Thailand Banks

[Pdoggg]

Currently, bank deposits in Thailand are insured up to 5 million baht in a scheme that is somewhat similar to the American FDIC insurance.  On August 11th, this drops to only 1 million.  This is not Covid related; it's been in the works for quite a while now.  It is therefore prudent not to have more than one million baht in any one bank.

Many expats who have retirement visas are in the 1-2 million category because one of the methods to get the visa is to keep 800,000 baht in the bank. The new 1 million limit is per bank (not per person or per account). So here is my banking recommendation for those who have more than 1 million but less than 2 million in Thai Banks.

The savings account that earns the highest is Siam Commercial Bank's (purple) Easy Savings.  It's online and has no passbook.  Pays 1.5% interest.  But since there is no passbook it will probably be problematic at Immigration for visa renewal.

https://www.scb.co.th/en/personal-banking/deposits/savings-account/easy-saving-account.html

For your 800,000 baht, I recommend Krungsri's (yellow) Mee Tae Dai account. It pays 1% but you can only make 2 no fee withdrawals per month.  So I also have a low interest savings account with an ATM card there.

Moving money from one bank to another is lightning quick with their apps. The new bank has your money in less than a minute.

Some guys I know keep there money in accounts that pay just 0.25% instead of Krungsri's 1%. If you have a million baht in the bank that comes out to 7,500 baht a year, not chump change.

Note, if using your account for your retirement visa, be careful when you change accounts.  You must show that you have 800K in the bank 3 months before and 3 months after renewing your visa (more properly called an extension of stay). And you must always have 400K in the account.  You don't want to go below those numbers even for one day.

https://www.krungsri.com/en/personal/deposit/savings-account/mee-tae-dai

If you have money in Thai banks then I recommend that you get a Taxpayer Identifcation Number (TIN) card from the Revenue Office and show it to your bank an request that they don't withhold tax. If they do withhold tax, you can get the money back but it requires filing a Thai tax return which is a PIA and much better if they don't withhold tax in the first place.

There are features of Thai banks that I haven't tried such as Cardless ATM and Prompt Pay so I can't can't describe them and am not exactly sure how they work.  If you know please describe.

[Pdoggg]

BANGKOK (NNT) - The Bank of Thailand (BoT) has outlined requirements for the formation of a joint venture asset management company (JV AMC) to assist financial institutions in managing long-term bad debts over the long term.

According to Senior Director of the Bank of Thailand Suwannee Jatsadasak, the impact of the pandemic is expected to be long-term and likely differ from other economic disasters, like the 1997 Asian financial collapse. While existing asset management companies (AMCs) such as Bangkok Commercial Asset Management Company Plc and Sukhumvit Asset Management Company (SAM) play important roles in the country’s bad asset management, both have capital constraints when it comes to purchasing distressed debt from financial institutions.

The BoT Senior Director said that a JV AMC will give banks more flexibility in managing bad debts, helping both individual and commercial borrowers in the longer term. The two major shareholders, a financial institution and a JV partner, will hold equal shares to balance controlling power in the JV AMC.

The requirements for establishing a JV AMC were effective on Thursday, and financial institutions can apply for a license for the next three years. The license will be valid for 15 years.

Meanwhile, SAM president Tharatporn Techakitkachorn stated that the company is in discussions with 2-3 possible business partners to establish JV AMCs, hinting that a JV AMC license could be applied by the end of this year.

Information and Source

Reporter : Natthaphon  Sangpolsit

Rewriter : Thammarat Thadaphrom

https://thainews.prd.go.th/en/news/detail/TCATG220128145738599

[Pdoggg]

S&P Global ratings lowered ratings of Siam Commercial Bank and Kasikornbank to BBB from BBB+ and that of Krung Thai Bank and TMBThanachart Bank to BBB- from BBB, saying the move reflected its view “that systemic risks have increased for banks operating in Thailand.” The rating company affirmed ratings of Bangkok Bank and Bank of Ayudhya at BBB+ and also retained the stable outlooks for all the six lenders.

https://www.bangkokpost.com/business/2283798/bank-of-thailand-backs-top-lenders-after-sp-cuts-ratings

[blind boy grunt]

anyone know why all Krung Thai bank ATMs have been removed in Jomtien? except for one at the main KT bank on Thepprasit road. i can recall 6 KT ATMs that have gone in the last few months from soi Chayapreuk all the way along beach road.

[Quietguy]

1 hour ago, blind boy grunt said:

anyone know why all Krung Thai bank ATMs have been removed in Jomtien? except for one at the main KT bank on Thepprasit road. i can recall 6 KT ATMs that have gone in the last few months from soi Chayapreuk all the way along beach road.

Not just Jomtien, or Krung Thai bank. Seems from a thread on Asean Now that it's happening more, maybe because of cost of providing atms.

https://www.aseannow.com/topic/1251486-concerns-about-krungthai-bank/

[blind boy grunt]

Thanks for the reply QG. How you doing by the way? You still one of them Cuban Commie Pinko's?

i can't keep up with you!

[Quietguy]

4 hours ago, blind boy grunt said:

You still one of them Cuban Commie Pinko's?

Fidel liked cowboys and hosses.

I'm ok thanks. I hope all is well with you and you're not getting wired from drinking too much coffee.

The clocks here went forward one hour on Sunday so it's light in the evening until after 7.30 now -better than los. 

We have the same thing happening with removal of atms, especially in smaller towns and villages. The banks say it's because people don't use cash much now, and use credit/debit cards and online banking instead. I don't use cash now. I do carry one £5 note and a couple of £1 coins when I go out, but can't remember when I last used cash.

[Quinn]

# I do carry one £5 note and a couple of £1 coins when I go out, but can't remember when I last used cash.

Grunt has had same in his purse for a couple of years now - they've never seen the light of day !