Interest paid on euro account? And more questions.

[notrub]

I have some money in a BKK bank euro account.  It seems that they do not pay interest on this money.  Is this correct?  Is there a bank that pays interest on euro deposits in a savings account?

 

I prefer to leave this money in euros hoping that the exchange rates will become more favourable again.  However, I would like to place 1M baht in a savings account with a Thai bank.  BKK bank will pay 1.5%.  Is there a better place to put this money?  I intend to just leave it there for my annual visa renewal.

 

I currently have accounts with K bank and BKK bank.  I live in the north of Buriram province and have become accustomed to not having any actual branch banks near to me (pain in the bum sometimes).  Is there a better bank to use?  Is there a Thai bank that uses a BIC number for international transfers?  

 

Thanks very much in advance for any comments.

[topt]

10 hours ago, notrub said:

Is this correct? 

Have you tried to look on their web site? If Bangkok Bank

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/foreign-currency-deposit-interest-rates/2016/02fcd_1604081.pdf?la=en&hash=5EB50694F0BF2677C6F957AC3480DABDF5F870F0

 

10 hours ago, notrub said:

BKK bank will pay 1.5%.  Is there a better place to put this money?

Probably not but have you looked at the thread here -

 

10 hours ago, notrub said:

Is there a Thai bank that uses a BIC number for international transfers? 

yes its called SWIFT.....

[KhunBENQ]

 

1 hour ago, topt said:

Have you tried to look on their web site? If Bangkok Bank

https://www.bangkokbank.com/-/media/files/personal/other-services/view-rates/foreign-currency-deposit-interest-rates/2016/02fcd_1604081.pdf?la=en&hash=5EB50694F0BF2677C6F957AC3480DABDF5F870F0

The list shows a year 2559, 4 years old?

And all Euro numbers are 0.0000?

 

Anyway: interest on Euro deposits?

I am happy that my bank(s) haven't brought up the idea of negative interest.

DKB bank has changed to 0.01% (! no joke).

Would earn you a whopping 1 Euro per year on 10000 Euro.

Edited January 8, 2020 by KhunBENQ

[KhunBENQ]

12 hours ago, notrub said:

Is there a Thai bank that uses a BIC number for international transfers?

BIC/IBAN is not known/used in Thailand.

So either SWIFT transfer or the internet based alternatives like Transferwise.

[topt]

13 hours ago, KhunBENQ said:

The list shows a year 2559, 4 years old?

And all Euro numbers are 0.0000?

Here is the actual link to the page where this is and older rates -

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Currency-Deposit

 

Are you surprised as you mention in Europe interest rates are almost nothing to negative so no reason for the Thais to give any.

[KhunBENQ]

1 hour ago, topt said:

Are you surprised as you mention in Europe interest rates are almost nothing to negative so no reason for the Thais to give any.

Of course not surprised but maybe the topic starter?

[Sophon]

On 1/8/2020 at 8:32 PM, KhunBENQ said:

BIC/IBAN is not known/used in Thailand.

So either SWIFT transfer or the internet based alternatives like Transferwise.

BIC = Bank Identifier Code = SWIFT address, Nothing to do with IBAN.

[Beggar]

I have a Euro and USD account at the Bangkok Bank. If they would pay interest on Euro accounts the whole world would move Euros there. In Germany some banks started to charge negative interest rates already. I don't get anything too for my Euro. I get a small amount for the USD. So small that I never really cared. 

 

I also have Euros and USD at Krungsri. I didn't look for a long time but if I remember correctly I didn't get interest payments. Will ask them to print out the statements again. They don't have books. Just plastic cards. 

 

 

Edited January 10, 2020 by Beggar

[KhunBENQ]

4 hours ago, Sophon said:

BIC = Bank Identifier Code = SWIFT address, Nothing to do with IBAN.

Yes, I mixed it the wrong way.

And Thai banks have a SWIFT (BIC) code of course.

[notrub]

Thanks,  French banks will not transfer to a SWIFT bank address.  Or at least Credit Agricole, my bank, will not.   The IBAN code is the only one they will use.  Without looking, I think the BIC forms part of the IBAN code.  UK banks will transfer to a SWIFT bank address as I am sure many others would too.  French banks will not.  They will make such a transfer when I, or my proxy, are standing in the bank and able to sign the transfer form.  

 

I took a look at interest payments worldwide and most are not much better than the 1.5% paid by BKK bank.  BKK bank does not pay any interest on foreign currency accounts and it would be nice to find one that did.

 

Thanks for your interest and comments.

[mshs]

  

20 hours ago, notrub said:

 Without looking, I think the BIC forms part of the IBAN code. 

SWIFT identifies the specific bank during the transaction and IBAN, the individual account. So, if IBAN is chosen, it is accompanied by BIC (which serves the same purpose as SWIFT - sharing all manner of financial data with regard to the transaction between the banks ).

The vast majority of int'l transactions are made using SWIFT.