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

Title: Bank deposit protection cut to THB1 million from August 11th
Post by: Smithy on August 04, 2021, 07:26:50 PM
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
Title: Re: Bank deposit protection cut to THB1 million from August 11th
Post by: steini on August 08, 2021, 05:14:34 AM
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.
Title: Re: Bank deposit protection cut to THB1 million from August 11th
Post by: Smithy on August 08, 2021, 08:50:28 AM
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  ::)
Title: Re: Bank deposit protection cut to THB1 million from August 11th
Post by: olavhome on August 08, 2021, 11:59:51 AM
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" :-)
Title: Re: Bank deposit protection cut to THB1 million from August 11th
Post by: Smithy on August 08, 2021, 01:38:20 PM
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  :)
Title: Re: Bank deposit protection cut to THB1 million from August 11th
Post by: iammike on August 08, 2021, 04:50:46 PM
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 ;)
Title: Re: Bank deposit protection cut to THB1 million from August 11th
Post by: Smithy on August 10, 2021, 11:13:04 AM

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: