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.

[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

 

[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?

[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...

[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...

[KhunHeineken]

On 11/22/2024 at 6:09 AM, JohnnyBD said:

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...

I understand many are in a similar situation to yourself, and I have no problem with it. 

 

Some seem to think their extension only costs them 1900 baht, as opposed to those using an agent who may pay 15000 baht, however, in order to pay the 1900 baht, one must accept a considerable loss on the poor interest offered by Thai banks, thus, the extension costing them way more than 1900 baht, yet, many refuse to accept the math.  As the saying goes, you can tell them, but you can't understand it for them. 

[KhunHeineken]

On 11/22/2024 at 5:05 AM, JohnnyBD said:

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. 😊

I can see the LTR gaining in popularity over time. 

[motdaeng]

4 hours ago, KhunHeineken said:

Some seem to think their extension only costs them 1900 baht, as opposed to those using an agent who may pay 15000 baht, however, in order to pay the 1900 baht, one must accept a considerable loss on the poor interest offered by Thai banks, thus, the extension costing them way more than 1900 baht, yet, many refuse to accept the math.  As the saying goes, you can tell them, but you can't understand it for them. 

 

i really don't get it ...

bragging in a forum about saving a few thousand baht and getting an illegal 1 year permit through bribery ... 

and then you also seems to think those who chose the legal path aren’t particularly smart as you? 

 

as the saying goes, "we can explain it to you, but we can't understand it for you ..."  

[KhunHeineken]

21 minutes ago, motdaeng said:

 

i really don't get it ...

bragging in a forum about saving a few thousand baht and getting an illegal 1 year permit through bribery ... 

and then you also seems to think those who chose the legal path aren’t particularly smart as you? 

 

as the saying goes, "we can explain it to you, but we can't understand it for you ..."  

Firstly, I am not bragging. 

 

Secondly, it's not about affordability, but about  the risk in moving 800k baht to a 3rd World Country where I have no rights, and, by the way, neither do you, nor does every other retirement visa / extension holder.  It's as good as a 12 month tourist visa, that's it. 

 

Then, there is the convenience of not dealing with immigration.

 

Put all these together, and it's safer, more cost effective, and more convenient to use an agent, not to mention, the tax on remitted funds for new retirees.

 

I know you don't get it, and like the saying goes, I can explain it to you, even show you the math, but I can't understand it for you.   

[hotandsticky]

23 minutes ago, KhunHeineken said:

Firstly, I am not bragging. 

 

Secondly, it's not about affordability, but about  the risk in moving 800k baht to a 3rd World Country where I have no rights, and, by the way, neither do you, nor does every other retirement visa / extension holder.  It's as good as a 12 month tourist visa, that's it. 

 

Then, there is the convenience of not dealing with immigration.

 

Put all these together, and it's safer, more cost effective, and more convenient to use an agent, not to mention, the tax on remitted funds for new retirees.

 

I know you don't get it, and like the saying goes, I can explain it to you, even show you the math, but I can't understand it for you.   

 

 

Second world country.

[oldcpu]

1 hour ago, KhunHeineken said:

Firstly, I am not bragging. 

 

Secondly, it's not about affordability, but about  the risk in moving 800k baht to a 3rd World Country where I have no rights, and, by the way, neither do you, nor does every other retirement visa / extension holder.  It's as good as a 12 month tourist visa, that's it. 

 

To the best of my knowledge there is no such thing as a 12-month tourist visa.

 

Further, also from what I have read, one can not get 1-year extensions (on one's permission to stay in Thailand) year after year after year on ANY tourist visa.

 

So what you typed is wrong.  A tourist visa, for allowing one a permission to stay in Thailand, is NOT as good as a Type-O non-immigrant visa.

 

1 hour ago, KhunHeineken said:

Then, there is the convenience of not dealing with immigration.

 

Yes - I grant that.  I have friends (who keep 800k THB in a Thai bank) who always go with an agent to avoid dealing with immigration.  Some like the idea to pay an agent for that.

 

1 hour ago, KhunHeineken said:

Put all these together, and it's safer, more cost effective, and more convenient to use an agent, not to mention, the tax on remitted funds for new retirees.

 

 Safer?

 

How is that?

 

You edited your post and removed the risk comment.

 

Let me go back in history - there was a time in the 1997 to 1999 timeframe when one could stay visa-exempt in Thailand and never leave the country.  One just had to pay an immigration officer outside of 'office hours' and they would handle getting one's passport stamped as if one left the country and returned.

 

Well - eventually that was stopped (immigration officers disciplined) , and those with the particular exit/re-entry stamp in their passport could  be in trouble if spotted, ... so I recall reading of some who deliberately reported their passports lost, so to get new passports and not see these 'tell-tale" stamps that were in the old passports.

 

So lets now consider "safer" and "risk" .  

 

My view is there is more risk that the time could come that agents will find it more and more difficult to lubricate the acceptance (ie bribe an official) of one's extension (when one does not have the funds in Thailand) .. MUCH more risky than having the 800k in one's bank.

 

So safer to pay an agent to likely bribe a Thai immigration official (than stability of a Thai bank) ?  .... I don't think so.

 

Now - don't get me wrong.  For those who don't have the funds, and who have no choice (if they wish to remain in Thailand) who have to go for an agent - then I say sure ! Go for an agent.  All the power to them.

 

But for those who adopt that approach - just to make a few extra thousand Thai baht ? 

 

IMHO those going to make the extra thousand are putting at risk those who don't have the money, for if too many adopt such an approach, I believe the risk of a crackdown increases.

 

Sure - its a dog eat dog world - but sometimes one can get bit.

 

So while I support most of those who use agents, we have very different views here. 

[CallumWK]

Just receive a message from LH Bank that they pay 2.1% on an 11month fixed deposit, and 4 movie tickets included as well. Offer valid till December 31

New customers can get 2.2% on a 7 month fixed deposit.

With BOT lowering interest rates, it is strange that banks increasing them

[ronnie50]

Does anyone know (for a fact) if foreigners are not offered the better locked-in rates? In other words, are Thai customers at the same bank accessing better rates than foreigners with existing accounts there? I noticed the adverts above from Krungthai are in English - are they in Thai too?

[KhunHeineken]

On 11/26/2024 at 1:00 PM, oldcpu said:

Now - don't get me wrong.  For those who don't have the funds, and who have no choice (if they wish to remain in Thailand) who have to go for an agent - then I say sure ! Go for an agent.  All the power to them.

 

But for those who adopt that approach - just to make a few extra thousand Thai baht ? 

 

IMHO those going to make the extra thousand are putting at risk those who don't have the money, for if too many adopt such an approach, I believe the risk of a crackdown increases.

As I have said many times in the past, myself, also some friends of mine, and some members of AN, have posted it's not about making money, or affordability.  It's about not having 800k baht tied up in a 3rd World Country where it earns a pittance, and for the privilege, you have to queue at immigration and deal with Thai officials.  

 

Also, it's a lot more than a few thousand baht.  The interest on 800k baht in my home country is around 40,000 baht, and the agent charges no where near this.  

 

I could move the money here tomorrow if I wanted to.  It just makes no economic sense to do so.  Risk v Reward. 

 

To cover my a** I bring in more than 65,000 baht each month anyway.  

 

It's funny how members "scaremonger" those using visa agents with visions of crackdowns, then claim to be "scaremongered" in relation to posts on the tax threads.   

[oldcpu]

6 hours ago, KhunHeineken said:

Also, it's a lot more than a few thousand baht.  The interest on 800k baht in my home country is around 40,000 baht, and the agent charges no where near this. 

 

 

In the past 12-months, the exchange rate difference (comparing the money kept in Australia (Aus$) instead of Thailand (in THB)) , that money in Thailand could have netted one 9% to 12% (timing dependent) due to a BIG drop in the Aus$.  So if one adds to the benefit of a strong THB, with 1.5% in a Thai bank, that is 10.5% to 13.5%, or 84,000 THB to 108,800 THB better than cash in AUS$.

 

That is 44,000 THB to 60,000 THB more than the 40,000 THB (AUS$ equivalent) that makes you happy by having your money in Australia.  And that is with no agent.

 

Lets consider the agent - If one subtracts say 15,000 THB for an agent, and your 40,000 THB has shrunk to 25,000 THB, while those with their money in Thailand are ahead 84,000 to 108,000 THB due to the strong Thai Baht.

 

The simple financial fact is that if your money is in the wrong currency at the wrong time (such as the past 12-months in Australia) , your approach will cost you a LOT more money if you keep your money outside of Thailand (in Australia).  

 

But hey - if it keeps you happy ...

 

[CallumWK]

8 minutes ago, oldcpu said:

So if one adds to the benefit of a strong THB, with 1.5% in a Thai bank, that is 10.5% to 13.5%, or 84,000 THB to 108,800 THB better than cash in AUS$.

 

That is 44,000 THB to 60,000 THB more than the 40,000 THB (AUS$ equivalent) that makes you happy by having your money in Australia. 

 

Well said.

If he had sent 800.000 baht to Thailand 12 months ago, just put it in a savings account without even using it for his extension, and sent it back today, he would make a profit of over 80.000 baht instead of the 40.000 baht he has made in Oz.

And he calls himself a smart investor.  😂🤣😂