Second Bank Account.

[tubber]

On 2/17/2024 at 2:19 AM, bravo19 said:

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

I have a Government Bank account and was told at the local branch I could not have Internet Banking. You need a Thai ID number to sign up. That was about 6 months ago. What is the Mymo app?

[brianthainess]

On 2/16/2024 at 3:30 PM, Liverpool Lou said:

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

And what bank gives 100% protection?

[Liverpool Lou]

On 2/17/2024 at 8:46 PM, 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.

Wise cards are not available in Thailand.

[CharlieH]

39 minutes ago, Liverpool Lou said:

Wise cards are not available in Thailand.

The OP is from the UK, his concern was accessing funds in the UK, he can obtain that card in the UK,that card would allow him easy access and use. He can then use that card in Thailand if he chooses.

[digbeth]

On 2/17/2024 at 5:24 PM, 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.

During the rice pledging fiasco years back, political opponent of the scheme were angry with the Government Savings Bank for giving loan to the scheme and start to withdraw money in droves, causing a mini-bank run that they had to pause service.

 

If the economy is at the point that the big banks needed the deposit protection scheme, I don't think the government savings bank with their 100% deposit protection can do any better, the government will have been defaulting on lots of things by then 

[Mike Lister]

6 minutes ago, digbeth said:

During the rice pledging fiasco years back, political opponent of the scheme were angry with the Government Savings Bank for giving loan to the scheme and start to withdraw money in droves, causing a mini-bank run that they had to pause service.

 

If the economy is at the point that the big banks needed the deposit protection scheme, I don't think the government savings bank with their 100% deposit protection can do any better, the government will have been defaulting on lots of things by then 

The question to be asked is, what is it the government could default on that might cause that scenario, they have very low borrowings and over 95% is THB debt in country.

[Luuk Chaai]

On 2/18/2024 at 1:24 AM, Lemsta69 said:

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 😉

Kasokirn in the Bluport Mall..  Ive found the staff to be very polite and helpful ..    there is also a branch down the road on Petkasem and soi 68/1

 also extremely polite and helpful ( and they open earlier than the mall branch )  Mobil app works like a charm and I've used in while in the U.S

 

[KannikaP]

On 2/17/2024 at 10:41 AM, 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.

A WISE card works like any other Debit card in UK, USA, Europe or Thailand, as long as you have money in the card's accounts, you can take it out.

[Lemsta69]

53 minutes ago, Luuk Chaai said:

Kasokirn in the Bluport Mall..  Ive found the staff to be very polite and helpful ..    there is also a branch down the road on Petkasem and soi 68/1

 also extremely polite and helpful ( and they open earlier than the mall branch )  Mobil app works like a charm and I've used in while in the U.S

 

 

Oops you seem to have had a quote malfunction, I didn't write the bit about the allegedly rude bank staff 😉

[Liverpool Lou]

4 hours ago, CharlieH said:

The OP is from the UK, his concern was accessing funds in the UK, he can obtain that card in the UK,that card would allow him easy access and use. He can then use that card in Thailand if he chooses.

I got the impression from his OP that he was in Thailand as he refers to "my village" and the Thai banks that are in his village.

[CharlieH]

8 minutes ago, Liverpool Lou said:

I got the impression from his OP that he was in Thailand as he refers to "my village" and the Thai banks that are in his village.

Quite right, but he travels back n forth.

[Andycoops]

I have Bangkok and Kasikorn, very happy with both and use their online banking Apps which are great for paying bills and money transfer.

 

Despite the KTB plaudits I have to say they are without any shadow of a doubt a absolute shambles where I live. Often only 1 teller working the counter out of 5 positions etc etc

[khunPer]

On 2/16/2024 at 7:25 AM, 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?

Thais choose Government Savings Bank as the government guarantee their savings and they might get a slightly higher interest. I've been using the bank for some child savings, kind staff, but seemed little old-fashioned in banking procedures. The interest was in the high end, but not higher than many private banks.

[rickudon]

You will be lucky to open an account with GSB. Non-Thais have to have  a work permit. I tried to open an account twice but flatly refused, even when i got a Thai relative who worked for them to help. Krungsri is the best, Kasikorn OK but in branch always have to queue for ages. Krungsri a couple of minutes. I also have the mae te dai account.

[NONG CHOK]

On 2/18/2024 at 2:53 AM, HugoFastor said:

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. 

I've been living in Thailand for the past 22 years and from past experiences I use Krungsri as my general account and Kasikorn as my back up and for power and water auto debits.

[thailand49]

On 2/16/2024 at 2:24 PM, worgeordie said:

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

not just the Million at other banks 

 

regards Worgeordie

On 2/16/2024 at 2:24 PM, worgeordie said:

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

not just the Million at other banks 

 

regards Worgeordie

I heard accounts are only protected to 100,000 baht?

[Mike Lister]

2 minutes ago, thailand49 said:

I heard accounts are only protected to 100,000 baht?

1 million Baht.

[thaisabai]

whilst we are at banking, just a quick question:

my BKK bank debit card says 3/24 (validity)

does this mean begin of March or end of March ?

 

thank you

[Liverpool Lou]

21 minutes ago, thailand49 said:

I heard accounts are only protected to 100,000 baht?

You heard wrong, GSB guarantees 100% of depositors funds.

[Liverpool Lou]

9 minutes ago, thaisabai said:

whilst we are at banking, just a quick question:

my BKK bank debit card says 3/24 (validity)

does this mean begin of March or end of March ?

 

thank you

Look more closely, my BBL card says "Good thru x/xx"

[HampiK]

12 hours ago, tubber said:

I have a Government Bank account and was told at the local branch I could not have Internet Banking. You need a Thai ID number to sign up. That was about 6 months ago. What is the Mymo app?

MyMo is the Mobile phone app for GSB (Government Savings Bank).
I also use the MyMo phone banking app since a few years without problems. I have savings and deposit accounts there.

[thailand49]

2 hours ago, Liverpool Lou said:

You heard wrong, GSB guarantees 100% of depositors funds.

So what are the other banks guarantee?

So if I deposit 20 million baht the <deleted> hits the fan liKe Bank in Silicon Valley Im covered.

[Liverpool Lou]

14 hours ago, thailand49 said:

17 hours ago, Liverpool Lou said:

You heard wrong, GSB guarantees 100% of depositors funds.

So what are the other banks guarantee?

So if I deposit 20 million baht the <deleted> hits the fan liKe Bank in Silicon Valley Im covered.

Yes, you B20m would be protected in GSB, B1m would be protected under the DPA with the other banks.

[Liverpool Lou]

On 2/19/2024 at 9:16 AM, brianthainess said:

On 2/16/2024 at 3:30 PM, Liverpool Lou said:

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

And what bank gives 100% protection?

GSB.

[Liverpool Lou]

On 2/19/2024 at 10:51 AM, Mike Lister said:

The question to be asked is, what is it the government could default on that might cause that scenario, they have very low borrowings and over 95% is THB debt in country.

Also, Thailand has never defaulted on its debts to date, it paid off its IMF borrowings years ahead of schedule.

[brianthainess]

On 2/19/2024 at 10:43 AM, digbeth said:

During the rice pledging fiasco years back, political opponent of the scheme were angry with the Government Savings Bank for giving loan to the scheme and start to withdraw money in droves, causing a mini-bank run that they had to pause service.

 

If the economy is at the point that the big banks needed the deposit protection scheme, I don't think the government savings bank with their 100% deposit protection can do any better, the government will have been defaulting on lots of things by then 

I think today The Govt. have asked that bank to stop giving out so many loans. 

[Mike Lister]

36 minutes ago, brianthainess said:

I think today The Govt. have asked that bank to stop giving out so many loans. 

Do you have anything to support that statement or is it just a thought?

 

The banks are private institutions that compete against each other, lending is what they are designed to do so if they stop lending, what happens next!

 

 

[brianthainess]

2 hours ago, Mike Lister said:

Do you have anything to support that statement or is it just a thought?

 

The banks are private institutions that compete against each other, lending is what they are designed to do so if they stop lending, what happens next!

 

 

No sorry I miss quoted, it's actually worse than that IMO, they have asked them to relax conditions for informal loans. it was in a BP report published 19 Feb 2024 at 05:16 

[Mike Lister]

28 minutes ago, brianthainess said:

No sorry I miss quoted, it's actually worse than that IMO, they have asked them to relax conditions for informal loans. it was in a BP report published 19 Feb 2024 at 05:16 

Great, that should work out well then! 😞

[bravo19]

On 2/19/2024 at 1:12 PM, HampiK said:

I also use the MyMo phone banking app since a few years without problems. I have savings and deposit accounts there

Did you have a Thai ID card to apply for online banking by the MyMo app?