philcon Posted May 10, 2019 Share Posted May 10, 2019 Sorry to ask a dumb question Is Citibank recognised as a Thai Bank for income deposits re permanent residency ? Thanks Link to comment Share on other sites More sharing options...
batata Posted May 10, 2019 Share Posted May 10, 2019 nope, it's a foreign investment bank, you will need a regular savings/checking Thai bank, many available 2 Link to comment Share on other sites More sharing options...
Enki Posted May 10, 2019 Share Posted May 10, 2019 10 minutes ago, batata said: nope, it's a foreign investment bank, you will need a regular savings/checking Thai bank, many available A bank in Thailand is a Thai bank ... or do you think they don't adhere to banking regulations just because they have a "foreign name"? 1 Link to comment Share on other sites More sharing options...
Popular Post batata Posted May 10, 2019 Popular Post Share Posted May 10, 2019 1 minute ago, Enki said: A bank in Thailand is a Thai bank ... or do you think they don't adhere to banking regulations just because they have a "foreign name"? FYI.... I use to bank at Citibank and IMO didn't accept it, you should update yourself on banks and their type of operations/services than you can make credible comment otherwise don't waste people's time 1 2 Link to comment Share on other sites More sharing options...
Pib Posted May 10, 2019 Share Posted May 10, 2019 Yes, CitiBank operates under a Bank of Thailand license in Thailand....just like any other bank operating in Thailand. Just because a bank has a foreign name/foreign ownership does not mean it operates under the banking rules of that foreign country. Any bank operating in Thailand, whether foreign or locally owned, is effectively a Thai bank. No different than say Bangkok Bank "New York" which operates under a US banking license....is for all practical purposes a foreign owned US bank...operates under US bank laws/regulations; not Thai laws/regulations. 2 Link to comment Share on other sites More sharing options...
philcon Posted May 10, 2019 Author Share Posted May 10, 2019 Thanks for your help on this topic, I will give Citibank a go first and then try for Bangkok bank Link to comment Share on other sites More sharing options...
sikishrory Posted May 10, 2019 Share Posted May 10, 2019 I walked in and enquired about opening an account at citibanks Asok branch. I was told you need a million baht to begin. So the guy above calling it an investment bank may be correct. Another fact about Citibank... If you have an overseas citibank account and use there ATM's you don't get the usual fee for using a foriegn ATM card in Thailand. 1 Link to comment Share on other sites More sharing options...
philcon Posted May 11, 2019 Author Share Posted May 11, 2019 Thanks for this info, I have a citibank debit card so pay no ATM fee. But only at their ATM in Central world. But I also have an Australian ING debit card and we pay no ATM fee anywhere in the world as long as you deposit $2000 per month, which I do. Cheers Link to comment Share on other sites More sharing options...
batata Posted May 11, 2019 Share Posted May 11, 2019 8 hours ago, sikishrory said: I walked in and enquired about opening an account at citibanks Asok branch. I was told you need a million baht to begin. So the guy above calling it an investment bank may be correct. It's an investment bank and not day to day banking services Link to comment Share on other sites More sharing options...
batata Posted May 11, 2019 Share Posted May 11, 2019 16 hours ago, Pib said: Yes, CitiBank operates under a Bank of Thailand license in Thailand....just like any other bank operating in Thailand. Just because a bank has a foreign name/foreign ownership does not mean it operates under the banking rules of that foreign country. Any bank operating in Thailand, whether foreign or locally owned, is effectively a Thai bank. No different than say Bangkok Bank "New York" which operates under a US banking license....is for all practical purposes a foreign owned US bank...operates under US bank laws/regulations; not Thai laws/regulations. I did not say it was not a Thai bank, I did say it was a foreign investment bank, it does not offer day to day banking services, it's an investment bank and you need a minimum capital investment to start a portfolio, it used to be 1 million but it may have changed to more than that now Link to comment Share on other sites More sharing options...
new2here Posted May 11, 2019 Share Posted May 11, 2019 Just for some clarity, the Bank of Thailand actually spells out exactly what each type of institution is classified as, what is can and can’t do and gives a list of institutions that fall under each type.https://www.bot.or.th/English/FinancialInstitutions/Scope/Documents/ScopeOfSupervision.pdf#page3As such, Citibank here in Thailand, would be one of the 11 under the “Foreign commercial bank’s subsidiary” with the BOT defines as: “.... a public limited company licensed to undertake commercial banking business whose shares are, directly or indirectly, held by a foreign commercial bank in the amount not less than ninety-five percent of its total number of shares sold institution in this classification.”Sent from my iPhone using Thaivisa Connect Link to comment Share on other sites More sharing options...
Mavideol Posted May 11, 2019 Share Posted May 11, 2019 17 hours ago, philcon said: Thanks for your help on this topic, I will give Citibank a go first and then try for Bangkok bank good luck and keep us informed but I do think you will be wasting time, they are an investment bank as somebody mention Link to comment Share on other sites More sharing options...
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