What are the opinions on the reliability and interest rates of Thai banks, especially for expats?

Question

I hear many stories-some firsthand- of people not liking the banks in Thailand. Kasikorn definitely sounds like the foreigner friendly choice.

I can’t find where any banks offer CDs or any financial vehicles that’ll pay interest. I get a minimum of 4% in the States on savings.

Any thoughts about confidence in parking your money in Thai banks would be appreciated.

Ask Thailand · Answer

Many expats express skepticism about the reliability and interest rates of Thai banks, with a consensus that savings return rates are significantly lower than in the US. Kasikorn Bank is frequently recommended for being foreigner-friendly, but there are concerns about banking issues, such as account freezes, particularly with Bangkok Bank. Several comments advise expats to keep their funds in US banks, use monthly transfer methods for living expenses, or consider other financial avenues like investments outside of Thailand to avoid low interest and potential bureaucratic complications.

David ********** · Answer

SCB.

Andrew ******** · Answer

If you are looking for savings like that keep your money in US bank for that - thai banks savings rates are shit their rates are like 1%. Besides alot of their financial products investment is restricted to thai nationals anyway. You cant use stock market here

Victor ********** · Answer

I use SCB. I trust it because it's owned by the royal family.

Cris ****** · Answer

I advise people do not park your money here. its a waste of earning potential, and you also run the risk of having your account frozen, if you are with a certain someone.

Marty ********* · Answer

For an American with an O visa you must deposit the 800,000 baht in a Thai bank for the first 1 year extension. Bangkok Bank is the bank people are avoiding these days. They have some deposit policies that make it difficult for those getting their first 1 year extension. Kasikorn is foreigner friendly.

Jon ******* · Answer

As much as I defend Thailand and its people I cannot recommend using the Thai banking system to make some money. Not gonna happen. I have my 800k in an FDA by itself for simplicity only. The interest is minuscule. Take your money and throw it into a 401k or Roth. Only bring what you plan to spend

Ken ************ · Answer

Keep it in US and transfer what you need

Jared ********* · Answer

Kasikorn does have investment accounts.  Returns aren't as high as your 4% but they do have the option

Mma ******* · Answer

Keep it in the US.

Stephen ******** · Answer

Don't do it! I just use the 65k monthly transfer method to retain my retirement status. That covers monthly expenses. My savings are back in Australia getting around 10% tax free. I use Bangkok Bank

What are the opinions on the reliability and interest rates of Thai banks, especially for expats?

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