Thailand Reduces Money Protection in Thai Banks – Is Your 800,000 Baht Retirement Proof of Income Protected?

Thailand Reduces Money Protection in Thai Banks - 800,000 Baht Retirement Proof of Income Protected?

Individual depositors (Thais or foreigners) are automatically protected upon opening a deposit account with a Thai financial institution, as set in the Deposit Protection Agency Act.

From August 11, 2021, and onward. Thai banks are to provide deposit insurance or deposit protection for only 1 million baht, per individual account holder in one financial institute. That’s about 30k USD, and 22,000 UK pounds.

This money protection is in case a Thai bank goes bankrupt. If you have a Thai bank account, you are protected against losing your money for up to 1 million baht.

I’m not sure about companies if you have a company with more than 1 million baht in a bank. You might want to check that.

This money protection insurance doesn’t affect me; one fewer thing to have to worry about.

Before, it was 5 million baht money protection. Maybe something is up? I don’t know.

Even with 1 million baht money protection, it is still more than what the banks in the Philippines and Cambodia offer.

Also, your money will not simply disappear in a Thia bank; this is to protect 98% of the account holders if a Thai bank collapses, and that is really rare.

Suppose you have money in a Thai bank for your proof of income for your retirement visa. They only require 800,000 baht, so that amount is protected.

If you are truly worried, open another bank account with a different bank. Each account is protected up to 1 million baht.

The director of Thailand’s Deposit Protection Agency said the money protection covers over 82 million account holders, which account for 98% of all account holders in Thailand.

So only 2% have more than 1 million baht? It doesn’t seem right to me, I thought it would be higher. What do you think? So only 2% of Thais have more than 30k USD in cash in their account. Then again, I know many Thais buy gold or have cash lock up at home in their safety vault or under their mattress. Maybe that’s why it’s only 2%.


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Author: Thom

Hi, I’m currently living in Thailand. I’m a artist, designer, travel blogger, and sometimes a YouTuber... Tags: Viator Tours Thailand, Viator Bangkok Airport Transfer, Chiang Mai Viator

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