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Why am I not receiving interest on my O-A visa bank account in Thailand?
Aug 20, 2022
4 years ago
Stiaan ***********
ORIGINAL POSTERHi All. Been in Thailand 11 months on O-A visa. Opening bank account was easy but I notice that no interest is given on the large positive balance.
Somewhere I read that it's because of no workers permit. Surely this can't be legal. Yes I understand tax is payable on interest earned and the bank could deduct that, but interest can't be withheld on these grounds.
Please don't comment with 'this is Thailand'. There must be international banking laws that regulate this.
Any positive feedback will be appreciated.
Somewhere I read that it's because of no workers permit. Surely this can't be legal. Yes I understand tax is payable on interest earned and the bank could deduct that, but interest can't be withheld on these grounds.
Please don't comment with 'this is Thailand'. There must be international banking laws that regulate this.
Any positive feedback will be appreciated.
TLDR : Answer Summary
The user expresses concern about not receiving interest on their positive balance in a bank account while holding an O-A visa in Thailand. Despite having a large amount deposited, they understand that typically interest should be credited, regardless of work permit status. Comments from the community indicate that low interest rates are common globally, and while note-worthy, Thai banks do offer minimal interest on accounts. Users suggest shopping around different banks for better options.
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Danny *******
What bank? I have Kasikorn and they pay interest.
Marc ********
Not a Thailand issue. Interest rates are down since years in the whole world.
Even on my swiss bank account I am getting only 0.005% interest
Even on my swiss bank account I am getting only 0.005% interest
Dana *******
I get interests twice a year : end of June & end of December (Bangkok Bank, Savings account), not much, but still...
Duncanc **********
Definitely you get interest
probably 0.0%
probably 0.0%
Av **********
Be happy you haven't woken up and your money is just gone. Money in banks have a tendency to just 'dissappear' even with locals in Tland
Bruce *****
I get interest credited every six months but it’s only a small amount like everywhere else
Graham ***********
Banks are commercial companies like any other. The interest rates they offer on particular types of accounts are set by commercial and competitive factors not some international law of being fair. Shop around and see what you can find that meets your needs.
Stiaan ***********
ORIGINAL POSTER@Graham **********
thank you. It was just weird to see zero interest over past 11 months on a 6 digit balance. Maybe now that we are settled in I should tryshop around d for another bank.Graham ***********
@Stiaan **********
I get some interest on a standard savings account at Bangkok Bank. Also check for charges and that the service will be there when you need it.Reply to
Graham ***********
Reply
John *********
Does not matter about work permit .should get interest
Stiaan ***********
ORIGINAL POSTER@John ********
thank you. Maybe worth it to go to the bank and raise the non interest matter with them.Reply to
John *********
Reply
Stuart *********
Most savings accounts - which most foreigners have - are practically zero interest. You can get better rates using a fixed term deposit type account, but not if you use the banked money method for extensions.
Stiaan ***********
ORIGINAL POSTER@Stuart ********
thank you. If I understand you correctly, the 800k needs to be in a savings account but I could open an investment account (on O-A visa) that would give interest on additional money.Stuart *********
@Stiaan **********
You can open up any form of account on any form of visa - depending on whether that branch manager will let you. If they won’t let you open a specific account type try another branch or another bank.Reply to
Stuart *********
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