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Just went to the bank to renew my 3 month special interest A/C,
for depositing 1 million Baht I can have 0.75%
Looked at their interest Board the lowest borrowing rate fron the Bank is 6.25%
So I get 7500 Baht
the bank gets 62500 Baht for borrowing my money,mmmhhh:kma:
At that rate of return and with banks folding left right and centre I think I'd ask immigration if there is a 'keep it in a shoebox' option and just bring the shoebox along for inspection every 3 months. If a deflation situation precipitates then that would also be an investor's most profitable option.
Sounds like a more scure idea loops
A little more,…………Quote:
Originally Posted by TSR2
If you bank at Bangkok Bank check into their Mutual Fund (Bualuang Thanatavee Fixed Income Fund, BTNTV). It should pay you more.
SCB, 12 month 4%, 6 month 3.75%. Tax exempted.
This was in september 2008, may be somewhat lower now.
Quote:
Originally Posted by lom
Correct its lower
Bualuang Thanatavee Fixed Income Fund managed 2.63% pa over the last quarter
However if this is money to show for an extension then it might not be acceptable
Just depends which officer you get to deal with :(
I was under the impression that any bank account in Thailand in a foreigners name wasnt eligable for interest, period? Has that changed?
^
I have read that many times as well but I have always managed to get interest
Me too. And they report it to the IRS in the US.:(Quote:
Originally Posted by Thetyim
^&^^ I seem to remember a fairly well known poster on the thai forums saying that he was reciving interest, and the bank noticed and then deducted it all from his account, in one go. A couple of years worth.
I once opened an account at bangkok bank, and as I was leaving I was called back to the esk where they quickly scrapped the book and card they had given me an started again. It seems they opened the account an designated the wrong "code" or something like that. It seems that there is a code for foreigner accounts which triggers the system not to apply any interest. I got the lay to confirm this at the time.
Maybe this has all changed because it was about three years ago now. Just looking at my bankbooks now for accounts at Bangkok Bank, Siam commercial bank, neither accounts have ever paid any interest during the last 4 years an both are designated as savings accounts:( Racist #&$&$^^*[at]*[at]'s!
^ That is a bit weird Spin.
Was a time when foreigner definitely couldn't get interest but that is around 10 years ago.
Followed by a time where you only could get interest on joint accounts with your missus.
I have got interest from SCB on my own accounts for at least 4-5 years now.
Well, they won't be getting much from me. Average balance is too small to accumulate much interest. I bank at Citibank.Quote:
Originally Posted by Spin
we have never managed to get one of them yetQuote:
Originally Posted by lom
always told
NO
Maybe it depends on the branch. I had my pay paid into a Bangkok Bank account foe six years and always got a small amount of interest.Quote:
Originally Posted by Spin
I know, lots of people have compaints about that bank, but I found them very easy to deal with.
Did you ask for a credit card to go with the account ?Quote:
Originally Posted by mrsquirrel
Never had a problem opening a joint account or an account of my own, provided I show my residency book. And I understand many don'y have one of the,. A work permit will give you the same rights. A bag full of cash also works at some banks.
Interest is so low, why bank, time to borrow imo!
Mind you the wife has some problems with this, until I remind her I've been paying the bills for the last 15+ years:)
BTY Interest in Aussie is at best 4.3% - 90 days today.
Yes, credit cards are not possible on joint accounts but ATM debit cards are.Quote:
Originally Posted by Thetyim
You can even get separate cards for yourself and the missus nowadays.
Absolutley, I find banking and immigration to be similar in that what you end up with depends on where you are, how you act, and the direction of the wind on the day:)Quote:
Originally Posted by Lily
I have always received interest on my accounts (in my own name) for the past four years, here in Thailand. And NO they do not report interest payment to the IRS,.but you (even joint accounts) do have to show the IRS you have overseas accounts (by a certain month each year),…………..or else there could be Real hefty fines (250,000.00 each account). I will post the law/IRS rule when I get back to S. Florida (speak to my accountant in a couple weeks).
^Report of Foreign Bank and Financial Accounts
If you own or have authority over a foreign financial account, including a bank account, brokerage account, mutual fund, unit trust, or other types of financial accounts, then you may be required to report the account yearly to the Internal Revenue Service. Under the Bank Secrecy Act, each United States person must file a Report of Foreign Bank and Financial Accounts (FBAR), if:
1) The person has financial interest in, signature authority (or other authority that is comparableto signature authority) over one or more accounts in a foreign country, and
2) The value of the account exceeds $10,000 at any time during the calendar year.
A foreign account holder must mail the Form TD F 90-22.1 on or before June 30 of the following year to:
U.S. Department of the Treasury
P.O. Box 32621
Detroit, MI 48232-0621.
Link and Form: http://www.irs.gov/businesses/small/article/0,,id=148849,00.html
^ Hilarious!