Two banking-related questions (separate account for debit card and bringing cash)

[InlandSea]

Q1: I understand that you can create multiple accounts with the same banks if they are at different branches. Can you create a second account at the same Bangkok Bank branch just for debit card/ATM (to protect your main account that might have your O visa deposit, for example) or do you just set a daily withdrawal limit for debit card/ATM?

 

Q2: Other than bringing a wad of cash or using traveler's checks (are they accepted anymore?), what is the best way to have THB on hand for O visa agent and first-time apartment rental/deposit when you don't yet have a Thai address? I'm aware of Wise/Revolut/Remitly, but they have daily ATM withdrawal limits and/or charge fees after a certain limit. Should I just put money onto a Revolut debit card and then go to a money changer and pay the fees? Thanks

[scubascuba3]

Q1, The interest rate at Bangkok Bank is pretty poor so many people would have their 800k in a higher rated account, maybe SCB or Krungsri, so one account for banking and another account elsewhere. You probably can open 2 accounts but little point.

 

Q2, once you've opened a bank account transfer using Wise or bank swift, until then use cash brought over. An address in Thailand can be a hotel

[flexomike]

You can have two accounts at the same bank, I use BKK Bank one with a card and one without

 

[Mickeymaus]

You can have as many accounts in the same branch as you like. It's a good idea to have a different account with less money when using a card.

Regarding travelers cheques. Most money changers no longer accept them. With banks, it depends on the company behind the traveller checks. If you have American Express, you can find bank branches online that accept them (but expect high fees). Recently I returned all mine to American Express and they transferred the USD amount to my USD account at Bangkok Bank.

[Alidiver]

Revolut cards only work in ATM's, Not POS. I found this out to my cost.
Get a card which has free international transfers. From the UK; Halifax or Nationwide if you have a Flex plus account (there are more).

Take card and passport to a bank (you'll have to search to find one which does this) Kasikorn in Central Festival does but charged me 100 baht on Visa but no charge on Mastercard,  take out money on card.

The Halifax is a credit card and charges daily interest so run home and pay off immediatly.

[KhunBENQ]

Have two accounts at Bankok Bank and SCB.

First is with ATM card and online access. Second one is fixed deposit with higher balance and accepted by immigration for 800/400k.

At any time you can fill up fixed deposit from the normal savings account 

[Cat ji]

10 hours ago, KhunBENQ said:

Have two accounts at Bankok Bank and SCB.

First is with ATM card and online access. Second one is fixed deposit with higher balance and accepted by immigration for 800/400k.

At any time you can fill up fixed deposit from the normal savings account 

What is the interest rate on fixed deposits? [currently.]

[Tropicalevo]

14 hours ago, Mickeymaus said:

You can have as many accounts in the same branch as you like. It's a good idea to have a different account with less money when using a card.

Not at the Bank of Ayudhya, and I suspect at some other banks as well.

I wanted to put some money into different accounts because of the '1 million baht only' protection.

I have my normal debit card savings account and was limited to two long term fixed/variable term accounts.

The bit that I could not get my head around, was that I could have different amounts in a single long term account - BUT still only protection up to 1 million on total.

The other illogical bit was the interest rate for the different fixed long term accounts.

.95 % for 1 year.

.65 % for two years.

.35% for three years..........

I showed this to friends with more financial acumen than me and they all said - that does not compute.

[Faltu]

1 hour ago, Tropicalevo said:

The other illogical bit was the interest rate for the different fixed long term accounts.

.95 % for 1 year.

.65 % for two years.

.35% for three years..........

May be they are expecting rate to go down and don't want to lock in higher rates for long term.

[Faltu]

I have two cards and both have around 100K each for my expenses when I am in Thailand. Yes, I know I am losing money keeping it in a meagre return accounts but but I keep it for my peace of mind, pay when my daughter wants to eat in restaurant or want to watch movies in Theatre, pay my electric bills (less than 100 baht), etc. 

What is the max interest rate now in Krungsri bank? I don't want it for retirement money.  May be I can transfer the money to their bank instead of Bangkok bank. 

[Mickeymaus]

1 hour ago, Tropicalevo said:

Not at the Bank of Ayudhya, and I suspect at some other banks as well.

I wanted to put some money into different accounts because of the '1 million baht only' protection.

I have my normal debit card savings account and was limited to two long term fixed/variable term accounts.

The bit that I could not get my head around, was that I could have different amounts in a single long term account - BUT still only protection up to 1 million on total.

The other illogical bit was the interest rate for the different fixed long term accounts.

.95 % for 1 year.

.65 % for two years.

.35% for three years..........

I showed this to friends with more financial acumen than me and they all said - that does not compute.

The protection is per bank (not per branch and not per account). At Ayudhya (Krungsri) I have 3 savings accounts, plus one FCD for Euro and one for USD. Also at Bangkok Bank I have several accounts and also one FCD for Euro and USD, at Kasikorn... No problems anywhere to open additional accounts. Perhaps because I have been living here very long already?

 

One thing I want to add - FCD accounts are not protected! 

 

Edited March 8, 2023 by Mickeymaus

[DrJoy]

1 hour ago, Faltu said:

max interest rate now in Krungsri bank?

1 % in the Mee Tae Dai account.

 

https://www.krungsri.com/en/personal/deposit/savings-account/mee-tae-dai

[Faltu]

On 3/8/2023 at 5:23 PM, DrJoy said:

1 % in the Mee Tae Dai account.

 

https://www.krungsri.com/en/personal/deposit/savings-account/mee-tae-dai

Thanks, I have Mee Tae dai account. So, there is no need for changing account. 

[KannikaP]

On 3/8/2023 at 10:40 AM, Alidiver said:

Get a card which has free international transfers. From the UK; Halifax or Nationwide if you have a Flex plus account (there are more).

MY Nationwide Flex account DOES NOT have free International transfers.

[Surasak]

On 3/8/2023 at 10:40 AM, Alidiver said:

Revolut cards only work in ATM's, Not POS. I found this out to my cost.
Get a card which has free international transfers. From the UK; Halifax or Nationwide if you have a Flex plus account (there are more).

Take card and passport to a bank (you'll have to search to find one which does this) Kasikorn in Central Festival does but charged me 100 baht on Visa but no charge on Mastercard,  take out money on card.

The Halifax is a credit card and charges daily interest so run home and pay off immediatly.

Since when did Revolut cards only work in ATM's? I use mine as a normal debit card for many kinds of transaction where the VISA sign is displayed. If you open a THB A/C on the card its simplicity personified. Just state to pay with THB.

[Surasak]

On 3/10/2023 at 6:27 PM, KannikaP said:

MY Nationwide Flex account DOES NOT have free International transfers.

As far as I know, neither does Halifax. Nationwide Charge is £20 and Halifax is £9.50.

[sammieuk1]

Open an FCD account in your favored currency and send it to your FCD account then change it when rates are more favorable less of course the half a Baht extra the bank adds on to exchange ???? 

[KannikaP]

On 3/8/2023 at 10:40 AM, Alidiver said:

Revolut cards only work in ATM's, Not POS. I found this out to my cost.

My Revolut card can be used at POS, as can my UK Wise card, tippy tappy method in Dubai recently, without much limit I found. Bht 7000 for pub lunch for 4 !!!!

Edited March 13, 2023 by KannikaP

[treetops]

On 3/10/2023 at 11:27 AM, KannikaP said:

MY Nationwide Flex account DOES NOT have free International transfers.

 

16 hours ago, Surasak said:

As far as I know, neither does Halifax. Nationwide Charge is £20 and Halifax is £9.50.

He/she meant foreign currency transactions (counter withdrawals in this case) not transfers, which with the right card is true.

[KannikaP]

6 hours ago, treetops said:

 

He/she meant foreign currency transactions (counter withdrawals in this case) not transfers, which with the right card is true.

Yes, with N'wide it is £20 for a SWIFT transfer. I still get a charge added for using my card here whether it be cash advance at a bank or ATM, or a purchase.

[Surasak]

8 hours ago, treetops said:

 

He/she meant foreign currency transactions (counter withdrawals in this case) not transfers, which with the right card is true.

Yes quite true, I had forgotten about that. Its been a long time since I used that service, but a few of the banks either wouldn't or couldn't.

I used to use SCB for quite some time and then for no reason they refused.