Banking In Phuket

[petercallen]

I currently bank with SCB and get .5% interest paid annually and they charge me fees

for everything even a 300 baht annual fee on my key card to use the ATM and deduct

tax from my interest i think 15%.

In my home country bank i get 4.5% interest calculated dayly and paid into my account

every 3 months so i get interest on my interest and they do not charge me any fees.

Does anyone use a bank here that offers a better deal to there customers.

[stevenl]

And what is the inflation in the 2 countries?

[petercallen]

And what is the inflation in the 2 countries?

I could not quote you at present maybe you can tell me.

I don't think there would be much difference.

[LivinginKata]

If you check out bank interest on all the international currencies, Australian and NZ currencies pay by far the highest. It's not just Thai banks, same in British, Eurozone,and US banks, almost zero interest rates.

[ladykata]

I'd like to know the name of the account at the Siam bank that pays 5%, i can't find any interest rates anywhere near that figure in Thailand and definatly not the rest of the world, the UK at the minute pay as little as 1.5 to 2% because base rate is0.5 %

[petercallen]

If you check out bank interest on all the international currencies, Australian and NZ currencies pay by far the highest. It's not just Thai banks, same in British, Eurozone,and US banks, almost zero interest rates.

I can not follow what your saying.

Are you saying Australian and NZ pay higher interest rates than other country's.

I have Baht in my Thai bank account not international currency.

British,euro zone and US banks and governments are still coming out of the recession.

Some country's may never get over the recession or not for a very long time.

Australia never officially went into recession and is not in recession now.

I do not believe Thailand went into recession and is not in recession now.

Any mug in Australia who does not check out different accounts with different banks will end up getting .5% interest the same as here.

Asking other people who have a decent bank account here what interest etc they are getting

is a fair question as i cannot read Thai.

[LivinginKata]

If you check out bank interest on all the international currencies, Australian and NZ currencies pay by far the highest. It's not just Thai banks, same in British, Eurozone,and US banks, almost zero interest rates.

I can not follow what your saying.

Are you saying Australian and NZ pay higher interest rates than other country's.

Yes, that's exactly what I said. Savings in A$ and NZ$ currencies pay the best interest rates right now. Check out any major bank that offer interest on international currencies. Here is an example with HSBC in Singapore (click on the link}

http://www.hsbc.com.sg/1/2/personal/deposits/foreign-currency-exchange-and-deposit-rates

Select different currencies in the top box and check-out the difference in interest rates.

[petercallen]

I'd like to know the name of the account at the Siam bank that pays 5%, i can't find any interest rates anywhere near that figure in Thailand and definatly not the rest of the world, the UK at the minute pay as little as 1.5 to 2% because base rate is0.5 %

If you look at the post there is a dot before the 5, i get point five of a percent at SCB.

[petercallen]

If you check out bank interest on all the international currencies, Australian and NZ currencies pay by far the highest. It's not just Thai banks, same in British, Eurozone,and US banks, almost zero interest rates.

I can not follow what your saying.

Are you saying Australian and NZ pay higher interest rates than other country's.

Yes, that's exactly what I said. Savings in A$ and NZ$ currencies pay the best interest rates right now. Check out any major bank that offer interest on international currencies. Here is an example with HSBC in Singapore (click on the link}

Foreign currency deposit and exchange rates | HSBC Singapore

Select different currencies in the top box and check-out the difference in interest rates.

I do not have international currency in my Thai bank account i have Baht and the bank fees i pay here

i do not pay in Australia, bank interest on loans when i asked is quite high the same as interest on

Master cards if you do not pay them of when they are due, example Australian MC 16% Thai MC 20%.

I am just trying to find a bank which will give me a better interest rate than .5%

I do not want to put the money in a bank in Singapore.

[katabeachbum]

Thai baht savings account for farang is 0% to 2,5%, the highest interest on fixed deposit accounts. Ordinary savings accounts usually not more than 0,5% interest, and witholding tax must be deducted and payed by bank. I have never payed any annual fees to neither Ayudhua, SCM or Kasikorn.

OP, to compare this to another countrys currensy in another country does not work. To compare thai banks interest on thai baht with other countries banks interest on thai baht does work.

If you want more interest on savings, another currensy than thai baht works, like OZ dollar currensy account in Thailand

[LivinLOS]

And what is the inflation in the 2 countries?

A lot less than the rate of inflation here.

[petercallen]

Thai baht savings account for farang is 0% to 2,5%, the highest interest on fixed deposit accounts. Ordinary savings accounts usually not more than 0,5% interest, and witholding tax must be deducted and payed by bank. I have never payed any annual fees to neither Ayudhua, SCM or Kasikorn.

OP, to compare this to another countrys currensy in another country does not work. To compare thai banks interest on thai baht with other countries banks interest on thai baht does work.

If you want more interest on savings, another currensy than thai baht works, like OZ dollar currensy account in Thailand

Thank you for the information on bank fees, one thing, do they charge you 200 baht for the letter you need for immigration each year.

I am comparing a Australian bank account with AUD in it to a Thai bank account with baht in it.

I asked the bank manager a long time ago if i could have a bank account in AUD when i transferred funds from Australia and he said i could not.

[LivinginKata]

I asked the bank manager a long time ago if i could have a bank account in AUD when i transferred funds from Australia and he said i could not.

According to Siam Commercial web site they do have AUD savings accounts.

Here is the link Foreign Currency Deposit Accounts | The Siam Commercial Bank

[petercallen]

I asked the bank manager a long time ago if i could have a bank account in AUD when i transferred funds from Australia and he said i could not.

According to Siam Commercial web site they do have AUD savings accounts.

Here is the link Foreign Currency Deposit Accounts | The Siam Commercial Bank

Thankyou, I have not believe my local bank manager for a long time he cannot remember what he tells me

from one time to the next, the rest of the bank staff are brilliant compared to him and not full of B/S

like he is.

[ladykata]

I'd like to know the name of the account at the Siam bank that pays 5%, i can't find any interest rates anywhere near that figure in Thailand and definatly not the rest of the world, the UK at the minute pay as little as 1.5 to 2% because base rate is0.5 %

If you look at the post there is a dot before the 5, i get point five of a percent at SCB.

Thanks your right, it is 0.5 % as stated, my eye sight ah, well i'm doing quite well then, i'm genuinaly getting nearly 6% in a one year fixed rate bomd scheme via SCB

[petercallen]

Thanks your right, it is 0.5 % as stated, my eye sight ah, well i'm doing quite well then, i'm genuinaly getting nearly 6% in a one year fixed rate bomd scheme via SCB

Is it invested with the bank or with a managed fund they recommended where you buy points or units in the fund.

I got out a scheme like that with SCB when the recession hit i would rather have low interest on my account than lose the lot.

[ladykata]

Thanks your right, it is 0.5 % as stated, my eye sight ah, well i'm doing quite well then, i'm genuinaly getting nearly 6% in a one year fixed rate bomd scheme via SCB

Is it invested with the bank or with a managed fund they recommended where you buy points or units in the fund.

I got out a scheme like that with SCB when the recession hit i would rather have low interest on my account than lose the lot.

Thanks for that advice, nearly at the end of the anniverary term, 1 year, do you know of any other more secure options with a high return yeld,never checked to see if the Thai government secure a certain figure, ie 50,000 pound in the UK banks

[LivinginKata]

Thanks for that advice, nearly at the end of the anniverary term, 1 year, do you know of any other more secure options with a high return yeld,never checked to see if the Thai government secure a certain figure, ie 50,000 pound in the UK banks

I believe only 500,000 baht in a savings account is guaranteed by the government bank protection act. I don't know about interest being guaranteed. These mutual accounts have no guarantees at all.

[ladykata]

Thanks for that advice, nearly at the end of the anniverary term, 1 year, do you know of any other more secure options with a high return yeld,never checked to see if the Thai government secure a certain figure, ie 50,000 pound in the UK banks

I believe only 500,000 baht in a savings account is guaranteed by the government bank protection act. I don't know about interest being guaranteed. These mutual accounts have no guarantees at all.

again livinginkata thank you for your consice and charming advice, some of the boys are being a bit playful, hopefully i can hold my own, but again thank you for excellent feedback, it's already help me today over in phuket town

[LivinginKata]

Thanks your right, it is 0.5 % as stated, my eye sight ah, well i'm doing quite well then, i'm genuinaly getting nearly 6% in a one year fixed rate bomd scheme via SCB

I'll need to look into that. I've tried the SCB mutual account where you buy units at a price, then when you cash in you hope the unit price has gone up (and not down !). Initially they talked about 6% return (that was about 2+ years ago), but this year I only got about 1.6% (tax paid). I had looked at a 3 year fixed term offering about 6% but that seemed to be for the term and not per annum, so I passed on that. Please give more details of your 6% one year fixed rate bond scheme. I can't find any details on SCB web site.

[ladykata]

Thanks your right, it is 0.5 % as stated, my eye sight ah, well i'm doing quite well then, i'm genuinaly getting nearly 6% in a one year fixed rate bomd scheme via SCB

I'll need to look into that. I've tried the SCB mutual account where you buy units at a price, then when you cash in you hope the unit price has gone up (and not down !). Initially they talked about 6% return (that was about 2+ years ago), but this year I only got about 1.6% (tax paid). I had looked at a 3 year fixed term offering about 6% but that seemed to be for the term and not per annum, so I passed on that. Please give more details of your 6% one year fixed rate bond scheme. I can't find any details on SCB web site.

They initally offered 3 month, 6 month and 1 year, i actually bartered the interest up, i was stunned when they said yes, but your right, the day i redeem it will be the real test, i did have a thai friend with me as my tranlator, i'm sure like evrywhere there'll be small print, but it's all stuff i didn't know before, so thanks

[petercallen]

They initally offered 3 month, 6 month and 1 year, i actually bartered the interest up, i was stunned when they said yes, but your right, the day i redeem it will be the real test, i did have a thai friend with me as my tranlator, i'm sure like evrywhere there'll be small print, but it's all stuff i didn't know before, so thanks

The fund probably does not have a fixed interest rate, they tell you the expected return at the time

you invest, bartering them up means nothing the rate you get could be higher or lower than you expect.

I personally would expect lower.

[LivinginKata]

They initally offered 3 month, 6 month and 1 year, i actually bartered the interest up, i was stunned when they said yes, but your right, the day i redeem it will be the real test, i did have a thai friend with me as my tranlator, i'm sure like evrywhere there'll be small print, but it's all stuff i didn't know before, so thanks

The fund probably does not have a fixed interest rate, they tell you the expected return at the time

you invest, bartering them up means nothing the rate you get could be higher or lower than you expect.

I personally would expect lower.

Got to agree with Peter here ... local bank manager does NOT have the authority to 'barter' interest rates. I suspect that your translator gave you the answer you wanted to hear. That's just the Thai way...

[ladykata]

Got to agree with Peter here ... local bank manager does NOT have the authority to 'barter' interest rates. I suspect that your translator gave you the answer you wanted to hear. That's just the Thai way...

You've got me worried now, i've got the agreement hear, a thai friend has looked it over as we are sitting here, 1 year, fixed rate, at 5.75, penalties for early withdrawls, and all the usual penaltys i'd expect from the same product back in the UK.

I think the comment on upping the interest rate, as you have stated can't realistically be eaised by a member of staff, but it's 5.75, SCB book with a fund agreement, fixed!!!!, no fees, no extra's

[LivinLOS]

5 plus % on a guaranteed bank deposit ??

Seems way higher than I have ever heard.

[petercallen]

5 plus % on a guaranteed bank deposit ??

Seems way higher than I have ever heard.

From Kataladys post before yours its a fund agreement not a fixed term savings account.

A fixed term savings account with the interest quoted HMMM hard to believe here.

A fund agreement maybe you will get the interest quoted maybe you wont it depends on how

much the fund makes after administration costs and how high those costs are.

[katabeachbum]

5 plus % on a guaranteed bank deposit ??

Seems way higher than I have ever heard.

From Kataladys post before yours its a fund agreement not a fixed term savings account.

A fixed term savings account with the interest quoted HMMM hard to believe here.

A fund agreement maybe you will get the interest quoted maybe you wont it depends on how

much the fund makes after administration costs and how high those costs are.

No chance any bank would give more interest on thai baht to customers than interest from BoT. So 2% minus witholdingtax presently seems to be max on savings accounts. Higher interest is gambling in funds.

OP, OZ dollar savings/currensy account is available in all Thai banks, but most branch managers are lazy and lack knowledge, so visiting main office on Phangna road is often needed. I have best experience with Ayudhua. Currency account can be used with ATM/Visa in addition to transfers and cash withdrawel.

For all savings, be aware that government has silently reduced the guarantee for deposits from Thaksins "unlimited" to 1 mill baht. It is not clear if this is pr bank or pr account. So when more than 1 mill baht balance, spread it on more banks.

[ladykata]

No chance any bank would give more interest on thai baht to customers than interest from BoT. So 2% minus witholdingtax presently seems to be max on savings accounts. Higher interest is gambling in funds.

OP, OZ dollar savings/currensy account is available in all Thai banks, but most branch managers are lazy and lack knowledge, so visiting main office on Phangna road is often needed. I have best experience with Ayudhua. Currency account can be used with ATM/Visa in addition to transfers and cash withdrawel.

For all savings, be aware that government has silently reduced the guarantee for deposits from Thaksins "unlimited" to 1 mill baht. It is not clear if this is pr bank or pr account. So when more than 1 mill baht balance, spread it on more banks.

Hi boys, it was just that i'd sold a property and had a wack of money, i've known the bank manager previously in the old days of phuket when i think the term was sponsoring the bank to get favours.

The policy/ agreement/ plan/ fund/ how ever it's discribed here matures soon so will be interesting to see the return.

I have to explain although i lived in chiang Mai for a few years and have worked all around asia, i'd lived inp huket before, but in that life had developed property, never again, back to my passion singing/ entertaining

[petercallen]

No chance any bank would give more interest on thai baht to customers than interest from BoT. So 2% minus witholdingtax presently seems to be max on savings accounts. Higher interest is gambling in funds.

OP, OZ dollar savings/currensy account is available in all Thai banks, but most branch managers are lazy and lack knowledge, so visiting main office on Phangna road is often needed. I have best experience with Ayudhua. Currency account can be used with ATM/Visa in addition to transfers and cash withdrawel.

For all savings, be aware that government has silently reduced the guarantee for deposits from Thaksins "unlimited" to 1 mill baht. It is not clear if this is pr bank or pr account. So when more than 1 mill baht balance, spread it on more banks.

Thanks for the additional information, i printed the web page which livinginkata supplied and the next

time i am in the bank i will ask him again about(FCA) if he gives me the same answer as before i will

stick it under his nose and watch him lose face.

The banks seem sound hear at present, they should be with the low interest they give to depositors

compared to the high interest and fees they charge, i would not like to be in the situation where

i needed to borrow money from a bank they seem only to lend money to people who do not need it, or

be in the situation where i used a credit card and could not pay it of in full at the due date.

I am learning all the time, i am used to all savings accounts in banks being guaranteed by the

government but investment funds where you purchase units not, investment funds generally lend

money to people who the banks wont, the higher the return the bigger the risk as some of us know.

[LivinginKata]

Ok, enough of the off topic remarks. This topic is about 'banking'. All the off topic comments have been removed. Thank you.