rickfarang Posted October 31, 2004 Report Share Posted October 31, 2004 I keep a deposit with Krung Thai Bank to meet the miniumum deposit requirements for keeping my retirement visa. A few days ago, and I have a non-resident account (I opened the account while on a tourist visa). A few days ago I asked them to change it to an interest paying account, but they said I can't be paid interest because I am not Thai. :: (If I was Thai I would have my money in a better place than their stuffy low-yielding bank!) The potential interest is worth a trip to another bank to open an account. Besides, I'm feeling a bit miffed at my existing bank:: ::. So, can someone recommend a farang-friendly bank that pays interest as well as not requiring a work permit to open an account? It seems that policy interpretation varies by branch, so a recommendation of a specific branch inside BKK would be greatly appreciated. Thanks in advance. RickF Link to comment Share on other sites More sharing options...
Flashermac Posted October 31, 2004 Report Share Posted October 31, 2004 I have accounts in several banks and get interest, though very low. But I had to show my work permit to open the newer account. (Years ago, there was no such requirment. Actually, I think it has been abolished now too, but banks still follow it.) One odd thing that I did see happen was that a former colleague was told he could no longer keep the money for his retirement visa in the university co-op. He had to move it to a private bank. The logic of that escapes me. p.s. My accounts are in the Bangkok Bank and Thai Farmers Bank. Link to comment Share on other sites More sharing options...
.. Posted October 31, 2004 Report Share Posted October 31, 2004 We have accounts are Kasikorn Bank (ex-Thai Farmer's Bank, aka K-Bank) on Sukhumvit at Soi 33. Get interest, never have been asked for anything more than a passport. Friendly staff for the most part and used to farangs. Cheers, SD Link to comment Share on other sites More sharing options...
torrenova Posted November 1, 2004 Report Share Posted November 1, 2004 What sort of rates do you get. I know I will have some larger balances than I need but will likely keep them in LOS and in baht. Interest would be welcomed. Link to comment Share on other sites More sharing options...
.. Posted November 2, 2004 Report Share Posted November 2, 2004 Don't recall the exact %, but it's crap, something like 0.75%! If I remember right, the 36 mo time deposit is double that. Cheers, SD Link to comment Share on other sites More sharing options...
torrenova Posted November 2, 2004 Report Share Posted November 2, 2004 Thanks for that. I found this which may be of use to anyone else in the future (interest rates): http://www.bot.or.th/bothomepage/databank/Financial_Institutions/InterestRate/interest_e.asp Interbank and repo rates are circa 1.7% Implied rate for 1 month is circa 2.0% Mortgages 1yr fix @2.45%, 2yr fix @ 3.0% or 3yr fix @ 4.25%. then MLR (minimum lending rate) of 5.25% (Source - Bangkok Bank). This seems very much geared in the bank's favour. At up to one year, they have a spread of over 400 basis points (4.0%) between the MLR and the rate paid on deposits. Huge margins compared to the UK. Link to comment Share on other sites More sharing options...
Flashermac Posted November 7, 2004 Report Share Posted November 7, 2004 The university co-op pays 10% on the "share" deposits. Problem is that evil foreign devils are not allowed to take part anymore. All I am able to get is that despicable .75% on an ordinary savings account. A colleague who has been there since the '80s got into the share programme when Farangs were still allowed to. As a result, his money has been growing steadily. (He tells me he got 12% before the '97 crash.) He did show me his last interest on his shares -- something like 360,000 baht for half of a year. p.s. Most of the Thai archans aren't aware of the discrimination and express shock when they hear it. But some damned politician did it in the '90s. I'm told that at Chula the Farangs can't even open a savings account in the university co-op. They have to have their salary deposited in a private bank! Ain't Thailand wunnerful? Welcome to the back of the bus. Link to comment Share on other sites More sharing options...
samak Posted November 11, 2004 Report Share Posted November 11, 2004 i have also a account at Krung Thai but get interest; very small though at the moment. Link to comment Share on other sites More sharing options...
iuytrede Posted November 30, 2004 Report Share Posted November 30, 2004 any interest rates higher than the savings account? do they have CDs or something comparable here? can I buy domestic bonds? due to the favorable exchange rate I would like to exchange more of my money into Baht (guess where I am from), but I don't really want to have more than maybe 200 000 B lying in a savings account with very low interest (yes, I do get interest) Link to comment Share on other sites More sharing options...
Mentors Posted December 1, 2004 Report Share Posted December 1, 2004 I have since some years two accounts Krung Thai and Bangkok Bank. I get low interest, but never have been asked for anything more than my passport. (I remember some years ago,, that a bank staff told me, may i want to put 1 Mio Baht in my account, i get 14 % then. I don't make it. Some weeks later the rate fall to 1%....) For me, the Krung Thai staff is more friendly than Bangkok Bank and i visit different branches, but mabe just my impression. Both pay 0,5% for minimum 6 month fixes accounts to farangs. http://www.ktb.co.th/ http://www.bbl.co.th/ Link to comment Share on other sites More sharing options...
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