Warning about TTB bank

[CallumWK]

I'm an account holder with Tannachart bank (now called TTB) for the best part of the last 20 years. I opened my last account (no-fixed) earlier this year.

Furthermore, I'm on an extension based on retirement and have a yellow book and pink ID card.

Since the no fixed account pays a meager 1.1% in interest, I went today to the same branch where it was opened (central festival) to see which better option they had.

They offered a 12-month term deposit at 1.85%, but then it started.

 

To open a new account, a work permit is now needed. 1 year retirement and yellow book don't suffice anymore. When I showed them my no fixed account book, they said, new rules.

I asked them to call head office for me, which they did, and which confirmed that now a work permit is needed to open an account.

So I withdraw half the balance in the account, and went to the Bangkok bank branch opposite the TTB bank, where I opened a new term deposit without issues.

 

I then went to the branch in Big C South Pattaya, and asked there to open a term deposit, only to get the answer that I needed a work permit. Again I showed them the no fixed account, and asked how I could have opened that one, since I never have had a work permit. The branch manager then called the head office herself, and again was told only with work permit. It was a different person answering the phone, by the way.

 

So that is when he withdrew the remaining 50% of the balance, and closed the account.

 

Does anyone else sees the writings on the wall, if all banks in the future will start requesting a work permit to open an account?

 

 

[Dan O]

The criteria at a single bank isnt necessarily adopted by all banks. Some basic rules may be found in many banks but thats usually the extent if it. 

[Celsius]

13 minutes ago, CallumWK said:

showed them my no fixed account book, they said, new rules.

I asked them to call head office for me,

 

 Again I showed them the no fixed account, and asked how I could have opened that one, since I never have had a work permit. The branch manager then called the head office herself, and again was told only with work permit. 

 

If you believe the rules are tightening, I would stop what you are doing as you may not have a bank account anymore.

[CallumWK]

2 minutes ago, Dan O said:

The criteria at a single bank isnt necessarily adopted by all banks. Some basic rules may be found in many banks but thats usually the extent if it. 

 

Isn't it BOT that set the rules for who can open an account? And why they strengthened the rules after all those years.

I know branch managers tend to make up their own rules, simply because they are too dumb to know their job, but this is clearly a bank policy now.

So who says this are not new BOT rules, and other banks haven't followed up yet?

I also don't know how recent these new rules are, and only went to Bangkok bank, so other banks may have followed already.

Did you open any bank accounts in the last few weeks?

[Old Curmudgeon]

 

@CallumWK: This is a growing worry, and getting worse.

Not just you.

Not just that bank.

Not just Thailand.

 

I follow another forum about banking for expats in various countries.

More and more posts about exactly these kinds of problems.

As if a "central directive" from somewhere to make banking more and more difficult for expats.

Everywhere.

Like a vise slowly tightening.

If you found some satisfaction at another bank, you are living under a lucky star.

 

Work permit is the "bar" to jump over at that bank today.

Tomorrow it will be some other requirement.

Next year, something else again.

 

 

 

[metisdead]

Moving to the Banking forum. 

[Bday Prang]

not much chance of a retiree having a work permit.  They obviously just don't want any more foreigners opening accounts, they should just be honest about it , maybe even advertise the fact on TV 

[scubascuba3]

Keep minimal balance here, rubbish rates anyway 

[Smokin Joe]

TTB is the short name for TMBThanachart Bank which was the merger of Thai Military Bank (TMB) and Thanachart Bank.

[NoDisplayName]

23 minutes ago, CallumWK said:

So I withdraw half the balance in the account, and went to the Bangkok bank branch opposite the TTB bank, where I opened a new term deposit without issues.

 

Does your local immigration accept term deposit accounts for the 800K?  Fixed accounts are usually accepted as you may withdraw funds at any time with loss of accrued interest.

[CallumWK]

5 minutes ago, NoDisplayName said:

 

Does your local immigration accept term deposit accounts for the 800K?  Fixed accounts are usually accepted as you may withdraw funds at any time with loss of accrued interest.

 

My immigration accepts term deposits, but I have accounts in 6 banks, and use another bank for immigration

[it is what it is]

38 minutes ago, CallumWK said:

I'm an account holder with Tannachart bank (now called TTB) for the best part of the last 20 years. I opened my last account (no-fixed) earlier this year.

Furthermore, I'm on an extension based on retirement and have a yellow book and pink ID card.

Since the no fixed account pays a meager 1.1% in interest, I went today to the same branch where it was opened (central festival) to see which better option they had.

They offered a 12-month term deposit at 1.85%, but then it started.

 

To open a new account, a work permit is now needed. 1 year retirement and yellow book don't suffice anymore. When I showed them my no fixed account book, they said, new rules.

I asked them to call head office for me, which they did, and which confirmed that now a work permit is needed to open an account.

So I withdraw half the balance in the account, and went to the Bangkok bank branch opposite the TTB bank, where I opened a new term deposit without issues.

 

I then went to the branch in Big C South Pattaya, and asked there to open a term deposit, only to get the answer that I needed a work permit. Again I showed them the no fixed account, and asked how I could have opened that one, since I never have had a work permit. The branch manager then called the head office herself, and again was told only with work permit. It was a different person answering the phone, by the way.

 

So that is when he withdrew the remaining 50% of the balance, and closed the account.

 

Does anyone else sees the writings on the wall, if all banks in the future will start requesting a work permit to open an account?

 

 

 

each bank is different

[Gottfrid]

This has been talked to death. There are banks that will approve accounts, and there are the ones who will not. It´s been like that for the last 15 years.

[oldcpu]

43 minutes ago, CallumWK said:

I'm an account holder with Tannachart bank (now called TTB) for the best part of the last 20 years ...   I'm on an extension based on retirement and have a yellow book and pink ID card.

....

To open a new account, a work permit is now needed. 1 year retirement and yellow book don't suffice anymore. When I showed them my no fixed account book, they said, new rules.

....

So I withdraw half the balance in the account, and went to the Bangkok bank branch opposite the TTB bank, where I opened a new term deposit without issues.

 

I then went to the branch in Big C South Pattaya, and asked there to open a term deposit, only to get the answer that I needed a work permit

....

So that is when he withdrew the remaining 50% of the balance, and closed the account.

 

 

Thanks for your post - but I am a bit confused.  Was it TTB bank that forced you to withdraw the remaining 50% and close the account?  or was it your new Bangkok Bank account?

[oldcpu]

10 minutes ago, Gottfrid said:

This has been talked to death. There are banks that will approve accounts, and there are the ones who will not. It´s been like that for the last 15 years.

 

This is true - typically thou with a non-immigrant visa (type-O/OA) with a 1-year extension, most banks will allow one to open a bank account.  I know in my case in Phuket (with Krungsri bank) having  a non-immigrant visa only AFTER I produced my yellow-book + pink-ID, would they then allow me to open an account (over a year ago).  They were motivated thou to open the account, as I was about to transfer a somewhat large amount of money into their bank.

 

When the 10-year LTR visa came account, the banks had not yet heard of that, and I was told (by the bank manager of a Krungsri branch in Phuket) that both their branch and the branch of another bank (SCB ? ) in the same shopping mall were not allowed to open accounts for LTR visa holders due to central branch policy.  However that all changed within a couple of weeks after a new policy came down.

 

I sometimes think these policies tend to be dynamic - and might reflect the current central bank branch considerations in regard to their finances - where from our perspective as expats - those policies often don't appear to make sense. 

 

 

[CallumWK]

19 minutes ago, Gottfrid said:

This has been talked to death. There are banks that will approve accounts, and there are the ones who will not. It´s been like that for the last 15 years.

 

Did you even bother to read the OP?  I am an account holder with this bank for almost 20 years, with different accounts opened in different branches over the years, and opened my most recent account 7 months ago, with my retirement extension and yellow book in the same branch

[CallumWK]

17 minutes ago, oldcpu said:

 

Thanks for your post - but I am a bit confused.  Was it TTB bank that forced you to withdraw the remaining 50% and close the account?  or was it your new Bangkok Bank account?

 

Nobody forced me, I voted with my feet because they went hostile.

 

In Bangkok bank I opened a 4 month term deposit, paying 2% annually.
 

With the other 50% I withdrew in the other branch, where I closed my account, I will tomorrow open a 7 month term deposit with CIMB, paying 1.9% annually.

[oldcpu]

I bit off topic, but I have accounts with both Bangkok Bank and Krungsri bank.

 

I like Bangkok bank for transferring funds into Thailand (where for large amounts it is much easier to transfer large amounts of money into Bangkok bank than into Krungrsi Bank).  I also like Bangkok bank for easy of currency exchange if one has different foreign currency accounts with the bank.

 

On the other hand, if one is with Krungsri bank (and on a non-immigration type-O/OA visa), Krungsri bank is typically FAR superior to Bangkok Bank for quickly providing the one-year statement and accompanying letter needed by most immigrations at visa extension time.  Bangkok bank is painfully slow there.

 

Also Krungsri bank, offers a number of perks (with less money needed in the bank than Bangkok Bank) than Bangkok bank offers for such perks. The perks are things such as free access passes to local Health Clubs, free passes to Airport Lounges, use of the bank's VIP room, etc ...  One needs a lot more money in Bangkok bank to obtain such.

 

As for bank interest - I can't provide any comparison there. 

 

Best wishes with your Bangkok Bank account.

.

 

[Gottfrid]

3 hours ago, oldcpu said:

 

This is true - typically thou with a non-immigrant visa (type-O/OA) with a 1-year extension, most banks will allow one to open a bank account.  I know in my case in Phuket (with Krungsri bank) having  a non-immigrant visa only AFTER I produced my yellow-book + pink-ID, would they then allow me to open an account (over a year ago).  They were motivated thou to open the account, as I was about to transfer a somewhat large amount of money into their bank.

 

When the 10-year LTR visa came account, the banks had not yet heard of that, and I was told (by the bank manager of a Krungsri branch in Phuket) that both their branch and the branch of another bank (SCB ? ) in the same shopping mall were not allowed to open accounts for LTR visa holders due to central branch policy.  However that all changed within a couple of weeks after a new policy came down.

 

I sometimes think these policies tend to be dynamic - and might reflect the current central bank branch considerations in regard to their finances - where from our perspective as expats - those policies often don't appear to make sense. 

 

 

You are 100% right! There are many times different policies within the same bank, but between branches. It´s not at all what we are used to, so many people find it hard to understand. However, that´s how they do it here, and for us it´s only to accepts that. 🙂 

[Gottfrid]

3 hours ago, CallumWK said:

 

Did you even bother to read the OP?  I am an account holder with this bank for almost 20 years, with different accounts opened in different branches over the years, and opened my most recent account 7 months ago, with my retirement extension and yellow book in the same branch

Yes, I did. Why are you asking something that stupid. If not, how do I know the topic? Very stupid question.

It is like that here, but many of the people on this forum, apparently including you, have difficulties understanding the difference between Thailand and you home country. You just have to forget how things are done where you come from. This is Thailand, here they change from one day to another, different branches in the same bank can have different rules. Just to accept it if you should stay in Thailand.

[CallumWK]

13 minutes ago, Gottfrid said:

Yes, I did. Why are you asking something that stupid. If not, how do I know the topic? Very stupid question.

It is like that here, but many of the people on this forum, apparently including you, have difficulties understanding the difference between Thailand and you home country. You just have to forget how things are done where you come from. This is Thailand, here they change from one day to another, different branches in the same bank can have different rules. Just to accept it if you should stay in Thailand.

 

So you didn't read the IOP, as I made it VERY clear that this policy is enforced by the BANK, not the branch, since I spoke to TWO different persons at head office already.
 

[Gottfrid]

7 hours ago, CallumWK said:

 

So you didn't read the IOP, as I made it VERY clear that this policy is enforced by the BANK, not the branch, since I spoke to TWO different persons at head office already.
 

Sure, on this bank. As I said, there are banks which differ from branch to branch as well. The main point is that it´s been talked to death already. We just have two options. That is searching until we find what we want, or use an agent to fix what need regarding bank accounts. Another thing we all have to do, is accept and adept to how things are done in Thailand. If a bank change their demands for opening accounts, then we just have to meet up to them or change bank. Some as if they would change laws or regulations in your home country.

[NoshowJones]

On 11/3/2024 at 6:40 PM, CallumWK said:

I'm an account holder with Tannachart bank (now called TTB) for the best part of the last 20 years. I opened my last account (no-fixed) earlier this year.

Furthermore, I'm on an extension based on retirement and have a yellow book and pink ID card.

Since the no fixed account pays a meager 1.1% in interest, I went today to the same branch where it was opened (central festival) to see which better option they had.

They offered a 12-month term deposit at 1.85%, but then it started.

 

To open a new account, a work permit is now needed. 1 year retirement and yellow book don't suffice anymore. When I showed them my no fixed account book, they said, new rules.

I asked them to call head office for me, which they did, and which confirmed that now a work permit is needed to open an account.

So I withdraw half the balance in the account, and went to the Bangkok bank branch opposite the TTB bank, where I opened a new term deposit without issues.

 

I then went to the branch in Big C South Pattaya, and asked there to open a term deposit, only to get the answer that I needed a work permit. Again I showed them the no fixed account, and asked how I could have opened that one, since I never have had a work permit. The branch manager then called the head office herself, and again was told only with work permit. It was a different person answering the phone, by the way.

 

So that is when he withdrew the remaining 50% of the balance, and closed the account.

 

Does anyone else sees the writings on the wall, if all banks in the future will start requesting a work permit to open an account?

 

 

I was refused an account with theTTB because I was retired.

[CallumWK]

3 hours ago, NoshowJones said:

I was refused an account with theTTB because I was retired.

 

That is what this thread is about, so thanks for confirming

[JimHuaHin]

11 hours ago, CallumWK said:

 

That is what this thread is about, so thanks for confirming

Ditto.

[CallumWK]

On 11/3/2024 at 7:07 PM, NoDisplayName said:

 

Does your local immigration accept term deposit accounts for the 800K?  Fixed accounts are usually accepted as you may withdraw funds at any time with loss of accrued interest.

 

A term deposit and a fixed account are one and the same thing, not?

[NoDisplayName]

14 minutes ago, CallumWK said:

 

A term deposit and a fixed account are one and the same thing, not?

 

I'm no expert, so I'ma say not necessarily.

 

I think it has to do with the lock in period.  Fixed accounts are short-term, 6 months to a year, term deposits then would be longer duration, over a year?

 

Might also have different penalties.  Fixed accounts only lose interest accrued if withdraw early.  I think term deposits charge a penalty fee for early withdrawal, so you lose some of the original capital.  May also have different interest schedules.  Fixed might be semi-annual, term might be annual or at end of contract.

 

But........I'm not an expert.

[MartinBangkok]

I can't believe the servility and submissiveness of most of the posters on AN. Don't you get it yet? Foreigners, western foreigners, are not welcome in Thailand anymore.

All those of you who stubbornly oppose any critcism of Thais and Thailand, is it because you are too embedded and have no alternative?

[oldcpu]

13 hours ago, MartinBangkok said:

I can't believe the servility and submissiveness of most of the posters on AN. Don't you get it yet? Foreigners, western foreigners, are not welcome in Thailand anymore.

All those of you who stubbornly oppose any critcism of Thais and Thailand, is it because you are too embedded and have no alternative?

No. It's because we don't share your view and we may or may not have family here, and further unlike you,  we may like Thailand.

 

Is everyone in the world compelled to share your view? especially if we believe you wrong?

 

No one is compelling you to stay. Go in the world where you are most happy, and please allow us to do the same.

 

[KhunHeineken]

Posted this in another thread.  Relevant here also. 

 

I would not be surprised if Thai banks start closing the accounts of foreigners who are not Thai tax residents in the future.