Bank changed interest without any warning

[Bender Rodriguez]

anybody noticed that the banks are giving even less interest on deposits ?

 

my bank went on a saving account, just opened at 1.6 percent, but changed it to 1.3 percent with no warning...

 

where is the time (8 years ago?) where some banks gave 3 percent for 36 months... now they give 1.25 percent or less...

 

at opening, they said:  this saving account = no TAX...

 

yesterday it was:  when over 20.000 baht, you will pay tax... feel scammed as the pushed this type as the best return...

[Swiss1960]

Be happy... in Europe, you PAY interest nowadays, at least here you still get some...

[Bender Rodriguez]

1 hour ago, Swiss1960 said:

Be happy... in Europe, you PAY interest nowadays, at least here you still get some...

we are not in kansas anymore...

any suggestions in investments, but that is like playing casino

 

if you have high connections, you might get inside trading information to make you filthy rich

 

the sheeple hardly ever win, or they think they do and there is the next stock market crash

[Trillian]

When the Bank of Thailand changes the central bank rate, banks in Thailand pass on that change to customer accounts, unless they are fixed accounts. Blame the central bank, not your bank.

 

 

[Bender Rodriguez]

1 hour ago, Trillian said:

When the Bank of Thailand changes the central bank rate, banks in Thailand pass on that change to customer accounts, unless they are fixed accounts. Blame the central bank, not your bank.

 

 

how come 10+ different banks offer 10+ different interest deposit rates ? 

 

I have no problem of switching all my money to the bank that give the most...

 

funny sometimes when I ask cash instead of cashier check ... few millions baht of cash in a big bag from bank a to bank b ...

 

but one freaking bank said :  is your name of the chanote ... lol ... as if a farang can have his/her name on the chanote ...  aka :  no bank account for you ... did not hear that one before ... had WP only (purple bank) and I said, ok, than I will park my millions somewhere else, no problem... they don't give much anyway...

 

 

[scubascuba3]

In the UK we get notified when the banks change the interest rate of the account, in Thailand that doesn't seem to happen. They are only going lower now for a year or two

[Pib]

55 minutes ago, Bender Rodriguez said:

how come 10+ different banks offer 10+ different interest deposit rates ? 

Because each bank sets its own rates although they do follow Bank of Thailand direction/lead in which way rates should go. Just like U.S. banks follow the direction/lead of the Federal Reserve.  

 

Kinda like how a manufacturer may have a suggested retail price that doesn't mean online and brick-and-mortar stores will charge that price...a variety of prices will be seen.

[ripstanley]

Being a non Thai you will pay tax on any interest you earn. Only Thai citizens are exempt tax up to 20,000 baht. 

Edited June 16, 2020 by ripstanley

[Pib]

12 minutes ago, scubascuba3 said:

In the UK we get notified when the banks change the interest rate of the account, in Thailand that doesn't seem to happen. They are only going lower now for a year or two

I got quite a few US bank accts and when interest rates change you will see the new interest rate on the monthly statement and their online published interest rate tables, but I do not get an email or snail mail notification for an interest rate change.  

 

For Thai banks as far as I know you will never get a notice of a saving acct interest rate change but they do published their interest/fee schedules at their websites.

[Pib]

Just now, ripstanley said:

Being a non Thai you will pay tax on any interest you earn. Only Thai citizens are exempt tax up to 20,000 baht.

Unless you provide the bank your Thai tax ID number.   That's what I did for my Bangkok Bank and Krungsri Bank regular savings accts....the accts earning less than $20K interest per year....and the banks stopped the tax withholdings.

[ripstanley]

2 minutes ago, Pib said:

Unless you provide the bank your Thai tax ID number.   That's what I did for my Bangkok Bank and Krungsri Bank regular savings accts....the accts earning less than $20K interest per year....and the banks stopped the tax withholdings.

Being on a retirement extension I do not have a Thai Tax ID number.

[Catkiwi]

2 hours ago, Bender Rodriguez said:

we are not in kansas anymore...

any suggestions in investments, but that is like playing casino

 

if you have high connections, you might get inside trading information to make you filthy rich

 

the sheeple hardly ever win, or they think they do and there is the next stock market crash

There must have been some serious tectonic plate movement just recently if Kansas is now in Europe...

[Pib]

15 minutes ago, ripstanley said:

Being on a retirement extension I do not have a Thai Tax ID number.

I'm on a retirement extension, but got a Thai tax ID number years ago since I filed for refund of tax withholdings on fixed savings accts I use to have....you know, where 15% of interest earned is required for Thai or farang.  

 

Since I had that Thai tax ID then I just gave my banks the ID number and they stopped the withholding on my regular savings accts when that policy change went in effect mid last year.   

 

Anyone can get a Thai tax ID number if they need to file a Thai tax return/refund doc to get a refund of tax withheld.  You can get one at your local tax revenue office....just go apply.  Or wait until you apply for a tax refund (like bank acct tax withholding) and they will issue you a ID number when applying for the refund.

 

 

Edited June 16, 2020 by Pib

[Trillian]

46 minutes ago, ripstanley said:

Being a non Thai you will pay tax on any interest you earn. Only Thai citizens are exempt tax up to 20,000 baht. 

Everyone is exempt up to 20,000 baht, it's the tax law. If the tax is deducted at source you can claim it back easily enough by filing a tax return, showing the bank your tax ID prevents the tax being deducted.

[fxe1200]

All you need to know

 

https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx

 

A walk of 500 meters in Hat Yai from the Bankgkok Bank to the ICBC saved me 6400THB.

[simon43]

16 minutes ago, fxe1200 said:

All you need to know

 

https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx

 

A walk of 500 meters in Hat Yai from the Bankgkok Bank to the ICBC saved me 6400THB.

Wow, such low interest rates!  I'm happy that I moved from Thailand to live in Laos last year.  Now getting 6% interest rate on my local savings account.

[Trillian]

20 minutes ago, fxe1200 said:

All you need to know

 

https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx

 

A walk of 500 meters in Hat Yai from the Bankgkok Bank to the ICBC saved me 6400THB.

The BOT list doesn't show special savings promotions that are run by each bank from time to time but is otherwise complete.

[fittobethaied]

12 hours ago, ripstanley said:

Being a non Thai you will pay tax on any interest you earn. Only Thai citizens are exempt tax up to 20,000 baht. 

Sorry, but that's not true. Bangkok Bank withholds 15% from my interest earned each year, and I file a tax return each year with the Revenue Department and get a refund of the withholding because it is under 20,000 Baht. 

[1FinickyOne]

16 hours ago, Bender Rodriguez said:

feel scammed

Interest rates are way down in most countries... in USA it is a struggle to get 1%... 

 

I don't know of a bank ever trying to keep in touch w/me if rates change... that is my job.

[1FinickyOne]

1 hour ago, simon43 said:

Wow, such low interest rates!  I'm happy that I moved from Thailand to live in Laos last year.  Now getting 6% interest rate on my local savings account.

Simon, the interest rate is only a part of the equation... if inflation in Laos is 10% then you are losing purchasing power... also to be figured in can be exchange rates.. 

[Trillian]

4 minutes ago, kenk24 said:

Simon, the interest rate is only a part of the equation... if inflation in Laos is 10% then you are losing purchasing power... also to be figured in can be exchange rates.. 

Ditto Vietnam, makes Thailand's 1% interest and negative inflation look pretty good.

[stevenl]

12 hours ago, ripstanley said:

Being on a retirement extension I do not have a Thai Tax ID number.

Good for you, but this statement is still incorrect "Being a non Thai you will pay tax on any interest you earn.".

[worgeordie]

1 hour ago, fxe1200 said:

All you need to know

 

https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx

 

A walk of 500 meters in Hat Yai from the Bankgkok Bank to the ICBC saved me 6400THB.

Industrial and Commercial Bank of China (Thai) ?, is that the bank you mean,

is that bank covered by Government guarantee on deposits ? if not bigger risks

,bigger interest.OK a little bigger.

regards Worgeordie

 

[Bender Rodriguez]

what does a Thai minor (child) do if interest gets above 20.000 baht ?  can they get a Tax id ?

 

[Rimmer]

Some flames leading to bickering have been removed

[khunjeff]

13 hours ago, Catkiwi said:

There must have been some serious tectonic plate movement just recently if Kansas is now in Europe...

In case you're not just trolling, his statement was a reference to Judy Garland's line in the 1939 movie of The Wizard of Oz, and is shorthand for "things here are different from what we're used to."

[chuang]

What a post...LOL????

[Catkiwi]

14 minutes ago, khunjeff said:

In case you're not just trolling, his statement was a reference to Judy Garland's line in the 1939 movie of The Wizard of Oz, and is shorthand for "things here are different from what we're used to."

Thanks for the clarification and no, I was not trolling, merely trying to inject a bit of humour.

[userabcd]

13 hours ago, ripstanley said:

Being a non Thai you will pay tax on any interest you earn. Only Thai citizens are exempt tax up to 20,000 baht. 

Wrong, taxes are not only paid by citizens. Personal taxes can also be paid by non citizens on income source and amount and are mostly based specific tax laws, residency and domicile.

[TigerandDog]

The tax on 20k THB or more interest ONLY applies to thais. Foreigners will pay tax on any interest earned no matter the amount. However, on the upside, you can get a full refund of the tax deducted by submitting a Thai tax return.