Fixed Deposit Interest Rates (3 Month)

[astral]

In a month or so I have to bring in money to show the immigration for my yearly visa extension.

I shall not need to spend it all at once so I thought I would put some in fixed deposit for 3 months.

I asked my existing bankers (Krung Thai) what the interest rate is and was told ONE BAHT.

Can anyone give me a quick answer about what other banks are offering, to save me trekking round.

Thanks

[lopburi3]

All banks offer just about the same interest rates. Also believe you will need at least a tax number to open a fixed deposit account. I assume the plan was to put it in after you get visa - do not believe that immigration will accept anything but a savings type account for deposit counting (but could be wrong).

[Thetyim]

I am looking for the same thing.

I have seen an advert for 3.25 percent interest from the Government Housing Bank. However the "per annum" is missing from the end.

Their website at http://www.ghb.co.th/ghbweb/main/fdeposit.htm

is all in thai. Can some explain the terms for us.

Is it a three year term deposit ?

[Harmonica]

Then don't convert to Thai Baht -- open a foreign currency account with SCB and ask your home bank to transfer directly by SWIFT -- SCB has many choices of Certificates of Deposit -- interest rates are going up, but its not that important, IMHO, what rate you get -- the reason? the currency you pick at this juncture will give you a whopping 15-20% gain by December this year. Pick it wisely.

Since you say, in about a month -- you've got time -- watch the USD for strength and if it "fires" -- rocket those funds to SCB in USD--then sit back and gloat in style!

When Immigration sees that nice red SCB USD bank deposit book, you'll be out of there stamped and worshipped in a jiffy!! Tip well!

[Thetyim]

Harmonica,

Have I understood you correctly.

Do you expect the thai baht to devalue by 15-20 percent by next Dec ?