Krungsri still 0.9% which is Pitiful, in UK Santander now has an instant access 5.2% account, why would anyone leave surplus cash in Thailand

That's why we try to spend it, as saving is counter productive.

You are not kidding either.

I went to put some money into long term savings accounts a while back and I just did not understand the logic.

In one account, up to 100,000 baht was 1.1%.  100,000 to 2,000,000 was .5%. Greater than 50,000,000 - .25% and the more you put in, the lower the %age.

Another account, the longer you left the money in, the lower the %age.

What is the point?

There is a systemic attitude in Thailand that the banks arent there to 'help' people but that they are a business, and like any other business they love to make as much money as possible. Banks seem to think that people should be grateful that they are allowed to keep their money in their vaults in exchange for snazzy apps and promptpay. There is an air of arrogance and passive aggressiveness in most Thai banks, which I have personally been on the receiving end of.

 

People seem to forget that without the publics money banks wouldn't exist in the first place.

 

Just look at their low interest rates, yearly card fees, ridiculous APR levels etc.

 

Banks should be there as a convenience to the general public, not just as a money making enterprise. In turn for our cash they should give a decent ROI in terms of interest rates and other attractive benefits. Add to all that the cultural aspect that Thais don't like to rock the boat too much and it's a win win for the banks all day long.

Edited September 6, 20232 yr by bob smith

Banks don't pay high interests for no reason. If UK banks pay high interests then something is at the horizon.

 

Usually it is because they need to support their currency

 

 

33 minutes ago, BenStark said:

Banks don't pay high interests for no reason. If UK banks pay high interests then something is at the horizon.

 

Usually it is because they need to support their currency

 

 

Not quite, higher bank of England base rate currently, trying to control inflation like many countries and some banks are passing it on to savers

47 minutes ago, KhunLA said:

That's why we try to spend it, as saving is counter productive.

Don't waste it you might need it when older, medical costs and all that

1 hour ago, scubascuba3 said:

Krungsri still 0.9% which is Pitiful, in UK Santander now has an instant access 5.2% account, why would anyone leave surplus cash in Thailand

"...why would anyone leave surplus cash in Thailand".

Maybe because they live in Thailand and don't have a Santander account?

They also only made applications available for a maximum of 14 days, probably less.

Edited September 6, 20232 yr by Liverpool Lou

2 minutes ago, Liverpool Lou said:

Maybe because they live in Thailand and don't have a Santander account?

Many still have the ability to move money in UK and other countries

1 hour ago, bob smith said:

Banks should be there as a convenience to the general public, not just as a money making enterprise.

Private businesses should be there solely as a convenience to the general public - they should not be profit making enterprises?   Since when?

29 minutes ago, scubascuba3 said:

Don't waste it you might need it when older, medical costs and all that

Oops fund is in tack.   Just spend what comes in every month for ret visa, or try to, failing of course.  Hard to do when a CC at times, most times ????

Went last November to Canada, deposited 250k into HSBC at 4.88%, interest paid monthly.

 

Today the same rate is 5.5%. I will be renewing and hopefully the rates remain the same.

 

On that note the price of my condo went down.

 

Rates in Thailand are on the opposite spectrum. If you want to save they pay you nothing.

 

If you want to buy a house you pay 2% more than back home.

 

So, nothing to support the currency, just the plain usual robbery for Thai people.

 

DO NOT BUY REAL ESTATE HERE. IT'S A MUG'S GAME

 

 

7 minutes ago, scubascuba3 said:

10 minutes ago, Liverpool Lou said:

Maybe because they live in Thailand and don't have a Santander account?

Many still have the ability to move money in UK and other countries

I was answering your question about why people keep money in Thailand.  Many expats don't have that ability.

1 hour ago, bob smith said:

There is a systemic attitude in Thailand that the banks arent there to 'help' people but that they are a business, and like any other business they love to make as much money as possible.

Not exclusive to Thailand so get off your high horse Bogsy. You also claim to be a businessman and want to take 20 mil baht out of this "godforsaken place". So it's OK for you to profit from business but not the banks?

 

I think you need some alone time with a very good therapist.

7 minutes ago, Lemsta69 said:

You also claim to be a businessman and want to take 20 mil baht out of this "godforsaken place".

Jealous much? It's actually closer to 25 million now btw. just sold a few bitcoin. 

Edited September 6, 20232 yr by bob smith

1 hour ago, Tropicalevo said:

You are not kidding either.

I went to put some money into long term savings accounts a while back and I just did not understand the logic.

In one account, up to 100,000 baht was 1.1%.  100,000 to 2,000,000 was .5%. Greater than 50,000,000 - .25% and the more you put in, the lower the %age.

Another account, the longer you left the money in, the lower the %age.

What is the point?

must been quite a longer while ago

https://www.bot.or.th/en/statistics/interest-rate.html

Many years ago ,I once received 18 % interest from a Thai Bank,

how things have changed , now get less than 1 % , NS & I  Uk get

6.23 % , fixed 12 months .

29 minutes ago, Lemsta69 said:

I think you need some alone time with a very good therapist.

If I were spending time with a therapist then by definition I would not be alone, would I?

 

How far did you go in school bud?

True. And the rates they charge borrowers is very high. They seem to insist on working with very large spreads. The banks are a major mafia everywhere, but they set a new standard here. 

18 minutes ago, spidermike007 said:

True. And the rates they charge borrowers is very high. They seem to insist on working with very large spreads. The banks are a major mafia everywhere, but they set a new standard here. 

best thing to do here to avoid overpaying on a loan is to beat the bank.

 

Take out a loan on a house for 30/40 years for example and pay it off in 10. Then then banks dont get their hand in your pocket as much.

Edited September 6, 20232 yr by bob smith

That's why you get a Charles Schwab account. No ATM fees, either.

2 hours ago, BenStark said:

Banks don't pay high interests for no reason. If UK banks pay high interests then something is at the horizon.

 

Usually it is because they need to support their currency

 

 

I see many currency experts are too confused to understand some commonly known fact that banks only pay high interests when they need the money.

 

 

Then I see one of them claiming here that he is on a winning streak, because his Canadian bank just increased the interest from 4.8% to 5.5%.

 

Keep winning mate, keep winning

 

To be honest I don't obsess too much about interest on savings here. Yes, rates are lower than the U.K. but so is the tax rate on savings if you qualify. For the amount you need to keep here it's not a huge difference.

 

I'm much more concerned about where the exchange rate is, as that's where you can really lose out.

59 minutes ago, bob smith said:

Jealous much? It's actually closer to 25 million now btw. just sold a few bitcoin. 

Who wouldn't be jealous on a financial expert who sold bitcoin, which declined by 10% in the last 30 days

 

Keep trolling Bob

2 hours ago, scubascuba3 said:

Krungsri still 0.9% which is Pitiful, in UK Santander now has an instant access 5.2% account, why would anyone leave surplus cash in Thailand

 

Put the money in a UK bank account, then you have instant access and 5.2% interest as you mentioned.

3 minutes ago, freeworld said:

 

Put the money in a UK bank account, then you have instant access and 5.2% interest as you mentioned.

i have already

6 minutes ago, BenStark said:

Who wouldn't be jealous on a financial expert who sold bitcoin, which declined by 10% in the last 30 days

 

Keep trolling Bob

thats why I sold it, ben. as to not lose the whole value of my stash.

 

dont worry. I still have plenty left.

 

have a good day being poor.

 

1 hour ago, bob smith said:

Jealous much? It's actually closer to 25 million now btw. just sold a few bitcoin. 

I'm not at all jealous Bogs, in fact I'm happy for your success, assuming it's not a windup.

 

However you don't seem to be enjoying that success, as evidenced by your constant jaundiced posts.

 

They to lose all that hate and you might end up being someone who is worth having a proper conversation with.

 

Also I have a few BTC under my belt too, so that don't impress me much. My only advice would be to try and keep hold of as much of it as you can (downsize?) until the crypto winter is over. Sell at 100k if you can, not 25.

2 hours ago, Celsius said:

Went last November to Canada, deposited 250k into HSBC at 4.88%, interest paid monthly.

 

Today the same rate is 5.5%. I will be renewing and hopefully the rates remain the same.

 

On that note the price of my condo went down.

 

Rates in Thailand are on the opposite spectrum. If you want to save they pay you nothing.

 

If you want to buy a house you pay 2% more than back home.

 

So, nothing to support the currency, just the plain usual robbery for Thai people.

 

DO NOT BUY REAL ESTATE HERE. IT'S A MUG'S GAME

 

 

Paying rent and being dependent on the landlord is very wise?

In EU only higher interest, because of inflation and the ones who are really proffitting are the banks. All due to Ukraine.

After 2008 crash, there was the new system and your interest lowered to 0.1%.

And then it even could get negative, so you have to pay them !

 

So you could be happy if Thailand is giving you 0.1%. Wait for inflation in Thailand and it will go up. It is what they first do when inflation goes up.

Not that it will help as many things arent affordable anymore. Prices goes up and take away what you ever "earn" with interest.

So you are good in storing money in UK bank, as Thai inflation is still not that big.

But it is already running up.

I wonder what would happen if all people take out there cash from banks and just put it at home. USA showed with a bank, they get in trouble. Banks arent anymore the banks from the past and only going for own gain as much as possible. And the global system helps them.