Bank Account Advice

[TheRavens]

I'm want to set up a new bank account for my girlfriend so that she has something to put a little bit of money away in to, away from her day to day savings account. My thoughts are to get her in to the habit of a budget, even if it's only putting away a little for herself, instead of asking me for money all the time! If she does a half decent job at it, I don't mind contributing to the account as a reward.

Where I'm from we have these great ING accounts which get decent interest, no account keeping fees and I do all the banking totally online (no ATM withdrawals possible).

I want to set up something similar for her with the following features:

- No account keeping fees

- No minimum monthly investment

- No ATM withdrawals (IMPORTANT!) - internet banking only, money can be transferred to and from other accounts whenever needed

- Interest rate isn't that important as I assume it's all pretty low in Thailand

Can anyone suggest such an account? I've checked Ayudhya and Bangkok Bank and they don't seem to have a product that matches what I need. ING don't seem to offer this in Thailand (although they do operate in Thailand). I'm looking at HSBC now for what I need, but would like to know what my other options are.

Thanks in advance.

[Chang_paarp]

The local system is not geared for internet only accounts. You can get a savings account, with a book and a card and internet banking. You can also not accept the last 2, but if the account is in the name of your girlfriend, there is nothing stopping her from getting the card when you are not there.

What you can do is not take the card when you open the account, but go for the internet, this will take some communicating to the bank at the time of opening the account, as they grab for the cards as they grab for the other paperwork.

Try an incentive scheme. "If you have deposited Xbaht in the bank at the end of the month, I will give you Y" carrot, stick "If you withdraw anything from the account, I will not give you anything or a lot less". You will need the internet details to monitor this if you do not have the book.

If you keep a minimum account balance (about 1000B) the fees are very little, with the account I opened with Kasikorn last week 200B per year, plus 100B for something else (?), maybe the card.

As to interest, well that is not worth talking about. Your incentive payments will have to do.

Good luck.

[TheRavens]

Thanks very much for the advice. I really appreciate it.

As for the ATM card, it's not big deal. It's not a matter of mistrust or anything like that, it's just how I have my savings account and it works as a big plus not being able to get at it!

So it looks like it's just a normal savings account, I was thinking along similar lines as you for the incentive stuff, and having the password to check it out.

Is there an order or preference for thai bank accounts? Who has a good internet banking system? No account keeping fees?

[harrymand]

Thanks very much for the advice. I really appreciate it.

As for the ATM card, it's not big deal. It's not a matter of mistrust or anything like that, it's just how I have my savings account and it works as a big plus not being able to get at it!

So it looks like it's just a normal savings account, I was thinking along similar lines as you for the incentive stuff, and having the password to check it out.

Is there an order or preference for thai bank accounts? Who has a good internet banking system? No account keeping fees?

Hi. I have used Kasikornbank. I stay here on tourist visa, and using the internet for transfer money for all the needs. ( building a house). Their internet banking won a price to be the best on that. To day I was tould that I can get a credit card. One month a go, I could not! If you have a lucky day, and smile to the right person, anything is possible! ( Driving license, car in your name, Creditcards, name in the house book etc. on tourist visa)! Please dont tell the IMO!

[Charly2008]

I make internet banking with Kasikornbank, it's a savings account. The system is working very well, now it is even possible to get the account statements by e-mail.

I had one time a problem, phoned to their hotline and got immediate help, they spoke good english and have been polite as well.