Can you open a Citibank checking account on visa exempt ?

[dj230]

Anyone open a checking account at Citibank Thailand with a visa exempt visa? 
 

 

[asiaexpat]

As far as I am aware CITIBank no longer has retail banking in Thailand so checking accounts for individuals are not available.

[bbko]

3 minutes ago, asiaexpat said:

As far as I am aware CITIBank no longer has retail banking in Thailand so checking accounts for individuals are not available.

Yes,

“Citigroup” to Close Banking Operations in 13 Countries Including Thailand

https://www.kaohoon.com/breakingnews/437730

อ่านเรื่องนี้ต่อที่: https://www.kaohoon.com/breakingnews/437730

[donmuang37]

I've had a Citibank USA checking account since 1987.  So, I tried to open one at Citibank in Bangkok and was told they only offered checking accounts to businesses. Same for Thai banks.  Seems logical. If all Thais had checking accounts, can you imagine the number of bad checks that would be written each day?? ????????????

[LukKrueng]

11 hours ago, dj230 said:

Anyone open a checking account

AFAIK you need a work permit in order to sign a check - at least that's how it was in the past.

[new2here]

here in thailand, individuals purely in the retail space, rarely have a “checking” account - that is the ability to write paper drafts against their account. They do exist, but for the traditional retail consumer, they are very uncommon and not usually something that’s actively promoted or discussed.

 

Many banks will also have higher account opening standards- such as B10,000 minimums, the mandate you have a work permit or similar “long stay” type of immigration status etc .. it’s up to each bank to set these minimums.

 

I was offered one as a part of my banks “suite” of services… but i declined despite being eligible, only because my personal experience was that few of the places that I do regularly to businesses with would accept a paper bank draft as payment or if they did accept it, it would incur processing delays/fees.  Simply i didn’t see it to my advantage to have one… but that’s me and how and who i do business with.

 

As noted, Citi’s Thailand retail division is being sold, so i wouldn’t be surprised to see  some changes in what Citi offers from now until the actual date of sale effect and, if you do have one or get on with Citi, I also wouldn’t be surprised to see the new owner of their retail arm changes the product offering or eligibility either.

[Tropposurfer]

59 minutes ago, LukKrueng said:

AFAIK you need a work permit in order to sign a check - at least that's how it was in the past.

AFAIK to you too mate ! hahaha ????????????

[VocalNeal]

1 hour ago, donmuang37 said:

was told they only offered checking accounts to businesses

Both my personal bank accounts here have been "savings" even though I did not specify.

[AgMech Cowboy]

1 hour ago, donmuang37 said:

If all Thais had checking accounts, can you imagine the number of bad checks that would be written each day?? ????????????

No, I disagree, but then you said 'all' Thais, which the banks wouldn't permit.  Sadly the Thai system is not built to verify checks like they are in the US.  I think you've only been exposed to a very small group of Thai society. 

[AgMech Cowboy]

13 hours ago, dj230 said:

open a checking account at Citibank Thailand with a visa exempt visa?

Going back to your original question. No Citi will not open 'any' account with a visa exempt visa.

[dj230]

3 hours ago, asiaexpat said:

As far as I am aware CITIBank no longer has retail banking in Thailand so checking accounts for individuals are not available.

That is unfortunate...I was hoping to open a bank account here but I don't really trust thai banks to hold any large amount of funds, was hoping to open one at an American bank. 

[scorecard]

6 hours ago, donmuang37 said:

I've had a Citibank USA checking account since 1987.  So, I tried to open one at Citibank in Bangkok and was told they only offered checking accounts to businesses. Same for Thai banks.  Seems logical. If all Thais had checking accounts, can you imagine the number of bad checks that would be written each day?? ????????????

Reality is that nowadays not many businesses / people use cheques and the number is dwindling more and more. One friend works in a Thai bank told me that they process so few cheques and numbers reducing more and more within a year or so they will possibly discontinue offering to sell cheque books to customers and stop accepting cheques as part of deposits. And mentioned banks are keen to stop the processing of cheques accepted because it a quite costly and still a labour intensive exercise.

 

Also mentioned the bank is aware that customers nowadays much prefer to accept payments by electronic transfers etc., and buyers also prefer this payment method. Instant credit into receiving account and business doesn't have to prepare pay in documents, no need to go to bank to make deposits over the counter every day. 

[jaywalker2]

4 hours ago, dj230 said:

That is unfortunate...I was hoping to open a bank account here but I don't really trust thai banks to hold any large amount of funds, was hoping to open one at an American bank. 

Citibank also required a 1 million baht deposit.

[elektrified]

8 hours ago, dj230 said:

That is unfortunate...I was hoping to open a bank account here but I don't really trust thai banks to hold any large amount of funds, was hoping to open one at an American bank. 

Citibank Thailand is not an "American bank". It is a Thai banking company.

[elektrified]

4 hours ago, scorecard said:

Reality is that nowadays not many businesses / people use cheques and the number is dwindling more and more. One friend works in a Thai bank told me that they process so few cheques and numbers reducing more and more within a year or so they will possibly discontinue offering to sell cheque books to customers and stop accepting cheques as part of deposits. And mentioned banks are keen to stop the processing of cheques accepted because it a quite costly and still a labour intensive exercise.

 

Also mentioned the bank is aware that customers nowadays much prefer to accept payments by electronic transfers etc., and buyers also prefer this payment method. Instant credit into receiving account and business doesn't have to prepare pay in documents, no need to go to bank to make deposits over the counter every day. 

Insurance companies will always use checks for settlements of claims as it is legally necessary for the payee to sign the check as proof that they accepted the settlement of the claim.

[scorecard]

14 minutes ago, elektrified said:

Insurance companies will always use checks for settlements of claims as it is legally necessary for the payee to sign the check as proof that they accepted the settlement of the claim.

- Is that true in every country?

 

- Would it not be posssible (in fact simple) to format a receipt document to serve the exact same purpose?

[dj230]

9 hours ago, elektrified said:

Citibank Thailand is not an "American bank". It is a Thai banking company.

What? It’s an American company lol 

[dj230]

14 hours ago, jaywalker2 said:

Citibank also required a 1 million baht deposit.

I was looking to keep more than that overseas, but in USD, one of the reasons I didn’t want to keep it in a Thai bank 

 

from some messages I received it seems like UOB has taken over citibanks retail banking. 
 

I’ll check out and see if other banks are trustworthy enough but I don’t really trust thai banks to hold my funds. 

[CrunchWrapSupreme]

Ah, I remember some years ago seeing a Citibank billboard around Asok, with a Thai superstar on it. She was out shopping or traveling or something, and thrust out in her hand, a Citibank credit card. On it you could clearly see her name, Thai first name, English surname. She's got the farang husband, farang credit card. The dream of many Thai ladies.

 

Yet apparently there weren't enough of them who made it a reality, for Citibank to keep their Thai business going.

[jaywalker2]

55 minutes ago, CrunchWrapSupreme said:

Ah, I remember some years ago seeing a Citibank billboard around Asok, with a Thai superstar on it. She was out shopping or traveling or something, and thrust out in her hand, a Citibank credit card. On it you could clearly see her name, Thai first name, English surname. She's got the farang husband, farang credit card. The dream of many Thai ladies.

 

Yet apparently there weren't enough of them who made it a reality, for Citibank to keep their Thai business going.

They did well in the retail credit card business but their operations were too small to do well anywhere else. One branch, a couple of ATMS , they never really tried to compete.

[dj230]

31 minutes ago, jaywalker2 said:

They did well in the retail credit card business but their operations were too small to do well anywhere else. One branch, a couple of ATMS , they never really tried to compete.

I guess their only real customers would be foreigners

[dj230]

anyone know of any American banks doing business in Thailand, mainly for holding funds/transfers, UOB seems like my only other option if not for a Thai bank 

 

 

[digbeth]

thai savings account is not as limited like US savings account and can receive cheque

 

but before they decide to exit Thailand citibank savings account has minimum opening deposit of around 1 million, so they don't really intend to compete with all retail bank

 

 

[digbeth]

Are you hoping that an international bank subsidiary in Thailand would cover you more than the Thai governments maximum protection of 1 million baht? 

They might be less likely to default than Thai bank? maybe 

[dj230]

4 minutes ago, digbeth said:

thai savings account is not as limited like US savings account and can receive cheque

 

but before they decide to exit Thailand citibank savings account has minimum opening deposit of around 1 million, so they don't really intend to compete with all retail bank

 

 

it sounds like a practical bank for foreigners but just no demand, because they would be providing exactly what I am looking for, an American bank/reputable/safe bank to hold a large amount of funds overseas with ability to do transfers

 

 

[digbeth]

2 minutes ago, dj230 said:

it sounds like a practical bank for foreigners but just no demand, because they would be providing exactly what I am looking for, an American bank/reputable/safe bank to hold a large amount of funds overseas with ability to do transfers

 

 

If you have amount large enough, SCB has wealth management partnership with Julius Baer just down the road from Citi on Sukhumvit, they can structure your money overseas alright

[dj230]

1 minute ago, digbeth said:

If you have amount large enough, SCB has wealth management partnership with Julius Baer just down the road from Citi on Sukhumvit, they can structure your money overseas alright

I wouldn't transfer that much but if I did I'd probably choose a company like Credit Suisse or an American bank. 

[Caldera]

From the very first time I visited Thailand, you could make instant money transfers from an ATM. That only got better as time progressed, with internet banking and apps. All this with basic savings accounts. 

 

Who would want to write or accept a check in such an environment? There might be some B2B use cases, but an individual really doesn't need a checking account.

[jaywalker2]

5 hours ago, dj230 said:

I guess their only real customers would be foreigners

and rich thai money launderers

[Digitalbanana]

On 7/5/2022 at 11:13 AM, dj230 said:

was hoping to open one at an American bank. 

Citi has an international option. https://www.ipbus.citi.com/en/