Thai Government Banks

[Khun Bob]

Managed to get myself a krung thai account yesterday - was relatively painless - even after making a less than favorable impression with my poor thai language on what appeared to be the poo yai (with security guard and policeman) behind the big desk in the waiting area. However I was surprised to find that the staff in the local branch spoke reasonable english and were very helpful in assisting me to fill out the forms. Managed to open the account with 100bt and got internet banking aswell, but havent tried this yet. Opted out of an atm card as this is an extra 150bt or 200bt - not sure but there was a notice in thai that talked about these amounts - but i have no need for this at the momement.

Thats the background and maybe useful information to some people. My question is - I was advised that i would not receive interest on my account. I have accounts with other non-government thai banks and do receive interest (a tiny amount, but i have no reason to think that this is a farang rate - i beleive it is the same as thais would receive). Do all thai government banks withold interest for foreigners ?

Also is Thai Bank a thai government bank ?

Cheers and look forward to hear from you.

[Firefan]

I think most get about 0.75% on their savings account. That is what I get at BKK Bank.

If one opens a non-resident account (one can hold USD and some other advantages regarding reporting/tax I think) then HSBC staff explained to me there is no interest paid.

All banks seems to mix up "foreign account" "non-resident account" and there might be other examples (foreigner holding local account?) but as long as my whopping 0.75% goes in I am extatic!

Cheers!

[Noel]

I think most get about 0.75% on their savings account. That is what I get at BKK Bank.

If one opens a non-resident account (one can hold USD and some other advantages regarding reporting/tax I think) then HSBC staff explained to me there is no interest paid.

All banks seems to mix up "foreign account" "non-resident account" and there might be other examples (foreigner holding local account?) but as long as my whopping 0.75% goes in I am extatic!

Cheers!

<{POST_SNAPBACK}>

For: "On the face of it only" comparison purposes, please Click Here

[Khun Bob]

I think most get about 0.75% on their savings account. That is what I get at BKK Bank.

If one opens a non-resident account (one can hold USD and some other advantages regarding reporting/tax I think) then HSBC staff explained to me there is no interest paid.

All banks seems to mix up "foreign account" "non-resident account" and there might be other examples (foreigner holding local account?) but as long as my whopping 0.75% goes in I am extatic!

Cheers!

<{POST_SNAPBACK}>

For: "On the face of it only" comparison purposes, please Click Here

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Thanks for the BOT link - interesting literally

[Noel]

I think most get about 0.75% on their savings account. That is what I get at BKK Bank.

If one opens a non-resident account (one can hold USD and some other advantages regarding reporting/tax I think) then HSBC staff explained to me there is no interest paid.

All banks seems to mix up "foreign account" "non-resident account" and there might be other examples (foreigner holding local account?) but as long as my whopping 0.75% goes in I am extatic!

Cheers!

<{POST_SNAPBACK}>

For: "On the face of it only" comparison purposes, please Click Here

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Thanks for the BOT link - interesting literally

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You are most welcome, Khun Bob.

What may be even more 'interesting' is to get a range of reactions and 'explanations' from different banks when 'valued farang customers' present the link to them.

Kasikorn should be good for a laugh when they trot out their 'Bank of Thailand say!' line...

I suggest being armed with a print-out in support of the URL before you walk out muttering and shaking your head...

[jbaldwin]

My understanding is that accounts held by non-residents do not pay interest. This is a government requirement to stop currency speculation. It is important that you put an address in Thailand on the application form and not an overseas address, otherwise you will not recieve interest.

[Khun Bob]

My understanding is that accounts held by non-residents do not pay interest.  This is a government requirement to stop currency speculation.  It is important that you put an address in Thailand on the application form and not an overseas address, otherwise you will not recieve interest.

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Mmmmmh - interesting again as i provided a thai address and had bills sent to the address to show as evidence of living there...

Be nice to know where it is written whether a non-thai should get interest or not - i dont know whether i will get interest or not on the krung thai account (not really that bothered at the momeent as only have 100bt in there) but if i were to put 3 million baht in there i would be more concerned...

I suspect that whn the account was created there may have been a check box that said pay interest or not and i got not - but i couldnt see the screen unfortuneately - also krung thai have a problem with the UK or any other of the coutries names - none are on the drop down list on the menu - so my nationality/country of residence is USA - closest to UK on the list... dont know of this has any bearing either - must admit i was a bit concerned about this

[Khun Bob]

Bump - anymore comments on this one ?

[Firefan]

I used a Thai address and am getting my interest of 0.75%/pa on my savings account every 6 month. I am presuming they withhold the tax.

If you want to squeeze a bit more interest/return out of the bank you can check my post here on mutual funds via BKK Bank (I am sure your bank will have something similar).

Cheers!

[Khun Bob]

Hi firefan and thanks for the advice on mutual funds. I'm presuming you have a thai gov bank account ?

I have accounts with thai farmers and bangkok bank and get interest on them - not exactly sure what addresses they have for me on those as i opened both on a 30 day tourist visa - which makes opening a krung thai account on a non-imm and being told no interest a bit funny - me thinks i might get interest as i have used a valid and proven thai address - but i just wonder if it is a policy for thai goverenment banks not to give foreigners regardless of your work situation, interest.

At the mo i dont have alot of money in thailand, but if i need to bring money into a thai gov bank then it would be nice to know i could get a bit of interest for doing that.

I wonder if anyone has had a longer ralationship with krung thai than i have had (approx three weeks) and could comment on their interest experience. Also does anyone get interest from other thai goverenment banks ? If so how did you do it ?

Cheers

I used a Thai address and am getting my interest of 0.75%/pa on my savings account every 6 month. I am presuming they withhold the tax.

If you want to squeeze a bit more interest/return out of the bank you can check my post here on mutual funds via BKK Bank (I am sure your bank will have something similar).

Cheers!

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[Firefan]

I have BKK Bank. Most foreigners use them or Siam Commercial but I am guessing you need to use a government bank in connection with visa or investment rules? Cheers!