Krung Thai Bank

[Neeranam]

I've had an accont for some time now but recently asked them how much interest I got. They seemed very reluctant to answer me. Eventually, they shoew me some paper where it said that foreigner got 0% interest. Isn't ther some law against this?

Anyway, as a matter of principle I asked to see the manager and told him I was taking my business elsewhere.

[soundman]

Moved to banking Forum.

[Lite Beer]

I've had an accont for some time now but recently asked them how much interest I got. They seemed very reluctant to answer me. Eventually, they shoew me some paper where it said that foreigner got 0% interest. Isn't ther some law against this?

Anyway, as a matter of principle I asked to see the manager and told him I was taking my business elsewhere.

That's your answer. Go to Kasikorn or SCB or one of the others that will give interest.

[dave2]

Thats strange coz my Krung Thai Bank in Chiang mai only a few months ago offered me three rates of interest depending on how much i put in there and how long i was able to leave it there.

i think one % was on a small amount .... one and a half % was if i left more in for at least one year ...... and if it was more and stayed in two years you got two %.

dave2

ps i have a standard savings account with KTB and three savings accounts with the Thai Military Bank who pay interest every six months : )

[terrier123]

Name and shame the banks who discriminate against foreigners. I have always wondered if some branches can re-direct interest which was destined for our accounts. Even in NE Isaan the 2 Siam Banks sometimes have offers of more than 4% on year long investments. Received a letter 2 weeks ago that more promotions start in the New Year.

[Maizefarmer]

Not a foreign currency account is it ? - many of those don't pay interest, but no other than for that, there should be no discrimination on interest rates against foreigners - we get the same as Thai's do in all banks on like for like accounts.

What type of account was it?

[MeaMaximaCulpa]

I also had this happening to me at KTB in Pattaya 5-6 years ago. I had to use a gov't bank to deposit my money for the (then) "investment visa", and chose KTB. When I opened the account, I saw a note that a foreigner would get the same interest rate as locals if he could show a non-imm visa/extension, but until then, only a token 0.25%. So after getting my visa I went back to get the real rate, but the notice was by then (3 months later) removed, and I was met with the same as OP said: "No interest for foreigners" (well I still got the 0.25%).

I grudgingly accepted this as "cost of doing business" (getting a one-year extension when not married nor working nor 50 years old), but after meeting my g/f she said that I should not accept it, and went with me to the bank. She is familiar with the banking system due to her job, and gave the poor clerk a real close haircut. End result, it was then suddenly possible for me to receive the full interest after all, but only from the maturity of my time deposit. Luckily this was just round the corner, and from then on for the next couple of years I got a good rate (the official published rate). But I must admit that on the day I transferred to retirement extension, the money went across to BBL.

So I also wonder as did namkong789: is it possible that the local branch runs a scheme whereby they somehow siphon off interest from gullible foreigners' accounts? If the foreigner makes enough noise, he will be given the interest. As in a shopkeeper shortchanging you, but giving you the right amount if you find out and complain? "Solly Sir, made mistake"?!? I would not be surprised at all if this was the case, we are seen as sitting ducks there for the taking. So beware!

Sorry in advance for any typos!

[Sophon]

there should be no discrimination on interest rates against foreigners - we get the same as Thai's do in all banks on like for like accounts.

I agree that there shouldn't be discrimination on interest rates, but unfortunately there is. I have a savings account in Krung Thai Bank and used to get interest on the account, but sometime back in 2003 that changed and I now no longer get interest.

From Krung Thai Bank's homepage:

I don't read Thai, but I believe item 2 is Savings account, and the second and third last columns are the interest rates for foreigners. I have heard that if you can show Krung Thai Bank a one year extension you can have your account reclassified and will receive the normal interest rate of 0.75%. As I currently live outside Thailand I have not tried this myself.

I also have an account with Bangkok Bank, and on that account I get the normal interest rate.

Sophon

[sassienie]

I had problems with the Krung Thai in the Taepae Road, Chiang Mai 2 years ago.

Walked in and enquired with one of the clerks about opening a savings account.

The clerk asked me if I am resident in Thailand. Replied yes. She than asked, do I have a work permit. I said no as I am a retiree and lived in Thailand for the past 4 years. Was told, sorry Sir, you cannot open an account at this bank.

I than asked to see the manager. The manager was a woman, who gave me the same fob off. She insisted that I`m not a resident in Thailand because I do not have a work permit. So I requested that she put it in writing that I am not permitted to open an account with the Krung Thai bank. Than I said, once I have the note, I shall write to head office in Bangkok and ask them why the bank doesn’t want my money invested with them. One minute later a security guard came in and almost escorted me out of the bank.

Later that day, I visited another branch of the Krung Thai bank in Chiang Mai. They said, no problem, but by that time I’d had enough and decided not to give the Krung Thai bank the benefit of my cash investments.

[Maizefarmer]

there should be no discrimination on interest rates against foreigners - we get the same as Thai's do in all banks on like for like accounts.

I agree that there shouldn't be discrimination on interest rates, but unfortunately there is. I have a savings account in Krung Thai Bank and used to get interest on the account, but sometime back in 2003 that changed and I now no longer get interest.

From Krung Thai Bank's homepage:

I don't read Thai, but I believe item 2 is Savings account, and the second and third last columns are the interest rates for foreigners. I have heard that if you can show Krung Thai Bank a one year extension you can have your account reclassified and will receive the normal interest rate of 0.75%. As I currently live outside Thailand I have not tried this myself.

I also have an account with Bangkok Bank, and on that account I get the normal interest rate.

Sophon

Yup, you;re right ... don;t know what to say: after living all my adult life here I have to remind myself that there are still things that can suprize me. Buried in the small print (in Thai no doubt on the last page of the terms & conditions) there'll be an explination for it - still, that does suprize me!

You know what this forum needs - an up to date pinned page that highlights whats on offer form all the banks for expats - to include the small print conditions.

I really wonder just how well that would stand up to scrutiny by a Thai court if an ex-pat decided to challenge. In its self perhaps no big deal of a point, but if banks are legally allowed to change "terms and conditions" on the basis of nationality then are potentialy huge issues at stake when it comes to banking law.

(note - I said on the basis of nationality: because although on the face of it thats how many ex-pats would see it, I'd be very suprized if their wasn't something in the fine print that defined this interest free policy in the absense of some or other associated Thai tax status policy, or length of deposit, min deposit amount, origin - i.e earne din Thailand or brought in from outside, or some other small print point - i.e. I'd be very suprized if this is on the basis of nationality only)

[henryalleman]

I had problems with the Krung Thai in the Taepae Road, Chiang Mai 2 years ago.

Walked in and enquired with one of the clerks about opening a savings account.

The clerk asked me if I am resident in Thailand. Replied yes. She than asked, do I have a work permit. I said no as I am a retiree and lived in Thailand for the past 4 years. Was told, sorry Sir, you cannot open an account at this bank.

I than asked to see the manager. The manager was a woman, who gave me the same fob off. She insisted that I`m not a resident in Thailand because I do not have a work permit. So I requested that she put it in writing that I am not permitted to open an account with the Krung Thai bank. Than I said, once I have the note, I shall write to head office in Bangkok and ask them why the bank doesn't want my money invested with them. One minute later a security guard came in and almost escorted me out of the bank.

Later that day, I visited another branch of the Krung Thai bank in Chiang Mai. They said, no problem, but by that time I'd had enough and decided not to give the Krung Thai bank the benefit of my cash investments.

I have no WP, not be a resident only have an 1 year O visa, but every 3 months I get 0.75% on a normal saving account.

If interested this is the website of kasikorn interest rates

http://www.kasikornbank.com/portal/site/KB...00056f8f30aRCRD

[BEENTHEREDONETHAT]

In Oct. we were offered a 3.25% rate for 5 months. It was for 500,000 Baht and they deduct 15% of the earnings as tax when it matures. Nothing was said about being foreigners. That is Bank of Ayudhya in Hua Hin. They also offered us a platinum visa card which we accepted. Nice bank but at times a long wait for service.

[imaneggspurt]

Either way its racist as i see it but, if you have a work permit and paying taxes etc are you qualified for interest ?

[sassienie]

I had problems with the Krung Thai in the Taepae Road, Chiang Mai 2 years ago.

Walked in and enquired with one of the clerks about opening a savings account.

The clerk asked me if I am resident in Thailand. Replied yes. She than asked, do I have a work permit. I said no as I am a retiree and lived in Thailand for the past 4 years. Was told, sorry Sir, you cannot open an account at this bank.

I than asked to see the manager. The manager was a woman, who gave me the same fob off. She insisted that I`m not a resident in Thailand because I do not have a work permit. So I requested that she put it in writing that I am not permitted to open an account with the Krung Thai bank. Than I said, once I have the note, I shall write to head office in Bangkok and ask them why the bank doesn't want my money invested with them. One minute later a security guard came in and almost escorted me out of the bank.

Later that day, I visited another branch of the Krung Thai bank in Chiang Mai. They said, no problem, but by that time I'd had enough and decided not to give the Krung Thai bank the benefit of my cash investments.

I have no WP, not be a resident only have an 1 year O visa, but every 3 months I get 0.75% on a normal saving account.

If interested this is the website of kasikorn interest rates

http://www.kasikornbank.com/portal/site/KB...00056f8f30aRCRD

If you have a 1 year Non Immigrant visa, than you are a resident and as I quoted, one branch of a Krung Thai bank said get lost and at another branch, no problem.

[kiakaha]

I'm not going to translate the whole thing, but this may help some of you who cant read/speak thai :

Item 2 :

ออมทรัพย์ = savings account

2nd/3rd to last columns are grouped under :

ผู้มีถิ่นฐานอยู่นอกประเทศ

As thai script has no spaces between words, i'll break this down for you

ผู้ = person/entity

มี= having

ถิ่นฐาน = place of permanent abode

อยู่ = at

นอกประเทศ = foreign country

So in bank speak this translates as "an entity that is non-resident in thailand"

Then the sub columns are :

นิติบุคคล = corporation / juristic entity

บุคคลธรรมดา = ordinary individual

So drop all the "its racist", "i'm such a victim" rants .... try learning to read thai before you jerk that knee.

It is, as precisely described in the document, a resident vs non-resident policy , not a foreigner vs thai national policy. Pretty standard at thai banks for ordinary savings accounts.

I can't speak for the application of the policy at KTB bank branches, but I am simply interpreting the facts in the document.

[Alwaysright]

I also had this happening to me at KTB in Pattaya 5-6 years ago. I had to use a gov't bank to deposit my money for the (then) "investment visa", and chose KTB. When I opened the account, I saw a note that a foreigner would get the same interest rate as locals if he could show a non-imm visa/extension, but until then, only a token 0.25%. So after getting my visa I went back to get the real rate, but the notice was by then (3 months later) removed, and I was met with the same as OP said: "No interest for foreigners" (well I still got the 0.25%).

I grudgingly accepted this as "cost of doing business" (getting a one-year extension when not married nor working nor 50 years old), but after meeting my g/f she said that I should not accept it, and went with me to the bank. She is familiar with the banking system due to her job, and gave the poor clerk a real close haircut. End result, it was then suddenly possible for me to receive the full interest after all, but only from the maturity of my time deposit. Luckily this was just round the corner, and from then on for the next couple of years I got a good rate (the official published rate). But I must admit that on the day I transferred to retirement extension, the money went across to BBL.

So I also wonder as did namkong789: is it possible that the local branch runs a scheme whereby they somehow siphon off interest from gullible foreigners' accounts? If the foreigner makes enough noise, he will be given the interest. As in a shopkeeper shortchanging you, but giving you the right amount if you find out and complain? "Solly Sir, made mistake"?!? I would not be surprised at all if this was the case, we are seen as sitting ducks there for the taking. So beware!

Sorry in advance for any typos!

I complained to Krung Thai ,they said I need a work permit for interest,I told them I have better a retirement visa They gave me interest.

[Khun Jean]

It is not racist. It is assisting foreigners to put/keep their money outside Thailand.

[kiakaha]

I just think it's completely pathetic how certain people get all worked up..and they can't even read the thai script

[So1DoG]

I just think it's completely pathetic how certain people get all worked up..and they can't even read the thai script

kiakaha u make me laugh.

[Neeranam]

So drop all the "its racist", "i'm such a victim" rants .... try learning to read thai before you jerk that knee.

It is, as precisely described in the document, a resident vs non-resident policy , not a foreigner vs thai national policy. Pretty standard at thai banks for ordinary savings accounts.

I can't speak for the application of the policy at KTB bank branches, but I am simply interpreting the facts in the document.

It is totally rascist(or maybe a scam). I can read Thai.

I am a resident and had to show them my work permit in order to open the account. They showed me that document and said that because I'm a foreigner I couldn't get any interest. They said to contact Head Office, where I'm sure they would change it but why should I go to the bother. They are trying to rip off foreigner just like 90% of Thai busineses.

Edited December 11, 2008 by Neeranam

[kiakaha]

So drop all the "its racist", "i'm such a victim" rants .... try learning to read thai before you jerk that knee.

It is, as precisely described in the document, a resident vs non-resident policy , not a foreigner vs thai national policy. Pretty standard at thai banks for ordinary savings accounts.

I can't speak for the application of the policy at KTB bank branches, but I am simply interpreting the facts in the document.

It is totally rascist(or maybe a scam). I can read Thai.

I am a resident and had to show them my work permit in order to open the account. They showed me that document and said that because I'm a foreigner I couldn't get any interest. They said to contact Head Office, where I'm sure they would change it but why should I go to the bother. They are trying to rip off foreigner just like 90% of Thai busineses.

I'd certainly be interested to see the thai script in the document you say they presented you, because as you can see from my translation of the KTB rates a few posts prior, acquired from the website, there is certainly no mention of "foreigner", the distinction is that of "an entity non resident in thailand", that entity being either a "company" or an "individual".

In bank speak the word used for foreigner would be ชาวต่างประเทศ , based on documents i have seen in the past, and i see no occurrence of this word in the KTB rates document.

[007]

I had problems with the Krung Thai in the Taepae Road, Chiang Mai 2 years ago.

Later that day, I visited another branch of the Krung Thai bank in Chiang Mai. They said, no problem, but by that time I'd had enough and decided not to give the Krung Thai bank the benefit of my cash investments.

My experience is, that KTB is very reluctant to open accounts for foreigners, especially without a work permit. And even if you find a branch that does, expect unfriendliness and 0% interest.

Edited December 12, 2008 by 7

[Sir Burr]

I have never received a single Baht in interest on my Bangkok Bank savings account that I have held for 23 years in Phuket.

[kiakaha]

I have never received a single Baht in interest on my Bangkok Bank savings account that I have held for 23 years in Phuket.

as with KTB, BBL are only 0% for "entitys that are non-resident", so either you dont fit the bank residency legal requirements or you've been dealing with ill-informed bank clerks and should therfore push the matter higher up the managerial food chain with supporting evidence in the form of the BBL official non-residency/residency policy.

[Krub]

I have an account with Krung Thai (they are the only branch in the nearest Amphur to my village)

When it was opened, it was without interest as a 'bonus' for being a 'non-Thai'

I enquired with the help of a friend to their help line and was told to send them a copy of my passport entry stamp and visa status (1 year extension retirement).

The account is bearing interest since then.

Never had a similar problem at Bangkok Bank or Siam Commercial Bank

[JimsKnight]

Tried opening an account in bangkok with SCB at a tesco's outlet. The cashier said without a work permit I'd no chance!

When I explained that 2 years ago I'd opened one no problem in Chiang Mai with a non-imm o visa she changed her tune and said the main branch office nearby could open accounts for foreigners there without WP.

'Tis a strange land.

[RayBan]

In reply to this thread, I am British and reside in Thailand full time on a retirement visa. I hold KTB baht saving accounts in both Pattaya Tai branch and in Prakhon Chai (Buriram) since 2001 (7 years).

I have from the day of opening each account always received interest, the ground rules being that you must show that you reside here. A retirement visa in your passport and proof of Thai address is all that you need to obtain interest from KTB.

It is the proof of address which sometimes becomes tricky in this subject. However if you reside here and have a home/condo etc, you can apply at your local Amphur for and obtain a Farang Tambien Ban (or Yellow house registration book as it is commonly called, your Thai partner will have a blue one).

There are links on how to obtain this book within ThaiVisa, just do a search.

By the way, my Thai wife also has accounts in the same banks and there is no difference in the rate of interest between a Thai and a foreigner under these circumstances.

Hope this helps.....................RayBan

[kiakaha]

I have from the day of opening each account always received interest, the ground rules being that you must show that you reside here.

which would correlate EXACTLY with the thai script translation of the KTB policy that i provided a few posts prior to this one.

[tijnebijn]

I had the same grudge as the OP a couple of years back ,

after I knew there was no interest given I immediately closed the account .

I stay with SCB since , and do not have any problems with them .

My guess is that Government banks do not pay interest and commercials do .

Edited December 14, 2008 by tijnebijn

[Jimjim]

I get interest at SCB. It's certainly discrimination if you don't get interest as a foreigner, but is it illegal?