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Reader question: At which Thai bank do I get the highest interest?

By Submitted Message
Posted in Reader question
Tags: ,
October 20, 2019

Dear readers,

I am looking for a Thai bank that gives the highest interest for a long-term deposit of 100.000 euros.

Who can advise me?

Regards,

RK

Number of times read: 293

25 responses to “Reader question: Which Thai bank will give me the highest interest?”

  1. Rick says up
    20 October 2019 at 07: 29

    A euro bill? if yes, 1%. THB up to 7% would personally put it in a Thai stock fund around 20% annual. Well, 100k isn't much. Just talk to the reputable banks.

    • Fred says up
      20 October 2019 at 12: 30

      100K euros is not much !!!!?????

      I would never invest 100.000 in Thailand, everything is too unstable there.

      Go talk to the guys at Binck bank and invest with a lower return but safely.

      I've been doing this for years and I'm now dyed through the wool and make 5% net on 300.000 euros.

      My confidant is Taco in Marbella Spain.

      [email protected]

      FR

  2. wim says up
    20 October 2019 at 09: 17

    Something like 1.1-1.2% for 20 years fixed, non-withdrawable or withdrawable with reasonable penalty.

    • Ger Korat says up
      20 October 2019 at 10: 58

      What are you writing? 20 years ? Ha ha, every credit on a savings account, including the fixed account, can be withdrawn immediately with an interest payment between 1 to 2 percent and a 0 baht fine.

  3. Mark says up
    20 October 2019 at 11: 13

    A quick Googling in the name of various Thai banks followed by “interest rate”.

    Example: Government Saving Bank (GSB, the Thai say “omsin bank”) currently 1,50% on fix deposit for 24 months.

    A strange but with interesting returns, a higher risk profile than the savings / term account, but lower than equity funds : On the advice of my Thai wife, we placed part of our savings with the Bank for Agriculture and Agricultural Cooperatives (BAAC, Thais call it “Taukossau ”). In addition to “dividend” on cooperative shares, they organize a monthly draw with the numbers of the shares. The chance of additional prize money is quite high. There are always material prizes such as bicycles, motorcycles, household appliances and a car as the main prize.

    Encourage saving through gambling. This is Thailand 🙂

    • janbeute says up
      20 October 2019 at 15: 16

      That might also have been one of the reasons that the BAAC bank was on the verge of collapse a few years ago.

      Jan Beute.

      • Mark says up
        21 October 2019 at 09: 56

        The lottery linked to the cooperative through shares is a teaser and fits in with the marketing strategy. The cooperative's objective is to invest in the agricultural sector. In the past they did not do this sufficiently forward-looking. They invest too much in traditional agricultural products such as rice, sugar cane for sugar production, cassava, rubber, etc…

        Due to the structural problems in the "rice sector" and to a lesser extent the "rubber sector", caused by inefficient (or, say, destructive political) policies, this cooperative is in bad shape and is future-oriented and successful. For example, I am intimately aware of an MTG (methanol-to-gasoline) pilot project based on sugar cane (varieties other than those for sugar production) that is financed by BAAC. A successful pilot, with even more potential.

        BAAC also uses its financing tools to promote economies of scale in agriculture, e.g. through bartering.

        The agricultural sector in Thailand is experiencing a very large and rapid transition. The immense automation during roughly 100 years (from 50% sectoral employment to 1,5%) currently takes place in Thailand in 2 to 3 decades. It is very hard there…

        This requires capital for investments, creates opportunities, but also entails risks. The Thai people from BAAC and from some of their investment projects that I know deal with it quite professionally.

        Success is of course not guaranteed in advance, but what gives absolute certainty when it comes to investing?

  4. Albert Witteveen says up
    20 October 2019 at 11: 20

    Check this out. see this link https://www.nowcompare.com/international/en/savings-bonds

    • Albert Witteveen says up
      21 October 2019 at 10: 39

      I don't understand why there isn't any response to this. I have had money here in euros for years. You will receive a good interest rate and the interest will be paid out every 3 months. Also have several friends who do this to their complete satisfaction.

  5. ruud says up
    20 October 2019 at 11: 27

    My advice is to think again, whether you want to put that much money in the bank in Thailand.
    The Thai Baht is expensive at the moment, and the Thai government spends money like water (during the rainy season).
    Your high interest rates could become scarce if the exchange rate of the Baht falls.

    • Ger Korat says up
      20 October 2019 at 14: 01

      When it comes to putting money in a Thai account, one should know that the guarantee goes up to 1 million baht. If the bank falls, then the excess is gone.

  6. Kees Janssen says up
    20 October 2019 at 11: 34

    Well, just consult the websites of the various banks. Can only be done online.
    Or visit a few banks.
    So I think a little self-reliance.
    But we're getting lazier by asking this as a reader question.

  7. Christian says up
    20 October 2019 at 11: 44

    Recently I got 1,5% fixed for one year at the Bangkok Bank (not withdrawable or withdrawable with a fine).

  8. Bob, Jomtien says up
    20 October 2019 at 12: 27

    Best …,
    Nothing on a euro bill, if you convert it to different Baht. Personally at the bbl I make their 6-8 monthly deposits and now get 1,4%. In January still 1,75%. But at least your money is free to reinvest after some time. I would advise against fixing it for a longer or very longer period of time. I wouldn't do that in the Netherlands either. Suppose interest rates suddenly rise and you cannot recover, what then?
    My advice is split it up into smaller amounts and take multiple deposits with different interest rates and terms. Can be requested at any BBL and if you request monthly updates via the internet.

    • l.low size says up
      20 October 2019 at 16: 11

      If you apparently were to convert the euros to Baht, you would initially collect a huge amount
      exchange rate loss.
      No interest will compensate for that at the moment with a Thai bank, excluding 15% Thai tax.

  9. jay says up
    20 October 2019 at 12: 49

    SCB bank 1,95% 3 years fixed

  10. Dick C.M says up
    20 October 2019 at 13: 15

    Keep in mind that tax is immediately deducted from your interest in Thailand, so net less

    • Ger Korat says up
      20 October 2019 at 14: 02

      And as much as 0,15%

    • Renevan says up
      20 October 2019 at 14: 11

      You can get back the 15% tax you paid on the interest by filing a tax return. I do that every year.

  11. Robbert says up
    20 October 2019 at 14: 11

    If you really want to transfer the money to Thailand, 1,95% from the SCB bank for 3 years is a nice percentage. The baht has risen sharply against the euro in recent years. About 7 years ago you got 45 baht for 1 euro. Now around 33,45. A good 30% less. Not really a good time to exchange euros for baht. Especially given that the economy in Europe is getting stronger and the economy in Thailand is declining quite rapidly. A turnaround is therefore almost certainly imminent. So it might be better to wait a while.
    Regards,
    Robbert

    • tom bang says up
      20 October 2019 at 15: 14

      Where can I buy a glass ball like that??

  12. janbeute says up
    20 October 2019 at 15: 22

    It is certainly not wise to exchange Euro for Thai bath now.
    Do you want to earn some money and can you miss it here in Thailand, transfer part of your Thai money back to Euro.
    The interest rates that the banks give here do not differ much, but are higher than in Europe.

    Jan Beute.

  13. Will says up
    20 October 2019 at 16: 10

    Watch out with this statement the tax is happy to help you I think jumbo exspat will give 3% gr

  14. TheoB says up
    20 October 2019 at 16: 59

    For a Baht bank account: https://www.bot.or.th/english/statistics/_layouts/application/interest_rate/in_rate.aspx
    For a bank account in another currency, search for the term: foreign currency deposit account thailand
    Then you get a whole list of Thai banks.

  15. Sid says up
    20 October 2019 at 18: 53

    I don't think there will be any other options for rk.
    Since he must be able to prove this amount for a long stay visa.
    Instead of crossing the border every month for a normal tourist visa.


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