Thailand Expat Visa Gold Card Project Postponed

[george]

Dear Thaivisa members,

After a few months of hard work and due diligence, we have finally been rejected by VISA International to run a branded card programme (Thailand Expat Card).

Please consider the following:

1. In order to have a co-branded VISA card we need at least 3,000 members signing up and paying for the card. We believe we can not get 3,000 members for the time beeing.

Each card would cost 70 USD in production. The total investment/up-front cost for us would have been 3,000 x 70 USD per card = USD 210,000 x 40 = 8,400,000 Baht.

We have been unable to secure that amount.

2. We need permission from Bank of Thailand to promote financial services within Thailand. It is by law illegal to promote financial services within the Kingdom of Thailand without their permission.

3. VISA International require a company history of at least 3 years. We don't have a company. VISA International wanted to do an extensive check-up and due diligence of a company that does not exist. We was not approved.

We are not a registred entity, and we don't want to be. Instead we want to expand our current web services and new internet project services for our members, but we do not have the resources to act as a bank.

4. The pre-paid VISA card charges are high. The end user fees for using the card is a monthly 5 USD charge, an additional charge to refill the card, a hefthy charge for ATM withdrawals etc. The list is endless. It will be a very expensive card.

5. More competition is now coming into the "prepaid VISA card" market. We can't simply compete with them right now.

That was the bad news.

Here is the good news:

We are now looking into launching a World Wide Expat VISA Card, which would be marketed from an offshore company, not targetted to the Thailand market. We are currently in close negotiations with a few banks and business partners to achieve this.

This is the info we have right now. We have not given up yet, but we need a few more months to power up again in order to find the right product for you.

We might be launching a prepaid Non-branded VISA card for the Thailand Expat market at a later stage, for all the people who need a pre-paid VISA card for use with ATM, POS and internet. The banks we have negotiated with so far have not yet been fond of doing business with the Thailand Expat Community.

I know that many of you are very disappointerd with our withdrawal from this project, but I will revert ASAP when or if we have a new product to introduce to you.

Dear members, please be assured that we have done all in our powers to launch this card, but we are now taking a different approach on the issue. We have learned a lot on the way, so all time spent is not wasted.

Lets hope that we can revert to you ASAP with a product that we really believe in.

Kind regards,

George

Admin Thaivisa.com

[Totster]

Good Luck in the future with this project George.. it is a service I would use, but understand the complications of launching something like this, it's all experience though...

totster

[britmaveric]

You'll sort it out I have confidence in you George!! Cheers for following up with a bit of info.

[dr_Pat_Pong]

It was a nice try though. Good upon you George.

[buadhai]

George,

Thanks for your transparency and honesty. Makes me confident that when and if the card comes out it will be well worth having.

[Jai Dee]

George,

Thanks for your transparency and honesty. Makes me confident that when and if the card comes out it will be well worth having.

Well said Mike.

Shame about all that hard work going down the drain George, but I'm sure you've learnt a lot from the experience.

And thanks for sharing your info with the TV membership... it give me faith that if or when you do introduce a similar product to the ThaiVisa membership, it will (as already said above) be worth having.

[Backpack_thailand]

None of us are going anywhere, we'll wait for the newer product.

Keep up the good work George.

[Amethyst]

Well its a good hard work by Tv members to share your views with Thaivisa.com on this TV debit card

And George well done in providing us with this msg...

Hope there will be more projects comming up soon...

We will all be waiting for it...

Good luck in the future...

[Firefan]

Thanks for the update George! Certainly not easy, but will look forward to the alternatives. Cheers!

[abdulrahman]

Thanks George,we all understand it's not an easy task,hope you will succeed next time.(We expats in Thailand really need better service from the banks!)

[Erwin1011]

George,

If the lessons learned from this will assist you in ultimately reaching what we all need want and hope for, than we will wait for that and your time and our patience will not be wasted.

[jingjingna]

Thank you George for all the time and effort you have put in so far. I understand how complicated this project is but wish you luck with the 'global' card.

I think 'offshore' is the way to go and hope we'll all be proud members of the Thaivisa Global card at some point in the near future.

[boris]

What's with all the congratulations? The negative response from Visa was entirely predictable as any business minded person could have advised.Reading between the lines Visa would not be interested as a matter of principle in the custom of what is largely a bunch of low rent visa runners.Smell the coffee guys! All in all a complete embarrassment for all concerned.

[expatinasia]

boris,

I agree with what you are saying, but not the demeanor. George tried his best, and that's to be appreciated. He learned that the hard part is securing sponsorship, which should have been done first - not asking us what discounts we wanted. On the other hand, you're right about the "low-rent" aspect. George only needed 3000 participants and couldn't find them. With a cost of $70, the bult of the TV crowd ran for the hills. There are still many expats who firmly believe that they provide a substantial windfall to the impoverished and educated Kingdom. Absolute baloney.

[ZZZ]

I have used a prepaid VISA card from www.epassporte.com for a few years without problems. I understand that they can issue co-branded cards that could be of interest for TV.

[Pink Mist]

What's with all the congratulations? The negative response from Visa was entirely predictable as any business minded person could have advised.Reading between the lines Visa would not be interested as a matter of principle in the custom of what is largely a bunch of low rent visa runners.Smell the coffee guys! All in all a complete embarrassment for all concerned.

<{POST_SNAPBACK}>

Theres allways someone isn't there

[chuchok]

What's with all the congratulations? The negative response from Visa was entirely predictable as any business minded person could have advised.Reading between the lines Visa would not be interested as a matter of principle in the custom of what is largely a bunch of low rent visa runners.Smell the coffee guys! All in all a complete embarrassment for all concerned.

<{POST_SNAPBACK}>

Theres allways someone isn't there

<{POST_SNAPBACK}>

Afraid so.

[dr_Pat_Pong]

What's with all the congratulations? The negative response from Visa was entirely predictable as any business minded person could have advised.Reading between the lines Visa would not be interested as a matter of principle in the custom of what is largely a bunch of low rent visa runners.Smell the coffee guys! All in all a complete embarrassment for all concerned.

<{POST_SNAPBACK}>

Theres allways someone isn't there

<{POST_SNAPBACK}>

Let's hope so otherwise any dialogue on any subject, given the nature of this forum, would be dominated by the mediocre and second rate.

<{POST_SNAPBACK}>

Which one are you Boris ?

[JuniorExPat]

I was really looking forward to:

JxP - 'ThaiVisa?'

Cashier - ' That'll do nicely sir - and would you like to . . . .'

. . . . oh never mind!

It seems that a lot of effort went into this on behalf of the members who were interested and did not posess boris' business minded crystal ball so - thank you george and co from this TVer, good luck with the next attempt.

JxP

[muldoon]

global expat card ? what demographic is this targetted at ? most global expats I know use amex or visa platinum (for personal use).And the benefits these cards already offer with their points/loyalty schemes and partnerships are superb.

[chuchok]

global expat card ? what demographic  is this targetted at ? most global expats I know use amex or visa platinum (for personal use).And the benefits these cards already offer with their points/loyalty schemes and partnerships are superb.

<{POST_SNAPBACK}>

It's no good pointing this truth out Muldoon.These people don't think in terms of doing proper market research.It would in any event take a businessminded person about ten seconds to work out, in the context of forum membership, that the vast majority of solvent, employed and relatively prosperously retired would already have their own arrangements in place.One is left with the, for want of a better term, the drifter and visa runner element.

<{POST_SNAPBACK}>

You really do sound like a snobbish upperclass pommie Boris. It would be very interesting to hear your "working class roots" accent.

[taxexile]

i'm afraid boris , for once , does have a point.

most of us have credit,debit,atm etc. cards already and its hard to see what the benefits of yet another card in an already saturated market would be.

its frustrating enough keeping up with the paperwork , statements and bumf and change of conditions etc. of just the one credit card i have , and i would be reluctant to apply for another card.

thanks though to george for the effort put into researching it on our behalf.

perhaps he might like to consider negotiating for a thai visa reduction card for thailand hotels / restaurants / bars that advertise here.

purchasable by TV members.

One is left with the, for want of a better term, the drifter and visa runner element.

never forget , boris , that "where there's muck , there's brass."

[dr_Pat_Pong]

It'd be a real trial getting stuck on an island with only Boris for company

[woodyuk]

Please be really careful with pre-paid visa cards. Having moved to Thailand and closed up my life in the UK. I thought a pre-paid card was my best option.

I went to this company in the UK. http://www.everything-financial.co.uk and after 3 months and having paid the money still do not have my visa card.

The problem that Visa / MasterCard have is that they are allowing these cards to be issued by NON banking outfits. Which means companies like everything-financial are charging high prices to get the cards. However they do not have any cards to sell. All they are doing is passing on your application form. In fact you end up having to do the "proof of address" with the main card issuers!. Its a case of a little research and finding the people at the top of the tree.

Visa / Mastercard need to get there act together and get the major card companies to issue these (MBNA, Capitalone etc).

I was getting a Instabanc.com card, but failed to turn up. I am being told my "mymcbcard.com" is on the way, and I will keep it if only for internet transactions. Personally I would go direct do them. Annoyed that Bangkok Bank Visa card does not work online :-(

www.InstaBanc.com

http://www.mymcbcard.com/

WoodyUK

[muldoon]

Please be really careful with pre-paid visa cards.  Having moved to Thailand and closed up my life in the UK.  I thought a pre-paid card was my best option. 

I went to this company in the UK.  http://www.everything-financial.co.uk and after 3 months and having paid the money still do not have my visa card.

The problem that Visa / MasterCard have is that they are allowing these cards to be issued by NON banking outfits.  Which means companies like everything-financial are charging high prices to get the cards.  However they do not have any cards to sell.  All they are doing is passing on your application form.  In fact you end up having to do the "proof of address" with the main card issuers!.  Its a case of a little research and finding the people at the top of the tree.

Visa / Mastercard need to get there act together and get the major card companies to issue these (MBNA, Capitalone etc).

I was getting a Instabanc.com card, but failed to turn up.  I am being told my "mymcbcard.com" is on the way, and I will keep it if only for internet transactions.  Personally I would go direct do them.  Annoyed that Bangkok Bank Visa card does not work online :-(

www.InstaBanc.com

http://www.mymcbcard.com/

WoodyUK

<{POST_SNAPBACK}>

Why get a pre-paid card when you can get a regular credit card and keep it in a credit balance(and earn reasonable interest too, for platinum variants anyway.... 4.95% on my card).Sure you need the personal discipline to keep it in credit balance and avoid going into debit, but if you have this discipline then it basically is a pre-paid card (with the knowledge in the back of you mind that you have a hefty limit available for larger purchases or emergencys) .And topping it up is as simple as logging into internet banking and transferring funds from your savings account.You can use it most places in the world, accrue loyalty awards, indulge in partner offers/perks and cash advances can potentially be free(zero fees for cash advances internationally with my card and usually close to market fx rate).

So why go prepaid ?I'm curious

[tyznd]

[

Why get a pre-paid card when you can get a regular credit card and keep it in a credit balance(and earn reasonable interest too, for platinum variants anyway.... 4.95% on my card).Sure you need the personal discipline to keep it in credit balance and avoid going into debit, but if you have this discipline then it basically is a pre-paid card (with the knowledge in the back of you mind that you have a hefty limit available for larger purchases or emergencys) .And topping it up is as simple as logging into internet banking and transferring funds from your savings account.You can use it most places in the world, accrue loyalty awards, indulge in partner offers/perks and cash advances can potentially be free(zero fees for cash advances internationally with my card and usually close to market fx rate).

So why go prepaid ?I'm curious

<{POST_SNAPBACK}>

Mind sharing with us where you got your card?

[tyznd]

[

Why get a pre-paid card when you can get a regular credit card and keep it in a credit balance(and earn reasonable interest too, for platinum variants anyway.... 4.95% on my card).Sure you need the personal discipline to keep it in credit balance and avoid going into debit, but if you have this discipline then it basically is a pre-paid card (with the knowledge in the back of you mind that you have a hefty limit available for larger purchases or emergencys) .And topping it up is as simple as logging into internet banking and transferring funds from your savings account.You can use it most places in the world, accrue loyalty awards, indulge in partner offers/perks and cash advances can potentially be free(zero fees for cash advances internationally with my card and usually close to market fx rate).

So why go prepaid ?I'm curious

<{POST_SNAPBACK}>

Mind sharing with us where you got your card?

[tyznd]

[

Why get a pre-paid card when you can get a regular credit card and keep it in a credit balance(and earn reasonable interest too, for platinum variants anyway.... 4.95% on my card).Sure you need the personal discipline to keep it in credit balance and avoid going into debit, but if you have this discipline then it basically is a pre-paid card (with the knowledge in the back of you mind that you have a hefty limit available for larger purchases or emergencys) .And topping it up is as simple as logging into internet banking and transferring funds from your savings account.You can use it most places in the world, accrue loyalty awards, indulge in partner offers/perks and cash advances can potentially be free(zero fees for cash advances internationally with my card and usually close to market fx rate).

So why go prepaid ?I'm curious

<{POST_SNAPBACK}>

Mind sharing with us where you got your card?

[tyznd]

Please be really careful with pre-paid visa cards.  Having moved to Thailand and closed up my life in the UK.  I thought a pre-paid card was my best option. 

I went to this company in the UK.  http://www.everything-financial.co.uk and after 3 months and having paid the money still do not have my visa card.

The problem that Visa / MasterCard have is that they are allowing these cards to be issued by NON banking outfits.  Which means companies like everything-financial are charging high prices to get the cards.  However they do not have any cards to sell.  All they are doing is passing on your application form.  In fact you end up having to do the "proof of address" with the main card issuers!.  Its a case of a little research and finding the people at the top of the tree.

Visa / Mastercard need to get there act together and get the major card companies to issue these (MBNA, Capitalone etc).

I was getting a Instabanc.com card, but failed to turn up.  I am being told my "mymcbcard.com" is on the way, and I will keep it if only for internet transactions.  Personally I would go direct do them.  Annoyed that Bangkok Bank Visa card does not work online :-(

www.InstaBanc.com

http://www.mymcbcard.com/

WoodyUK

<{POST_SNAPBACK}>

Why get a pre-paid card when you can get a regular credit card and keep it in a credit balance(and earn reasonable interest too, for platinum variants anyway.... 4.95% on my card).Sure you need the personal discipline to keep it in credit balance and avoid going into debit, but if you have this discipline then it basically is a pre-paid card (with the knowledge in the back of you mind that you have a hefty limit available for larger purchases or emergencys) .And topping it up is as simple as logging into internet banking and transferring funds from your savings account.You can use it most places in the world, accrue loyalty awards, indulge in partner offers/perks and cash advances can potentially be free(zero fees for cash advances internationally with my card and usually close to market fx rate).

So why go prepaid ?I'm curious

<{POST_SNAPBACK}>

Mind telling us where you can get this card?

[muldoon]

[

Why get a pre-paid card when you can get a regular credit card and keep it in a credit balance(and earn reasonable interest too, for platinum variants anyway.... 4.95% on my card).Sure you need the personal discipline to keep it in credit balance and avoid going into debit, but if you have this discipline then it basically is a pre-paid card (with the knowledge in the back of you mind that you have a hefty limit available for larger purchases or emergencys) .And topping it up is as simple as logging into internet banking and transferring funds from your savings account.You can use it most places in the world, accrue loyalty awards, indulge in partner offers/perks and cash advances can potentially be free(zero fees for cash advances internationally with my card and usually close to market fx rate).

So why go prepaid ?I'm curious

<{POST_SNAPBACK}>

Mind sharing with us where you got your card?

<{POST_SNAPBACK}>

No I dont mind(a New Zealand bank issued my Visa), but I'd also like to know why one would choose a prepaid ? what are the benefits ? I'm genuinely interested to find out.