Borrowing from a Thai bank

[gascooker]

Hello,

 

I am looking to build up my credit profile here in Thailand.

 

I was thinking of getting a small loan of say 10k baht from a bank.

 

I have valid 1 year visa and work permit. 
 

Is this possible?

Edited January 9, 2023 by gascooker

[PJ71]

You want to borrow 10,000baht?

 

Is this a wind up?

[Foghorn]

Bkk bank was good when I borrowed from them , I didn’t have to give it back , mind you it was only a pen 

[nigelforbes]

No, not even a ten baht loan, even if you've been here for ten years, where do you think you are!

 

If you want to build up your credit history, not that it will serve any purpose, unless you become a PR, get a Thai credit card and make the repayments on time, and/or buy an investment fund from your bank, or even life insurance.

Edited January 9, 2023 by nigelforbes

[new2here]

I did the same as you— when I decided  that I would make TH my permanent home, I wanted to create and build my official credit profile (as maintained by the NCB) here.

 

I asked my banker at BBL (I have BBLs Bualuang Banking) and she said that for a non-citizen worker (ie holds a non-B and work permit) the best way was via an unsecured** credit card, I did ask about unsecured personal loans, but was told a credit card was better as it was open ended and not fixed term like a personal loan.

 

So, that’s what i’ve done.. I applied for, and was ultimately approved for unsecured cards from BBL, Kbank and Krungsri.  Each one reports my monthly balances and payment history to the NCB.  I also get a letter from each creditor annually which summarizes my activities for the year.

 

Unlike the US, the NCB itself only acts as a data collection entity, they not create any “score” for borrowers- that’s up to each creditor and their unique risk analysis models in use for any selected lending situation.

 

**(some banks may require you to deposit X funds into a deposit account which then becomes pledged against your card and can’t be withdrawn until the card is paid in full and account closed; these are still credit cards and are reported to the NCB as such)

[crazykopite]

Good Luck on that the banks will laugh at you I once asked my SCB if I could have a credit card they said yes but you have to deposit 100,000 baht to cover what you use on the credit card and the credit card would only allow spending of 15,000 per month . I’ve been living in Thailand for 18 + years and have 3 good pensions more than the required amount set by the IO

Edited January 10, 2023 by crazykopite

[Liverpool Lou]

12 hours ago, gascooker said:

I was thinking of getting a small loan of say 10k baht from a bank.

 

I have valid 1 year visa and work permit. 
 

Is this possible?

On the face of it, there's no reason why you couldn't get a bank loan, whether you could get one for just B10k would be up to your bank.  If you've only been here five minutes, though, that would not help.   Why have you not asked them, no one here knows how you stack up financially or what your bank's requirements are, do they?

[Nong Khai Man]

Well If he wants to BORROW Only 10k Baht, He's either SKINT Or Well Need I Say More....??

 

I Asked my Bangkok Bank for a DEBIT Card....They Just Laughed at Me.....( Account Now CLOSED )

[sanmyintmaung]

3 hours ago, new2here said:

I did the same as you— when I decided  that I would make TH my permanent home, I wanted to create and build my official credit profile (as maintained by the NCB) here.

 

I asked my banker at BBL (I have BBLs Bualuang Banking) and she said that for a non-citizen worker (ie holds a non-B and work permit) the best way was via an unsecured** credit card, I did ask about unsecured personal loans, but was told a credit card was better as it was open ended and not fixed term like a personal loan.

 

So, that’s what i’ve done.. I applied for, and was ultimately approved for unsecured cards from BBL, Kbank and Krungsri.  Each one reports my monthly balances and payment history to the NCB.  I also get a letter from each creditor annually which summarizes my activities for the year.

 

Unlike the US, the NCB itself only acts as a data collection entity, they not create any “score” for borrowers- that’s up to each creditor and their unique risk analysis models in use for any selected lending situation.

 

**(some banks may require you to deposit X funds into a deposit account which then becomes pledged against your card and can’t be withdrawn until the card is paid in full and account closed; these are still credit cards and are reported to the NCB as such)

This post is the most accurate reply to the OP questions. Since OP has work permit, unsecured Thai credit card is the way to build credit history in Thailand. 

[couchpotato]

4 minutes ago, Nong Khai Man said:

Well If he wants to BORROW Only 10k Baht, He's either SKINT Or Well Need I Say More....??

 

I Asked my Bangkok Bank for a DEBIT Card....They Just Laughed at Me.....( Account Now CLOSED )

Every account (whether farang or Thai) can get a debit card on the spot, so don't believe your statement--

[wwest5829]

8 hours ago, nigelforbes said:

No, not even a ten baht loan, even if you've been here for ten years, where do you think you are!

 

If you want to build up your credit history, not that it will serve any purpose, unless you become a PR, get a Thai credit card and make the repayments on time, and/or buy an investment fund from your bank, or even life insurance.

Agreed. Kept my U.S. credit cards, credit score recently about 825. Borrowing ability on the cards in the tens of thousands of USD. No need for dealing with “credit” through Thai entities.

[nigelforbes]

2 minutes ago, wwest5829 said:

Agreed. Kept my U.S. credit cards, credit score recently about 825. Borrowing ability on the cards in the tens of thousands of USD. No need for dealing with “credit” through Thai entities.

I was with my Thai bank for over 10 years and kept several million on deposit with them. One day a girl in the branch asked me if I wanted a credit card, to which I replied yes, but not if it means keepings funds tied up to guarantee it. Oh no she said, this one is unsecured plus you get lots of benefits. Sure enough, a short time later the card arrived and has a 300k credit limit. Cool, I thought. Later I noticed my account had been debited 4,500 baht for one years subscription to the card, hmmm! Later I started to reap the many benefits of the card such as collecting points that expire every month, three days before the statement arrives, hmmm! But I have to admit it is useful for making and paying for local bookings and flights, otherwise, it's a waste of 4.5k every year. Convenience factor only. Plus I get my credit score statement every so often, apparently I'm a 10, not that I can do anything with that but hey, it';s good to be a 10.

 

 

[BarryMC]

17 minutes ago, nigelforbes said:

 Later I noticed my account had been debited 4,500 baht for one years subscription to the card, hmmm! .......  it's a waste of 4.5k every year.

Just call them every year - they will in almost all cases waive this yearly fee. 

[Nong Khai Man]

4 hours ago, couchpotato said:

Every account (whether farang or Thai) can get a debit card on the spot, so don't believe your statement--

Well Just come to Nong Khai & Try The Bangkok Bank HERE....O.K.??

 

[KannikaP]

4 hours ago, Nong Khai Man said:

Well If he wants to BORROW Only 10k Baht, He's either SKINT Or Well Need I Say More....??

 

I Asked my Bangkok Bank for a DEBIT Card....They Just Laughed at Me.....( Account Now CLOSED )

Don't you automatically get a DEBIT/ATM card with the account?

[couchpotato]

1 hour ago, KannikaP said:

Don't you automatically get a DEBIT/ATM card with the account?

Yes (unless you turn it down for your own reasons).

[DrJoy]

18 hours ago, gascooker said:

I am looking to build up my credit profile here in Thailand.

With a Work permit , u can get an unsecured credit card from-

Kasikorn

Krungsri

Krung Thai

Aeon

 

Min salary = THB 50,000/-

This will help build your NCB(Thai)

 

 

Applicant Qualifications-

Foreigner Applicant's Qualifications
• Foreigner residing in Thailand.
• Age 20 - 65 years old.
• Home or office telephone number must be provided.

 

For Employee
• Job longevity more than 1 year of tenure with the current employer.
• THB 50,000 minimum monthly income.

Requisite Documents
• A copy of Passport.
• A copy of work permit
• A copy of government issued identification document i.e. Visa (Non-Immigrant Visa) or House Registration or Driving License
• An original copy of salary slip or original employment letter.
• A copy of 6 months bank statement showing salary payment

 

 

https://www.krungsricard.com/en/Product/CreditCard/Krungsri-Visa-Platinum.html

 

 

https://www.kasikornbank.com/th/personal/CreditCard/Pages/titanium.aspx

[DrJoy]

1 hour ago, KannikaP said:

Don't you automatically get a DEBIT/ATM card with the account?

Its not mandatory to hold an ATM card

[DrJoy]

2 hours ago, nigelforbes said:

I was with my Thai bank for over 10 years and kept several million on deposit with them. One day a girl in the branch asked me if I wanted a credit card, to which I replied yes, but not if it means keepings funds tied up to guarantee it. Oh no she said, this one is unsecured plus you get lots of benefits. Sure enough, a short time later the card arrived and has a 300k credit limit.

Absolutely correct.

 

If you have in excess of 2 mill THB in your account you can get an unsecured credit card.

 

This is a regulation from the Bank of Thailand, so each bank follows this rule.

 

The only bank I know which does NOT issue credit cards to non Thais is GSB.

[mran66]

What is the benefit of having a Credit Profile in Thailand? First time I hear about such

[Adumbration]

There is good debt and bad debt.

 

Exposing yourself to bad debt via a credit card in order to build your credit rating might be a useful strategy in the West.  Because then you might have a better chance to take on good debt to purchase an asset such as property.

 

But here in Thailand no matter how well you manage your credit cards and how good your subsequent NCB credit rating is, there is still a snowball's hope in hell that the banks will offer you a mortgage in your name.

 

So what is the point in trying to build your Thai credit rating if it never enables you to take on good debt?

Edited January 10, 2023 by Adumbration

[gascooker]

On 1/9/2023 at 10:19 PM, PJ71 said:

You want to borrow 10,000baht?

 

Is this a wind up?

Yes, I don’t need the money, it’s purely to build a credit history.

[gascooker]

On 1/10/2023 at 6:07 AM, nigelforbes said:

No, not even a ten baht loan, even if you've been here for ten years, where do you think you are!

 

If you want to build up your credit history, not that it will serve any purpose, unless you become a PR, get a Thai credit card and make the repayments on time, and/or buy an investment fund from your bank, or even life insurance.

Sorry, not true. I bought my car with a 50% loan from TTB Drive.

[gascooker]

On 1/10/2023 at 10:25 AM, Liverpool Lou said:

On the face of it, there's no reason why you couldn't get a bank loan, whether you could get one for just B10k would be up to your bank.  If you've only been here five minutes, though, that would not help.   Why have you not asked them, no one here knows how you stack up financially or what your bank's requirements are, do they?

I thought it better to ask first for some opinions, rather than waste time going to the bank. 

[Nong Khai Man]

On 1/10/2023 at 3:35 PM, KannikaP said:

Don't you automatically get a DEBIT/ATM card with the account?

[Nong Khai Man]

Just now, Nong Khai Man said:

On 1/10/2023 at 3:35 PM, KannikaP said:

Don't you automatically get a DEBIT/ATM card with the account?

NOT In BBL In Nong Khai.................Noooooooooooooooooo !!

 

[KannikaP]

2 minutes ago, Nong Khai Man said:

On 1/10/2023 at 3:35 PM, KannikaP said:

Don't you automatically get a DEBIT/ATM card with the account?

 

Then move from Nong Khai   555

Edited January 11, 2023 by KannikaP

[Nong Khai Man]

Just now, KannikaP said:

Hello there, answer please.

Hello There, NOT In BBL In Nong Khai......

[KannikaP]

Just now, Nong Khai Man said:

Hello There, NOT In BBL In Nong Khai......

Even if you ask for one?

[new2here]

On 1/10/2023 at 2:56 PM, nigelforbes said:

I was with my Thai bank for over 10 years and kept several million on deposit with them. One day a girl in the branch asked me if I wanted a credit card, to which I replied yes, but not if it means keepings funds tied up to guarantee it. Oh no she said, this one is unsecured plus you get lots of benefits. Sure enough, a short time later the card arrived and has a 300k credit limit. Cool, I thought. Later I noticed my account had been debited 4,500 baht for one years subscription to the card, hmmm! Later I started to reap the many benefits of the card such as collecting points that expire every month, three days before the statement arrives, hmmm! But I have to admit it is useful for making and paying for local bookings and flights, otherwise, it's a waste of 4.5k every year. Convenience factor only. Plus I get my credit score statement every so often, apparently I'm a 10, not that I can do anything with that but hey, it';s good to be a 10.

 

 

I agree that in totality, US cards offer far more “perks” than any Thai card does.. but.. I tend to associate that with the reality that credit cards here don’t have the “reach” as in the US or other western countries…. plus there are far far fewer issuers here in Thailand.. and that means far fewer cards to choose from.  In addition, the Bank of Thailand does regulate some aspects of the credit card space (ie maximum credit limits for example are subject to BoT regs) which also ends up shutting many lower wage workers from the credit card marketplace. 

 

For me, while i primarily wanted credit cards to start and develop my local credit file, i also find that there can be some decent promos (many are for dining out i’ve found) offered when paying via your locally issued credit card… but again, in totality, US cards far far surpass anything i’ve seen here (aside from an ultra-high card) as a regular offering in terms of perks” offered.