How safe is my money in Thai bank?

[chiang mai]

Bank of Ayudyah (BAY or the yellow bank), owned by Bank of Tokyo Mitsubishi which has assets of over USD 2.5 trillion.

TMB, owned by ING 7% DBS 30% and Ministry of Finance 25%.

UOB, Singapore, consistently rated as one of the top ten safest banks in the world.

CIMB, a Malaysian bank.

Bangkok Bank, Kasikorn, Krung Thai, Siam, all have healthy levels of capitalization and report recent profits have increased.

All the above supported by BOT and deposit protection insurance.

[StefanBBK]

I would diversify. Myself holding accounts in US, Germany and Thailand. That way currency fluctuations don't hurt as much.

As for transferring money back out of Thailand see the Web.

Following the rules there is no problem.

[Anthony5]

I took the OP to be worrying about the Euro, and looking for a safe place to stash the cash.

Greece just froze all bank accounts, before that Cyprus.

Banks are getting pretty damn scary.

So trying to answer the question as I see it,

No, I think Thai banks have just as much chance of freezing assets as any Euro country bank.

There are a lot of bad events stacking themselves up in Thailand.

I am not talking about greeze, I am talking about transfering a million to Thailand for condo possibly, and if later I change my mind I can ust take it out in euros and bring it back to EU?

I am afraid if the EU gov will make my money be frozen in this bank, if I have a debt in EU?

Also if I have regular paypal transfers to thai bank, will I be able to withdraw that money or should I just use that money on ATM machines, becuase I will not be able to transfer it out ebcause it came via paypal?

I am not supporting farm fresh missus as beechwhale is that is why he is so cranky, but still I am worried...

and do the banks report to EU how much money you have?

You can take it out in Euros, but you will pay a fee of about 1.5%.

You can not transfer it back to Europe, IN EURO, as you will have to exchange it to Thai Baht first then transfer it in Thai Baht, so you will lose twice on exchange rate

[ldnguy]

There is no such think as an EU government, so something that doesn't exist can't take your money from a Thai bank.

[chiang mai]

I took the OP to be worrying about the Euro, and looking for a safe place to stash the cash.

Greece just froze all bank accounts, before that Cyprus.

Banks are getting pretty damn scary.

So trying to answer the question as I see it,

No, I think Thai banks have just as much chance of freezing assets as any Euro country bank.

There are a lot of bad events stacking themselves up in Thailand.

I am not talking about greeze, I am talking about transfering a million to Thailand for condo possibly, and if later I change my mind I can ust take it out in euros and bring it back to EU?

I am afraid if the EU gov will make my money be frozen in this bank, if I have a debt in EU?

Also if I have regular paypal transfers to thai bank, will I be able to withdraw that money or should I just use that money on ATM machines, becuase I will not be able to transfer it out ebcause it came via paypal?

I am not supporting farm fresh missus as beechwhale is that is why he is so cranky, but still I am worried...

and do the banks report to EU how much money you have?

You can take it out in Euros, but you will pay a fee of about 1.5%.

You can not transfer it back to Europe, IN EURO, as you will have to exchange it to Thai Baht first then transfer it in Thai Baht, so you will lose twice on exchange rate

If the Euros were transferred in to a multi currency account in Thailand they CAN be transferred back out again as Euro's.

[parafareno]

so I guess my money is safe in Thailand, just withdraw it from one bank and carry it to another

would it be better to have a singapore bank account, ebcause I work online and if I get money in thai bank, Thai gov will want a piece of cake?

Also is there a possibility of anonimous safe boxes? Where you can just put your cash in?

What about gold, the price dropped dramatically, it might even go down further, who knows if gold investing is still ok?

[BuaBS]

so I guess my money is safe in Thailand, just withdraw it from one bank and carry it to another

would it be better to have a singapore bank account, ebcause I work online and if I get money in thai bank, Thai gov will want a piece of cake?

Also is there a possibility of anonimous safe boxes? Where you can just put your cash in?

What about gold, the price dropped dramatically, it might even go down further, who knows if gold investing is still ok?

Singapore shares information with european authorities . Hong Kong banks not...yet.

Safe boxes are for "good" customers " in Thailand and you don't want to fly to SP just for your safe box.

Gold is great as a storage of weath ,but that you don't need to access rightaway. It would not make a difference if Gold was 1500 euro/T oz or 1050 today. You just "feel" somewhat poorer ....but you're not.

[parafareno]

so how you guys store 1 kilo of gold, under matress, burried in the ground

price of gold is stagnant now for over a year, nothing is happening, it dropped a lot few years back so I am not sure how happy I will be with one kilo of gold if the price plummets again

you loose money not gain

[chiang mai]

I operate a custody facility for gold at a very reasonable cost, free to farangs.

[fletchsmile]

Bank of Ayudyah (BAY or the yellow bank), owned by Bank of Tokyo Mitsubishi which has assets of over USD 2.5 trillion.

TMB, owned by ING 7% DBS 30% and Ministry of Finance 25%.

UOB, Singapore, consistently rated as one of the top ten safest banks in the world.

CIMB, a Malaysian bank.

Bangkok Bank, Kasikorn, Krung Thai, Siam, all have healthy levels of capitalization and report recent profits have increased.

All the above supported by BOT and deposit protection insurance.

TMB is approx 26% owned by MoF and 25% by ING. DBS bank owns just under 2%. Doesn't detract from the point being made though.

Standard Chartered would be another to add to the list, as Thai subsidiary of a global bank

[BuaBS]

so how you guys store 1 kilo of gold, under matress, burried in the ground

price of gold is stagnant now for over a year, nothing is happening, it dropped a lot few years back so I am not sure how happy I will be with one kilo of gold if the price plummets again

you loose money not gain

I lost mine in a tragic boating accident. Good to be poor , no-one can take anything you don't have.

You only lose if you sell at a lower price , so don't !

[swissie]

A few remarks to this thread:

- No upper limit to "inbound money". But for "outbound money", one has to declare where the money came from, before one can initiate any "outbound" transaction from one's own Thai Bank Account. I don't know what other people call it, I call it outbound "capital-controls". (greetings from Greece). We are not amused !

- So then: Are there any "upper limits" as to how much cash one can take out of Thailand in form of foreign currency (Euro, Dollar CHF) in a hand bag. Not Thai Bht of course.

I would prefer this route, since upon arrival in my home country, I could easily deliver the necessary documentation. that this is not a "money laundering" situation, especially since this documentation is in my native language (not English). Presenting this same documentation, written in my native language at my Thai Bank?

- There were a few links given concerning this matter. Unfortunately, they are between 7 to 9 years old. Thanks anyway.

- My question (post 17) remains unanswered.

Cheers.

[Anthony5]

I took the OP to be worrying about the Euro, and looking for a safe place to stash the cash.

Greece just froze all bank accounts, before that Cyprus.

Banks are getting pretty damn scary.

So trying to answer the question as I see it,

No, I think Thai banks have just as much chance of freezing assets as any Euro country bank.

There are a lot of bad events stacking themselves up in Thailand.

I am not talking about greeze, I am talking about transfering a million to Thailand for condo possibly, and if later I change my mind I can ust take it out in euros and bring it back to EU?

I am afraid if the EU gov will make my money be frozen in this bank, if I have a debt in EU?

Also if I have regular paypal transfers to thai bank, will I be able to withdraw that money or should I just use that money on ATM machines, becuase I will not be able to transfer it out ebcause it came via paypal?

I am not supporting farm fresh missus as beechwhale is that is why he is so cranky, but still I am worried...

and do the banks report to EU how much money you have?

You can take it out in Euros, but you will pay a fee of about 1.5%.

You can not transfer it back to Europe, IN EURO, as you will have to exchange it to Thai Baht first then transfer it in Thai Baht, so you will lose twice on exchange rate

If the Euros were transferred in to a multi currency account in Thailand they CAN be transferred back out again as Euro's.

No they CAN'T. Been there got the t-shirt.

Don't spread FALSE rumors from which you have no first hand knowledge.

Confirmed by Citibank and Kasikorn bank.

Edited July 6, 2015 by Anthony5

[topt]

A few remarks to this thread:

- No upper limit to "inbound money". But for "outbound money", one has to declare where the money came from, before one can initiate any "outbound" transaction from one's own Thai Bank Account. I don't know what other people call it, I call it outbound "capital-controls". (greetings from Greece). We are not amused !

- So then: Are there any "upper limits" as to how much cash one can take out of Thailand in form of foreign currency (Euro, Dollar CHF) in a hand bag. Not Thai Bht of course.

I would prefer this route, since upon arrival in my home country, I could easily deliver the necessary documentation. that this is not a "money laundering" situation, especially since this documentation is in my native language (not English). Presenting this same documentation, written in my native language at my Thai Bank?

- There were a few links given concerning this matter. Unfortunately, they are between 7 to 9 years old. Thanks anyway.

- My question (post 17) remains unanswered.

Cheers.

Just for you - http://thailawyers.com/currency-limitation-how-much-cash-in-foreign-currencies-can-you-bring-into-thailand/

Also talks about taking out but does not mention an upper limit just that you have to declare anything over $20k equivalent - certainly for incoming that has been well known for a long time.

The Regulation and Notification require that any person who brings foreign currency into or out of Thailand, both in bank notes and coins, with the total aggregate value exceeding USD 20,000 or its equivalent, must declare such amount of foreign currency to a Customs officer...........

[topt]

Or the Thai customs web site - http://www.customs.go.th/wps/wcm/connect/custen/travellers/departing+from+thailand/departingfromthailand

[chiang mai]

I am not talking about greeze, I am talking about transfering a million to Thailand for condo possibly, and if later I change my mind I can ust take it out in euros and bring it back to EU?

I am afraid if the EU gov will make my money be frozen in this bank, if I have a debt in EU?

Also if I have regular paypal transfers to thai bank, will I be able to withdraw that money or should I just use that money on ATM machines, becuase I will not be able to transfer it out ebcause it came via paypal?

I am not supporting farm fresh missus as beechwhale is that is why he is so cranky, but still I am worried...

and do the banks report to EU how much money you have?

You can take it out in Euros, but you will pay a fee of about 1.5%.

You can not transfer it back to Europe, IN EURO, as you will have to exchange it to Thai Baht first then transfer it in Thai Baht, so you will lose twice on exchange rate

If the Euros were transferred in to a multi currency account in Thailand they CAN be transferred back out again as Euro's.

No they CAN'T. Been there got the t-shirt.

Don't spread FALSE rumors from which you have no first hand knowledge.

Confirmed by Citibank and Kasikorn bank.

You are simply very wrong on this point, I've personally transferred overseas, foreign currency from a FCY account in Thailand on at least three occasions, one of the main selling points of an FCY account here is that foreign currency can be held here and repatriated later, without the need to convert. I have no idea what rules Kasikorn or Citibank follow but Bangkok Bank at least has a charge for this service in their tariff which is known as "commission in Lieu" (of exchange): http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/FCDFees.aspx

EDIT to add: in thinking about this subject further it seems to me that Kasikorn may not allow such a transaction because they do not have any branches overseas whilst Bangkok Bank and the (now closed) HSBC do/did hence such transaction are/were allowed. Ditto the purchase of foreign currency cheques (GBP/Euro) in Thailand, easily done today at Bangkok Bank but impossible to do at Kasikorn.

Edited July 6, 2015 by chiang mai

[Anthony5]

You can take it out in Euros, but you will pay a fee of about 1.5%.

You can not transfer it back to Europe, IN EURO, as you will have to exchange it to Thai Baht first then transfer it in Thai Baht, so you will lose twice on exchange rate

If the Euros were transferred in to a multi currency account in Thailand they CAN be transferred back out again as Euro's.

No they CAN'T. Been there got the t-shirt.

Don't spread FALSE rumors from which you have no first hand knowledge.

Confirmed by Citibank and Kasikorn bank.

You are simply very wrong on this point, I've personally transferred overseas, foreign currency from a FCY account in Thailand on at least three occasions, one of the main selling points of an FCY account here is that foreign currency can be held here and repatriated later, without the need to convert. I have no idea what rules Kasikorn or Citibank follow but Bangkok Bank at least has a charge for this service in their tariff which is known as "commission in Lieu" (of exchange): http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Accounts/ForeignCurrencyAccount/Pages/FCDFees.aspx

EDIT to add: in thinking about this subject further it seems to me that Kasikorn may not allow such a transaction because they do not have any branches overseas whilst Bangkok Bank and the (now closed) HSBC do/did hence such transaction are/were allowed. Ditto the purchase of foreign currency cheques (GBP/Euro) in Thailand, easily done today at Bangkok Bank but impossible to do at Kasikorn.

I stand corrected.

I just called Bangkok Bank and they indeed confirmed, as shown in your link, that it is possible to transfer foreign currency outwards Thailand, but at a ridiculous fee.

The fee is 0.50% of the amount with a minimum of 500 Baht and no ceiling.

That mean if I hold 200.000 Euro in a FCD in Thailand and want to transfer it back to Euroland, it will cost me 1000 Euro in transfer fee.

If I transfer the same 200.000 Euro from my bank to Thailand, I will pay 0.125%, with a maximum of 125 Euro, and other transfer fees also limited to 63 Euro, so a maximum of 189 Euro up to 499.999 Euro.

[chiang mai]

The point is that it is possible although I agree that the cost, a separate subject entirely, is prohibitive. I was able to transfer foreign currency out of Thailand using Global View, an online facility offered to HSBC Premier customers for which there was no charge hence the transfer was free, perhaps other banks have similar types of global accounts, dunno. And actually, it must be a pretty rare occurrence where account holders transfer in and then transfer out, when there is a cost involved. The moral of the story I would guess is to plan your transfers and currency holdings with care.

[kingalfred]

Read terms & conditions of your Thai bank account and you will discover that if your money is illegally taken(stolen) you have very little recourse. In other words you wont get it returned by the bank!