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Which Bank To Put 800K In For A Year?


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Good question... I just opened a term deposit account at Bangkok Bank to stash my 400K for marriage O Visa..  I hope I've done the right thing...  .75% is the rate I was quoted for 1 year deposit.. I would be happy to hear if there is a better option.. I haven't made the transfer of funds yet so better suggestions appreciated..  

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2 hours ago, Pib said:

 

Anyway, see below link for a list of Krungsri Bank debit cards.  Their basic Bt200 annual fee card is their cheapest card (I use to have their no annual fee card but they discontinued that in Dec 2019 and I had to go in a choose another card....I chose their basic card at Bt200 per year.  Does everything I need....works in an ATM...works to purchase....etc.  

 

https://www.krungsri.com/bank/en/PersonalBanking/CardProducts/KrungsriDebitcard/debit-card-fees.html

I am just wondering why they discourage people from using a debit card by charging the annual fee?

 

Wouldn't they save more by having less staff at the counter?

 

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17 minutes ago, EricTh said:

I am just wondering why they discourage people from using a debit card by charging the annual fee?

 

Wouldn't they save more by having less staff at the counter?

 

It just one of those fees that's common in Thai banking.   Some countries have certain banking fees which are common in their country, but not in another.     Like many US banks require a minimum monthly balance to avoid a monthly maintenance fee...and of course there are many more US banks that don't require such a fee.   In Thailand a monthly maintenance fee for falling below a certain balance doesn't exist as far as I know (not to be confused with the 12 month/Bt50 inactivity policy).  And in the US they don't charge to issued/renew a debit card except maybe with a few exception for pricey, benefit laden cards. 

 

Summary: just a fee that is common to Thai banking.  Normally it takes the Bank of Thailand to get Thai banks to change fees policies like a year or two ago when BOT "forced" Thai bank to lower/eliminate many electronic transfer fees/costs.

 

 

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1 hour ago, 5633572526 said:

100 baht at Bangkok bank and took 10 minutes 

yes, but that does not include the statement for your yearly deposits which costs extra Bangkok Bank will only do them for six months for free if you need one for twelve months they have to go through the main branch in Bangkok, I can get yearly statements for 100 baht at any Krungsri Branch

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SCB told me 1.7 or so .. but I not followed up for details yet...  locals tell me other banks have known that funds :go missing : at times.. so I will stick with SCB

 

also.. the more you bring in funds the higher rating u get and better rates....

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1 hour ago, flexomike said:

yes, but that does not include the statement for your yearly deposits which costs extra Bangkok Bank will only do them for six months for free if you need one for twelve months they have to go through the main branch in Bangkok, I can get yearly statements for 100 baht at any Krungsri Branch

 

I thought immigration accepts six months ?

 

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23 minutes ago, Seeall said:

SCB told me 1.7 or so .. but I not followed up for details yet...  locals tell me other banks have known that funds :go missing : at times.. so I will stick with SCB

 

also.. the more you bring in funds the higher rating u get and better rates....

I don't think any banks would give 1.7 now, maybe 3 months ago but not now.

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5 hours ago, Pib said:

 

And since many bank branches (i.e., SCB, Bangkok Bank, K-bank, just all/most Thai banks) can play the game of trying to get you to sign up for one of their "expensive debit" cards that includes some benefit like accident/live insurance you can only claim under certain conditions, it's always best to go in knowing from the "get-go" which card you want....tell the branch the call you want.  This can also give them the impression you are a customer not to be messed with from the standpoint of trying to sell high priced, mostly useless bank products. 

 

Anyway, see below link for a list of Krungsri Bank debit cards.  Their basic Bt200 annual fee card is their cheapest card (I use to have their no annual fee card but they discontinued that in Dec 2019 and I had to go in a choose another card....I chose their basic card at Bt200 per year.  Does everything I need....works in an ATM...works to purchase....etc.  

 

https://www.krungsri.com/bank/en/PersonalBanking/CardProducts/KrungsriDebitcard/debit-card-fees.html

I remember when you used to get cards for free. Not this century, and not in Thailand!

But I don't want one or need one - I use my Krung Thai card for every day ATM cash.

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5 hours ago, briofoz said:

I was using Bangkok Bank Fixed Deposit account for a few years but biggest problem was that they needed to open a new account each year, so passport, lease, and copies of everything to open it.

 

Three years ago I went looking for higher interest and SCB were offering a better rate. Switched over, no need to open a new account each year, they roll it over into the same account and same bank Book.

 

Other services from Bangkok Bank are good, except there MBanking that for some reason will work on my Tablet but wont work on my Phone anymore.

 

I have them on my list of banks to inquire, so I'll ask them about opening a new account every year. Seems ridiculous to me.

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4 hours ago, macahoom said:

Government Savings Bank (GSB)
GH Bank
Bank for Agriculture and Agricultural Co-operatives (BAAC)
Export–Import Bank of Thailand
Islamic Bank of Thailand
ME Development Bank of Thailand

And Krung Thai - my current account bank.

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15 minutes ago, JetsetBkk said:

I remember when you used to get cards for free. Not this century, and not in Thailand!

But I don't want one or need one - I use my Krung Thai card for every day ATM cash.

Most banks these days have a mobile app, which allows cardless withdrawals, no ATM card needed and no fees

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I opened a 12-month savings account at Bangkok Bank back in January. which gives 1.5% interest but 15% is withheld (tax?) - so an 800,000baht deposit would earn 12,000baht interest, less 15% = 10,200baht. 
Don't know if this is still offered, but hope it helps. My only tip is to go and ask directly - back in January, I checked the website and the best rate offered was 1%p.a. for a 9-month deposit, but I was told in the bank about the 1.5%/12-month offer. 

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56 minutes ago, EricTh said:

 

I thought immigration accepts six months ?

 

My extension is in May, and I get a statement from 1st January which has always been good enough for Phuket Immigration.

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2 hours ago, jadee said:

I opened a 12-month savings account at Bangkok Bank back in January. which gives 1.5% interest but 15% is withheld (tax?) - so an 800,000baht deposit would earn 12,000baht interest, less 15% = 10,200baht. 
Don't know if this is still offered, but hope it helps. My only tip is to go and ask directly - back in January, I checked the website and the best rate offered was 1%p.a. for a 9-month deposit, but I was told in the bank about the 1.5%/12-month offer. 

I had same, but it has been reduced drastically since then.

1% in March and probably now 0.7-0.9%.  On 7, 9, or 12 mths.

Doubt if any banks will be giving anymore, although might be worth looking at Krungsri as some one suggested.

We have to understand that in the next few months many countries will be down to 0% or negative rates and that will really suck.

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2 hours ago, JetsetBkk said:

That's a "tick" in the Bangkok Bank column ????. Krung Thai and SCB are 200 baht.

Krungsri is 100 baht including the statement although it's a minor point as it is an annual thing. 

 

I had bad experience in an SCB branch which is supposed to be the 'best' in Thailand.

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25 minutes ago, couchpotato said:

I had same, but it has been reduced drastically since then.

1% in March and probably now 0.7-0.9%.  On 7, 9, or 12 mths.

Doubt if any banks will be giving anymore, although might be worth looking at Krungsri as some one suggested.

We have to understand that in the next few months many countries will be down to 0% or negative rates and that will really suck.

 

Yes, the interest rate started to go down and down from Mid March onwards after the pandemic hit the world.

 

 

 

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2 hours ago, EricTh said:

 

Yes, the interest rate started to go down and down from Mid March onwards after the pandemic hit the world.

 

 

 

Understandable.

Has it also affected the interest rates they charge their borrowers?

I should like to be paying them 2 or 3% on the money my wife borrowed.  Nowhere near.

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7 hours ago, greeneking said:

Understandable.

Has it also affected the interest rates they charge their borrowers?

I should like to be paying them 2 or 3% on the money my wife borrowed.  Nowhere near.

If you wife's loan is tied to a base lending rate, then it is variable. If it is fixed, then it is not.

 

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13 hours ago, JetsetBkk said:

I have them on my list of banks to inquire, so I'll ask them about opening a new account every year. Seems ridiculous to me.

I just opened a term deposit acct with Bangkok Bank.. I understood I could roll it over in a year no problem.. Interesting to see how you get along.. 

 

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29 minutes ago, IvorBiggun2 said:

Credit Unions will give a farang 4% in a savings account here in Thailand. 6% if you're Thai and you do it 'Fixed Term'.  Right bring on the knockers.

 Link?

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On 5/16/2020 at 1:03 AM, DaRoadrunner said:

I would stay away from the smaller banks like LH Bank and Thanachart. Even if they pay a bit more interest. In these uncertain times one sticks with the biggest most solid bank, which in this country would be Bangkok Bank or SCB.

 

Never keep more money than you need in this Mickey Mouse country.

"Never keep more money than you need in this Mickey Mouse country."

The money is as safe here, if not even safer than in several banks overseas. No foreigner has ever lost any money in a Thai bank. And the deposit guarantee is ฿5,000,000. 

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50 minutes ago, IvorBiggun2 said:

Credit Unions will give a farang 4% in a savings account here in Thailand. 6% if you're Thai and you do it 'Fixed Term'.  Right bring on the knockers.

Bigger interest rates, Bigger risk, are they covered by the Government

1 Million THB guarantee,as with Banks,in case they go tits up,or if Manager

buggers off with all the funds.?

regards Worgeordie 

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