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BANGKOK 14 November 2018 01:14
snoop1130

Bank of Thailand reveal what Thais keep in their savings accounts - and it's not much

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1 hour ago, snoop1130 said:

Workpoint News reporting the story said that 88% of all savings accounts have less than 50,000 baht

There's a typo here......they meant to say just.....accounts.

 

Only 1% above 7 digits? I guess they didn't check with Singapore or Switzerland.

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5 minutes ago, Dmaxdan said:

Of course this doesn't take in to account the piles of cash that some Thais hide under their beds. In particular the older generation.


Sent from my iPad using Thaivisa Connect

 

they'd better be careful when the notes with the previous king's face on them cease to be legal tender, especially if they dont have a bank account to pay them into...

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well the answer to this is obvious

 

put it in a bank account and someone might ask where it came from

 

Funny thought -

 

If Thailand did what India did and set a date were all current thousand baht notes became invalid forcing people to exchange them …… boy would that be interesting 

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12 hours ago, SoilSpoil said:

 

Everyone should have at least 1 million baht in liquid form in case of emergencies. For me its my visa requirements and reserve for medical expenses that make me a 1% according to this (?) research. 

Absolutely true that a million in ready cash is the most sensible of plans for the Farang. Life comes at you fast. 

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14 hours ago, jabis said:

How many of these are expat retirees seasoning their mandatory 800k :stoner:
edit: yeah I know this was a breakdown of Thai finances - just couldn't hold it in :sorry:

with thai debt at a record HIGH, I think you might be RIGHT.

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Everyone should have at least 1 million baht in liquid form in case of emergencies. For me its my visa requirements and reserve for medical expenses that make me a 1% according to this (?) research. 
I keep my money overseas which have higher interest. Medical insurance takes care of my medical expenses.
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15 hours ago, shady86 said:

I don't bother to keep my money here. And smart people don't keep money at bank so this is good news.

I keep my cash money in a Vietnam bank and have done so for 10 years. At that time it paid 14% on one year term deposit. Now it pays only a lowly 8%. Never had a problem. They always pay on time. 

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3 minutes ago, Cadbury said:

I keep my cash money in a Vietnam bank and have done so for 10 years. At that time it paid 14% on one year term deposit. Now it pays only a lowly 8%. Never had a problem. They always pay on time. 

Looks like you're a winner . NOT?

 

image.png.2c6ca80363a9d2c868621c108fef6f63.png

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15 hours ago, Expatthailover said:

Another one who cant help himself.

Corruption is everywhere man..even 'good old back home'.

Exactly!

 

My friend from the UK was complaining the other day about a corrupt official in England. I told him not to bash the UK because it happens in Thailand, too. He looked at me like I was a complete wrongun. He even had the cheek to ask me, "What's that got to do with anything?".

 

Some people, huh? 

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43 minutes ago, Cadbury said:

But just as repetitively boring. 

His record is certainly stuck in a groove, an endless loop. 

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Posted (edited)

Considering the 'illusion of wealth' in Thailand is totally dependent on debt supplied by predatory lenders, and that the average Thai isn't just cash-strapped but deeply in debt, it should come to no shock that Thais have little to no savings and that most live from paycheck to paycheck, or from loan to loan.  When the financial house of cards implodes, again, the banks and lenders will moan and groan that they 'never saw it coming' as they cry to the government to socialize their losses and make them whole.  But this isn't a surprise to the banks - they know exactly what is going on and they actively shape the crumbling, over-extended fiscal environment. 

Edited by connda
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17 hours ago, snoop1130 said:

There are 3 million accounts containing 50,000 -100,000 baht.

Hummmm.  Foreign retirees?  :whistling:

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