Deposit insurance in Thailand

This section is for general money matters, finance and investing.
Post Reply
Ray.Charles
udonmap.com
Posts: 841
Joined: July 14, 2008, 7:13 am

Deposit insurance in Thailand

Post by Ray.Charles » April 13, 2019, 11:26 am

Do you know the current limits?
Do you have a link to the Deposit Protection Agency. My old link is broken.

Happy Songkran.

User avatar
parrot
udonmap.com
Posts: 8799
Joined: March 19, 2006, 8:32 pm

Re: Deposit insurance in Thailand

Post by parrot » April 13, 2019, 12:41 pm

I don't know if all the banks play by the same rules....but here's Bangkok Bank:
Attachments
Capture.JPG

User avatar
747man
udonmap.com
Posts: 9654
Joined: March 25, 2007, 2:22 pm

Re: Deposit insurance in Thailand

Post by 747man » April 13, 2019, 1:30 pm

That's Brilliant,Although I'll never have that much in a Bank HERE or even in the U.K......

User avatar
sometimewoodworker
udonmap.com
Posts: 1136
Joined: October 7, 2008, 11:19 am

Re: Deposit insurance in Thailand

Post by sometimewoodworker » April 13, 2019, 1:47 pm

parrot wrote:
April 13, 2019, 12:41 pm
I don't know if all the banks play by the same rules....but here's Bangkok Bank:
IMG_7228.PNG
Here is the government one

http://www.dpa.or.th/en/
Jerome and Nui's new househttp://bit.ly/NJnewHouse

User avatar
JimboPSM
udonmap.com
Posts: 3571
Joined: July 4, 2005, 3:23 pm
Location: Isle of Man / Bangkok / Udon Thani

Re: Deposit insurance in Thailand

Post by JimboPSM » April 13, 2019, 3:25 pm

The amount covered by Deposit Protection was originally scheduled to fall to 1 Million Baht in 2012 (I first commented about it on UM back in July 2008), that fall was extended some time back to now occur on 11 August 2020.

The current amount of 10 Million Baht (as per “parrot” screenshot) now lasts less than 4 more months until 10 August 2019.

On 11 August 2020 it reduces to 5 Million Baht – and that only lasts for a year.

On 11 August 2020 it reduces to just 1 Million Baht.

If it does drop to a million in August in 2020 it will no longer be just a worry for high net worth depositors in Thailand – anyone who has over a million in a Thai bank will be at risk (and that will include many westerners who need 800,000 Baht in an account for three months before their visa renewals).

I suspect that there is considerable pressure currently being exerted in the background by the commercial banks to prevent the next two drops in coverage occurring as it will seriously affect their ability to maintain existing capital ratios as safety conscious depositors will seek alternative ways to protect their assets.


Screenshot from the Deposit Protection Agency website (the red rectangles added for emphasis on the time frame and value are mine):
  • Deposit protection.01.jpg
.
Ashamed to be English since 23rd June 2016 when England voted for racism (and economic suicide)

Ray.Charles
udonmap.com
Posts: 841
Joined: July 14, 2008, 7:13 am

Re: Deposit insurance in Thailand

Post by Ray.Charles » April 13, 2019, 5:24 pm

Thanks for the prompt responses.

User avatar
Barney
udonmap.com
Posts: 2752
Joined: November 1, 2012, 5:51 am
Location: Outback of Nong Samrong Udon Thani

Deposit insurance in Thailand

Post by Barney » April 13, 2019, 7:38 pm

I had forgot about these schemes. Long time ago I enquired about my Citibank accounts in Singapore. Informed only SGD account covered. My AUD and USD not covered. Will check again when I travel there next week for further clarity, as to if there is a need to be a Singapore resident. I don’t think there is.
What’s the ruling on Thai bank accounts. Is there a need to be a thai resident and if so what visa ensures this?


Sent from my iPhone using Tapatalk

Post Reply

Return to “Money, Finance & Investing”

Who is online

Users browsing this forum: No registered users and 2 guests