10 Million safe in Thailand?

[GotSeoul]

Similar to other posts earlier. I keep a small money account at Thai Bank 1, and a big money account at Thai Bank 2.

Thai Bank 1 (small money) has ATM and internet access. This is my working account. I pay bills electronically through this account. Get cash from this account, etc.

Thai Bank 2 (big money). Only access to money here is to walk into this bank, show my passport and bankbook to get to it.

If I need to get money from Bank 2 to Bank 1, go to Bank 2, get the money, then walk a short distance down the street, then deposit in Bank 1. If the amount I will carry from Bank 2 to Bank 1 is larger than cash I like to carry, 20 baht for a bank check ...

I keep enough cash in the Bank 1 (small money) to last for over a month for all my goings on so not a big deal to mosey down to the bank at the beginning of each month.

As someone mentioned previously Charles Schwab account with an ATM card to bring funds over if I need and put into whichever account I'm trying to resupply.

Sounds like a pain, but it really isn't. In Bank 2 (big money account) there is no way that internet access or ATM can swipe the cash. If cash was removed, it had to be someone coming into the bank...

EDIT: I'm not so worried about something actually happening, as in money disappearing. I think it's highly unlikely with my patterns. However what I do worry about is recourse. If the the big IF happened, and money did end up missing from an ATM clone or an internet phish, account breakin, or something, my guess is I'm pretty much SOL because I imagine that real recourse would be non-existent from the Thai bank. In my US banks I'm pretty comfortable with the recourse that I would have in case of fraud or theft.

I'd be irrated if my small money account ended up with cash missing but it wouldn't be the end of the world. A month or less worth of money needs. If my big money account gets raided, then recourse would probably be similar, but I don't think I need to worry so much about inside jobs at the bank. No one but bank people and I should have access to that money.

All that being said, the super big accounts are in the USA... :-)

Edited April 15, 2015 by GotSeoul

[sheriff221]

The state guaranty for each bank is at 1 million/account!

[kanchajohan]

Mutual founds is ok, its give me good money back. Kasikorn.

[SGX]

Easy to do , If you interested in banking in australia. I can arrange the opening of account for you with Commonwealth Bank of Australia , It will be Money market account or personal savings easy access over internet transfer wires +ATM cards accessed anywhere in world etc , your choice . If interested send me email [email protected] cheers

[gamini]

Thanks Rayongchelsea. Thats definiatley a great idea. The brokerage suggestion just isnt me though - i have never even so much as played around with stocks/shares etc. Thats what you mean by brokerage account, yup?

your money is safer in the Bank of Thailand than anywhere else. Many Western Banks went bankrupt.

[Lekong]

I always think that living in a foreign land and keeping all my money there is a great risk. I prefer to keep half here and half in my home country. Or keep little here and the greater part in my home country. Anything can happen in a foreign country and one may go home empty handed. I also read that in case of death (we don't wish for this anyway), the next of kin getting money from here is a complete nightmare. So please think twice. Except you want to live here permanently.

[nasty of nonthaburi]

Hi thai banks are safer than uk banks.I have 2000,000,000 split between 4 banks and feel very safe.

[gamini]

Easy to do , If you interested in banking in australia. I can arrange the opening of account for you with Commonwealth Bank of Australia , It will be Money market account or personal savings easy access over internet transfer wires +ATM cards accessed anywhere in world etc , your choice . If interested send me email [email protected] cheers

The A$ has gone from a high of 33 to its present 24 to the baht in the last two years. Also Australian Banks, when you want money, try to send it in Baht, instead of A$ and you lose 5%I I would advise against the A$ . It has been as low as BT21 to the A$ some years back.

[chiang mai]

The state guaranty for each bank is at 1 million/account!

Unless you can convince the Deposit Protection Agency differently, they say:

Currently THB 50 mill, not THB 1 mill.

http://www.dpa.or.th...name=index___EN

[Time Traveller]

Avoid HSBC anyway, their interest rates suck big time

When your main selling point to customers is being the money laundering bank, the customers don't really care what the interest rate on deposits are.

Edited April 15, 2015 by Time Traveller

[Orac]

I opened an offshore account with Standard Bank in Isle of Man a couple of years ago under my Thai address using a Cert of Residence (translated) from immigration and a copy of my passport which i had notarised by a Thai lawyer.

Thanks for that info Orac. Can I just ask, you obviously applied and got the opened the account remotley, without going back to IOM? Total stating the obvious there and probably a daft question but I just wanted to check! It sounds pretty easy - I will check that out. Thanks.

Yes - all opened from Thailand by post.

As pointed out by another poster, they are not covered by UK financial regulations but they do have a uk sort code making it easy to transfer money from uk if required. As a uk non-resident it is difficult, if not impossible, to open a uk based account.

[prakhonchai nick]

I opened an offshore account with Standard Bank in Isle of Man a couple of years ago under my Thai address using a Cert of Residence (translated) from immigration and a copy of my passport which i had notarised by a Thai lawyer.

Just wait until you see the costs involved when your dependents try to get the money from offshore after your death, Far more than the tax you save!

[prakhonchai nick]

Hi thai banks are safer than uk banks.I have 2000,000,000 split between 4 banks and feel very safe.

Fine when you are alive. But after your death, even with a will, a next of kin ( ie wife) can claim via a lawyer that you died intestate and get a court order allowing her full access to your money. It may well have been your intention to provide bequests to many people other than the wife.

This happened following the death of a friend. The wife stole money by fraud not intended for her. The bank was fully aware who was to benefit, having been dealing with a lawyer and having a copy of the will, but as the wife produced court documents first, she was handed the money.

A claim to the bank and to the Bank of Thailand produced nothing. They supported each other!

Be very very wary of Thai Banks!

[Orac]

I opened an offshore account with Standard Bank in Isle of Man a couple of years ago under my Thai address using a Cert of Residence (translated) from immigration and a copy of my passport which i had notarised by a Thai lawyer.

Just wait until you see the costs involved when your dependents try to get the money from offshore after your death, Far more than the tax you save!

I would be very surprised if i am able to see these cost after i die.

Not sure what other options are available since, as a uk non resident, i am struggling to find a uk based bank that will let me have an account, maybe you can suggest something?

[greenchair]

I would suggest open a Charles Schwaub account, both as a broker and as a bank. It gives you international access and the funds are outside of Thailand and you can start depositing/transferring money into there at your leisure.

What is a Charles account.

[Orac]

I would suggest open a Charles Schwaub account, both as a broker and as a bank. It gives you international access and the funds are outside of Thailand and you can start depositing/transferring money into there at your leisure.

What is a Charles account.

I struggled to open an Account with Charles Schwab and gave up in the end as the proof of address caused way too many problems.

[Sealbash]

OP, 10m baht? And you wonder if it is safe in a Thai bank? Are you under the impression that 10m baht is one of the larger amounts a Thai bank has ever had in one account? I am glad for you that you have accumulated that wealth without any knowledge of financial institutions or the financial system of the country you are in.

[nicepig]

I haven't read all the replies but you should try and move that money out of thailand to your home country's bank if you don't need it. My friend had 720,000 baht stolen from his bank account by corrupt police after they hacked his computer to get his passwords. They transferred the money from SCB to Kasikorn and withdrew the cash. My friend was never compensated. Do not trust any Thai.

[ggt]

Money held in any bank account could be subject to confiscation...all bets are off if the world economy implodes...

It would be wise to look into placing some of your wealth in an off-shore billion account...not paper money...real PM (Precious Metals) like gold and silver...

I keep just enough money in the bank to have a steady cash flow for creditors...there is almost no reason to keep more as the interest rates most banks are paying is dismal...

You can google "buying gold and silver" and start the education process...

PMs are not seen as a way to get rich...although it may turn out that way...but rather a way of protecting your wealth against the advent of currency devaluation and economic breakdowns...

Good Luck...

[Sealbash]

Or join MacWhalens school of investing?

[MacWalen]

Your 10 mil is quite safe in Thailand. Nothing to worry about. I don't think there is any banking collapse coming anytime soon here.

[tlesher]

I will be very careful with banking in Thailand. I have 6 million in my Bangkok Bank in Thailand, and the bank has froze my account for 2 months now, had to get a lawyer to deal with the issue, still nothing after two months. The different managers at different levels kept stalling the case. The primary issue was they felt the money was part of the inheritance and I had to go to court to get a proper order to administer the fund. I was her only child and I had just sold her house with no problems. My lawyer said it was not inheritance money, it was evidently my money sent from the U,S. the court would not grant the power. My mom was 85 when she died. No jobs, in bad health. No education. I had to support her for years.

I had a joint bank account with my mom so she could access the money should she needed them while I am in the U.S. Either of us could withdraw at any time. Well, a year ago she died, I was too busy to take her name out of the joint account after the funeral, flew back to the U.S. and last Jan went back and had my husband sent electronic transfer to the account, from the U.S. planning to build a house in Chaingmai. Will scratch that.

We (my lawyer) have been begging and pleading them to allow me to withdraw the money, we have given them documents they needed to prove that the money was mine from the U.S. and the bank should had the documents sent since the money was wired from a Citybank in the U.S directly to the bank in Lamphun, my lawyer said to be gentle, and patient, the Thai way of dealing with banks. Taking them to court will not solve the problem and will only slow things down. I am at my wits end as to what to do.

I now am waiting for the bank to release my own money and I am not earning any interests, I have to pay the lawyer to get me to draw out my own money. My lawyer told me to keep waiting, every week was supposed to have good news, none so far, If you are asking me, I would not leave a penny to any bank in Thailand. And if you have a joint account, do not tell the bank with your partner dies, withdraw all the monies and leave the country. Have you ever heard of such a thing?

I have asked the lawyer for advice (from Thaivisa) no response. Do the banks have that much power to just withhold your money? Help!

[rwdrwdrwd]

Your 10 mil is quite safe in Thailand. Nothing to worry about. I don't think there is any banking collapse coming anytime soon here.

Yeah just the risk of someone nicking your money and having practically zero recourse for getting it back, and having to place your trust in the security of dated, badly coded banking websites.

http://www.thaivisa.com/forum/topic/513620-bangkok-bank-will-not-payback-fraudulent-pos-transactions-wstolen-atm-card/page-8

Certainly wouldn't keep all my eggs in this basket.

Edited April 15, 2015 by rwdrwdrwd

[GOLDBUGGY]

I think it is wise to be overly cautious when dealing with big money.

Some suggestions have been to spread your wealth over several banks, and not to keep all your eggs in one basket. Although this will protect you from one bank going bankrupt, it doesn't protect you from your greatest risk of keeping money here. Which is the political risk. So by leaving all your money in Thailand you are still putting all your eggs in one basket, but just a bigger basket.

If you don't need all this money here then keep what you need and send the rest back home. That is unless you come from a country like Nigeria or Iran, or a place like that. In that case then set up an Off-shore Bank Account and put your money there. Although interest rates are generally lower their then other banks.

Someone suggested stocks and bonds, and it is a good suggestion.But also understandable if you have never invested in the stock market before and are reluctant to do this with your hard earned money. Government Bonds are generally safe, unless you live in Greece. But you don't have to be an expert to invest safely in the stock market. Here is one simple rule.

If you believe that it is better to own your own business than it is to work for someone else than you will believe this. That it is better to own the bank you want to put your money in than to just open a savings account with them. By buying shares in that bank you are actually becoming a part owner. Banks are generally safe investments which pay Dividends (interest on your money) and over time will out-preform any saving account you will have with them.

[BKKdreaming]

I think the Thai Baht is very high , so your 10 mil might go down 10-15% if the baht is revalued

plus they can always change the rules and not allow you to take the money out of Thailand , charge you a tax for the leaving it in Thailand,

or like another poster just keep you from getting to it because you broke a "rule" you never knew existed.

I would not do it , but I only visit Thailand and do not plan on living there full time

[chiang mai]

I've been reading similar comments about Thailand, the Thai Baht and Thai banks for the past eight years, don't do this, don't do that, the currency is overvalued, the banks could collapse and so on, yawn!

And during that time, THB has appreciated considerably, in my case, very nearly 90% since I first moved here plus it's become far easier for me to move funds into and out of the country. When GBP was 55 against THB I and one other poster declared, "I'm all in" and people said, foolish, today it's 48!

As for bank stability: UOB (in Thailand) is consistently ranked in the top 10 safest banks in the world; BAY has just purchased HSBC Thailand plus it's been acquired by Bank of Tokyo/Mitsubishi which has assets of over USD 2.3 trillion and is the worlds largest financial institution! Despite what others may wish, bank deposits of up to THB 50 mill. per account are insured by the DPA (BOT)

Don't bring/invest more money to Thailand than you can afford to loose, was the old mantra and despite all the evidence to the contrary over time, those flat earth types still exist today, recent posts are proof of that, sad indeed.

[GOLDBUGGY]

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I will be very careful with banking in Thailand. I have 6 million in my Bangkok Bank in Thailand, and the bank has froze my account for 2 months now, had to get a lawyer to deal with the issue, still nothing after two months. The different managers at different levels kept stalling the case. The primary issue was they felt the money was part of the inheritance and I had to go to court to get a proper order to administer the fund. I was her only child and I had just sold her house with no problems. My lawyer said it was not inheritance money, it was evidently my money sent from the U,S. the court would not grant the power. My mom was 85 when she died. No jobs, in bad health. No education. I had to support her for years.

I had a joint bank account with my mom so she could access the money should she needed them while I am in the U.S. Either of us could withdraw at any time. Well, a year ago she died, I was too busy to take her name out of the joint account after the funeral, flew back to the U.S. and last Jan went back and had my husband sent electronic transfer to the account, from the U.S. planning to build a house in Chaingmai. Will scratch that.

We (my lawyer) have been begging and pleading them to allow me to withdraw the money, we have given them documents they needed to prove that the money was mine from the U.S. and the bank should had the documents sent since the money was wired from a Citybank in the U.S directly to the bank in Lamphun, my lawyer said to be gentle, and patient, the Thai way of dealing with banks. Taking them to court will not solve the problem and will only slow things down. I am at my wits end as to what to do.

I now am waiting for the bank to release my own money and I am not earning any interests, I have to pay the lawyer to get me to draw out my own money. My lawyer told me to keep waiting, every week was supposed to have good news, none so far, If you are asking me, I would not leave a penny to any bank in Thailand. And if you have a joint account, do not tell the bank with your partner dies, withdraw all the monies and leave the country. Have you ever heard of such a thing?

I have asked the lawyer for advice (from Thaivisa) no response. Do the banks have that much power to just withhold your money? Help!

Banks never used to have such powers. But ever since these new Money Laundering Laws came out they have the right to hold any money they deem suspicious and do so at every opportunity. Probably because they can use your money to earn interest for themselves, while they are slowly doing the investigation.

Last time, they froze my Bank Account in Canada for 2 weeks bases on the fact that my employer, who paid me regularly for 2 years directly into this bank account, paid me a bonus, and this payment was over $10,000. I had to call them from Overseas to prove I was not some Drug Lord, before the would release my funds. I can't describe the pain in my behind trying to pull money from many different ATM Machines while Overseas, of which all failed, knowing that I had a pile of money in that account, and didn't know why.

Personally, I don't give a Rats Butt if some Drug Lord in South American wants to deposit his Drug Money into some Bank Account in Canada, or Thailand, or anywhere else, as long as they leave my Damned Money Alone! It is 2 times now over 10 years they have done this to me.

These Drug Lords did not get rich from being stupid, like Bank Managers are. They probably have 100 different ways to Launder their money. And if 1 of there ways eventually gets found out, and they lose 1 deposit, who cares. They will come up with 10 new ways for every 1 they catch. This is why they have been unstoppable over all these years.

[micmichd]

Hi, You haven't any problems with opening an offshore account. It's relatively easy. If you need more information please send me an e-mail to [email protected]

You can also PM me if you want to get rid of your property.

[rwdrwdrwd]

I've been reading similar comments about Thailand, the Thai Baht and Thai banks for the past eight years, don't do this, don't do that, the currency is overvalued, the banks could collapse and so on, yawn!

And during that time, THB has appreciated considerably, in my case, very nearly 90% since I first moved here plus it's become far easier for me to move funds into and out of the country. When GBP was 55 against THB I and one other poster declared, "I'm all in" and people said, foolish, today it's 48!

As for bank stability: UOB (in Thailand) is consistently ranked in the top 10 safest banks in the world; BAY has just purchased HSBC Thailand plus it's been acquired by Bank of Tokyo/Mitsubishi which has assets of over USD 2.3 trillion and is the worlds largest financial institution! Despite what others may wish, bank deposits of up to THB 50 mill. per account are insured by the DPA (BOT)

Don't bring/invest more money to Thailand than you can afford to loose, was the old mantra and despite all the evidence to the contrary over time, those flat earth types still exist today, recent posts are proof of that, sad indeed.

http://www.nortonrosefulbright.com/knowledge/publications/18364/the-deposit-protection-agency-act

http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

The DPA coverage is reducing to 1 million, it's just periodically been delayed - current scheduled date for the reduction is 11th August 2016.

More importantly, the insurance only covers revocation of a banking licence. It does not cover fraud or theft.

When you consider that most ATM cards issued in Thailand still use magnetic strips, that the online security is below par compared to most first world countries (as is branch security), it seems very much like playing with fire:

http://www.thaivisa.com/forum/topic/619913-must-read-how-my-friend-lost-15k-baht-w-his-bangkok-bank-debit-visa/

http://www.thaivisa.com/forum/topic/768751-thai-bank-refuses-to-compensate-foreigner/

http://www.thaivisa.com/forum/topic/98849-93000-baht-missing-from-bank-account/page-2

http://www.thaivisa.com/forum/topic/5954-money-stolen-from-bank-account/

There are other ways to bet on the THB than to transfer all your wealth to a Thai bank account.

Edited April 16, 2015 by rwdrwdrwd

[chiang mai]

A few points:

The DPA limits were scheduled to be lowered on two previous occasions but were left at the higher levels by royal order, expect the same to happen again.

Bank insurance doesn't insure against fraud/theft in any country, Thailand is not unique in that respect.

"There are other ways to bet on the THB than to transfer all your wealth to a Thai bank account", not if you're retired and living here permanently there isn't..