Thailand banks have the worst interest rates

[Celsius]

17 minutes ago, FritsSikkink said:

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

 

It is not, but considering the alternative it is a better option in Thailand.

Edited September 6, 2023 by Celsius

[spidermike007]

1 hour ago, bob smith said:

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.

Nah. The best thing we can do here is buy land and build a house with our own cash. Not having to ask a Thai bank for a loan is a version of happiness. See ya! 

[Celsius]

1 hour ago, Baht Simpson said:

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

 

I would rather deal with lower exchange rates than 0% interest the banks were paying 2-3 years ago. Now I gat over $1000 a month instead of zero  AND the exchange rates are higher due to interest rates being higher.

[liddelljohn]

UK saving bond from national saving im getting 6.2%   from Nation wide and Yorkshire  4.75%  from Close brothers bank 5.5%  only Hsbc is a paltry 2.3%

Thailand banks  only tiny amount even with 2m in

[khunjake]

Sure deposits rates here are total crap but when you need to make a large cash withdrawal, there’s never an issue. Try doing that at a UK or US bank and they flag your ass with a “suspicious activity report”.

[Celsius]

5 hours ago, khunjake said:

Sure deposits rates here are total crap but when you need to make a large cash withdrawal, there’s never an issue. Try doing that at a UK or US bank and they flag your ass with a “suspicious activity report”.

 

Yea.... here they just scan ur face

[bignok]

Bitcoin has been going down

[bignok]

5 hours ago, spidermike007 said:

Nah. The best thing we can do here is buy land and build a house with our own cash. Not having to ask a Thai bank for a loan is a version of happiness. See ya! 

In your wifes name is not a good idea.

[FritsSikkink]

7 hours ago, Celsius said:

 

It is not, but considering the alternative it is a better option in Thailand.

Think my kids have a different opinion as they each have already a mortgage free house with land.

[itsari]

In my opinion the Thai banks would have a big problem with there loans being paid if interest rates increased substantially .

 

[SiSePuede419]

14 hours ago, Lemsta69 said:

Also I have a few BTC under my belt too

So basically you are saying you don't trust government issued "fiat" currency but you trust some random scammer in the Bahamas who looks like the drummer of Journey? ????

 

[IAMHERE]

15 hours ago, HandsomeTallFarang said:

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

Can an American get one of those online? From Thailand with Thai address ?

[SiSePuede419]

53 minutes ago, IAMHERE said:

Can an American get one of those online? From Thailand with Thai address ?

https://international.schwab.com/open-account-intro/restrict

 

[Foxx]

[Duplicate]

Edited September 7, 2023 by Foxx

[Foxx]

19 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

Because they understand exchange rates change.

 

The GBP interest rate may be higher, but that suggests that the value of Sterling is likely to fall relative to the baht.  You may get a few more coins in interest in Sterling, but against the baht you'll probably lose capital value.

 

Keeping surplus cash in baht also means that (assuming future expenditure is going to be in baht), there is no exchange rate risk.  And given that exchange rates frequently swing by 30% in a year, one's avoiding the risk of losing a substantial part of one's wealth.

 

Of course, if it's only interest rate you care about, why not invest in Zimbabwe with a deposit interest rate of 110%, or Argentina at 74%? Makes Santander's 5.2% seem pathetic.

[khunjake]

Your definitely getting face scanned inside of western bank branches as well. 

[koolkarl]

Normally money flows to higher interest rate country (western) except Switzerland is an exception.  Thailand is not Switzerland.  Baht is very heavily manipulated as are the interest rates.  And yes interest rates here are pathetic.

[john donson]

19 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

weird as it is only for UK residents, nothing for other countries in Europe...

 

my money is trapped here because I did not know FET was needed 10+ years ago...

 

my stupid banks decline for me to buy stock or even a saving account bulllll 

[john donson]

18 hours ago, Liverpool Lou said:

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

the only reason would be, having thai children and here the government does not steal up to 55% if you have a few million baht???

[kevin612]

True, that’s why I have only 400k in Thailand. The rest of the money I opened certificates in the US 

[Phulublub]

20 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

Reading the small print on this, "after 12 months the account 'matures' and your money's transferred to an account with a much lower interest rate".  So not all that Golden. 

 

Major UK banks offer up to 1%.  Huge difference there!!

 

PH

 

 

[Phulublub]

49 minutes ago, john donson said:

my stupid banks decline for me to buy stock or even a saving account bulllll 

So find a better Thailand financial institution who is able to do what you wish.

 

PH

[Phulublub]

1 hour ago, Foxx said:

Because they understand exchange rates change.

 

The GBP interest rate may be higher, but that suggests that the value of Sterling is likely to fall relative to the baht.  You may get a few more coins in interest in Sterling, but against the baht you'll probably lose capital value.

 

Keeping surplus cash in baht also means that (assuming future expenditure is going to be in baht), there is no exchange rate risk.  And given that exchange rates frequently swing by 30% in a year, one's avoiding the risk of losing a substantial part of one's wealth.

 

Of course, if it's only interest rate you care about, why not invest in Zimbabwe with a deposit interest rate of 110%, or Argentina at 74%? Makes Santander's 5.2% seem pathetic.

Well said. 

 

PH

[TigerandDog]

18 hours ago, bob smith said:

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.

doing that will backfire on you. A friend did exactly that, and when he and his wife went for a loan a couple of years later the bank wouldn't approve the loan. When asked why, they were told they had a bad credit rating because they paid their previous loan off early.

Edited September 7, 2023 by TigerandDog

[bignok]

8 minutes ago, TigerandDog said:

doing that will backfire on you. A friend did exactly that, and when he and his wife went for a loan a couple of years later the bank wouldn't approve the loan. When asked why, they were told they had a bad credit rating because they paid their previous loan off early.

How ironic. Good credit lead to a bad rating.

[bignok]

2 hours ago, SiSePuede419 said:

So basically you are saying you don't trust government issued "fiat" currency but you trust some random scammer in the Bahamas who looks like the drummer of Journey? ????

 

He does not control Bitcoin

[bob smith]

29 minutes ago, TigerandDog said:

When asked why, they were told they had a bad credit rating because they paid their previous loan off early.

absolute rubbish!

 

paying your home loan off early does not incur bad credit.

 

sounds like an excuse the bank made, maybe because they didn't like your friend.

either that or you are getting mixed up with mortgages and personal iphone loans..

Edited September 7, 2023 by bob smith

[ExpatOilWorker]

21 hours 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. 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.

You are correct and there is a domestic banking monopoly in Thailand. Only one foreign bank have a retail banking license in Thailand and that is UOB.

Banks in Thailand all agree to a huge deposit to out loan spread, even UOB.

[bbko]

[BenStark]

2 hours ago, Foxx said:

The GBP interest rate may be higher, but that suggests that the value of Sterling is likely to fall relative to the baht.  You may get a few more coins in interest in Sterling, but against the baht you'll probably lose capital value.

Strange that your post get liked, but when I yesterday said exactly the same, with much fewer words, I attract only confused emoji's.