Are Thai bank accounts safe for deposit, or should I keep only minimal amounts in them?

Also, this might be somewhat of function of an individuals finanvislvdituatopn too. What makes sense for someone is just scraping by might be different than what makes sense for someone who has a couple million dollars in investment accounts in their home country.

@Joe *****

Reason was, I had no activity for a few months as I was back in the US

@Chuck *********

yeh that happened to a friend of mine they just shut the account down and give him the money out his account

@Joe *****

I didn’t get any money back! Got the run around and then they said No understand then spoke Thai which I understand and to each other said tell him go, has no account anymore. No waste our time!

@Joe *****

Are you joking read the news !

@Kim ********

they change things sometimes daily and no notice to you! Now I herd they changed many things about the retirement visa ext, agents can’t do through banks like they used to, if one deposits 800,000 in a Thai bank you never know if it’s safe and with retirement visa you have to keep $ in there and not go below it. They wonder why many people going to Nam and other places. I have a Thai wife for 20.5 years, built a house in Thailand, I just hope they don’t make it impossible to stay there. Not everyone has 800,000 to just let it sit in bank, no interest, and worry about all this.

@Kim ********

You know yourself bank policy always change maybe not even morning but they do change a lot same as there imagration rules !

@Joseph ************

well in my opinion immi rules do not change a lot.

@Kim ********

where have you been! Several times in the last 7 months! You need to keep in touch. Read the royal gazette sometimes!

@Joseph ************

an injury because of a vehicle acident is covered. Of course pre-existing health conditions are not covered - I thought I have clearly mentioned it. Is a broken collarbone after a motorcycle accident a pre-existing condition? I surely hope it is not . . you have left the actual topic somewhere

@Peter *********

I know that. The main street of our small town is literally strewn with insurance agent offices

@Nongnuch *******

Yep. It shows that these agents get (too) high commissions. Try to insure directly at the insurance company (internet websites) will save a lot of money.

@David ******

.hmmm...800,000 you don't have to spend and it's yours. IDK 800,000 is not a tremendous amount of money to hold. It's a one time deal and forget it. Now to keep transferring , if you are not spending is the same thing over 12 months and even wose over 5 years of doing it as you have exchange rate fluctuation, exchange fees, and the hastle of trying to prove your exchanges. To each his own this is why I think it's 50/50. Eathier put it there and not worry about it $24,000 USD or exchange $2000 per month to equal $. Eathier put it there and not worry about it $24,000 USD or exchange $2000 per month to equal $24000 in a year..

@David *****

The 65k suits me. It's no problem for me to spend a solid five minutes each month transferring money to live on, which has the double effect of also satisfying extension requirements. I have no desire to tie up 800,000 for the rest of my life, costing me 88,000 baht tax free each year. That's how I roll. I'm retired, and I LIVE my retirement, not EXIST! So 65k per month fits my lifestyle just fine. Others are different and it's their choice. Even those with 800k stagnating in a Thai bank account need to bring in money to live on, so I can't quite see your logic

@David ******

I got you. It's passive to you. Makes sense as part of your normal spending. I'm probably too absent minded to keep up. 🤣🤣. Gosh, I got accounts all over the place I can't keep up with. 🤣. My plan would just take one of those accounts over to Thailand. I'm an idiot for not keeping in a money market account. I been more focused on my actual investment accounts.

@Phil **********

but there is no need to make out that those who choose a different path are stupid.

@Nick ***********

, so why bring me into it?

@Nick ***********

, sorry? Where have I implied that and to who?

@Phil **********

I was referring yo the fact that David Scott implied it in his initial comment, not you.

@Nick ***********

To me the 65k monthly transfer is a no-brainer. I can earn 11% pa tax free on the 800k lump sum, which is 88,000 baht equivalent per year, and it's not tied up for the rest of my life. I need regular income to live on. I pay rent, utilities, restaurants, entertainment, trips etc which can easily reach 65k per month, so what wouldn't I transfer my "money to live on" each month and use that transfer to meet the criteria for a retirement visa? You prefer to lock up 800k earning probably 1% pa, which is your choice. Perhaps I'm just a little more financially astute than what you are?

@David ******

I can assure you that after the months of stress and anxiety I have suffered over getting monthly transfers to show the correct way it is not worth it. Swift transfers have failed. Wise transfers have failed and each month I wait in trepidation of how the transfer will be coded. It is also much much more expensive to do swift transfers from my uk bank and if they appear regularly they will consider I am living in Thailand and close my account. It has already happened once. Having 0 baht stashed gives me peace of mind which is worth far more to me than a little interest I might loose out on. Plus there is no tax obligation on my banked money and as I rarely spend baht a month I am better off there too. I did get my last extension based on monthly payments but having experienced both methods the banked money comes out way in top for me.

@David ******

11% really ?never heard interest so high 🤔

@Dave ******

Australian superannuation. Tax free

@David ******

Agreed - it makes sense for you to transfer 65,000 THB to your Thai bank account every month for living expenses, however you need to be aware that if you are staying in Thailand longer than 180 days per calendar year, these 12 x 65,000 THB become taxable in Thailand. So, those 11% are probably down the creek minus the commodities you "earn" by living in a country where everything is half price - meaning you save money on everyday spending.

@Nongnuch *******

head in the sand ,,,,, my country has DTT with Thailand I pay my taxes in the UK 🇬🇧

@Nongnuch *******

Way off the mark with taxation. My situation and DTA means I pay zero tax in Thailand, and I still make 88,000 baht per annum tax free. And everything isn't "half price" by a long shot. I don't live on street food and 7-11 beer! My palate is definitely western orientated and I drink imported beer and wine. That's my lifestyle choice. I'm retired so I intend to "live" my retirement, not exist on 40 baht food! 👍👍😆😆

@David ******

The PURCHASING POWER of your DOLLARS or EUROS in Thailand

The PURCHASING POWER of your currency is more than TWICE as high in Thailand as in Europe, USA, Australia and New Zealand

Anyone who plans to eat expensive imported items such as wine, imported sausages, cheese, Australian beef steaks, New Zealand lamb fillets and Alaskan wild salmon has not really arrived in Thailand.

The prices for such luxury imported goods should not be used for a comparison.

A typical shopping basket in THAILAND compared to one in your country, in approximate percentages:

*** a TV set, a notebook, most electrical items: rather one to one, i.e. the same price

*** Cars and motorcycles made or assembled in Thailand: cheaper!

Only imported brands are almost twice as expensive in Thailand as in your country

*** clothing & shoes: cheaper, but it depends on the quality and brand

*** Rentals in Thailand are much lower: 20% to 25% of the price in your country

*** ELECTRICITY: mostly 30%-35% of the price per KwH in your country

*** WATER fees: something like 10% to 20%

*** FISH and other seafood: mostly 35% to 50%

*** PORK and CHICKEN: 35% to 40%

*** VEGETABLES: 35% to 40%

*** FRUITS: 40% local fruits. Imported fruits cost about the same than in your home country

*** one hour of labour: 10% (!!)

*** a scooter: 40% to 60%

***GASOLINE and DIESEL: depends. If you are from Europe, you find the Thai price real charming

*** Restaurant food: 40% to 50%

Beer and all alcoholic beverages in general do not belong in a typical shopping basket for comparison!

*** Non-alcoholic beverages: 40% to 50%

*** BAKED PRODUCTS: 40% to 50%

*** EGGS: 40%

This means: Anyone who can spend 1500 Euros or Dollars in Thailand, can enjoy a living standard as if he/she had 3000.- Dollars or Euros at home

Of course, always assuming that you have done your homework. Most initial investments need to be secured:

***health insurance

*** furnishing

*** means of transport

*** costs for obtaining the stay permit (some require a deposit in the bank)

@Nongnuch *******

Cut and paste posts bore me. I didn't even bother reading your long-winded recital. You're happy counting how much you save each day, I'm happy spending the fruits of my labours. To each their own! I arrived in Thailand almost twenty years ago, and it didn't take me long to work out the lifestyle I wanted!

@David ******

cut and paste? These are MY VERY OWN texts. Ready on my harddisc intended for cheap charlies like the one you are, unable to get out of your Western New World bubble

@Nongnuch *******

your the cheap Charlie and a Troll jog on 🛎️ end …

@Nongnuch *******

And you're telling me how CHEAP your shopping basket is! Words fail me. Have a great day!

@David ******

This is the TYPICAL REPLY from a snob arrogant westerner . . . . . you are comparing pears with apples. Your comparison is completely invalid. Rentals are 30% of those at home, one hour of labour is 10% from home. My shopping basked does not contain western luxury imported food or imported wines. I live on foods, fruits, meats and drinks the local markets offer. They are only 30% -40% of the prices I pay at home.

@Nongnuch *******

I think I just said that. I don't live on cheap Thai street food. I enjoy western food and imported beer and wine. That's my choice. I didn't come to Thailand to continually remind myself how much I'm "saving" by living here, I came to Thailand to enjoy my retirement. Simples

@David ******

You have never really arrived in Thailand. You are living in your FARANG CHARLIE bubble world. Poor puppy you

@Nongnuch *******

And I'm loving it. I've no desire to "integrate" into Thai culture! My friends are expats, I drink in western style pubs and listen to western rock music. I refuse to sit on the floor to eat, I refuse to put ice in my imported beer, I refuse to put my hand in the same sticky rice container that everybody else is using. I refuse point blank to ever visit that shithole called Isaan and I don't wear elephant pants or Chang t-shirts. It's you who's living in a cheap Thai bubble world, but you've found your Nirvana. Good for you. You won't ever see me there!

@David ******

if you like your Western World Bubble, why did you come here in the first place? Awgh, we know why. Caught out! You came to Thailand only because of the cheap prostitutes.

@David ******

I don't live on streetfood. I cook my own food from fresh produce. . . . . . My ideal shopping basked does not contain western luxury imported food or imported wines. I live on foods, fruits, meats and drinks the local markets or the Lotus' offer. They are only 30% -40% of the prices I pay at home. Lotus's in medium Isaan towns are packed with high quality foods, fruits, fish and seafood and everything else at LESS THAN HALF price from what I pay at home. If we dine out, we don't eat streetfood - we visit a good Thai restaurant, and still pay only 30% of what I would pay at home

@Nongnuch *******

good for you , your now a Buddha 555

@James *********

GOOD for every Farang who has arrived in Thailand, BAD for those who are too stupid and stubborn to leave their Western World bubble

@Nong****

No you're not Taxed if it's from savings or pension, it's only on money earnt during that Tax period, so no tax to pay plus many many countries have dual tax treaties or DTA etc...

@Mar ****

exactly some comments on here are laughable,,,

@Mar ****

it is actually a bit more complicated, but I will leave you to your opinion and won't lecture you

@David ********

100% serious, just think about how much you save every day by living in a land where everything is half price. What then, by hindsight, are any interest for 800,000 THB in your bank account for you? It's neglectible. In my SCB savings account, the 800K are earning at least around 3000 THB interest every year

@David ******

No thanks. I'll keep a pool of cash to use for expenses just once and not have to be concerned with monthly transfers that could fail.

@Bill ********

I've been doing monthly transfers for some years now. Never had a "fail" (whatever that is). But it's to each their own. If you don't have the intelligence to carry out a transfer once a month, I guess your way works best for you! I don't want to lose the 88,000 baht tax free bonus each year! 👍😆

@David ******

A fail means the transfer did not complete either on time or at all due to technical issues. So that opens up 12 chances for problems versus my once-a-year occasion. If it's working for you, great, but from reading comments, not everyone shares your good fortune. Ummm, it's not an intelligence situation, I just have many other much more fun and interesting things to do than checking this transfer all the time.

@Bill ********

I do it manually once a month. Takes less than five minutes. It pays me almost 7500 baht per month to do it. It's money for old rope. I do it whilst having a coffee in the morning. If you have more fun and interesting things to do in this five minutes that's good for you! 😂

@David ******

why do you try to make out that those who have had failed transfers are stupid? I changed to monthly transfers and after my 3rd transfer my UK bank account was closed as they considered I was living in Thailand. I tried again with another UK bank and they screwed up the 5th monthly transfer. I then did manage 12 transfers to BB via Wise and got my extension but this year BB have screwed up, locked my account and people are saying that Wise transfers are no longer showing as international so that's another screw up that has nothing to do with my intelligence Mr. Clever!

@David ******

5 months if planned properly;)

@Graham *****

5 months every year, can drop to 400k for seven months then back up to 800k! I couldn't be bothered with that crap! I need money to live on - so it's much easier to just ship in 65k each month! Can use it immediately

@David ******

800k for 5 months, 400k for 9 months while also doing the 65k transfers to switch from year 2 onwards

@David ******

but don’t you have to do the 800.000 baht the first year?

@Brenda ********

yes

@Brenda ********

Generally yes, although I avoided it by going via the OA visa. However one year of wasting 800k is nothing compared to tying it up for the rest of your life!

@David ******

So you didn’t have to have the 800,000 for the first year before you changed to the monthly deposit?

@Daniel ********

No I came in initially on a non-OA so I had the workaround to change to non-O via an out/in visa exempt bounce

@David ******

Thanks David, appreciate it!