Transcript of the above video:

As the title of this video suggests, we are posing the question, 'are Thai bank accounts insured?' I thought of making this video after reading a recent comment on one of our prior videos where I was discussing Banking in Thailand. Quoting directly: "FDIC Insurance alone for US banking, 250k, 250,000$ per person on the account makes US banking alone worth it. There is no insurance offered for Thai bank accounts." Okay, so that is the comment. Yeah that isn't per se true, that isn't true. 

I went ahead and then went over to dpa.or.th, this is the Deposit Protection Agency here in Thailand and we will throw that website up. Quoting directly: "Who is protected? Individual depositors are automatically protected upon opening a deposit account with a financial institution as prescribed in the Deposit Protection Agency Act of 2008. Protection is based on a per depositor per institution basis meaning that all of an individual's deposit accounts across all branches of that financial institution, will be aggregated into a single amount. Juristic depositors such as companies, funds, foundations, temples, associations and cooperatives are also protected in the same manner as individual depositors." Now for foreign nationals this is key. "Foreigners with Thai deposit accounts at member financial institutions in Thailand are also protected under the Deposit Protection Agency Act. However "Non-Resident Baht Accounts" as defined in the Exchange Control Act of B.E. 2485 (1942) are not protected." So I am going to get into the deep dive on these quote, how do they put that, "Non-resident Baht accounts" I will get into that in another video.

But long story short no it's not specifically true; it's not true per se that bank accounts are not insured here in Thailand. Many are, some are not and you may want to talk to your bank before setting up an account. You may be in a situation as we will get into when we talk about these Non-Resident Baht accounts, where you may not be able to be insured on the account because of the circumstances in your case. There may be circumstances where, yes you may be insured again depending on the circumstances of your case. This is actually one of those situations where your immigration status, as well as documentation pertaining to where you reside in Thailand, may actually play into whether or not your account is insured. That said the factual, or the analysis regarding that is going to be based on the underlying facts in an individual's given case. So those who find themselves, as we have discussed in other videos, those who find themselves overwhelmed by all of this or just are having trouble setting up a bank account, we do assist foreign nationals in setting up bank accounts here in Thailand, and it may not be a terrible idea to contact us if you are having problems not only setting up a bank account, but understanding the ins and outs of how banking works here in the Kingdom of Thailand.