15 replies to this topic

[Beer Chang]

A Thai friend says she keeps her money in Krung Thai Bank because she believes as a government owned bank (Oam Sin is another) her money is safer than in a public bank such as Kasikorn.

It seems to be the default risk at a government bank would be lower although one still has teh risk of currency debasement.

Any thoughts?

[Bob]

I'm doubtful the government will let any of the major banks fail.

For example, the King (or the Crown Property Bureau) owns a chunk of Siam Commercial Bank and I'm extremely doubtful that the government would let that bank fail. Kasikorn is a big bank and I would think there's little to worry about (but, on the other hand, if you have a large chunk of money there, why not park it at 2 or 3 banks to lower the risk?).

[Wino]

I too, think you are safe with any major Thai bank. Do the Thais banks have some type of insurance, similar to the FDIC insurance in the US? I pick a bank because it is convenient to my home and has plenty of ATM's. Most of my money is in my home country and so even if the bank fails, it would not be a major catastrophe.

[patong]

I think that all the major banks are guaranteed by the Thai Government, but only up to 500,000 baht. A few years back it used to be 1 Million baht, but was halved to 500 k.

[Wino]

I try to keep my Thai account under $10,000. I am told, as a US citizen we are suppose to report any accounts over that amount.

[Bob]

Wino, on 08 December 2009 - 09:03 AM, said:

I try to keep my Thai account under $10,000. I am told, as a US citizen we are suppose to report any accounts over that amount.

Rather impossible for me as I do the "800,000 baht" routine for my one-year visa. But it's easy to file the report (due every June 15th) to the US Treasury.

Of course, one of the purposes of the filing of the annual form, I suppose, is to make sure you pay income tax somewhere on the meager interest but I've never reported it (and I doubt if it adds up to much more than $100.00 per year).

[Wino]

The government likes to keep track of its citizens. The long arm of the US law.

[Beer Chang]

Wino, on 08 December 2009 - 09:03 AM, said:

I try to keep my Thai account under $10,000. I am told, as a US citizen we are suppose to report any accounts over that amount.

Last year I sent in the form from the States.

I'll be in Thailand this year.

Is there a way to send it electronically?

[Bob]

Beer Chang, on 08 December 2009 - 08:02 PM, said:

Last year I sent in the form from the States.

I'll be in Thailand this year.

Is there a way to send it electronically?

Not that I'm aware. But you can download it from the Treasury website, print it out, and mail it from Thailand. I've got the form on my computer at home but didn't bring it (I'll be home next May) or I'd somehow attach it here for your use.

[Beer Chang]

Bob, on 09 December 2009 - 02:58 AM, said:

Not that I'm aware. But you can download it from the Treasury website, print it out, and mail it from Thailand. I've got the form on my computer at home but didn't bring it (I'll be home next May) or I'd somehow attach it here for your use.

I've never mailed anything from Thailand, somehow I never considered that, thinking instead to download form, fill it out and give to a friend going back home to mail.

[Beer Chang]

patong, on 08 December 2009 - 03:30 AM, said:

I think that all the major banks are guaranteed by the Thai Government, but only up to 500,000 baht. A few years back it used to be 1 Million baht, but was halved to 500 k.

Anyone have any documentation on this?

[Bob]

Beer Chang, on 09 December 2009 - 04:32 AM, said:

I've never mailed anything from Thailand, somehow I never considered that, thinking instead to download form, fill it out and give to a friend going back home to mail.

If you're only here for vacation, I can see the need would never arise. I use the mail here all the time....costs 28 baht to mail a card/letter from Chiangmai back to the states. I've gotten a couple of cards from family/friends in the states in the last month and see that it cost each of them $0.98 to send a card to here (I was wondering which direction was less expensive and it looks like the Thailand to US route is a whopping 12 cents cheaper).

[Beer Chang]

Bob, on 09 December 2009 - 07:31 AM, said:

If you're only here for vacation, I can see the need would never arise. I use the mail here all the time....costs 28 baht to mail a card/letter from Chiangmai back to the states. I've gotten a couple of cards from family/friends in the states in the last month and see that it cost each of them $0.98 to send a card to here (I was wondering which direction was less expensive and it looks like the Thailand to US route is a whopping 12 cents cheaper).

Has everything you mailed from Thailand to the States always arrived Bob?

[Bob]

Beer Chang, on 09 December 2009 - 10:55 AM, said:

Has everything you mailed from Thailand to the States always arrived Bob?

So far, yes. The only frustration I've experienced is it ranges from 9 to 20 days to get there. That's a pretty big spread in my view and fairly unacceptable. And my mail is always taken directly to the post office by me.

[Thaimo]

I have mailed things to the USA from Thailand many times. So far anything I have ever mailed, including letters and packages, arrived. It usually takes 7 to 10 days unless I opt for express mail. I used to trek to the post office, but there are plenty of shops that provide mail services. I have found them to be perfectly reliable and whatever I send arrives just as quickly as anything I mail directly from the post office. Also, there are none of the long lines that frequently occur at post offices and they also have everything from packing materials to envelopes available.

Thailand also has FedEx, UPS, and DHL. Often these same postal shops provide those services. With the tracking number you can follow the progress of your mail online and you will also know it has been delivered.

With registered mail, Thailand does not provide return receipt service. You need to keep the receipt in case you need to have the mail traced. The receipt has the code number for your mail.

[Wino]

I have had good luck with the mail service in Thailand and throughout South East Asia. Although I have mostly sent only letters and postcard, I have never had one problem. I did received a parcel sent from China to Thailand without problems. Maybe I have been lucky.