Bank account assurance or guarantee

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Are Thai bhat savings or Foreign Currency accounts protected or covered by a Thai Government or financial securities program against loss ?

If so , what is the maximum coverage per account (or each account holder) in Thai bhat ?

Seeking factual information only, not heresay or rumour please.
 
Coffee said:
Are Thai bhat savings or Foreign Currency accounts protected or covered by a Thai Government or financial securities program against loss ?

If so , what is the maximum coverage per account (or each account holder) in Thai bhat ?

Seeking factual information only, not heresay or rumour please.
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Up to 10 August 2016 deposits were protected up to 25 million baht. Thereafter, protection will be in place for 15 million baht in deposits between Aug 11, 2016 and Aug 10, 2018; for 10 million between Aug 11, 2018 and Aug 10, 2019; for 5 million between Aug 11, 2019 and Aug 10, 2020; and for 1 million by Aug 11, 2020. (a report by TMB Analytics in 2012 indicated that 80% of deposits would become unprotected at a max protection level of 1 million baht ; likely this still holds true at the moment)

To be on the safe side, customers will need to open bank accounts with different banks, if they want to have all or at least a substantial amount of their deposits covered. Eventually anything above 1 million baht, will not be covered in the near future. So having more than that amount in a particular bank, will put the customer at risk.

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Important note

For protection, deposits need to be in Thai baht (foreign currency accounts are not covered), held in an account in Thailand, and reportedly also deposits in baht by depositors residing outside Thailand are excluded.


http://www.thaiwebsites.com/deposits-insurance.asp
 
Coffee said:
Thank you Nomad ! You hit the nail on the head exactly.

This is now a MAJOR CONSIDERATION...(at least for me).
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I am happy to have been of assistance. Its not one of my concerns at this time although a better £ to Baht exchange rate would certainly help. However, a bit of luck on the lottery seems a more likely option. Who knows?
 
Just a quick one. Let's say I have in excess of Bht 800,000.00 in a current account and a balance of Bht 1,000,000.00 in a deposit account in the same bank, what cover will I have by August 2020? I.e. is each account considered separately?
 
Now that would be a funny situation. You have to have 800,000 Baht in your Thai bank. The bank goes bust takes your money and you get thrown out of the country for not having it any more!
Forking hilarious, NOT!
 
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