Second Bank Account.

[NoshowJones]

I want to open a second  bank account, this time in my village. No cards, no apps, just a bankbook, there are 3 banks, one is the Government bank which my wife recommends. I hate the Thai government. My wife has lived in the village all her life and would know best. If you lived in a village with 3 banks would you choose the government bank? What are the plusses and negatives of it?

[brianthainess]

9 minutes ago, NoshowJones said:

I want to open a second  bank account, this time in my village. No cards, no apps, just a bankbook, there are 3 banks, one is the Government bank which my wife recommends. I hate the Thai government. My wife has lived in the village all her life and would know best. If you lived in a village with 3 banks would you choose the government bank? What are the plusses and negatives of it?

If they have a Krungsri I would chose that, hands down above all other banks, you can get 0.9% up to 2m baht also, bank book, and up to you if you don't want an ATM card. 

Maybe you could list the other banks there.

[NoshowJones]

11 minutes ago, brianthainess said:

If they have a Krungsri I would chose that, hands down above all other banks, you can get 0.9% up to 2m baht also, bank book, and up to you if you don't want an ATM card. 

Maybe you could list the other banks there.

Yes one of them is the Krungsri and the Government bank, cannot remember the other one. My main bank is the Bangkok Bank but it is 15 Ks away.

[mfinasi]

KBank, the most efficient out the lot, but it's still poor compared to modern banking - last century banking with bank books, mountains of paper, procedures that don't make sense, sign here there and over there for anything... 

[worgeordie]

With the Government Bank all the money you have there is guaranteed ,

not just the Million at other banks 

 

regards Worgeordie

[brianthainess]

49 minutes ago, NoshowJones said:

Yes one of them is the Krungsri and the Government bank, cannot remember the other one. My main bank is the Bangkok Bank but it is 15 Ks away.

If you have a one year visa/extension I would open a Mee Tae Dee savings account for that 0.9% up to 2mb after tax  (taken at source) interest. you can add to it at anytime, and they can issue statements even for one year in 20min.

[In the jungle]

I have a GSB account and it works fine at a very basic level but you cannot use their phone app without a Thai ID number.

[Liverpool Lou]

2 hours ago, NoshowJones said:

If you lived in a village with 3 banks would you choose the government bank? What are the plusses and negatives of it?

100% deposit protection is the only one that I can think of, but it's a pretty good one.

[digbeth]

I doubt the likes of SCB or Bangkok Bank and even KBank would fail before the government bank, the 1M Baht guarantee is for a very hypothetical situation, if it comes to the point that the main commercial bank needs the bailing out, your money in Thailand'd have been quite devalued long before 

[Tropicalevo]

2 hours ago, NoshowJones said:

Yes one of them is the Krungsri

I would always go for Krungsri.

I have tried a few others (not all) and they are far the best in my experiance BUT it does depend on the staff in the branch.

Also, they still allow internet banking (but you do not have to use it). You do not have to download dodgy apps.

[KannikaP]

3 hours ago, NoshowJones said:

Yes one of them is the Krungsri and the Government bank, cannot remember the other one. My main bank is the Bangkok Bank but it is 15 Ks away.

You're so lucky. MY nearest Bangkok Bank branch is over 35 kilometres away. How often do I go? Once a month when I go to Makro to update my Bank books. Everything else on the online banking or phone app. No problems in over 15 years, except once when I left my card in the machine. Replaced the next day.

[bravo19]

11 hours ago, In the jungle said:

I have a GSB account and it works fine at a very basic level but you cannot use their phone app without a Thai ID number.

Are you sure? Because in the MyMo app it is possible to choose english language.

[NanLaew]

Ultimately, it will depend on which of the three village banks will allow the OP to open an account. Best to start by dropping by, asking if it's possible and actually eliminating the "cannot" banks first.

[Mutt Daeng]

6 hours ago, NanLaew said:

Ultimately, it will depend on which of the three village banks will allow the OP to open an account. Best to start by dropping by, asking if it's possible and actually eliminating the "cannot" banks first.

Sounds like a good plan.

[NoshowJones]

34 minutes ago, Mutt Daeng said:

Sounds like a good plan.

I'm trying to find a good way to store money. I bought a good strong safe from Global and now want to sell it as I think too many people know about it. I used to keep money in Wise which was fine but realise I may have difficulty putting money in or taking it out when I am in the UK.

[Liverpool Lou]

19 hours ago, digbeth said:

I doubt the likes of SCB or Bangkok Bank and even KBank would fail before the government bank

Why do you doubt that. based on what?

[Mike Lister]

5 hours ago, Liverpool Lou said:

Why do you doubt that. based on what?

Interesting piece of trivia here:

 

"The merger between TMB Bank and Thanachart Bank to TMBThanachart Bank (TTB) was completed on July 5, 2021. TTB hence becomes a larger bank, having greater connectedness with the rest of the banking system and provides a greater volume of essential financial services such as loans, deposits, payment transactions as well as servicing a larger number of customers. As a result, this year TTB is identified as one of domestic systemically important banks (D-SIBs) in addition to the existing 5 D-SIBs, namely Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kasikornbank, and the Siam Commercial Bank. All D-SIBs are robust, maintaining capital ratios significantly above the level prescribed by the Bank of Thailand".

 

https://www.bot.or.th/en/news-and-media/news/news-20220221.html#:~:text=As a result%2C this year,and the Siam Commercial Bank.

[Sigmund]

The staff is surely more polite in smaller areas of Thailand. I just recall how rude the lady was in Bangkok Bank branch in Hua Hin in the basement of a swanky mall (don't remember the name). Far more polite staff in Bangkok Bank in Bangkok in various areas.

[CharlieH]

10 hours ago, NoshowJones said:

I'm trying to find a good way to store money. I bought a good strong safe from Global and now want to sell it as I think too many people know about it. I used to keep money in Wise which was fine but realise I may have difficulty putting money in or taking it out when I am in the UK.

If you get a FREE card from Wise you would have no difficulty withdrawing from any ATM or making purchases with it here or in the UK.

[NanLaew]

7 hours ago, Sigmund said:

The staff is surely more polite in smaller areas of Thailand. I just recall how rude the lady was in Bangkok Bank branch in Hua Hin in the basement of a swanky mall (don't remember the name). Far more polite staff in Bangkok Bank in Bangkok in various areas.

 

Good point and I'm not offering excuses here, but the staff at the branch is a 'swanky mall' probably get more than their fair share of rude, all-knowing foreigners who think that the way banks work back home is universal and get all shouty and obnoxious when set right about banking here. The rural branches just see the nice, quiet, all-knowing-but-more-discrete-about-it foreign customer.

[Lemsta69]

7 hours ago, Sigmund said:

The staff is surely more polite in smaller areas of Thailand. I just recall how rude the lady was in Bangkok Bank branch in Hua Hin in the basement of a swanky mall (don't remember the name). Far more polite staff in Bangkok Bank in Bangkok in various areas.

 

Hua Hin IS a smaller area of Thailand 😉

[tweedledee2]

I have opened accounts at KTB (02/14), BB and KBank (10/14), SCB and Krungsri, on the same day (10/22). With all the requirements that foreigners now need to open an account of the latter two, Krungsri was the easiest and quickest for me on a marriage extension.  

[HugoFastor]

Just open an account at all of them. It costs nothing. Then use them all for a while and decide which one you like best and then dump the others if you want. I've got 4, but mainly use just one of them. Only one has an ATM card. The others I just use the bank books and the apps. 

[thaibeachlovers]

2 hours ago, Lemsta69 said:

 

Hua Hin IS a smaller area of Thailand 😉

A smaller area with a large number of obnoxious farangs.

Did you miss that the obnoxious farangs are the problem, not the distance from a city?

[Mutt Daeng]

5 hours ago, NanLaew said:

 

Good point and I'm not offering excuses here, but the staff at the branch is a 'swanky mall' probably get more than their fair share of rude, all-knowing foreigners who think that the way banks work back home is universal and get all shouty and obnoxious when set right about banking here. The rural branches just see the nice, quiet, all-knowing-but-more-discrete-about-it foreign customer.

Totally agree.

[NoshowJones]

18 hours ago, Mike Lister said:

Interesting piece of trivia here:

 

"The merger between TMB Bank and Thanachart Bank to TMBThanachart Bank (TTB) was completed on July 5, 2021. TTB hence becomes a larger bank, having greater connectedness with the rest of the banking system and provides a greater volume of essential financial services such as loans, deposits, payment transactions as well as servicing a larger number of customers. As a result, this year TTB is identified as one of domestic systemically important banks (D-SIBs) in addition to the existing 5 D-SIBs, namely Bangkok Bank, Krung Thai Bank, Bank of Ayudhya, Kasikornbank, and the Siam Commercial Bank. All D-SIBs are robust, maintaining capital ratios significantly above the level prescribed by the Bank of Thailand".

 

https://www.bot.or.th/en/news-and-media/news/news-20220221.html#:~:text=As a result%2C this year,and the Siam Commercial Bank.

I tried to open an account with TTB last year and my wife came with me, I was refused because I am on a UK pension. So that means TTB do not have UK OAP's as customers. but again this being the Banana Republic of Thailand different branches of the same bank probably make up their own rules.

[NoshowJones]

15 hours ago, CharlieH said:

If you get a FREE card from Wise you would have no difficulty withdrawing from any ATM or making purchases with it here or in the UK.

Thanks Charlie I will look into that. How safe would my life savings be in my Wise account?

[KannikaP]

On 2/17/2024 at 10:41 AM, NoshowJones said:

I bought a good strong safe from Global and now want to sell it as I think too many people know about it

Well we all do now!

[scottiejohn]

1 hour ago, NoshowJones said:

How safe would my life savings be in my Wise account?

How does Wise hold my money? | Wise Help Centre

Wise is a non-bank payment provider. This means your Wise account is an electronic money account.

This makes your Wise account different from a bank account. Some of the differences are:

• Your money is safeguarded and not covered by the Financial Services Compensation Scheme (FSCS), or another protection scheme that you would get with a bank account

• You can’t get an overdraft or loan 

The main benefit to having a Wise account, over a traditional bank account, is being able to manage your money without borders — without international transaction fees or outrageous exchange rates. You’ll always get the real exchange rate and low fees with Wise.

[NanLaew]

16 hours ago, Lemsta69 said:

 

Hua Hin IS a smaller area of Thailand 😉

 

Yes, but like Pattaya and Samui, it's also a sizeable enclave of Farangistan in Thailand.