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Where in Thailand can I deposit my savings at a favorable interest rate?

By Submitted Message
Posted in Reader question
Tags: , ,
November 3 2024

Dear readers,

I am 58 years old and will be emigrating to Thailand in January to live with my Thai girlfriend. At the moment I have some savings in a European bank. If I move to a country outside Europe I will unfortunately not be able to remain a customer and my account will be paid out and then closed.

Does anyone have a tip where I can safely put my savings if I live in Thailand? Preferably with a little return in the form of an attractive interest rate.

Regards,

James

Editors: Do you have a question for the readers of Thailandblog? Use it contact form..

Number of times read: 1.488

27 responses to “Where in Thailand can I deposit my savings at a favorable interest rate?”

  1. William says up
    3 November 2024 at 10: 13

    Strange, having to close accounts at a European bank.
    Did you wake up the bank yourself with questions? Normally this initiative does not come from the bank.
    Why would NL/European banks be told about change of residence?

    Many Dutch people, also in Thailand, are always panting ahead of the music with 'being an open book', something that the relevant authorities do not ask for at all, but do have to do and sometimes respond with pleasure.

    Anyway, I can recommend the ABNAMRO bank in Luxembourg/Singapore for AOW/pension fund(s) transfers.
    By the way, there are more foreign banks in Singapore that will welcome you with open arms.
    It's worth doing some bank shopping there.
    First make transfers to a Swiss bank, but the amounts must be substantial.
    Safe and confidential. Then continue booking.
    You really have to take the trouble to go to Switzerland/Luxembourg/Singapore in person.
    Forget that yield/interest rate thinking for a moment. Fix yourself accounts!

    Tip: 1: Only bring money into Thailand that you need there.
    2: Study the problem of AOW payments when you reach the age of 67 or older.

    • Sjoerd says up
      4 November 2024 at 12: 23

      I use WISE. WISE has a number of advantages. For example, you can manage your different currency accounts in WISE. I have Euro and Thai Bath myself. When I transfer from Euro to Bath, they use the middle rate. You can also set that you receive interest on your Euro account or even invest. But investing does of course have a risk. I have activated the interest on my account and currently receive 3,24% interest. The interest is credited daily.
      You will also receive a free credit/debit card if you open a WISE account via the link below.

      https://wise.com/invite/ahpc/sjoerdh21

      Kind regards, Sjoerd

      • Pjotter says up
        4 November 2024 at 13: 51

        Correct if you have registered your Wise account on a NL/BE (I don't know of any other) address. (Transfer)Wise only came into the picture when I already lived in Thailand. I registered with my Thai address then. THEN you don't get any interest on your Euro account and you also can't get such a green Wise debit card. Maybe wise for Giacomo to arrange all this in 'Europe'.

  2. Raymond says up
    3 November 2024 at 10: 32

    William, your reaction seems a bit too simplistic to me. If you are going to emigrate, I think it would be wise to inform the bank. For example, request/send a new card or new login details. I am still with ING myself, who now simply send all necessary mail to Thailand. Otherwise I would definitely send a Dutch
    postal address and have everything forwarded via that address. A bit cumbersome. ING is also not at all difficult about emigration. Can simply keep everything.

    • Eric Kuypers says up
      3 November 2024 at 11: 54

      Raymond, you see it right. Emigrating is moving to a foreign country. This is what the tax authorities say:

      Am I emigrating if I move abroad? You are emigrating if you are going to live permanently in another country after your emigration. Your emigration has consequences for your taxes.

      Your national insurance when you emigrate. National insurance is mandatory for everyone who lives or works in the Netherlands. If you emigrate, this will have consequences for your national insurance.

      It seems clear enough to me. The fact that you only get a NON-IM visa in some countries does not change that. The intention to leave the Netherlands permanently, the actual move, burning all ships behind you, that is emigrating. Whether you also immigrate to a country is another matter. Thailand sees you as a non-immigrant but for the Thai income tax you are a resident, permanent resident, inhabitant after 180 days of residence. If you also want to become a legal resident in Thailand, there is a procedure for that.

      So that someone properly reports his new residential address when leaving NL is correct. It also has a practical side as you already mentioned.

    • Jan says up
      4 November 2024 at 04: 44

      Bad experiences with ING, when I put my ING card abroad, I was immediately asked if I still lived in the Netherlands, a black money investigation and more nagging... I was in Thailand for 3! Months.

      • Cornelis says up
        4 November 2024 at 07: 19

        The ING account has recently been set to worldwide coverage as standard.

  3. William says up
    3 November 2024 at 11: 02

    Raymond, My response is to that of a person who is kicked out of his account by a Dutch bank.
    Your relationship with your bank is clearly different from Giacomo's.
    By the way, account login hassle remains the same no matter where you are in the world.
    Renewing your passport and sending it to a family member's postal address is also no problem.
    Don't see the bears on the road.

    • Raymond says up
      3 November 2024 at 12: 04

      William, your own quote from the first reaction "why will one etc. etc." That is not specifically aimed at the questioner. You generalize this yourself. Secondly, I indicate that receiving your mail via via is simply unnecessarily cumbersome. Thirdly: login details remain the same everywhere, yes, until you have lost your login details for one reason or another. The bank can then simply send them to your new address. Ditto new card. Fourthly: by Dutch standards you have simply emigrated. Nothing suspended. And yes, if you want to return you can. Just register again. Your assumption that I see obstacles is completely misplaced in this case. You present matters as if you are 'the oracle', while you proclaim various cumbersome 'solutions'.

  4. William says up
    3 November 2024 at 11: 35

    Reminder: You are not emigrating to Thailand!
    When you leave the Netherlands, your stay in the Netherlands will only be suspended!
    Upon entering Thailand, all visas, as in your case, are NON-Immigration visas!
    I wouldn't be surprised if most Dutch part-time internet banking teachers don't know anything about this and just click on 'emigrates' on their screen and off you go. (first!)

  5. Eric Kuypers says up
    3 November 2024 at 11: 57

    Giacomo, one of my friends had (because he passed away…) his money at HSBC in Hong Kong. Was very satisfied with the service. He had a substantial fortune.

  6. sheng says up
    3 November 2024 at 19: 27

    I can put my savings in a savings account in any European country without living there or even having been there. So I don't see a need to deposit it in a bank in Thailand. I am even more confident that it is safer in an account in Europe than anywhere else in the world.

  7. Leon says up
    4 November 2024 at 00: 33

    Hi,

    Just to answer your question.
    As far as I know, nowadays you can only open an account with BangkokBank as a foreigner.
    For that you first need to get permission from the local Immigration office. I recently got 2.1 percent interest on my savings account there.

    So after your arrival you have to report yourself there and then ask for permission to open a bank account. This can differ per office…

    Succes

    • Loeng says up
      4 November 2024 at 07: 55

      That Immigration must give permission before opening a Thai bank account is by definition not correct. The bank requires an address confirmation. This can be done via your 'yellow address book', or for example a "certificate of residence" from Immigration. It is and remains a confirmation of the address where you claim to live. Furthermore, it is also not correct that only BKB opens accounts for foreigners.
      https://thailawonline.com/certificate-of-residence-in-thailand/
      The Certificate of Residence is an official document that confirms a foreigner's place of residence in Thailand. It is typically issued by the Immigration Office in the area where the foreigner resides. This certificate serves as proof of your address and is essential for several administrative processes within Thailand. It is particularly useful for expatriates and long-term visitors who need to demonstrate their local residence.

  8. Pjotter says up
    4 November 2024 at 02: 15

    You say "European bank" so don't know which one you have. I have ING in NL. Changed my address to my Thai address, when I unsubscribed from NL.
    No problem for a few years until they wanted to close the account. I was 'allowed' (after 50 years of membership of that bank) to keep my account if I sent a copy of my passport. A year later they started charging a foreign surcharge, which disappeared again when I made my daughter (NL) 'joint account holder' during a visit to NL. As long as you still live in (NL?), I would at least open an account with ING, for example.
    Well, I don't think there will be that much difference in returns on regular savings accounts.
    By the way, another tip might be to register a 'transfer app.' (eg 'Wise') so that you can easily and a bit cheaper (than a 'swift transfer') transfer money to your Thai bank. Good luck!!

  9. Keith 2 says up
    4 November 2024 at 05: 41

    At ING and ASN, among others, accounts are not cancelled if you live outside the EU.

    • Jan Beute says up
      4 November 2024 at 16: 09

      That is still true to this day, it also applies to Regiobank, which is also part of Volksbank.
      However, you cannot open a new account with these banks if you do not live in an EU country.
      This also applies to a credit card from either bank.
      Some time ago I asked for a bank card for ATM use at the Regio Bank, where I have been a customer for years, but they refused.
      I lost everything at the time and was kicked out of ABN AMRO like a dog after having saved and invested money there since I was a child and so on.
      The only thing I did wrong was that I live in Thailand permanently.
      They better go after the real criminals.
      And if you have savings, you can go to almost any Thai bank and open one or more bank accounts according to the applicable rules.
      But just like in Europe and the Netherlands, don't think you'll get rich from that little bit of interest.
      Better to invest your money in real estate in your own house in Thailand or an apartment or something

      Janneman

      • Sjoerd says up
        5 November 2024 at 03: 07

        At both ING and ABN Amro it is possible to open a NL bank account even if you live permanently in Thailand. ING: if you are an ING customer, you can simply keep your existing account. If you are a new customer and want an ING account, go to an ING office in person with your BSN number and a valid ID. For example during a NL holiday.
        At ABN Amro the same applies as at ING. From abroad you can open a current account with only a BSN number and proof of identity. A completely new customer must call the International Clients department of the bank for this. The application is then processed by e-mail. At ABN Amro you do not have to go to NL in person. For more information, see the respective websites.

  10. Mark says up
    4 November 2024 at 06: 18

    In Belgium at least, the official policy of a growing number of banks is to exclude customers residing outside the EEA.

    My experience: I cannot remain a customer at Argenta, Crelan and ING-Be once I am deregistered. Official bank policy, sir.

    A local office manager told me that I could continue to do banking with him in confidence, personally, on condition that I never log in using my ID card. That way, the digital banking system can never read the chip in my card and determine that I have been deregistered. The office manager's interest clearly does not align with the bank's policy here, but the advice will undoubtedly be well-intentioned.

    At 2 major Belgian banks I was welcome on condition that I would invest +500.000 in one or more of their investment products. At my advanced age and given the relatively high risk profile of those investment products, that did not seem like a good option to me.

    For me personally, family inheritance law aspects are also important in this.
    Transferring all my savings to my country of residence Thailand could in practice make the allocation of their inheritance very difficult. Perhaps even impossible. The same goes for the inheritance that I want to leave to my Thai wife if I were to leave my savings in Belgium.

    If you are really broke, there are undoubtedly more and other options and paid advice…

    I often hear from deregistered Belgian, Dutch, French and German long-term residents in Thailand that their bank in their country of birth unilaterally terminates their banking services.

    A Swedish friend told me that a law in his country obliges banks to provide (basic) payment services to people with Swedish nationality, wherever they reside in the world.

    • Johnny says up
      4 November 2024 at 07: 40

      I am a customer of Crelan and have no problems although I have been officially living in Thailand for 8 years. By the way, cancelling accounts of customers who have emigrated outside the EU zone is an EU rule. It will not be a law, but still a recommendation,

  11. john says up
    4 November 2024 at 06: 23

    My advice, I published before, get a WISE bank account and manage your wealth from there. And once you get to Thailand, open a Thai (Bangkok bank) account.

    • Henk says up
      4 November 2024 at 07: 47

      That is too general. WISE is not a bank, but a financial service provider. Wise, among other things, is fine when it comes to depositing AOW and/or pension and then waiting to convert it into Thai baht if the exchange rate suits you. But read the response from @Mark. He talks about 'plus 500K'. In euros, of course. Entrusting such large amounts to Wise is far too great a risk. Wise is a money channel, and does not do money management.

  12. William says up
    4 November 2024 at 07: 51

    Eric Kuijpers, Indeed, HSBC banks in Hong Kong and Singapore are pleasant banks where you, as a Dutch citizen with a Dutch passport, are more than welcome as a client.
    They do not provide Thailand and NL with any information about your accounts with them.
    Again: Never have more money in your account(s) in Thailand than you are required to have/need in Thailand.
    Mark: Indeed, inheritance law aspects must be taken into account when determining where and how much money you have in private accounts.
    It is wise to draw up both a Thai will for what is in Thailand and a NL/BE will for what you own in NL/BE.
    Having only a NL/BE will that also concerns your assets/funds in Thailand will create enormous legal obstacles in Thailand after your death.
    There is Thai case law in various Thai courts that NL/BE wills on what is of you in Thailand have been declared invalid.
    In this area too, Thailand has 'messy'/inconsistent, sometimes corrupt, policies.
    Sjeng: I share your thinking.
    Leon: This needing permission from Immigration, is that new? I personally have not experienced it.
    The idea. Too crazy for words.

    Again: If you emigrate to Australia for example, you will immigrate to Australia. Australia sees you as an immigrant.
    If you leave for Thailand, your stay in the Netherlands will be temporarily suspended... (you will receive a certificate of) + registration with RNI.
    And in Thailand you become a Non-Immigrant Residing Foreigner.

  13. ed says up
    4 November 2024 at 14: 38

    Also remember that Thai banks will only reimburse 1 million baht in the event of a money crash, for example.
    Nowadays, such a crash seems very avoidable.
    Maybe that's why Thailand lowered it from 5 to 1 million baht?!
    I'm not a financial analyst or anything.

    At Wise you now get positive interest, but can change to negative, as is also indicated on the site. In my opinion this is now due to the inflation that is playing and the measures taken to combat it. However, I may be wrong in this statement. The fact is that they have become positive with the inflation measures.
    Wise has a connection with Blackrock in the whole thing and if it goes wrong with this one it's really wrong.
    Although they lost some a few years ago
    Jul 20, 2022Clients of the world's largest asset manager lost an unprecedented $1.7 trillion in the first half's market carnage.
    There are days that go by when I don't have it in my pocket.

  14. William says up
    5 November 2024 at 06: 14

    Would like to read about the experiences of family members in the Netherlands/Belgium when a father, living in Thailand, with money in Thai banks, died in Thailand.
    What were the family experiences with closing bank accounts in Thailand and getting the money deposited into NL/BE accounts?

    • Loeng says up
      5 November 2024 at 08: 04

      In that case there are 3 possibilities:
      1- the father has stipulated in a Thai will that his bank balances must be transferred to his heirs in the Netherlands, described by name, with exact instructions to the bank(s), to be carried out by an executor named by name in the will. (Thai Civil Code art 1646 et seq.) He must make this known to the bank(s) himself, in person and in the flesh, and on time, so fully compos mentis. Minus taxes and costs, the money will automatically appear on the NL accounts intended for that purpose, and expect a handling/processing time of more than 6 months.
      2- the father has determined in a Thai will that his assets will go to Thai heirs, and so it will happen.
      3- the father has not arranged anything and the bank(s) will ask the legal department(s) to submit the matter to the Court in order to be allowed to close the account(s). And then it depends on who makes a claim: Thai people from his environment such as an (ex-)wife or unmarried partner or (step)children, and/or ditto NL people via a NL notary. (Thai Civil Code article 1629 et seq.)
      If no one makes themselves known, the money, minus tax and costs, goes to the State.

      In short: in Thailand, as in the Netherlands, one should arrange these kinds of things in advance, and not wait for what will happen because one did not act in time. Because then all that remains is looking down your nose.

  15. Walter EJ Tips says up
    5 November 2024 at 08: 13

    In the nineties I was acquainted with the Vice President Asia of Moody's Investment Service through my books. We discussed Thailand 4 times a year. His idea:
    1. Bangkok Bank as the largest bank with then 25% of the market (then) will be the last to fail because they do a good management. See now for example the offices and ATMs that are closed because they are not profitable, staff that is being reduced. (What do they expect except 10% non-performing loans?)
    2. The other solid, large bank is Krungsri, then Bank of Ayuthia, now part of the Japanese Mitsubishi Group – probably the largest financial group in the world.
    I was received there in a friendly and extremely efficient manner after ING had kicked me out. According to them, because of money laundering regulations.
    3. Usually when you open a savings account you can also fix an amount for 3, 6, 9 or 12, 24 months. The interest is then higher. Bangkok Bank offers something even higher to their best customers which they never advertise. (and I don't say anything about it)
    4. Krungsri knows the Belgian procedure regarding receiving pensions and opened a Euro account without any problems. There is no interest on this but you can pay your taxes in euros with little cost – that's how it goes for Belgians, dear Dutch. You can then wait until the exchange rate becomes favorable – for example early next year – or regularly convert to your Baht savings account.

    That also happens with the computer.
    Krungsri has a procedure where you have 5 minutes to confirm your money transfer by entering a code you receive by phone into the transfer menu.


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