Bank Savings Interest Rates 2023

[gamb00ler]

15 minutes ago, Pattaya57 said:

How did a simple thread about current interest rates in Thai banks turn into a discussion on whether you should use an agent for visa instead of bringing your 800k baht to Thailand? 

Because the best choice between the options is dependent on Thai vs other bank interest rates.  I think it is relevant to the thread title.

Edited 19 hours ago by gamb00ler

[topt]

24 minutes ago, gamb00ler said:

Because the best choice between the options is dependent on Thai vs other bank interest rates.  I think it is relevant to the thread title.

 

The original thread was meant to be on Thai bank interest rates for those interested in where they may eke out a bit more interest. 

 

Otherwise you could throw in how you invested it in bitcoin/gold/Nvidia and how much better that was compared to sticking your dough in a Thai bank account. Where do you draw the line...........

 

If you want to start a discussion on it why not open a new thread and you and your protagonist can have at it to your hearts content. Not like it hasn't been done to death before (Like most things however).

[gamb00ler]

9 hours ago, topt said:

Otherwise you could throw in how you invested it in bitcoin/gold/Nvidia and how much better that was compared to sticking your dough in a Thai bank account. Where do you draw the line...........

I would draw the line according to the thread title... this one is not specific.  Perhaps change the title here to "Finding the best Thai bank interest"

[Pattaya57]

Deleted

 

Edited 8 hours ago by Pattaya57

[KhunHeineken]

13 hours ago, gamb00ler said:

The correct loss of income (ignoring taxation and transfer fees) is:

800000 * (5.15% - 1.8%) / 12 * 5 = 11,167  for 5 months

400000 * (5.15% - 1.8%) / 12 * 7 = 7,817 for the other 7 months if you send 400K back to the 5.15% account

You are correct. 

 

I kept it simple for, as another member said, "the really strange people out there." 

 

We could also factor in exchange rates, fees for the international transfer, and now, Thailand's tax on remitted funds.  It all equals a retirement visa / extension that costs way more than the 1900 baht that many argue is the only price they pay. 

[KhunHeineken]

12 hours ago, Pattaya57 said:

How did a simple thread about current interest rates in Thai banks turn into a discussion on whether you should use an agent for visa instead of bringing your 800k baht to Thailand? 

Every year many people hit retirement age and have always wanted to retire to Thailand.  These people would be looking for the best interest rate a Thai bank offers for their 800k.

 

Even those already in Thailand would still be looking for the best interest rate, both in Thailand, and in their home country. 

 

I merely pointed out they do not necessarily have to move their 800k to Thailand to earn a pittance in interest, not to mention, they may now be taxed on that 800k remittance in the following year, further compounding their losses on the money. 

 

The thread title is "Bank Savings Interest Rates 2023."  Where does it say "Thai banks?"  It's very non specific. 

 

My advice is, don't move a lump sum to Thailand, not even the 800k for the visa / extension.  The figures prove this. 

[KhunHeineken]

11 hours ago, topt said:

The original thread was meant to be on Thai bank interest rates

Where does it say "Thai bank" in the thread title? 

 

I've just had a quick look at the first page of the thread.  Cambodia banks and American banks were mentions. 

 

The thread hasn't been specifically about Thai banks from the start. 

 

If you would like to specifically discuss Thai banks only, why not start a thread about Thai bank interest rates?

Edited 6 hours ago by KhunHeineken

[KhunHeineken]

On 11/21/2024 at 1:29 AM, motdaeng said:

 

thank you for your detailed reply.  

 

- how many banks have gone bankrupt in the usa and europe compared to thailand?  
- in australia, interest rates for savings are good, while in many other countries, they’re even lower than in thailand.  
- do you have to pay taxes on your interest and savings in australia?  

- you got about 3.5% more interest in australia, that means about 28'000 thb (not 41'200 thb)
- in thailand, bank deposits are guaranteed up to 1 million baht.  

- you don’t trust thai banks or the government, yet you live in thailand full-time and spend your hard-earned money here!

- instead of legally applying for a 1-year permit, you choose to support ("donate") criminals by paying for an illegal service.

  not only that, you hand over your passport for several days to criminals in thailand for this illegal act.  

 

i really wonder who the strange one is in this situation …  

I don't know how many banks have gone broke in the USA or Europe, nor do I care. 

 

Yes, in Australia, interest rates are over 5%. 

 

Paying tax on your interest depends on one's tax residency and amount of money they earn, in total. 

 

Yes, your figures are correct.  28,000 baht more than covers the cost of the agent, and then some. 

 

In Australia they are guaranteed as well.

 

I do not trust the Thai government, but do trust the Thai banks, they just pay lousy interest rates, and MUST follow Thai government policy.  Do you remember what happened in Cyprus some years ago, and "The Haircut."   I am well aware that as a foreigner in Thailand I have no rights.  The annual extension is no more than a 1 year tourist visa. 

 

I love living in Thailand.  The climate.  The food. The nightlife.  The activities on offer.  The beach.  The list goes on, but that doesn't mean Thailand is a good investment for my "hard earned money." 

 

Yes, I use an agent, as do thousands of others do.  There's a misconception that those who use an agent do so because they have not got 800k to move to Thailand.  Many use an agent because their 800k makes more than what the agent charges back in their home country.  It's always through bank interest, but also though managed funds and other investments. 

 

There are also other reasons why some use an agent.  For example, I know an old guy here in his 80's and with mobility issues. He has the 800k in a Thai bank, but due to ill health he uses an agent.  Of course, he pays less agent fees because he has the money, but uses an agent for a different reasons.  What's wrong with that? 

 

I'll probably be on the golf course while you are waiting in a queue in an immigration office.  That's fine.  Each to their own.  Just don't say your extension only cost you 1,900 baht when mine costs say 13,000 baht, because when you look at the big picture, your extension has cost you a lot more than 1900 baht, and more than the 13,000 baht I pay, and it's very "strange" of people to not see the bigger picture. 

[KhunHeineken]

3 hours ago, gamb00ler said:

I would draw the line according to the thread title... this one is not specific.  Perhaps change the title here to "Finding the best Thai bank interest"

I agree. 

 

Perhaps the member can start his own thread specific to Thai bank interest rates. 

[JohnnyBD]

1 hour ago, KhunHeineken said:

15 hours ago, gamb00ler said:

The correct loss of income (ignoring taxation and transfer fees) is:

800000 * (5.15% - 1.8%) / 12 * 5 = 11,167  for 5 months

400000 * (5.15% - 1.8%) / 12 * 7 = 7,817 for the other 7 months if you send 400K back to the 5.15% account

You are correct. 

So let me understand. Instead of keeping 800k in a Thai bank for your Non-O visa extension based on retirement, you keep the 800k in your home country where you can earn maybe 20k THB more in interest compared to what you could earn in a Thai bank, then you pay a Thai agent who pays an IM officer to approve your yearly extension without you having to keep 800k in a Thai bank. I think I got it. That's certainly one way of getting an extension. I suspect most people prefer getting theirs using the more accepted & approved methods, by using 800k in the bank or 65k per month, even it it costs them a few thousand baht more than what you're doing. And, just to add, this doesn't affect me, but it still interests me in knowing how things are done in THA. I'm on a LTR-WP visa now, but was on marriage extension for the past several years. Best of luck to you...

Edited 5 hours ago by JohnnyBD

[KhunHeineken]

2 minutes ago, JohnnyBD said:

So let me understand. Instead of keeping 800k in a Thai bank for your Non-O visa extension based on retirement, you keep the 800k in your home country where you can earn maybe 20k THB more in interest compared to what you could earn in a Thai bank, then you pay a Thai agent who pays an IM officer to approve your yearly extension without you having to keep 800k in a Thai bank. I think I got it... That's certainly one way of getting an extension, but I'm not sure it's saving much more than a few thousand baht at the most. I suspect most people prefer getting their extrension using the more accepted & approved methods, by using the 800k bank method or 65k per month method. Good luck to you...

The figures are there for you to see.  I posted a link to a bank paying 5.15%.  Also, put the money in a managed fund and you can earn more.  I have a diversified portfolio, but 800k baht at 1.8% is just a "donation" to Thai bank shareholders.

 

The interest I earn on the 800k in my home country pays for the agent, and then some, and I have the convenience of not having to deal with immigration. 

 

It's not a money saving or making exercise.  I could move the 800k baht here today, but why would I? 

 

For me, I am more focused on the risk of moving 800k baht to a 3rd World Country where I have no rights, and to some degree, losing the use of it for 5 months of the year. 

 

Then, there is the convenience of using an agent. Like I said, I'm relaxing while others are in a queue at an immigration office being told they are one photocopy short, or drawing maps. 

 

Once again, each to their own, but for those using the 800k baht method, don't say your extension only costs you 1900 baht because it's costing you way more than that, and also don't think that people using an agent can't afford to move 800k baht to Thailand because that simply isn't true.  I have quiet a few friends that are financially comfortable but see the 800k baht in a Thai bank as a waste of money, as do I. 

 

The math shows the true cost of an extension using the 800k baht method.  

[JohnnyBD]

9 minutes ago, KhunHeineken said:

Then, there is the convenience of using an agent. Like I said, I'm relaxing while others are in a queue at an immigration office being told they are one photocopy short, or drawing maps. 

No problem. To each his own. I used an agent for my marriage extension, and that made things so much easier. But, now I don't have to worry about paying an agent or waiting in a queue. I can just relax & enjoy for the next 10 years before I need to renew my LTR-WP visa. 😊

[JohnnyBD]

1 hour ago, KhunHeineken said:

Once again, each to their own, but for those using the 800k baht method, don't say your extension only costs you 1900 baht because it's costing you way more than that, and also don't think that people using an agent can't afford to move 800k baht to Thailand because that simply isn't true.  I have quiet a few friends that are financially comfortable but see the 800k baht in a Thai bank as a waste of money, as do I. 

Just for the record, I completely agree with your comments. Now, I admit I keep a lot of money here, but only because I'm married, and my wife will need money to live on when I pass, while my loved ones settle my estate. But, that is my choice, and is specific to my situation. If I wasn't married, I would keep very little money in a Thai bank. Take care...