Is it better to have multiple bank accounts than single one?

[Goodboybkk]

Dear all,

Is it better to have multiple bank accounts than single one if you have 1 million baht in case of hacking, cybercrime, etc?

Thanks

[Crossy]

It doesn't matter where you are in the known universe. Having multiple accounts, in multiple countries (if that's possible) is always better.

 

Eggs in one basket and all that ???? 

 

[Sqoop]

I wasn't thinking about hacking and crime as much as bailing laws and banking failure. Multiple countries , multiple banks. Spreads risk. 

[CharlieH]

MOVED Banking forum !

[scubascuba3]

More than one is sensible, maybe one for savings\emergencies and one for day to day living etc, i have 3

[OneMoreFarang]

It is also a good idea to have more than one card.

Some time ago I was at an ATM near my home. I don't remember why, but the ATM did not return my card.

It was no problem, I just visited my bank the next day.

But then I thought about what would have happened if I would be in a foreign country without another card. Not good! That was a reminder that it's good to have at least a second card and second account is obviously also a good idea, see above posts.

 

[FarAngMoh]

I don’t know what is more concerning, having just one bank account, or keeping 1m THB in the ANY bank rather than investing it.

[scubascuba3]

17 minutes ago, OneMoreFarang said:

It is also a good idea to have more than one card.

Some time ago I was at an ATM near my home. I don't remember why, but the ATM did not return my card.

It was no problem, I just visited my bank the next day.

But then I thought about what would have happened if I would be in a foreign country without another card. Not good! That was a reminder that it's good to have at least a second card and second account is obviously also a good idea, see above posts.

 

Usually bank accounts have cardless withdrawal now, I'm thinking of having none

[KhunBENQ]

Of course it's better to have multiple accounts in Thailand (if you manage to get).

Cost for savings accounts are bearable (some xxx Baht per year, 200 to 800 or so).

I have Bangkok Bank, Kasikorn and SCB.

1 hour ago, scubascuba3 said:

Usually bank accounts have cardless withdrawal now, I'm thinking of having none

Always better to have a backup.

Sometimes I feel unwell when thinking about loosing my mobile.

Three Thai accounts, one German account and a WISE account.

What a hassle to re register for a new phone and how long will it take (getting new phone and SIM replacement same number).

(yes, less complicated for the Thai accounts)

Good to know that German creditcard and three ATM cards are in stock.

 

Edited January 27, 2023 by KhunBENQ

[pgrahmm]

I have 2 here & 2 in the US plus CC accounts with 2 banks....

One time my US bank had a security breach on one account & issued a replacement card - new requirements were a 6 digit versus the 4 digit I'd had....The only problem = they only send the "new" pin code by separate snail mail....If I'd only had the one account I would have been high & dry for about 6 weeks waiting for the pin number to get here - thankfully it did....

The 2nd account + online banking allowed me to move funds around and not miss a beat....

Food for thought....

[Mutt Daeng]

1 hour ago, scubascuba3 said:

Usually bank accounts have cardless withdrawal now, I'm thinking of having none

I let my KTB & KBK debit cards expire and didn't renew them. All my ATM withdrawals in Thailand are done via phone app. Out of province ATM withdrawals are free using phone app as opposed to 15 baht fee when using card (IIRC). Also more secure in that you are impervious to card skimmers and the ATM swallowing your card. Only cards I have are HSBC Visa debit & credit cards for emergencies only, which I can freeze/unfreeze using HSBC banking app.

Edited January 27, 2023 by Mutt Daeng

[KhunBENQ]

20 minutes ago, pgrahmm said:

.If I'd only had the one account I would have been high & dry for about 6 weeks waiting for the pin number to get here - thankfully it did....

I had a similar problem with my German account.

New phone, "all easy" they say. We send an SMS to your registered phone number (my Thai number). Never worked, not received. Basically locked out.

Fortunately they sent snail mail with code to a c/o that I have in Germany.

So only about one week locked out.

Snail mail from Germany to here is unpredictable (currently on strike e.g.).

[scubascuba3]

2 hours ago, KhunBENQ said:

Of course it's better to have multiple accounts in Thailand (if you manage to get).

Cost for savings accounts are bearable (some xxx Baht per year, 200 to 800 or so).

I have Bangkok Bank, Kasikorn and SCB.

Always better to have a backup.

Sometimes I feel unwell when thinking about loosing my mobile.

Three Thai accounts, one German account and a WISE account.

What a hassle to re register for a new phone and how long will it take (getting new phone and SIM replacement same number).

(yes, less complicated for the Thai accounts)

Good to know that German creditcard and three ATM cards are in stock.

 

Thai sim replacement takes about 1 minute, I've done it

[lkn]

12 hours ago, Mutt Daeng said:

Out of province ATM withdrawals are free using phone app as opposed to 15 baht fee when using card (IIRC).

That’s a strange policy. Maybe to encourage usage? E.g. KTB introduced a fee for transfers when using KTB netbank (browser), but offered it for free when using KTB Next (phone app).

 

I’m inclined to try this next time I am out of province, although these days, I only need cash for tipping, everything else is debit card or Scan&Go.

[lkn]

14 hours ago, Goodboybkk said:

Is it better to have multiple bank accounts than single one if you have 1 million baht in case of hacking, cybercrime, etc?

The easiest way for a third party to get money out of your account is via the debit card.

 

But as other posters have suggested, you can forego the ATM/debit card.

 

You can also disable online use, or, at least with the virtual debit cards, you can set spending limits.

 

Also worth mentioning that to use your debit card online, the payment processor will generally require an OTP sent to your phone, so even if someone gets the numbers on your card, it’s not directly possible for them to drain your account.

 

All in all, I would not bother with multiple accounts for “security”, rather, I would forego the physical debit card, if I was concerned about security, and then do a virtual card with a spending limit via the bank’s app (for online purchases).

 

And you could actually argue that having multiple accounts just provides a larger attack surface, and you will have to monitor them all for abuse. Keep it simple…

[Henryford]

Definitely need more than one. I have one with 1 m baht used only for my visa renewal. Another one for day to day stuff with no card and one still in the UK with my credit card and pension inputs.