best bank for a savings acc. of 1M THB

[Baerboxer]

On 2/10/2020 at 9:00 PM, thainet said:

After the Bank of Thailand downgrade on interest rates last Thursday, I think you'll find the highest Fixed Deposit rate now at any Bank (for perhaps 7 and 12 mths is only 1% and taxable 15% on the interest).

 

Depending on your total income, you may be able to claim a refund of tax deducted when filing your tax return. I do.

[IvorBiggun2]

Just now, maprao said:

There any credit union or option open to a Thai wife etc is not an option 

With a little bit of brains you can do it. I've been doing it now for many a year. 

 

19 minutes ago, saengd said:

"Klongchan Credit Union Cooperative board" and read the Bangkok Post article about fraud.

The offence happened between 2009 and 2012. Long before measures were brought in to prevent the likes of happening. What the link shows is people using the legal system to get their monies back. It not a claim on the CU.  

 

Quote

In 2016 the Civil Court ordered Supachai  and three former executives of the cooperative to repay 3.8 billion baht in compensation to the embezzlement-hit cooperative.

 

[saengd]

I've already demonstrated Ivor that Credit Unions in Thailand are not covered by the governments Deposit Protection scheme (dpa), a fact you referred to as a troll comment!

 

I've also demonstrated that there is no financial oversight on any of the 1,766 credit unions with assets under THB 5 Bill.

 

If posters still want to go ahead and use Credit Unions for their savings, in light of those facts, that's their prerogative. But trying to say the things above aren't true is simply a lie. And saying that people who have defrauded the Credit Unions have repaid some of the money they stole, doesn't alter the high level of risk.

 

The real risk is with smaller credit unions of which there are far too many, 1,734, can you imagine what gremlins are lurking in their books that haven't been spotted yet.

Edited February 12, 2020 by saengd

[Lacrimas]

Credit Unions frequently scam their customers, that's why they have so high interest rates. They are risky.

[Lacrimas]

2 hours ago, Matzzon said:

Sure the OP just want to totally lose control over his million baht by putting it in his wife´s name. ???? Seriously, I would really like to hear all your brilliant ideas.

However, the 4% ain´t that bad actually. For a person with 10M baht, that would give the 400k to show for an extension based on marriage every year. Ok, don´t go there! I know you do not need the 400k because the person already have 10M baht. Just a calculated example of what the profit would equal to.

 

However, I person that ain´t been able to scrape 10M baht together in his life, have no possibility to safely relocate to a foreign country anyway. That´s just my opinion. Shouldn´t take any chances in life. ???? 

You must have had a very sad life that you can't even trust your wife and put so much importance in vile money... 10 million baht for gods sake... I could live 10 lifetimes here in Thailand with that money.

[saengd]

3 minutes ago, Lacrimas said:

Credit Unions frequently scam their customers, that's why they have so high interest rates. They are risky.

Rubbish, they're risky because they are unregulated and there's no oversight, the potential for fraud is very high.

Edited February 12, 2020 by saengd

[Lacrimas]

Just now, saengd said:

Rubbish.

Pfft, a quick research in Thai and you will find that it is a very bad idea to put your money in their banks. 

https://pantip.com/topic/30522397

You are free to throw your money out of the window though. 

[saengd]

2 minutes ago, Lacrimas said:

Pfft, a quick research in Thai and you will find that it is a very bad idea to put your money in their banks. 

https://pantip.com/topic/30522397

You are free to throw your money out of the window though. 

You provide a link to a social network site dated 2013....really!

[Lacrimas]

3 minutes ago, saengd said:

You provide a link to a social network site dated 2013....really!

Does it really matter? These cooperatives have a history of scamming their customers and have no DPA. I'm looking too for a way to make good money is a safe way but this doesn't seem a viable option.

 

Do you have an account with them?

Edited February 12, 2020 by Lacrimas

[saengd]

Just now, Lacrimas said:

Does it really matter? These cooperatives have a history of scamming their customers and have no DPA. I'm looking too for a way to make good money is a safe way but this doesn't seem a viable option.

 

Do you have an account with them?

No way, and I never will.

[Matzzon]

10 minutes ago, Lacrimas said:

You must have had a very sad life that you can't even trust your wife and put so much importance in vile money... 10 million baht for gods sake... I could live 10 lifetimes here in Thailand with that money.

You would be amazed what I trust my wife with. For example, I never interfere with her cooking or cleaning duties. Moreover I also trust her every day to make the daily shopping, as well as teaching my daughters Thai and the rest I can´t tech them in life. She also have 20k baht every month to spend as she wish with everything payed. Actually she has a great life. She also have a house I´ve built for her and a fairly new car. Why in the world would I put my money in her name. This is more about effectivity than trust. Probably some thing you would never understand, as you never seen 10M baht due to you overrating that amount so gross.

No, you would not be able to live 10 lifetimes in Thailand on that amount. So, Mr. Lacrimas. Back to reality, please.

Edited February 12, 2020 by Matzzon

[Lacrimas]

Just now, saengd said:

No way, and I never will.

So we agree... 

[Lacrimas]

11 minutes ago, Matzzon said:

You would be amazed what I trust my wife with. For example, I never interfere with her cooking or cleaning duties. Moreover I also trust her every day to make the daily shopping, as well as teaching my daughters Thai and the rest I can´t tech them in life. She also have 20k baht every month to spend as she wish with everything payed. Actually she has a great life. She also have a house I´ve built for her and a fairly new car. Why in the world would I put my money in her name. This is more about effectivity than trust. Probably some thing you would never understand, as you never seen 10M baht due to you overrating that amount so gross.

No, you would not be able to live 10 lifetimes in Thailand on that amount. So, Mr. Lacrimas. Back to reality, please.

Your materialism is frankly stupid but if you are happy that's what matters. 

[thainet]

Ok guys the OP asked for bank details to use for his immigration extensions, so although the Credit Union info has been enlightening, it is not practical for his purpose and also not possible for most foreigners due to the restrictions. But thanks for the input on that.

 

So his only way is Bank savings or Fxd Deposit accounts, which are subject to tax on the interest, but probably the tax can be refunded from the Tax dept (bit of a challenge for newbies, but possible) or with a tax ID then not deducted at the bank (Savings only). 

So maybe we put this topic to bed now.

[tinca tinca]

in Thailand ALL interest is TAXED at 15 % which ever account one has !!

[saengd]

3 minutes ago, tinca tinca said:

in Thailand ALL interest is TAXED at 15 % which ever account one has !!

Yes, but that tax can usually be reclaimed by filling a Thai tax return. 

 

And many of us can prevent tax being deducted at source by showing our bank our tax ID card.

[thainet]

3 minutes ago, tinca tinca said:

in Thailand ALL interest is TAXED at 15 % which ever account one has !!

You are wrong!! Please get your facts correct before posting.

With a proper Tax ID you can have it recorded at the Bank (on your record) and tax on Savings interest is NOT deducted.

[Matzzon]

47 minutes ago, Lacrimas said:

Your materialism is frankly stupid but if you are happy that's what matters. 

What materialism? I am just saying how it is. You do not need a house to live in? You are not help by a car? You do not need money to have the life that you want?

Just stop babbling, you are just too good at it. ????

[thainet]

Just now, Matzzon said:

What materialism? I am just saying how it is. You do not need a house to live in? You are not help by a car? You do not need money to have the life that you want?

Just stop babbling, you are just too good at it. ????

Guys this is about Bank accounts..stop squabbling over stupid stuff...kids nowadays!

[Matzzon]

7 minutes ago, thainet said:

Guys this is about Bank accounts..stop squabbling over stupid stuff...kids nowadays!

Yes, and we are talking about money and what you can buy for money. Very much a connection to a bank account, that also handles......???? Yes, You guessed it. Money!

[Lacrimas]

30 minutes ago, thainet said:

You are wrong!! Please get your facts correct before posting.

With a proper Tax ID you can have it recorded at the Bank (on your record) and tax on Savings interest is NOT deducted.

Not entirely true. If you get more than 20.000 baht in yearly interest it is subject to the 15% tax but I understand you can get a tax refund but I don't know where you can get it.

[Lacrimas]

44 minutes ago, saengd said:

Yes, but that tax can usually be reclaimed by filling a Thai tax return. 

 

And many of us can prevent tax being deducted at source by showing our bank our tax ID card.

That's interesting, how do you get a Tax ID card?

[saengd]

Just now, Lacrimas said:

That's interesting, how do you get a Tax ID card?

Oddly enough, from your local tax office. ????

[thainet]

@Lacrimas ...As I said Fxd deposits are taxed on interest regardless of the amount of interest.

 

Yes u are correct, on savings account 20,000 is the limit before tax is deducted (if you have the tax ID recorded), but at todays interest rates of 0.4-0.5%, then you need about 30 million in your savings account to even get to the 20,000 threshold, so lets leave it at my point above, that probably 99.999% of foreigners savings accounts (with the tax ID recorded) will not be subject to tax on interest.

Edited February 12, 2020 by thainet

[Lacrimas]

2 minutes ago, saengd said:

Oddly enough, from your local tax office. ????

So you say that with that card the bank is not going to deduct any tax from my interest? I earn 100.000 baht of interest per year and they always get that 15% out of it. 

[Lacrimas]

1 minute ago, thainet said:

As I said Fxd deposits are taxed on interest regardless of the amount of interest.

 

Yes u are correct, on savings account 20,000 is the limit before tax is deducted (if you have the tax ID recorded), but at todays interest rates of 0.4-0.5%, then you need about 30 million in your savings account to even get to the 20,000 threshold, so lets leave it at my point above, that probably 99.999% of foreigners savings accounts (with the tax ID recorded) will not be subject to tax on interest.

Am I missing something? With 30 million and 0.5% interest you get 150.000 baht well above 20.000 baht. Anyway I get 1.5% from Krungsri.

[saengd]

6 minutes ago, Lacrimas said:

So you say that with that card the bank is not going to deduct any tax from my interest? I earn 100.000 baht of interest per year and they always get that 15% out of it. 

Earnings from 0 to 150,000 baht per year are free from tax, 150,000 to 300,000 are taxed at 5%.

 

EDIT TO CORRECT NUMBERS

Edited February 12, 2020 by saengd

[thainet]

2 minutes ago, Lacrimas said:

Am I missing something? With 30 million and 0.5% interest you get 150.000 baht well above 20.000 baht. Anyway I get 1.5% from Krungsri.

Whoops..my bad. calculator finger problem.

 

But that 1.5% is on Fxd Deposit..impossible on a normal savings account

[Lacrimas]

1 minute ago, thainet said:

Whoops..my bad. calculator finger problem.

 

But that 1.5% is on Fxd Deposit..impossible on a normal savings account

I have had that rate from Krungsri for a long time. They are called special savings account, unfortunately with the new dip in interest rates right now it is only 1.1% but until 6 months ago it was about 1.5% (I think SCB still has that rate).

https://www.krungsri.com/bank/en/PersonalBanking/DepositProducts/SavingsDeposit/MeeTaeDaiSavings_BAK.html

[Lacrimas]

7 minutes ago, saengd said:

Earnings from 0 to 300,000 baht per year are free from tax, up from 150,000 baht the previous year.

Yes but those are regular earnings from working not interest earnings.