Bank runs in Bangkok, Samui, Pattaya and Phuket

[Bulldozer Dawn]

The first reports are just filtering in now of Oil and Gas and other high income offshore workers now being refused entry into Thailand at the airports.

Here is one example:

http://www.thaivisa.com/forum/topic/743437-furious-refused-entry-at-suvarnabhumi-airport/

Many on these guys have substantial amounts in Thai banks.

It must therefore be assumed that in the coming days there will be a run to withdraw funds from Thai banks so that this money can be transferred out of Thailand.

[Gulfsailor]

I doubt they have such huge amounts in a Thai bank. Would raise too many questions as to where it came from and why no tax was paid on it. Plus one could only take it out cash as transfer it abroad is pretty restricted. Most off shore workers I know receive and keep most of their money in a HK account. At least the smart ones that is.

[David48]

Left Right

One the Right ... the amount of money held in Thai Banks from 'Oil and Gas and other high income offshore workers' ^*

On the Left ... the amount of money held in Thai Banks from Thai Nationals.

A 'Run on the Banks' ...

^* I couldn't find a smaller dot.

[RandomSand]

Well lets say, that in the next six months, net-net, there's more foreign sellers in the real estate market than foreign buyers, and (netted) 7,500 falang who own condos and building decide to sell up.

Let's say the average sale price is 4M Baht.

At the current exchange rate; the total is just under 1 Billion US dollars.

That's an ongoing drain from Thailand's foreign reserves at the rate of nearly 5.5 Million USD per day.

Let's not forget about all that Arabic, Iranian, Chinese, Japanese, Taiwanese and Indian (etc) hot-money flow reversing too.

Edited July 17, 2014 by RandomSand

[Bulldozer Dawn]

Well lets say, that in the next six months, net-net, there's more foreign sellers in the real estate market than foreign buyers, and (netted) 7,500 falang who own condos and building decide to sell up.

Let's say the average sale price is 4M Baht.

At the current exchange rate; the total is just under 1 Billion US dollars.

That's an ongoing drain from Thailand's foreign reserves at the rate of nearly 5.5 Million USD per day.

Let's not forget about all that Arabic, Iranian, Chinese, Japanese, Taiwanese and Indian (etc) hot-money flow reversing too.

And you also forgot to mention the ENORMOUS VODKA SWILLING ELEPHANT IN THE ROOM....the Russian money...

[kannot]

Left Right

One the Right ... the amount of money held in Thai Banks from 'Oil and Gas and other high income offshore workers' ^*

On the Left ... the amount of money held in Thai Banks from Thai Nationals.

A 'Run on the Banks' ...

^* I couldn't find a smaller dot.

.

[KarenBravo]

Yet another scaremongering thread by bulldozer dawn, I see.

[i claudius]

I'Me getting my 1000 baht out now ,just in case !

[PattayaPhom]

If they are refused entry, how can they withraw all the funds.........

[dddave]

"The sky is falling!!!!...The sky is falling!!!!!"

[H1w4yR1da]

If they are refused entry, how can they withraw all the funds.........

You've never heard of internet banking, I see.

[mania]

1 minute please......Your basing your whole run on Thai banks story

on 1 guy who tried to enter Thailand with no visa?

The fact he is a regular by looking in his passport was just cause for the

incoming officials to deny him a tourist visa as he is obviously not a tourist....

In a sense you agree claiming he & others like him have substantial amounts

in Thai banks so again not a tourist.

No sky falling here just someone who needs to get the proper visa for

his type of non-tourist stays

PS: The Mods should edit this sensationalized thread title

Edited July 17, 2014 by mania

[Pib]

For some reason I'm not panicking.

[Naam]

Well lets say, that in the next six months, net-net, there's more foreign sellers in the real estate market than foreign buyers, and (netted) 7,500 falang who own condos and building decide to sell up.

Let's say the average sale price is 4M Baht.

At the current exchange rate; the total is just under 1 Billion US dollars.

That's an ongoing drain from Thailand's foreign reserves at the rate of nearly 5.5 Million USD per day.

Let's not forget about all that Arabic, Iranian, Chinese, Japanese, Taiwanese and Indian (etc) hot-money flow reversing too.

well let's say that all these figures are rubbish drawn from thin air and let's say that those "netted" Farangs don't find any buyers and let's not forget that there is no valid reason why all "that Arabic" (sic) and other foreigners would withdraw their "hot money" not to forget that it is highly unlikely that these nationals have hot money in Thailand.

taking all afore-said into consideration let's laugh heartily and let's have another icecold drink.

Edited July 17, 2014 by Naam

[Naam]

If they are refused entry, how can they withraw all the funds.........

You've never heard of internet banking, I see.

and you have never made a transfer from a Thai bank to a destination abroad by internet banking

[MJCM]

If they are refused entry, how can they withraw all the funds.........

You've never heard of internet banking, I see.

and you have never made a transfer from a Thai bank to a destination abroad by internet banking

+1, an ATM Card would be helpfull in this case

[KarenBravo]

I can use my ATM card in other countries to withdraw money from my Bangkok Bank account.

[MJCM]

@OP (Can't remember your name (seem to have many))

Don't worry, most of the houses, condo's and money by the O&G workers are in the wife's/gf's name or the wife's/gf's have access to it.

So not to worry that it will go to waste

Edited July 17, 2014 by MJCM

[Naam]

I can use my ATM card in other countries to withdraw money from my Bangkok Bank account.

RandomSand said:

Let's say the average sale price is 4M Baht.

At the current exchange rate; the total is just under 1 Billion US dollars.

That's an ongoing drain from Thailand's foreign reserves at the rate of nearly 5.5 Million USD per day.

let's say...

[H1w4yR1da]

If they are refused entry, how can they withraw all the funds.........

You've never heard of internet banking, I see.

and you have never made a transfer from a Thai bank to a destination abroad by internet banking

You don't need to. Just transfer funds to a local branch of your foreign bank and then transfer abroad.

[MJCM]

^ which banks can do that?

And last question, can they do it without any additional documentation and complying with the BOT rules for Farangs sending money abroad?

Sent from my iPad so Please excuse any typos

[Loptr]

It's time to buy when there is blood in the water... I view this as a buying opportunity as disgruntled foreigners being shown the door will be dumping condos at bargain basement prices as supply will be up and demand down... But then again, I would not invest in Thailand for these same reasons...

Edited July 17, 2014 by Loptr

[KarenBravo]

Supply has been up and demand down, for years now.

[Pib]

If they are refused entry, how can they withraw all the funds.........

You've never heard of internet banking, I see.

and you have never made a transfer from a Thai bank to a destination abroad by internet banking

You don't need to. Just transfer funds to a local branch of your foreign bank and then transfer abroad.

"Foreign banks" in Thailand like Citibank just for exampleare in name only...they still must comply with all Thai banking laws/regulations to include internet banking transfers and have the same basic rules/policies as Thai banks like Bangkok Bank, K-bank, SCB, etc.

[Naam]

If they are refused entry, how can they withraw all the funds.........

You've never heard of internet banking, I see.

and you have never made a transfer from a Thai bank to a destination abroad by internet banking

You don't need to. Just transfer funds to a local branch of your foreign bank and then transfer abroad.

you Sir... have no idea. but i admit you possess a huge amount of no idea

[rwdrwdrwd]

Pretty foolish offshore worker who chooses to maintain a primary bank account in Thailand. Why would they do that?? It makes them liable to income tax on all offshore earnings (if they spend enough time in country, which they might on x on x off and a holiday or 2), not to mention the fact that the Thai banking system is leagues behind other easily accessible offshore account providers in numerous other locations.

Pretty sure most of them bank offshore and bring into Thailand only what they need.

Edited July 18, 2014 by rwdrwdrwd

[MrWorldwide]

Pretty foolish offshore worker who chooses to maintain a primary bank account in Thailand. Why would they do that?? It makes them liable to income tax on all offshore earnings (if they spend enough time in country, which they might on x on x off and a holiday or 2), not to mention the fact that the Thai banking system is leagues behind other easily accessible offshore account providers in numerous other locations.

Pretty sure most of them bank offshore and bring into Thailand only what they need.

Works for me, but the OP and a couple of others are utterly convinced that we are looking at the 'beginning of the end' for Thailand. Not sure if this is prompted by a desire to own a condo on Upper Suk and a 12-month old Beemer for the price of a big night out in Pattaya, or simply a few too many hallucinogens, but it's clearly a very vivid shared hallucination. The CIA did some interesting stuff with LSD back in the 70s - is it possible that we are reaping the rewards on TV in 2014 ?

[Pib]

Works for me, but the OP and a couple of others are utterly convinced that we are looking at the 'beginning of the end' for Thailand. Not sure if this is prompted by a desire to own a condo on Upper Suk and a 12-month old Beemer for the price of a big night out in Pattaya, or simply a few too many hallucinogens, but it's clearly a very vivid shared hallucination. The CIA did some interesting stuff with LSD back in the 70s - is it possible that we are reaping the rewards on TV in 2014 ?

My LSD flashback courtesy of the CIA 70's secret testing occurred much earlier back in the 90s...only took around 20 years to occur. So, I'm not sure a person would still be having flashbacks around 40 years later...but maybe the LSD had some really latent properties...all part of the long term testing maybe.

[MrWorldwide]

Works for me, but the OP and a couple of others are utterly convinced that we are looking at the 'beginning of the end' for Thailand. Not sure if this is prompted by a desire to own a condo on Upper Suk and a 12-month old Beemer for the price of a big night out in Pattaya, or simply a few too many hallucinogens, but it's clearly a very vivid shared hallucination. The CIA did some interesting stuff with LSD back in the 70s - is it possible that we are reaping the rewards on TV in 2014 ?

My LSD flashback courtesy of the CIA 70's secret testing occurred much earlier back in the 90s...only took around 20 years to occur. So, I'm not sure a person would still be having flashbacks around 40 years later...but maybe the LSD had some really latent properties...all part of the long term testing maybe.

What they didnt tell you is that you were part of the control group - sugar tablets - Timothy Leary wrote about how things went for the other group

[Pib]

Works for me, but the OP and a couple of others are utterly convinced that we are looking at the 'beginning of the end' for Thailand. Not sure if this is prompted by a desire to own a condo on Upper Suk and a 12-month old Beemer for the price of a big night out in Pattaya, or simply a few too many hallucinogens, but it's clearly a very vivid shared hallucination. The CIA did some interesting stuff with LSD back in the 70s - is it possible that we are reaping the rewards on TV in 2014 ?

My LSD flashback courtesy of the CIA 70's secret testing occurred much earlier back in the 90s...only took around 20 years to occur. So, I'm not sure a person would still be having flashbacks around 40 years later...but maybe the LSD had some really latent properties...all part of the long term testing maybe.

What they didnt tell you is that you were part of the control group - sugar tablets - Timothy Leary wrote about how things went for the other group

If I did get sugar tablets then I'm blaming the flash backs on Chang beer!