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6 minutes ago, TallGuyJohninBKK said:

 

I thought we've talked in the past about there being some kind of account coding at the bank's end of things that distinguishes between a resident and a non-resident account??? Something the accountholder could check to confirm?

 

And that sometimes, folks who have opened accounts originally on things like tourist visas end up getting coded as non-resident accounts???

 

I think there is a difference between classified as a non-resident for interest earning purposes and having a NRBA. 

 

But yeap, I have seen various posts over the years where people were not earning interest when they should have been...like folks on long stay visas/extensions of stay like a retirement or marriage and usually whenever the person talked to their bank about it they were coded wrong. So if you have an acct where the bank's rates/fee schedule shows it's earning X-amount interest per year but you never receive any interest payment then it's time to talk to your bank about  "why not"....they may have you coded in their system as a non-resident.

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http://www.dpa.or.th/en/articles/view/protection-limit

Anyone keeping large sums of money in Thailand is nothing short of an idiot.

I believe this has been delayed.   It's deposit insurance. If they go bankrupt then you get a maximum of 1 million Baht back via the insurance scheme.   If you have a balance of 10

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15 hours ago, CANSIAM said:

Is Citibank considered 3rd world ??

I was referring to the Thai Banking system, not individual banks, who, when operating in Thailand, presumably conform to said system.

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3 hours ago, Max69xl said:

You seem like a cheap charlie to me or you don't have any money to spend. Living alone in a shoe box and only have money for a beer and a hot dog per day is a bit sad imo. 

Think you might have missed the sarcasm there?

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2 hours ago, TallGuyJohninBKK said:

 

The US FDIC deposit insurance is backed by the full faith and credit of the U.S. government, and has never failed to pay for a protected deposit during its entire history.

 

Similar to the UK scheme, however, in these troubled times, one should "never say never"!

 

Having said that, i think I have more faith in the UK scheme than I would the Thai one, partly as I have totally legal permanent right of abode in my home country, whereas in Thailand I would always be on some sort of visa extension. Not scaremongering but with the ever-changing rules in Thailand, who really knows? 

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1 hour ago, VBF said:

Similar to the UK scheme, however, in these troubled times, one should "never say never"!

 

Having said that, i think I have more faith in the UK scheme than I would the Thai one, partly as I have totally legal permanent right of abode in my home country, whereas in Thailand I would always be on some sort of visa extension. Not scaremongering but with the ever-changing rules in Thailand, who really knows? 

 

I can't say for certain, since it predates my time here... But I believe I've heard reports from some old timers who were around for the 1997-1999 Asia Financial Meltdown in which some Thai banks failed (which led to the subsequent creation of the Thai DPA) that it took a very long time (multiple years) for foreigners to get their bank deposits restored by the government at that time.

 

AFAIK, the Thai DPA in the years since it was created (circa 2008) has never had any significant call on its resources. So how it would respond in such a situation seems to be pretty much an unknown. But I always fret a bit mulling how the DPA might actually treat foreigners, and what processes we'd be put thru, were the need ever to arise.

 

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5 hours ago, Grumpy one said:

If I end up living like that, just  shoot me

I would not need to as you would be dead inside the month consuming only 1 bottle of beer and a hot dog per day,  

His post is a load of BS!

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On 10/18/2020 at 1:57 PM, Pib said:

4)  Natural persons not of Thai nationalities and not having alien identity or residence permits.

So I gather that a pink-ID card is useful to have, or is proof of "alien identity" defined differently ?

A bank is usually only interested in the document used to open the account.

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15 minutes ago, KKr said:

So I gather that a pink-ID card is useful to have, or is proof of "alien identity" defined differently ?

I expect they base it on your passport and associated visa/extension stamps, but I would think a Pink ID issued by the Thai govt pretty much confirms you are a resident (assuming the bank rep even knows what a Pink ID is...or a Yellow Book).

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1 minute ago, Pib said:

(assuming the bank rep even knows what a Pink ID is...or a Yellow Book).

just for information:
the local Land office preferred the Thai government issued ID-card over my passport for a realty transaction.

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On 10/18/2020 at 2:15 PM, Pib said:

And to increase your coverage it's best not to have all your money with only one bank like Bangkok Bank, Kaiskorn Bank, SCB, Krungsri Bank, etc. And having all your money in multiple branches of the same bank, like having money in Branch A and Branch B of Bangkok Bank, counts as having your money in only one bank....one institution.   

 

Since the max coverage is going to be Bt1M come 11 Aug 2021 if you are going to have more than Bt1M in your acct(s) you should consider splitting it among banks/institutions to increase your coverage.  Like keep Bt2M evenly split between two banks to have Bt2M coverage....three banks for Bt3M coverage....etc.

 

 

http://www.dpa.or.th/en/articles/view/protection-limit

 

 

I understand the Government Savings Bank has no limit on deposit account protection?

 

See here ... The Nation Thailand

 

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2 hours ago, Chris.B said:

 

I understand the Government Savings Bank has no limit on deposit account protection?

 

See here ... The Nation Thailand

 

That Nation  weblink is to a Feb 2012 article...ancient history.  Plus where the article said they provide 100% protection I'm sure that didn't mean unlimited coverage...like even to a zillion baht....expect it just meant 100% coverage up to whatever limit the DPA coverage was 8 years ago as DPA coverage limits has changed over the years.

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On 10/19/2020 at 10:18 AM, Peterphuket said:

I learn my lessons after more than 20 years living in Thailand, and who was talking about gold in Thailand?

How many years, and how many baht, did it take you to learn your lesson?  🙂

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1 hour ago, Leaver said:

How many years, and how many baht, did it take you to learn your lesson?  🙂

When I come 20 years ago, 1 bath gold 5000thb, do I have to say more?

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6 minutes ago, Peterphuket said:

When I come 20 years ago, 1 bath gold 5000thb, do I have to say more?

There were many sick buffalos in Thailand 20 years ago. 🙂 

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On 10/23/2020 at 2:59 PM, Pib said:

That Nation  weblink is to a Feb 2012 article...ancient history.  Plus where the article said they provide 100% protection I'm sure that didn't mean unlimited coverage...like even to a zillion baht....expect it just meant 100% coverage up to whatever limit the DPA coverage was 8 years ago as DPA coverage limits has changed over the years.

You are probably right. I didn't notice the article was 2012! 😡

 

However, could a government savings bank fail? Would Thailand allow that? Perhaps it safer then the private banks.

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