Stupid Bank Tricks

[yankee-expat]

I'm collecting bank accounts. I figure I should open as many as I can now as this place changes their rules much too often.

On the plus side I have opened with little fanfare An account and internet banking at the following:

Kasikorn

Ayuddha

Thanachart

The mediocre banks let me open an account but no internet banking because I don't have a work permit.

Bangkok Bank

And today, under the category of stupid bank tricks, I was refused an account at the following -

SIAM Commercial

TMB - Thai Military Bank

I could get a residence statement from Immigration but I'm loathe to do so. Why are some banks so easy and others so ###### difficult? Don't they all want my money?

[solo siam]

or 1/6th of your money.

Why bother opening up so many accounts? seems a bit weird to me.

[topfield]

or 1/6th of your money.

Why bother opening up so many accounts? seems a bit weird to me.

There WAS a very good reason but the rules changed a few years ago I think.

There was and still is a 15 percent witholding tax on bank interest.

You were allowed up to ten thousand baht in interest before the witholding tax kicked in.

So people opened dozens of accounts each structured to produce just under 10000 baht of interest.

Anyone remember when the rules changed ?

Edited January 9, 2007 by topfield

[yankee-expat]

I would have thought the answer to be obvious. Evidently it is not.

Some banks won't open an account. Other banks will open a savings account but not give you internet banking. I had one account at Bangkok Bank. I read a story 2 weeks ago about people losing money in their accounts and the banks telling them to pound sand - sue us.

Some claimed to have not looked at their account for a few years only to find hundreds of thousands of baht gone - the bank didn't know where it was and said it wasn't their problem.

Ok - so I figure it's stupid to have all my baht in one bank.

Especially with the banking idiots at the head messing with the structure. The other reason is that banks change their minds all the time about opening new accounts.

There was a time when you could walk into Siam and open an account. Not now. So I figure I put 1000 baht in 6 or 7 different banks, open some time deposits and spread the money around the various accounts.

Why would that seem weird to you, TIT!??

I'm spreading the risk, and that's right, since there is no FDIC or insurance, there is risk.

[yankee-expat]

Did I mention I open two savings accounts at each bank?

1st account - online banking - ATM card - minimal money kept in it. Link it to 2nd account.

2nd Account - NO ATM - Online banking - linked to 1st.

Someone steals my ATM card. No problem, not much money in the account. They get my pin? No problem, account with real money isn't on the ATM card. Only a passbook.

I do the same in the USA - except I have 4 accounts.

All online, but some I never use for swift transfers, payments, checks.

Here is a bit of banking info for you. Did you know, that I can empty your account and all I need is a voided blank or filled in check.

It's enough information to print my own check (with your info on it of course) and use it to pay a fictitious account or vendor.

Fraud is rampant in the credit card, banking industry, but we are covered in our home countries, here we should be extra careful and that is what I'm doing.

[yankee-expat]

There WAS a very good reason but the rules changed a few years ago I think.

There was and still is a 15 percent witholding tax on bank interest.

You were allowed up to ten thousand baht in interest before the witholding tax kicked in.

So people opened dozens of accounts each structured to produce just under 10000 baht of interest.

Anyone remember when the rules changed ?

Is that still the case? I didn't open them for this reason, but if that loophole exists, I'll happily climb through it.

[Gerry290]

Good Thread, and good idea re the multiple bank accounts.

Since we're in a strange political post coup situaiton, a few different banks is a good idea.

What documents do you need to open an account.

I am in Pattaya and want to open a personal account, with internet banking and ATM.

I got a biz 12 month visa. and work permit coming soon.

Though I would like to open an account this week if possible.

I hear at the moment Kasikorn is farang friendly right now.

[bendix]

Did I mention I open two savings accounts at each bank?

1st account - online banking - ATM card - minimal money kept in it. Link it to 2nd account.

2nd Account - NO ATM - Online banking - linked to 1st.

Someone steals my ATM card. No problem, not much money in the account. They get my pin? No problem, account with real money isn't on the ATM card. Only a passbook.

I do the same in the USA - except I have 4 accounts.

All online, but some I never use for swift transfers, payments, checks.

Here is a bit of banking info for you. Did you know, that I can empty your account and all I need is a voided blank or filled in check.

It's enough information to print my own check (with your info on it of course) and use it to pay a fictitious account or vendor.

Fraud is rampant in the credit card, banking industry, but we are covered in our home countries, here we should be extra careful and that is what I'm doing.

With that kind of risk profile, I'm surprised you feel safe leaving home in the morning

[pistonpilot]

Good Thread, and good idea re the multiple bank accounts.

Since we're in a strange political post coup situaiton, a few different banks is a good idea.

What documents do you need to open an account.

I am in Pattaya and want to open a personal account, with internet banking and ATM.

I got a biz 12 month visa. and work permit coming soon.

Though I would like to open an account this week if possible.

I hear at the moment Kasikorn is farang friendly right now.

From what I hear, Kasikorn and Bank Ayudhya are very friendly and easy to setup.

[icecubes]

Did I mention I open two savings accounts at each bank?

1st account - online banking - ATM card - minimal money kept in it. Link it to 2nd account.

2nd Account - NO ATM - Online banking - linked to 1st.

Someone steals my ATM card. No problem, not much money in the account. They get my pin? No problem, account with real money isn't on the ATM card. Only a passbook.

I do the same in the USA - except I have 4 accounts.

All online, but some I never use for swift transfers, payments, checks.

Here is a bit of banking info for you. Did you know, that I can empty your account and all I need is a voided blank or filled in check.

It's enough information to print my own check (with your info on it of course) and use it to pay a fictitious account or vendor.

Fraud is rampant in the credit card, banking industry, but we are covered in our home countries, here we should be extra careful and that is what I'm doing.

With that kind of risk profile, I'm surprised you feel safe leaving home in the morning

That is the most sensible post on this thread.

He might consider an offshore account out side Thailand

And keep the bulk of funds there.

No don’t do that its to risky no no no.

Yes a paranoid man or what.

[thaihome]

Might be helpful if OP would also say which branch offices he is talking about. Seems there are diferent policies at different branches and worse different policies with different personnel at the same branch.

TH

[smartecosse]

just keep it all as cash in the cookie jar in the kitchen, when thats full simply use the space under the mattress

[Morgan]

One problem you might have thai banks do not like inactive accounts. The wife (Thai) and i had joint account of 25 thousand baht sitting in a savings account with S C B up in Udon. Letter sent to wifes thai address saying (some thing like)your account is inactive if you dont use this account we will start an admin charge of 1000 bt per month untill balance is under 1000 bt then close the account. This was after two or three years. I did know if you left 1000 bt or so sitting in an account they might well stick an admin charge on to close the account. Surprised they wanted to close a 25k account though, still you live and learn. So if you open lots of accounts and stick the pass books in the back of a cupboard for a few years you might get a shock.