CIMB bank

[CallumWK]

As far as I'm aware, CIMB is a Malaysian bank operating in Thailand, now my question is how credible and reliable is this bank.

I'm considering opening a 12 month senior fixed account with them, but I notice that in contrary to other Thai banks, they have increased the interest a few times already.

 

If you opened this account in January, you would receive 1.7%, between February and September you would get 1.8%, and this month they pay 1.9%.

 

Should this be a red flag?

 

No need for comments that you get higher interests offshore or in other countries please.

 

 

Edited October 15 by CallumWK

[Halfaboy]

Check the rating of the bank and compare this with the rating of a 'reliable' bank.

[CallumWK]

53 minutes ago, Halfaboy said:

Check the rating of the bank and compare this with the rating of a 'reliable' bank.

 

Thanks, you have any links for that?

 

[offset]

Also check other banks some of same interest 

[Liverpool Lou]

20 minutes ago, CallumWK said:

 

Thanks, you have any links for that?

 

Trust rating	Fitch: AA-(tha

[CallumWK]

58 minutes ago, offset said:

Also check other banks some of same interest 

 

I'm aware of that, but since deposit guarantee is only 1 million baht per bank now, I try to spread my savings over as many banks as possible.

[CallumWK]

48 minutes ago, Liverpool Lou said:

Trust rating	Fitch: AA-(tha

 

Is that for CIMB Thai?

Seems a good rating as think most Thai banks are only BB.

[chiang mai]

CIMB Thai is a Thai bank whose shares are majority owned by the parent Malay bank. It's a solid bank but they offer products that they will only make available to Thai people. regardless of how much money you have on deposits with them. That was why I moved from CIMB to UOB.

[Liverpool Lou]

3 hours ago, CallumWK said:

4 hours ago, Liverpool Lou said:

Trust rating	Fitch: AA-(tha

 

Is that for CIMB Thai?

Seems a good rating as think most Thai banks are only BB.

Yes.  BBL's long-term rating is AA+, as is Kasikorn's but I'm sure you could look up the rest yourself.

[Lorry]

CIMB gives a bit more interest because otherwise there wouldn't be any reason to use them.

But as chiang mai said,  they don't let a foreigner open a fixed deposit.

If your branch allows it, I would not hesitate to do it.

[CallumWK]

5 minutes ago, Lorry said:

CIMB gives a bit more interest because otherwise there wouldn't be any reason to use them.

 

This I fail to understand. CIMB is a bank like all others in Thailand, so why would nobody use them if they didn't pay more interest?

6 minutes ago, Lorry said:

But as chiang mai said,  they don't let a foreigner open a fixed deposit.

 

Some accounts are Thai nationality only, same as many higher interest accounts at all Thai banks.

I have learned that all Thai bank managers make up their own rules, so now I only talk with the head offices only about the conditions, then ask them to inform the branch I intend to visit.

CIMB has a 12 month fixed senior account, as per the OP, that needs Thai identification, not Thai nationality.

They have a 7 month fixed 2% account that foreigners can open.

 

[CallumWK]

7 hours ago, chiang mai said:

CIMB Thai is a Thai bank whose shares are majority owned by the parent Malay bank. It's a solid bank but they offer products that they will only make available to Thai people. regardless of how much money you have on deposits with them. That was why I moved from CIMB to UOB.

 

It is the same with UOB and about every other Thai bank. Thai banks discriminate a lot, especially in the higher interest paying accounts, which they make available to Thai nationals only.

 

Edited October 15 by CallumWK

[Lorry]

1 hour ago, CallumWK said:

 

This I fail to understand. CIMB is a bank like all others in Thailand, so why would nobody use them if they didn't pay more interest?

First of all, most Thais don't know them. 

Few branches. 

No ATM network.

Employer will not send your salary there,  for sure. 

Easier and more convenient to stick to the well-known, ubiquitous names.

[John9]

Few months back I tried to open USD Deposit account with them as they were giving high interest on USD Deposits however

they refused to open account giving me details of what is required among them was work permit or business person. I am retiree

from UK and they did not want me to open.

[john donson]

my 2 satang, the senior rate will be THAI only...

[chiang mai]

8 hours ago, CallumWK said:

 

It is the same with UOB and about every other Thai bank. Thai banks discriminate a lot, especially in the higher interest paying accounts, which they make available to Thai nationals only.

 

Yes agreed. Fortunately I didn't want any of the things UOB said I couldn't have whereas I did want some of what CIMB said I couldn't. But if you have a yellow tabien card and a pink ID card, you can get those accounts that are otherwise restricted. I believe the issue may be systems and tax related where foreigner passport numbers are a different length to the 13 digit Thai ID card number.

[CallumWK]

4 minutes ago, john donson said:

my 2 satang, the senior rate will be THAI only...

 

My 5 satang here, if you had read my posts, you would have known that I called headoffice already and they confirmed i could open the account

[renaissanc]

A Google search shows that there is no need for concern now. Bear in mind, though, that no bank is 100% safe anymore. They have skeletons in the closet caused by huge amounts of unpaid loans. Find out how much money the bank guarantees in the event it goes belly up. Thai law seems to require one million Baht as the guarantee of people's savings even if they have (one billion) Baht spread around multiple accounts. I suggest  you consider putting some money in the bank and the rest in commodities, such as gold, which increases in value vastly more. The increase this year alone is 29%. 
January 1: Gold was trading at $2,063.73 per ounce
Now: US$2,668 per once. That's a US$604 increase in 9.5 months.

[CallumWK]

12 minutes ago, chiang mai said:

I did want some of what CIMB said I couldn't. But if you have a yellow tabien card and a pink ID card, you can get those accounts that are otherwise restricted.

 

There is a difference between individuals with a Thai identification number (foreigners with pink card can open) and Thai nationals only.(foreigners can not open)

 

CIMB, same as other banks, will have such accounts.
 

[chiang mai]

1 minute ago, CallumWK said:

 

There is a difference between individuals with a Thai identification number (foreigners with pink card can open) and Thai nationals only.(foreigners can not open)

 

CIMB, same as other banks, will have such accounts.
 

I believe you. THB I've never dug into it very deeply to understand why.

[CallumWK]

26 minutes ago, renaissanc said:

Thai law seems to require one million Baht as the guarantee of people's savings even if they have (one billion) Baht spread around multiple accounts.

 

Incorrect, The guarantee is 1 million per bank, not per individual. And government banks, like government savings bank, have no limit on the deposit guarantee

 

26 minutes ago, renaissanc said:

I suggest  you consider putting some money in the bank and the rest in commodities, such as gold, which increases in value vastly more. The increase this year alone is 29%. 

 

There were times it was the opposite. There are equities that increased 100% over the same period. In hindsight, all advice is easy given.

Edited October 16 by CallumWK

[steven100]

7 hours ago, Lorry said:

First of all, most Thais don't know them. 

Few branches. 

No ATM network.

Employer will not send your salary there,  for sure. 

Easier and more convenient to stick to the well-known, ubiquitous names.

yes ....  few branches &  NO ATM's  loses me ..  i'm sorry, I'm out   !

[CallumWK]

1 minute ago, steven100 said:

yes ....  few branches &  NO ATM's  loses me ..  i'm sorry, I'm out   !

 

There are no banks that have an ATM linked to a fixed term account. CIMB has an app, so you can transfer the balance from your savings account to an account that has an ATM. Takes 5 seconds.
I agree that there are very few branches, but once an account has been opened, there is no need to visit the branch again.

For me the importance is spreading my savings over as many banks as possible, instead of have it all in 1 bank, which then goes tits up

[steven100]

1 hour ago, CallumWK said:

 

There are no banks that have an ATM linked to a fixed term account. CIMB has an app, so you can transfer the balance from your savings account to an account that has an ATM. Takes 5 seconds.
I agree that there are very few branches, but once an account has been opened, there is no need to visit the branch again.

For me the importance is spreading my savings over as many banks as possible, instead of have it all in 1 bank, which then goes tits up

yes,  a fixed term account is exactly that, fixed.   Just curious if you now of any Bank that have no fees for International ATM withdrawals ....  Citibank use to but now they've shut shop here.

 

 

  

Edited October 16 by steven100

[Sandboxer]

I always have o giggle when I see this bank's sign because in my mind the only thing that comes up is the ubiquitous abbreviation linked to the porn industry.....C-I-Mouth or C-I-My-Butt 😂

 

Not that I look at that kind of stuff 555

[Lorry]

4 hours ago, steven100 said:

yes,  a fixed term account is exactly that, fixed.   Just curious if you now of any Bank that have no fees for International ATM withdrawals ....  Citibank use to but now they've shut shop here.

 

 

  

No.

Aeon were the last,  but now they all charge a fee if you use international ATM.

Some foreign ATM cards will reimburse you (Schwab? not sure)

Edited October 16 by Lorry

[Lorry]

5 hours ago, steven100 said:

yes ....  few branches &  NO ATM's  loses me ..  i'm sorry, I'm out   !

It's not NO ATM, but they are very,  very few

[Lorry]

5 hours ago, CallumWK said:

 

There are no banks that have an ATM linked to a fixed term account. CIMB has an app, so you can transfer the balance from your savings account to an account that has an ATM. Takes 5 seconds.
I agree that there are very few branches, but once an account has been opened, there is no need to visit the branch again.

For me the importance is spreading my savings over as many banks as possible, instead of have it all in 1 bank, which then goes tits up

Did you have the impression that it's their general policy to accept foreigners with  pink card/yellow book?

Or was it up to the branch manager? 

[Celsius]

4 hours ago, Sandboxer said:

I always have o giggle when I see this bank's sign because in my mind the only thing that comes up is the ubiquitous abbreviation linked to the porn industry.....C-I-Mouth or C-I-My-Butt 😂

 

Not that I look at that kind of stuff 555

 

Rly?

 

Any thoughts on ATM?

[CallumWK]

14 minutes ago, Lorry said:

Did you have the impression that it's their general policy to accept foreigners with  pink card/yellow book?

Or was it up to the branch manager? 

 

I learned not to ask branch managers, as I know they make up new rules on the spot, but now directly call head office when I need that info.

CIMB has accounts which every foreigner can open, accounts for foreigners with pink card only, and accounts for Thai only.

Their deposit rates and terms and conditions are available in English.

The senior term account is for individuals with Thai identification, which means foreigners with pink card.

The special 7 month fixed term is open to all foreigners.