Name your favourite Thai bank. Mine is UOB.

[Etaoin Shrdlu]

1 hour ago, CallumWK said:

 

I think they only took over the Thai branch of Citibank, not entire Citibank.

 

 

 

 

UOB Thailand purchased Citibank's consumer portfolio in Thailand and shifted it over to UOB Thailand. Citibank's Thailand branch did not give up its banking license and continues to provide corporate banking services here. It simply got out of the consumer banking segment.

 

For those who care about such things, Citibank's operation here in Thailand is a branch of the US company and not a locally incorporated subsidiary or public limited liability company. As such, it enjoys the S&P financial strength rating of the parent company, in this case Citibank N.A., which has an S&P rating of "A+". This is higher than the Thai government's S&P rating of "BBB+".

 

Depositors who had accounts with Citibank's Thailand branch actually had better security than the deposit guarantees provided by the Thai government, at least to the extent that S&P ratings may be relied upon.

[Enzian]

3 hours ago, Pouatchee said:

 

they have one of the worst exchange rates of all the banks in thailand...

You are speaking of Krungsri, and I've been thinking for some time that they are not good in that regard (even though I like them otherwise), so it's important to me to know that others think likewise. That being said, can you or others here chime in on which banks here are considered to give a decent exchange rate? I move lump sums of US SS to Krungsri periodically, but not monthly. Thanks!

[CallumWK]

54 minutes ago, Enzian said:

You are speaking of Krungsri, and I've been thinking for some time that they are not good in that regard (even though I like them otherwise), so it's important to me to know that others think likewise. That being said, can you or others here chime in on which banks here are considered to give a decent exchange rate? I move lump sums of US SS to Krungsri periodically, but not monthly. Thanks!

\

If you want a decent exchange rate then use Wise or similar. Krungsri I think gives the worst rate.

 

Or you can compare here  http://bankexchangerates.daytodaydata.net/default.aspx

[scubascuba3]

I use Kasikorn (favourite) for day to day spending, Krungsri (3rd favourite) for retirement extension, Bangkok Bank (2nd favourite) as a spare account

[Dan SG]

11 hours ago, advancebooking said:

I have accounts in numerous Thai banks. I recently opened up a account with UOB. 

 

The lass told me that I can use my card at any bank at any location in Thailand and no fees. Also can use the card in Indonesia, Malaysia and Singapore no fees. 

 

UOB recently bought out Citibank and both cards are in the app. 

 

Pink bank GSB would be my 2nd choice. All funds are govt' guaranteed. 1 million limit on all other Thai banks. I think Pink bank is a solid choice for all farang living here. 

 

Whats your fav bank?

Are you sure there are no fees to use overseas or that they don't give you a shocking exchange rate?

[Henryford]

11 hours ago, Pouatchee said:

 

they have one of the worst exchange rates of all the banks in thailand... good to see they have one good thing going for them

 

Does anyone use a bank to exchange money? they all offer terrible rates.

[steven100]

Citibank AU was the best as there was no international ATM withdrawal fees. Then NAB Australia took over and UOB locally. 

 

Just goes to show how much consumers are being overcharged with fees ......

Citibank could do it for free but others cannot....   go figure  ! 

[Pouatchee]

8 hours ago, Enzian said:

You are speaking of Krungsri, and I've been thinking for some time that they are not good in that regard (even though I like them otherwise), so it's important to me to know that others think likewise. That being said, can you or others here chime in on which banks here are considered to give a decent exchange rate? I move lump sums of US SS to Krungsri periodically, but not monthly. Thanks!

 

krungsri exchange rate is on of the worst. i use bangkok bnk for internayional tranfers. i looked at uob exchange rate and they seem to offer a good exchange but i dont have an account with them so i cant speak for them. when i withdraw on credit card i usually use kasikorn. i never tried uob cos around here i cant seem to find any. 

 

@Henryford read above... i do. let me know if you find better than what i posted. 

[proton]

10 hours ago, CallumWK said:

 

I also have a UOB account, since I have to spread my savings because of the deposit guarantee, but I reduced my balance by 70% because too many problems with them I changed branch as I thought it might be branch related, but it is the same there. Same as with all other banks in Thailand, they make up their own rules, and also claim benefits that actually aren't correct. I have no cards with UOB, so can't comment on that.
I think they only took over the Thai branch of Citibank, not entire Citibank.

 

 

I have accounts with GSB as well, specifically because of the unlimited guarantee, but it is only when the sh!t hits the fan that we will know what those guarantees are worth. The government itself is obviously in serious trouble, and I would think that would reflect on government run banks as well in such a situation. Wouldn't be surprised that they even would make up new rules for foreigners at that point.

 

It would be like the govt backed compensation for insurance companies going bust a few years ago. Yes there was a fund for it- that was used up almost immediately and most people got nothing, letters, emails and phone calls went unanswered and that was that. Guarantees here are worth very little.

[DualSportBiker]

13 hours ago, advancebooking said:

I have accounts in numerous Thai banks. I recently opened up a account with UOB. 

 

The lass told me that I can use my card at any bank at any location in Thailand and no fees. Also can use the card in Indonesia, Malaysia and Singapore no fees. 

 

UOB recently bought out Citibank and both cards are in the app. 

 

Pink bank GSB would be my 2nd choice. All funds are govt' guaranteed. 1 million limit on all other Thai banks. I think Pink bank is a solid choice for all farang living here. 

 

Whats your fav bank?

They may operate here, but they ain't a real Thai bank. Sure you know that. Nobody considered Citi a Thai bank, so why UOB? Anyhow, many of my Thai friends said they were really disappointed with the way UOB handled the acquisition of accounts here. Lots of issues, poor support etc.

 

I've been a customer of Kasikorn since the early 90s. Just recently opened a Krungsi account. When I first opened my KBank account I was on a marriage visa. I tried to open a second account recently and was told that as I had changed my visa type to retirement I could not open a 2nd account! I needed to have the same visa as before! Go figure! The lack of flexibility and ability to handle what should be a normal progression is always an eye-opener...

 

I was advise by Krungsi to keep only daily/weekly balances in accounts that can be accessed via their app or site. An (technically) orphaned account helps prevent loss in scams and fraud.

[KannikaP]

11 hours ago, chiang mai said:

and they are constantly giving me balances on my account

Do you really want that? If you need to know your balance, log in yourself.

[CallumWK]

55 minutes ago, DualSportBiker said:

When I first opened my KBank account I was on a marriage visa. I tried to open a second account recently and was told that as I had changed my visa type to retirement I could not open a 2nd account! I needed to have the same visa as before! Go figure!

 

Find another branch of the same bank, the manager thinks he can make up his own rules. In fact most of them do

[Everyman]

I make about a hundred withdrawals per month using cardless withdrawal, so the number of ATMs available for this is the most important feature of a bank for me. That Bangkok Bank and Kasikorn Bank account holders can now  both use the same ATMs for this effectively doubles the number ATMs for each bank. So it’s between those two. 

 

I have an account with Bangkok Bank and I am satisfied with them, except for the inability to pay provincial electricity authority (PEA) bills from the app. I haven’t had a KBANK account for many years, but they seem very popular and can pay PEA bills. 

 

So I’m going to say KBANK. 

[chiang mai]

1 hour ago, KannikaP said:

Do you really want that? If you need to know your balance, log in yourself.

Yes I do. I like the idea that when I make a purchase or a transfer, using the app., I get to see the new balance on the account. That instills confidence that we both agree how much is in the account at any point in time.

[Stocky]

14 hours ago, Pouatchee said:

 

they have one of the worst exchange rates of all the banks in thailand... good to see they have one good thing going for them

 

I'm Wise enough not to use them for currency exchange.

[digbeth]

if you were previously Citi customers and are now transferred to UOB, you wouldn't call UOB's service during the transition a favorite anything 

[digbeth]

1 hour ago, Everyman said:

I make about a hundred withdrawals per month using cardless withdrawal, so the number of ATMs available for this is the most important feature of a bank for me. That Bangkok Bank and Kasikorn Bank account holders can now  both use the same ATMs for this effectively doubles the number ATMs for each bank. So it’s between those two. 

 

I have an account with Bangkok Bank and I am satisfied with them, except for the inability to pay provincial electricity authority (PEA) bills from the app. I haven’t had a KBANK account for many years, but they seem very popular and can pay PEA bills. 

 

So I’m going to say KBANK. 

 

Using K bank cardless withdrawal on BBL now incurs a fee, so now I have minor inconvenience of transferring from Kbank to BBL 

[jaywalker2]

12 hours ago, Etaoin Shrdlu said:

 

UOB Thailand purchased Citibank's consumer portfolio in Thailand and shifted it over to UOB Thailand. Citibank's Thailand branch did not give up its banking license and continues to provide corporate banking services here. It simply got out of the consumer banking segment.

 

For those who care about such things, Citibank's operation here in Thailand is a branch of the US company and not a locally incorporated subsidiary or public limited liability company. As such, it enjoys the S&P financial strength rating of the parent company, in this case Citibank N.A., which has an S&P rating of "A+". This is higher than the Thai government's S&P rating of "BBB+".

 

Depositors who had accounts with Citibank's Thailand branch actually had better security than the deposit guarantees provided by the Thai government, at least to the extent that S&P ratings may be relied upon.

You people enjoy arguing semantics. Citibank Thailand was not a "branch" of Citibank New York except in the most narrow sense -- in the way that the BOT defines a branch, i.e., a foreign entity allowed only one office in Thailand.  Otherwise, it was an independent from Citibank NA under the juridisction of the Bank of Thailand and did not offer joint services with Citibank NA. It was for the purposes of regulation considered an internationla bank, not a Thai bank.

 

Mega banks are essentially holding companies so the results of their various international branches (whether called branches or subsidiaries or anything else) are consolidated  into their financial statements but the kind of relationship a foreign banking branch or subsidiary has with its parent bank is complex and subject to the rules and definitions of the host country. Simply saying a name, branch, subsidiary, affiliate, correspondent, whatever will not give a clear idea of how the bank is actually allowed to operate.

 

To sum up, Citibank NA was designated a branch by the BOT, it was allowed only one office in Thailand,  and it operated independently from  Citibank NA in terms of its banking operations but was included in its consolidated financial results and was subject to supervision from the head office.

 

If Citibank Thailand had gone bankrupt, depositers would only have been entitled to the compensation stipulated for Thai domestic banks unless the parent bank decided otherwise.

[OneMoreFarang]

I use K-Bank and SCB since many years and I never had any problems.

 

UOB took over Citibank credit cards. That was a drama, and some things are still strange. At least for the credit card I can't recommend UOB.

[Etaoin Shrdlu]

5 minutes ago, jaywalker2 said:

You people enjoy arguing semantics. Citibank Thailand was not a "branch" of Citibank New York except in the most narrow sense -- in the way that the BOT defines a branch, i.e., a foreign entity allowed only one office in Thailand.  Otherwise, it was an independent from Citibank NA under the juridisction of the Bank of Thailand and did not offer joint services with Citibank NA. It was for the purposes of regulation considered an internationla bank, not a Thai bank.

 

Mega banks are essentially holding companies so the results of their various international branches (whether called branches or subsidiaries or anything else) are consolidated  into their financial statements but the kind of relationship a foreign banking branch or subsidiary has with its parent bank is complex and subject to the rules and definitions of the host country. Simply saying a name, branch, subsidiary, affiliate, correspondent, whatever will not give a clear idea of how the bank is actually allowed to operate.

 

To sum up, Citibank NA was designated a branch by the BOT, it was allowed only one office in Thailand,  and it operated independently from  Citibank NA in terms of its banking operations but was included in its consolidated financial results and was subject to supervision from the head office.

 

If Citibank Thailand had gone bankrupt, depositers would only have been entitled to the compensation stipulated for Thai domestic banks unless the parent bank decided otherwise.

My understanding is that depositors would have legal recourse to Citibank N.A.'s balance sheet as there is no local limited liability entity to prevent them. Depositors may have to pursue claims in the US, however. I would be happy to be corrected if there is a mechanism that would prevent such recourse.

 

Yes, Citibank Thailand is not part of Citibank N.A.'s domestic banking system and it does come under BoT regulations.  It is the structure, not the services provided, that determine its status as a branch.

[Everyman]

5 hours ago, digbeth said:

 

Using K bank cardless withdrawal on BBL now incurs a fee, so now I have minor inconvenience of transferring from Kbank to BBL 

 

It does? I have been outside Thailand about three weeks but used it just before I left and there was no fee. When did it start?

[digbeth]

27 minutes ago, Everyman said:

 

It does? I have been outside Thailand about three weeks but used it just before I left and there was no fee. When did it start?

 

The fee free period was from July, not a problem for those of us that can get multiple accounts easily, just transfer between them

 

at 10 baht it's still cheaper than using card out of province which starts at 20

[Drumbuie]

Accounts with BBL, Kasikorn and KrungSri. I was impressed with the BBL app compared with UK banking apps - till I opened the Kasikorn account. Their app is excellent, as are the staff at my branch. KrungSri's app is ok but not as intuitive. 

 

Re the "Singaporean bank" conversation - as in any business, follow the money. UOB profits ultimately accrue to the parent company in Singapore. 

 

[chiang mai]

11 minutes ago, Drumbuie said:

Accounts with BBL, Kasikorn and KrungSri. I was impressed with the BBL app compared with UK banking apps - till I opened the Kasikorn account. Their app is excellent, as are the staff at my branch. KrungSri's app is ok but not as intuitive. 

 

Re the "Singaporean bank" conversation - as in any business, follow the money. UOB profits ultimately accrue to the parent company in Singapore. 

 

That's a shareholding issue, it's still as they say, a Thai bank.

 

https://www.uob.co.th/investor-en/aboutUOB/finance-results-major-shareholders.page

[Upnotover]

22 hours ago, Everyman said:

I make about a hundred withdrawals per month using cardless withdrawal

Wow!  Why?

[mark5335]

On 8/12/2024 at 8:51 PM, Celsius said:

 

Nothing to do with Singapore or Thailand. Banking rules are the same all over the world.

 

So, Bank of China.... Thai bank?

and Krungsri / Bank of Ayudhya....Japanese bank?

 

and it's designated as one of the 5 systemically important banks (SIB) by the Bank of Thailand....Bank of Thailand would only apply this to Thai banks, e.g., Krungsri which is a Thailand bank although their largest shareholder is a Japanese bank. They are not regarded as a Japanese bank...similarly UOB (which evolved from Radanasin Bank more than 20 years ago) is a Thai bank with a large Singaporean shareholder.

[chiang mai]

1 minute ago, mark5335 said:

and Krungsri / Bank of Ayudhya....Japanese bank?

Krungsri was originally a Thai bank whose shares were acquired by Bank Mitsubishi, unlike the other examples such as UOB, CIMB and B of C who established Thai bank entities using their own names but established them as Thai banks. All are Thai banks, majority share ownership in all cases is with the overseas bank entity.

[sikishrory]

On 8/12/2024 at 8:48 PM, Celsius said:

 

And HSBC in Poland is a Polish bank.

 

You guys crack me up.

No it's Mexican and they sell tacos

[Crazy Noobie]

My main account is with Bangkok Bank, my money for saving is with K-Bank and my healthcare money is with SCB. No problems with any of them for the last 8 years that I have had my accounts.

[Stocky]

23 hours ago, Everyman said:

I make about a hundred withdrawals per month using cardless withdrawal, so the number of ATMs available for this is the most important feature of a bank for me.

Why on earth would you be visiting an ATM machine more than 3 times a day!?

 

I take enough money out for a week or two at a time, or at least I did, now I use scan to pay for most things, so maybe use an ATM once every couple of months.