What is the interest on a bank deposit in Thailand
July 4, 2021
Thailand is a large country in Southeast Asia with excellent economic performance.
It is quite popular among foreign tourists both for recreation and for long-term residence, so there is an interest in bank deposits in Thailand.
I myself live in Thailand (5 years) and I am also interested in bank deposits in Thailand.
The main problem of some national currencies is that they depreciate against the dollar faster than interest is charged on a bank deposit. Let's see how much the Thai baht has depreciated over the past 15 years:
And the results are quite unexpected – the Thai baht not only does not depreciate against the dollar, it is strengthening!
From a historical perspective, since the 80s, the graph looks like this:
That is, if about 5 years ago I just bought Thai baht and put them under the pillow, then I would have earned both in dollars (5-10%) and in rubles (100-120%).
Bank deposit in Thailand
In Thailand, interest on bank deposits is very low – as in Europe, around 1% (0,5-2).
Inflation, although not as insane as in some counties like the Russian Federation, but also exists – it feels like about a percent and a half a year (if you remember prices as it was five years ago and as now, in shorter periods it is difficult to notice such low inflation).
Interest on a deposit in a bank in Thailand depends on the amount of the deposit, as well as the term for which the deposit is made – just like in other countries’ banks.
Banks publish a document on current interest rates every month. For instance:
Interest is also charged on funds on bank cards, but very small: 0.1-0.5% per annum.
How to open an account in Thailand. How to transfer money to Thailand profitably
About bank accounts in Thailand and what documents are required for opening, a large material has been collected “Bank accounts in Thailand: how to open, costs, features”.
After 5 years of living in Thailand, I finally found the most profitable way to send money directly to a Thai bank account, see the article “How to send money to Thailand without a Thai bank commission 300 baht” for details.
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