Buriram Expats
Buriram Province - General Category => Jobs, economy, banking, business, investment in Buriram => Topic started by: Smithy on August 04, 2021, 07:26:50 PM
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Bank deposit protection cut to THB1 million from August 11th
So if you have more than THB1 million in a bank account its best to open up a few accounts and move your money around a bit . And if you have a Foreign Currency Deposit Account please remember " Protection will only be provided to accounts in the baht currency " .
https://www.nationthailand.com/in-focus/40004190
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It is per account holder not per account.
Thailand?s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.
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It is per account holder not per account.
Thailand?s Deposit Protection Agency (DPA) said on Wednesday that from August 11 onwards, it will only provide protection for 1 million baht per account holder instead of 5 million baht.
Yes , when I suggested " its best to open up a few accounts " I meant with other Banks . Yes , pointless opening another account with the same bank ::)
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It might be 1 mill pr bank.
So should doble check if a "problem" :-)
Anyway:
The same in europe:
In norway the guarante was nok 5 mill.
Some years ago it was changes to 1mill to "coordinate with EU" :-)
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After the Banking disasters In 2008 the G20 in 2011 pasted a banking resalution for governments not to bail-out banks but for users to bail-in . The lastest changes are just a folllow on from there!!
I have been investing in gold and plan to buy some more next week ( the wife seems happy ) thumbup
That means Banks can carry on wth their spurious lending schemes and expect Us ( the depositors ) to take the risk when the shit hits the fan ::)
(https://2.bp.blogspot.com/-Pjj9cg1WJLE/UsF7pix9PAI/AAAAAAAAARs/VlbzKC56akQ/s1600/shit-hitting-the-fan.jpg)
https://www.cdic.ca/what-happens-in-a-failure/resolution-of-large-banks/resolution-tools-for-d-sibs/bail-in/bail-in-backgrounder/how-bail-in-works/
BTW ..There are some old Bankers that post on here that may know more about this than me :)
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It might be 1 mill pr bank.
So should doble check if a "problem" :-)
Anyway:
The same in europe:
In norway the guarante was nok 5 mill.
Some years ago it was changes to 1mill to "coordinate with EU" :-)
Yes it's 1 Million THB per account per bank
But please don't forget, 1 Million NOK (or 100.000 Euro) is still approx 3.x Million THB, so the guarantee there is still (approx) 3 times as much ;)
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I have been investing in gold and plan to buy some more next week ( the wife seems happy ) thumbup
I just got back from the Gold shop and the wife has a new 2 baht bracelet ( 57600 ) .....she's dripping in the stuff :laugh:
Whenever I has some spare cash and for birthdays I have been buying her gold as an investment .I've found the returns ( if sold ) is far better than the money sitting in a high interrest deposit account , yes I do understand that prices can go down as well as up, but as a long term investmet I think Gold its sound ( see graph below , gold prices for the last 5 years )
(https://goldprice.org/charts/history/gold_5_year_o_thb_x.png)
I know what some of you may be thinking ::) BUT she has assured me she will go and sell the Gold if ever i need some cach in a hurry pray1 .... :laugh: :laugh: :laugh: