Bangkok Bank Profiteering from Ukraine War?

[Kinnock]

In a chance discussion with a Russian tourist in Bangkok, she mentioned that only one bank in Thailand is still offering fund transfers with Russian banks .... Bangkok Bank.

 

This bank offering sanction breaking services is not ideal, but the shocking part was that a condition from Bangkok Bank for providing banking services for Russian tourists is that they must buy their life insurance at a cost of THB 6000.

 

So they are profiteering from war?

 

[champers]

I wasn't aware Thailand had signed up to any sanctions; they have adopted a neutral stance.

[Kinnock]

8 minutes ago, champers said:

I wasn't aware Thailand had signed up to any sanctions; they have adopted a neutral stance.

The Western sanctions on Visa, Mastercard, Swift etc have meant that other banks are not providing services to Russian tourists.  But Bangkok is offering a solution, which is mildly morally suspect in my view, but at a cost of buying their insurance product, which is more morally suspect in my view.

 

Many companies have made moral decisions independently of their government taking a formal stance, but not Bangkok bank.

 

Glad I don't bank with them, as I'd be moving my account.

[Jingthing]

My understanding is that SWIFT transfers are totally blocked internationally but only to SOME Russian banks. So I'm not aware of any reason why any Thai bank couldn't do a SWIFT transfer to the still not blocked Russian banks (if they wanted to). There may be other workarounds. Additional (or all) Russian banks might eventually be added to the no SWIFT list. 

[chickenslegs]

On my Bangkok Bank ATM card is the "Union Pay" symbol. This (AFAIK) is the Chinese equivalent of SWIFT.

 

So, maybe Union Pay transfers are not blocked under the current sanctions. 

[impulse]

I'd want to see something more substantial than a conversation with a random Russkie tourist. 

 

It's quite probable she doesn't understand exactly what was on offer, or the exact terms and conditions.  Insurance requirement sounds more like conditions to get some kind of credit instrument like overdraft protection.

 

I'm open to the possibility that BKK Bank is just being skeejy, but there are tons of threads where foreigners (especially tourists) misunderstood bank policies.

 

[bojo]

From my understanding, BKK bank is the main clearing bank into the country......................that might explain why they are linked with any transaction as all international transactions are 'in transit' through them?.......................................

[champers]

22 minutes ago, Kinnock said:

The Western sanctions on Visa, Mastercard, Swift etc have meant that other banks are not providing services to Russian tourists.  But Bangkok is offering a solution, which is mildly morally suspect in my view, but at a cost of buying their insurance product, which is more morally suspect in my view.

 

Many companies have made moral decisions independently of their government taking a formal stance, but not Bangkok bank.

 

Glad I don't bank with them, as I'd be moving my account.

Which Thai companies have taken a moral stance against the Russian government or Russians in Thailand? I am not aware of any.

Incidentally, Western countries have had no problem with accepting Russian oligarch's money for the last 20 years. Or Chinese or Saudi Arabian money or money from the UAE or, or and on and on.

You think politicians are morally virtuous?

 

 

 

[KhunLA]

Good for them, since I use BB.  More profits they make, better for me, especially if makes my cost cheaper or fee free to use  ????

 

World is still buying RU oil & gas, so why should anyone tell someone else not to trade with RU.

 

It's a RU & UKr conflict, has nothing to do with Thailand.  That spat is between them, not with Thailand.

 

If everyone doesn't stop trading with RU, why should anyone stop.

Edited April 6, 2022 by KhunLA

[mtls2005]

The insurance ploy has been widely-reported here for years. A search here would reveal more details.

 

Foreigners who finally overcome the initial resistance to opening a new account at Bangkok Bank, and other banks, are strong-armed "encouraged" - with smiles of course - to subscribe to an annual, automatically renewable insurance policy.

 

So this second/third-hand "story" has partial veracity.

 

 

AFAIK, there are no local sanctions on russians in thailand so unclear what the OP is on about?

 

 

Stipulations:

 

Yes, we know not every foreigner is subject to the insurance scam

 

Yes, we know "you" didn't have to buy insurance.

 

Yes, we know thais are subject to cold-calls/upsells for insurance.

 

 

 

 

 

[wombat]

8 hours ago, champers said:

 

You think politicians are morally virtuous?

 

 

 

Thankyou...that's my laugh for the day taken care of.

[wombat]

53 minutes ago, mtls2005 said:

The insurance ploy has been widely-reported here for years. A search here would reveal more details.

 

Foreigners who finally overcome the initial resistance to opening a new account at Bangkok Bank, and other banks, are strong-armed "encouraged" - with smiles of course - to subscribe to an annual, automatically renewable insurance policy.

 

 

 

 

 

 

 

Is that the one that in the fine print says it only pays out to Thai National?

[jippytum]

 History shows banks have no ethics regarding the pursuit of profit

For example Swiss banks in WW1 and WW2 who continue currently to welcome  despots from foreign governments to deposit funds.

As Thailand remained neutral during the continued genocide in Mayamar they are unlikely to take any stance on the genocide in Ukraine.

[Lacessit]

8 hours ago, KhunLA said:

Good for them, since I use BB.  More profits they make, better for me, especially if makes my cost cheaper or fee free to use  ????

 

 

LOL, you really think BB is going to give back its profits to its customers, and ignore the shareholders?

Olympic gold medal post for naivety.

[brianthainess]

10 hours ago, Kinnock said:

In a chance discussion with a Russian tourist in Bangkok, she mentioned that only one bank in Thailand is still offering fund transfers with Russian banks .... Bangkok Bank.

 

This bank offering sanction breaking services is not ideal, but the shocking part was that a condition from Bangkok Bank for providing banking services for Russian tourists is that they must buy their life insurance at a cost of THB 6000.

 

So they are profiteering from war?

That old one must buy insurance, they tried that on a mate of mine 2 yrs ago (not Russian ) when he wanted to open an account with them, after contacting BBK on line, he found out no its not necessary, get the tellers name and their position and report them I would call it a scam but TIT so i won't. 

[brianthainess]

9 hours ago, bojo said:

From my understanding, BKK bank is the main clearing bank into the country......................that might explain why they are linked with any transaction as all international transactions are 'in transit' through them?.......................................

I think Bank Of Thailand is the main clearing bank.

[brianthainess]

9 hours ago, impulse said:

Insurance requirement sounds more like conditions to get some kind of credit instrument like overdraft protection.

Nah they do it as a way to not have you produce documents to open an account like residency letter from immigration etc.  Scam !

[Liverpool Lou]

11 hours ago, Kinnock said:

This bank offering sanction breaking services is not ideal,

Thailand has imposed sanctions on Russian banks or financial services to Russia?  When was that announced?

 

Edit:  Seriously, Kinnock, as you found my question "sad", when were those sanctions announced?

Edited April 7, 2022 by Liverpool Lou

[Liverpool Lou]

10 hours ago, Kinnock said:

the shocking part was that a condition from Bangkok Bank for providing banking services for Russian tourists is that they must buy their life insurance at a cost of THB 6000.

 

So they are profiteering from war?

Maybe they are, maybe they aren't,   Is the Russian tourist's claim accurate...I'd doubt it.

[Whale]

Bangkok Bank has a fully owned Chinese subsidiary. They are the only Thai commercial bank with a significant presence in China. So probably don't have to use SWIFT.

Edited April 7, 2022 by Whale

[Liverpool Lou]

29 minutes ago, brianthainess said:

Nah they do it as a way to not have you produce documents to open an account like residency letter from immigration etc.

How do you now that?  Personal experience or hearsay?

[Liverpool Lou]

8 minutes ago, Whale said:

Bangkok Bank has a fully owned Chinese subsidiary. They are the only Thai commercial bank with a significant presence in China. 

And...?

[Whale]

8 minutes ago, Liverpool Lou said:

And...?

The OP claims "sanction busting".

[Liverpool Lou]

22 minutes ago, Whale said:

32 minutes ago, Liverpool Lou said:

And...?

The OP claims "sanction busting".

I know. 

 

There are no Russian sanctions imposed by Thailand.  Don't see what a Chinese subsidiary of Bangkok Bank Ltd, Thailand has to do with it.

[topt]

11 hours ago, chickenslegs said:

This (AFAIK) is the Chinese equivalent of SWIFT.

Union Pay is just like Visa or Mastercard but China based. Provides bank card activities mainly in China but Bangkok Bank were pushing Union Pay cards at renewal a couple of years ago when replacing expiring Visa debit cards.

 

Nothing to do with SWIFT

[Iamfalang]

10 hours ago, KhunLA said:

Good for them, since I use BB.  More profits they make, better for me, especially if makes my cost cheaper or fee free to use 

there are many slaves working on the rubber plantation dying over profits.

jade miners being killed in burma

slaves around the world

 

Good for them?   More profits they make, better for me?????????

 

I would not imprison children to make money.........so there must be a line in the sand.

 

Russia has crossed that line.  

[VocalNeal]

12 hours ago, Kinnock said:

So they are profiteering from war?

But clearly all the companies supplying weapons are not? 

 

Hats off to Bangkok Bank for at least helping Russians. They could simply say NO?

It maybe a third party is pocketing the money? The bank at the Russian end?

 

Authorities that stop financial transfers should think about the innocent and not jump on the morality band wagon.

[Whale]

52 minutes ago, Liverpool Lou said:

There are no Russian sanctions imposed by Thailand.  Don't see what a Chinese subsidiary of Bangkok Bank Ltd, Thailand has to do with it.

But SWIFT cannot be used so if you are in China you have full access to CIPS. 

[KhunLA]

5 minutes ago, Iamfalang said:

there are many slaves working on the rubber plantation dying over profits.

jade miners being killed in burma

slaves around the world

 

Good for them?   More profits they make, better for me?????????

 

I would not imprison children to make money.........so there must be a line in the sand.

 

Russia has crossed that line.  

Haven't seen any of those issues, and ignore what the news & govts with vested interests spew to get me to buy 'their' products.

 

Best product, best price ... my faith is in capitalism, not humans.  GOD will sort the rest.

 

Side note, nothing wrong with child labor, as I worked from age 10.  Builds character.

[Liverpool Lou]

12 hours ago, chickenslegs said:

On my Bangkok Bank ATM card is the "Union Pay" symbol. This (AFAIK) is the Chinese equivalent of SWIFT.

The Chinese "SWIFT" is CIPS, not Union Pay, which is a bank card system.