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What interest can I expect on bank accounts in Thailand for my visa requirement?
Aug 22, 2023
3 years ago
Linz ************
ORIGINAL POSTERPlease, do not laugh, but…
When we open a bank account in Thailand, will be depositing the 800,000thb (each) as required for our visa
Do we earn any interest on it and if so how much
Likewise, if we want to open a savings account, what (if any) interest can we expect to earn?
Have tried to find the answer online to no avail
Thank You
When we open a bank account in Thailand, will be depositing the 800,000thb (each) as required for our visa
Do we earn any interest on it and if so how much
Likewise, if we want to open a savings account, what (if any) interest can we expect to earn?
Have tried to find the answer online to no avail
Thank You
TLDR : Answer Summary
The interest on bank accounts in Thailand, particularly regarding the 800,000 THB deposit for visa purposes, is generally very low, typically under 1%. Some comments suggest that while savings accounts offer around 0.90% interest, it may not be noticeable and is taxed at 15%. Fixed deposit accounts might provide slightly better interest, but they have restrictions that require the account to allow for immediate access to funds to meet immigration requirements. Individuals are encouraged to inquire about the highest interest rates available from different banks.
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Martin *********
U dont need to deposit anything if you go through a agency
Slaninova *********
Of course you can use your money in Thai Bank which you open, for a reasonable monthly cost. That doesn't disqualify you from using your money in any way.
Cliff *********
You are making an investment in your ability to live in Thailand.
Also you have a source of emergency cash.
No you will not earn interest in the conventional sense.
Enjoy your time in lovely and inexpensive Thailand…..
Also you have a source of emergency cash.
No you will not earn interest in the conventional sense.
Enjoy your time in lovely and inexpensive Thailand…..
Linz ************
ORIGINAL POSTER@Cliff ********
yes, good point, thank youCliff *********
@Linz ***********
I hope your plans go wellReply to
Cliff *********
Reply
Graham *******
on 800k i received 2309 interest and paid 346 tax from bkk bank for 3 months
Linz ************
ORIGINAL POSTER@Graham ******
thank youReply to
Linz ************
Reply
Sean **********
Pretty much only savings accounts available; some with fixed time options to get better interest.
Also Thailand imposes a 15% tax on interest earned.
I will try to renew with the monthly deposit qualification the 2nd year. If successful this would effectively eliminate the 800k requirement in a Thai bank. That money can certainly be invested in better ways.
Also Thailand imposes a 15% tax on interest earned.
I will try to renew with the monthly deposit qualification the 2nd year. If successful this would effectively eliminate the 800k requirement in a Thai bank. That money can certainly be invested in better ways.
Sri **********
Come to India and deposit you will get 7%
Linz ************
ORIGINAL POSTER@Sri *********
nice idea 👍🏼Reply to
Linz ************
Reply
Bob **********
The two of you will be able to get a cup of noodles and maybe a bowl of rice at the end of the year
Ivan ************
These are the rates, they are still low but going up. You'll get more with a fixed deposit, just need to make sure it's instant access, immigration won't accept an account that actually locks your money up for a fixed period, you need to be able to get at it at any point during the year. A fixed deposit that lets you take the money out, with penalty (typically you just forfeit interest) is acceptable. You don't have to take any out, just be able to theoretically.
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Jake *****
Visit all banks, and ask about the highest interest rate fixed time deposit. It will be better than a normal saving account
Ivan ************
@Jake ****
just make sure it's a type you can get the money out immediately, most fixed deposits are, you just forfeit the interest. This is because immigration will only accept fixed deposit if it's instant access, an account that actually locks your money up for a year isn't accepted.Jake *****
@Ivan ***********
in my case, it doesn't matter. Coz I just made it for a VISA extension onlyIvan ************
@Jake ****
it does matter for a retirement extension, they won't give you the extension if the money is locked up for a year.Jake *****
@Ivan ***********
what are u talking about? I using it for the last 3 yrs 🤣🤣Ivan ************
@Jake ****
presumably you got a fixed deposit that does have instant access and is acceptable to them then. Most fixed deposits are. You just need to be careful you don't get one that is actually locked up for the year, like a CD, as that's no good for the extension.Reply to
Ivan ************
Reply
Phil ******
@Linz ***********
interest is negligible typically <1%****************************************************************
*****
200George *************
@Brandon ***********
a Mee Tae Dai savings account at Krungsri Bank is currently paying 0.90% interest earned daily paid monthly. Also, if you provide your Thai Tax ID there will be no 15% tax withholding on earned interest. Fixed deposit accounts have mandatory 15% tax withholding. This account is accepted by immigration as principal is not subject to market fluctuation and immediate withdrawal is possible with the only penalty being loss of future interest on withdrawn funds.To**
4.65% interest rate in aus paid monthly
Linz ************
ORIGINAL POSTER@To**
Sadly the Australian Government not keen to attract retirees, if we had a choice, we would be moving to Australia as that is where our children are, alas not an option sadly due to the cost of long term visas and your cost of livingTo**
@Linz ***********
totally agree i will be moving once my visa is approvedReply to
To**
Reply
Toni ********
@To**
Im getting 5.5 with Ing in AustraliaPeter *******
@Toni *******
fk all in the uk 😭😭To**
Nice
Reply to
To**
Reply
Chris ****
If you open a credit card account they will hold funds against the card. Those funds can earn interest after one year (about 225 basis points at the moment). Ask your bank about it.
Linz ************
ORIGINAL POSTER@Chris ********
thank you and yes will doReply to
Linz ************
Reply
Nick **********
Surprisingly, the rates can be found on the bank websites. What sorcery is this ??
Gio *****
Forget about interest, why would they give something while you need instant access
Gio *****
@Nick *********
because you smart 🤣🤣Reply to
Gio *****
Reply
Alistair **********
Very little, I've never even really noticed it. I found this online.
Linz ************
ORIGINAL POSTER@Alistair *********
thank youReply to
Linz ************
Reply
Michael ********
Very little interest nowadays.
Linz ************
ORIGINAL POSTER@Michael *******
thank youReply to
Linz ************
Reply
Brandon ************
You'll likely be opening a savings account. The interest is quite small.
Linz ************
ORIGINAL POSTER@Brandon ***********
thank youReply to
Linz ************
Reply
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