Banking In Cm

[3stan]

Hi, could someone please tell me which bank in CM would give me the best yield rate on a fairly large sum of money (<1 mil bht). That money would just be sitting there,for future investment purposes, so i wouldnt really need standard banking services (atm..), if that makes a difference. Thanks and have a great sun-day.

[tolstoy]

Banks don't give good rates here. The best that I have is 2.8% for minimum of 10 months. The problem is that it was a promotion and any other money put in is at 2.2%

Some banks that I have gone to say that they don't give interest to foreigners but that seemed ridiculous to me so I ignored them and just went to another Bank.

Remember that different branches of the same bank will give different rates. You will need to just drive around and ask at different places. I had to go all the way out to Sanpatong Bangkok Bank to get my rate.

[3stan]

'Diffent branches of the same bank give different rates'..wow, that is 'interesting'. Yes, i have been told that the rates offered here in thailand are low. I was hoping around 3%. The money could be put under my (thai) wife's name if needed (i forgot to mention that). thks for feedback so far.

[onthedarkside]

Try the Siam Commercial bank fund accounts. You will have to ask what date the next best fund deal starts and be ready on that date, You should get at least 2.8% p.a.(tax paid) for a 3 month deal, Recently my wife started a one year deal paying 3.2 %. But it's not a case of walking in the door and open account, needs a bit of forward planning. Best of luck.

[Tywais]

You need to look for promotions to get the best rates. For example, I transferred some funds into a Bangkok Bank account recently when they offered 3.25%/annum for 7 months. Current promotion is 2.75%/annum for 4 month deposit.

[orang37]

snip ...The money could be put under my (thai) wife's name if needed.

"Lasciate ogne speranza, voi ch'entrate:" the sign over the entrance to Hell in Dante's Inferno: "abandon hope, all ye who enter here."

~o:37;

[Rotweiler]

Reasonable rates are only one part of the equation. Regardless of what you decide, be sure you question and fully understand what the tax implications are. Thai withholding taxxes can (will?) reduce the yield substantially.

[onthedarkside]

Reasonable rates are only one part of the equation. Regardless of what you decide, be sure you question and fully understand what the tax implications are. Thai withholding taxxes can (will?) reduce the yield substantially.

That's why I recommended the fund account method, no tax deducted or tax liability.

[scorecard]

Probably also worth checking:

- If the account is in your name (often not adviseable as the yield rate often lower for foreigners), can you make an arrangement with the bank manager to transfer the funds, on production of a death certificate, to a nominated Thai person.

- Or if the account is in joint names (either can sign or both must sign, which are quite different scenarios), can you make an arrangement with the bank manager to transfer the funds, on production of a death certificate, to the other party.

This subect is a nightmare and is worth checking. There are regulations issued by the Bank of Thailand on this subject, but they are ignored. All Thai banks seem to have their own policies but not well known by their own branch managers. And some banks (HO) will even say, Yes we have rules but it's up to the local manager.

Edited February 7, 2012 by scorecard