Has anyone ever opened up a savings account with Tisco? They told me no foreigners allowed!

[ubonr1971]

I visited the local Tisco bank and they denied me opening an account. I have WP and my wife has an account with them. They said only Thai people can have accounts with them. 

 

I thought that was ridiculous and used google translate to say 'This bank is old fashioned and possibly xenophobic' and subsequently walked out. 

 

Still interested to know if my local branch is correct or not. 

thanks 

[topt]

1 hour ago, ubonr1971 said:

I thought that was ridiculous and used google translate to say 'This bank is old fashioned and possibly xenophobic' and subsequently walked out. 

Did that make you happy?

How about trying to contact their head office or similar if important to you.........

[rattlesnake]

Tisco is actually the most farang-friendly bank to my knowledge, they issue loans to people with foreign-sourced income. Seems you were dealing with an incompetent employee.

[ubonr1971]

2 hours ago, rattlesnake said:

Tisco is actually the most farang-friendly bank to my knowledge, they issue loans to people with foreign-sourced income. Seems you were dealing with an incompetent employee.

are you joking? Do you have any evidence of this?

[CallumWK]

Most likely they have, like so many other banks in Thailand, certain accounts that are only available for Thai people.

Usually that are the account with higher interests

 

Here you go

 

Edited August 15 by CallumWK

[rattlesnake]

12 minutes ago, ubonr1971 said:

are you joking? Do you have any evidence of this?

Yes, though I will not disclose any details here, I can assure you with 100% certainty that this is true.

Do some reasearch on this forum, there are threads on it.

[freeworld]

This bank took over the Standard Chartered business in 2016 in Thailand.

2016

TISCO Bank Public Company Limited and All-Ways Co., Ltd subsidiaries of TISCO Group, have signed a business purchase agreement with Standard Chartered Bank (Thai) Public Company Limited and transferred retail customers business covering mortgage loans, personal loans, and retail business loans. Wealth Management, Brokerage, Insurance (Bancassurance), Retail Deposits, as well as 4 Bank Branches.

 

Looking at their products savings and current accounts they make it quite clear on all their product sheets that they only service Thai nationals and on many savings accounts state and clarify it further it is not for persons of other nationalities.

 

For eg from their website for premium savings

"Main conditions

• Opening accounts only for natural persons of Thai nationality or foundations (not accepting opening accounts for natural persons of other nationalities)
• Only one special savings account can be opened."

Edited August 15 by freeworld

[rattlesnake]

42 minutes ago, freeworld said:

This bank took over the Standard Chartered business in 2016 in Thailand.

2016

TISCO Bank Public Company Limited and All-Ways Co., Ltd subsidiaries of TISCO Group, have signed a business purchase agreement with Standard Chartered Bank (Thai) Public Company Limited and transferred retail customers business covering mortgage loans, personal loans, and retail business loans. Wealth Management, Brokerage, Insurance (Bancassurance), Retail Deposits, as well as 4 Bank Branches.

 

Looking at their products savings and current accounts they make it quite clear on all their product sheets that they only service Thai nationals and on many savings accounts state and clarify it further it is not for persons of other nationalities.

 

For eg from their website for premium savings

"Main conditions

• Opening accounts only for natural persons of Thai nationality or foundations (not accepting opening accounts for natural persons of other nationalities)
• Only one special savings account can be opened."

Okay, interesting to know they grant loans to foreigners, but don't allow them to open bank accounts.

[freeworld]

9 hours ago, rattlesnake said:

Okay, interesting to know they grant loans to foreigners, but don't allow them to open bank accounts.

I don't really know, maybe diff rules because they make money from that (you know creating money from nothing) or maybe perceived wealth customers get different treatment. Maybe there is not all this crs and fatca reporting to do on foreign nationals.

 

Also seems in 2018 the former Standard Chartered loan business was transferred from Tisco to Citibank.

 

2018

• TISCO Bank Public Company Limited and All-Way Co., Ltd., a subsidiary of TISCO Group, reached an agreement to transfer personal loan and credit card business transferred from Standard Chartered Bank (Thai) Public Company Limited to Citibank N.A. Bangkok Branch (Citibank) as of March 30, 2018.

Edited August 16 by freeworld

[ubonr1971]

9 hours ago, rattlesnake said:

Okay, interesting to know they grant loans to foreigners, but don't allow them to open bank accounts.

Yes. Normally all banks require monthly repayments from their savings acc to the loan account. What an odd ball bank

[Foxx]

OP, precisely what kind of account were you trying to open?

[donmuang37]

17 hours ago, rattlesnake said:

Yes, though I will not disclose any details here, I can assure you with 100% certainty that this is true.

Do some reasearch on this forum, there are threads on it.

I got a car loan from Tisco in the past because their interest rate was lower than my investments were earning in the US.  Good service; no hassle.

[verticalift]

Some Banks will require that the holder of the account, posses a Thai ID Card.

 

The Thai Gov’t Savings Bank is a prime example. Though I have multiple accounts with various different “Commercial Banks” (Due the reduced 1MTB coverage by the “Thai Deposit Protection Agency”) I was only able to open an account at the GSB (Pink Bank) as I have Thai ID. 

[LukKrueng]

On 8/15/2024 at 3:33 PM, ubonr1971 said:

used google translate to say 'This bank is old fashioned and possibly xenophobic' and subsequently walked out. 

 

My hero! You Vs bank - 1:0

I would have given you 5:0 if you could say that without Google translate.

[ubonr1971]

7 hours ago, verticalift said:

Some Banks will require that the holder of the account, posses a Thai ID Card.

 

The Thai Gov’t Savings Bank is a prime example. Though I have multiple accounts with various different “Commercial Banks” (Due the reduced 1MTB coverage by the “Thai Deposit Protection Agency”) I was only able to open an account at the GSB (Pink Bank) as I have Thai ID. 

I dont agree with your comment at all. I only have a thai pink id card for farang and I opened an account at GSB. I have a WP though. I cannot transfer above 50k bc their system cannot do this for farang

 

The 1mill deposit protection rule doesnt apply to GSB. Go and ask them. They will tell you its unlimited. 

 

We have mega rich thai friends who say they only keep money in GSB

[ubonr1971]

7 hours ago, donmuang37 said:

I got a car loan from Tisco in the past because their interest rate was lower than my investments were earning in the US.  Good service; no hassle.

Dont you have to get a savings account from them as well? ie to pay the loan off? 

[ubonr1971]

8 hours ago, Foxx said:

OP, precisely what kind of account were you trying to open?

savings acc

[rattlesnake]

9 minutes ago, ubonr1971 said:

Dont you have to get a savings account from them as well? ie to pay the loan off? 

For vehicle leases, it's the same as any other bank, they give you a card which you scan to pay your installments using whatever Thai bank you want.

[SingAPorn]

Many of the major banks reserve their specific savings accounts with very good interest rates, only  for the Thai's. So yes there is a form of xenophobia towards foreigners and only those who have not lived here long enough or who have no idea of the general climate,  will claim the opposite.

[Foxx]

8 hours ago, ubonr1971 said:

16 hours ago, Foxx said:

OP, precisely what kind of account were you trying to open?

savings acc

 

The reason I wrote "precisely what kind of account" was that TISCO has eight different types of personal savings accounts.

• Standard Savings
• Basic Banking Account
• TISCO My Savings
• TISCO e-Savings
• Premium Savings
• Super Savings
• Diamond Savings
• Blue Diamond Savings

[helloagain]

On 8/15/2024 at 3:33 PM, ubonr1971 said:

I visited the local Tisco bank and they denied me opening an account. I have WP and my wife has an account with them. They said only Thai people can have accounts with them. 

 

I thought that was ridiculous and used google translate to say 'This bank is old fashioned and possibly xenophobic' and subsequently walked out. 

 

Still interested to know if my local branch is correct or not. 

thanks 

Can you imagine that being said by a bank in the uk, total uproar. Amazing Thailand, it sure is.  I wish I had pots of money to take them to court.

[Everyman]

On 8/15/2024 at 3:33 PM, ubonr1971 said:

I visited the local Tisco bank and they denied me opening an account. I have WP and my wife has an account with them. They said only Thai people can have accounts with them. 

 

I thought that was ridiculous and used google translate to say 'This bank is old fashioned and possibly xenophobic' and subsequently walked out. 

 

Still interested to know if my local branch is correct or not. 

thanks 

 

I can 100% guarantee that they did not care at all whatsoever, or even understand why you were upset. 

[ubonr1971]

16 hours ago, Everyman said:

 

I can 100% guarantee that they did not care at all whatsoever, or even understand why you were upset. 

You were not there and dont know what you are talking about. 

[Peterw42]

On 8/15/2024 at 3:33 PM, ubonr1971 said:

I visited the local Tisco bank and they denied me opening an account. I have WP and my wife has an account with them. They said only Thai people can have accounts with them. 

 

I thought that was ridiculous and used google translate to say 'This bank is old fashioned and possibly xenophobic' and subsequently walked out. 

 

Still interested to know if my local branch is correct or not. 

thanks 

 

Why do you want an account with this bank ? They have little to no branches, NO ATMs, they dont appear to have any online banking platform, I think you would have lots of problems transferring money from home to them.

There are Many Thai banks, with a branch on every 2nd corner, ATMs everywhere, international representation and recognition. And they will be happy to open an account for you.

You pick an obscure small bank, then complain that you cant be a customer.

It appears you are looking for something to complain about.

Edited August 18 by Peterw42

[ubonr1971]

On 8/18/2024 at 8:34 AM, Peterw42 said:

 

Why do you want an account with this bank ? They have little to no branches, NO ATMs, they dont appear to have any online banking platform, I think you would have lots of problems transferring money from home to them.

There are Many Thai banks, with a branch on every 2nd corner, ATMs everywhere, international representation and recognition. And they will be happy to open an account for you.

You pick an obscure small bank, then complain that you cant be a customer.

It appears you are looking for something to complain about.

Thanks for your negative opinion on my personality. I bet that you have many friends down at the local pub. 

 

I will just do whatever I want, whenever I want. How does that sound to you. I hope that this lack of control that you have over me doesnt ruin your day today.