"Emergency" bank account?

[CGW]

I am retired in Thailand now, previously I have lived here for many years so have a Thai bank account mainly for retirement visa purpose, most of my banking is done in USD online via a offshore account. I'm thinking it will be a good idea to have a separate account for emergency purposes, quite what emergency I anticipate I'm not sure!

Any recommendations, is there a Thai bank that actually pays some interest? account can be in any currency, obviously would expect a debit card as a minimum.

Thanks.

[KittenKong]

As far as I know all Thai banks offer instant access interest-bearing accounts, usually called "savings". Better rates can be had from several banks with special savings accounts, generally paying around 1.5% at the moment. CIMB, KrungSri, TMB and Standard Chartered all do these to my certain knowledge and probably others do to. Details in the pinned topic at the top of this forum.

Another option for rainy day money is a time deposit: you get a little more interest but if you need to you can withdraw early and only lose the interest. You can use this for your retirement visa deposit also, rather than leave it earning nothing. I get 2.00% on mine. Again, full details in that pinned topic.

I use 4 different banks here, just in case.

[lopburi3]

You say you want a debit card so that would mean a normal savings account which pays very little interest currently. If for emergency why not a fixed deposit account which pay more interest and only loss of interest if you need for a medical emergency or such?

[KittenKong]

You say you want a debit card so that would mean a normal savings account which pays very little interest currently.

If anyone really needs a debit card (rather than just an ATM card) they can easily open a regular savings account paying nearly no interest plus a "super savings" account with the same bank paying more. Have the debit card issued for that regular low-interest account then move the money from one to the other via internet banking.

Most "super savings" accounts come with some restriction as to the number of free withdrawals per month (often 2), and the above technique gets round it nicely. I also use my regular low-interest savings account for paying my electric bill automatically by direct debit.

Edited May 4, 2016 by KittenKong

[Pib]

Sure, you can get a second (or more) Thai bank account. Up to you. All the Thai banks pay interest of around half percent on a basic savings account that comes with a debit card and ibanking if desired. Other types of accounts (there are many variations) also pay interest. But be sure your account is coded as a resident otherwise you will not get any interest.

Different banks have slightly different rules on proving you are a resident such as needing a long term visa/extension of stay like a retirement visa/extension which you have, maybe a work permit, or maybe you'll need to get a resident certificate from your home country embassy or your serving immigration office. Now I've read numerous ThaiVisa posts over the years that at KrungThai Bank (a state owned) many of the branches just don't want to code farang accounts as residents, therefore, you don't get interest. But you will also see posts where farang customers did provide the necessary proof to KrungThai to get their accounts coded as interest paying. A lot depends on how farang friendly your bank branch is.

I'm here just on a retirement visa/extension of stay and have several accounts with Bangkok Bank and Krungsri Bank. In fact, I have one Bangkok Bank account "without ATM/debit card" purely for safety reasons in my own mind...by that I mean to help avoid possible ATM/debit card skimming/ripoff I keep the bulk of my day-to-day living funds in that account and then just do ibanking transfers as required from the comfort of my computer over to my other Bangkok Bank account which has the debit card..basically just keeping that account topped-up but at a relatively low amount. And I have a Bangkok Bank direct deposit account which is focused towards receiving U.S. govt pension payments (although I don't use that account anymore be have keep it open just in case I need to use it again in the future). Have also had higher paying interest fixed accounts for my Bt800K in a Thai bank used for retirement extension of stay renewal purposes and to hold my BIG money for emergency purposes.

Everyone will have different reasons for having multiple bank accounts....many times a person needs to go that multiple accounts route to best protect their funds and satisfy their various financial needs/desires. Up to you...it's your money.

[CGW]

Thanks for the replies, don't really need a debit card so looks like time deposit is probably the best way to go, not a lot of difference between any of the accounts at the end of the day from what I am seeing.

[BobTH]

Thanks for the replies, don't really need a debit card so looks like time deposit is probably the best way to go, not a lot of difference between any of the accounts at the end of the day from what I am seeing.

This is the official Bank of Thailand listing of the various Thai banks present interest rates both savings and fixed. It might be of interest to you before deciding which bank you prefer.

https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

[ChrisY1]

Keep an eye out for some bank promos.....I put in 1M baht and receive 3%, for a 5 year term deposit for my visa renewal .

KrungThai with this acc....the promotion offer on the bank web sites and their pamphlets, is usually in Thai.....

[janpharma]

Beware...a "fixed deposit account" is not accepted for a retirement visa; you can use a "current account" or a "savings account" that shows transfers...

[KittenKong]

Thanks for the replies, don't really need a debit card so looks like time deposit is probably the best way to go, not a lot of difference between any of the accounts at the end of the day from what I am seeing.

This is the official Bank of Thailand listing of the various Thai banks present interest rates both savings and fixed. It might be of interest to you before deciding which bank you prefer.

https://www.bot.or.th/english/statistics/financialmarkets/interestrate/_layouts/application/interest_rate/IN_Rate.aspx

That link does not always include all the best rates for all TDs, more usually just the rates for "standard" duration TDs. Always check the individual bank's website or branch for the best rates.

[KittenKong]

Beware...a "fixed deposit account" is not accepted for a retirement visa; you can use a "current account" or a "savings account" that shows transfers...

That seems to depend on where you are. Such accounts are certainly accepted at Jomtien and I have used them for many years.

[CGW]

Don't need account for retirement visa have another account that covers that, want to get some money out of USD into something accessible, so looking like fixed deposit may be the way to go.

Cheers

[BB24]

Everyone will have different reasons for having multiple bank accounts....many times a person needs to go that multiple accounts route to best protect their funds and satisfy their various financial needs/desires. Up to you...it's your money.

Good advice: I would also add another reason to get a second Bank account - from another Bank.

Many years ago back in Aus I had a problem with my bank and could not access my money for several days while it was sorted - including over the weekend. I then got a second Bank's account and have always had 2 separate Bank's accounts ever since - same in Thailand since I first arrived here.

While on holiday in Thailand some time ago I tried to access some money from an ATM at a 7/11 store. The transaction was refused and I assumed I had entered the wrong PIN - so I tried again. The transaction was again refused and the screen message was that the account was now locked and I had to go to the Bank Branch. I decided it was the ATM so I went to another ATM at my other Banks' branch office and got out the money wanted. Next day I went into the local branch of the Bank with the locked card and they could not 'unlock it' - I was told to go back to my 'own' Bank branch (where I opened the account).

Thailand banking system is NOT like Western systems - each Region is in fact a separate 'franchise' with limited inter-Region capability - and they do things like charge a fee to withdraw or transfer money between them. Plus their business rules are very different - and they have very limited accountability to Govt or to their HQ - each Branch does it the way they want to (how very Thai).

It may differ in Regions I have not been to yet - but Bangkok Bank and Siam Commercial Bank seem to have the most prevalent number of Branches and ATMs, so I use them. And when I move to another Region, I open a new account in that Region.

And I no longer use ATMs that are not at a Branch, or in a large store (Makro, Tesco, BigC etc).

I keep my money offshore and transfer over 'living' funds 2-3 times a year. I wait for the exchange rate to be OK and above my budgeted level, and I use by Aus bank to transfer direct to preferred Thai bank (no fees from Aus - small fee locally). Most of my money is in an interest earning arrangement in Aus - I then transfer required amount into local Aus Bank and then to Thai Bank. Still waiting for a real global bank that will transfer internally from Aus to Thai with no fees and at guaranteed exchange rate - Citibank seems closest - still researching that option.

[Pib]

Beware...a "fixed deposit account" is not accepted for a retirement visa; you can use a "current account" or a "savings account" that shows transfers...

Been using a fixed deposit account for my retirement extension of stay at Chaeng Wattana/Bangkok immigration office for years. No problem.

From reading posts over the years, a few immigration offices will not accept a fixed deposit but the great majority will. And of those posts where the poster said their office did not accept a fixed saving deposit it was unclear if the poster really had a fixed savings deposit but instead had some type deposit/investment/bond where the funds were indeed locked/not available until the that financial instrument reached maturity. For a traditional fixed saving account you can immediately access the funds and therefore its acceptable to immigration; however, you'll lose most/all of the interest earned if withdrawing any funds before maturity.