Foreigners & Fixed Deposit Accounts

[gdhm]

Hi, One of my friends on the Khon Kaen Forum has reported that he was asked by the Bangkok Bank what he wanted to do with his maturing 10 month Fixed Deposit account. He advised them "reinvest and continue again".

He was told there is a new banking directive that prohibits "Farangs" (but no doubt applies to all foreigners) applying for new Fixed Deposit accounts. He was told he must open a new Basic Saving Deposit account Interest 0.75% (gross). He went to the his Siam bank and was told they are about to apply the same directive but they differed from Bangkok Bank in as much as as clients are allowed to renew an arrangement but not open a NEW Fixed Deposit Account.

Does anybody have any knowledge of this.

Assuming its true, then I have to say that those paranoid Farangs who think Thailand is out to get them seem to be correct as this would be nothing short of gross selection and a desire to use Foreign money and earn large interest for the banks, give virtually nothing to the foreigner for using their money AND a Thai recognition and belief that non Thais are 2nd class citizens when it come to banking and interest rates.

Already the 30% holding tax for a year applies still in some areas with NO interest paid.

Many Non Immigrant O VISA applicants have to have money in Thai banks for at least 3 months prior to application AND in some cases where applicant retirees have adequate pension income overseas to NOT need money in a Thai bank the local Immigration offices in some cases STILL, demand he/she still holds some money in Thai banks.

I await information with interest and concern

Regards, Dave

[andy1308]

Dave,

I posted some personal experiences about opening a 'standard' account with Bangkok Bank a few months back. Essentially they were saying similar things to what you have experienced, BUT I know i does vary from branch to branch and bank to bank. The truth is, from my own and from experiences of my colleagues, it is getting marginally harder to establish a Thai financial record if you're a farang.

Twice in recent weeks I have been told (and also one of my colleagues has been told) about a so-called directive from the Bank of Thailand which is very restrictive about opening all forms of new accounts and credit facilities. Some banks seems to be implemting it word for word whereas others are chosing to be selective or ignoring it altogether. My request for a copy of this directive is still pending, and as soon as I have anything I will post it here.

I know your post is about savings but I think the topics are linked. The rules do seem to be changing, although exactly how and what they say is not yet clear.

[gdhm]

Dave,

I posted some personal experiences about opening a 'standard' account with Bangkok Bank a few months back. Essentially they were saying similar things to what you have experienced, BUT I know i does vary from branch to branch and bank to bank. The truth is, from my own and from experiences of my colleagues, it is getting marginally harder to establish a Thai financial record if you're a farang.

Twice in recent weeks I have been told (and also one of my colleagues has been told) about a so-called directive from the Bank of Thailand which is very restrictive about opening all forms of new accounts and credit facilities. Some banks seems to be implemting it word for word whereas others are chosing to be selective or ignoring it altogether. My request for a copy of this directive is still pending, and as soon as I have anything I will post it here.

I know your post is about savings but I think the topics are linked. The rules do seem to be changing, although exactly how and what they say is not yet clear.

Many thanks. I have emailed Kasikorn bank today to ask about it. I will publish what they say when received.

I am contacting Kasikorn because as I am about to switch to them as they allow Online Internet banking with Savings accounts for Non Thais.

Bangkok bank told me I could have online Internet banking on a Non Imm O Retirement Visa when I opened my accounts. When I got the Visa the same 2 officers said I could not as I MUST have a Work Permit (not permitted with this type of Visa). I was NOT happy with the error (or deliberate deception to get my account).

Kasikorn confirmed VERY QUICKLY in writing (email) to me that they are happy to allow me online banking with a Savings account. I also like the extent of the their English section Website (VERY complete). Bangkok bank keeps sending you from English pages to Thai only links.

Kasikorn ALSO seem to be advanced in online anti fraud measures. It seems they have invested heavily in getting online security measures similar to leading online banking countries. GOOD ON THEM!

Regards, Dave