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.
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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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Giggle
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Re: Follow the Money

Post by Giggle » May 27, 2019, 1:28 pm

sometimewoodworker wrote:
May 16, 2019, 10:53 am

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.
Can you clarify this? The 15 percent tax on interest earned is reclaim-able? I was not aware.

1.5 percent interest on 800K is 12,000 baht annually. Fifteen percent of 12K is 1,800 baht. This is refundable?

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Giggle
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Re: Follow the Money

Post by Giggle » May 27, 2019, 1:46 pm

parrot wrote:
May 16, 2019, 4:59 pm
The best short term term account I could find was at CIMB at 1.70 for 12 months.
Was that for account for Thais, or for foreigners (non-juristic persons)? The foreigner interest rate is about 30% lower than the Thai rate.

PenFed's 1-year fixed rate is 2.25%

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Giggle
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Re: Follow the Money

Post by Giggle » May 27, 2019, 1:52 pm

parrot wrote:
May 14, 2019, 4:34 pm
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.
That's as good as an ATM card, assuming the transfers can be made between accounts with different owners. I think I need to makes some changes based on your findings. Thanks for doing the legwork.

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sometimewoodworker
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Re: Follow the Money

Post by sometimewoodworker » May 27, 2019, 7:01 pm

Giggle wrote:
May 27, 2019, 1:28 pm
sometimewoodworker wrote:
May 16, 2019, 10:53 am

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.
Can you clarify this? The 15 percent tax on interest earned is reclaim-able? I was not aware.

1.5 percent interest on 800K is 12,000 baht annually. Fifteen percent of 12K is 1,800 baht. This is refundable?
Yes it is, though you will have to get a Thai Tax number, your address is included on the form.
IMG_7436-2.jpeg
My Thai tax Number personal details removed
You will need a tax statement from the bank AFIK it is free
You will have to submit a tax return, you will then get all the tax refunded

I am assuming the 15%tax rate but you can do the math :-" :-"
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Giggle
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Re: Follow the Money

Post by Giggle » May 27, 2019, 8:04 pm

Good to know information. Thanks for that. I'm about to ditch Krung Thai who never explain anything and lie through their teeth. They don't even tell you when fixed term deposits will mature. For 10 years they lied and shuffled around the topic of farand earning less on deposits than Thais. I have nothing but contempt for that bank. My American banks send me written notices (by law) telling me when they deposit matures and what the new percent is ... Thai banks are despicable.

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AlexO
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Re: Follow the Money

Post by AlexO » May 29, 2019, 3:36 pm

Why are you not living in perfect USA then, instead of winding all NORMAL people up. Still think a Brit stole your wife.

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Giggle
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Re: Follow the Money

Post by Giggle » May 29, 2019, 4:06 pm

The Thai banking system sucks ass. Some of the online functions are approaching 1990s technology, but the attitudes are firmly stuck in the 1930s. It's darn near brittle.

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