Is My money safe?

[taurus]

 Hi Guys , I already have the statutory 800,000 in Bangkok bank as part of my visa stipulations in Bangkok bank , however I am transferring from my overseas Bank quite a large further sum very shortly, I was thinking of leaving it all in BB so was wondering is it safe to do so or Should I open more accounts in other Banks ,of course any opinions /advice is greatly appreciated

[Starman]

If it is currently in a European or USbank I think the question should be "Is it safe where it is now?"   

[taurus]

 Quite Correct Starman, any prize on the top shelf for that remark  , but I knew that already thats why I'm bringing it here 

[binnsy]

I was informed that if you had upto 1 Million in aThai bank and it goes bust you will get your money however if you had 5 million they only pay out upto 1 million so my answer would be spread it about with no more than 1 million in each bank.

[taurus]

 Not quite sure on this Binsy but someone told me the figure was being upped August ,as to how much is open to speculation, but yeah as the old saying goes about all your eggs in one basket eh! Cheers .

[Starman]

This is the way the law has transpired:

The government gave a blanket guarantee of deposits in the first year, Bt100 million per person per bank in the second year, Bt50 million in the third, Bt20 million in the fourth and Bt1 million in the fifth, which starts somewhere in the middle of 2012.

[taurus]

Cheers for that Starman ,and as you rightly say things are far from rosey back in the UK are they and as I have no intention of going back there as my bridges are well and truly burned after quite a lot of thought I decided to bring all my funds here ,if you have a link to hand with the info you provided I'd be most appreciative  

[Nobby]

Cheers for that Starman ,and as you rightly say things are far from rosey back in the UK are they

But if HRH Lizzie pops, do you think the foriegners in England could be thrown out and thier money confiscated, i don't think so.

Just a thought about future Thailand???

[Starman]

http://www.thaiwebsites.com/deposits-insurance.asp

[Makman]

 

[taurus]

http://www.thaiwebsites.com/deposits-insurance.asp

Hi Starman ,of course I stand corrected but it appears from your link you kindly provided , that in 2012 only 1 million baht is Guaranteed , I did read somewhere that this figure is to be revised in August ,could any member cast any light on this ,or am I just wrong about my assumptions .

[smithy99]

Go to several banks, ask the question and try to get the answer in writing.

I wouldnt rely on things posted on the internet,

Would you still have a uk address ? do you know what amount of compensation your bank in uk offers and if you would be eligible as a non resident,because however bad things are there,one thing for sure is that the compensation levels are considerably higher,goverment paid of course and now everyone else is paying for it,but you cant have it both ways.

Most people received 100% of their funds when the banks collapsed and that includes a Mr Dave Whelan you had 100 Million in Landsbanki

I will get some relevant info and post a link later, who do you bank with in the uk?

[Starman]

It is my understanding that 1million is to be the new figure starting this year,maybe August.

Just seen this on Thailaw.com.

Quote Andrew Goodman:

"The Deposit Insurance Act BE 2551 (2008) which came into force on the 11 th of August 2008 is the act which covers Thai protection provisions that relate to investor deposits at banks and other financial institutions. The protection of deposits is an ongoing concern for all investors large and small, and is becoming more and more of a concern in light of the multiple bank failures in the US and Europe over the past three years. The protection of deposits in a time of financial earthquakes, which seem to surround us on all sides, is of eminent concern. In Thailand , back in 1997, a number of banks, including Siam City bank, failed as part of the regional economic crisis of the time. The government responded by nationalizing the banks. When this happens, normally deposits are protected. Single bank failures usually will not result in nationalization, however, so this cannot be counted on as a general response of government to bank failure.

For the purposes of the general investor, meaning any of us living in Thailand or holding funds in a financial institution here, the key item in the Act concerns the amount of protection per depositor and per bank. Since the Act came into place and through the 10 th of August 2011, the full amount of each deposit is covered. Because of this, it was not necessary to worry over where funds are placed, or how they are distributed between accounts. Whatever the amount deposited, you were covered. Period. Taking effect 11 August 2011 until 10 August 2012 , the coverage drops to 50 million baht per depositor per bank. For most of us, this is still quite a comprehensive coverage amount.

The concern is going forward from 11 August 2012, just a little over a year away, when only 1 million baht will be covered by government protection. The implications of this change are significant, especially when one looks at how the coverage will apply. Multiple branches of the same bank will count as one deposit and will be lumped together. Though married couples will receive protection on a per person and per account basis of up to 1 million, separately, in the event of their owning a joint account, protection will not be separated out for that account. In most cases, the money will be split and counted against the individual account of each spouse. This means that management of funds across varied institutions may become a need for many depositors."

[smithy99]

Cheers for that Starman ,and as you rightly say things are far from rosey back in the UK are they and as I have no intention of going back there as my bridges are well and truly burned after quite a lot of thought I decided to bring all my funds here ,if you have a link to hand with the info you provided I'd be most appreciative

The compensation levels in the uk are considerably higher and that imo is a big factor in todays current climate.

[taurus]

Go to several banks, ask the question and try to get the answer in writing.

I wouldnt rely on things posted on the internet,

Would you still have a uk address ? do you know what amount of compensation your bank in uk offers and if you would be eligible as a non resident,because however bad things are there,one thing for sure is that the compensation levels are considerably higher,goverment paid of course and now everyone else is paying for it,but you cant have it both ways.

Most people received 100% of their funds when the banks collapsed and that includes a Mr Dave Whelan you had 100 Million in Landsbanki

I will get some relevant info and post a link later, who do you bank with in the uk?

Yeah I intend to do just that However its always an advantage to speak to other members who may have come across this problem lately ,I have no address in the UK nor do I have an account there ,and of course any relevant  Banking  details you can find would be much  appreciated