krungsri 1.5% only gain account?

[proton]

Anyone manage to open one of these, only online accounts? Went into the bank and asked they said not for foreigner, but the ad is in Englsih! They said foreigner can only open a 1.5% 5 month fixed account in the bank.  Why is the only gain account only for Thais? blank look. 

 

 

[scubascuba3]

It's garbage, i have the 0.9% garbage account, i leave most my money in UK 4.5% currently, can get more

[proton]

1 minute ago, scubascuba3 said:

It's garbage, i have the 0.9% garbage account, i leave most my money in UK 4.5% currently, can get more

 

i have the 0.9 account, when opened 10 years ago it was 2.25%, they have the nerve to charge 50 baht if you withdraw more than twice in a month

[KhunHeineken]

5 hours ago, scubascuba3 said:

It's garbage, i have the 0.9% garbage account, i leave most my money in UK 4.5% currently, can get more

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

[CallumWK]

13 minutes ago, KhunHeineken said:

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

 

That is great. My 800.000 baht is in a Thai Bank account at 2.10%, I have several other Thai bank accounts, paying between 1.75% and 2.25%.

And what is more important, I don't have to deal with the almost 80.000 baht in exchange loss.

 

[proton]

45 minutes ago, KhunHeineken said:

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

 

800.000 K is not a lot to some of us luckily, we tend to laugh at mugs paying thousands to corrupt IO's via agents just to save a small amount

[proton]

35 minutes ago, CallumWK said:

 

That is great. My 800.000 baht is in a Thai Bank account at 2.10%, I have several other Thai bank accounts, paying between 1.75% and 2.25%.

And what is more important, I don't have to deal with the almost 80.000 baht in exchange loss.

 

 

Which account pays 2.25%?

[KhunHeineken]

16 hours ago, proton said:

 

800.000 K is not a lot to some of us luckily, we tend to laugh at mugs paying thousands to corrupt IO's via agents just to save a small amount

As I have said before, my decision is based on risk, rather than reward, or affordability. 

 

I could move 800k here tomorrow, but why would I? 

 

Thailand is an unstable, 3rd World Country, and the Thai banks are paying nothing.  It makes no economic sense for me to move the 800k here. 

 

I've posted the figures in different posts, but basically, 800k baht at 5% interest is a return of 40k baht per annum. 

 

The agent charges no where near that, and I don't have to wait in a queue, or be told I need one more photo copy and to come back blah blah blah.

 

The 800k is safe in my home country, is at call, and earning around 4 times as much than it would in a Thai bank, and I don't have to deal with immigration.  What's the downside????

 

Many argue it's illegal, and it is, but TiT.  It's been going on for decades, and I can't see it ending any time soon. 

 

I have no problem with people who DIY their extensions, but just don't tell me it ONLY costs you 1,900 baht, because it's costing way more than that, so who really are "the mugs?" 

[KhunHeineken]

16 hours ago, CallumWK said:

 

That is great. My 800.000 baht is in a Thai Bank account at 2.10%, I have several other Thai bank accounts, paying between 1.75% and 2.25%.

And what is more important, I don't have to deal with the almost 80.000 baht in exchange loss.

 

What Thai banks are paying those interest rates?

 

Sound like you have gone "all in" by moving a significant amount of money to Thailand, hence your 80,000k baht exchange losses.

 

The Australian dollar isn't going so well at the moment, but there's nothing I can do about that.  Still, the earning on my 800k is around 6%, so pays for the agent, and subsidizes the exchange loss.

 

Betting on the baht - risky.    

[CallumWK]

11 minutes ago, KhunHeineken said:

What Thai banks are paying those interest rates?

 

LH bank - CIMB - GSB  - Kasikorn - Bangkok bank. The latter 2 are the lowest at 1.80% TAX FREE

 

12 minutes ago, KhunHeineken said:

Sound like you have gone "all in" by moving a significant amount of money to Thailand, hence your 80,000k baht exchange losses.

 

Now you show how smart you are NOT. The 80K baht loss is on your 800.00 baht in just the last year, since the Aussie $ has declined by almost 10%, and going.

 

13 minutes ago, KhunHeineken said:

The Australian dollar isn't going so well at the moment, but there's nothing I can do about that.  Still, the earning on my 800k is around 6%, so pays for the agent, and subsidizes the exchange loss.

6% before withholding taxes deducted, and agent fees is 48.000, so more like 20.000 at the end of the year. Does that compensate for the 80K loss. You live on a different planet

 

 

[scubascuba3]

1 hour ago, KhunHeineken said:

As I have said before, my decision is based on risk, rather than reward, or affordability. 

 

I could move 800k here tomorrow, but why would I? 

 

Thailand is an unstable, 3rd World Country, and the Thai banks are paying nothing.  It makes no economic sense for me to move the 800k here. 

 

I've posted the figures in different posts, but basically, 800k baht at 5% interest is a return of 40k baht per annum. 

 

The agent charges no where near that, and I don't have to wait in a queue, or be told I need one more photo copy and to come back blah blah blah.

 

The 800k is safe in my home country, is at call, and earning around 4 times as much than it would in a Thai bank, and I don't have to deal with immigration.  What's the downside????

 

Many argue it's illegal, and it is, but TiT.  It's been going on for decades, and I can't see it ending any time soon. 

 

I have no problem with people who DIY their extensions, but just don't tell me it ONLY costs you 1,900 baht, because it's costing way more than that, so who really are "the mugs?" 

Having 800k here is no big deal, might need it for urgent medical care, we know hospitals need payment up front often even with insurance, which may get denied anyway. We also know money transfers from abroad can be delayed even with Wise 🦉

[KhunHeineken]

2 hours ago, scubascuba3 said:

Having 800k here is no big deal, might need it for urgent medical care, we know hospitals need payment up front often even with insurance, which may get denied anyway. We also know money transfers from abroad can be delayed even with Wise 🦉

I accept this, but I also have multiple payment channels set up, not just Wise.  The chance of all of them being down, and for the Thai banks I am with, is slim. 

 

Then, there's also the very shiny, big credit limit card, from my home country, that I can use.  It's limit is more than 800k baht.  I pay it off, interest free, within 55 days, via internet banking, after recovery.  Job done. 

 

There really is no financial benefit for me to move 800k to Thailand, just so I can have the fun of waiting in a queue and dealing with immigration.  

 

If it was beneficial for me to move the 800k to Thailand, on a risk assessment level, and a logistical level, it would already be here, but the numbers just don't add up, while the risk and losses do.   

[Captain Flack]

A post which has altered a quote against forum rules and a flame reply has been removed.

[flexomike]

On 2/3/2025 at 10:23 PM, KhunHeineken said:

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

bring in 65,000 a month and you don't need 800,000 in the bank

[Surasak]

Why invest in a Thai low interest account? Buy gold and reap the rewards.

[CallumWK]

2 hours ago, flexomike said:

bring in 65,000 a month and you don't need 800,000 in the bank

 

That is assuming he has the funds

[CallumWK]

18 minutes ago, Surasak said:

Why invest in a Thai low interest account? Buy gold and reap the rewards.

 

That is good advice, it will guaranteed pay you higher than a bank account...................oh wait, between 2011 and 2019 you LOST money every year if you held gold.

 

[LittleBear57]

On 2/3/2025 at 10:23 PM, KhunHeineken said:

That's exactly why I don't even have the 800k baht in Thailand.

 

The 800k baht invested in my home country, at over 5%, earns way more than the cost of the agent every year, and with the bonus I don't have to deal with immigration. 

 

The 800k baht is nothing more than a donation to a Thai bank. 

 

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

Very true. However if I left the 800,000bht in the UK. 

1. My wife couldn't access it easily should I pop my clogs quickly.  Although I plan to set a trust fund for her and my daughter.

2.. It would end up in the probate and along with the house would push my estate into the inheritance tax bracket which is 40% .

3. Can always show it to any private hospital if required in an emergency along with the insurance so they could do what needs to be done, and to hell with the visa afterwards.

Friend ended up emptying his account in Thailand to have an emergency procedure done. The hospital held back until he paid a deposit and proved he could pay the rest after. Sad but true.

[Tropicalevo]

On 2/3/2025 at 10:23 PM, KhunHeineken said:

I continue to laugh at expats saying their extension only costs them 1,900 baht.  They don't factor in the loss of interest.

 

A minor point, but how can you lose something that you never had?