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

[john donson]

21 hours ago, ChaiyaTH said:

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.

kraken?

[john donson]

20 hours ago, Liverpool Lou said:

For Thai nationals only.

 

where in the link is it stated thai only ?

[Liverpool Lou]

1 hour ago, john donson said:

21 hours ago, Liverpool Lou said:

For Thai nationals only.

 

where in the link is it stated thai only ?

The bank's English website states that the account is only available to "residents" of Thailand.  The bank's representative confirmed that "resident" referred to Thai nationals and that the account is not available to foreigners.  Amazing what information a call to the horse's mouth, so to speak, can glean, as opposed to AN guesses and speculation.

[Mike Lister]

Perhaps the OP will contact the bank and ask whether he is allowed to open the account and let us know in his case what is said, and let us know.

[jphasia]

On 1/15/2024 at 11:32 AM, john donson said:

 

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...

 

I just saw an official announcement from Krungsri and also on their website offering now fixed deposit on FCD 6 or 9 months at 5.1% / 5.2%.

I am banking with Krungsri already, having a standard saving account and MTD account at 1.5% for maximum 2MTHB.

I am working abroad, paid in USD. So transferring regularly my USD to my Thai account.

Is it worst to open such FCD account? I have cash available, not by converting my THB but transfering my USD from Vietnam where I am working. There are no interest for foreign currencies in Vietnam bank accounts.

The maximim deposit for these Fixed deposit is 15kusd. 

[Mike Lister]

50 minutes ago, jphasia said:

I just saw an official announcement from Krungsri and also on their website offering now fixed deposit on FCD 6 or 9 months at 5.1% / 5.2%.

I am banking with Krungsri already, having a standard saving account and MTD account at 1.5% for maximum 2MTHB.

I am working abroad, paid in USD. So transferring regularly my USD to my Thai account.

Is it worst to open such FCD account? I have cash available, not by converting my THB but transfering my USD from Vietnam where I am working. There are no interest for foreign currencies in Vietnam bank accounts.

The maximim deposit for these Fixed deposit is 15kusd. 

Many offshore Thailand banks are offering in excess of 5% for USD deposits, even on 2 month fixed rate, onshore US banks are offering well in excess of that. Singapore banks in particular seem to be attractive. In the US, short terms CD's are around 7% in some cases.

 

https://blog.seedly.sg/best-usd-fixed-deposit-rates-singapore/

 

Meanwhile, onshore Thai bank FCD rates on USD are appallingly low, down to 0.50% at several banks. There is almost no international bank competition in Thailand which is probably the reason why (CIMB is Thai, UOB is Thai etc).

 

https://www.kasikornbank.com/en/rate/pages/fcd.aspx

 

CIMB Thai is offering 4% for up to 12 month fixed for both Thais and foreigners which seems reasonable because of the length of the term.

 

https://www.cimbthai.com/content/dam/cimbth/personal/documents/rates-and-charges/deposit-and-withdrawal-fees-for-foreign-currency-deposit-fcd/en/Rate_FCD_no.7_01.02.2024_EN.pdf

 

If I was holding or earning USD and looking for interest, I would fix for as long as possible, at the highest rate I could find because US rates will fall this year, that is as certain as anything ever is in life. And the forecast is they will fall by up to 2% and this will directly impacts the interest rates that banks pay on deposits. I don't think we'll be seeing USD interest rate offerings at the current level again, for quite some time.

[couchpotato]

3 minutes ago, Mike Lister said:

Many offshore Thailand banks are offering in excess of 5% for USD deposits, even on 2 month fixed rate, onshore US banks are offering well in excess of that. Singapore banks in particular seem to be attractive. In the US, short terms CD's are around 7% in some cases.

 

https://blog.seedly.sg/best-usd-fixed-deposit-rates-singapore/

 

Meanwhile, onshore Thai bank FCD rates on USD are appallingly low, down to 0.50% at several banks.

 

https://www.kasikornbank.com/en/rate/pages/fcd.aspx

 

CIMB Thai is offering 4% for up to 12 month fixed for both Thais and foreigners which seems reasonable because of the length of the term.

 

https://www.cimbthai.com/content/dam/cimbth/personal/documents/rates-and-charges/deposit-and-withdrawal-fees-for-foreign-currency-deposit-fcd/en/Rate_FCD_no.7_01.02.2024_EN.pdf

 

If I was holding or earning USD and looking for interest, I would fix for as long as possible, at the highest rate I could find because US rates will fall this year, that is as certain as anything ever is in life. And the forecast is they will fall by up to 2% and this will directly impacts the interest rates that banks pay on deposits. I don't think we'll be seeing USD interest rate offerings at the current level again, for quite some time.

What are Thai Offshore banks??

[Mike Lister]

Just now, couchpotato said:

What are Thai Offshore banks??

Any banks outside Thailand, typically those that are close to the Thai borders, eg Singapore, Hong Kong, Malaysia etc. Onshore = inside Thai borders.

[couchpotato]

4 minutes ago, Mike Lister said:

Any banks outside Thailand, typically those that are close to the Thai borders, eg Singapore, Hong Kong, Malaysia etc. Onshore = inside Thai borders.

I know that. You said offshore Thailand banks, which means actual Thai banks located outside of Thailand..so I'm asking which ones are they. 

[Mike Lister]

8 minutes ago, couchpotato said:

I know that. You said offshore Thailand banks, which means actual Thai banks located outside of Thailand..so I'm asking which ones are they. 

I was referring to banks that are offshore Thailand, (I haven't had my coffee yet).

[jphasia]

3 hours ago, couchpotato said:

What are Thai Offshore banks??

Yes I have the same question. Which banks are we talking about?

[retarius]

On 1/15/2024 at 12:10 PM, Liverpool Lou said:

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

What is the exception for GSB? Do they insure for higher amounts. I know foreigners can't open accounts with them, but my wife has considerable savings I'd like to protect from the Apocalypse. 

[GarryP]

All my savings are in Thai Baht and I would not exchange the maximum allowed for these accounts, as the maximum is pretty minimal. Even SCB's ETFs available via SCBAM Fund Click are capped at 1 million Baht, and that is a combined cap, not a cap per fund. I wish I knew where I could hold my money with a decent interest rate here in Thailand, but even with a Thai ID card, there really isn't much out there.  

[Mavideol]

4 hours ago, Mike Lister said:

Many offshore Thailand banks are offering in excess of 5% for USD deposits, even on 2 month fixed rate, onshore US banks are offering well in excess of that. Singapore banks in particular seem to be attractive. In the US, short terms CD's are around 7% in some cases.

 

https://blog.seedly.sg/best-usd-fixed-deposit-rates-singapore/

 

Meanwhile, onshore Thai bank FCD rates on USD are appallingly low, down to 0.50% at several banks. There is almost no international bank competition in Thailand which is probably the reason why (CIMB is Thai, UOB is Thai etc).

 

https://www.kasikornbank.com/en/rate/pages/fcd.aspx

 

CIMB Thai is offering 4% for up to 12 month fixed for both Thais and foreigners which seems reasonable because of the length of the term.

 

https://www.cimbthai.com/content/dam/cimbth/personal/documents/rates-and-charges/deposit-and-withdrawal-fees-for-foreign-currency-deposit-fcd/en/Rate_FCD_no.7_01.02.2024_EN.pdf

 

If I was holding or earning USD and looking for interest, I would fix for as long as possible, at the highest rate I could find because US rates will fall this year, that is as certain as anything ever is in life. And the forecast is they will fall by up to 2% and this will directly impacts the interest rates that banks pay on deposits. I don't think we'll be seeing USD interest rate offerings at the current level again, for quite some time.

the information about offshore banks or Singapore banks such as DBS and/or UOB have different FCD rates then the Seedy link, I bank with them thus know their rates as for Citi (Singapore) accounts, one has to read very carefully their fine print as was misled by them 3 years ago and swear never to bank with them again

 

https://www.dbs.com.sg/personal/rates-online/foreign-currency-fixed-deposits.page

 

 

https://www.uob.com.sg/online-rates/foreign-currency-fixed-deposits.page

 

 

 

[Liverpool Lou]

2 hours ago, retarius said:

On 1/15/2024 at 12:10 PM, Liverpool Lou said:

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

What is the exception for GSB? Do they insure for higher amounts. I know foreigners can't open accounts with them, but my wife has considerable savings I'd like to protect from the Apocalypse. 

100% deposit protection, unlimited.  There are no restrictions on foreigners opening accounts with the GSB, except, maybe, the language.

[Mike Lister]

The key point to be made in response to the OP is that 5% for USD is not massively high. Not when the Fed Base Rate is 5.5% and US mainland financial institutions are offering as high as 7% or more hence 5% is not out of line with market offerings.

[jphasia]

10 hours ago, Mike Lister said:

I was referring to banks that are offshore Thailand, (I haven't had my coffee yet).

Understood. But i am looking at the best interest rates within Thailand only.

What you mean in your previous post is that I rather keep my USD in Vietnam with 0% interest and wait the USD devaluate as long as possible before transferring to my THB account? Instead of keeping it in FCD in Thailand for 6 or 9 months at 5% interest?

Sorry, I am not good at that...

[Mike Lister]

21 minutes ago, jphasia said:

Understood. But i am looking at the best interest rates within Thailand only.

What you mean in your previous post is that I rather keep my USD in Vietnam with 0% interest and wait the USD devaluate as long as possible before transferring to my THB account? Instead of keeping it in FCD in Thailand for 6 or 9 months at 5% interest?

Sorry, I am not good at that...

If you don't have a view on probable future exchange rates currently, it's always safer to put your currency into an account that pays interest now and then exchange it for the currency you spend later, rather than leave it earning nothing now and hoping the exchange rate moves in your favor subsequently. If you can get 5% on USD without going offshore, I would take it and then take a view on the timing of exchange rates later. 

[connda]

Leave your money in the US and buy T-Bills.

[Mike Lister]

4 minutes ago, connda said:

Leave your money in the US and buy T-Bills.

The US Dollar Index is over 103% and the USD/THB ex rate is 35.5, that's well over its long term average in  a year when the US economy is flirting with a recession. A more "normal" historic rate for the pair is around 32, which means any interest earned could be wiped out by Dollar devaluation. Really it all depends which currency you need to spend eventually. If USD, fine, T'bills is a great way to go. But if THB, converting to THB sooner rather than later may be better. These are my personal views however, others may differ.

[n00dle]

On 1/15/2024 at 11:38 AM, BenStark said:

 

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

 

Maybe you should provide the link to the entire document

[BenStark]

48 minutes ago, n00dle said:

Maybe you should provide the link to the entire document

 

Or maybe you should not expect others to be your free personal assistant and do your own homework.

 

Everyone can look up bank of ayudhya deposit rates

[Mike Lister]

7 hours ago, n00dle said:

Maybe you should provide the link to the entire document

 

6 hours ago, BenStark said:

 

Or maybe you should not expect others to be your free personal assistant and do your own homework.

 

Everyone can look up bank of ayudhya deposit rates

Everyone, posts have been removed, enough of the bickering over trivial things!