Curious if people get any interest from a Thai bank account?
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TLDR : Answer Summary
Interest rates on Thai bank accounts are generally low, often around 0.5% to 2% before tax, depending on the type of account and bank. Some users report specific rates, with Krungsri offering around 0.9% and some fixed deposits advertised at 5.1% for larger minimum investments. Tax deductions on interest earned can apply, typically at 15%, although registering for a Thai Tax ID may allow waiving this tax. Overall, while there are some opportunities for interest, many users find the returns to be minimal.
Dave **********
Yes,on fixed accounts.
Allan ********
Yes
Paul *******
Yes you do
Phil ********
Yes i do. It's a savings account with Kasikorn.
Josh *********
Thai banks offer many kinds of accounts, over 100 funds and access to a variety of assets, some of which can generate excellent earnings for the astute investor.
yeah that would be much better. I looked into it once but my bank said they don't offer this to foreigners yet. Didn't yet look into possibilities at other banks.
Krungsri recently advertised 6 month CDs at 5.1% for new accounts, at 5 million baht minimum invested. Offer ends March 31st. But I see some folks say you would have to pay tax on that?
I saw Krungsri’s advert for USD FD’s at 5.1% last month, but was unaware that they also offer CD’s especially for THB. Where did you see the advert as I would be keen to invest as an existing customer.
Since it's a fixed deposit account Krungsri will withhold tax at 15% of interest earned. Can file a Thai Income Tax Return to be refunded if you qualify for a refund.
NO , because what you do get is hit by the yearly fee anyhow .
John ********
It's a joke but there's nothing you can do about it 🙄
Jason ******
Give it to isan girl she will take care of it 😫😫
Josh *********
I have lived in an Isan community in Bangkok for almost four decades and have only been treated with generosity and compassion. Why would you want to live in a country where you feel this way about its people?
I mean this sincerely. If you cannot relate to what was said then you simply have not had the pleasure or actually read because though a tongue in cheek, it’s essentially a cliche. I can’t even imagine how much money farang have been persuaded out of.
What seems odd to me is you’ve been here four decades and this is news to you? 😳
Josh *********
Brian, no Thai has ever done me wrong. Thais return money I drop, keep my belongings safe while I am away for years of lockdown, offer me food and give me shelter when I need it. They have never taken advantage of me. But I avoid Nana and Cowboy.
Can find UK interest rates better than Thailand's.
Reply to
Andi ***********
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Michael *******
SCB Easi Pass pays 2.5% before tax been using it for 3 years - also very user friendly when you need statement and letter for immig there is no passbook and it’s all on line very convenient
with online I mean you can use your PC and that SCB have stopped, at least for me.
I have changed to Kbank, so I can also use my laptop for banking.
But if you're able to use a PC for banking with SCB then I am very much interested to know have you do.
Michael *******
You can only use one app, I had to choose phone over my iPad as I use pay using QR code scan -l guess that when they upgrade their security they will allow multiple online access points.
I use only one app on one mobil phone, but SCB cancelled admittance via www. When they stopped the internet admittance, so I don't understand why you say that they don't stopped the use of a PC to to do banking with them, but it looks that you did not use a PC for banking with SCB
Online access to SCB is available from the SCB phone app called SCB Easy.
Reply to
George *************
Reply
Michael *******
Nope I have online banking I visit the branch once or twice a year , most important visit is to collect statement and letter for visa renewal which takes 10 mins and B100
high interest savings accounts. There are a few in the 4-5% range in the US.
non-O visa : requires 800k baht on deposit in a Thai bank account yielding basically no interest
non-OA visa : allows that money to remain in your home country bank likely allowing a greater percentage of interest AND for what ever reasons a person won’t have to deal with getting their money back out of a Thai bank if things don’t work out
The non-OA is (as I understand it) 1 year + border run ins renewed year and *possibly a third. Beyond this, someone will have to get another visa. Likely a person has concluded if they’re going to stay by this time.
This also as a fringe benefit allows the latitude to keep your money in your absolute control. Thailand isn’t for everyone! Having this amount of time to make decision changes with considerably less financial risk is a good thing.
if you can get a tax ID and give the number to them, they will stop deducting the tax. I think the tax is 15%, and it’s possible to file a tax return each year and get the money back, but the process is very cumbersome.
Krungsri had a promo paying 5% on a FCD foreign currency deposit USD to be specific of $50,000. And must be maintained for six months. it has been explained to me that because it’s a time deposit it does not qualify for the 800,000 deposit for Visa