thequietman Posted May 11, 2021 Share Posted May 11, 2021 THe 1 million baht limit comes into effect in August this year, but is the 1 million limit only for one account at one branch, or can you have 2 accounts for example with the same bank, but at 2 seperate branches? Many thanks for any info. Link to comment Share on other sites More sharing options...
Brierley Posted May 11, 2021 Share Posted May 11, 2021 (edited) It's per bank and it doesn't include certain types of accounts such as fixed or time deposits, foreign currency accounts and investment accounts. The government has tried to reduce the limits several times over the years but has always changed their mind at the last minute and extended the status quo. That may well happen this time. Edited May 11, 2021 by Brierley 1 1 Link to comment Share on other sites More sharing options...
Thomas J Posted May 11, 2021 Share Posted May 11, 2021 41 minutes ago, thequietman said: THe 1 million baht limit comes into effect in August this year, but is the 1 million limit only for one account at one branch, or can you have 2 accounts for example with the same bank, but at 2 seperate branches? Not familiar with Thai system of bank insurance, however I am a former bank executive who worked at some of the largest banks in the United States. Keep in mind, insurance is great if one bank or perhaps a couple banks fall into financial difficulty and are declared insolvent. However just like in the USA which has FDIC. and FSLIC insurance for depositors, if the entire system failed that is a financial meltdown in the country occurred, there is not enough ink that could print the amount of money necessary to pay off everyone. That is, the government prospectively would honor its responsibility to make every depositor whole, but the money would not be worth the paper it is printed on. Same here in Thailand. One bank or a couple is manageable. The entire system collapse and no, you will not recoup the value of your deposits. Personally, I don't have much of a balance in my Thai bank accounts. I am suspect of their true financial health. A prudent depositor not only does not keep his money with one bank, they don't keep it in one currency. 2 Link to comment Share on other sites More sharing options...
kingofthemountain Posted May 11, 2021 Share Posted May 11, 2021 38 minutes ago, Brierley said: It's per bank and it doesn't include certain types of accounts such as fixed or time deposits, foreign currency accounts and investment accounts. The government has tried to reduce the limits several times over the years but has always changed their mind at the last minute and extended the status quo. That may well happen this time. Plus if unfortunately the governement guarantee on the 1 million per account was called, you can already presume that the situation will be quite desperate so i can already see a registration to be indemnised where you have to enter your Thai ID card number as a first step In my country of origin there is a similar mechanism of guarantee the man in charge of the public guarantee fund, a nice chap, reconized himself in front of the cameras that his fund had less than 10% of the money he was supposed to cover, so if the 6 th most powerfull economy in the world is unable to do it, you can imagine what con do Thailand, at the 26 th rank Link to comment Share on other sites More sharing options...
topt Posted May 11, 2021 Share Posted May 11, 2021 49 minutes ago, Brierley said: and it doesn't include certain types of accounts such as fixed Can you link to something that says this as it was not my understanding last time I looked at the details on their web site? I am talking fixed accounts as per being able to withdraw early but losing interest which is the standard for most foreigners as it is usable for Immigration purposes. However most on here refer to them as fixed accounts. Link to comment Share on other sites More sharing options...
topt Posted May 11, 2021 Share Posted May 11, 2021 1 minute ago, topt said: Can you link Does not say anything here about it as far as I can see - (DPA FAQs in English) https://www.dpa.or.th/en/file/download/khumux-tham-txb-phasa-xangkvs Link to comment Share on other sites More sharing options...
shortstop2 Posted May 11, 2021 Share Posted May 11, 2021 I am trying to figure out what to do in August as I will have approx 1.5M in Thai banks of which 800K has to stay there for much of the year. The bulk of my money is in a Mee Tai Dai at Krungsri which pays 1% interest. I am think if it looks like there could be a banking crisis that I just withdraw the excess and either put it in a low yielding account at another bank or stick it in my safe. Generally before the stuff hits the fan there are some strong warnings. Are some of you planning to diversify by using multiple banks? Link to comment Share on other sites More sharing options...
Brierley Posted May 11, 2021 Share Posted May 11, 2021 1 hour ago, topt said: Can you link to something that says this as it was not my understanding last time I looked at the details on their web site? I am talking fixed accounts as per being able to withdraw early but losing interest which is the standard for most foreigners as it is usable for Immigration purposes. However most on here refer to them as fixed accounts. Sorry, I am wrong, it does include fixed accounts. The ones that aren't included are foreign currency accounts and investments accounts and also insurance based investment accounts. Link to comment Share on other sites More sharing options...
Chris.B Posted May 11, 2021 Share Posted May 11, 2021 3 hours ago, Brierley said: It's per bank and it doesn't include certain types of accounts such as fixed or time deposits, foreign currency accounts and investment accounts. The government has tried to reduce the limits several times over the years but has always changed their mind at the last minute and extended the status quo. That may well happen this time. That's wrong! Link to comment Share on other sites More sharing options...
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