Thailand Bank Deposit Protection Amount Limit after 10 August 2021?

[RegularGuy77]

My current understanding is that all Thailand banks have insured account deposits up to a maximum of 5 million bhat per account. This was supposed to be up until 10 August 2021. Then it goes down to 1 million bhat per account after that that date.

Is this correct?

I haven’t heard about another extension of time added for the 5 million bhat deposit protection.

 

What can one person do at the bank do get under the 1 million bhat maximum?

Can an individual open multiple accounts at the same bank to be protected?

 

Any input or advice would be appreciated.

 

[Mickeymaus]

The insurance is per bank and not per account. It is not valid for accounts that are in foreign currency. 

[Etaoin Shrdlu]

I have always used Citibank to keep any meaningful amounts here in Thailand and used SCB and Bangkok Bank just for day-to-day purposes with low balances. Citibank deposits don't attract higher insurance from the Thai government, but Citibank's operation in Thailand is a branch, not a joint venture or local subsidiary, and enjoys the strength of Citibank N.A.'s balance sheet in the US. While it is possible for Citibank to go bust, it is less likely to do so than some Thai banks.  It is a shame that Citibank is selling its operation here and this option will probably go away.

[Chris.B]

If you have a joint account I understand the 1,000,000 limit applies to each partner becoming a 2,000,000 limit.

 

Other than that, I have read GSB is becoming popular, being government owned. They say a government owned bank cannot default on payments.

 

 

[ubonjoe]

It will 1 million baht after August 11th.

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

[moogradod]

On 7/25/2021 at 7:23 PM, Chris.B said:

Other than that, I have read GSB is becoming popular, being government owned. They say a government owned bank cannot default on payments.

 

Can anybody confirm this ? This means one could have lets say 5 Million in a GSB account and those are still guaranteed like before August 10, 2021 as if nothing happened ?

 

On 7/25/2021 at 7:10 PM, Etaoin Shrdlu said:

...... Citibank deposits don't attract higher insurance from the Thai government, but Citibank's operation in Thailand is a branch, not a joint venture or local subsidiary, and enjoys the strength of Citibank N.A.'s balance sheet in the US. While it is possible for Citibank to go bust, it is less likely to do so than some Thai banks.  It is a shame that Citibank is selling its operation here and this option will probably go away.

Does anybody know if this is the case with ICBC as well ? ICBC is actually a Chinese Bank. Is the ICBC in Pattaya as well a "branch" or a "subsidiary" ? And does this really mattter ? As far as I have seen all foreign banks carry a "(Thai)" in their legal name, making them actually a Thai bank. So in theory this local legal entity could get bust by itself and then it would not help if there is a strong "headoffice" somewhere else - 1 Mio guarantee it is for any account holder in Thailand with that "branch" or "subsidiary". And maybe a somewhat naive question: If China went to war - what would then be the influence on this Chinese branch. Thailand would be an ally I suppose, and it is my Thai wife who has an account there.

[Chris.B]

24 minutes ago, moogradod said:

Can anybody confirm this ? This means one could have lets say 5 Million in a GSB account and those are still guaranteed like before August 10, 2021 as if nothing happened ?

 

No one mentioned guarantees. However a government owned bank, like the GSB, has got to be safer for depositing money than privately owned banks.

 

[Etaoin Shrdlu]

4 hours ago, moogradod said:

 

 

Does anybody know if this is the case with ICBC as well ? ICBC is actually a Chinese Bank. Is the ICBC in Pattaya as well a "branch" or a "subsidiary" ? And does this really mattter ? As far as I have seen all foreign banks carry a "(Thai)" in their legal name, making them actually a Thai bank. So in theory this local legal entity could get bust by itself and then it would not help if there is a strong "headoffice" somewhere else - 1 Mio guarantee it is for any account holder in Thailand with that "branch" or "subsidiary". And maybe a somewhat naive question: If China went to war - what would then be the influence on this Chinese branch. Thailand would be an ally I suppose, and it is my Thai wife who has an account there.

ICBC in Thailand is locally incorporated. Although 97% of the Thai operation's shares are held by the parent company, this still means that it would be a local subsidiary, not a branch of the parent company, and ICBC Thailand's creditors would not have recourse against the parent company's balance sheet. Deposits at ICBC Thailand would only be as safe as any Thai government guarantees and the strength of the local subsidiary's balance sheet.

 

http://www.icbcthai.com/ICBC/海外分行/工银泰国网站/en/AboutUs/Introduction/Background/

[moogradod]

8 minutes ago, Etaoin Shrdlu said:

...... Deposits at ICBC Thailand would only be as safe as any Thai government guarantees and the strength of the local subsidiary's balance sheet.

 

http://www.icbcthai.com/ICBC/海外分行/工银泰国网站/en/AboutUs/Introduction/Background/

That's a big shame and they won't like it I suppose. But thanks for the clear info - very helpful.

[moogradod]

4 hours ago, Chris.B said:

No one mentioned guarantees. However a government owned bank, like the GSB, has got to be safer for depositing money than privately owned banks.

 

It's all about guarantees, security and diversification. Formerly 5 Mio per account and institution - soon 1 Mio. This does not mean that you cannot have more than 1 Mio in one account its just a matter of risk you are willing to take and this seems to be a bit lower with GSB than with another Thai Bank. I do not consider the risk so high that panik breaks out (at least not yet) but better be prepared as much as possible.

 

If there would be a nice smaller farm (3-4 Rai) somewhere available with a finished larger house on the land of a well build quality at a real unbeatable bargain price we knew where to put a lot of our money since it is not even possible to buy gold in the international standardised purity and form (these bars they always steal in the movies). I have been living in Switzerland for a very long time - every bank there sells them in various sizes from extremely small up to the real deal you can hardly carry.

[david555]

10 minutes ago, moogradod said:

It's all about guarantees, security and diversification. Formerly 5 Mio per account and institution - soon 1 Mio. This does not mean that you cannot have more than 1 Mio in one account its just a matter of risk you are willing to take and this seems to be a bit lower with GSB than with another Thai Bank. I do not consider the risk so high that panik breaks out (at least not yet) but better be prepared as much as possible.

 

If there would be a nice smaller farm (3-4 Rai) somewhere available with a finished larger house on the land of a well build quality at a real unbeatable bargain price we knew where to put a lot of our money since it is not even possible to buy gold in the international standardised purity and form (these bars they always steal in the movies). I have been living in Switzerland for a very long time - every bank there sells them in various sizes from extremely small up to the real deal you can hardly carry.

you can buy 999 gold at some gold shops , but must order it as it is not so much followed by Thais , and it is Thailand here  ???? !

Ausiris has both , Thai gold and 999 gold

Gold Price Today (ausiris.co.th)

Edited July 29, 2021 by david555

[topt]

On 7/25/2021 at 7:25 PM, ubonjoe said:

It will 1 million baht after August 11th.

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

Yes I am a little surprised that this hasn't been delayed again already like last time.

Especially with so many branches closed at the moment you would have hoped that the change would have been publicised in some way......