Best bank account for 800k which can be accessed even from Overseas

[Barley]

Hello,

could you recommend to me a bank account, that pays decent interest and where I have access to my 800k even when I am overseas?

 

On my current interest bearing accounts, I have to come in person and transfer the money to my savings, before I can transfer it out or use it to pay bills. But I don't want to do that.

 

Thanks for your advice.

[gamb00ler]

A little more detail of your current situation will help us give you advice.

 

Why not call your bank's customer service line and ask them?  The larger Thai banks have staff available to speak English with you on that help line.

 

Is your current bank account a fixed deposit account?

Can you use your smartphone banking app to transfer money?

If not, why not?

Does your bank offer internet banking from your desktop?

 

Most regular savings accounts in Thailand pay minimal interest (.25% - .5%) and those accounts don't require you to go to the bank to move money.

 

You can find 1.5% - 1.75% savings accounts at SCB and LH banks.  With their accounts you can use your smartphone banking app to move funds around.

 

 

[Barley]

Hm, maybe some things I took for granted have changed in the last few years?

 

I have savings and fixed deposit accounts.

 

A few years ago, my bank (Bangkok Bank) told me that I have to appear in person with the bank book to transfer money out of the fixed deposit account.

 

Has that changed now? Can I do it via the app? Or do some other banks allow to do this by the app, even when I am overseas?

 

That would take care of what I want.

 

I have just always been nervous that some day for whatever reason I cannot come or don't want to come back and then the money will not be available to me any more.

 

So you mentioned SCB and LH Bank.

 

SCB has given me a very bad experience in CM when I tried to open an account: I gave them the paperwork, they said they have to check back with their head office and will call me back, but it never happened. And when I visited them to ask about it, they said they have  no record of any of this. So this incident has diminished my willingness to deal with them again.

 

This is the first time I heard of LH Bank, and Google helped me to find out a little bit more about the Land and Houses Bank, though I would like to ask our members to share their experiences with them, particularly if they can give me a 1 year statement on the spot in Chiang Mai - which is something Bangkok Bank cannot and that is what I really loathe about them.

 

Thanks for your comments. I hope to kindly hear more from you.

[gamb00ler]

8 hours ago, Barley said:

A few years ago, my bank (Bangkok Bank) told me that I have to appear in person with the bank book to transfer money out of the fixed deposit account.

As far as I know you would still need to go to the bank to move funds in/out of a fixed deposit account.

 

8 hours ago, Barley said:

SCB has given me a very bad experience in CM when I tried to open an account: I gave them the paperwork, they said they have to check back with their head office and will call me back, but it never happened

That type of failure seems common in Thailand.  Initially SCB said I needed a work permit.  I told them I can't work because I'm on a retirement extension.  They started my application but they seemed unable to proceed at one point.  I asked them if I needed to get a tax ID and they said yes.  The next day I got my tax ID in the morning and returned to SCB and setting up my account was completed.  You need to be patient and persistent to get things done in Thailand.

[CMBob]

52 minutes ago, gamb00ler said:

...As far as I know you would still need to go to the bank to move funds in/out of a fixed deposit account...

Correct.  Our fixed deposit accounts have no ATM cards/connections and, as far as I know, one cannot do anything with a fixed deposit account via a bank's website or via one's smartphone app other than order a statement.  Just the nature of a fixed deposit account here in Thailand.

[brianthainess]

The best bank I have found is Krungsri aka yellow bank, they give 0.9 interest pa tax paid, on the Mee Tae Dai account, but for that account you need a one year Visa/Extension, but IME have English speaking staff, unlike SCB or BKB. you also can use an ATM card for withdrawals, you can set up Direct debits with them as well, They do charge 50b for more than 2 withdrawals a month,  You say use it to pay bills do you mean bills in Thailand or Overseas ? Edit ; you get a bank book, they have internet banking, and take 20min. Max to get your statement and letter for immigration purposes.

[Mike Teavee]

10 minutes ago, brianthainess said:

The best bank I have found is Krungsri aka yellow bank, they give 0.9 interest pa tax paid, on the Mee Tae Dai account, but for that account you need a one year Visa/Extension, but IME have English speaking staff, unlike SCB or BKB. you also can use an ATM card for withdrawals, you can set up Direct debits with them as well, They do charge 50b for more than 2 withdrawals a month,  You say use it to pay bills do you mean bills in Thailand or Overseas ? Edit ; you get a bank book, they have internet banking, and take 20min. Max to get your statement and letter for immigration purposes.

I really like Krungsri BUT if you're using Wise you can only transfer 49,999 THB at a time with them whereas Bangkok Bank, Kasikornbank is 2,000,000 & SCB 1,499,999

 https://wise.com/help/articles/2932335/guide-to-thb-transfers 

 

Personally I'd get (& have my 800K in) a Bangkok Bank FD account (1.8% interest) plus get a Bangkok Bank savings account & a Krungsri account for everyday use.

 

Edit: Sorry I've just seen you want access to it from overseas in which case an FD account wouldn't be suitable for you. 

[Liverpool Lou]

10 hours ago, Barley said:

A few years ago, my bank (Bangkok Bank) told me that I have to appear in person with the bank book to transfer money out of the fixed deposit account.

 

Has that changed now? Can I do it via the app? Or do some other banks allow to do this by the app, even when I am overseas?

 

That would take care of what I want.

Instead of wasting your time getting anonymous opinions that will mean less than nothing to your bank, why don't you just call the bank (1333) and ask them?   No banks abide by AN posters thoughts.

[brianthainess]

7 minutes ago, Mike Teavee said:

I really like Krungsri BUT if you're using Wise you can only transfer 49,999 THB at a time with them whereas Bangkok Bank, Kasikornbank is 2,000,000 & SCB 1,499,999

 https://wise.com/help/articles/2932335/guide-to-thb-transfers 

 

Personally I'd get (& have my 800K in) a Bangkok Bank FD account (1.8% interest) plus get a Bangkok Bank savings account & a Krungsri account for everyday use.

 

Edit: Sorry I've just seen you want access to it from overseas in which case an FD account wouldn't be suitable for you. 

The problem with FD accounts is the banks don't guarantee you even a million Baht last time I checked. just saying.

[Liverpool Lou]

3 minutes ago, brianthainess said:

The problem with FD accounts is the banks don't guarantee you even a million Baht last time I checked. just saying.

FD THB accounts are covered by the DPA, it is non-resident or foreign currency accounts that are exempted.

[brianthainess]

2 minutes ago, Liverpool Lou said:

FD THB accounts are covered by the DPA, it is non-resident or foreign currency accounts that are exempted.

My mistake I thought FD meant Foreign deposit, I wish members would not use just Initials

Like DPA I don't know what that is Either.

[Liverpool Lou]

5 minutes ago, brianthainess said:

My mistake I thought FD meant Foreign deposit, I wish members would not use just Initials

Like DPA I don't know what that is Either.

Deposit Protection Act.

[brianthainess]

We still don't know if the OP want's to pay bills in Thailand or overseas. 

[Liverpool Lou]

43 minutes ago, brianthainess said:

but IME have English speaking staff

 

10 minutes ago, brianthainess said:

I wish members would not use just Initials

Sorry, what does "IME" refer to?   I. too. wish members would not use just initials!     

[frank83628]

 online banking, all banks offer this, but you will need the bank app on a phone and an international sim to receive OTP one time passwords. not sure if you can do it without

[Barley]

Thank you for your kind replies. 

 

I just want access to my money even when I am not in Thailand and still get a reasonable interest on the account, no need to pay international bills.

 

It's enough if I can transfer part of the 800k when I am overseas from the interest bearing account to my savings account. 

 

I thought the Mee Tae Dai account of Krungsri can only be opened with a Thai ID card? 

[topt]

3 hours ago, Liverpool Lou said:

Deposit Protection Act.

I have always understood it to refer to the Deposit Protection Agency and some sites refer to it as the Deposit Protection Agency Act........

https://www.bangkokbank.com/en/Personal/Tips-and-Insights/Save-and-Invest/Practical-advice-on-deposit-protection

Quote

From August 11, 2021 Thai Baht Deposits are protected under the Deposit Protection Agency Act up to a maximum of one million baht per one depositor per financial institution.

More information available at Deposit Protection Agency website www.dpa.or.th

 

 

[hughrection]

6 hours ago, gamb00ler said:

As far as I know you would still need to go to the bank to move funds in/out of a fixed deposit account.

 

That type of failure seems common in Thailand.  Initially SCB said I needed a work permit.  I told them I can't work because I'm on a retirement extension.  They started my application but they seemed unable to proceed at one point.  I asked them if I needed to get a tax ID and they said yes.  The next day I got my tax ID in the morning and returned to SCB and setting up my account was completed.  You need to be patient and persistent to get things done in Thailand.

Was asked by GSB for marriage cert when trying to open account.

WP - check.

Passport - check

Pink ID - check

 

Seen marriage cert on her list and insisted on it. I asked if I need to get married to open an account and she responded 'Yes.' LOL

I tried to explain that the things on the list were what could be asked for but not all are required if you have some. Was havin none of it. 🙂

Off I pop to another of their branches - WP & passport - Account opened!

[hughrection]

4 hours ago, brianthainess said:

The problem with FD accounts is the banks don't guarantee you even a million Baht last time I checked. just saying.

If FD means fixed then Yes they do. Check the BOT website for list of banks covered. 

[scorecard]

15 hours ago, Barley said:

Hm, maybe some things I took for granted have changed in the last few years?

 

I have savings and fixed deposit accounts.

 

A few years ago, my bank (Bangkok Bank) told me that I have to appear in person with the bank book to transfer money out of the fixed deposit account.

 

Has that changed now? Can I do it via the app? Or do some other banks allow to do this by the app, even when I am overseas?

 

That would take care of what I want.

 

I have just always been nervous that some day for whatever reason I cannot come or don't want to come back and then the money will not be available to me any more.

 

So you mentioned SCB and LH Bank.

 

SCB has given me a very bad experience in CM when I tried to open an account: I gave them the paperwork, they said they have to check back with their head office and will call me back, but it never happened. And when I visited them to ask about it, they said they have  no record of any of this. So this incident has diminished my willingness to deal with them again.

 

This is the first time I heard of LH Bank, and Google helped me to find out a little bit more about the Land and Houses Bank, though I would like to ask our members to share their experiences with them, particularly if they can give me a 1 year statement on the spot in Chiang Mai - which is something Bangkok Bank cannot and that is what I really loathe about them.

 

Thanks for your comments. I hope to kindly hear more from you.

Suggest you check again about the need for personal visit to the bank.

Why? All Thai banks want to change customers to online banking and to bank apps so that they can close branches and close ATM services. And most banks have upgraded their call centre capabilities and plenty of excellent English. 

 

From my experience the need for personal visit to 2 very famous / big Thai banks has reduced. 

[flexomike]

1 hour ago, Barley said:

Thank you for your kind replies. 

 

I just want access to my money even when I am not in Thailand and still get a reasonable interest on the account, no need to pay international bills.

 

It's enough if I can transfer part of the 800k when I am overseas from the interest bearing account to my savings account. 

 

I thought the Mee Tae Dai account of Krungsri can only be opened with a Thai ID card? 

not true, I have one but can only be opened in your name

[gamb00ler]

1 hour ago, Barley said:

I thought the Mee Tae Dai account of Krungsri can only be opened with a Thai ID card?

I managed to open one with my passport, a certificate of residence from Immigration and a copy of the the house book.  That happened about 3 months ago at Central Airport branch.

[Liverpool Lou]

1 hour ago, topt said:

5 hours ago, Liverpool Lou said:

Deposit Protection Act.

I have always understood it to refer to the Deposit Protection Agency

The Act gives the Agency it's protective authority.

[gamb00ler]

6 hours ago, Liverpool Lou said:

 

Sorry, what does "IME" refer to?   I. too. wish members would not use just initials!     

In my experience  ?

[brianthainess]

2 hours ago, gamb00ler said:

I managed to open one with my passport, a certificate of residence from Immigration and a copy of the the house book.  That happened about 3 months ago at Central Airport branch.

And I presume you have a one year visa/extension ?

[Liverpool Lou]

3 hours ago, gamb00ler said:

10 hours ago, Liverpool Lou said:

 

Sorry, what does "IME" refer to?   I. too. wish members would not use just initials!     

In my experience  ?

My question was rhetorical, but thanks.     

[gamb00ler]

7 hours ago, gamb00ler said:

I managed to open one with my passport, a certificate of residence from Immigration and a copy of the the house book.  That happened about 3 months ago at Central Airport branch.

 

5 hours ago, brianthainess said:

And I presume you have a one year visa/extension ?

Sorry that I didn't mention that at the time I was on a newly renewed 1 year extension of stay.

[sometimewoodworker]

8 hours ago, Barley said:

I thought the Mee Tae Dai account of Krungsri can only be opened with a Thai ID card? 

No, that isn’t required, you may be able to get 1.5%

but you can get 2.2% on a time deposit 

 

[Barley]

28 minutes ago, sometimewoodworker said:

No, that isn’t required, you may be able to get 1.5%

but you can get 2.2% on a time deposit 

 

@sometimewoodworker

Oh wow, 0.9% were a little bit disappointing. 1.5% sounds much better.

 

I have a Krungsri savings account. Can I just apply for it in their app? EDIT: I just saw that there is a separate site where you can apply for Krungsri accounts: https://www.krungsrionline.com/BAY.KOL.WebSite/Common/cplus-app/how-to-apply-en.html

 

And of course the big question is: Would CM immigration accept the online (I assume no passbook version) of this account for the 800k proof?

 

[CallumWK]

30 minutes ago, sometimewoodworker said:

No, that isn’t required, you may be able to get 1.5%

but you can get 2.2% on a time deposit 

 

 

The Mee Tae Dai account opened online is Thai citizens only.

 

Also note Krungsri has different way of calculating.

 

 

Other banks pay you 0.9 on the first 2 million, and 0.5 on the amount above. Not so with Krungsri. If you have 200.001 in your account, you get 0.5 on everything.