Follow the Money

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parrot
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Follow the Money

Post by parrot » May 14, 2019, 4:34 pm

It was time to establish my 800k retirement account today.....after having used the embassy letter for the past 7 or so years. I was looking for the best non-fixed term interest rate I could get, in an account that was accessible via ATM card.
First to CIMB.....pretty good fixed term rates, but 0.5ish% for anything else. When I inquired (out of curiosity) about the fixed term account, the staff said I wasn't eligible. But when I showed her my Thai ID, she said, no problem.
Off to Bangkok Bank.....pretty much the same story.....regular savings rates were dismal, but the woman told me no problem opening an account if I wanted to.
Then to Siam Commercial: The initial answer was the same as the other banks.....but I pushed just a bit more than at CIMB and BBK....and the woman pointed to some other savings accounts......with 3 times the regular savings rate (still dismal....but that's the same in the US these days). She said I wouldn't get an ATM card with the account.....BUT, I could transfer money 2x a month via a phone app for free.....50 baht per after that. I inquired further.......Can I transfer from this new account into my existing ATM savings account at SCB via phoneapp? Yes, she said. And then I can use my ATM (mastercard) to withdraw money while in the US (in the event of an emergency)? Yes, she said. Sign me up.
So, the moral of the long story is: #1 Despite hundreds of people who have reported being unable to open bank accounts........over the 23 years here, I've never had that problem. BBK, SCB, Bank of Ayutthaya, Kasikorn, Krungthai......never a problem.
#2 It pays to shop around and inquire beyond the normal accounts offered. SCB, for example, offers a full listing of all the different kinds of accounts.
Staff at all 3 banks today very helpful with no arm-twisting

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sometimewoodworker
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Re: Follow the Money

Post by sometimewoodworker » May 16, 2019, 10:53 am

The interest rate is?

Also don't forget that you will probably have tax withheld at about 15% so will need to submit an end of year tax form to reclaim it.
Jerome and Nui's new househttp://bit.ly/NJnewHouse

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parrot
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Re: Follow the Money

Post by parrot » May 16, 2019, 4:59 pm

1.5% at SCB. Yes, that sucks....but it's not a term account. The going rate for basic savings accounts is about 0.5%. The best short term term account I could find was at CIMB at 1.70 for 12 months.
There aren't a lot of choice out there.

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