Thai Bank Account

[marekm1]

I have some money laying around in Thai bank account, not earning any interest. It’s not a big amount but as I don’t intend to use it for a while I just wonder if I can put it in the term deposit or something to get some interest. And if yes what is the tax implication. I don’t mind to pay tax on the money I earn. I will ask the bank but at the moment I am not in Thailand.

Thank you for your help.

[FarangBuddha]

I have read that the capital gains tax rate is 15% across the board in Thailand and that generally it is automatically withheld by banks and brokerages. Check with the bank if it's the same for bank CDs and term deposits.

[BB1950]

Check with your bank.

Different Thai banks have different plans and rates.

I've seen some Thai banks offering 3% interest with a minimum 6 month term.

[barryofthailand]

I get interest paid once a year in July. Try SCB, in my opinion the best bank in Thailand.

Barry

[yankee99]

TMB last week 1.5% for 3 months minimum 1000000baht........I think after tax you net around 12750 not bad if you can renew it is almost 6% a year

I also think you need a 1 year visa ymmv

Edited October 27, 2010 by yankee99

[bubba1]

TMB last week 1.5% for 3 months minimum 1000000baht........I think after tax you net around 12750 not bad if you can renew it is almost 6% a year

I also think you need a 1 year visa ymmv

when banks advertise 1.5% for 3 months the 1.5% is the yearly interest rate. You don't get 6% per year

[timekeeper]

bank accounts are like marriage

you put it in

you take it out

you lose interest......

[prk888]

i think you can earn up to B20,000 a year interest with no tax.

Look at the 12 month Marathon Account at Standard Chartered Bank here

[billaaa777]

TMB almost went bankrupt a few years ago and had to be bailed out by the government. TMB stands for Thai Military Bank which tells you all you need to know about this institution.

[yankee99]

TMB last week 1.5% for 3 months minimum 1000000baht........I think after tax you net around 12750 not bad if you can renew it is almost 6% a year

I also think you need a 1 year visa ymmv

when banks advertise 1.5% for 3 months the 1.5% is the yearly interest rate. You don't get 6% per year

No that is not the case this is a 3 month time deposit . They pay 1.5% on a minimum 1 million baht then they subtract taxes. I am not fluent in thai but i specifically asked after 3 months what i would get paid? She had a sheet and this is where i got my figures from.

I can not say if TMB is good or bad.

[ThaiBob]

I suggest the mods move this topic to Job,Economy, Banking...Forum as it has been discussed before and will get more responses.

[johnnyk]

I get interest on my K-Bank savings account. Don't know the rate but its probably less than 1%.

Edited October 27, 2010 by johnnyk

[Sophon]

TMB last week 1.5% for 3 months minimum 1000000baht........I think after tax you net around 12750 not bad if you can renew it is almost 6% a year

I also think you need a 1 year visa ymmv

when banks advertise 1.5% for 3 months the 1.5% is the yearly interest rate. You don't get 6% per year

No that is not the case this is a 3 month time deposit . They pay 1.5% on a minimum 1 million baht then they subtract taxes. I am not fluent in thai but i specifically asked after 3 months what i would get paid? She had a sheet and this is where i got my figures from.

I can not say if TMB is good or bad.

I'm sure there was a misunderstanding between you and the bank employee, no Thai bank will give you 6% per annum for a 3 months fixed deposit. If you check TMB's homepage the advertised interest rate for 3 months is 1.20% p.a., you might be able to get more for larger amounts - but not 6% p.a.

Sophon