What are the best banks and accounts for expats to earn interest on visa deposits in Thailand?

Aug 21, 2022
2 years ago
Bill *********
ORIGINAL POSTER
Which banks and what types of accounts pay the best interest on our visa deposits? Also, which bank is the easiest to open an account for a farang? I heard Bangkok Bank was the easiest. My wife is Thai and is well respected so I assume I could probably open an account at any bank.
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TLDR : Answer Summary
The discussion revolves around the best banks in Thailand for expats seeking high interest on visa deposits while also considering ease of account opening. Several commenters suggest that while banks like Bangkok Bank might be easier for foreigners ('farang') to open accounts, the interest rates on savings accounts are quite low, typically around 0.5%. One participant mentions ICBC as an alternative with slightly better rates at 1%. The importance of branch location and potential bureaucratic challenges in banking is emphasized, with advice to shop around and check multiple branches for the best services.
Lisandra **********
If your wife is Thai she should know how to answer your question...Loll
Terary **********
Be careful about the bank you open. I have two bank accounts - but kinda suck.

Once you open an account, it's with the branch and not the bank. If I need bank statements I have to go to the branch where I opened the account.

I lost my bank book. I went to the local branch and they told me file some paperwork with the police, and bring the paperwork back and they'll replace the bank book. I did, I returned with the police report. The bank then told me they wouldn't be able to help, I would have to go to the original branch to replace the bank book. I opened a new account at a different bank.

Different occasion. I tried to get a bank statement at one branch and they told me I would have to go to the original branch. This would have been a real problem if I moved across the country.

If you live in one place and do not intend to move anytime soon, I would recommend asking your local community. If you end up getting an account at some place that always has lines or otherwise sucky customer service, you are stuck with that branch.

Insurance is the other scam the banks run. Some will only allow you to open an account if you buy 8,000 baht life insurance. You can get around that by having paperwork from immigration.
Mark *********
Brandon was bang-on. Shop around. Funny how everybody always thinks of the biggies. I opened a new ICBC account a few months back easily and the interest rates can be slightly elevated. I get 1%. As Tesco say "Every Little Helps".
Michael ******
Bangkok bank fixed term 6 months 0.5 %
Bobby ********
About the best rate you'll get is about 0.5%.
Chris *********************
Have you tried to open a bank account with a bank yet . And what visa have you got
Bill *********
ORIGINAL POSTER
@Chris ********************
I'll be doing it when I go for my 90 days then convert to marriage when we register our marriage. Then maybe it extend for another year. Will put my money in the bank ASAP to age.
Chris *********************
@Bill ********
try green bank

That's I'm with to open your account.

Take a thai speaking person with you.

Not a lot of difference in interest
Bobby ********
@Bill ********
Use the 40k per month transfer method. It doesn't tie up your money, and effectively gives you 40k per month to spend, as there's no requirement to leave the money in the bank
Bill *********
ORIGINAL POSTER
@Bobby *******
but I have to prove it's income correct? I have no income, just savings.
Bobby ********
@Bill ********
Provided it's transferred from outside of Thailand it's acceptable
Bill *********
ORIGINAL POSTER
@Bobby *******
hmm, I'll have to research this! I tend to on average spend about
*****
B/mo so this would suit me perfectly. Now, do you have to show a 12 mo. history first to qualify for the visa or can you start new?
Bobby ********
@Bill ********
Yes you have to have 12 monthly deposits already
Brandon ************
Your questions are contradictory, you either want easy, or "best interest."

Your visa deposit has to be in an easily accessed savings account, and you won't find any with a good interest rate. You can shop around for better than the worst, but you're never going to find an account with any meaningful interest.

Your question about bank account is asked constantly, and you will get 800 people chiming in about the bank they used etc. You just need to go and ask around. You will get a different answer at every single bank branch, even of the same bank. Each manager of the branch makes their own policies, and then each teller may try to get you to buy insurance in order to open account so they get commission. If one branch says no or tries to charge you, just move to the next.

There's anecdotes about bringing a Thai person with you helping etc, but you still may have to check 5, 10, 15 branches, or the first you go to may do it for you.

The comments are always people saying "I opened my account 15 years ago no problem at this bank."

Something to keep in mind: You want to open an account near where you will be living. You can use ATMs for free in the city you open your account, but will be charged in other cities in Thailand even if you use ATMs of your bank.

Also many times you can only use services, or it's much easier, if you go to the same branch you opened your account at.
Don *********
@Brandon ***********
really - Bangkok Bank charges for ATM withdrawals outside your home city ?
Don *********
Wow I had no idea, thank you
Bobby ********
@Don ********
All banks charge about 15 baht for withdrawals outside your home province
Brandon ************
@Don ********
all of the banks do to my knowledge
Jenna ******
@Brandon ***********
Wrong, it's not outside the city, it's outside PROVINCE. Of course.
Phil ********
Krung Sri bank in Ploenchit is "easy" but not high interest.

rental agreement & passport.

If, as stated by others, it's nearby your residence.

Not to worry, mate--

They certainly don't disrespect anyone's wife. 🙃

YMMV
Bill *********
ORIGINAL POSTER
@Brandon ***********
I will not put any excess funds in a Thai bank. I can get money from my US bank for free at any ATM at the current exchange rate. But if I need money, I just transfer to my wife's account with Wise for cheap and she brings home the money to me. This is from my local immigration office. What is a fixed account? Since I will not access the funds I then choose the best interest.
Brandon ************
@Bill ********
one thing that just came to mind. Make sure you leave a little extra in. Maybe 1-2k because sometimes the annual fee can be deducted from your account and causes the balance to drop below the required amount. This has caused people to be unable to extend their visas.
Steve **********
@Bi**
I have a fixed account. It’s just a savings account with different rules about how long the money has to stay to get your interest payment. Also (if I remember correctly) minimum deposit is 2000 baht. I found this irrelevant because I made one deposit to meet my visa requirements and then don’t touch it at all. Although you are required to show a transaction prior to applying for your year extension. I simply do an internet transfer in of 2000 baht and take it back out the day I get my letters.
Dave *********
Bill *********
ORIGINAL POSTER
@Dave ********
already got them.
Brandon ************
@Bill ********
basically a regular savings account.

If the ATM thing isn't an issue, you still want your bank branch to be close to home. You'll need to get bank statements and bank letters for extensions, and it's always going to be easier if you use the same branch you opened your account at. Sometimes other branches won't even help you and will tell you to go to your original branch.
Dave ***********
@Bra****
spot on.
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