Thailand

Sirgezza · #1 19-07-2005, 23:36

Is it possible for people living outside LOS to deposit money in Thai banks and receive interest on the deposit. What sort of return is available and how safe is the money i.e. do Thai banks go bankrupt very often?

stevem · #2 20-07-2005, 00:32

Firstly you need a bank account, and the general rule now being followed by most banks is that the applicant needs a valid work permit. I have heard of guys having accounts setup for them without the work permit, but this is the general rule.

You can transfer funds from overseas into your account, but bear in mind there are restrictions imposed when you want to send it back home.

LivinLOS · #3 20-07-2005, 00:41

Kasikorn and Bankgok bank will open accounts in Patong without WP..

Interest paid is very very low..

There is no banking protection.. Bank goes down you lose it all.. Banks dont go down often but currency crises here are not unheard of (last one in 96 / 97 nearly took down lots of banks)..

Sirgezza · #4 20-07-2005, 00:48

Thanks lads - bang goes another idea

sting · #5 20-07-2005, 02:04

Hi
links from phuketgazette on banking

http://www.phuketgazette.net/issuesa...ils.asp?id=604
http://www.phuketgazette.net/issuesa...ils.asp?id=826

Sirgezza · #6 20-07-2005, 03:44

Quote:

Originally Posted by SafeAs

You'll have to find some other saving scheme to fund your LB induced jaunt Gezza

You are the expert - any ideas?

alibaba · #7 20-07-2005, 21:12

Gez,
You should have no problem with the Siam Commercial Bank on Rat-U-Thid.
They are very farang friendly.
They will usually accept your hotel address.
Interest rates are negligible, even in a fixed term a/c.
One of the positives is that you can transfer funds from o/seas and get top rate. Saves all the hassles of bringing cash / cheques etc. everytime you visit. Also can provide ATM. card. Every couple of days I withdraw what I need from the ATM. I've been using my a/c with them for 7 years with no hassles. Previously I used B/Kok Bank but found them not farang friendly. Had a few problems with them at times.

Sirgezza · #8 20-07-2005, 21:51

Thanks Ali, but the idea was to deposit a decent amount in a Thai bank and live off the interest whilst there. Given what LIL says regarding rates and the fact that the banks could go ''pop'' I don't intend putting my life savings in a Thai bank.

It was just a long term idea, more than a holiday bash.

However your comments regarding ATMs and transfers over are useful

stevem · #9 20-07-2005, 23:15

Quote:

Originally Posted by alibaba

Gez,
You should have no problem with the Siam Commercial Bank on Rat-U-Thid.

They are one of the banks which are requesting WP's.

My wife and I were being given the run around by one of the counter staff, no problems only doing her job. Then the loans manager came over and told her anything we want, we can have. Guess its got to do with the mortage we have with them. They have even sent us both Visa and Mastercards that we dont want.

stevem · #10 20-07-2005, 23:18

Quote:

Originally Posted by gez

Thanks Ali, but the idea was to deposit a decent amount in a Thai bank and live off the interest whilst there. Given what LIL says regarding rates

Just to give you an idea of rates, one account I have had I think about 550K in it and the interest paid was just over 1K. So you will need a hell of alot of K's to be able to live off the interest.

Sirgezza · #11 21-07-2005, 03:38

Quote:

Originally Posted by stevem

Just to give you an idea of rates, one account I have had I think about 550K in it and the interest paid was just over 1K. So you will need a hell of alot of K's to be able to live off the interest.

Thanks Steve. The rate of return looks as good (or bad) as backing Diz's horses

alibaba · #12 21-07-2005, 18:49

Thai bank interest rates are another example of the 2 x tier policy.
Thais get a far higher rate of interest than farang.
One way around this & to get a higher rate is to put your life savings in an a/c in your TGFs. name.

Only jokin of course.

Denver · #13 31-07-2005, 18:12

Quote:

Originally Posted by gez

Is it possible for people living outside LOS to deposit money in Thai banks and receive interest on the deposit. What sort of return is available and how safe is the money i.e. do Thai banks go bankrupt very often?

Hi Gez,

I currently bank offshore in the Isle of Man (main salary paid into it etc) using a dollar account. I spend alot of my time in Croatia and have opened a normal high street bank account there and move money electronically (via internet banking) into that account from the IOM. I find it works for me and might be worth investigating if you can do something similar with a Thai bank?

In fact, can anybody tell me if they are currently doing this now?

LivinLOS · #14 31-07-2005, 18:56

Exactly the same.. Have accounts in an offshore island with a large UK bank..

Every 3 months wire over a few grand for living costs to my Thai account and use the Thai exchange rate (best) and hole in the wall to access everything without costs..

Gson · #15 31-07-2005, 21:32

Quote:
Originally Posted by alibaba
Gez,
You should have no problem with the Siam Commercial Bank on Rat-U-Thid

[quote=stevem]They are one of the banks which are requesting WP's.
QUOTE]

I open a account at Siam Commercial last mounth without WP only passport and a adress .

LivinLOS · #16 31-07-2005, 22:01

I also note Steve feels that WP are needed for many things (car reg / Medical insurance / bank / etc).. I dont have a WP and have had no problems with anything I attempted so far.. With so many people on Non Imm-o for marriage and retirement I find it hard to think they can say its required..

barfly · #17 31-07-2005, 23:56

Last time out I opened a Bankok Bank account with just a passport but found them to be awful and was going to change to SCB next visit. I hope I can do this without a WP, though I can provide a BKK address.

stevem · #18 01-08-2005, 00:57

[quote=Gson]Quote:
Originally Posted by alibaba
Gez,
You should have no problem with the Siam Commercial Bank on Rat-U-Thid

Quote:

Originally Posted by stevem

They are one of the banks which are requesting WP's.
QUOTE]

I open a account at Siam Commercial last mounth without WP only passport and a adress .

Thats the thing here, all depends on the day of the week, time of the day, you get what I mean.

stevem · #19 01-08-2005, 01:01

Quote:

Originally Posted by LivinLOS

I also note Steve feels that WP are needed for many things (car reg / Medical insurance / bank / etc).. I dont have a WP and have had no problems with anything I attempted so far.. With so many people on Non Imm-o for marriage and retirement I find it hard to think they can say its required..

I only state what I am told, I do understand things change from hour to hour here, and you will more than likely get a different answer from each staff member you talk to.

Actually now I think more about it, it was the SCB branch at Central which gave me a hard time about having a WP.

domifletch · #20 01-08-2005, 01:03

I wonder if they don't ask a WP because they want to be sure you will transfer money on your account every month (many banks ask you put your salary on the account you want to open in Europe too), but probably all depends on the amount you want to deposit while opening the account... I guess it's easier with 100.000 bath than with 10.000 bath.

I would ask soething more... is it possible, once you have opened your account, to get a bank card to take money from ATM (just a Maestro card, without credit ) ?

LivinLOS · #21 01-08-2005, 01:20

very easy.. Kasikorn takes about 10 mins to open account and give you an ATM card.. 100 baht cost for normal 20k baht per day ATM and IIRC 300 baht for a visa electron debit card with 100k per day withdrawl amounts..

Much quicker and easier to issue than waiting on mail in Europe.. Tho getting a true credit card is bloody murder..

barfly · #22 01-08-2005, 01:21

Quote:

Originally Posted by domifletch

I wonder if they don't ask a WP because they want to be sure you will transfer money on your account every month (many banks ask you put your salary on the account you want to open in Europe too), but probably all depends on the amount you want to deposit while opening the account... I guess it's easier with 100.000 bath than with 10.000 bath.

I would ask soething more... is it possible, once you have opened your account, to get a bank card to take money from ATM (just a Maestro card, without credit ) ?

yes, in theory.

domifletch · #23 01-08-2005, 01:45

Quote:

Originally Posted by LivinLOS

very easy.. Kasikorn takes about 10 mins to open account and give you an ATM card.. 100 baht cost for normal 20k baht per day ATM and IIRC 300 baht for a visa electron debit card with 100k per day withdrawl amounts..

Much quicker and easier to issue than waiting on mail in Europe.. Tho getting a true credit card is bloody murder..

LivinLOS, things look easy when I hear from you... Hope to meet you when I will move, I guess I have many things to learn

Thanks a lot

Burg · #24 01-08-2005, 02:41

Quote:

Originally Posted by alibaba

no problem with the Siam Commercial Bank on Rat-U-Thid.
They are very farang friendly.

Sijaaaam. What a horrible bank that is. Farang friendly? Maybe over there in the bargirls scene, in town it's a disaster. Farang friendly as in "we don't speak one word English". You have to wait in a queue with 35 Thai people (khon tjson) to get your money.

(Semi) Government bank, so what can you expect? Bad service, totally out of the market. Avoid as possible. Bangkok Bank is the best I heard, I'm quite happy with Krung Sri Bank (aka Ayutayah bank).

Online banking (NOT using IE!) can be a crime sometimes, Krung Sri does a good job there.

Denver · #25 01-08-2005, 04:50

NHow the hell did I sign in, I''ll respond tom422www sod the banks they make too mcuhhh muney out of me and you! fcuk em, gnight!!!!