Which Bank Is Good?

[duck]

Sa Wa Di Krub,

I am a Singaporean who wish to put some savings in Thailand.

Which bank have a high interest rate and good service?

Is there any requirement? For instance you must set a business or investment in Thailand.. etc.

Actually plan to open an account in UOB bank or Bank of Asia cause i got a sum of money in the Singapore UOB. Are both recommended banks?

Or are there better banks than the both. Pls advse.

Khorb Khun Krub.

Edited December 15, 2004 by duck

[Harmonica]

Many choices -- Bangkok Bank, Kasikorn Bank, Thai Military Bank, Siam Commercial Bank and a few more. Top nod goes to SCB. Second choice, BBL. However best service to be had at BAY (Ayuttaya).

[ZOVOX]

some of the banks do not give interest to foreigners. if they do, it's only at about 0.5% apr. If you want high interest, you maybe better leaving your money where it is, or looking elsewhere - i have my money in hk; ina multicurrency investment account. As for service, scm bank is good, and i also heard that bank of ayuttaya is very good.

[ZOVOX]

forgot to mention that many branches of the siam commercial bank only require your passport to open account. some other banks may require a work permit. Bangkok bank branches are also more lenient in this regard.

[TRIPxCORE]

You can put it in my bank that I own. I dont care what nation you come from or what you do. I wll pay you 15% interest.

Warning: This is a high-risk proposition!

[charles]

The major bank to AVOID is Krung Thai. They are useless. Don't think they pay interest to aliens either.

[Baaksida]

If you want high interest, you maybe better leaving your money where it is, or looking elsewhere - i have my money in hk; ina multicurrency investment account.

<{POST_SNAPBACK}>

Just curious, can non-residentsopen savings accounts in Hong Kong?

Edited December 16, 2004 by Baaksida

[df358]

If you want high interest, you maybe better leaving your money where it is, or looking elsewhere - i have my money in hk; ina multicurrency investment account.

<{POST_SNAPBACK}>

Just curious, can non-residentsopen savings accounts in Hong Kong?

<{POST_SNAPBACK}>

No, just a valid passport and home address. HK does not tax on dividend but Thailand has a withholding tax on them.

[df358]

Sorry I mean yes. Non-residents can open accounts in HK

[brianbrain]

some of the banks do not give interest to foreigners. if they do, it's only at about 0.5% apr. If you want high interest, you maybe better leaving your money where it is, or looking elsewhere - i have my money in hk; ina multicurrency investment account. As for service, scm bank is good, and i also heard that bank of ayuttaya is very good.

<{POST_SNAPBACK}>

My "savings account" with the Thai Farmers Bank earns a miserly amount of interest though I'm not sure what the actual rate is. Bank rates in the UK are similarly low and I assumed here was no different. So are you suggesting that had I been of Thai nationality and opened the same account I'd be getting a better rate? If you can confirm this please let me know and I'll gladly give them a grilling and then close the account.

Can anyone find a link to savings rates currently on offer at any of the major banks?

Thanks

[ZOVOX]

If you want high interest, you maybe better leaving your money where it is, or looking elsewhere - i have my money in hk; ina multicurrency investment account.

<{POST_SNAPBACK}>

Just curious, can non-residentsopen savings accounts in Hong Kong?

<{POST_SNAPBACK}>

No, just a valid passport and home address. HK does not tax on dividend but Thailand has a withholding tax on them.

<{POST_SNAPBACK}>

I have all my bank account statements and docs sent to me in Thailand, and i can do everything through the internet banking - i haven't been in HK for over two years.

[ZOVOX]

some of the banks do not give interest to foreigners. if they do, it's only at about 0.5% apr. If you want high interest, you maybe better leaving your money where it is, or looking elsewhere - i have my money in hk; ina multicurrency investment account. As for service, scm bank is good, and i also heard that bank of ayuttaya is very good.

<{POST_SNAPBACK}>

My "savings account" with the Thai Farmers Bank earns a miserly amount of interest though I'm not sure what the actual rate is. Bank rates in the UK are similarly low and I assumed here was no different. So are you suggesting that had I been of Thai nationality and opened the same account I'd be getting a better rate? If you can confirm this please let me know and I'll gladly give them a grilling and then close the account.

Can anyone find a link to savings rates currently on offer at any of the major banks?

Thanks

<{POST_SNAPBACK}>

Here is a link to scb banks interest rates http://www.scb.co.th/eng/eng_main_rates_dep_thb.shtml

As you can see, interest rates in thailand is about 0.5%, but you should be recieving a lot more in the u.k. I get 3% on my sterling, and that's in my account in hk. In the u.k, you should get higher. You need to switch banks or accounts - a lot of the u.k banks will gradually reduce interest over time, and only offer their best rates to new account holders and accounts. best interest rates is given to internet bank accounts.

[brianbrain]

Here is a link to scb banks interest rates http://www.scb.co.th/eng/eng_main_rates_dep_thb.shtml

As you can see, interest rates in thailand is about 0.5%, but you should be recieving a lot more in the u.k. I get 3% on my sterling, and that's in my account in hk. In the u.k, you should get higher. You need to switch banks or accounts - a lot of the u.k banks will gradually reduce interest over time, and only offer their best rates to new account holders and accounts. best interest rates is given to internet bank accounts.

<{POST_SNAPBACK}>

ZOVOX, many thanks for the link.

So, Siam Commecial Bank (SCB) pay 0.75% on their personal savings account. I guess I must be earning something similar and I've known this all along, but I've just been using it as a "safe" place to keep my Thai earnings. It is indeed a shame that Thai banks don't offer a better rate, comparable with high street savings accounts in the UK or indeed Internet accounts.

I understand your point about UK-based Internet accounts, but that would mean converting my Thai savings into Baht. With exchange rates as they are, that's not something I want to do right now. Wrong plan?

[brianbrain]

By the way, I checked the SCB Interest rates advertised in Thai.

http://www.scb.co.th/th/th_main_rates_dep_thb.shtml

I didn't bother trying to translate the page. At a quick glance the figures look the same as those advertised in English.

[ZOVOX]

By the way, I checked the SCB Interest rates advertised in Thai.

http://www.scb.co.th/th/th_main_rates_dep_thb.shtml

I didn't bother trying to translate the page. At a quick glance the figures look the same as those advertised in English.

<{POST_SNAPBACK}>

The rates in the english and thai version will be the same, but don't assume you are getting the rate they publish. If they reduce or remove the interest on your account, they won't inform you - best check with your bank to see what rate you are getting and if it's the same as the locals.

[duck]

Tks 2 all of u guys and sorry for the late reply. Quite busy recently.

I checked the interest for UOB Radanasin Bank. It is the same as SCB.

I think i go for UOB.

Thanks guys.

[kreon]

Sorry I mean yes. Non-residents can open accounts in HK

<{POST_SNAPBACK}>

not correct anymore....you also need a reference from another account holder whom has been with same bank for 12 months or more!

which bank were you referring to?

[ZOVOX]

Sorry I mean yes. Non-residents can open accounts in HK

<{POST_SNAPBACK}>

not correct anymore....you also need a reference from another account holder whom has been with same bank for 12 months or more!

which bank were you referring to?

<{POST_SNAPBACK}>

One way of getting around this is, is to open an HSBC bank (or any bank owned by the HSBC bank) account in your home country, and then get a reference letter from the bank to open a hsbc account in HK. All banks that are part of the HSBC group will do this. U.k people can do this easily, because HSBC purchased the midland bank years ago and their are branches everywhere.

[kir]

According to the SCB (Siam Square Branch), rules have changed and they will no longer allow foreigners to open an account unless they are holding a valid work permit.

However, on the same day, with only a passport and 500 Baht deposit, a savings account was opened at Bangok Bank, Siam Square Brach.

Regards,

[PeaceBlondie]

Some branches of some banks will allow a foreigner to open a savings account with only a passport and deposit (or certain visa), but if it's like my account at Bank of Ayuttayha, it pays no interest, or less than 2%. I walked in with my boss and she handled it, but I get no interest.

I'm thinking of putting a total of about 150,000 in there next month, and then try to get them to pay interest of 2.5%. I'll bet they won't pay over 0.75%.

[yuyi]

I had several accounts with different banks (Kasikorn. Siam Commercial, Bangkok Bank) but the best and most friendly service I got (and get) always at the Bank of Asia.

Other Banks, gave me often the "come again tomorrow, cannot do now", and in the bank of Asia it usually is "just a moment" and that even 5 minutes before closing time.

Then look at the opening times of some branch offices, some do not close before 5 pm, and are even open on a Saturday.

Haven't checked their interest rates though, I'm just a poor guy, would not be worth any effort anyway.

And all Kasikorn and Siam Commercial branches I checked lately all asked for a work permit, despite the fact that there is already an account in another of their branches, so it would be more a move of an account than a new account.

So my vote goes to Bank of Asia! The best service and easy and fast wire transfers.

[ZOVOX]

So my vote goes to Bank of Asia! The best service and easy and fast wire transfers.

<{POST_SNAPBACK}>

Did the bank of asia not ask for work permit ?

And when and where did you open the account ?

Thanks !

[yuyi]

So my vote goes to Bank of Asia! The best service and easy and fast wire transfers.

<{POST_SNAPBACK}>

Did the bank of asia not ask for work permit ?

And when and where did you open the account ?

Thanks !

<{POST_SNAPBACK}>

In the Sukhumvit branch near the Nana BTS station.

They did ask for a work permit, which I did not have at that time. I showed a non-B visa, and said I would not need a work permit, the visa would be good enough. They accepted.

But that was some time - years - ago. I do not know how they act today. I still recommend to try, the service is so much better, it's worth a try.

[ZOVOX]

So my vote goes to Bank of Asia! The best service and easy and fast wire transfers.

<{POST_SNAPBACK}>

Did the bank of asia not ask for work permit ?

And when and where did you open the account ?

Thanks !

<{POST_SNAPBACK}>

In the Sukhumvit branch near the Nana BTS station.

They did ask for a work permit, which I did not have at that time. I showed a non-B visa, and said I would not need a work permit, the visa would be good enough. They accepted.

But that was some time - years - ago. I do not know how they act today. I still recommend to try, the service is so much better, it's worth a try.

<{POST_SNAPBACK}>

Yuyi, thanks for the info. I've heard that the bank of asia is very good also - i'll give it a try !

[Elysium]

Until recent I would have said same about Bank of Asia. Have been banking with them since 1996. Savings account, foreign currency deposit account and internet banking. Opened account with a passport and some THB. Always been extremely pleased.

Until....

Some months ago we incorporated our new company and were starting our business. Looking for a banking partner for the business (no loan!) I went direct to BOA. Same branch where I have my personal accounts. Reaction from BOA.... your company needs to show 6 months of operation before you can open account(s). Go and figure... Ended up speaking with the branch manager who said that we could find ways around things, but later. Withdraw all my savings and transferred all foreign deposits and cancelled my accounts. They were shell shocked!

Now.....

Went to Bangkok Bank. All praise! Both branches at Ekkemai and Thonglor! Hardly come there myself as they come to our place of business. Even sent marketing manager to open new accounts for all employees! They are truly interested and showing willingness to help. Giving valid advise on business procedures and are thinking with us. And no, we are a small Spa and no mayor holdings at the moment.

My advise...

BANGKOK BANK!!

[budsc]

morning all

I wish to have one of my retirement checks deposited in Bangkok Bank through their office in NY. I have been trying to do this prior to arriving in march, no luck, have been told must come to LOS open up account do paper work for Direct Deposit, and wait about 3 months. Then to obtain funds must go personaly to the branch were I opened the account. Then in order to have atm card, pay bills, etc the wife and I will need to open up a second account. So I'm assuming money will be there, go to bank, withdraw the money and deposit into second account.

Does this sound correct?

yes will still have account in US, just trying to get around doing a wire transfer or check or atm withdrawls, etc everymonth and this money will be for my support of wife visa.

Keep on fishin

bud and bung

[redwooddrive]

The major bank to AVOID is Krung Thai.  They are useless.  Don't think they pay interest to aliens either.

<{POST_SNAPBACK}>

I have to echo that comment. Krung Thai is one of those banks you have to wonder how they stay in business. I have attempted to deal with them twice up country with my Thai wife. Even though we both went in together for business (inquiring about a home construction loan in one case and buying a repossessed property with cash in hand on the second), the people in the bank could not be bothered even to talk with us. They acted as if I was a contagious leper.

On the other hand Siam Commercial Bank has been pretty good to deal with, but they don't have many branches upcountry.