997 it's unlikely to happen now when banks are far better capitalized. I recall lots of people lost money in finance companies in 1997 but I don't think any deposits in banks were lost. (Other old farts with better memories correct me if I'm wrong.) So provided you take a modest risk your assets should be as safe as you could expect anywhere.

[HUAHIN62]

In Thailand you have government cover for your deposit far exceding the B 800 k for a retirement visa and no "bail in" laws exist like whats inplace or in process of being put into place in, the UK, US, EU, NZ. The only danger is civil war and that normally don't happen over night, which will give you enought time to get your money out.

[ggt]

I do not feel your money is safe in any bank...the whole house of cards...unmanageable debt...unlimited fiat currencies...it is very unstable the world over...put your retirement money...(not your Thai visa money)...into to precious metals...gold and silver...

[Estrada]

I've been told by some friends who have retirement visas that you can get a lawyer to deposit the money and then immediately withdraw it so it's only in your Thai bank account for 24 hours.

Never done it myself but might be worth you making further enquiries.

Could we please stick to facts, not some old story told to you buy some drunks in a bar. Immigration put a stop to this practice almost 20 years ago!

[chiang mai]

hi providing you have the money in a reputable bank ---bangkok, .scb or kasikorn bank you have nothing to worry about ...Thailand is the 13th wealthiest country in the world in terms of foreign exchange reserves !!!!! DOUBLE THE reserves that germany has ...They learnt well from the 1997 crash ...[google it yourself ].

Perhaps it's also worth pointing out what the soveriegn debt position is of western countries, compared to Thailand?

[Asiantravel]

hi providing you have the money in a reputable bank ---bangkok, .scb or kasikorn bank you have nothing to worry about ...Thailand is the 13th wealthiest country in the world in terms of foreign exchange reserves !!!!! DOUBLE THE reserves that germany has ...They learnt well from the 1997 crash ...[google it yourself ].

And with regards to SCB there is some comfort in knowing that " the Most Important Person in Thailand " has a very significant shareholding in this bank

[captspectre]

you must be under fifty , and if so, that's the price you pay for being "allowed" to live here, just keep a sharp eye out in the papers and stocks, and cut and run at the first sign of trouble.

[fletchsmile]

And after the extension is granted, the money can be used up during the next 9 months, then a "refill" from abroad (if you prefer).

Generally it is also possible to convert/send back the money (if you have proof of transfer from abroad).

Yes, I do worry somewhat about the economical future of Thailand.

Big crash of the Baht? Not likely if civil war can be avoided.

Don't forget that if you dont have a Thai will& anything happens then the Thais keep whatever is in their banks in your name. It dont matter if you have a will in your own country. Personally think that is really the reason for this rule on long term stay visa's & extentions

Untrue! Wills made in other countries can also cover Thai assets, where specified. The benefit of having a Thai Will also is because it simplifies the probate process.

I prefer the advice given me by my UK solicitor & my Thai Lawyer who both said the same. Another rule is that the Thai will & he UK will should be in both languages

I d suggest your UK solicitor has no clue about Thai wills, Thai probate and dealing with Thai estates.

I d suggest you change your Thai lawyer. He should know better.

A Thai will helps smooth the process and make life easier.

However I can confirm that one of the banks I used to work for most definitely did not keep the money of foreigners that I personally knew who didnt have a Thai will. It s rubbish to say Thai banks just keep the money.

Cheers

Fletch

Sent from my GT-I9152 using Thaivisa Connect Thailand mobile app

[akentryan]

I am not comcerned about commercial banks although SCB is generally acknowledged as the best managed of the bunch. I'm spread out over SCB, UOB and Krung Thai (4% fixed yield) but also own a BOT bond. I would avoid the Govt Savngs Bank and the Govt Housing Bank for the long-term. You have every reason to be worried if you are in the Thai stock market. I worked for Thanachart Finance back in the crash of 98. The stock was worth 102 baht per share one day and 2 baht a few days later. Thanachart Finance did not survive. The head of the defunct brokerage house now heads Thanachart Bank. I do not believe the country can afford to let a major bank go under but who knows? I like Krung Sri but to date their deposit rates are too low.

[peterb17]

As Beatrice Arthur said in Mame- after the great depression- Thank God I never put anything aside. Stocks and shares always carry risk.

You need the 800 000 to stay here- its not very much money.

Interest rates are pathetic - if you put money in schemes that pay high interest rates- be prepared to lose it. The Thai banks are very secure

At the moment property in London is a good bet- but a bubble may burst.

So stick to cash- spend it and do not worry.

[denby45]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

hi providing you have the money in a reputable bank ---bangkok, .scb or kasikorn bank you have nothing to worry about ...Thailand is the 13th wealthiest country in the world in terms of foreign exchange reserves !!!!! DOUBLE THE reserves that germany has ...They learnt well from the 1997 crash ...[google it yourself ].

And with regards to SCB there is some comfort in knowing that " the Most Important Person in Thailand " has a very significant shareholding in this bank

No I don't 555555

Den

[Krataiboy]

No Northern Rock depositor lost any money from their account.

Times they are a-changing. The EU is committed to adopting the dreaded Cyprus bail-in tactic, which means that from the end of August 1916 depositors' accounts of members states can be raided to help out a bankrupt bank.And if it still goes to the wall, depositors will be deemed creditors, with no preferential rights, and have to wait in line (possibly for years) to get anything at all back.

Faith in the Thai banking system should be tempered by the reality that three commercial banks went belly up during the 1997 run on the baht - and the fact that they are phasing out what used to be a reasonably generous compensation scheme for depositors in banks which went bust. In a year or so you will be entitled to now't, however much you may have deposited.

Just can't win, can we!

Never mind, there's always Thai gold. And real estate. Or, alternatively, telling your Thai wife or partner that the ATM is no longer working and she or he had better start looking for a job!

[Doc46]

I've been told by some friends who have retirement visas that you can get a lawyer to deposit the money and then immediately withdraw it so it's only in your Thai bank account for 24 hours.

Never done it myself but might be worth you making further enquiries.

I think that you have to tell your friends that this is a pile of bullsh.i.t;;;;; the funds have to be in a account in your name for the first time 60 day's any year after the funds have to be in a account in your name for 90 day before you can apply for your yearly extension that is the immigration rule.