Bangkok Bank Bualuang Ibanking

[Tiger7Moth]

I am wondering if this is an attractive offering for foreigners or if hidden fees make this a profit potential for Bangkok Bank and an offering to be avoided due to hidden fees.

Here is the URL for the new offering for "13 major currencies": http://www.newswit.com/enews/2009-10-13/42...0a09e7550c002a/

As an example of my concern, a couple of years ago I opened a US$ account at K-Bank. I also had a Thai baht account at K-Bank. I naively thought I could have some funds in each account and withdraw from one or the other depending upon advantages due to the relative exchange rates. Later, I found out, I could withdraw funds from my Thai bank account without any special fees. But, if I were to withdraw from my US$ account I had to pay a 3% fee. To put this into perspective, assuming a person worked 36 years and accumulated some savings and put this into a K-Bank US$ account, with a 3% withdrawal fee, that person would essentially be paying more than one year of their working life to K-Bank, just for the 3% fee needed to withdraw one's own funds from the bank (which had presumably been using the funds for profitable investments all along).

Talk about a one sided deal - wish I had spent my working life in banking and foreign currencies.

But, to get back to the subject, this new offering by Bangkok bank offers certain benefits if the account is opened before the end of the year. So, if this offering is reasonable, better to open an account this year than next year.

So, I am wondering, has anyone looked into this in detail and concluded this is a good offering or concluded hidden fees (like the 3% withdrawal from the US$ account I had at K-Bank) make this an unattactive offering (to speak plainly, another legal scam put forward by a bank)?.

Any info and analysis would be greatly appreciated. Thank you.

Edited November 19, 2009 by Tiger7Moth

[JusMe]

I took a look at it, and might follow through with more investigation next time I'm at one of the branches that handles the foreign currency accounts.

But when I was looking at it, I did notice that MicroShit should be paying any fees! No choice, it seems - IE with a Windoze OS only. Anything else is rejected for internet use.

[Namphonny]

I have been using this service since October and have made several withdrawals but so far have not been charged any fees. I am not sure whether the fees might become payable after the special offer ends in December. The teller did say the there would be no charge if a minimum of $250 was maintained. The withdrawals are, of course, in Baht. For a reason that I do not understand, the exchange rate is very favourable - about one Baht higher than the one they quote for TT transfer. It is a nice clock!

[Tiger7Moth]

I have been using this service since October and have made several withdrawals but so far have not been charged any fees. I am not sure whether the fees might become payable after the special offer ends in December. The teller did say the there would be no charge if a minimum of $250 was maintained. The withdrawals are, of course, in Baht. For a reason that I do not understand, the exchange rate is very favourable - about one Baht higher than the one they quote for TT transfer. It is a nice clock!

I recently moved within Thailand and need to open a new bank account - so, I'll give it a try. Thanks for the information.

[Koronie]

BB told me that they apply same FX rate on SWIFT transfer and Baht withdrawal from FCD account.. IBanking facility will allow you to make a conversion quickly when exchange rate suits you.

No commission for BAHT withdrawal and average minimum balance per month required by BB is now fixed at USD 250.

[khunphilip]

I have been using this service since October and have made several withdrawals but so far have not been charged any fees. I am not sure whether the fees might become payable after the special offer ends in December. The teller did say the there would be no charge if a minimum of $250 was maintained. The withdrawals are, of course, in Baht. For a reason that I do not understand, the exchange rate is very favourable - about one Baht higher than the one they quote for TT transfer. It is a nice clock!

I would not think you got one baht more than the TT transfer rate as todays TT rate is 33.10 and the spot rate is 33.24 so no bank is going to give you above the spot rate so maybe you meant the cash rate

[Neeranam]

I use this service to pay some bills - easy.

[Pib]

I have been using this service since October and have made several withdrawals but so far have not been charged any fees. I am not sure whether the fees might become payable after the special offer ends in December. The teller did say the there would be no charge if a minimum of $250 was maintained. The withdrawals are, of course, in Baht. For a reason that I do not understand, the exchange rate is very favourable - about one Baht higher than the one they quote for TT transfer. It is a nice clock!

I would not think you got one baht more than the TT transfer rate as todays TT rate is 33.10 and the spot rate is 33.24 so no bank is going to give you above the spot rate so maybe you meant the cash rate

Yeap, I agree, no way they are giving you one baht more...and I would be surprised if they are giving you anymore than the TT rate.