Thai Bank Interests?

Post by **fach3003** » Thu Jul 19, 2007 9:05 pm

Hi all,
Just a quick one....
Ive alot to learn...etc!
When i move over i want to bring a 'float'
of money and put it in a Thai bank.. leaving
most the eggs at home etc....

The Wife recons i could get a 1% a month???
is this true...? trueish???

Thought id ask from the horses mouth

Hope you can help....

Regards

Mark of the North

Post by **buksida** » Thu Jul 19, 2007 9:09 pm

I'd bring the smallest float you need for visa requirements, last year before the coup you could get 5% on fixed deposit accounts. These days you're looking at about 2% for fixed deposit and less than 0.5% for current or instant access accounts.

Additionally Thai banks will not give credit cards or finance to foreigners and you'll have trouble getting the money back out. Some may even require a work permit to even open an account.

Post by **fach3003** » Thu Jul 19, 2007 11:33 pm

Well thats that cleared up...
Ta for the advice!

ozuncle · Post by **ozuncle** » Fri Jul 20, 2007 11:18 am

Buksida,
The op mentioned 1% per month.
We should make it clear that the percentages quoted by you are per annum.

Post by **buksida** » Fri Jul 20, 2007 12:40 pm

This is correct, these are annual figures.

If anyone knows of a Thai bank that can offer 12%p.a. I'm there baby!

Post by **JimboPSM** » Fri Jul 20, 2007 7:36 pm

These links will give the current rates for THB deposits at Bangkok & Kasikorn Banks:

http://www.bangkokbank.com/Bangkok+Bank ... +Rates.htm

http://www.kasikornbank.com/GlobalHome/ ... saving.jsp

These links will give the current rates for Foreign Currency deposits at Bangkok & Kasikorn Banks:

http://www.bangkokbank.com/Bangkok+Bank ... +Rates.htm

http://www.kasikornbank.com/GlobalHome/ ... te_fcd.jsp

Post by **fach3003** » Mon Jul 23, 2007 11:01 pm

Thanks for all the advice and Bank links.....
i thought 12% per year was too good to be true!
i would have moved tomorrow....
mind the Thai Baht went from 70 to 61 per Â£ Jesus!

Mark of the North

Post by **PJG** » Tue Jul 24, 2007 1:07 am

Just noticed that on the Siam Commercial Bank Web site the interest rate for all Thai Baht accounts for Non-Residents is 0%. Wonder what the rules are for residency for banking purposes?

Post by **STEVE G** » Tue Jul 24, 2007 2:06 am

fach3003 wrote:Thanks for all the advice and Bank links.....
i thought 12% per year was too good to be true!
i would have moved tomorrow....
mind the Thai Baht went from 70 to 61 per Â£ Jesus!

Mark of the North

Sometimes you see high interest rates mentioned in news items, but they are things like interbank overnight rates that have no bearing on what customers get on accounts. Iâ€™m sure someone in the finance sector could explain what itâ€™s all about.

Post by **doggie** » Tue Jul 24, 2007 3:34 am

yeah sry im in the business unfortunately still here in the cold scandinavia

the very high interest rates u hear from time to time is

like a penalthy interest rates customers and banks have to

pay if the overdraw there account typically overnight or forget

to cover there account which the normally keep in all kind of currencies

so they can help/service can be at moment in thb like 12-15 pct...
but normally only 1 or 2 days...

hope this helps...

Post by **Onlyme** » Tue Jul 24, 2007 9:59 pm

mind the Thai Baht went from 70 to 61 per Â£ Jesus!

Only in the UK.
I've never had less than 67 since, God knows when.

Onlyme.

Post by **komfortablynumb** » Wed Jul 25, 2007 2:19 am

What's the difference between a bank robber and Thomas cook?
Thomas Cook don't wear a mask.
In April being bored i just went for a walk up a typical UK high street.
Asking for prices on the Thai Baht.
They offered me 52 to the pound.
on arrival in Bangkok it was 67.
If you have the guts take cash.
Name and picture withheld as i am a whimp.

Post by **lomuamart** » Wed Jul 25, 2007 3:36 am

Excuse me if this has been mentioned before but:
Thailand, in it's ultimate wisdom decided a while ago that there should be two rates for the Baht.
Onshore and offshore.
If you're here and taking money from abroad, the rate for GBP will have averaged out at 68 or so. That's onshore - don't let the Brit banks fool you!!
To the USD - I'm not sure.
It's easier to take your money out here. Thailand have made it expensive for foreign banks to make the transactions back in your home country.
From a real layman's point of view, I think I've about got that about right.
Basically, Thailand's ripping you off - every time.

Post by **lomuamart** » Wed Jul 25, 2007 3:46 am

I should have said that there's a big difference between a person, like me, who lives here and takes money out of the UK.
I get the onshore rate.
Careful tourists and those who are bringing large amounts of dosh over here to start a business.
Don't give a good part of your hard earned cash to foreign banks, and particularly those in Thailand.
Hope I've got the advice about right?

Post by **buksida** » Wed Jul 25, 2007 12:59 pm

Sounds right to me, the OP was asking whether to bring money over and the basis of the advice returned was put as little as possible into Thai banks for the following reasons:

1) Very low interest rates
2) Restrictions on banking services for foreigners
3) No finance for foreigners
4) Difficulty in taking money out of the country
5) Unstable economy and currency (despite it being high at the moment)
6) Restrictions on opening accounts at some branches

Makes sense to me