Foreigners moving to Thailand should understand that Thai Bank accounts are only insured for 1,000,000 thb or ~US $28,000 dollars.
Deposits are automatically protected as soon as an account is opened, up to a maximum of 1 million baht per depositor per institution.
NOTE that this is per depositor, per bank and NOT per account.
The Deposit Protection Agency (DPA) is a government agency that was established under the Deposit Protection Agency Act B.E. 2551 (2008). Its primary objective is to look after depositors by covering their protected deposits if a financial institution under the DPA’s membership is closed.
If you have more than US $28,000 and want it insured, you have to spread the total amount over a number of different banks in Thailand.
Example $28,000 is insured for 1 bank
$56,000 would require 2 banks to insure the total amount
$84,000 would require 3 banks to insure the total amount.
The more money you have the more different banks you will need since each bank will only insure 1,000,000 thb or US $28,000.