Need a reliable Thai bank for a savings account.

[Sunak]

8 minutes ago, louse1953 said:

55,US banks reliable.

So safe at European banks where negative interest lingers.

So safe at European banks where some want to abolish cash.

Do you hear the message?

[louse1953]

Just now, Pib said:

 

You asked what are the Krungsri Mee Tae Dai (MTD) savings account interest rates.  Currently 0.6% for less than  Bt100K,  1.3% for Bt100K to Bt50M and back to 0.6% for amounts over Bt50M.  The standard savings account interest at Thai banks is only around 0.3 to 0.5% compared to the MTD account which pays more interest especially if you keep the balance within the 100K to 50M ballpark.    

 

Interest is paid monthly.

 

You can get a debit card with the MTD account...they have a half dozen or so debit cards ranging from no annual fee (the card I got) to several thousand baht (the ones with various kinds of insurance.    You can also have ibanking which I have.  I'm on a retirement extension of stay.

 

You can make as many withdrawals per month as desired but only the first two withdrawals are free; each additional for that month cost Bt50.   No interest earned penalty for withdrawing like with a fixed account where you would lose most to all of the interest earned if withdrawing any amount before the deposit maturity date.

 

Also, there is no 15% tax withheld like for "any" amount of interest earned like with a fixed depoist account; with the MTD account tax is only withheld if you exceed Bt20K interest earned per year just like with a normal savings account.

 

Full details below from Krungsri's website.

https://www.krungsri.com/bank/getmedia/50fdb570-d268-45ac-a80d-8398f3c17690/Deposit-Rates-03102016.aspx

Bangkok Bank has 1.375% for 11 months for over 100k.A bit more but less flexibility.That's my nest egg and that's where it stays.

[khunPer]

In reply to OP: 

If you can afford it, make a fixed deposit for your 800,000 baht-deposit for extension of stay in the Kingdom based on retirement; and use a separate account for your daily transactions and ATM withdrawals – that makes it less complicated for the Immigration officer to check your 800k-balance.

 

Bangkok Bank has at the moment a good interest of 1,50% on a fixed 12-month account – if you can afford to deposit permanently – which less 15% withdrawal tax gives you 1.275% interest p.a. and thereby slightly over the average present annual inflation rate. I think it's about the best at the moment, from major banks. I use that myself, but had previous years been shopping around for best fixed interest on agreed terms; sometime you can find 9-month, 11-month or 15-month deposit bargains, but be aware of accounts with increasing interest, that it's the average interest that matters for comparison with what other bank's offers.

 

All Thai banks has a security for deposits, just like Europen banks, at the moment several million baht, but it will in a few years be decreased to one million baht (each bank), so both Bangkok Bank and other banks are safe enough for a retirement-deposit and some little extra.

[louse1953]

Just now, khunPer said:

In reply to OP: 

If you can afford it, make a fixed deposit for your 800,000 baht-deposit for extension of stay in the Kingdom based on retirement; and use a separate account for your daily transactions and ATM withdrawals – that makes it less complicated for the Immigration officer to check your 800k-balance.

 

Bangkok Bank has at the moment a good interest of 1,50% on a fixed 12-month account – if you can afford to deposit permanently – which less 15% withdrawal tax gives you 1.275% interest p.a. and thereby slightly over the average present annual inflation rate. I think it's about the best at the moment, from major banks. I use that myself, but had previous years been shopping around for best fixed interest on agreed terms; sometime you can find 9-month, 11-month or 15-month deposit bargains, but be aware of accounts with increasing interest, that it's the average interest that matters for comparison with what other bank's offers.

 

All Thai banks has a security for deposits, just like Europen banks, at the moment several million baht, but it will in a few years be decreased to one million baht (each bank), so both Bangkok Bank and other banks are safe enough for a retirement-deposit and some little extra.

Be sure to claim that 15% back.

[Pib]

Due to interest rates coming down so much over last year or two, fixed deposit accounts don't pay anything close to what they use to.  I use to keep my retirement visa/emergency money in Bangkok Bank fixed accounts....I use to get around 3.25% around 2 to 3 years ago, but now about the typical best fixed account is around 1.5% give or take a little.     And as already mentioned there is a 15% tax on "any" interest earned with a fixed account....whether it's 1 baht of interest earned or much high say Bt30K.  

 

Now you can get all or most of the 15% tax back by filing for a refund with the govt each year (file Jan-Mar) which I always did and always got the full refund...but you did have to go to the govt tax office to file...or I guess a few folks have done it at their online site.   It's an easy process as long as your local tax office allows it to be easy....I know my Bangkok tax office made it easy....your results may vary.

 

But as mentioned once the interest rates dropped so much I instead started keeping my retirement visa/emergency money in a Krungsri MTD account which paid real close to the same as a fixed account....except with the MTD account I could withdraw money at any time without an interest penalty, no 15% tax unless exceeding Bt20K internet earned per year, debit card, ibanking, etc.   None of the fixed account negatives.   When I first open the MTD around 2 years ago it was paying 2.3% but it also has rolled off in interest (down to 1.3% now) just as the fixed accounts have rolled off to similar amounts....and when rates start going up again so will the MTD interest rate.   But a MTD 1.3% rate sure beats the typical Thai bank saving account rate of approx 0.3 to 0.5% and is just under the approx 1.5% fixed account rate which is probably be a 12 month maturity rate.

 

Krungsri Bank provides the bank letter needed for your retirement extension for Bt100....takes about 15 minutes.  Bangkok Bank also provides the letter in about 15 minutes but charges Bt200.   

[khunPer]

1 hour ago, Pib said:

Due to interest rates coming down so much over last year or two, fixed deposit accounts don't pay anything close to what they use to.  I use to keep my retirement visa/emergency money in Bangkok Bank fixed accounts....I use to get around 3.25% around 2 to 3 years ago, but now about the typical best fixed account is around 1.5% give or take a little.     And as already mentioned there is a 15% tax on "any" interest earned with a fixed account....whether it's 1 baht of interest earned or much high say Bt30K.  

 

Now you can get all or most of the 15% tax back by filing for a refund with the govt each year (file Jan-Mar) which I always did and always got the full refund...but you did have to go to the govt tax office to file...or I guess a few folks have done it at their online site.   It's an easy process as long as your local tax office allows it to be easy....I know my Bangkok tax office made it easy....your results may vary.

 

But as mentioned once the interest rates dropped so much I instead started keeping my retirement visa/emergency money in a Krungsri MTD account which paid real close to the same as a fixed account....except with the MTD account I could withdraw money at any time without an interest penalty, no 15% tax unless exceeding Bt20K internet earned per year, debit card, ibanking, etc.   None of the fixed account negatives.   When I first open the MTD around 2 years ago it was paying 2.3% but it also has rolled off in interest (down to 1.3% now) just as the fixed accounts have rolled off to similar amounts....and when rates start going up again so will the MTD interest rate.   But a MTD 1.3% rate sure beats the typical Thai bank saving account rate of approx 0.3 to 0.5% and is just under the approx 1.5% fixed account rate which is probably be a 12 month maturity rate.

 

Krungsri Bank provides the bank letter needed for your retirement extension for Bt100....takes about 15 minutes.  Bangkok Bank also provides the letter in about 15 minutes but charges Bt200.   

1.3% Krungsri Bank with no interest tax compared to 1.275% in Bangkok Bank after withdrawal of interest; which you can claim back, if you have no other Thai income exceeding the minimum limits, and if it's worth filling the forms and go to the government tax-office for claiming 1,800 baht interest-tax back.

 

The fixed deposit interest rates in Thailand are supposed to mirror the annual inflation – so the government says – more or less; so with around 1% annual average inflation, interest fits fairly well at the moment.

 

I tried Krungsri Bank, once again, last year, and still not all that positive experience. For the letter and statement to Immigration they charged 300 baht, and it took more than 24 hours to get it. Both Bangkok Bank and SCB (Siam Commercial Bank) do it in 10-15 minutes; Bangkok Bank charge 100 baht for letter and statements, also for multiple accounts, whilst SCB charge 100 for letter incl. statement for each account. Fee may variate from area to area for the same bank, so Krungsri in one province, may not be same service in another province – and Bangkok Bank where I live, may be slightly different from other areas – worth to bear in mind, if small fees, and especially time, are important...

[Pib]

Won't argue the point a 1.5% fixed account will put a little more interest-earned in your pocket "if you file for the tax refund each year" which I've always done successfully.   But I would really rather not have to file to get that withholding back and wait till Jan-Mar to file for the refund.  

 

And with a fixed account I don't have the flexibility to access some or all of the funds with incurring partial to full loss of the interest earned before maturity.  With a MTD account you don't have the tax withholding (unless earning over Bt20K in interest) and I can access the funds at any time without interest penalty and access via counter, ATM or ibanking.   So, until fixed deposit rates start to be significantly higher than a MTD account interest I'll be keeping my big money for retirement extension/emergency in the MTD account.

 

The branches a person must deal with can make a big difference.  The two Krungsri branches here in Bangkok I deal have always been fast, courteous, etc.  One branch is the branch in the Bangkok Chaeng Wattana Immigration building where I opened the account and get bank letter for Bt100 in 15 minutes...and the other one is here in western Bangkok which I visit about once a month to do a counter cash advance using my US debit/credit cards...and I also use my Krungsri debit card to withdraw funds from an ATM occasionally.

 

And I can't complain about Krungsri's ibanking....I like it as much as my Bangkok Bank ibanking.  Occasionally I transfer funds from my Krungsri account to my Bangkok Bank accounts using the Krungsri ibanking.  I select the instantaneous transfer option which costs Bt35 and the funds appear in my Bangkok Bank account within a second or two.  I did a transfer last week...was logged on both my Krungsri and Bangkok Bank ibanking, after I clicked the Send button on my Krungsri ibanking I selected the browser window showing my Bangkok Bank ibanking, did a page refresh, and the money had already arrived.   Only took me a second or two to switch browser tabs and click refresh...and the money had posted to my Bangkok Bank account already....Fast.

 

Yea, only a million or so TV posts talking about how many people get different results from different branches.   One person gets great service at a certain bank/branch and the next person seems to get terrible service.   And both people are polite, nice dressed farangs.  So much depends on branch management and how well trained the staff are.

 

I'm happy with my Bangkok Bank and Krungsri Bank accounts.  Usually to get the best all around deals to meet each person's banking wants/needs/requirements, they need to have an account(s) with more than one bank.  Plus that will also increase their deposit protection coverage by not have all their eggs in one basket.   And if a US person wanting to cheaply transfer funds via the U.S. ACH funds transfer system Bangkok Bank is the only Thai bank with ACH receiving capability....they can also receive U.S. govt pensions such as social security, military/civil service retirement, etc., since the U.S. govt uses the ACH system to accomplish Direct Deposit of pension payments.

[how241]

 I think all the Thai banks are good.  I have accts. at many different  Thai banks and never have had any problems.

[JaiLai]

5 hours ago, Pib said:

 

You asked what are the Krungsri Mee Tae Dai (MTD) savings account interest rates.  Currently 0.6% for less than  Bt100K,  1.3% for Bt100K to Bt50M and back to 0.6% for amounts over Bt50M.  The standard savings account interest at Thai banks is only around 0.3 to 0.5% compared to the MTD account which pays more interest especially if you keep the balance within the 100K to 50M ballpark.    

 

Interest is paid monthly.

 

You can get a debit card with the MTD account...they have a half dozen or so debit cards ranging from no annual fee (the card I got) to several thousand baht (the ones with various kinds of insurance.    You can also have ibanking which I have.  I'm on a retirement extension of stay.

 

You can make as many withdrawals per month as desired but only the first two withdrawals are free; each additional for that month cost Bt50.   No interest earned penalty for withdrawing like with a fixed account where you would lose most to all of the interest earned if withdrawing any amount before the deposit maturity date.

 

Also, there is no 15% tax withheld like for "any" amount of interest earned like with a fixed depoist account; with the MTD account tax is only withheld if you exceed Bt20K interest earned per year just like with a normal savings account.

 

Full details below from Krungsri's website.

https://www.krungsri.com/bank/getmedia/50fdb570-d268-45ac-a80d-8398f3c17690/Deposit-Rates-03102016.aspx

Thanks for that, i was having a look at the .pdf on their website and struggling to understand it.

[bandito]

A reliable (Thai) bank?

There are no reliable banks, Thai or otherwise.

Thieving criminal institutions all of them.

[roo860]

Always had good and reliable service from SCB.

Sent from my SM-G920F using Thaivisa Connect mobile app

[steve187]

what savings account at K Bank would be good for immigrations 400,000/800,000 baht deposit

[khunPer]

5 hours ago, steve187 said:

what savings account at K Bank would be good for immigrations 400,000/800,000 baht deposit

Any bank's savings or fixed accounts will normally be accepted by Immigration for extension of stay, as long as the initial deposit (presume 400k or 800k) can be withdrawn at any time; at fixed accounts, i.e. 3-6-12 month, you normally loose the interest when withdrawn before due date, but fixed accounts gives you a higher interest than savings accounts.

 

As I mntioned in an earlier post, it's best if one can afford to have the 400,000 baht or 800,000 baht in a separate account, so it's not mixed up with daily in- and out flow, making it easy for Immigration to check the balance during the 3-month maturing period.

[12DrinkMore]

WOW!

 

We have started the new year on a good note for Thailand!

 

Almost all the posts above are positive about Thai banks. Unprecedented.

 

(However....  maybe only TVers with a bright and positive outlook are up and about on the 1st January. All the miserable old sods are possibly still emerging from a drink induced coma and will come later and post about how bad Thai banks are)

Edited January 1, 2017 by 12DrinkMore

[Bulldozer Dawn]

The strategy that I used last year (due to the paltry bank interest rates now on offer) was to leave my 800K in my Krungsri account for just the minimum required 3 months.  The day after I did my extension, I transferred the 800K across to my Thai trading account.  I used that money to buy shares in a couple of exchange traded funds (ETFs) that track the performance of the Stock Exhange of Thailand (SET).  That strategy yielded me a net return of just under 16% with no tax levied by the Thai government on my capital gains.

 

That is more than 10 times what I would of received in interest if I had left my money in the bank.

 

I intend using exactly the same strategy this year, and like last year, will protect my investment with trailing stops.

 

For anyone that is interested, there is a detailed guide to investing in Thai ETFs located here:

 

A Guide to Exchange Traded Funds in Thailand

 

 

 

Edited January 2, 2017 by Bulldozer Dawn

[asianscouser]

Krungthai and Krunsrai is open to tourists. I had one 4 years ago. For some crazy reason, my ex ripped my book and card to bits, on more than one occasion.
Meant I had to keep going to the police station to report lost cards.
Also, if you try one branch and they say no, don't give up.
You will "Eventually" walk into one bank and get a yes, I eventually got a Bangkok bank, bank account (Handy for PayPal) trust me, it's all about discretion on the staffs side. There are no rigid bank laws to hinder your opening an account.


Sent from my iPhone using Thaivisa Connect

[Damrongsak]

On 12/30/2016 at 9:01 AM, The Dancer said:

 

Kasikorn means farmer in Thai, sweetheart.

Oh, you mean Tanakan Loog Toong. Gotcha. (I was in Isaan)  :) 

[Pib]

4 hours ago, asianscouser said:

You will "Eventually" walk into one bank and get a yes, I eventually got a Bangkok bank, bank account (Handy for PayPal) trust me, it's all about discretion on the staffs side. There are no rigid bank laws to hinder your opening an account.

 

Bingo!   Indeed it is all about discretion on the staff inside which will be largely based on branch manager guidance.   And if they reject you many times they will give a reason that is "not" the real reason you are rejected.  The ol' "you gotta have a work permit" is probably the best example of an excuse they will give.    

[ozmeldo]

I recall reading just a few weeks ago the Islamic bank was on some sthi list. I also recall reading SCB had loaned  huge money on a steel plant in UK I think it was. Commodities were rock bottom and it was thought the bank would get rocked.

 

I loathe K Bank, poor service, novice tellers, crowds. I've been with SCB any 15 years mainly due to all the ATM's. It's been mostly good. Good experience with Auyuttya and fair with UOB.

 

My recommendation is SCB up to 1M.

[DrDweeb]

Hi all.

 

For various reasons, I need an extra bank account. I have a non-immigrant O ME visa.

 

This past week I visited SCB (where I have had an account, ATM and internet banking for almost a decade) and KTB in an attempt to get an account.

 

1. KTB told me I couldn't have a bank account without showing a "work permit".
2. SCB, at my own branch, told me the same thing! I needed a "work permit" - orders from head office. Being a long standing customer of the bank did not help my cause.

So, there you have it folks. Anyone had any better luck lately?

Edited January 15, 2017 by DrDweeb
re-order

[Bulldozer Dawn]

On 1/15/2017 at 11:51 PM, DrDweeb said:

Hi all.

 

For various reasons, I need an extra bank account. I have a non-immigrant O ME visa.

 

This past week I visited SCB (where I have had an account, ATM and internet banking for almost a decade) and KTB in an attempt to get an account.

 

1. KTB told me I couldn't have a bank account without showing a "work permit".
2. SCB, at my own branch, told me the same thing! I needed a "work permit" - orders from head office. Being a long standing customer of the bank did not help my cause.

So, there you have it folks. Anyone had any better luck lately?

Try Krungsri

[lkn]

1 hour ago, Bulldozer Dawn said:

Try Krungsri

 

If he’s on a tourist visa and does not own a condo, I think they will reject him. I am saying that based on having opened an account with Krungsri today, and they told me that tourist visa and no condo = no account. Other situations being “case by case”.

 

However, Krungthai is open to people on tourist visa and is stated policy, but you will have to forego interests, and you may have to tell the staff this.

 

Related threads:

 

[YT3k72Em]

On 1/15/2017 at 11:51 PM, DrDweeb said:

Hi all.

 

For various reasons, I need an extra bank account. I have a non-immigrant O ME visa.

 

This past week I visited SCB (where I have had an account, ATM and internet banking for almost a decade) and KTB in an attempt to get an account.

 

1. KTB told me I couldn't have a bank account without showing a "work permit".
2. SCB, at my own branch, told me the same thing! I needed a "work permit" - orders from head office. Being a long standing customer of the bank did not help my cause.

So, there you have it folks. Anyone had any better luck lately?

 

Go to the bank's website.  Find the requirements, print them out (Thai and English) and take them along with you.  

Show them the printout of their own website. If they don't budge, call head office to confirm while you are there.

e.g. KTB's website plainly states (to open a savings account)

 

• Foreigner allowed to temporarily live in Thailand    -     Valid passport with the stamp of Immigration  Bureau specifying the granted period of staying in Thailand or identification document issued by the government  agency or state of the country of origin and additional documents required as the case may be as follows:

 General Foreiger   
          -  Work Permit issued by Thai government agency or
          -   House Registration Certificate  for Foreigner  ( Yellow Book –TorRor.13) , in which 13-digit identification number is  provided or
          -   Evidence of income’s source ,for instance ,salary certificate ,pension certificate ,employment contract or related documents  indentified  the  name of employer,employee and the company address certified by the source of income

 

[DrDweeb]

2 hours ago, YT3k72Em said:

 

Go to the bank's website.  Find the requirements, print them out (Thai and English) and take them along with you.  

Show them the printout of their own website. If they don't budge, call head office to confirm while you are there.

e.g. KTB's website plainly states (to open a savings account)

 

• Foreigner allowed to temporarily live in Thailand    -     Valid passport with the stamp of Immigration  Bureau specifying the granted period of staying in Thailand or identification document issued by the government  agency or state of the country of origin and additional documents required as the case may be as follows:

 General Foreiger   
          -  Work Permit issued by Thai government agency or
          -   House Registration Certificate  for Foreigner  ( Yellow Book –TorRor.13) , in which 13-digit identification number is  provided or
          -   Evidence of income’s source ,for instance ,salary certificate ,pension certificate ,employment contract or related documents  indentified  the  name of employer,employee and the company address certified by the source of income

 

I tried Bangkok bank, but they claimed I needed a "guarantee from my embassy". Pretty f*ing unlikely.

 

OK, I am an SCB customer already, for like 10 yers, but my branch wouldn't give me an extra account.

 

So I decided to try a different approach with them.  I called the SCB hotline, my experience is that their staff speak English very fluently.

 

After going in circles pressing numbers on the phone, eventually I got a human.  I explained my situation to her - once, she called the branch manager, 15 minutes on hold and I was informed that I should turn up with my passport and chanot and that they would process the request, but that head office would need to approve it. 

 

I provided proof of income as well, despite me being retired.

 

I am expecting a positive outcome.

 

Calling SCB and using the English hotline for assistance in dealing with a branch might be doable for a non customer as well. YMMV

[Pib]

 

11 hours ago, DrDweeb said:

I tried Bangkok bank, but they claimed I needed a "guarantee from my embassy". Pretty f*ing unlikely.

 

 

I expect they are really talking a certificate of residence from your home country embassy or Thai immigration. 

 

Seems banks are asking for this more now days.

[DrDweeb]

1 hour ago, Pib said:

 

 

I expect they are really talking a certificate of residence from your home country embassy or Thai immigration. 

 

Seems banks are asking for this more now days.

So, my national Embassy provides "Certificates of residence" for Thailand if I live here? 

 

That seems rather unlikely, but I guess I could go look on their website or phone them, though my experience with embassies for such personal matters is not that good.

 

The Thai Certicate of Residence is not available on an "O" visa (I tried)

Edited January 19, 2017 by DrDweeb
Extra info

[Pib]

The U.S. Embassy does...it more of an affidavit you fill out stating your residence in Thailand and purpose of affidavit such as to open a bank account....but it costs $50 like any notarial .   Many Thai immigration offices will provide a certificate of residence for around Bt200 "if you are doing 90 day reports which means you need a long term visa" vs a visa where you are always doing 90 day border run,  but you may need to wait around 2 weeks for it to show up in the mail.   Some Thai police offices will provide one also.  Just do a search on ThaiVisa or google "proof of residence ThaiVisa" and you come up with links on people who do it this way.

 

 

 

 

[lkn]

1 hour ago, Pib said:

I expect they are really talking a certificate of residence from your home country embassy or Thai immigration.

 

I think they just want a reference letter, i.e. stating that the individual is trustworthy, of good financial standing, etc. This is pretty standard KYC procedure and detailed on their website: http://www.bangkokbank.com/BangkokBank/PersonalBanking/SpecialServices/ForeignCustomers/Pages/Account.aspx

 

What documents will you need […] If you hold a tourist visa or non-immigrant (long-stay) visa […] ONE of the following documents:

 

• A letter of recommendation from an embassy, international organization, your home bank (sent via SWIFT) […]
• Another document showing your name and address such as a bank statement, or document showing ownership of a fixed asset, or condominium sale/purchase agreement.