Business Banking Secure

The very first question that most expats and new businessmen ask when they arrive in Thailand is how secure is the banking system. Back in the US you have the FDIC which underwrites the deposits.

Deposit protection arrived in Thailand in October 1998. The current scheme is in place until August 2011. What this means is that the Thai government will guarantee all deposits 100% for the first year and based on the following table:

Period

Protected Amount (under the Act)

Protected Amount (under the draft Royal Decree)

11 August 2008 – 10 August 2009

Full amount

Full amount

11 August 2009 – 10 August 2010

THB 100 million

Full amount

11 August 2010 – 10 August 2011

THB 50 million

Full amount

11 August 2011 – 10 August 2012

THB 10 million

THB 50 million

11 August 2012 onwards

THB 1 million

THB 1 million

As you will note that the amounts decrease over time. This was because in 2008 the government saw that many investors felt that Thailand was a risk factor. To overcome this risk they guaranteed the deposits over the period while the economy recovers. They thus assumed that by 2012 there would be very little risk to the Thai financial system. Most small expat businesses run on less than 1 million Baht hence there is very little risk of a banking crisis in Thailand and you losing your deposits.

If you need to know more about banking and accounting in Thailand then speak to our solicitors in Bangkok would would be able to provide you with the best advice. We also have group of accountants in the Bangkok office who will be able to explain to you the tax implications and accounting codes in Thailand. Call us today!

More to explore

Property Market Trends in Thailand

The property market in Thailand has experienced significant growth and transformation over the years, attracting both local and international investors. As one of Southeast Asia’s most popular tourist destinations and a rapidly developing economy, Thailand offers a diverse range of opportunities for real estate investment. In this article, we will delve into the latest property market trends in Thailand, shedding

Marriage in Thailand

The Civil and Commercial Code, which outlines the conditions for a marriage to be recognized legally, governs marriage in Thailand. A marriage must be registered in accordance with Thai law at the neighborhood district office (Amphur) where one of the parties resides. Both parties must be at least 17 years old, and if they are under 20, they must have

Marriage Registration in Thailand

Marriage Registration in Thailand

In order to legally marry in Thailand, you must first get the appropriate legal documents in place. To do this, you will need to visit your local embassy or consulate. While you may be able to do this on your own, you will probably want to seek out an attorney. When you arrive at your embassy or consulate, you will

Leave a Reply

Your email address will not be published. Required fields are marked *