Answereda year ago
Do Thai banks offer high yield savings accounts for expats, and can these accounts be used for a retirement visa?
Two questions. Does any of the Thai banks offer high yield savings accounts? If they do, can I use one of those accounts for my retirement visa?
Answer summary
The discussion highlights that Thai banks generally offer very low interest rates on savings accounts, with comments indicating rates as low as 1.5% or even lower. Although some users report having 'fixed accounts' for visa requirements, the consensus is that these accounts are not beneficial for generating significant interest. For retirement visas, the requirement allows a minimum balance of 800,000 Baht but does not permit high-yield accounts that restrict access to funds. Alternatives such as the monthly transfer method (65,000 Baht) are suggested as more favorable for expats.
58 repliesnewest first
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Adam *********
Double checking. For non O marriage, its 45k per month right?
Andy ************
Mike ******
Ask the Bank??
David *******
Mine is in a 12 months interest [1.5%] account at Bangkok Bank. Not a problem with immigration at Korat!
Dennis *********
No & no
James ******
Nope
Frank *********
It is crazy that you can not keep the 400 or 800k in an investment account. The money will just sit there and lose value
Henrik *****
What better investment than staying in Thailand.
Mike ******
@Frank ********
so...funk off home then?Frank *********
@Mike *****
are you happy with yourself commenting like that?Mike ******
@Frank ********
so keep laughing ..Bid boyMike ******
@Frank ********
makes me feel better...I cannot stop laughing...Mike ******
Grow up big boy
Andy ************
@Frank ********
Exactly. It's dead money. The smart people use the 65k transfer methodMike ******
@Andy ***********
for retirement extension onlyAndy ************
@Mike *****
Good enough. I went via OA and started the 65k transfers immediately. After the second free year of the OA I did an out/in, came back in on exempt and then got the O meeting the 65k transfers, so I never had to stump up the 800kMike ******
@Andy ***********
and for that..Bob **********
No and no
Roland *******
Check the Bank connected with your home country, mostly Bangkok, Kasikorn and ... This is importend for your general Bank transfer Service you may need.
Todd **********
Really? You name me one bank anywhere that yields high interest on savings account? There cheap AF….
Jesper *******
It's only for the first 2yrs once u swipe to the 65k method your 800k is set free if you are so calculative over the interest lost of the 800k why do u want to come stay in thailand in the first place? The lower cost of living makes it worth to lose that interest over 2yrs
Graham ******
@Jesper ******
It's actually only just over 5 months that you need 800k then 400k for 9 months of the first extension then switch completely to the 65k methodJesper *******
@Graham *****
not many ppl realized the 65k method most are too happy to go tru the 90days and 1st year extension....like myself i miss a few mths for my 2nd extension I can only do it at my 3rd extension....after confirming from the immigration officer....it's a taunting process for me as i started from scratch without agent luckily I had a thai bank acct few years back which I use for the convenience of travel not planning for retirement at that timeAndy ************
@Jesper ******
Only for the first year on non-O.Jesper *******
@Andy ***********
yes provided the moment you get your first extension u deposit 65k at the same time
Todd *********
@Jesper ******
and you only need to waste two years of your country doesn’t support it citizens via consulate with letter of affadavitJesper *******
@Todd ********
alot of embassy doesn't give affidavit anymore...it's up to individuals to overcome the situations
Brian *********
Thats largely why i avoided the non O visa. That much money sitting in an account that will likely charge you more in various service charges than the interest it gives, no thanks. 👌
Bill *********
@Brian ********
My Thai bank has never charged me for any service fees on my account.Brian *********
@Bill ********
mine does. 👌Andy ************
@Brian ********
The only fee I pay is 200 baht per year for the ATM MasterCard. You should look at changing to a "no fee" accountAndy ************
@Brian ********
Which is why many on the non-O go for the 65k method. It's a no-brainer
Jeff *********
OP@Andy ***********
So my pension won’t transfer to a foreign account. Is simply manually transferring funds from a US account to a Thai account around the same time each month work for a retirement or marriage visa?Jeff *********
OP@Andy ***********
thank you. That will be very easy to accomplishAndy ************
@Jeff ********
You do one 65k transfer each calendar month. I've done it that way for years. It must show in your bank account as a foreign transfer. I use Wise to do the transfersBrian *********
@Andy ***********
sure, no brainer unless it's not an option. ;)Andy ************
@Brian ********
It is an option
Dwayne ********
1.5% is good considering in America for a citizen it’s roughly a fluctuating .003/.0005.
Bob **********
@Dwayne *******
you cannot use that account for your visa it has to be accessible at all timesDwayne ********
@Bob *********
was just pointing out. I’ve stopped with Interest accounts back in the late 80s. Banks are forever Jewish. They will take everything & give back .01 back on the dollar. Putting it in your mattress is equivalent to banks now.Dwayne ********
@Bob *********
mine too as all my investments are there. Just keep the Visa account here & a separate budget account. I transfer funds from the USA pending the higher dollar which annoyingly is when there’s a thieving/ corrupt leftist liberal democrat in office.Bob **********
@Dwayne *******
I’ve lived here 15 years my money stays invested in the statesDwayne ********
@Bob *********
haven’t researched the Thai banks, was just generalizing on western banks. Think best I’ve seen western accounts was around 5% but long term. I don’t do CDs. Regards Thai visa money, I use lot of that for emergency funds & house renovations, then put back so not a good ‘interest account’. Thailand isn’t cheap when you own a home & actually live here, my credit cards are very active as well.Bob **********
@Dwayne *******
they have plenty of ways to invest easily getting 5-15% but you need to leave the money in the bank for 5 months then it can drop to 400k just start your money foreign transfers of 65k + every month for 12 and you can take all the money out of the bank 800k isn’t all that much to worry about
Marty ******
Good luck with that their more focused on loans & credit cards that paying interest
Bill *********
I consider the "lost income" on having that account generating no interest as the cost of living in Thailand. I accept it and don't fret about it considering there are other ways more serious obstacles might be thrown at us expats. And I would assume that once I start generating an income in Thailand then taxes will be an issue that I really don't care to tackle.
Andy ************
@Bill ********
With bank interest, the tax is deducted at the source, so unless you wish to claim it back, there's no tax issues with bank interest. I'm on the monthly transfer method and that suits me, as my Australian Super Fund pays between 8 and 9 percent per annum tax free, which is around *****
k baht per year. I get a decent health insurance cover for less than that, so that's my bonusBill *********
@Andy ***********
I didn't know that about bank interest. It seems you have a good plan!
Peter **********
Interest rates are rubbish in Thai banks. Moreover, interest on borrowing is very high, so they must be hugely profitable.
Henrik *****
You should be happy if they even let you open any type of account at the moment
Robert *********
@Henrik ****
Agree.
Alastair ********************
To the best of my knowledge, the 800K has to be in an account that allows instant access which I assume would discount any high yield accounts.
Jeff *********
OPThank you. Guess that savings does nothing
Steve **********
@Je**
I have a “fixed account” that I use for my visa only. I put in the 800K and have left it for years. I get about 8,000 baht per year in interest. It’s no issue to have that type of account but you don’t get much from it.
Gerry ******
@Steve *********
I have the same with government savings bank.its tax free with this Bank.Andy ************
The very best you'll get is 1.5%. That's why the 65k monthly transfer is the preferred method
Tony *************
The answer to that question is as your a foreigner interest wise🤣😂😳🤭
Jeremy ********
The interest rates in Thai banks are absolute Trash
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