Bangkok Bank

[MaiThaiMai]

Last trip a year and half ago I considered getting a Thai account but was still unsure on retirement or timeframe which in a way almost cost me dearly but then again the length of time of inactivity a Thai account probably would have been closed anyway costing me whatever was in it...

Excuse me for asking but, Is this something you know is fact or just something you thought?

The reason I ask is I leave my accounts in Thailand unused for over a year at times & never had any problems.

So I wondered if it was some new regulation you know of.

Thank You for any info

Sorry for mentioning something more rumour than fact. I know of no exact timeframes or baht amounts that would cost people account closures or loss of funds in that account if account went inactive for any reasonto which I see someone has alredy set my comment straight and thanks to ianguygil for the clarity on that too.

...and thanks to lopburi3 ACH input, I'll go see about that link next, may as well reply-all while I can...

I'm having a horrble time reading (waiting for pages to fully load) and/or replying to the forum apprently after TV board upgrade(s) within the last year (and search function works great now btw) my older computer/browswer having a hel_l of a time freezing-up, bogging down or not fully loading while browsing in here so when I get to LOS we'll see about [laptop] upgade for me

[ThaiBob]

Jim, of course I used the word intentionally.

Schwab closed out that card program to new enrollments earlier this spring... But as I had mentioned previously, has kept the 2% benefit intact for existing cardholders, at least thus far...

Schwab is now offering an American Express card with 2% cash back on all purchases. It is linked to your checking or brokerage account, no annual fees, 0% APR on balance transfers for 7 months.

[jfchandler]

A couple of tidbits from Charles Schwab Bank...

The first, a pretty good sign that their checking account and associated debit card is likely to remain fee-free worldwide... This ad was the main item on the Charles Schwab Co. web site today...

And, here's the web site from Schwab re them turning over their Schwab VISA credit card to FIA Card Services.... No change in terms or services, for now.... The future????

http://www.schwab.com/public/schwab/nn/m/q310/cc.html

[jfchandler]

Schwab is now offering an American Express card with 2% cash back on all purchases. It is linked to your checking or brokerage account, no annual fees, 0% APR on balance transfers for 7 months.

Bob, I'm not aware of any Schwab American Express credit card...

I am aware of a Fidelity Rewards American Express Card, which will credit 2% cash back to the cardholder's Fidelity brokerage account. The nice part is it has no annual fee, but the bad part is it has a 1% foreign currency fee on all purchases.

The other difference is Schwab's VISA card credits your rebate back to your account in straight cash each month, no matter how much you've spent on the card. In comparison, the Fidelity card only makes the rebate cash-able once you've accumulated 5000 points ($2,500 in purchases), which is equal under their system to a $50 credit.

Fidelity appears to be pretty consistent in that both their debit cards and American Express credit cards both have a 1% foreign currency fee.

What's worse, though, is that Fidelity also has a Fidelity Investment Rewards VISA Signature credit card that has 1.5% or 2% cash back, depending on the volume of your purchases, that carries a 3% foreign currency fee.

[ThaiBob]

Schwab is now offering an American Express card with 2% cash back on all purchases. It is linked to your checking or brokerage account, no annual fees, 0% APR on balance transfers for 7 months.

Bob, I'm not aware of any Schwab American Express credit card...

I am aware of a Fidelity Rewards American Express Card, which will credit 2% cash back to the cardholder's Fidelity brokerage account. The nice part is it has no annual fee, but the bad part is it has a 1% foreign currency fee on all purchases.

The other difference is Schwab's VISA card credits your rebate back to your account in straight cash each month, no matter how much you've spent on the card. In comparison, the Fidelity card only makes the rebate cash-able once you've accumulated 5000 points ($2,500 in purchases), which is equal under their system to a $50 credit.

Fidelity appears to be pretty consistent in that both their debit cards and American Express credit cards both have a 1% foreign currency fee.

What's worse, though, is that Fidelity also has a Fidelity Investment Rewards VISA Signature credit card that has 1.5% or 2% cash back, depending on the volume of your purchases, that carries a 3% foreign currency fee.

You are right it is Fidelity! I guess it was wishful thinking on my part since I missed out on the Schwab VISA card offer.

[jfchandler]

That's an interesting issue re what has been the Schwab Invest First VISA card and its 2% cash back on everything deal.

I happened to be speaking on the phone today with a rep from FIA Card Services, which is taking over the card program from Schwab... For existing card holders, according to the rep and their web site, everything is supposed to stay the same for the time being once FIA takes over Oct. 1, including the 2% cash back deal.

The existing Schwab credit cards will remain valid, though they won't be associated with Schwab or be able to be managed thru the Schwab web site any more...

But what I heard from the rep for the first time is that FIA is planning to issue new cards with new account numbers (and minus the Schwab name) sometime into 2011 for all the existing account holders... She said something about it will be called a Cash Back card, but I didn't hear any bank name affiliation.

It will be interesting to see -- through the card name change, account number change and deletion of Schwab -- will FIA still keep the 2% feature beyond the transitional period... I sure hope so....

And then also, once FIA is fully onboard, will they re-open enrollment to the general public for their new card.... or only limit it to the ongoing former Schwab cardholders???

Edited September 22, 2010 by jfchandler

[aurelius]

Acutally there are account keeping fees charged for low balance accounts - the condition that seems to apply is when the balance is under 2,000 bt and when it has been dormant for 1 year. The charge would seem to be 50bt a month from I can gather.

Thai accounts are closed when dormant for several years, not 1 or 2. I can ask the business side on Monday to get the exact number of years. But it is a long time. You just need to use it every time you visit. The funds are not taken. They are given to the government after a long time.

There are few charges for accounts, most charges are for activity (inter province transfer, foreign ATM etc.). I think none for inactivity (I am 99% sure but I will check this). So I would not worry.

Ian

Thanks for that Ian !

Good to know. One other thing I wondered is if I am transferring monies into the account during the year from the USA

or even from another Thai bank...

That would qualify as activity wouldn't it?

Thank you for your help & it is very nice to have an actual Bangkok Bank voice on this forum.

Yes, a deposit definitely rates as "activity". Our favorite type of activity !

[ianguygil]

Acutally there are account keeping fees charged for low balance accounts - the condition that seems to apply is when the balance is under 2,000 bt and when it has been dormant for 1 year. The charge would seem to be 50bt a month from I can gather.

Thai accounts are closed when dormant for several years, not 1 or 2. I can ask the business side on Monday to get the exact number of years. But it is a long time. You just need to use it every time you visit. The funds are not taken. They are given to the government after a long time.

There are few charges for accounts, most charges are for activity (inter province transfer, foreign ATM etc.). I think none for inactivity (I am 99% sure but I will check this). So I would not worry.

Ian

Thanks for that Ian !

Good to know. One other thing I wondered is if I am transferring monies into the account during the year from the USA

or even from another Thai bank...

That would qualify as activity wouldn't it?

Thank you for your help & it is very nice to have an actual Bangkok Bank voice on this forum.

Yes, a deposit definitely rates as "activity". Our favorite type of activity !

Thanks for the update. I totally forgot to follow up on this one. Too busy !

[pkrv]

I have a personal thanks to Ian.

Some time ago and after a lot of effort I did manage to open a Bangkok Bank passbook savings account - my own progress is shown here -

http://www.thaivisa.com/forum/topic/260738-opening-a-new-bank-account-in-thailand/

And I did eventually get internet access on a type 53 account - almost unheard of.

Why did I have trouble – it’s because I am on a visa on arrival (sort of tourist visa)

For other members there is a bit of a strange quirk to Bangkok Banks Bualuang iBanking system.

If you are local and have a pretty much permanent mobile phone number - then great! – you’re really secure! Bangkok Bank send out SMS messages for pretty much all major account changes and transactions - so you get to see what is happening to your account.

Unfortunately I am still UK based and I used a disposable Thai Sim/number to create a third party transfer to pay my condominium bills.

What I did not realise is that when the number expired it went back into a 'number pool'. Remotely cancelling the mobile number from the UK required Ians direct help - I could not do that via Bualuang iBanking.

That number is now cancelled.

So yes Ian is legitimate - and if I may add bloody helpfull!

[jfchandler]

PKRV, I'm certainly familiar with the tendency for the major Thai banks to rely, often exclusively, on mobile telephone SMSs for conducting account set-up and confirmation activities. And, in one sense, that makes sense given the society's reliance in the past more on mobile phones than home computers. Everyone upcountry at least had a mobile phone, if they didn't have an email address and/or computer.

However, increasingly, customers are gaining access to, and using, email as a primary means of communication and conducting business, whether or not they have their own computer. And of course, it's perfectly possible to conduct email business via a smart mobile phone, just as much as via a computer.

For a lot of the U.S. banks that I deal with, when it comes to doing similar things, many will give the account holder a choice of receiving some code or necessary information 1] via email, 2] via a recorded message to their registered home phone, or 3] via SMS to their registered mobile phone.

It's a bit surprising to me that more of the larger Thai banks have not at least begun to offer email confirmations as an alternative to the traditional SMS approach. Thai society is changing, and eventually, the big banks should get pulled along for the ride... Had BKKB offered email as an alternative, of course, that would have made your life and situation much simpler...

[mania]

The Bangkok Bank internet banking is hard to beat.  The SMS feature can be turned on and off in the preference section. Although once off, to turn it on you will need to call them. The alerts can also be changed to all email or no SMS etc. also via preferences.  Like PKRV I am out of Thailand during the year and turn off sms but leave email alerts on.  Actually the OTP/one time password via sms is only for changes to your account so once transfer accounts etc are set up sms alerts can be turned off.Which I did but left on the email alerts for anytime account is accessed.

Edited September 24, 2010 by mania

[jfchandler]

Correct me if I'm wrong... but I don't recall seeing BKKB giving email as an option for their one time passwords (OTP). I only recall SMS delivery.....

I wasn't talking about routine account notifications. I was talking in my post above about the more critical OTP related account functions...

[mania]

Yes that is correct. You do use the sms for the one time password.  

But most folks set up their account initially, transfer accounts etc. and that is when you need a OTP. That means initially you are also in Thailand to do since you cannot open an account from outside Thailand.  But once out like PK and myself you are able to turn off sms so others who end up with your old cell number will not get your messages.

Hopefully you have set up all you need to at that point. It would be a nice feature if you could change via the bank messaging system as an option for folks out of the country.

Edited September 24, 2010 by mania

[jfchandler]

That, using a bank secure messaging system or email, was the point of my post above... Unfortunately, BKKB and the other major Thai banks don't seem to offer that for OTP type exchanges.

In contrast, I was doing exactly the same thing with a U.S. bank today, and was given the choice of getting the necessary code via email, a call to my home phone or an SMS to my mobile. And I even got to pick the method that worked best for me...

I can even fully manage my accounts when I'm traveling and not even in the same country where they are based. Technology is amazing...isn't it...

[ianguygil]

I have a personal thanks to Ian.

Some time ago and after a lot of effort I did manage to open a Bangkok Bank passbook savings account - my own progress is shown here -

http://www.thaivisa....nt-in-thailand/

And I did eventually get internet access on a type 53 account - almost unheard of.

Why did I have trouble – it's because I am on a visa on arrival (sort of tourist visa)

For other members there is a bit of a strange quirk to Bangkok Banks Bualuang iBanking system.

If you are local and have a pretty much permanent mobile phone number - then great! – you're really secure! Bangkok Bank send out SMS messages for pretty much all major account changes and transactions - so you get to see what is happening to your account.

Unfortunately I am still UK based and I used a disposable Thai Sim/number to create a third party transfer to pay my condominium bills.

What I did not realise is that when the number expired it went back into a 'number pool'. Remotely cancelling the mobile number from the UK required Ians direct help - I could not do that via Bualuang iBanking.

That number is now cancelled.

So yes Ian is legitimate - and if I may add bloody helpfull!

Hi Philip,

Thanks for the kind words. I am glad it worked out. We have other features planned for the future that I hope will make it even easier for you, but I won't reveal any of that here for competitive reasons. Your input has helped us to see where we can change our practices to better meet the needs of certain customer segments, and I really do appreciate the time you have taken to work through these with us.

Large companies like us have to establish standard procedures, to ensure consistency in service across so many branches and with so many employees. We also need to ensure security, and that balance between security and ease of use is one that companies across the world strive to achieve. As our intention is to serve our customers, sometimes these need procedures need "tweaking" and we need insightful customers sometimes to help us to understand how.

As I told you last week, I am in the US on business for a few days, so please expect some delay in my responses.

Thanks again.

Ian

[ianguygil]

I have a personal thanks to Ian.

Some time ago and after a lot of effort I did manage to open a Bangkok Bank passbook savings account - my own progress is shown here -

http://www.thaivisa....nt-in-thailand/

And I did eventually get internet access on a type 53 account - almost unheard of.

Why did I have trouble it's because I am on a visa on arrival (sort of tourist visa)

For other members there is a bit of a strange quirk to Bangkok Banks Bualuang iBanking system.

If you are local and have a pretty much permanent mobile phone number - then great! you're really secure! Bangkok Bank send out SMS messages for pretty much all major account changes and transactions - so you get to see what is happening to your account.

Unfortunately I am still UK based and I used a disposable Thai Sim/number to create a third party transfer to pay my condominium bills.

What I did not realise is that when the number expired it went back into a 'number pool'. Remotely cancelling the mobile number from the UK required Ians direct help - I could not do that via Bualuang iBanking.

That number is now cancelled.

So yes Ian is legitimate - and if I may add bloody helpfull!

Duplicate post for some reason....Jetlag. I just got here.

Edited September 26, 2010 by ianguygil

[jfchandler]

Now you know where all your 150 baht ATM fees are going...

POOR POOR Bangkok Bank...

Bangkok Bank sees record profit in 2010

By Arada Kultawanich

BANGKOK | Mon Sep 20, 2010 2:51am EDT

BANGKOK (Reuters) - Thailand's top lender, Bangkok Bank Pcl (BBL.BK), could achieve a record profit this year as an investment rebound spurs loan demand in Thailand's fast-growing economy, its executive chairman said on Monday.

Full article is here..

[jfchandler]

And, just so folks here don't think I'm alone in my "admiration" for Thailand's banking sector.... read the many comments in this other TV thread on the latest bank fees change announcement from the Bank of Thailand...

[pkrv]

The Bangkok Bank internet banking is hard to beat. The SMS feature can be turned on and off in the preference section. Although once off, to turn it on you will need to call them. The alerts can also be changed to all email or no SMS etc. also via preferences. Like PKRV I am out of Thailand during the year and turn off sms but leave email alerts on. Actually the OTP/one time password via sms is only for changes to your account so once transfer accounts etc are set up sms alerts can be turned off.Which I did but left on the email alerts for anytime account is accessed.

Thanks - I am ramping up my Bangkok Bank account, it is sort of in idle at the moment. Yes seeing your comments on SMS - yes all security id (I guess you could call this challenge response) is directed via this mechanism. And yes - now you have informed me, I now know I could have turned off SMS and been fine, though my bank personal records would have been at odds, but could have been corrected at a branch on my return.

Yes email from Bualuang iBanking is also in play and usefull.

Thanks Philip

Edited September 28, 2010 by pkrv

[rmacdon61]

Question: I have a Bangkok Bank account and at this time am trying to find a way to transfer funds from my Canadian Credit Union account to this. When in Canada, I can wire money, but would like something simple like internet banking to do it. I would like to be able to move funds as simple as possible?

Thanks

[Langsuan Man]

Question: I have a Bangkok Bank account and at this time am trying to find a way to transfer funds from my Canadian Credit Union account to this. When in Canada, I can wire money, but would like something simple like internet banking to do it. I would like to be able to move funds as simple as possible?

Thanks

Doesn't appear so

Source:

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transfering%20Funds/Pages/Transferring%20Funds%20New.aspx

[powderpuff]

The Bangkok Bank internet banking is hard to beat. The SMS feature can be turned on and off in the preference section. Although once off, to turn it on you will need to call them. The alerts can also be changed to all email or no SMS etc. also via preferences. Like PKRV I am out of Thailand during the year and turn off sms but leave email alerts on. Actually the OTP/one time password via sms is only for changes to your account so once transfer accounts etc are set up sms alerts can be turned off.Which I did but left on the email alerts for anytime account is accessed.

Be aware that each time you want to transfer funds - even to top up a 1-2-Call SIM you have to enter a code sent to you by SMS. Not real handy if you are outside the Kingdom.

[ianguygil]

The Bangkok Bank internet banking is hard to beat. The SMS feature can be turned on and off in the preference section. Although once off, to turn it on you will need to call them. The alerts can also be changed to all email or no SMS etc. also via preferences. Like PKRV I am out of Thailand during the year and turn off sms but leave email alerts on. Actually the OTP/one time password via sms is only for changes to your account so once transfer accounts etc are set up sms alerts can be turned off.Which I did but left on the email alerts for anytime account is accessed.

Be aware that each time you want to transfer funds - even to top up a 1-2-Call SIM you have to enter a code sent to you by SMS. Not real handy if you are outside the Kingdom.

You just need to enter the One Time Password (OTP) when you add a 3rd party payee and the first time you make a transfer to them. Not to transfer funds to an existing payee you had send money to at least once before. For other transfers you just get an SMS to inform you of the transfer (just to make sure you account is not hijacked). You can turn off SMS authtentication if that is a problem.

Edited March 16, 2011 by ianguygil