Best bank account for future visa and interest!

[Everyman]

On 2/17/2025 at 2:17 AM, hotandsticky said:

 

 

So why are you even thinking of switching into a negligible interest rate.

 

Can you provide details of how you make the calculations?

[hotandsticky]

53 minutes ago, Everyman said:

 

Can you provide details of how you make the calculations?

 

 

What calculations?

[sanook 1]

Is it correct as a foreigner kasikorn dont have/offer any account on offer with interests on deposits? Wife have scb ez 1,5% annually.

[Hummin]

On 2/17/2025 at 7:17 PM, hotandsticky said:

 

 

So why are you even thinking of switching into a negligible interest rate.

I will take my chance doing now rather than later. If I transfer now, I'm less than 6 months here, and no tax if there where or will be. I also suspect Thai bath strengthen, so we will see. At least I will have 800k in the bank, if I one day need it for future visa. Next year our embassy shuts down the embassy letter as well. 

 

And Thai banks guarantee 1 mill no matter what happens? 

 

After all I'm placing my liquids a bit around for future safety. 

[oldcpu]

On 2/17/2025 at 7:17 PM, hotandsticky said:

So why are you even thinking of switching into a negligible interest rate.

 

As Hummin inferred, the exchange rate between currencies is a factor.

 

One could get great interest abroad, but end up with a lot less money when the foreign currency is exchanged into Thai baht, due to an increase in Thai baht vs the foreign currency (or a global fall in the foreign currency).  And the reverse is also true.  One could make out really well due to a currency shift between Thai baht and one's foreign account.

 

Like it or not, most of us as expats, who have a substantial amount of our money abroad, are in a limited fashion, 'playing the currency market' by the money we bring into Thailand. 

 

In all honesty, I don't know the best way forward. One could keep almost all their money abroad, and then if Thai baht assessed weak (and if no tax impact for remitting money to Thailand) bring a LOT of money to Thailand - enough to say to last for 5 or so years.  The remainder and majority of one's money can  remain abroad at a higher interest rate - until another opportunity of a weak Thai bah presents itself.   Still , dependent on how long it is before currency fluctuations, that can also be a failed strategy.  Clearly taxation is a factor here as well.

 

Obviously, for those who live pay-check to pay-check, all of this is irrelevant.

 

And as the saying goes  -  one pays their money and one take's their chances.   

 

I think it just important to keep in mind, exchange rates can be a factor, and it is not only about interest rates.

 

[hotandsticky]

16 minutes ago, oldcpu said:

 

As Hummin inferred, the exchange rate between currencies is a factor.

 

One could get great interest abroad, but end up with a lot less money when the foreign currency is exchanged into Thai baht, due to an increase in Thai baht vs the foreign currency (or a global fall in the foreign currency).  And the reverse is also true.  One could make out really well due to a currency shift between Thai baht and one's foreign account.

 

Like it or not, most of us as expats, who have a substantial amount of our money abroad, are in a limited fashion, 'playing the currency market' by the money we bring into Thailand. 

 

In all honesty, I don't know the best way forward. One could keep almost all their money abroad, and then if Thai baht assessed weak (and if no tax impact for remitting money to Thailand) bring a LOT of money to Thailand - enough to say to last for 5 or so years.  The remainder and majority of one's money can  remain abroad at a higher interest rate - until another opportunity of a weak Thai bah presents itself.   Still , dependent on how long it is before currency fluctuations, that can also be a failed strategy.  Clearly taxation is a factor here as well.

 

Obviously, for those who live pay-check to pay-check, all of this is irrelevant.

 

And as the saying goes  -  one pays their money and one take's their chances.   

 

I think it just important to keep in mind, exchange rates can be a factor, and it is not only about interest rates.

 

 

 

I do similar.

 

I transfer 65k at the start of the month having built it up in WISE when I like the rate.

 

In between time, and with capital amounts, I am earning 4%-5% - I am happy with that