Good news for those having money in Thai banks

[Brunolem]

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...

[ezzra]

5 or 50 millions, i have 500 baht in the bank so this news does not apply to poppers like us...

[Puchaiyank]

Trust me!  Your money is safe! ????????

[losworld]

No worries I understand Bernie Madoff will be managing the crisis from his cell.

[tonray]

Now I just need to find another 4.8 million baht and I'm set

[nightbird]

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?

[marioc]

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 

[Antonymous]

Excellent news. Timely indeed.

[wobblyjohn]

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

[topt]

@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.

[Brunolem]

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...

[Brunolem]

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

[SwissCheeseMan]

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. 

[natway09]

I believe at this time that my money is safer in a Thai bank than most UK or EU banks.

[SwissCheeseMan]

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?  

[justin case]

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...

[marin]

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.

[EricTh]

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?

[JonnyF]

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.

[fuzzie]

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.....

[sammieuk1]

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 ????

[topt]

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..........

[Brunolem]

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. 

[marioc]

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

 

 

[Brunolem]

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... 

[Brunolem]

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...

[Geordieabroad]

Is this 5 million guarantee per account or per person?

[marioc]

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.

[BritManToo]

I'm guessing foreigner accounts come under 'non-resident baht' accounts, so not covered at all by the guarantees.

[marioc]

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.