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http://www.dpa.or.th/en/articles/view/protection-limit

Anyone keeping large sums of money in Thailand is nothing short of an idiot.

I believe this has been delayed.   It's deposit insurance. If they go bankrupt then you get a maximum of 1 million Baht back via the insurance scheme.   If you have a balance of 10

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And please note Foreign Currency Deposit (FCD)...that is, folks who have USD, GBP, EUR, etc., accts are not covered; only accts in Thai baht are covered.

 

http://www.dpa.or.th/en/articles/view/protected-deposit-products

 

 

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Protected Deposit Products

     Protected deposit products are deposit accounts that are opened at member financial institutions under the Deposit Protection Agency Act. They must be denominated in Thai baht and must be opened within the country. Currently, there are 5 types of protected deposits:

  • Current deposit accounts
  • Savings deposit accounts
  • Fixed deposit accounts
  • Certificates of deposit
  • Deposit receipts

     Financial products or certain deposit products that are not protected include:

  • Foreign currency deposit accounts
  • (SSF, RMF) Money invested in bonds, debentures, mutual and tax-saving funds (SSF and RMF)
  • Deposits in cooperatives
  • Cashier’s cheques and bills of exchange
  • Electronic money (e-money)
  • Savings insurance products offered by insurance companies

 

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And to increase your coverage it's best not to have all your money with only one bank like Bangkok Bank, Kaiskorn Bank, SCB, Krungsri Bank, etc. And having all your money in multiple branches of the same bank, like having money in Branch A and Branch B of Bangkok Bank, counts as having your money in only one bank....one institution.   

 

Since the max coverage is going to be Bt1M come 11 Aug 2021 if you are going to have more than Bt1M in your acct(s) you should consider splitting it among banks/institutions to increase your coverage.  Like keep Bt2M evenly split between two banks to have Bt2M coverage....three banks for Bt3M coverage....etc.

 

 

http://www.dpa.or.th/en/articles/view/protection-limit

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What's the coverage limit

     If a member financial institution’s license is revoked, depositors of that institution will receive their deposits from the Deposit Protection Agency up to the coverage limit. The coverage is based on a per depositor per institution basis (not one account per institution), meaning that depositors with multiple accounts across all branches of that institution will have those deposits - both principal and interest - aggregated into a single amount.
The current coverage limit is 5 million baht until 10 August 2021. From 11 August 2021 onward, the coverage limit will be 1 million baht.

 

 

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And what about "joint" owned accts with the coverage rule being:

 

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The coverage is based on a per depositor per institution basis (not one account per institution), meaning that depositors with multiple accounts across all branches of that institution will have those deposits - both principal and interest - aggregated into a single amount.

 

Well, below is an example....keep in mind the example is based on when the coverage was Bt15M...it's now down to Bt5M...and going to Bt1M next year/11 Aug 2021

 

http://www.dpa.or.th/en/file/download/khumux-tham-txb-phasa-xangkvs

image.png.bf6a31c8d6453d6249f6055edd1955f2.png

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19 hours ago, ukrules said:

I believe this has been delayed.

 

It's deposit insurance. If they go bankrupt then you get a maximum of 1 million Baht back via the insurance scheme.

 

If you have a balance of 10 million then you get 1 million, it's as simple as that.

 

Why have they been reducing this coverage in stages over the years is the real question here......?

The deposit guarantee is still 5 million baht. They were supposed to decrease it to 1 million in August this year but they extended it 1 more year. 

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20 hours ago, ukrules said:

Why have they been reducing this coverage in stages over the years is the real question here......?

Until August I believe it was Thb 5.0 Million. SCB told me this about 3 months ago before it was reduced to Thb 1.0

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10 minutes ago, ChipButty said:

Only the other week the government are telling farang must have 3 million Baht in a bank account

Only for a specific type of visa/incentive.  It is NOT for standard visas/extensions.

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18 hours ago, VBF said:

Presumably, it's 1 mil per institution ie 1 mil with SCB + 1 mil with Kasikorn etc.? If so possible to mitigate some risk that way.

 

Sorry for Thai people who have no choice, but really any foreigner who keeps lots of dosh in what is still, essentially a 3rd world banking system isn't very smart. Having seen the pitiful security, both personal and electronic practised in Thailand I don't think I'd keep any more than essential even if i did live there.

 

Especially seeing how easy it is today to transfer from a better-protected account Eg UK is  £85K per institution - approx 3,655,000 Baht. I presume the interest rates in Thailand are as pathetically low as other countries - I haven't bothered to look as it doesn't affect me.

The banking system is way ahead of anything in UK. OTPs have been in Thailand almost 10 years...internet banking is far superior and easier. Instant transfers as long as I can remember but UK was 3 working days until only a few years ago....Thai Banks win hands down for me....

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43 minutes ago, baansgr said:

but UK was 3 working days until only a few years ago.

Wrong!!    CHAPS/FPS,  was introduced in 1984,

Faster Payments Service (FPS) is a United Kingdom banking initiative to reduce payment times between different banks' customer accounts to typically a few seconds, from the three working days that transfers usually take using the long-established BACS system. 

Edited by fangless
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