Thai Deposit Protection Agency

[RupertIII]

Whilst Thai Baht deposit a/cs are covered up to 1 million per institution not sure if this covers many foreigners here.

To quote:- "Foreigners with Thai baht deposit accounts at member financial institutions in Thailand are also protected under the Deposit Protection Agency Act. However, “Non-Resident Baht Accounts” as defined in the Exchange Control Act B.E. 2485 (1942) are not protected.

A “Non-Resident Baht Account” is a special type of deposit account denominated in Thai baht that is used solely for transactions as specified in the Exchange Control Act. A “Non-Resident” means:

1)  Corporations, institutions, funds, financial institutions or juristic persons located outside Thailand.
2)  Entities of foreign governments located outside Thailand.
3)  Branches and agents of domestic juristic persons located outside Thailand
4)  Natural persons not of Thai nationalities and not having alien identity or residence permits."

 

https://www.dpa.or.th/en/articles/view/who-is-protected

 

Does anyone know if alien identity refers to a Thai ID card for foreigners, I think this is also called a Pink ID Card? If so I assume that the majority of foreigners here would not be covered in the event of a bank crash. Foreign currency a/cs are certainly not covered.

 

 

 

[Liverpool Lou]

"Normal" Thai savings accounts and similar, held in foreigners' names,  i.e. not "Non-Resident Baht Accounts" are covered by the DPA.

Edited March 21, 2023 by Liverpool Lou

[nigelforbes]

A non resident account must be specifically requested at account opening time because it comes with restrictions. Foreigners in Thailand who have opened accounts here will have been given resident accounts, unless they specifically requested otherwise. Restrictions on NR accounts include interest cannot be paid on the account plus baht cash cannot be deposited.

 

 

[Kwasaki]

The Bk bank is is pretty safe so I'm told by people who worry about such things.

[RupertIII]

Thanks to you both for clearing that up.

[AmySukwan]

Yes I would assume that you are correct and that many expats even those who have stayed in Thailand for years would not be covered. I seem to recall that there are special rules for American citizens only due to FATCA regulations. Most Thai banks will not work with them and the ones that do such as US subsidiary Bangkok Bank has a special set of regulations involving it. All bets are off regarding a true banking crash and how much could be recouped. You'd better really trust your Thai wife/girlfriend! 

[Kwasaki]

5 minutes ago, AmySukwan said:

Yes I would assume that you are correct and that many expats even those who have stayed in Thailand for years would not be covered. I seem to recall that there are special rules for American citizens only due to FATCA regulations. Most Thai banks will not work with them and the ones that do such as US subsidiary Bangkok Bank has a special set of regulations involving it. All bets are off regarding a true banking crash and how much could be recouped. You'd better really trust your Thai wife/girlfriend! 

So what are you saying that my visa money stashed in the Bangkok Bank is not safe. 

[AmySukwan]

17 minutes ago, Kwasaki said:

So what are you saying that my visa money stashed in the Bangkok Bank is not safe. 

I'm not sure. It might actually be safer. They tried to put me onto some weird insurance product there after they saw my US passport. 

[Kwasaki]

33 minutes ago, AmySukwan said:

I'm not sure. It might actually be safer. They tried to put me onto some weird insurance product there after they saw my US passport. 

Well been with them 20 years and Yeah remember everytime you go in the branch they want to sell insurance to you. ????

[nigelforbes]

1 hour ago, AmySukwan said:

Yes I would assume that you are correct and that many expats even those who have stayed in Thailand for years would not be covered. I seem to recall that there are special rules for American citizens only due to FATCA regulations. Most Thai banks will not work with them and the ones that do such as US subsidiary Bangkok Bank has a special set of regulations involving it. All bets are off regarding a true banking crash and how much could be recouped. You'd better really trust your Thai wife/girlfriend! 

Rubbish!

[OJAS]

Have come across this interesting note explaining the differences between resident and non-resident bank accounts - although it doesn't strike me as being 100% accurate, though:-

 

https://www.tilleke.com/insights/banking-thailand-resident-or-non-resident-account/

 

E.g. this sentence:

 

For the purpose of a resident bank account, Thai residence can be proved by a permanent residence permit or a valid work permit in Thailand.

 

Most of us longstayers are classed as non-immigrants and covered by permissions of stay lasting up to 365 days. As already said, though, our lack of PR status in LOS doesn't appear to act as a deterrent to our obtaining resident bank accounts in practice - although it is indeed the case that certain banks (or at least certain branches) do insist on work permits being a prerequisite to resident accounts being opened with them!

 

 

Edited March 21, 2023 by OJAS

[Kwasaki]

I really don't get this thread. 

My Thai wife has a bkbk a/c with ATM card and blue book. 

I have the same.

We also have a joint a/c with the same bank.

The yellow house book, which does not expire, is accepted as a form of identification with your legal name and address printed inside. So, once you have this book (and accompanying ID card), you don't need to get any other affidavits or certificates of residence to prove your address in Thailand.

[nigelforbes]

24 minutes ago, OJAS said:

Have come across this interesting note explaining the differences between resident and non-resident bank accounts - although it doesn't strike me as being 100% accurate, though:-

 

https://www.tilleke.com/insights/banking-thailand-resident-or-non-resident-account/

 

E.g. this sentence:

 

For the purpose of a resident bank account, Thai residence can be proved by a permanent residence permit or a valid work permit in Thailand.

 

Most of us longstayers are classed as non-immigrants and covered by permissions of stay lasting up to 365 days. As already said, though, our lack of PR status in LOS doesn't appear to act as a deterrent to our obtaining resident bank accounts in practice - although it is indeed the case that certain banks (or at least certain branches) do insist on work permits being a prerequisite to resident accounts being opened with them!

 

 

I think, as you suggest, the technical definition of residency for bank account purposes, has been stretched. That is not to say our bank accounts are invalid but it does suggest the banks can apply the letter of the law to new applicants, when it suits them.

[OJAS]

On 3/21/2023 at 5:11 PM, nigelforbes said:

it does suggest the banks can apply the letter of the law to new applicants, when it suits them.

The work permit requirement being a case in point, I think!

 

[brianthainess]

I would also like to point out foreign currency accounts in Thai banks, are not covered by the Thai Deposit  Protection Agency.

[Celsius]

Just open SBC account and put the money there.

 

If that bank fails the no amount of deposit insurance would cover you anyway.  I don't even understand why people worry about this stuff.