Trusting a Thai bank that offers 5% savings to hold USD ?

[john donson]

I saw an ad of a Thai bank and they offer approx. 5% in interest if you hold an FCD account with them for US dollars.

 

I keep on reading doom and gloom that the dollar might be hit as soon as the Brics countries could agree in a currency to buy Oil in their chosen currency and not the USD anymore...

 

USA goes to war to keep their USD dominancy in the world economy, but could it plummet ?

 

Thai banks in general give a pittance and sadly my home country is as bad as Thai banks...

 

Would you trust putting your money, converting baht to USD in a Thai bank to get 5% gross ?

 

[Celsius]

5 minutes ago, john donson said:

5% in interest if you hold an FCD account with them for US dollars.

 

Nope, I don't think so.

[Isan Farang]

11 minutes ago, john donson said:

I saw an ad of a Thai bank and they offer approx. 5% in interest if you hold an FCD account with them for US dollars.

 

I keep on reading doom and gloom that the dollar might be hit as soon as the Brics countries could agree in a currency to buy Oil in their chosen currency and not the USD anymore...

 

USA goes to war to keep their USD dominancy in the world economy, but could it plummet ?

 

Thai banks in general give a pittance and sadly my home country is as bad as Thai banks...

 

Would you trust putting your money, converting baht to USD in a Thai bank to get 5% gross ?

 

 

Can you post the link to the bank

[DrJoy]

12 minutes ago, Celsius said:

 

Nope, I don't think so.

Kiatnakin Bank is offering 5.20 % in USD account

 

https://bank.kkpfg.com/en/personal-banking/deposit/foreign-currency-deposit/kkp-fcd-promotion

[Celsius]

8 minutes ago, DrJoy said:

Kiatnakin Bank is offering 5.20 % in USD account

 

https://bank.kkpfg.com/en/personal-banking/deposit/foreign-currency-deposit/kkp-fcd-promotion

 

Thank you and very interesting.

 

However, would opening such account be easy for the average expat mug like myself?

[DrJoy]

10 minutes ago, Celsius said:

 

Thank you and very interesting.

 

However, would opening such account be easy for the average expat mug like myself?

Yes , its easy, they want USD deposits, Kiatnakin is a small bank, it would certainly appreciate your business.

[Mike Lister]

I've hidden two posts because of the potential for defamation, please chose your words carefully if you want to comment on a business and things they have done/said.

[BenStark]

19 minutes ago, DrJoy said:

Kiatnakin is a small bank, it would certainly appreciate your business.

No they don't, they don't allow foreigners to open accounts that give anything better than the basic rate.

 

Been there - got the t-shirt.

 

I'm on retirement extension and have a yellow tabien baan and pink id card

[Mike Lister]

OP: as I recall, the bank in question is primarily a securities house and a bank second, I suggest they might be buying futures to support an exchange rate that is almost certainly going to move in the Baht's favor. I don't think this is a traditional savings account so before buying in, read all the fine print and understand what you're actually getting into. Also remember that 15% tax will be with held at source. 

[john donson]

yes it is KKP

 

but now I am curious about those 2 posts that got hidden said about the bank

 

can you PM me what it was about as I am about to sign up for this and all comments would be appreciated, but not tolerated in public

 

thanks

 

PS: funny how some people directly say, not possible, while they don't even know the bank...

[Mike Lister]

3 minutes ago, john donson said:

yes it is KKP

 

but now I am curious about those 2 posts that got hidden said about the bank

 

can you PM me what it was about as I am about to sign up for this and all comments would be appreciated, but not tolerated in public

 

thanks

 

PS: funny how some people directly say, not possible, while they don't even know the bank...

The posts were not relevant to what you intend to do or the question you asked.

[connda]

1 hour ago, DrJoy said:

Yes , its easy, they want USD deposits, Kiatnakin is a small bank, it would certainly appreciate your business.

How small?  Just saying.  Limit your deposit to 1M THB or less.

[Etaoin Shrdlu]

Kiatnakin Bank may be smaller than the large Thai banks, but it does carry a decent credit rating by TRIS: https://ir.kkpfg.com/storage/updates/credit-ratings/20230418-kkp-tris-59-2023-en.pdf. But bear in mind that TRIS ratings reflect a company's comparative strength relative to other Thai companies and is not an absolute rating of financial strength. It specializes in auto loans, which is possibly reflective of its history as a non-bank finance company going back several decades.

 

Here's the company's account of its history: https://bank.kkpfg.com/en/aboutus/our-history. You can see that the bank isn't afraid to disclose that Kiatnakin Finance, one of the companies that combined to become today's Kiatnakin Phatra Bank, was one of the 57 finance companies that "discontinued" business operations in 1997 due to the financial crisis that started in Thailand that year. 

 

I don't think that Kiatnakin Phatra presents an inordinate amount of risk, but don't know how consumer-friendly it may be or if it offers high interest rates for relatively small FCD accounts.

 

Foreign currency deposit accounts are not protected by the Thai government's deposit protection scheme.

[In Full Agreement]

 

 

Isn't insurance on Thai bank accounts still limited to one million THB per bank?

[Celsius]

1 hour ago, john donson said:

 

PS: funny how some people directly say, not possible, while they don't even know the bank...

 

So you think it is possible to open the account?

 

Let us know how it goes.

[BenStark]

It was posted in another thread a few days ago that SCB and Krungsri have a similar option at similar rates

[Mike Lister]

5 hours ago, In Full Agreement said:

 

 

Isn't insurance on Thai bank accounts still limited to one million THB per bank?

1 mill is the max, yes.

[john donson]

12 hours ago, Celsius said:

 

So you think it is possible to open the account?

 

Let us know how it goes.

 

if I manage, I will update here... planning to go ask in a few days... I know they have only a few branches, so nothing near your typical shopping mall around the corner

[john donson]

10 hours ago, BenStark said:

It was posted in another thread a few days ago that SCB and Krungsri have a similar option at similar rates

 

scb and krungsri give like almost nothing for fcd... no difference for resident or non resident... just like I remembered

 

that is why the 5% was appealing as the max interest rate in my home country is 2.8% and not worth sending my Thai money back as I will lose a whole year of interest for the transfer in bad exchange rates and fees...

 

[BenStark]

5 minutes ago, john donson said:

scb and krungsri give like almost nothing for fcd... no difference for resident or non resident... just like I remembered

 

Maybe you should check before opening your mouth and spouting your usual drivel

 

[ChaiyaTH]

USD Tether offers the same with more interest while its also flexible to take out. Do this since years.

 

also when doing it here your gonna be taxed, not surprised they offer high rates as everyone stops sending money.

Edited January 15 by ChaiyaTH

[Liverpool Lou]

16 hours ago, john donson said:

Would you trust putting your money, converting baht to USD in a Thai bank to get 5% gross ?

Why wouldn't you over any other country's banks?

[Liverpool Lou]

14 hours ago, connda said:

Limit your deposit to 1M THB or less.

Why?

[Liverpool Lou]

13 hours ago, In Full Agreement said:

 

 

Isn't insurance on Thai bank accounts still limited to one million THB per bank?

Yes, but it only applies to THB denominated accounts and with the exception of GSB.

Edited January 15 by Liverpool Lou

[Liverpool Lou]

16 hours ago, DrJoy said:

Kiatnakin Bank is offering 5.20 % in USD account

 

https://bank.kkpfg.com/en/personal-banking/deposit/foreign-currency-deposit/kkp-fcd-promotion

For Thai nationals only.

[Liverpool Lou]

16 hours ago, Celsius said:

 

Thank you and very interesting.

 

However, would opening such account be easy for the average expat mug like myself?

It would be impossible.

[Liverpool Lou]

16 hours ago, DrJoy said:

Yes , its easy, they want USD deposits, Kiatnakin is a small bank, it would certainly appreciate your business.

 

"...they want USD deposits..."

From Thais.

[Liverpool Lou]

15 hours ago, john donson said:

funny how some people directly say, not possible, while they don't even know the bank...

Some do.  Don't waste your time going to a KKP branch for a FCD account unless you're Thai.

Edited January 15 by Liverpool Lou

[Liverpool Lou]

8 hours ago, Mike Lister said:

13 hours ago, In Full Agreement said:

 

 

Isn't insurance on Thai bank accounts still limited to one million THB per bank?

1 mill is the max, yes.

...unless the account is with GSB which protects 100% protection for all customers' deposits.

[john donson]

21 hours ago, BenStark said:

 

Maybe you should check before opening your mouth and spouting your usual drivel

 

link please