Fdic In Thailand?

[JeffreyWitty]

First off, I apologize in advance as I am sure this has been asked before - however - I couldn't find in when I searched for the topic on the site.

Having said that:

I have a savings account in Thailand - with a lot of money in it to use for a marriage VISA or retirement VISA when the time comes to move full time to Thailand (in my name).

When I opened it up last year, I asked my wife if the money was insured. After a blank stare, I explained that stateside, people who have checking/savings accounts in US banks are protected thru FDIC (Federal Deposit Insurance Corporation). SO - in the event your bank goes "belly up" you are guaranteed (thru the feral government) you will be able to withdraw (up to - I think $200,000 now?) your money and not lose everything. This insurance costs the account holder nothing.

She responded - "yes, we have that here too".

Now, I love my wife and would be included to believe her if I had a question about farming rice - but not this. I just smiled and nodded.

So - I am coming to you all who will likely be more versed in the subject matter than her.

Are foreign opened/owned savings accounts in Thailand protected under an FDIC scheme/plan similar to the states? If yes, up to how much?

[taxout]

You'll want to read up on the Deposit Protection Agency.

http://www.dpa.or.th/more_news.php?cid=5&filename=index___EN

Note particulary how drastically the coverage drops in 2016.

[NCC1701A]

Wow! What happens on 11 Aug 2016? Maybe there is something we should all know.

Edited May 29, 2013 by NCC1701A

[bangkokburning]

You are insured to 1m per bank. But if the bank goes under, it still could take years to get your money.