Sumarianson Posted March 30, 2020 Share Posted March 30, 2020 Ha Ha Ha! Obviously not here in 2008! I was going to say if it is under your matress it is quite safe unless you live with a bar girl? In which case I would use unsocial distancing of your money from her. Other than that it is not safe from inflation, which by the look of the gold price is pretty unsafe! Link to comment Share on other sites More sharing options...
SiSePuede419 Posted March 30, 2020 Share Posted March 30, 2020 Don't worry. Your up to 5M Baht deposit in Bangkok Bank is fully insured. Until August 10, 2020. I kid you not. ???? Link to comment Share on other sites More sharing options...
scubascuba3 Posted March 30, 2020 Share Posted March 30, 2020 9 hours ago, Max69xl said: The money is guaranteed by the government. Until August 2020 it's 5 million baht,then 1 million baht. Yeah we know, let's see how it pans out Link to comment Share on other sites More sharing options...
Onrai Posted March 30, 2020 Share Posted March 30, 2020 9 hours ago, Leaver said: I am not sure what you have done when posting, but you have misquoted me. That was not my post. The member "baansgr" posted that. Sorry for responding to wrong post. Link to comment Share on other sites More sharing options...
tandor Posted March 30, 2020 Share Posted March 30, 2020 On 3/29/2020 at 6:46 PM, scubascuba3 said: No bank is safe currently ...good ole shoe-box under the bed. Link to comment Share on other sites More sharing options...
5633572526 Posted March 31, 2020 Share Posted March 31, 2020 The first people to feel the effects of any government sponsored pilfering of your bank account due to a financial crisis Linked to this virus would be those with foreign currency accounts. They can print more baht but they can not print foreign currency. As the strength of the baht weakened the cost of foreign debt incurred say for instance to buy submarines would increase dramatically. An emergency decree say at the next cabinet meeting could force convert all foreign currency accounts in Thai banks to baht and the foreign currency gained by doing that could be used to satisfy the foreign debt leaving you with freshly printed Thai baht and them with a more economical way of paying foreign debt. Link to comment Share on other sites More sharing options...
morrobay Posted March 31, 2020 Share Posted March 31, 2020 13 hours ago, couchpotato said: Completely disagree. Had accounts in Thailand since Bank of America days in the 70's. Accounts with 4 of the major Banks and never any type of problem in all those years. And Thailand has been thru multiple upheavals during those years (Global, financial, military etc), so each to their own, but for me much better. Actually I can't remember (other than fraud or crime) anyone ever losing money in a Thai bank. My opinion. OK let me ask you since cannot get answer: Did any Thai banks fail during the 1997 Asian financial crisis. Link to comment Share on other sites More sharing options...
Leaver Posted March 31, 2020 Share Posted March 31, 2020 14 hours ago, couchpotato said: Completely disagree. Had accounts in Thailand since Bank of America days in the 70's. Accounts with 4 of the major Banks and never any type of problem in all those years. And Thailand has been thru multiple upheavals during those years (Global, financial, military etc), so each to their own, but for me much better. Actually I can't remember (other than fraud or crime) anyone ever losing money in a Thai bank. My opinion. Thailand's never been through something like this, has it? The can do a back flip here with a stroke of a pen in Bangkok. and there goes your bank deposit "guarantee." Then, let's not forget who is running this country, not exactly the brains trust, are they, and they didn't even truly get voted in by the people. Remember, Thailand has record household debt, and I have a feeling some of the banks here have over leveraged. Link to comment Share on other sites More sharing options...
Leaver Posted March 31, 2020 Share Posted March 31, 2020 6 hours ago, Onrai said: Sorry for responding to wrong post. Just unusual the quote had my username, not the username of the post you were quoting. Link to comment Share on other sites More sharing options...
Enzian Posted March 31, 2020 Share Posted March 31, 2020 Krungsri Bank where I'm parked is 70% owned by Japanese, a situation which on the whole I like. Link to comment Share on other sites More sharing options...
Neeranam Posted March 31, 2020 Share Posted March 31, 2020 Take out cash if you can. Banks will freeze accounts when the revolution starts. Digital currencies are the way forward, full stop. Link to comment Share on other sites More sharing options...
david555 Posted March 31, 2020 Share Posted March 31, 2020 (edited) 20 hours ago, Vigilante said: Other shops can buy at an extra discount..I believe The problem is they won't have the liquidity either, to redeem all the gold they've sold in recent years Remember...everybody will be selling to cash in on the bonanza Btw...if you are in the West, by all means buy gold There will always be buyers (Central Banks and other big players) Much more liquid markets than Somsak and his little gold shop https://www.bloomberg.com/news/articles/2020-03-30/bank-of-russia-to-halt-domestic-gold-purchases-from-april-1 Markets Russia, World’s Biggest Buyer of Gold, Will Stop Purchases By Yuliya Fedorinova , Elena Mazneva , and Anna Andrianova 30 March 2020, 22:16 GMT+7Updated on 30 March 2020, 23:51 GMT+7 Edited March 31, 2020 by david555 Link to comment Share on other sites More sharing options...
frantick Posted March 31, 2020 Share Posted March 31, 2020 Y'all (I hear that's a trigger word now) are worrying about this WAY too much. If we lose our Thai money, there'll be much bigger issues in the world to worry about. Can't wait for this virus circus to end. Link to comment Share on other sites More sharing options...
Leaver Posted March 31, 2020 Share Posted March 31, 2020 4 hours ago, Enzian said: Krungsri Bank where I'm parked is 70% owned by Japanese, a situation which on the whole I like. That could be a good thing, or a bad thing. Time will tell. Link to comment Share on other sites More sharing options...
Vigilante Posted March 31, 2020 Share Posted March 31, 2020 On 3/30/2020 at 5:20 PM, Philipg114763 said: Simple you take your 800000 out the bank and transfer it from a bank outside thailand and 65000 every month into a thai bank ...and then transfer part of the 65k back out because at that rate, there will be nothing left in the acct within a year. A little bit too expensive and complicated Unless of course someone is filthy rich. Link to comment Share on other sites More sharing options...
Vigilante Posted March 31, 2020 Share Posted March 31, 2020 15 hours ago, Neeranam said: Take out cash if you can. Banks will freeze accounts when the revolution starts. Digital currencies are the way forward, full stop. A reset is a real possibility but revolutions? I don't think so There will be riots though Link to comment Share on other sites More sharing options...
Cashboy Posted April 1, 2020 Share Posted April 1, 2020 I assume you ( SwissCheeseman ) are a Swiss National. I would say that the USB and Credit Swiss are more bankrupt banks than say the Bangkok Bank. Switzerland and Swiss Banks lost their credibility over the last few years for safe banking and trust and anonymity. Link to comment Share on other sites More sharing options...
Cashboy Posted April 1, 2020 Share Posted April 1, 2020 23 hours ago, Leaver said: Thailand's never been through something like this, has it? The can do a back flip here with a stroke of a pen in Bangkok. and there goes your bank deposit "guarantee." Then, let's not forget who is running this country, not exactly the brains trust, are they, and they didn't even truly get voted in by the people. Remember, Thailand has record household debt, and I have a feeling some of the banks here have over leveraged. I think you will find that most banks in the world are over leveraged and not disclosing / providing for true likely bad debts because that would lower their net assets on their balance sheet. Also most countries seem to have record household debts and if you really researched into it would probably find that growth has been purely from the increase in debt over the last 40 years. 1 Link to comment Share on other sites More sharing options...
Leaver Posted April 1, 2020 Share Posted April 1, 2020 4 hours ago, Cashboy said: I think you will find that most banks in the world are over leveraged and not disclosing / providing for true likely bad debts because that would lower their net assets on their balance sheet. Also most countries seem to have record household debts and if you really researched into it would probably find that growth has been purely from the increase in debt over the last 40 years. I accept what you say, but many countries in the west have stress tested their banks. Very difficult for Thailand to do that with such a big cash economy here, a large portion of it in the hospitality and tourism sector, which has evaporated, virtually overnight. Like some western countries, Thailand will have a freeze on mortgages etc, but with so many working in tourism here, that freeze can't last forever, and the poor way in which they have handled shutdowns here means the virus will be around for quite some time, with Thailand never really flattening the curve. Eventually, the defaults will start rolling in at a rapid rate, leaving some Thai banks distressed. Now, whether the Thai government offers bail outs will be interesting in the financial quarters ahead, but I would suggest, Thai banks are going to be hit with some heavy losses in the near future, and it's not impossible we see a run on the banks here. even from Thai's, who prefer gold in uncertain times. Interesting times ahead, but I stand by my earlier comment to the OP to withdraw the money, whilst it's still there to withdraw, and whilst he still allowed to. It's more a safety first measure than a panic option. Link to comment Share on other sites More sharing options...
Farrows3399 Posted April 1, 2020 Share Posted April 1, 2020 6 hours ago, Cashboy said: I think you will find that most banks in the world are over leveraged and not disclosing / providing for true likely bad debts because that would lower their net assets on their balance sheet. Also most countries seem to have record household debts and if you really researched into it would probably find that growth has been purely from the increase in debt over the last 40 years. So if you had 800000 in Bangkok Bank would you take out or let it stay ? Link to comment Share on other sites More sharing options...
Cashboy Posted April 1, 2020 Share Posted April 1, 2020 4 hours ago, Leaver said: I accept what you say, but many countries in the west have stress tested their banks. Very difficult for Thailand to do that with such a big cash economy here, a large portion of it in the hospitality and tourism sector, which has evaporated, virtually overnight. Like some western countries, Thailand will have a freeze on mortgages etc, but with so many working in tourism here, that freeze can't last forever, and the poor way in which they have handled shutdowns here means the virus will be around for quite some time, with Thailand never really flattening the curve. Eventually, the defaults will start rolling in at a rapid rate, leaving some Thai banks distressed. Now, whether the Thai government offers bail outs will be interesting in the financial quarters ahead, but I would suggest, Thai banks are going to be hit with some heavy losses in the near future, and it's not impossible we see a run on the banks here. even from Thai's, who prefer gold in uncertain times. Interesting times ahead, but I stand by my earlier comment to the OP to withdraw the money, whilst it's still there to withdraw, and whilst he still allowed to. It's more a safety first measure than a panic option. Those western "bank stress tests" were a public relations exercise in my opinion. The fact that Thailand has such a big cash economy is an advantage in my opinion regarding daily living and surviving in these times. So many people and companies are in effect working for the banks with their loan terms. I would argue that this Corona Virus will be an excuse for a lot of companies throughout the world to go bankrupt that were already in financial trouble. Your so called "Thai distressed banks"will more than likely be bailed out by the government and covered by the Thai Central Bank much like the west (UK as an example) with RBS etc. Lets also not forget Cyprus that had account holders with more than 100,000 Euros have 30% of it taken from them. And lets not forget that that was back in in 2008 time. Link to comment Share on other sites More sharing options...
Leaver Posted April 1, 2020 Share Posted April 1, 2020 3 minutes ago, Cashboy said: Those western "bank stress tests" were a public relations exercise in my opinion. The fact that Thailand has such a big cash economy is an advantage in my opinion regarding daily living and surviving in these times. So many people and companies are in effect working for the banks with their loan terms. I would argue that this Corona Virus will be an excuse for a lot of companies throughout the world to go bankrupt that were already in financial trouble. Your so called "Thai distressed banks"will more than likely be bailed out by the government and covered by the Thai Central Bank much like the west (UK as an example) with RBS etc. Lets also not forget Cyprus that had account holders with more than 100,000 Euros have 30% of it taken from them. And lets not forget that that was back in in 2008 time. Would you see it as an advantage if a large part of that cash economy was in the hospitality and tourism industries? Those jobs, and the cash they injected into the Thai economy, have dried up, virtually overnight. i agree many companies will use the virus as an excuse to avoid their debt obligations, or, ask for a bail out. What makes you so sure distressed Thai banks will be bailed out? Look who is in charge of the country. I can't see a Cyprus style raiding of accounts happening here, but, as I have said, all bets are off, and anything is possible here as the Thai economy continues to haemorrhage, that's why I suggested to withdraw. Link to comment Share on other sites More sharing options...
Thingamabob Posted April 2, 2020 Share Posted April 2, 2020 SCB will be ok. Link to comment Share on other sites More sharing options...
Leaver Posted April 2, 2020 Share Posted April 2, 2020 (edited) 4 hours ago, Thingamabob said: SCB will be ok. Have they got any shares in a smaller Thai bank? Edited April 2, 2020 by Leaver Link to comment Share on other sites More sharing options...
Philipg114763 Posted April 2, 2020 Share Posted April 2, 2020 On 4/1/2020 at 4:59 AM, Vigilante said: ...and then trannsfer part of the 65k back out because at that rate, there will be nothing left in the acct within a year. A little bit too expensive and complicated Unless of course someone is filthy rich. No if you use Tranferwise its very cheap with to tranferit inly cost about £10 to use Link to comment Share on other sites More sharing options...
Max69xl Posted April 2, 2020 Share Posted April 2, 2020 13 minutes ago, Philipg114763 said: No if you use Tranferwise its very cheap with to tranferit inly cost about £10 to use A £1000 transfer cost £7. No receiving fee. Link to comment Share on other sites More sharing options...
SwissCheeseMan Posted April 3, 2020 Author Share Posted April 3, 2020 (edited) Had a bit to do over the last couple of days. I've withdrawn the bulk of my account and transferred it to my home country. First thing I did was transfer 65,000 baht from overseas into my Thai bank and will continue this every month. The main reasons for my decision is lack of trust in the Thai government guarantee and for them to bail out a bank if it hits hard times and lack of faith also in my Thai bank. My Thai bank has everything I need and offer good service but what upper management has done with lending and investing might not be so transparent and prudent, but who could have expected this. When making my decision the least of my concerns was interests rates on offer and next year's visa. I asked the lady if many foreigners had been making large withdrawals and transfers lately and she said yes. I asked are the Thai people doing and she said buying gold or US dollars. Edited April 3, 2020 by SwissCheeseMan Link to comment Share on other sites More sharing options...
Philipg114763 Posted April 3, 2020 Share Posted April 3, 2020 4 hours ago, SwissCheeseMan said: Had a bit to do over the last couple of days. I've withdrawn the bulk of my account and transferred it to my home country. First thing I did was transfer 65,000 baht from overseas into my Thai bank and will continue this every month. The main reasons for my decision is lack of trust in the Thai government guarantee and for them to bail out a bank if it hits hard times and lack of faith also in my Thai bank. My Thai bank has everything I need and offer good service but what upper management has done with lending and investing might not be so transparent and prudent, but who could have expected this. When making my decision the least of my concerns was interests rates on offer and next year's visa. I asked the lady if many foreigners had been making large withdrawals and transfers lately and she said yes. I asked are the Thai people doing and she said buying gold or US dollars. Very good decision Link to comment Share on other sites More sharing options...
Leaver Posted April 3, 2020 Share Posted April 3, 2020 5 hours ago, SwissCheeseMan said: Had a bit to do over the last couple of days. I've withdrawn the bulk of my account and transferred it to my home country. First thing I did was transfer 65,000 baht from overseas into my Thai bank and will continue this every month. The main reasons for my decision is lack of trust in the Thai government guarantee and for them to bail out a bank if it hits hard times and lack of faith also in my Thai bank. My Thai bank has everything I need and offer good service but what upper management has done with lending and investing might not be so transparent and prudent, but who could have expected this. When making my decision the least of my concerns was interests rates on offer and next year's visa. I asked the lady if many foreigners had been making large withdrawals and transfers lately and she said yes. I asked are the Thai people doing and she said buying gold or US dollars. Completely understandable, given the circumstances. Moving from the 800k baht method to the 65k baht method each month is not a big problem. You may not even want to live here, 6 to 12 months from now, so a visa may be a non issue in the future. I think many banks in the west will also be hit hard, but western government bank guarantees can be relied upon, with the odd exception. This is really going to test the Thai banking system, and the Thai government, if you can call them a government. If there were bigger things at stake, like residency or citizenship, I would consider taking the gamble and leaving it in a Thai bank, but since it's only for a retirement visa, which is akin to a 1 year tourist visa anyway, and it's only Thailand, think you have made the right choice. Link to comment Share on other sites More sharing options...
morrobay Posted April 3, 2020 Share Posted April 3, 2020 (edited) Three scenarios: 1 a bank fails. 2 deposit insurance fails. 3 no bailout. Suppose all have 1/3 probability, then for all three taken together a 1/27 risk. Also the very very wealthy Thais have about 50% of all Thai bank savings. Not panic city yet. By the way where are these people, one in particular who have always stated how strong and resilient the Thai economy, banks are??? Their silence these days causes one to wonder if they actually ever believed what they have said. Edited April 3, 2020 by morrobay Link to comment Share on other sites More sharing options...
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