No Interest Earned For Foreigner?

[mbkudu]

I was just cruising through that new www.thaiimmigration.com site and came across something I couldn't quite believe. One of the Admin posts stated that Thai

banks do not pay interest to foreigners who have money in Thai banks. Is this for

real? It also stated that for the NON-IMM O visa a fixed deposit account can not be

used; must be a savings account. Any feedback on these would be appreciated.

[Dutchy]

I was just cruising through that new www.thaiimmigration.com site and came across something I couldn't quite believe. One of the Admin posts stated that Thai

banks do not pay interest to foreigners who have money in Thai banks. Is this for

real? It also stated that for the NON-IMM O visa a fixed deposit account can not be

used; must be a savings account. Any feedback on these would be appreciated.

This is not correct, all bank accounts are interest bearing. However, in case foreigners own bank account the interest will be added solely to the bank's internal revenue.

It is in the interest of Thailand to increase the required amount on bank accounts of foreigners in the near future in order to welcome only 'quality foreigners.' This is not only in the interest of Thailand but also in the interest of the interest amount that will benefit Thailand....

Dutchy

[Thetyim]

I had this problem when I applied for a visa extension a couple of years back. It is at the discretion of the interviewing officer.

To avoid any arguments I now keep my money in a fund and move it to a savings account a week before renewal time.

[ProThaiExpat]

The point being made by immigration is that farang cannot use a fixed interest deposit account to qualify for an extention for which money in the bank is required.

They want to see you using your account, usually savings account, on a regular basis for your living expenses. As they have explained in one of their replies, they are after farang who are working in Thailand when they shouldn't be. Thus, if you cannot show the source of your living expenses, ie. leaving money in a fixed deposit account, they will investigate further.

Money coming into your savings account must indicate a transfer from abroad for the same reason.

[ajahnlau]

Have savings accounts at 2 differnt banks and both pay interest. Rates are very low but paid into the account not the banks. Tax is deducted from gross amount of interest earned,10%.

[mbkudu]

All these replys are what I thought too. I have a savings account in a Thai bank and always have earned interest. I am not sure what they were talking about.