Is Bank Account With Book Necessary for 800,000 THB in Bank?

EricTh · January 17, 2022

1 hour ago, skatewash said:

Actually, it's 1% APR up to 5 million baht and drops down after that threshold.

It's on the second page of this document:

https://www.krungsri.com/Krungsri2020/media/Banking-Rate/deposit-rates/en/deposit-rates-18102564-en.pdf

I wonder whether we can open up two accounts? One for bank book and one for online? Online seem to pay more for Krungsri

skatewash · January 17, 2022

3 minutes ago, EricTh said:

I wonder whether we can open up two accounts? One for bank book and one for online? Online seem to pay more for Krungsri

Sure, don't see why not. Just remember that only 1 Million baht at each bank is protected by Thai Deposit Insurance scheme. You might be interested in SCB's EZ Savings Account which is currently earning 1.5% APR, but doesn't come with a passbook. The Krungsri Bank's Mee Tae Dai account is my immigration account with a 800K + balance, and I keep the rest of my money in the EZ Savings Account at SCB. I'm under 1 million baht balances at both banks.

EricTh · January 17, 2022

2 hours ago, skatewash said:

Sure, don't see why not. Just remember that only 1 Million baht at each bank is protected by Thai Deposit Insurance scheme. You might be interested in SCB's EZ Savings Account which is currently earning 1.5% APR, but doesn't come with a passbook. The Krungsri Bank's Mee Tae Dai account is my immigration account with a 800K + balance, and I keep the rest of my money in the EZ Savings Account at SCB. I'm under 1 million baht balances at both banks.

Never heard of this EZ savings account before but it sounds interesting since I have excess of 800k.

So how does one withdraw cash money there without a bank book? Do we need to pay for the yearly ATM fees for this account?

Edited January 17, 2022 by EricTh

skatewash · January 17, 2022

3 minutes ago, EricTh said:

Never heard of this EZ savings account before but it sounds interesting since I have excess of 800k.

So how does one withdraw cash money there without a bank book? Do we need to pay for the yearly ATM fees for this account?

Yes, I think so. I applied at the bank. They had me download the SCB Easy app and create an account on that. From that point you can apply for an ATM/Debit card using that app. You instantly get a virtual Debit card and they send a physical ATM/Debit card in the mail (haven't received that yet). The cost is 100 baht for applying for the card (one-time fee) and 200 baht yearly maintenance fee, so 300 baht charged up-front for the first year. You can then use the Virtual Debit card to sign up for online banking. You can use the SCB Easy app to scan QR codes to pay for things at shops. I imagine you could even use ATM cardless access to withdraw money from ATMs, though I haven't tried that yet. Of course, once the physical ATM/Debit card arrives you can certainly use that in ATM machines. Not entirely sure how you would withdraw money from an SCB branch, but pretty sure it must involve using the SCB Easy app on your smartphone. I've only had the account for a week or so.

EricTh · January 17, 2022

50 minutes ago, skatewash said:

Yes, I think so. I applied at the bank. They had me download the SCB Easy app and create an account on that. From that point you can apply for an ATM/Debit card using that app. You instantly get a virtual Debit card and they send a physical ATM/Debit card in the mail (haven't received that yet). The cost is 100 baht for applying for the card (one-time fee) and 200 baht yearly maintenance fee, so 300 baht charged up-front for the first year. You can then use the Virtual Debit card to sign up for online banking. You can use the SCB Easy app to scan QR codes to pay for things at shops. I imagine you could even use ATM cardless access to withdraw money from ATMs, though I haven't tried that yet. Of course, once the physical ATM/Debit card arrives you can certainly use that in ATM machines. Not entirely sure how you would withdraw money from an SCB branch, but pretty sure it must involve using the SCB Easy app on your smartphone. I've only had the account for a week or so.

Wouldn't the 200 baht yearly maintenance offset any gain in interest from the 0.5% increase unless you have a lot of extra money.

skatewash · January 17, 2022

5 minutes ago, EricTh said:

Wouldn't the 200 baht yearly maintenance offset any gain in interest from the 0.5% increase unless you have a lot of extra money.

I don't think so. If you maintain a balance of 40k or greater you come out ahead, as 40k * 0.5% = 200. Depends I guess on whether 40k is considered a lot of extra money. ????

gamb00ler · January 17, 2022

1 hour ago, skatewash said:

I imagine you could even use ATM cardless access to withdraw money from ATMs, though I haven't tried that yet. Of course, once the physical ATM/Debit card arrives you can certainly use that in ATM machines. Not entirely sure how you would withdraw money from an SCB branch, but pretty sure it must involve using the SCB Easy app on your smartphone. I've only had the account for a week or so.

I have used the cardless method just once to get money from my SCB EZ account via an ATM. It was a little more cumbersome than an ATM card but with a little practice it would be just fine.

I don't think SCB allows teller withdrawals from the EZ account. The first time I went to open the EZ account, SCB first opened a regular savings account for me but couldn't/wouldn't open the EZ account until I had a tax ID. I asked them why they opened the regular savings for me and they said I would need that account to get money at the teller because the EZ account didn't offer that service. I closed that account later because I never go to the teller for cash.

January 17, 2022

7 hours ago, skatewash said:

Yes. You may be asked to produce the second passbook and provide copies of pages from the last 12 months of activity, but shouldn't be any problem. Less likely that way of accidentally falling below the minimum balance requirements for the first account. As mentioned you want a little cushion above 800k to account for debit/ATM card fees and the like.

What are you basing your answer on?

The question was one account ALWAYS above 800K, not ever dropping below. No accidental anything.

Edited January 17, 2022 by Isaanlife

January 17, 2022

7 hours ago, skatewash said:

Yes. You may be asked to produce the second passbook and provide copies of pages from the last 12 months of activity, but shouldn't be any problem. Less likely that way of accidentally falling below the minimum balance requirements for the first account. As mentioned you want a little cushion above 800k to account for debit/ATM card fees and the like.

What are you basing your answer on, your opinion?

The question was one account ALWAYS above 800K, not ever dropping below. No accidental anything.

skatewash · January 18, 2022

7 hours ago, Isaanlife said:

What are you basing your answer on, your opinion?

The question was one account ALWAYS above 800K, not ever dropping below. No accidental anything.

Only on my personal experience getting several retirement extensions at Phuket immigration over the years, and reading about the experience of others.

It's not clear to me what you are objecting to.

Obviously it is easier for an immigration officer to check that one never dipped below the minimum balance requirements if you use only one account, and there is very little activity in that account. In this sense a fixed deposit account that is untouched for the entire year is ideal. It doesn't get any easier for the immigration officer. I've had my retirement extension approved in 5 minutes in that case.

Having 801,000 baht in an account is better than having 800,000. I hope that's not too controversial. Some accounts do incur fees, for example, for having an ATM card

If you have one account with very little activity you can anticipate being asked what you are living on for your day to day expenses. In that case, producing another passbook that shows activity deftly answers that question. You may be asked to provide copies of relevant pages of that passbook.

EricTh · January 19, 2022

On 1/17/2022 at 9:38 PM, skatewash said:

I don't think so. If you maintain a balance of 40k or greater you come out ahead, as 40k * 0.5% = 200. Depends I guess on whether 40k is considered a lot of extra money. ????

I just heard that we can get 1.5% only if your balance is less than 100,000 baht, if it is above that amount, it is 1.0% only.

Can you please confirm whether this is true or not?

Can we withdraw via the counter as well?

Edited January 19, 2022 by EricTh

skatewash · January 19, 2022

1 hour ago, EricTh said:

I just heard that we can get 1.5% only if your balance is less than 100,000 baht, if it is above that amount, it is 1.0% only.

Can you please confirm whether this is true or not?

Can we withdraw via the counter as well?

It's 1.5% APR interest from 1 baht to 2 million baht. Over 2 million it is only 0.5% APR.

https://www.scb.co.th/en/personal-banking/deposits/savings-account/easy-saving-account.html

Interestingly as this is an E-Passbook account, counter withdrawals and transfers are not permitted. You can use ATM machines (once you receive your physical ATM/Debit card by mail, about one weed from opening account), you can use cardless withdrawal at SCB ATMs, you can transfer money using the SCB Easy app (on your phone) or the SCB Easy Net app (in your computer browser), and you can use the SCB Easy Scan facility to pay at shops with QR codes. See 2nd page at:

https://www.scb.co.th/content/dam/scb/personal-banking/product-sales-sheet/deposits/ez-savings-account-en.pdf

EricTh · January 19, 2022

2 hours ago, skatewash said:

It's 1.5% APR interest from 1 baht to 2 million baht. Over 2 million it is only 0.5% APR.

https://www.scb.co.th/en/personal-banking/deposits/savings-account/easy-saving-account.html

Interestingly as this is an E-Passbook account, counter withdrawals and transfers are not permitted. You can use ATM machines (once you receive your physical ATM/Debit card by mail, about one weed from opening account), you can use cardless withdrawal at SCB ATMs, you can transfer money using the SCB Easy app (on your phone) or the SCB Easy Net app (in your computer browser), and you can use the SCB Easy Scan facility to pay at shops with QR codes. See 2nd page at:

https://www.scb.co.th/content/dam/scb/personal-banking/product-sales-sheet/deposits/ez-savings-account-en.pdf

OK. It sounds like a good deal if we have extra money exceeding 800k.

There are no charge except for the yearly 300 baht ATM card fee then?

skatewash · January 19, 2022

17 minutes ago, EricTh said:

OK. It sounds like a good deal if we have extra money exceeding 800k.

There are no charge except for the yearly 300 baht ATM card fee then?

Not that I know of. Also, it's 200 for having an ATM card per year plus 100 baht to get it issued originally.

gamb00ler · January 19, 2022

20 minutes ago, EricTh said:

OK. It sounds like a good deal if we have extra money exceeding 800k.

There are no charge except for the yearly 300 baht ATM card fee then?

I didn't bother to get an ATM/debit card. I just transfer to my KBank account when I need cash or just use mobile payment through the app for most payments. App is efficient when you're proficient.

The Hammer2021 · January 19, 2022

On 1/12/2022 at 7:27 PM, Chris.B said:

because there are some accounts with better interest out there.

Name them

gamb00ler · January 19, 2022

On 1/12/2022 at 6:32 PM, Chris.B said:

There are some nice Thai bank accounts out there but they don't have bank books.

12 minutes ago, The Hammer2021 said:

Name them

SCB EZ Savings, L&H Bank Pro-Fit (Thai only), KrungSri Bank Mee Tai Dai (does have book).

EricTh · January 19, 2022

48 minutes ago, gamb00ler said:

I didn't bother to get an ATM/debit card. I just transfer to my KBank account when I need cash or just use mobile payment through the app for most payments. App is efficient when you're proficient.

You mean this online SCB account is also able to use the QR code displayed by the shops to make payment?

gamb00ler · January 19, 2022

32 minutes ago, EricTh said:

You mean this online SCB account is also able to use the QR code displayed by the shops to make payment?

I actually never used it but the function is clearly available in the app.

skatewash · January 19, 2022

25 minutes ago, EricTh said:

You mean this online SCB account is also able to use the QR code displayed by the shops to make payment?

Paid for my lunch at a restaurant today that way. Open SCB Easy on phone, scan QR code, type in amount, review amount, done. Very quick process. Comparable to, or maybe even a little faster, the time it would take for me to take the cash out of my wallet, count it, give it to the cashier, have the cashier count it, and return to me my change.

Other banks offer the same service, but I'm given to understand that SCB's is a particularly good one. I've heard the Bangkok Bank one is slower. No personal experience using that one.

EricTh · January 19, 2022

4 hours ago, skatewash said:

Paid for my lunch at a restaurant today that way. Open SCB Easy on phone, scan QR code, type in amount, review amount, done. Very quick process. Comparable to, or maybe even a little faster, the time it would take for me to take the cash out of my wallet, count it, give it to the cashier, have the cashier count it, and return to me my change.

Other banks offer the same service, but I'm given to understand that SCB's is a particularly good one. I've heard the Bangkok Bank one is slower. No personal experience using that one.

Looks good. Could you give me the link to the website page where I can apply to open the account? I can't seem to find the page but I know the SCB website.

Edited January 19, 2022 by EricTh

skatewash · January 19, 2022

6 hours ago, EricTh said:

Looks good. Could you give me the link to the website page where I can apply to open the account? I can't seem to find the page but I know the SCB website.

https://www.scb.co.th/en/personal-banking/deposits/savings-account/easy-saving-account.html

Although, I opened my EZ Savings account at an SCB branch in person. I don't know how it would work online as I had to sign a ton of paperwork for the IRS but then I'm an American. ????

Edited January 19, 2022 by skatewash

EricTh · January 20, 2022

1 hour ago, skatewash said:

https://www.scb.co.th/en/personal-banking/deposits/savings-account/easy-saving-account.html

Although, I opened my EZ Savings account at an SCB branch in person. I don't know how it would work online as I had to sign a ton of paperwork for the IRS but then I'm an American. ????

That webpage still doesn't have any application form except for 'leave a message' or 'contact us'.

Oh, I didn't know we can open an online account at a physical branch because other banks said we have to open via website. Maybe it's better that I hop over to a branch and open there instead.

skatewash · January 20, 2022

10 minutes ago, EricTh said:

That webpage still doesn't have any application form except for 'leave a message' or 'contact us'.

Oh, I didn't know we can open an online account at a physical branch because other banks said we have to open via website. Maybe it's better that I hop over to a branch and open there instead.

The Thai version of the link I posted earlier does seem to have an "Open an account at SCB Easy App" button, which doesn't work for me when I press it. However, it does seem to imply that it would be possible to open an account online through the app. You might try downloading the SCB Easy App from Play store on your phone and see if it allows you to apply online.

I did get the impression that the bank branch I went to took pity on me and did things for me that maybe I should have been doing myself using the app. ????

https://www.scb.co.th/th/personal-banking/deposits/savings-account/easy-saving-account.html#

HAPPYNUFF · January 20, 2022

A couple of years ago, I had my 800,000 in one of those Co-Operative Banks, as then, it was paying a higher rate of interest than other banks. Went to do my usual annual visa thing, was told, most firmly, by I.O Boss I HAD to put my money into a Bangkok Bank, or else, no visa extension next time.. Did as ordered next time, luckily, by then Bangkok Bank was paying slightly higher interest than Co Op Bank anyway.

EricTh · January 20, 2022

4 hours ago, skatewash said:

I did get the impression that the bank branch I went to took pity on me and did things for me that maybe I should have been doing myself using the app. ????

https://www.scb.co.th/th/personal-banking/deposits/savings-account/easy-saving-account.html#

pm

Edited January 20, 2022 by EricTh

DrJack54 · January 20, 2022

Pages of nothing to do with the OP and just chit chat of bank options regarding interest rates.

Plenty of that in banking forum.

skatewash · January 20, 2022

1 minute ago, EricTh said:

Even if we apply online we still need physical documents to verify so I went to a branch in CM, and they said I have to show them an embassy letter!

This is the first time I've heard such a requirement which I think is ridiculous because our passport and visa should be enough or the certificate of residence.

Which branch did you apply in Chiang Mai?

Not in Chiang Mai, I'm in Phuket.

I've heard of this sort of thing before. They basically want someone to confirm you are who you say you are and live where you say you do. They will take an affidavit from your embassy (the US one costs $50), or usually will accept a Certificate of Residence from your Thai Immigration Office. I happened to have a yellow house registration book, which they accepted as proof of residence. I also brought, back of Thai driver's license, pink ID card, invoice statements from PEA, CAT, etc showing I pay utilities at my residence, but after seeing the yellow book (tabian bahn) they were satisfied. They will sometimes accept a rental agreement as well. Somthing that gives them a warm, fuzzy feeling you are legit. Sometimes bringing a Thai customer of the same bank to vouch for you works as well. Also, need to pick the branch you use. Pick one used to dealing with lots of foreigners, one with English-speaking staff, one located in an area where expats live, etc.

It's just a CYA (Cover Your Assets ???? )thing for the bank. The bank didn't verify your identity and your address, the customer's embassy did that, the immigration department did that, the local amphur office did that. So it's not our fault if there's something wrong, it's those other organization's fault.

grain · January 20, 2022

For over 10 years when I lived in Pattaya and had an agent renew my ret' ext' for me, they always required a photocopy of my bank book, plus they wanted to see the actual bank book. For the past 2-3 years I've been in Korat and renew my annual ext' myself, however, the same applies, Korat want the bank statement, a photocopy of my balance, plus they want to take a look at the actual bank book.

Captain Monday · January 20, 2022

Big banks will drive the change someday. Even the most hidebound are talking about getting rid of bank book for "green" reason. They actually want to save money and decommission tens of thousands of machines. Rather email you a PDF file every month for free. Of course pdfs are easier to fake. Bank letter to verify.

In quest to go paperless (and save money), Mizuho to start charging for bank books

https://japantoday.com/category/features/kuchikomi/in-quest-to-go-paperless-(and-save-money)-mizuho-to-start-charging-for-bank-books

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