surreybloke Posted March 1 Share Posted March 1 Looking at some kind of semi retirement in LOS. I do have a savings account with the BKK bank. The interest rate is not worth having. Fees eat up interest. I looked at the table of interest rates and it is a joke. To be honest If I compared the thai legacy banks with the same in the uk the miserable savings rates seem to be the same. I have my retirement pots of cash in various less well known institutions here in the uk. Has anyone come across anything worth looking at in LOS. To be honest I am only looking at a modest investment in LOS. Maybe enough for visa requirement s maybe a bit more . Link to comment Share on other sites More sharing options...
dayo202 Posted March 1 Share Posted March 1 Leave your savings in your home country where you should get around 4%. Here in Thailand SCB have saving account which pays out 1 5%. 1 Link to comment Share on other sites More sharing options...
IvorBiggun2 Posted March 1 Share Posted March 1 I'd recommend, here in Thailand, a Credit Union if you can find one that you can join. Teachers Credit Union in Buriram currently paying 4% per annum. 1 Link to comment Share on other sites More sharing options...
Popular Post bbi1 Posted March 1 Popular Post Share Posted March 1 Don't keep your money in Thailand. Keep only a tiny bit in a Thai bank account for living expenses. ***Inflammatory comment removed by Moderator. 1 1 1 2 1 Link to comment Share on other sites More sharing options...
HugoFastor Posted March 1 Share Posted March 1 11 minutes ago, surreybloke said: Looking at some kind of semi retirement in LOS. I do have a savings account with the BKK bank. The interest rate is not worth having. Fees eat up interest. I looked at the table of interest rates and it is a joke. To be honest If I compared the thai legacy banks with the same in the uk the miserable savings rates seem to be the same. I have my retirement pots of cash in various less well known institutions here in the uk. Has anyone come across anything worth looking at in LOS. To be honest I am only looking at a modest investment in LOS. Maybe enough for visa requirement s maybe a bit more . The only better option is a 1 year fixed deposit at a bank that pays around 2.5%. Bangkok Bank offers them. You can check the rates and terms on their website. But all foreigners in Thailand are subject to a 15% withholding tax on all interest earned. So you will lose 15% on any interest that you earn in a Thai bank. Rates are higher in the USA and UK because the central banks have raised interest rates to around 5%. In Thailand the central bank rate is half that. So bank interest rates in Thailand are about half as in the West. But rates in the West will likely fall by 50% this year too when central banks start cutting interest rates. Link to comment Share on other sites More sharing options...
HugoFastor Posted March 1 Share Posted March 1 5 minutes ago, IvorBiggun2 said: I'd recommend, here in Thailand, a Credit Union if you can find one that you can join. Teachers Credit Union in Buriram currently paying 4% per annum. I wouldn't keep any money in a small Thai financial institution. I would only keep money in the biggest banks in Thailand for safety reasons. Solvency is always a concern with smaller institutions. Lots of people lost lots of money in the crash of 97 with the small financial institutions and finance companies that went bust. Some of them were paying 13% interest at the time on fixed deposits. It seemed too good to be true at that time and it was. 1 Link to comment Share on other sites More sharing options...
connda Posted March 1 Share Posted March 1 25 minutes ago, dayo202 said: Leave your savings in your home country where you should get around 4%. Here in Thailand SCB have saving account which pays out 1 5%. Agreed. If you're from the US, leave you money in the US and buy T-bills. Link to comment Share on other sites More sharing options...
Popular Post Lucky Bones Posted March 1 Popular Post Share Posted March 1 17 minutes ago, bbi1 said: Don't keep your money in Thailand. Only a fool does that. Keep only a tiny bit in a Thai bank account for living expenses. I don't think you have thought your comment through. Come back again when you have considered different personal circumstances. And, be careful using the word "fool."🙃🙃 4 Link to comment Share on other sites More sharing options...
KannikaP Posted March 1 Share Posted March 1 (edited) 24 minutes ago, bbi1 said: Don't keep your money in Thailand. Only a fool does that. Keep only a tiny bit in a Thai bank account for living expenses. What is your definition of 'a tiny bit'. Retirees need Bht 800k (GBP 20k) to keep their extension plus money for living expenses, or transfer over GBP 1430 per month. Tiny amount? Edited March 1 by KannikaP 2 Link to comment Share on other sites More sharing options...
noobexpat Posted March 1 Share Posted March 1 I keep 1.3m in the thai bank. I don't have the visa requirements. This is for day to day spending etc. Tiny amount, don't care about % My money is all in the UK. Link to comment Share on other sites More sharing options...
Lacessit Posted March 1 Share Posted March 1 No institution in Thailand available to foreigners gives a decent return on investment. There is more risk to boot. Best option is to leave money in the home country, where it is also more secure. I split my money in Australia between two credit unions, and two peer-to-peer lenders. 1 Link to comment Share on other sites More sharing options...
couchpotato Posted March 1 Share Posted March 1 54 minutes ago, bbi1 said: Don't keep your money in Thailand. Only a fool does that. Keep only a tiny bit in a Thai bank account for living expenses. And why is that pray tell. 1 Link to comment Share on other sites More sharing options...
Popular Post scottiejohn Posted March 1 Popular Post Share Posted March 1 1 hour ago, HugoFastor said: So you will lose 15% on any interest that you earn in a Thai bank. Which you can claim back. I do it every two years! 2 1 Link to comment Share on other sites More sharing options...
Lucky Bones Posted March 1 Share Posted March 1 18 minutes ago, couchpotato said: And why is that pray tell. bbi1 seems to have gone quiet.🙃🙃 1 1 Link to comment Share on other sites More sharing options...
KannikaP Posted March 1 Share Posted March 1 45 minutes ago, noobexpat said: I keep 1.3m in the thai bank. I don't have the visa requirements. This is for day to day spending etc. Tiny amount, don't care about % My money is all in the UK. That's almost GBP 29000. How long does it last for 'day to day spending before it is gone. Link to comment Share on other sites More sharing options...
HugoFastor Posted March 1 Share Posted March 1 17 minutes ago, scottiejohn said: Which you can claim back. I do it every two years! Small amount and can't be arsed. 1 Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted March 1 Share Posted March 1 1 hour ago, HugoFastor said: The only better option is a 1 year fixed deposit at a bank that pays around 2.5%. Bangkok Bank offers them. You can check the rates and terms on their website. But all foreigners in Thailand are subject to a 15% withholding tax on all interest earned. So you will lose 15% on any interest that you earn in a Thai bank. Rates are higher in the USA and UK because the central banks have raised interest rates to around 5%. In Thailand the central bank rate is half that. So bank interest rates in Thailand are about half as in the West. But rates in the West will likely fall by 50% this year too when central banks start cutting interest rates. Where do you see 2.5%??? https://www.bot.or.th/en/statistics/interest-rate.html 1 Link to comment Share on other sites More sharing options...
surreybloke Posted March 1 Author Share Posted March 1 3 hours ago, IvorBiggun2 said: I'd recommend, here in Thailand, a Credit Union if you can find one that you can join. Teachers Credit Union in Buriram currently paying 4% per annum. Ah yes credit unions I forgot about those. Not very common in the UK . A decent savings rate in the UK is 5 % plus. I am just looking at alternatives to the run of the mill legacy banks. Yes deffo leave most of it back home Link to comment Share on other sites More sharing options...
noobexpat Posted March 1 Share Posted March 1 2 hours ago, KannikaP said: That's almost GBP 29000. How long does it last for 'day to day spending before it is gone. Wouldn't know ...top it up every few months. Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted March 5 Share Posted March 5 Do as the rich Thais, open a FCD account. https://thethaiger.com/news/business/foreign-currency-deposits-surge-in-thailand-due-to-global-rate-hikes 1 Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now