Krung Thai Bank Discriminates Against Farangs

[RDN]

Whilst checking my Krung Thai bank account on the Internet, I noticed an unusual withdrawal of 987 baht. Against this withdrawal were the code and description "DIP" and "REV.INT.REC". So I emailed them and asked what they meant. This is the response:

Dear Sir,

We apologize for any inconvenience. According to your question, DIP

is "Decrease Interest Paid" and REV.INT.REC. is "Reverse Interest Receive".

Because the branch officer was set flag of your A/C as "Thai" which will

get difference (higher) interest rate with "Foreigner". So now branch has

changed flag from "Thai" to "Foreigner" then

your account was reduce by 987.35 THB for the difference interest that you

already got.

Best regards,

SSB Webmaster

Oh, I see. Well, that's alright then

If anyone can tell me if their bank does not discriminate, I will change to it as soon as possible. I will also enjoy very much going to my bank and taking all the money out of my account and telling them precisely what I think of their discriminatory policy.

[Up2U]

Is it KTB policy or Thai Government?

I am at KTB, but see so little interest that it doesn't concern me. Once my wife has built this bloody house near NBD I may have concerns.

Are there banks such as Thai Danu DBS / ABN Amro (Bank of Asia??) out in Chaiyaphum? Foreign connections may mean different policy to government owned banks, but distribution of branches wil be basically around major population centres - which Nong Bua Daeng is not!

[duke69]

I use Bangkok Bank.

Our local financial managers set up my bank account (saving account) and I'm getting the Interest rate as a local Thai.

As a local Thai on saving accounts interest rate is about 2,5% (not bad), as a Foreign is less than 1%.

Since my salary is in that Bank and I'm keeping "liquid" thinking to buy a property soon, interests are huge considering that right now I have in the Bank the equivalente of 80,000 US$.

They're bastards, you need help by a local who will help you to talk to the Bank Manager (if you have a company with bank accounts in the same bank is much easier, you can squeeze their balls).

[Sumitr Man]

I understand Citibank are offering a good fixed term deposit account (2%)

Actually, I thought this was BoT policy and that we all suffered from it. Back in the days when Thai banks were actually paying interest (of 3% - I think), farang accounts were fixed at 1%.

Moral of the story, if you want to be paid % on your account - bank offshore. In this regard, I have never, never, never understood why the Bank of Thailand and Thai government give expats working in Thailand every incentive to take their money earnt IN Thailand OUT of Thailand ASAP. You would have thought it would have made more sense to try and keep this pool of money in the system for as long as possible; but, if those in the know are to be believed (from their actions), it would appear this is not the case!

[lopburi3]

I use Bangkok Bank.

Our local financial managers set up my bank account (saving account) and I'm getting the Interest rate as a local Thai.

As a local Thai on saving accounts interest rate is about 2,5% (not bad), as a Foreign is less than 1%.

Since my salary is in that Bank and I'm keeping "liquid" thinking to buy a property soon, interests are huge considering that right now I have in the Bank the equivalente of 80,000 US$.

They're bastards, you need help by a local who will help you to talk to the Bank Manager (if you have a company with bank accounts in the same bank is much easier, you can squeeze their balls).

The current BBL interest on a passbook savings is 0.75% and on a foreign savings account is 0.00%. These are the accounts most people are interested in as they can be used for extension of stay.

[Phil Conners]

Is there a Citybank branch in Pattaya?

[qwertyuiop]

Are there banks such as Thai Danu DBS / ABN Amro (Bank of Asia??)

FYI ABN Amro sold their stake in Bank of Asia to UOB Singapore earlier this year.

[Sumitr Man]

Is there a Citybank branch in Pattaya?

As far as I'm aware, Citibank only has a branch on Sathorn road, Bangkok.

However, they may have a PIBF license to have operations in Pataya (or on the Eastern Seaboard), but this would not be to offer full branch banking services. In any event, under the "one presence" policy of the new Financial Sector Master Plan, it is likely that Citibank will need to re-jig their operations in Thailand [if they operate under more than one license here; for example: Rep. Office, BIBF, PIBF, Full Branch].

Part of that may [and this pure speculation] mean them looking to operate at "Subsidiary status", which would allow them to open branches outside of Bangkok (as well as 2 in BKK). However, I have not heard of Citibank deciding to do one thing nor another, so I can only assume they're still in discussions with the MoF (Ministry of Finance).

Which is all a very long winded way of saying - I don't believe they have a Pataya branch as of today, but they may do as of a future date, depending on what they're operating status will be under the new T&Cs of the FSMP.

SM

[simon43]

I have a Thai Danu DBS account (opened with a multi B visa and no WP). I get interest on my account, apparently at the same rate as Thais...

Try the Silom Road branch, just past the Bangkok Bank.

[GuestHouse]

Report it to FairPrice-Thailand

The Camapaign Against Double Pricing in Thailand

[PvtDick]

To be fair, KTB discriminates against "foreigners", not "farangs". The two words are not interchangeable.

[RDN]

The current BBL interest on a passbook savings is 0.75% and on a foreign savings account is 0.00%.  These are the accounts most people are interested in as they can be used for extension of stay.

Yes, exactly what I have my KTB account for. Most of my assets are kept invested elsewhere

[RDN]

To be fair, KTB discriminates against "foreigners", not "farangs".  The two words are not interchangeable.

Yes, I was wondering if Yippons and Chines got a lower rate. Glad to hear they do