Popular Post Brunolem Posted April 8, 2020 Popular Post Share Posted April 8, 2020 Until now, there was a 5 million baht government guarantee on deposits, valid until August 2020. After that, the guarantee was going to be reduced to only 1 million baht. But the government has recently decided to extend the 5 million baht guarantee for one year, up until August 2021. This is probably to reassure those, like myself, who have some worries about the coming financial crisis... 9 5 Link to comment Share on other sites More sharing options...
Popular Post ezzra Posted April 8, 2020 Popular Post Share Posted April 8, 2020 5 or 50 millions, i have 500 baht in the bank so this news does not apply to poppers like us... 2 1 2 11 Link to comment Share on other sites More sharing options...
Popular Post Puchaiyank Posted April 8, 2020 Popular Post Share Posted April 8, 2020 Trust me! Your money is safe! ???????? 7 Link to comment Share on other sites More sharing options...
Popular Post losworld Posted April 8, 2020 Popular Post Share Posted April 8, 2020 No worries I understand Bernie Madoff will be managing the crisis from his cell. 1 1 1 2 Link to comment Share on other sites More sharing options...
Popular Post tonray Posted April 8, 2020 Popular Post Share Posted April 8, 2020 Now I just need to find another 4.8 million baht and I'm set 1 1 12 Link to comment Share on other sites More sharing options...
Popular Post nightbird Posted April 8, 2020 Popular Post Share Posted April 8, 2020 3 hours ago, ezzra said: 5 or 50 millions, i have 500 baht in the bank so this news does not apply to poppers like us... So why don't you mind your own business, then? 4 3 7 5 Link to comment Share on other sites More sharing options...
marioc Posted April 8, 2020 Share Posted April 8, 2020 7 Apr 2020 The Cabinet has approved the extension of the period to enforce the coverage of 5 million baht. At the Cabinet meeting on 7 April 2020, a resolution was passed to approve the extension of the enforcement of deposit protection limits in the amount of 5 million baht from 10 August 2020, extended to 10 August 2021 due to The coronary epidemic situation in 2019 has been announced by the World Health Organization as a global pandemic. And has a wide impact on many countries, both economically and socially. Including causing fluctuations in the financial markets, capital markets and financial systems around the world, including Thailand Therefore, in order to resolve the effects of the corona virus outbreak in 2019 and maintain the confidence of depositors. Which will strengthen the stability and stability of the financial institution system and the economy as a whole Therefore extend the period for enforcement of deposit protection limits With details as follows Deposit protection limit Duration Set deposit protection limits Present until 10 August 2021 Amount of 5 million baht From Aug 11, 2021 onwards Amount 1 million baht This extension of deposit coverage will build trust among depositors during the current situation. And makes depositors confident about using the financial institution's services normally With coverage limit of 5 million baht per person per financial institution Covering depositors up to 99.65% of the total number of depositors in the system (as of 31 December 2019) and at present, Thai financial institutions are closely supervised by the authorities Mr. Songpol Chiwapanyarot The director of the Deposit Protection Agency said that this extension of the coverage limit Is a safeguarding of the interests of depositors The Deposit Protection Agency will look after the interests of the depositors to the best of their ability. In order to overcome this crisis together 2 Link to comment Share on other sites More sharing options...
Antonymous Posted April 8, 2020 Share Posted April 8, 2020 Excellent news. Timely indeed. Link to comment Share on other sites More sharing options...
Popular Post wobblyjohn Posted April 8, 2020 Popular Post Share Posted April 8, 2020 (edited) Obviously they are worried it would cause a run on the banks Maybe now is the time to move your money before they change their mind Because of the baht against other currencies you could make a few quid let the baht crash and take it back later Edited April 8, 2020 by wobblyjohn 5 1 1 Link to comment Share on other sites More sharing options...
topt Posted April 8, 2020 Share Posted April 8, 2020 @Brunolem thanks for the heads up but why no citation/reference? @marioc thanks for the English text but again do you have a reference for it please - thanks. Link to comment Share on other sites More sharing options...
Brunolem Posted April 8, 2020 Author Share Posted April 8, 2020 7 minutes ago, topt said: @Brunolem thanks for the heads up but why no citation/reference? @marioc thanks for the English text but again do you have a reference for it please - thanks. My reference is the Bangkok Bank who sent me the information this morning. I don't know if there is an official publication yet... 1 1 Link to comment Share on other sites More sharing options...
Popular Post Brunolem Posted April 8, 2020 Author Popular Post Share Posted April 8, 2020 10 minutes ago, wobblyjohn said: Obviously they are worried it would cause a run on the banks Maybe now is the time to move your money before they change their mind Because of the baht against other currencies you could make a few quid let the baht crash and take it back later If you expect a currency to crash, maybe better to bet on the euro... https://www.gatestoneinstitute.org/15856/coronavirus-euro-collapse 1 2 Link to comment Share on other sites More sharing options...
Popular Post SwissCheeseMan Posted April 8, 2020 Popular Post Share Posted April 8, 2020 5 hours ago, Brunolem said: This is probably to reassure those, like myself, who have some worries about the coming financial crisis... How does this reassure you? Do you think the Thai government will bail out a bank here? They might, then again, they might not. I recently transferred the bulk of my account back to my home country, and I am glad I did so. I wouldn't trust one word they say out of Bangkok. 6 1 1 Link to comment Share on other sites More sharing options...
Popular Post natway09 Posted April 8, 2020 Popular Post Share Posted April 8, 2020 I believe at this time that my money is safer in a Thai bank than most UK or EU banks. 9 1 1 Link to comment Share on other sites More sharing options...
Popular Post SwissCheeseMan Posted April 8, 2020 Popular Post Share Posted April 8, 2020 1 minute ago, natway09 said: I believe at this time that my money is safer in a Thai bank than most UK or EU banks. Based on what, the government guarantee? 1 4 Link to comment Share on other sites More sharing options...
justin case Posted April 8, 2020 Share Posted April 8, 2020 55 minutes ago, wobblyjohn said: Obviously they are worried it would cause a run on the banks Maybe now is the time to move your money before they change their mind Because of the baht against other currencies you could make a few quid let the baht crash and take it back later move your money to where ? gold? bitcoin ? stocks ? we know we cannot own land... 1 Link to comment Share on other sites More sharing options...
marin Posted April 8, 2020 Share Posted April 8, 2020 6 hours ago, Brunolem said: This is probably to reassure those, like myself, who have some worries about the coming financial crisis... Why would you keep that much money at 1% in the bank? Wow you are rich, thanks for letting me know. 1 Link to comment Share on other sites More sharing options...
EricTh Posted April 8, 2020 Share Posted April 8, 2020 Is it 1 million baht per bank account or 1 million baht per person? What if someone has more than 1 bank account in different banks? 1 Link to comment Share on other sites More sharing options...
Popular Post JonnyF Posted April 8, 2020 Popular Post Share Posted April 8, 2020 3 minutes ago, marin said: Why would you keep that much money at 1% in the bank? Wow you are rich, thanks for letting me know. Given the losses in the stock markets in the last 2 months, a 1% gain isn't looking too shabby. 5 1 3 Link to comment Share on other sites More sharing options...
fuzzie Posted April 8, 2020 Share Posted April 8, 2020 14 minutes ago, EricTh said: Is it 1 million baht per bank account or 1 million baht per person? What if someone has more than 1 bank account in different banks? When you open a Bank account you use your ID, Passport you have one, passport ? Or maney..... Link to comment Share on other sites More sharing options...
sammieuk1 Posted April 8, 2020 Share Posted April 8, 2020 2 hours ago, marioc said: 7 Apr 2020 The Cabinet has approved the extension of the period to enforce the coverage of 5 million baht. At the Cabinet meeting on 7 April 2020, a resolution was passed to approve the extension of the enforcement of deposit protection limits in the amount of 5 million baht from 10 August 2020, extended to 10 August 2021 due to The coronary epidemic situation in 2019 has been announced by the World Health Organization as a global pandemic. And has a wide impact on many countries, both economically and socially. Including causing fluctuations in the financial markets, capital markets and financial systems around the world, including Thailand Therefore, in order to resolve the effects of the corona virus outbreak in 2019 and maintain the confidence of depositors. Which will strengthen the stability and stability of the financial institution system and the economy as a whole Therefore extend the period for enforcement of deposit protection limits With details as follows Deposit protection limit Duration Set deposit protection limits Present until 10 August 2021 Amount of 5 million baht From Aug 11, 2021 onwards Amount 1 million baht This extension of deposit coverage will build trust among depositors during the current situation. And makes depositors confident about using the financial institution's services normally With coverage limit of 5 million baht per person per financial institution Covering depositors up to 99.65% of the total number of depositors in the system (as of 31 December 2019) and at present, Thai financial institutions are closely supervised by the authorities Mr. Songpol Chiwapanyarot The director of the Deposit Protection Agency said that this extension of the coverage limit Is a safeguarding of the interests of depositors The Deposit Protection Agency will look after the interests of the depositors to the best of their ability. In order to overcome this crisis together Looks like coronary and corona could easily be misdiagnosed here ???? Link to comment Share on other sites More sharing options...
topt Posted April 8, 2020 Share Posted April 8, 2020 21 minutes ago, EricTh said: Is it 1 million baht per bank account or 1 million baht per person? What if someone has more than 1 bank account in different banks? its still 5 million so unless you have more than that I would not worry any more than normal.......... Link to comment Share on other sites More sharing options...
Popular Post Brunolem Posted April 8, 2020 Author Popular Post Share Posted April 8, 2020 1 hour ago, SwissCheeseMan said: How does this reassure you? Do you think the Thai government will bail out a bank here? They might, then again, they might not. I recently transferred the bulk of my account back to my home country, and I am glad I did so. I wouldn't trust one word they say out of Bangkok. Whatever you may think, the worst banks are in Europe... many would collapse without the constant support of the central banks. Thai banks are in far better shape. 6 1 Link to comment Share on other sites More sharing options...
marioc Posted April 8, 2020 Share Posted April 8, 2020 1 hour ago, topt said: @Brunolem thanks for the heads up but why no citation/reference? @marioc thanks for the English text but again do you have a reference for it please - thanks. I found it here: http://www.dpa.or.th/site/index http://www.dpa.or.th/articles/view/1328 Link to comment Share on other sites More sharing options...
Popular Post Brunolem Posted April 8, 2020 Author Popular Post Share Posted April 8, 2020 34 minutes ago, marin said: Why would you keep that much money at 1% in the bank? Wow you are rich, thanks for letting me know. Where would you keep it? In the stock market? Rollercoasters make me sick... 3 Link to comment Share on other sites More sharing options...
Brunolem Posted April 8, 2020 Author Share Posted April 8, 2020 31 minutes ago, EricTh said: Is it 1 million baht per bank account or 1 million baht per person? What if someone has more than 1 bank account in different banks? It is 5 million baht per bank. So if you have, say, 6 million baht in 2 accounts, in 2 different banks, you are covered... until August 2021... 1 Link to comment Share on other sites More sharing options...
Geordieabroad Posted April 8, 2020 Share Posted April 8, 2020 Is this 5 million guarantee per account or per person? Link to comment Share on other sites More sharing options...
marioc Posted April 8, 2020 Share Posted April 8, 2020 32 minutes ago, EricTh said: Is it 1 million baht per bank account or 1 million baht per person? What if someone has more than 1 bank account in different banks? It is 1 million baht per account. If you have more than that you can legally open more accounts in different banks. 1 Link to comment Share on other sites More sharing options...
Popular Post BritManToo Posted April 8, 2020 Popular Post Share Posted April 8, 2020 I'm guessing foreigner accounts come under 'non-resident baht' accounts, so not covered at all by the guarantees. 1 5 Link to comment Share on other sites More sharing options...
marioc Posted April 8, 2020 Share Posted April 8, 2020 Just now, Geordieabroad said: Is this 5 million guarantee per account or per person? Of course until August 2021 it will be 5 million per account. As I just posted, you can split your assets in different accounts of different banks in order to be covered. Link to comment Share on other sites More sharing options...
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