While working in Thailand: Opening another bank account, getting another credit card

[OneMoreFarang]

I work in Thailand since years. And since years I have a bank account where my salary is transferred to. I have a credit card from them with a limit of about 3 times my monthly salary.

 

What would happen if I open another bank account with another bank and ask my company to pay my salary to that account and ask the new bank for a credit card?

 

Would the new bank likely give me (maybe after x months) a credit card with a similar limit like the old bank?

And what would the existing bank do if they don't get my salary anymore? Would they cancel that credit card or lower the limit?

 

I don't have any problems with the current bank and I always pay my credit card bill in time. I also don't have any other financial problems.

It's just a question what would happen. I don't have to change the bank for any reason. 

[blackcab]

The first question to ask is whether your company can pay your salary into another bank. Some companies will only transfer salary into one specific bank.

 

This isn't the company being difficult, it is the bank's software that only allows payroll to be sent to bank accounts within their own branch network.

[OneMoreFarang]

27 minutes ago, blackcab said:

The first question to ask is whether your company can pay your salary into another bank. Some companies will only transfer salary into one specific bank.

 

This isn't the company being difficult, it is the bank's software that only allows payroll to be sent to bank accounts within their own branch network.

Thanks for the comment.

In my case there is no restriction to one bank. But it's good to know that this might be the case for some companies.

[sanuk711]

56 minutes ago, OneMoreFarang said:

What would happen if I open another bank account with another bank and ask my company to pay my salary to that account and ask the new bank for a credit card?

Your thinking of doing a runner aren't you OneMotr Farang.....................????

[robblok]

4 minutes ago, sanuk711 said:

Your thinking of doing a runner aren't you OneMotr Farang.....................????

There are people who work that way yes. But not everyone.

 

I too wonder if the OP only wants two credit cards so he has a higher limit. Not if he wants to do a runner but just if that is the whole reason of the question.

[OneMoreFarang]

5 minutes ago, robblok said:

There are people who work that way yes. But not everyone.

 

I too wonder if the OP only wants two credit cards so he has a higher limit. Not if he wants to do a runner but just if that is the whole reason of the question.

That crossed my mind.

 

And about the runner: Where should I run to? And what would be the point of such a run? And for a couple of hundred thousand THB? Sure not!

[robblok]

Just now, OneMoreFarang said:

That crossed my mind.

 

And about the runner: Where should I run to? And what would be the point of such a run? And for a couple of hundred thousand THB? Sure not!

I did not suspect you of doing a runner, never got the impression your that kind of guy. I did wonder the whole why behind this. That is why i asked if you wanted 2 credit cards. Otherwise i dont see a reason if your satisfied with the other bank. 

 

Or is it just you wondering how the procedures and safety is. Because basically it would give you an extra credit line without you putting up any extra collateral (salary deposit is a form of collateral) 

[blackcab]

43 minutes ago, robblok said:

Otherwise i dont see a reason if your satisfied with the other bank. 

 

One good reason is the discounts offered to people that pay by credit card. Sometimes a restaurant will have a promotion for users of a certain card, but not other cards.

 

A second good reason is that some newer cards offer excellent promotions, substantially better than much older cards.

 

Another good reason is to split business and personal spending.

[robblok]

19 minutes ago, blackcab said:

 

One good reason is the discounts offered to people that pay by credit card. Sometimes a restaurant will have a promotion for users of a certain card, but not other cards.

 

A second good reason is that some newer cards offer excellent promotions, substantially better than much older cards.

 

Another good reason is to split business and personal spending.

True about the discounts i had a friend that had countless cards and used a different one every time. So yea i believe that one did not think about even. I never use creditcards find them unsafe. (think more the norm for Americans not so much in the Netherlands)

[NanLaew]

If the OP has had a Thai credit card and a good credit history, can he can apply for another credit card from another bank without opening an account? Or is the Thai credit card industry still working in the dark ages?

[OneMoreFarang]

1 hour ago, robblok said:

I did not suspect you of doing a runner, never got the impression your that kind of guy. I did wonder the whole why behind this. That is why i asked if you wanted 2 credit cards. Otherwise i dont see a reason if your satisfied with the other bank. 

 

Or is it just you wondering how the procedures and safety is. Because basically it would give you an extra credit line without you putting up any extra collateral (salary deposit is a form of collateral) 

Thanks.

 

It happened before that my ATM card was stuck in an ATM machine and I had to replace it. Luckily that was in Thailand and it was no problem. But I thought about what would happen if that would happen if I am outside Thailand and maybe with my credit card? It's definitely a good idea to have a second card - or second ATM card and second credit card.

And then, with the Covid situation in my mind, I also thought about other possible problems like needing short term more money or something like that. And then the alternative bank came to my mind.

And then there are the promotions someone mentioned. There are sometimes pretty good discounts depending on the card.

And I guess because when I applied for my current credit card and the bank asked for salary slips for the last couple of months I thought another bank and another credit card company would ask the same.

The whole idea never made it to the stage where I thought: I have to do x to get y. It was more like: Is it even possible to do x? And that is when I asked the question.

Currently my situation is stable but somehow I get the impression that the Covid economic situation will stay for a long time and it will get worse. So it does not hurt to think about options.

[robblok]

3 minutes ago, OneMoreFarang said:

Thanks.

 

It happened before that my ATM card was stuck in an ATM machine and I had to replace it. Luckily that was in Thailand and it was no problem. But I thought about what would happen if that would happen if I am outside Thailand and maybe with my credit card? It's definitely a good idea to have a second card - or second ATM card and second credit card.

And then, with the Covid situation in my mind, I also thought about other possible problems like needing short term more money or something like that. And then the alternative bank came to my mind.

And then there are the promotions someone mentioned. There are sometimes pretty good discounts depending on the card.

And I guess because when I applied for my current credit card and the bank asked for salary slips for the last couple of months I thought another bank and another credit card company would ask the same.

The whole idea never made it to the stage where I thought: I have to do x to get y. It was more like: Is it even possible to do x? And that is when I asked the question.

Currently my situation is stable but somehow I get the impression that the Covid economic situation will stay for a long time and it will get worse. So it does not hurt to think about options.

Yea i get the needing more then 1 card. I got an Dutch bank card and creditcard plus a Thai one. 

 

Yes COVID might change some things i see it in my business too.  I earn a bit less not that much but it could change. Many companies are reducing the amount of people. My GF her company is doing the same. So its wise to be prepared for tough times. 

[Leaver]

I don't have a credit card here, so have no knowledge of the system, but surely Thai banks and credit institutions run credit checks, not only to see you haven't defaulted, but also to see you are not accumulating credit well above an amount that your salary can service, if "maxed out."  

[OneMoreFarang]

9 hours ago, Leaver said:

I don't have a credit card here, so have no knowledge of the system, but surely Thai banks and credit institutions run credit checks, not only to see you haven't defaulted, but also to see you are not accumulating credit well above an amount that your salary can service, if "maxed out."  

Thanks. I think 3 times the monthly salary is on the lower end of what credit card companies give to their customers. That was what I got without asking.

I am pretty sure the credit card business works different in different countries and probably different again i.e. for foreigners in Thailand. I don't think it makes sense that I try to think about what makes sense or how this works in other countries.

Real life experience from foreigners in Thailand is what I am looking for.

[tomazbodner]

Credit card - In my case only SCB insisted on salary being transferred directly to them, others didn't nor did it seem to be any part of consideration.

Fill out the application form, get 6 months or better 1 year of financial statements from your current bank, copy of work permit, savings account book, passport, and existing credit card. You could also give them a copy of the report sent to credit bureau that your current credit card company sends you every 6 months. Apply. Worst they can do is reject it.

 

Bank account - you can open as many as you wish. Most will want 500 baht deposit, UOB will want 50,000 baht deposit for foreigners. You'll need your passport and work permit only. They don't care about any other accounts you may have.

[Mak25]

Generally, yes, can get several credit cards from different banks without considerations about the total credit limit.

[timendres]

I am curious. I asked Bangkok Bank for a credit card, and they would only offer a "secured" credit card, which is no better than my current visa debit card. So, which bank provided you with a genuine credit card?

[YT3k72Em]

You don't need to change your salary to another bank. As part of the credit card application they will require payslips and bank statements, but they don't require you use "their" bank. They will also ask you about other credit cards held and the credit limits. They will go up to about 5x salary for normal people.

[OneMoreFarang]

6 minutes ago, timendres said:

I am curious. I asked Bangkok Bank for a credit card, and they would only offer a "secured" credit card, which is no better than my current visa debit card. So, which bank provided you with a genuine credit card?

Kasikorn Bank. I got that a couple of years ago and they needed my work permit, salary slips, etc. But no security was required. I had already a bank account with them for years.

[YT3k72Em]

21 minutes ago, timendres said:

I am curious. I asked Bangkok Bank for a credit card, and they would only offer a "secured" credit card, which is no better than my current visa debit card. So, which bank provided you with a genuine credit card?

KTC (Krungthai credit) is also pretty easy. Minimum salary of 50,000. Can even apply online in English!

https://www.ktc.co.th/en/credit-card

 

[natway09]

Just go & open another bank account & request a credit card.

Current passport, visa extension & WP required.

Just doubled your credit limit.

For those that say no,,,well I have done it twice & the third bank begged me to take a credit card

which I declined. 2 is enough

[OneMoreFarang]

13 minutes ago, YT3k72Em said:

KTC (Krungthai credit) is also pretty easy. Minimum salary of 50,000. Can even apply online in English!

https://www.ktc.co.th/en/credit-card

 

They show about 50 different cards on that page and at least I don't see any comparison.

Do you have more info?

[brianp0803]

Is triple my monthly salary normal for a credit card?
i only got 100,000 from Krungsri and Kasikorn and that is not much e than my salary. I believe both have no annual fee, but I haven’t checked my statements closely. I thought about Bangkok Bank, but I seldom see promotions and they want an annual fee.
I got a second credit card because of the promotions offered by the credit card and also because I want to use the lounge at the airport when I fly international.

I frequently get discounts on those credit cards at restaurants.

 

[YT3k72Em]

15 minutes ago, OneMoreFarang said:

They show about 50 different cards on that page and at least I don't see any comparison.

Do you have more info?

Click the card images to see the details of each card. If you want just the basic free card go for Visa/MC platinum. If you want more benefits and still a free card go for Visa Signature/MC World (without the X) and you'll get 1 free use of THAI lounge per year.

[Satcommlee]

You will be on the NCB (National Credit Bureau) database, in fact you probably already get letters showing your record occasionally.

If you have maxed out your existing credit card then this will show and can impact the decision of the new bank.

 

If not then you could get the 2 credit cards, if the banks are not on alert right now due to the current bad debt climate.

 

 

[OneMoreFarang]

13 minutes ago, Satcommlee said:

You will be on the NCB (National Credit Bureau) database, in fact you probably already get letters showing your record occasionally.

Thanks. I get these letters from time to time but I have to admit I never looked much at them.

Because I see my bill also online and I pay according to the online information. So it was never really necessary to look at those letters.

Which details do they show and what is the purpose of them?

In the meantime I will look where I can find one. It should be somewhere in that drawer. ???? 

[Don Mega]

Should be no issue, With my old employer I was with Kbank and they gave me a credit. Changed employer and they bank with BKK Bank so had to open an account there... without asking they offered a credit card.

[Don Mega]

2 hours ago, brianp0803 said:

Is triple my monthly salary normal for a credit card?
i only got 100,000 from Krungsri and Kasikorn and that is not much e than my salary. I believe both have no annual fee, but I haven’t checked my statements closely. I thought about Bangkok Bank, but I seldom see promotions and they want an annual fee.
I got a second credit card because of the promotions offered by the credit card and also because I want to use the lounge at the airport when I fly international.

I frequently get discounts on those credit cards at restaurants.

 

My K bank one started out at 3 times Salary, it is now a decent chunk more but I have had it for over 13 years.

got a BKK Bank one October last year, it is 3 times salary.

Edited August 3, 2020 by Don Mega

[Bangkokhatter]

I have a UOB and Citibank credit card but bank at Bangkok Bank.

 

You could just go into your local Makro and apply for the Citi card, the agents are always in there and it's handy as it's the only credit card that Makro accepts.

[brianp0803]

How to get higher credit limit - ask them?

 

I don't really need it - I charge about 20,000- 30,000 each month and have 100,000 limit on each card and automatically pay in full every month. I never have a balance and never pay interest.  It would be nice to have for an emergency - I always pay my bills.  In America, if you pay your bills every month and get close to your limit - they often increase your limit.  

Now with Covid maybe not a good time to be asking for an increased credit limit - maybe many defaulting.

I did once have 160,000 in medical bills and used my 2 credit cards and paid immediately.