Is it safe to do 1 year bank savings with Thai banks

[lemoncake]

Somewhat off topic, but does anyone know if 12-15 month fixed US Dollar accounts are available in Thailand which pay the same kind of interest rates. If so wouldn't it be safer to keep ones money in USD versus Thai Baht, especially in light of the current expectation that the Baht will be losing strength against the USD.

K-bank has foreign currency accounts. Last I checked interest is 3.75

[marioc]

<snip>

If you put you money in a fixed saving account, like I do for my yearly retirement extension of stay funds, there is a 15% withholding tax on the interest earned, but you can get this refunded each year by filing a refund request during Jan-Mar at the local tax revenue office. The refund request is a simple process at your local revenue office...at some offices it a very simple one page form...at other offices it may require a simple tax return filing...at my office it's the simple one page form with an attachments like a copy of your passport, copy of your passbook page showing the interest paid/tax withheld, and the letter from the bank confirming the tax withheld...depending on your office it will take 2-6 weeks to get the refund.

Wow...that's great to know. Could be a nice 5k Baht gift! Thanks!

Better in your pocket than the government's pocket...they'll just use it to fund the rice pledging scheme. In case you haven't seen, here's a Link to a Jan 13 thread in getting the refund. Gosh, and it's almost January again...getting close to the time to file (Jan-Mar 14) for the interest tax withholding for this year/2013....I will have two interest refunds to get since I had two fixed accounts mature in 2013...file for both on the same form. And you actually can file for 3 years back worth of interest tax withholdings.

Hi, I'd like to ask you something:

after filing a tax refund on my several Fixed Deposit Accounts with SCB, do you know if the Tax Revenue Office in Chiang Mai will contact in any way the Tax Revenue Office in my country(where I am supposed to live) to notify anything related to this refund?

I hope I made myself clear..... well, I guess you have understood my point....

Thank you.

[Pib]

Guess Bangkok Bank has them also...for fixed savings, regular savings, or current/checking accounts. Link. Link 2.

And this Link shows the FCD interest rates...for a 12 month fixed FCD the interest rate is 0.85%...nothing close to what lemoncake mentions above for K-bank. Find it hard to believe that Bangkok Bank and Kbank would have such a big, big difference in interest rates for a FCD...maybe the 3.75% is really on for Thai baht fixed accounts which is very similar to what Bangkok Bank offers for Thai baht fixed accounts...according to this Kbank Link the 12 month fixed FCD interest rate is only 0.90%....I know it shows a 2011 date but that's the document that pulls up when clicking the Kbank FCD Interest Rates sublink at this Kbank Link.

Edited November 8, 2013 by Pib

[lemoncake]

Guess Bangkok Bank has them also...for fixed savings, regular savings, or current/checking accounts. Link. Link 2.

And this Link shows the FCD interest rates...for a 12 month fixed FCD the interest rate is 0.85%...nothing close to what lemoncake mentions above for K-bank. Find it hard to believe that Bangkok Bank and Kbank would have such a big, big difference in interest rates for a FCD...maybe the 3.75% is really on for Thai baht fixed accounts which is very similar to what Bangkok Bank offers for Thai baht fixed accounts...according to this Kbank Link the 12 month fixed FCD interest rate is only 0.90%....I know it shows a 2011 date but that's the document that pulls up when clicking the Kbank FCD Interest Rates sublink at this Kbank Link.

Aud

http://www.kasikornbank.com/EN/RatesAndFees/FCD/Documents/FCD_02062011_EN.pdf

[Pib]

Guess Bangkok Bank has them also...for fixed savings, regular savings, or current/checking accounts. Link. Link 2.

And this Link shows the FCD interest rates...for a 12 month fixed FCD the interest rate is 0.85%...nothing close to what lemoncake mentions above for K-bank. Find it hard to believe that Bangkok Bank and Kbank would have such a big, big difference in interest rates for a FCD...maybe the 3.75% is really on for Thai baht fixed accounts which is very similar to what Bangkok Bank offers for Thai baht fixed accounts...according to this Kbank Link the 12 month fixed FCD interest rate is only 0.90%....I know it shows a 2011 date but that's the document that pulls up when clicking the Kbank FCD Interest Rates sublink at this Kbank Link.

Aud

http://www.kasikornbank.com/EN/RatesAndFees/FCD/Documents/FCD_02062011_EN.pdf

Yeap, for other some currencies like the AUD it is significantly higher....but for the USD it's only 0.90%. Guess the USD is plentiful as a world reserve currency....kinda like the EUR and GBP which were only 1%.

[lemoncake]

Guess Bangkok Bank has them also...for fixed savings, regular savings, or current/checking accounts. Link. Link 2.

And this Link shows the FCD interest rates...for a 12 month fixed FCD the interest rate is 0.85%...nothing close to what lemoncake mentions above for K-bank. Find it hard to believe that Bangkok Bank and Kbank would have such a big, big difference in interest rates for a FCD...maybe the 3.75% is really on for Thai baht fixed accounts which is very similar to what Bangkok Bank offers for Thai baht fixed accounts...according to this Kbank Link the 12 month fixed FCD interest rate is only 0.90%....I know it shows a 2011 date but that's the document that pulls up when clicking the Kbank FCD Interest Rates sublink at this Kbank Link.

Aud

http://www.kasikornbank.com/EN/RatesAndFees/FCD/Documents/FCD_02062011_EN.pdf

Yeap, for other some currencies like the AUD it is significantly higher....but for the USD it's only 0.90%. Guess the USD is plentiful as a world reserve currency....kinda like the EUR and GBP which were only 1%.

May be good idea to change from usd to aud, exchange is almost 1:1

PS. What about Hong Kong or Singapore ?

Edited November 8, 2013 by lemoncake

[TallGuyJohninBKK]

Anyone who thinks Thai bank accounts are "safe," at least those involving ATM cards, needs to at least read the other item in the news today...

Good luck to the victims in getting their stolen funds restored, since that doesn't usually seem to be a very easy feat here in Thailand... despite what the TBA official says below.

Posted Today, 05:44

ATMs on Wireless Road hacked, card users say
Vorapun Sukkaew
The Nation

Customers of several banks report withdrawals in Ukraine and Russia

BANGKOK: -- THERE HAVE been signs of ATMs being hacked in areas near the All Seasons Place on Wireless Road in Bangkok.

As many as 40 victims have come forward to say that money has either been withdrawn or transferred from their accounts to Ukraine and Russia.

"Up to 16 withdrawals from my account worth a total of Bt100,000 were made in Russia between Tuesday and Thursday [yesterday]," Mayurachat (surname withheld) said, adding that she did not understand what had happened.

"But I have already had my ATM card frozen," she said.

Victims began lodging complaints with the Lumpini Police Station, which oversees the area, on Wednesday.

"We have checked out the ATM machines in question, but found no skimmers of the sort we know about," Colonel Chaiya Kongsap, superintendent of the police station, said.

The ATM cards affected came from different banks and were hacked at different machines.

Pol Lt-Colonel Decha Promsuwan, an investigator at the Lumpini Police Station, has warned people against using ATMs in the area.

"The banks are still in the process of finding out how their customers' information was hacked," he said.

Pakamas Vidhidharm said she used a Siam Commercial Bank (SCB) ATM card to withdraw money from a Bangkok Bank ATM in the area on Monday.

"Soon after, SCB contacted me about a suspicious transaction. Someone had withdrawn Bt20,000 from my account in Kiev," she said, adding that her ATM card has been frozen since.

On Wednesday, she used a Bangkok Bank card to withdraw money from a Bank of Ayudhya ATM in the same area.

"In less than 10 minutes, Bangkok Bank contacted me saying some Bt10,000 had been transferred from my account to Kiev," Pakamas said.

Somchai Pichitsujarit of the Thai Bankers' Association said it was possible that some gangs might be using a micro camera to record users typing their pin number.

He tried to allay concerns, by saying: "People can use their ATMs as usual. If any suspicious transaction is detected, banks will take immediate attention. Besides, banks are responsible for any damages caused by skimming."


-- The Nation 2013-11-08

http://www.thaivisa.com/forum/topic/680231-atms-on-bangkoks-wireless-road-hacked-card-users-say/

Edited November 8, 2013 by TallGuyJohninBKK

[Pib]

Preaching to the choir for many...Always remember banking consumer protection in Thailand may not meet your expectations....expectations based on your home country consumer protection...but you ain't in your home country. TIT. Plus, you will have the inevitable language communication and non Thai citizen issues which makes most folks more uncomfortable when banking in a foreign country. But then again, maybe your home country banking consumer protection makes Thailand's consumer protection look great.

[Jack Mountain]

Anyone who thinks Thai bank accounts are "safe," at least those involving ATM cards, needs to at least read the other item in the news today...

Good luck to the victims in getting their stolen funds restored, since that doesn't usually seem to be a very easy feat here in Thailand... despite what the TBA official says bel

Open 2 accounts at your bank, one with, one without an ATM card. Put the main part of your money on the nonATM account and use it to transfer some money to the ATM account by internet banking, so you can withdraw it ...

[craigt3365]

Anyone who thinks Thai bank accounts are "safe," at least those involving ATM cards, needs to at least read the other item in the news today...

Good luck to the victims in getting their stolen funds restored, since that doesn't usually seem to be a very easy feat here in Thailand... despite what the TBA official says bel

Open 2 accounts at your bank, one with, one without an ATM card. Put the main part of your money on the nonATM account and use it to transfer some money to the ATM account by internet banking, so you can withdraw it ...

Great recommendation. That's what I do. But I also only use ATMs that are located inside a branch. I never use an ATM on the street.

[khunPer]

I have used deposit in Thai banks for several years now – especially if you stay here on retirement or marriage basis, it may be wise just to leave the 800k or 400k in a bank, so they are always seasoned enough.

There is a 1 million baht security on deposits – think it is 10 million at the moment, but being reduced to 1 million next year or so. The interest rate varies on fixed accounts and is depending of the rate at the day of the deposit. At the moment the rates are from around 2½ to 3 percent for 12-month deposits. For three month accounts the interest is paid after three month and the full amount normally continue on new three month term, 12 month accounts the same but with 12 month terms. You may be able to find fixed deposit offers based on an agreed term, like 15 month giving you some 3½ percent paid at the end of the term, or longer terms with semi-annual interest. The tax on interest is 15 percent and will be withhold by the bank.

Another possibility is a so-called Fund Book, where your deposit will be placed in a bond portfolio. You will not be paid interest, but the going rate of the fund will rise. Interest, or rather rise in going rate, may be a bit higher than a fixed term bank deposit. You can sell the value of the profit at any time and the benefit is, that there is no tax. However, you cannot use a Fund Book as capital for visa extension, as not being considered as bank deposit by Immigration, but an investment. I am not aware of any kind of guarantee, but there is probably none, being an investment.

I have been using Bangkok Bank and SCB (Siam Commercial Bank), but the other banks may be just as good – or better. Ayuttaya Bank seems not to pay interest to foreigners, but that may have changed since I dropped out some years ago for that reason. Many of the banks have English web-sites with excellent information about fixed terms and Fund Books, hereunder a variety of portfolios in the stock markets.

[circusman]

At last, a thread that is very helpful. Thanks boys and girls.

[phantomfiddler]

fear not,is there any banking system in the world that you can trust.

there is 3.30% available at quite a few banks fixed for 15months for me this is a fair rate.

as for tax 15% is deducted on maturity which you can claim back as long as you have no more than arround 140,000baht interest in any tax yr.jan.-dec.

so dont delay do it today.

Right on ! Slap it in, safe as anywhere, 3% is MUCH better than leaving it in a savings account, and some banks ever give the interest up front !! I am also informed that if you are over 60 you can claim back a substantial part of the 15% levied on your interest, just get the paperwork off the bank and take it down to the tax office in Jomtien. Also, the one thing that gives me faith in the baht is that *** is never going to go out of style

[bt2017]

A friend of mine a Thai National had 20,000bt taken from her SCB account in BKK 6 months ago she lives in Chiang Mai and rarely goes to BKK the banks response was "this ca'nt happen & it's a police matter" it then transpired that many accounts had been scammed but absolutely no response from the bank. I just keep a savings acc. without an ATM card I feel safest way to go!!!!

[meatboy]

A friend of mine a Thai National had 20,000bt taken from her SCB account in BKK 6 months ago she lives in Chiang Mai and rarely goes to BKK the banks response was "this ca'nt happen & it's a police matter" it then transpired that many accounts had been scammed but absolutely no response from the bank. I just keep a savings acc. without an ATM card I feel safest way to go!!!!

bt.thats the way to do it NO CARDS AT ALL but most are too lazy to pop to the bank if they need cash.

money in a thai bank SAFE AS HOUSES

[TallGuyJohninBKK]

A friend of mine a Thai National had 20,000bt taken from her SCB account in BKK 6 months ago she lives in Chiang Mai and rarely goes to BKK the banks response was "this ca'nt happen & it's a police matter" it then transpired that many accounts had been scammed but absolutely no response from the bank. I just keep a savings acc. without an ATM card I feel safest way to go!!!!

Some members here have suggested that those kinds of actions by the Thai banks are discriminatory aimed at farangs.

But I don't believe that. From everything I've seen here over time, the Thai banks typically treat their ordinary Thai customers exactly the same way in cases of bank or ATM theft/fraud, and that is, it's your problem, not ours... Good luck.

Your friend's episode bears that out.

[Pib]

 

fear not,is there any banking system in the world that you can trust.

there is 3.30% available at quite a few banks fixed for 15months for me this is a fair rate.

as for tax 15% is deducted on maturity which you can claim back as long as you have no more than arround 140,000baht interest in any tax yr.jan.-dec.

so dont delay do it today.

Right on ! Slap it in, safe as anywhere, 3% is MUCH better than leaving it in a savings account, and some banks ever give the interest up front !! I am also informed that if you are over 60 you can claim back a substantial part of the 15% levied on your interest, just get the paperwork off the bank and take it down to the tax office in Jomtien. Also, the one thing that gives me faith in the baht is that *** is never going to go out of style

Getting the "full" 15% withholding tax on interest earned on fixed accounts refunded has no age restrictions. ..you can be any age.

Sent from my Samsung S4 (GT-I9500)

[Pib]

 

There is a 1 million baht security on deposits – think it is 10 million at the moment, but being reduced to 1 million next year or so.

Not quite right...See post #11 for amounts and dates.

Sent from my Samsung S4 (GT-I9500)

[expatsupreme]

A friend of mine a Thai National had 20,000bt taken from her SCB account in BKK 6 months ago she lives in Chiang Mai and rarely goes to BKK the banks response was "this ca'nt happen & it's a police matter" it then transpired that many accounts had been scammed but absolutely no response from the bank. I just keep a savings acc. without an ATM card I feel safest way to go!!!!

bt.thats the way to do it NO CARDS AT ALL but most are too lazy to pop to the bank if they need cash.

money in a thai bank SAFE AS HOUSES

that is what I am scared of

I have 100000 in my thai bank account after I left pattaya 1.5 years ago, I hope it will be still there when I return

[craigt3365]

OK, let's play nice and abide by forum rules.

[topt]

A friend of mine a Thai National had 20,000bt taken from her SCB account in BKK 6 months ago she lives in Chiang Mai and rarely goes to BKK the banks response was "this ca'nt happen & it's a police matter" it then transpired that many accounts had been scammed but absolutely no response from the bank. I just keep a savings acc. without an ATM card I feel safest way to go!!!!

bt.thats the way to do it NO CARDS AT ALL but most are too lazy to pop to the bank if they need cash.

money in a thai bank SAFE AS HOUSES:w00t:

that is what I am scared of

I have 100000 in my thai bank account after I left pattaya 1.5 years ago, I hope it will be still there when I return

Do you not have internet banking so you can check on it?

[KittenKong]

I have 100000 in my thai bank account after I left pattaya 1.5 years ago, I hope it will be still there when I return

You may want to check that your bank doesn't have a policy of charging for dormant accounts. Most do, though the conditions vary and it doesn't usually apply to savings accounts.

[Jack Mountain]

A friend of mine a Thai National had 20,000bt taken from her SCB account in BKK 6 months ago she lives in Chiang Mai and rarely goes to BKK the banks response was "this ca'nt happen & it's a police matter" it then transpired that many accounts had been scammed but absolutely no response from the bank. I just keep a savings acc. without an ATM card I feel safest way to go!!!!

bt.thats the way to do it NO CARDS AT ALL but most are too lazy to pop to the bank if they need cash.

money in a thai bank SAFE AS HOUSES:w00t:

that is what I am scared of

I have 100000 in my thai bank account after I left pattaya 1.5 years ago, I hope it will be still there when I return

Do you not have internet banking so you can check on it?

Or use your ATM card, it's works abroad ....

[Pib]

Most of the Thai banks policy on dormant savings account is when the account drops below 2,000 baht for 12 months then they will start charging a monthly mainteance fee...and once the fee has depleted the account balance the account is closed. The account can be below 2,000 baht without no fee as long as there has been some kind of customer account activity (e.g, deposits, withdrawals, maybe even a passbook update, maybe an ibanking logon...not sure of what would really satisfy the bank...probably some kind of deposit/withdrawal of at least one stang). I guess the banks figure if the account is below 2,000 baht, there hasn't been any customer account activity for 12 months, then maybe the customer has been abducted by aliens, left the country, died, etc...and maybe the bank thinks if they are still alive and in Thailand then a fee might somehow catch the customer's attention to confirm with the bank they are still alive and kicking. Just stay above 2,000 baht if letting the account lay dormant if out of the country for a while and the account should be OK.

Edited November 12, 2013 by Pib

[expatsupreme]

i have 160000 bht in my regular scb account, i wanted to buy house and transfered 100000 for laywer fee and reservation etc....

but changed my mind the last second

but i get like 0.7 % interest per year, they told me that over the phone

i am coming back soo so let the money be there

[KittenKong]

Most of the Thai banks policy on dormant savings account is when the account drops below 2,000 baht for 12 months then they will start charging a monthly mainteance fee........ Just stay above 2,000 baht if letting the account lay dormant if out of the country for a while and the account should be OK.

This works for most banks, as I indicated, but Standard Chartered here (just as an example) charge a maintenance fee on their high interest account if there is no movement each year, even if the balance is high.

So worth checking with your own bank, I think.

[lemoncake]

Ok, so Thai banks may not offer the ultimate security for larger deposits, but what about using bank in Singapore or Hong Kong ? Anyone has experience with that?

[lemoncake]

Ok, so Thai banks may not offer the ultimate security for larger deposits, but what about using bank in Singapore or Hong Kong ? Anyone has experience with that?