800,000 baht, Bangkok Bank. How to keep secure?

[seajae]

I keep my visa extension money in a seperate bank, no card and bank book only access, the set up I use works very well with a reasonable return on my money

[Leaver]

On 6/25/2020 at 1:10 PM, Oldie said:

This is important to know. Accounts in foreign currency are not covered by the government if the bank goes bankrupt. 

I doubt the Thai government will bail out any Thai banks, but a bail-in or account hair cut could be possible.  Some, or all, of the 800k deposits held by foreigners to meet the visa criteria could be seized to save a Thai bank, because if one goes, there will surely be more to follow.  

[BritManToo]

Just now, Leaver said:

I doubt the Thai government will bail out any Thai banks, but a bail-in or account hair cut could be possible.  Some, or all, of the 800k deposits held by foreigners to meet the visa criteria could be seized to save a Thai bank, because if one goes, there will surely be more to follow.  

I don't believe foreigner accounts are covered by the Thai bank guarantees.

I may be wrong, but I don't want to bet 800k I'm wrong.

[Leaver]

31 minutes ago, BritManToo said:

I don't believe foreigner accounts are covered by the Thai bank guarantees.

I may be wrong, but I don't want to bet 800k I'm wrong.

I believe foreign currency accounts are not covered by the bank guarantee, but I was talking about baht accounts held by foreigners.  

[BritManToo]

Just now, Leaver said:

I believe foreign currency accounts are not covered by the bank guarantee, but I was talking about baht accounts held by foreigners.  

I'm happy for you to bet your 800k that you're right.

Edited August 7, 2020 by BritManToo

[Leaver]

3 minutes ago, BritManToo said:

I'm happy for you to bet your 800k that you're right.

I use an agent.  I was never going to have 800k baht of my money held hostage just for a visa to be able to spend my money here.

 

The 800k baht is invested elsewhere which more than covers the cost of the agent each year, and headaches with immigration, and in recent times, no risk with sinking Thai banks.  

[Oldie]

2 hours ago, BritManToo said:

I don't believe foreigner accounts are covered by the Thai bank guarantees.

I may be wrong, but I don't want to bet 800k I'm wrong.

Please explain to me why you think that accounts of foreigners are not covered by the deposit insurance. 

[Oliver Holzerfilled]

On 6/24/2020 at 11:57 PM, sencelebi said:

That's not true. You can keep it in foreign currency. I have US dollar account in the Krungsri bank and I don't even have a bank book,because bank doesn't issue a bank book for foreign currency account, just an ATM card they issue. I just get a bank statement and copy of my ATM card to present to immigration and that's it. Not a problem with immigration. Don't be afraid of having ATM card. Every ATM machine has a camera and they record anybody is doing transaction.

No need to be afraid of having an ATM card.  You need to be afraid of where you use it depending on your risk tolerance.  Great, there's a camera.  If your card is compromised will the bank refund your money and if so how long will it take are the issues.

[scubascuba3]

8 hours ago, Oldie said:

Please explain to me why you think that accounts of foreigners are not covered by the deposit insurance. 

I asked at Krungsi and they said foreign currency deposit accounts aren't covered, probably the same in all banks. No problem with foreigner baht accounts subject to the max limit.

 

On the subject of ATM cards that people are concerned about, you can do Cardless withdrawals with some banks, i know Kasikorn and Krungsi for sure, Bangkok Bank not yet

Edited August 7, 2020 by scubascuba3

[Leaver]

As a side issue to ATM cards, we may see a lower limit on daily ATM withdrawals here in the future, as well as over the counter withdrawals.