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Govt cuts Thai Bank acct insurance


Farang-Ba
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I saw on another news source that the Thai government has reduced the insurance for Thai bank accounts from 5 to 1 million baht.  Seems like trouble could be brewing.

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Why would you make that assumption?

 

 

I recommend that you do your research before posting such unsubstantiated speculative comments.

 

This is not a new development. The DPA was going to reduce cover to 1m awhile ago but in April 2020 agreed to extend the existing cover of 5m Baht until 10 August 2021.

 

It is claimed that 98.4% of depositors hold less than 1m Baht. However, if you are concerned about your personal Baht holding (if over 1m) simply open another account with a member bank.

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  • 2 months later...

The bottom line here is that banks are only covering your deposited money up to a certain value, like most other countries do.

What you have to question is the reason why....

Best option is to spread risk by putting money in a few different banks like Chaimai suggested, and this is not just for Thailand btw.

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  • 1 month later...
On 11/9/2021 at 4:20 PM, Silky8 said:

The bottom line here is that banks are only covering your deposited money up to a certain value, like most other countries do.

What you have to question is the reason why....

Best option is to spread risk by putting money in a few different banks like Chaimai suggested, and this is not just for Thailand btw.

I had same conversation in Sydney 

our banks up to 200 k , friend in panic said I have more I said there is 15 different banks 

spread the damage 

Don’t they realise banks yet hold your money but they also are a company with massive employment etc , things can go wrong 

if you have way more cash property and blue chips 

my account used to say 

mark they all complain they pay say 300 k in tax , the account would say your going well when you pay big tax 

mordern disease is hoarding cash and assets 

you only live once 

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  • 4 weeks later...
On 12/28/2021 at 5:50 PM, Markwick said:

Bangkok bank has office in New York and 13other countries 

Can you open a bank account at BB in another country, for example in New York with a US address and the account is valid while in Thailand? 

Would that allow you to avoid the Thai paperwork and meet the Thai bank requirements for a retirement visa? 

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On 8/17/2021 at 8:26 PM, Chaimai said:

Why would you make that assumption?

I recommend that you do your research before posting such unsubstantiated speculative comments.

This is not a new development. The DPA was going to reduce cover to 1m awhile ago but in April 2020 agreed to extend the existing cover of 5m Baht until 10 August 2021.

It is claimed that 98.4% of depositors hold less than 1m Baht. However, if you are concerned about your personal Baht holding (if over 1m) simply open another account with a member bank.

 

On 8/17/2021 at 8:07 PM, Farang-Ba said:

I saw on another news source that the Thai government has reduced the insurance for Thai bank accounts from 5 to 1 million baht.  Seems like trouble could be brewing.

Why would you hold more than the required 800k

Or 800k and some spending money in a Thai bank?

 

My stepson is still fighting his bank for 6 months over 10k taken from his account 

 

Keep your money offshore 

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1 hour ago, Marc26 said:

Why would you hold more than the required 800k

Or 800k and some spending money in a Thai bank?

My stepson is still fighting his bank for 6 months over 10k taken from his account 

Keep your money offshore 

I agree, keep 800k and transfer in bill money once a month... not a penny more.

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8 hours ago, Vince said:

Can you open a bank account at BB in another country, for example in New York with a US address and the account is valid while in Thailand? 

Would that allow you to avoid the Thai paperwork and meet the Thai bank requirements for a retirement visa? 

Go and ask my understanding is if you have acc you can walk in and deposit in any of these countries 

bkk bank is safe , stock market listed 

just have will if you own one as if you die don’t make it hard on next in line 

 

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3 minutes ago, Markwick said:

Go and ask my understanding is if you have acc you can walk in and deposit in any of these countries 

bkk bank is safe , stock market listed 

just have will if you own one as if you die don’t make it hard on next in line 

I just emailed and they said no :-( 

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1 hour ago, Markwick said:

Go and ask my understanding is if you have acc you can walk in and deposit in any of these countries 

bkk bank is safe , stock market listed 

just have will if you own one as if you die don’t make it hard on next in line 

 

 

A Will is likely going to cost Thai lawyers fees (usually quoted at 30k+).

 

Make the funds accessible to your nearest dearest via online banking and ATM.

 

Not legal. but highly practical.

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On 1/24/2022 at 3:07 PM, Chaimai said:

A Will is likely going to cost Thai lawyers fees (usually quoted at 30k+).

Make the funds accessible to your nearest dearest via online banking and ATM.

Not legal. but highly practical.

That’s fine I have a lot more then u can skim off atm when I’m dead 

will at that price is fine 

you have 800 k plus condo and no will 

your a fool 

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On 1/24/2022 at 1:59 PM, Vince said:

I just emailed and they said no :-( 

So your saying they have banks in 13 countries and you can’t use lol

 

here we go lol of course you can u need acc first . Why the hell do u think it’s there for in first place go read the rules 

your bs your answer 

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10 minutes ago, Markwick said:

So your saying they have banks in 13 countries and you can’t use lol

here we go lol of course you can u need acc first . Why the hell do u think it’s there for in first place go read the rules 

your bs your answer 

 

Here you go 

-----

From: New York Branch Help Desk <helpdesk.nyb@bangkokbank.com>
To: info BangkokBank <info@bangkokbank.com>
Cc: Victor @15storeyshigh.co.th
Subject: RE: Savings account

 

We are pleased to inform you that, New York Branch is Limited Federal Branch of the United States of America. According to our license, New York Branch is not allow to operate as a retail bank in the USA. We don't have all kinds of retail banking services to offer to customers including internet banking, account statement,  opening account or close account with Bangkok Bank in Thailand, overseas branches and our New York Branch.

Please contact any retails US Bank in the United States that can do transactional of both countries for information.

Sorry for inconvenience

Best regards

NY Branch

 

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2 hours ago, Markwick said:

That’s fine I have a lot more then u can skim off atm when I’m dead 

will at that price is fine 

you have 800 k plus condo and no will 

your a fool 

 

I wouldn't disagree if you have a condo + 800K.

 

For most people it will just be money in the bank and I have met a Thai widow yet who wants to give 30k to a lawyer. 

 

Withdrawing 50k a day (or better still accessing online banking) falls outside the definition of 'skimming off'. 

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1 hour ago, Chaimai said:

I wouldn't disagree if you have a condo + 800K.

For most people it will just be money in the bank and I have met a Thai widow yet who wants to give 30k to a lawyer. 

Withdrawing 50k a day (or better still accessing online banking) falls outside the definition of 'skimming off'. 

Why did Thai widow come into it 

if you had wife she gets it anyway 

it’s if single , then you need protection or don’t 

 

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10 hours ago, Markwick said:

Why did Thai widow come into it 

if you had wife she gets it anyway 

it’s if single , then you need protection or don’t 

Incorrect.

 

Have a look at the rules of intestacy.

 

Thai Widows come into it because I have dealt with many Thai widows over the last 15 years

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