Max amnt of money you feel comfortable with: in a Thai bank, in all Thai banks (sum)?

[Number 6]

After years in Thailand I'm admittedly a bit wary of anything to do with Thais/money. I'm starting to think about my next step into the grave, the big 6-0.

 

**I'm debating opening a Singapore bank acct, also opportunity for safety box (gold, misc other valuables).

 

1. Would (do) you trust Thai saftey boxes in banks (if you can find one)?

 

2. Your comfort level, maximum thb in any one bank (one/multi accts)?

 

3. Total amount of money you'd feel comfortable with having in country?

 

4. At what amount do Singapore accounts make sense? 200k?

 

Thanks

[Scott]

Troll post and reply removed.

 

[daveAustin]

Wouldn't like to keep much more than a mil in any account for too long, though never had an issue with main account in 15 summat years and well exceeded that. Having said that, would sooner have it all here than UK where banks currently pay out in the region of 0.1% if you're lucky! Think NZ still offers half decent savings rates.

 

I know boxes are tough to get here, and friends that have metal have it in Singers.

 

Btw, don'tcha know, 80 is the new 'old'? At 60, you'd still be a nip. 

 

 

[KittenKong]

I would avoid having more than a couple of million Baht in one bank.

 

I would particularly avoid having a lot of money in any account that can be accessed via an ATM card or online.

 

I would never have more than 10% of my net wealth in Thailand, and that includes my condo and car and bank deposits. "Never have more here than you can afford to walk away from" is a good motto.

 

I have no physical valuables at all (gold, jewellery, large amounts of cash etc), and never will have.

[Briggsy]

Over 20% of my net worth or 900,000 Baht whichever is the greater.

 

I would split large cash balances between different banks. (define : "large". OK, over 900,000 Baht)

[KittenKong]

11 hours ago, daveAustin said:

Having said that, would sooner have it all here than UK where banks currently pay out in the region of 0.1% if you're lucky!

 

Term deposit rates in the UK are very similar to those in Thailand at the moment. 1.5% or more is easily achievable, as is around 1% for instant access. For sums up to a few thousand GBP there are ways of getting higher rates in the UK via special accounts.

 

And personally I have more faith in the UK bank deposit protection scheme than I do in the Thai one (that said, I would rather not need to claim on either as that need would be indicative of a much worse malaise).

[fletchsmile]

1. Prefer not to use safety deposit boxes. We have two home safes. A bigger old fashioned type with the dial to open and key - heavy and fireproof.  Then a smaller hotel style one with keypad and digits - as much to keep important things in one place as anything

 

2. Comfortable with a few million THB in a Thai bank. Spread the money across different banks though and different family members. Was planning for when the deposit protection came into effect as to whether to hold more than 1 mn in any one bank in any single name. As they deferred the reduction it's one for the future though. You should pick the strong banks first and rely on DPA second. Unlike the US system where bankruptcy is common place and relying on Uncle Sam to bail you out is the norm  - long run on average people end up worse off for that. Take responsibilty.

I also don't keep any Foreign currency bank accounts in Thailand - apart from not being good VFM they're not covered by DPA

 

3. If I wasn't an expat it would be 100%. As an expat I used to aim for 1/3 where I came from, 1/3 here in Thailand and 1/3 offshore. Now settled here with family and kids in school, condo, car etc, I am happy with up to 50% in Thailand give or take.

For us the "don't keep money in Thailand mantra blah blah blah" is totally flawed. The FX risks alone of not having money/ assets in Thailand can be massive. I believe more in can you afford not to invest in Thailand if it's your long term home.

The mantra is useful for uneducated people who don't know what they are doing though and for newbies LOL plus of course people who have so much money it's irrelevant

 

4. In Singapore the deposit protection is only SGD50k per person per bank on SGD cash. Foreign currency like  in Thailand is not covered. So that's a reasonable guide. If you want to make the 200k threshold common for many premier services across banks the extra 150k can be in all manner of other products. Singapore banks have much stronger credit ratings than Thai banks and are among the safest in the world - though it's all relative LOL

 

Having a good wife you can trust also means you can double all these deposit protection amounts 

 

Cheers

Fletch :)

Edited February 24, 2017 by fletchsmile

[elgordo38]

16 hours ago, daveAustin said:

Btw, don'tcha know, 80 is the new 'old'? At 60, you'd still be a nip. 

Very well said. The new old is coming up fast often wonder where the time went. I have a good chunk of money here and as this is "Custer's last stand" for me if the baht tanks well that will be my g/f's problem. If it tanks in my lifetime here interest rates will go up prices will drop and most things will stay relevant. Workers will suffer and I feel for them. I quit trying to save the world a long time ago. My main goal now is to give my g/f a hand up in her next leg up in life. 

[sandgroper2]

Leave your money in the bank in home country, have someone send you money every coupla months as you need to top up you 200K thai  bank account. This is the only sensible risk free thing to do.

[catman20]

millions of bahts  no problem

[pumpuy]

I had a LOT of problems with banks in Europe , especially HSBC . Never had a problem with SCB in Thailand ...

Edited February 24, 2017 by pumpuy

[yimlitnoy]

CITI

[djlest]

Its all very well saying you would rather have it in Thailand than back home, but when that becomes the only reality you are allowed. things are not so great!

I have about 50% of my assets here in thailand, and i know others have transfered a lot of their pensions here too.
However a recent spate of Bank trips in an effort to send some emergency money back home for my family has had been flat out refused at over 3 banks. In 12 years i have never had a problem with thai banks until now. We cant even own a condo, land, or send money out with FET forms. God forbid if you sell the condo and pay tax and want to send money back home.. I even showed them an FET form and was refused too. I always thought the FET forms were all thats required. Wrong! So basically if you ever need to leave or go back home for some medical reason, be prepared to lose everything or leave it ALL behind...
What comes in wont be leaving easily... no matter what documents you have. unless you have a work permit!

Edited February 24, 2017 by djlest

[natway09]

Do not take too much notice of the people on this forum who wish to extol their mistrust of everything Thai from

their living room overseas.

The "Big 5" banks in Thailand are as safe (if not more so) than 90% of banks offshore

without the ridiculous monthly charges & at least some interest on small amounts (under 1mil)

I have run a business here for 23 years with 2 cheque accounts 3 business accounts + my 4 private banks;

2 of which have term deposits currently & never  a sign of trouble with interest paid on due date.

I do not do internet banking which I do not trust but that has nothing to do with Thailand

[CMBob]

Similar to the US FDIC deposit protection guarantees, most Thai bank deposits are protected by governmental (or quasi-governmental) insurance.  Up until August of last year, the guarantee was 25 million baht (the protection appears to be all accounts at one bank); however, that then changed to 15 million baht until August 10, 2018, for 10 million baht from then until August 10, 2019, for 5 million baht from then to August 11, 2020, and thereafter only for 1 million baht.  There's a list of the banks covered (almost all) online.

 

However, the legislature has changed (raised) the scheduled lower levels many times in the last decade and likely (I would hope) never let it fall to only 1 million baht.  We'll see.  Pending that, not too many of us should have too many worries (unless you're a large business in need of a lot of cash, it's not the smartest thing in the world to let a whole lot of cash languish in banks anywhere).

 

 

[natway09]

D, If you have just found out that you can't own land here< how long have you been here?

Slow learner?

[djlest]

If you have a business account in Thailand thats great, it also means you have a work permit and income and pay tax. So moving money out shouldn't be a problem at all as you are allowed to transfer out 80% of your yearly income! Also you have accountants looking after every single baht incoming and out going so if anything does go astray, its protected,.

personal banking in Thailand i can assure you, is not without risks. 11 years ago 30k went missing from my SCB account. I traced it to a bank in Bangna that i had never been too. It was apparently withdrawn from an ATM. I asked to see the hidden cam inside the ATM. Reply: we dont have one at this branch sir. SO off i go to Siam head office to speak with manager, his reply was were you drinking that day sir. My reply was no i wasnt even in the country, i was in Cambodia and showed my passport. needless to say it was never recovered. A few months after i was working in Chula and about 3 other stories with similar experiences came to light. BANK STAFF!

[Tchooptip]

One is never too careful so personally  certainly no more than 100 000 000 ฿ 

[NoshowJones]

About 30.000 baht. Banks and insurance companies are around the biggest crooks you will get, especially Thai banks.

[SpeakeasyThai]

6 hours ago, fletchsmile said:

1. Prefer not to use safety deposit boxes. We have two home safes. A bigger old fashioned type with the dial to open and key - heavy and fireproof.  Then a smaller hotel style one with keypad and digits - as much to keep important things in one place as anything

 

2. Comfortable with a few million THB in a Thai bank. Spread the money across different banks though and different family members. Was planning for when the deposit protection came into effect as to whether to hold more than 1 mn in any one bank in any single name. As they deferred the reduction it's one for the future though. You should pick the strong banks first and rely on DPA second. Unlike the US system where bankruptcy is common place and relying on Uncle Sam to bail you out is the norm  - long run on average people end up worse off for that. Take responsibilty.

I also don't keep any Foreign currency bank accounts in Thailand - apart from not being good VFM they're not covered by DPA

 

3. If I wasn't an expat it would be 100%. As an expat I used to aim for 1/3 where I came from, 1/3 here in Thailand and 1/3 offshore. Now settled here with family and kids in school, condo, car etc, I am happy with up to 50% in Thailand give or take.

For us the "don't keep money in Thailand mantra blah blah blah" is totally flawed. The FX risks alone of not having money/ assets in Thailand can be massive. I believe more in can you afford not to invest in Thailand if it's your long term home.

The mantra is useful for uneducated people who don't know what they are doing though and for newbies LOL plus of course people who have so much money it's irrelevant

 

4. In Singapore the deposit protection is only SGD50k per person per bank on SGD cash. Foreign currency like  in Thailand is not covered. So that's a reasonable guide. If you want to make the 200k threshold common for many premier services across banks the extra 150k can be in all manner of other products. Singapore banks have much stronger credit ratings than Thai banks and are among the safest in the world - though it's all relative LOL

 

Having a good wife you can trust also means you can double all these deposit protection amounts 

 

Cheers

Fletch :)

'Having a good wife you can trust.....'

Best i've heard all day. VERY amusing.

[English Engineer]

I have HSBC accounts in both UK and Singapore and keep living allowance for 3 years in Thailand. My UK pension is paid in the UK HSBC account. In Singapore I spread the money accross a number of currencies USD, SGD, GBP. Transfers to the Bangkok bank can be made online and arrive in a day or so. Advantage of Singapore no tax on interest. No real need to keep too much money in Thailand.

[little mary sunshine]

50,000B. For an emergency...all my funds are accessible with

the PLUS System and kept in Insured accounts.  I have immediate

access, for a fee , of course.

[Suradit69]

20 hours ago, Number 6 said:

2. Your comfort level, maximum thb in any one bank (one/multi accts)?

If you're talking about an account solely in your name, I have no qualms about the safety involved in money held in my Bangkok Bank account. The amount seems irrelevant and depends on your purpose in keeping it here. If you had any legitimate qualms about a particular bank, why would you keep any amount in that bank.

 

If the account(s) are held in your name and someone else's, giving you both access to the money, the bigger potential problem would involve trust of the other person.

 

20 hours ago, Number 6 said:

a bit wary of anything to do with Thais/money.

Unfortunate experiences you may have had with bar girls or dubious business ventures or whatever don't imply anything about the banking system, just the people you've chosen to associate with.

 

All the multi-billion dollar fines for corrupt practices have been levied against banks like Barclays, RBS, Citi, Bank of America, Wells Fargo, HSBC and the like. Maybe you should be "a bit wary" of them.

 

Quote

 

U.S. banks have crossed a significant post-financial crisis milestone, tallying more $200 billion in fines paid out regarding questionable behavior.

Many of the most recent cases have shifted to currency market manipulation.

Most recently, a U.S. court slapped British banks Barclays, HSBC and Royal Bank of Scotland with nearly $1 billion in fines related to forex improprieties. Goldman Sachs and BNP Paribas also got hit with combined fines approaching $250 million in related cases. Other huge Wall Street names, including JPMorgan Chase, Bank of America and Citigroup, have faced penalties as well.

 

http://www.cnbc.com/2015/10/30/misbehaving-banks-have-now-paid-204b-in-fines.html

[cloudhopper]

Less than 350,000 THB so I never have to do stupid annual reports to the US Treasury Dept. For big purchases like a car or whatever it goes through the TW acct.

[Scouse123]

2 hours ago, catman20 said:

millions of bahts  no problem

I agree with you.

 

in 25 years, I have used TMB, Bangkok Bank, Thai Farmers, Krung Thai Bank ( personal favourite) SCB etc without incident. There have been many arguments when I have wanted to send large amounts out of the country but when you can prove you brought it in and have inward remittance papers, their objections fade away.

 

They got through the Asian crisis, they got through the global meltdown and banking crisis and I think are as safe as any European or US banks, but that's my own personal opinion.

[david555]

2 hours ago, djlest said:

Its all very well saying you would rather have it in Thailand than back home, but when that becomes the only reality you are allowed. things are not so great!

I have about 50% of my assets here in thailand, and i know others have transfered a lot of their pensions here too.
However a recent spate of Bank trips in an effort to send some emergency money back home for my family has had been flat out refused at over 3 banks. In 12 years i have never had a problem with thai banks until now. We cant even own a condo, land, or send money out with FET forms. God forbid if you sell the condo and pay tax and want to send money back home.. I even showed them an FET form and was refused too. I always thought the FET forms were all thats required. Wrong! So basically if you ever need to leave or go back home for some medical reason, be prepared to lose everything or leave it ALL behind...
What comes in wont be leaving easily... no matter what documents you have. unless you have a work permit!

Besides the money covered by the fet form ,in case of selling your condo ,you are allowed to take out Thailand up to the value of 20 000 usd $ a time / flight ..., but not in Thai bills (they are restricted to 50 000 baht ,they like their bills to keep here seems   ,but can do a few hundred thousand to Cambodia .legally)..

With F.E.T. form you are allowed to transfer , but probably not the whole thing at once , spread it ..., temporary mesures  could be possible by any government especial the khaki color ones ...

Extract Pages From FETT INFO.pdf

Extract Pages From FETT INFO.pdf

Edited February 24, 2017 by david555

[Bulldozer Dawn]

OP,  what country are you from?

 

I have offshore accounts with Citibank in Singapore.  However, if you are an American national it is now problematic to open a new account in the wake of FATCA. 

 

Also take note that Citibank Singapore are significantly increasing required deposit amounts to waive account fees starting on 31 March:

Big Fee Increase from Citibank IPBS

 

I have a good deal of money here in Thailand.  All of the accounts that I have larger amounts in have no ATM or debit card.  Book only.

 

I then have one account that has a debit card attached with internet shopping activated.  I top up funds in that account as needed but take care to never have a balance of greater than 30-40K baht.  I therefore create my own safeguard against potential loss from a card skimmer.

 

The debit card works fine for internet purchases from Lazada or air tickets from Air Asia.

 

[SOUTHERNSTAR]

3 hours ago, sandgroper2 said:

Leave your money in the bank in home country, have someone send you money every coupla months as you need to top up you 200K thai  bank account. This is the only sensible risk free thing to do.

There is no such thing as a risk free financial institution. Only ones that have less risk than others. 

[wmlc]

Unless you are worried about something you are doing wrong like working illegally or you don't trust your Thai wife, Banks such as Kasikorn Bank are just as safe as any Bank in your home country. On the other hand, if you are still worried then do what most of us do. Keep the majority of your savings in your home country Bank. Whenever you need some, transfer it to your Thai bank via swift code money transfer. Choose a bank that has an account with your home bank so that transfers are completed right away and the money shows up  the next day. For example,  my bank in Canada, TD/Canada Trust has an account with Kasikorn Bank. Via internet Banking, I transfer my funds at 9PM Thailand time and when I wake up the next morning, the funds are already inside my Thai Bank account and I'm notified by SMS. Hope that helps.

Edited February 24, 2017 by wmlc

[Number 6]

I'd like to thank everyone for their civil responses. It's all been quite informative and I by and large agree with everyone.

 

Currently, I have only about 600k thb here but thinking about 62 when I'd like to have my mind made up to stay or return.

 

I posited many of the questions such as safety boxes bc I have similar concerns. If gold drops to us1k it would look tempting and I have collections of old stamps and banknotes, coins and silver (some gold) in US. I very much like the idea of safes over boxes, I recall stories of staff opening boxes, not in recent years perhaps.

 

Yes, my two big accounts no ATM card. I've been very happy with SCB. I bet I have half dozen accts. I need to open a BKK bank acct for the social security transfer. I really detest KBank it's painfully slow.

 

Yes, I'm American. If SIN will still give accts, I feel I can qualify but that's another reason I'm thinking about this now. It's getting more problematic by the year.

 

I like many of the formulas you guys have thought thru, thx. Also the classic...Don't bring over what you can't lose +2.

 

I did not want to mention my wife to avoid the trolls but part of this is thinking about her as well as my demise. Seven years, she is still so lovely and honest as the day is long.

 

In the end if we stay, I can see a modest condo 4m bought in a downturn and US1-200k here. The rest I can keep in states.

 

Future interest rates, inflation who knows, I'm a bit of a room and gloom guy but I see inflation ahead.

 

In time I'm concerned my wife will be able to have ez access to my money when I'm gone, what might be in US - or even here.

 

Anyway, thanks for all your input. It's validated some sentiments and given me good for thought.

 

I still want a Singapore acct lol...