State-owned Thai bank: Which one for 1st account?

[zhounan]

As a scholar of the monetary theory of Prof. Giacinto Auriti  (https://en.wikipedia.org/wiki/Giacinto_Auriti), I am a strong opponent of the monetary system based on debt and financial tricks and the scriptural currency that commercial banks are doing since the cancellation of the Bretton Woods agreements (1971), creating the fiat currency (exploitation).
Although, by now even nationalized state-owned banks must comply with certain directives, I would, however, like to choose a bank covered by the government rather than one substantially in the hands of the élite of the world financial system.

 

So, anybody has experience with some state-owned Thai Banks?

As Wikipedia refers, there are 6, 100% state-owned

 

• Government Savings Bank
• Government Housing Bank
• Bank for Agriculture and Agricultural Co-operatives (BAAC)
• Export–Import Bank of Thailand
• Islamic Bank of Thailand
• SME Development Bank of Thailand

 

Also, between the commercial banks we have some with state stock participation as:

- Krungthai Bank (56 % owned by Thai government)

- TMB Bank (30 % owned by ING, 7 % DBS, 26 % Thai Ministry of Finance, 2 % Thai military)

 

I would like to about the Three Big Giants: Bangkok Bank, SCB, Kasikornbank, private family-owned banks (chinese origins)

 

Thank you for all the reply.

 

Reference:

https://en.wikipedia.org/wiki/List_of_banks_in_Thailand

 

[Kwasaki]

2 hours ago, zhounan said:

like to choose a bank covered by the government.

I would like to about the Three Big Giants

Main Gov bank.

 

Bangkok Bank. Bangkok Bank is the largest bank in Thailand in terms of assets, with a total of US $78 billion. ..

 

That said in our area I find the SCB the most helpful.

Edited May 30, 2019 by Kwasaki

[jackdd]

Afaik you need to have a work permit to be able to open an account at any of the state owned banks.

[Beggar]

There is deposit insurance in Thailand. Sadly reduced in the meantime. 

 

http://www.thaiwebsites.com/deposits-insurance.asp

[Briggsy]

In general, Thai government banks tend to have a smaller and less attractive range of products (debit cards, fixed term accounts, etc.), worse customer service and worse I.T. systems than commercial banks.

 

This is because they do not have to compete as their survival is guaranteed and making profits is often not their primary function.

 

I would always choose a large commercial bank over a government bank in Thailand.

[zhounan]

59 minutes ago, Beggar said:

There is deposit insurance in Thailand. Sadly reduced in the meantime. 

 

http://www.thaiwebsites.com/deposits-insurance.asp

Why Government should pay for the financial gambling of commercial banks owned by dynasties?

[dotpoom]

After reading the first few paragraphs of the OP I said to myself....there goes my theory "keep it simple"...so I skipped the rest.

That is by no means a criticism of the OP....could be of myself though ...but still ...my way has served me well for many moons now.

[zhounan]

15 minutes ago, dotpoom said:

After reading the first few paragraphs of the OP I said to myself....there goes my theory "keep it simple"...so I skipped the rest.

That is by no means a criticism of the OP....could be of myself though ...but still ...my way has served me well for many moons now.

morals, question of principle 

[kimmywest1568]

What about private banks?

 

I want to open a basic account to use when I'm in Thailand (hoping to avoid exhorbitant ATM fees), but I've been having trouble finding one that will open an account.

 

 

[PerkinsCuthbert]

If your principles insist, then you could try walking into a GSB branch (ธนาคารออมสิน) and applying for a savings account, but be aware, it is very unusual for a foreigner to try to open an account there; they may not speak much English, they may refuse you point blank, and as others have stated, even if you do manage to open an account, the convenience of use of your account will not compare to that of the commercial banks, and nor will their range of products. I suspect that after a while you may be prepared to ditch your principles, but feel free to try.

[PerkinsCuthbert]

5 minutes ago, kimmywest1568 said:

What about private banks?

 

I want to open a basic account to use when I'm in Thailand (hoping to avoid exhorbitant ATM fees), but I've been having trouble finding one that will open an account.

 

 

What 'exorbitant' ATM fees? A basic ATM card costs 50-200 Baht a year, depending on type, withdrawals from ATMs within the same group and province are generally free. If you withdraw in another province you will incur a modest charge, but with a little planning, those can be avoided.

See: https://kasikornbank.com/en/rate/fee/ChargesDoc/ServicingFees_en_18042019.pdf

[zhounan]

15 minutes ago, PerkinsCuthbert said:

What 'exorbitant' ATM fees? A basic ATM card costs 50-200 Baht a year, depending on type, withdrawals from ATMs within the same group and province are generally free. If you withdraw in another province you will incur a modest charge, but with a little planning, those can be avoided.

See: https://kasikornbank.com/en/rate/fee/ChargesDoc/ServicingFees_en_18042019.pdf

Great PDF! Do you have the same for Bangkok Bank and SCB?

[PerkinsCuthbert]

33 minutes ago, zhounan said:

Great PDF! Do you have the same for Bangkok Bank and SCB?

 

https://www.bangkokbank.com/en/Personal/Digital-Banking/Self-Services/Bualuang-ATM/ATM-Fees

 

https://www.scb.co.th/content/dam/scb/personal-banking/rates-fees/others/card-and-electronics-fees/card-and-electronics-fees.pdf

 

SCB is only in Thai, can't find English version, but all the commercial banks' fees are broadly similar.

[Suradit69]

59 minutes ago, PerkinsCuthbert said:

What 'exorbitant' ATM fees? A basic ATM card costs 50-200 Baht a year, depending on type, withdrawals from ATMs within the same group and province are generally free.

I think he meant he wanted to open an account in Thailand to avoid ATM charges incurred when using an ATM card from his home country bank.

 

1 hour ago, kimmywest1568 said:

want to open a basic account to use when I'm in Thailand (hoping to avoid exhorbitant ATM fees)

 

[Suradit69]

1 hour ago, kimmywest1568 said:

What about private banks?

 

I want to open a basic account to use when I'm in Thailand (hoping to avoid exhorbitant ATM fees), but I've been having trouble finding one that will open an account.

 

 

Try different banks, even different branches of the same bank, in an area that is likely to have a number of foreign account holders already. 

 

If you're American that may make it more difficult because of the US government's rules and regulations about reporting you  to the US Treasury Dept.

 

That said, I'm American and I got a bank account at Bangkok Bank in Pattaya without a problem (admittedly many years ago) and opened a second account at a different branch in Pattaya just a few weeks ago. 

[henry15]

On 5/30/2019 at 3:51 PM, Briggsy said:

In general, Thai government banks tend to have a smaller and less attractive range of products (debit cards, fixed term accounts, etc.), worse customer service and worse I.T. systems than commercial banks.

 

This is because they do not have to compete as their survival is guaranteed and making profits is often not their primary function.

 

I would always choose a large commercial bank over a government bank in Thailand.

GSB has all of that Debit  en credit cards. Fix term accounts with higher intrest than commercial banks,  even don't have  to pay the 15%  government tax on intrest, and have online banking. And the service as I experienced in different branches is more than excellent. My mayor bank is Kasikorn bud my fixed term accounts are with GSB. 

Edited June 1, 2019 by henry15
spelling erros

[rickudon]

On 5/31/2019 at 8:35 PM, kimmywest1568 said:

What about private banks?

 

I want to open a basic account to use when I'm in Thailand (hoping to avoid exhorbitant ATM fees), but I've been having trouble finding one that will open an account.

 

 

As a newcomer you will have problems opening an account. Two requirements - a long term visa (not a tourist visa) and proof of a Thai address. Usually they ask for a Yellow book (look it up if you do not know what this is). Alternative options are a letter from your embassy confirming your address or from immigration (which will cost you money). You might get lucky but opening an account is a lottery here. Took me 5 attempts as no yellow book, even though i had lived here for 7 years.....