Internet Bank Account..

[12DrinkMore]

Just came across this.

http://www.mebytmb.com/whatisme.html

I asked in my local branch what all this is about, as the webtranslated Thai is a little difficult to comprehend.

Its an internet based bank account, no ATM or passbook.

Pays 3.5% interest on the balance, which got me interested.

Can't open it through provincial banks, was told have to send documents directly to Bangkok, but the website states you have to visit BKK.

https://secure.mebytmb.com/efs/servlet/efs/th_TH/jsp-ns/open-account-intro-to-open-account.jsp

Transfers in are easy from another bank account.

Transfers out are through the internet.

No idea if its acceptable for visa purposes, maybe a little too advanced for immigration?

If I was in BKK I would probably open an account to see how it works and park some spare cash. Out here its just too much hassle to get through the hoops.

[hyperdimension]

Which branch is best for farangs to open an account with TMB? I've tried in Central Plaza Lat Phrao and they said a work permit is required.

[fletchsmile]

Sounds like an internet only or e-account. These are becoming more popular in Thailand like other countries.

The idea is that because it is all online, with no ATM, no passbook etc the maintenance costs for the banks are lower as they are not providing all these add on services. Hence the first reason for better rates is the cost of running the account is lower they can pay a better rate.

Secondly, there's also an argument for the banks that these deposits are more "sticky" (=less likely to be withdrawn) because of limitations/restrictions on access, with withdrawal being limited to online only, as you can't use passbook or ATM, whereas a normal account can use all these methods + online. More sticky accounts lead to a more liquid and healthier run bank, as they have higher core balances to rely on and more certainty around deposits held. A counter argument though is that they attract a more sophisticated user, so while less options to withdraw the user themselves has a usage pattern more likely to move money around. Hence a moot point. The costs are definitely lower.

As for immigration: these type of accounts weren't around when the rules were set. As the rules ask for a copy of the updated bank passbook and the account doesn't provide a passbook then I'd say there would be a good chance that they wouldn't be accepted.

I have an e-saver with StanChart (link below) but wouldn't like to rely on it for immigration. Have posted a link below so you can compare. The SCBT rate is lower than TMB. TMB generally give better rates than SCBT on like for like accounts, which is a trade off for TMB's lower credit rating.

http://www.standardchartered.co.th/personal-banking/deposits/savings-account/e-saver/en/

[Darrel]

As for immigration: these type of accounts weren't around when the rules were set. As the rules ask for a copy of the updated bank passbook and the account doesn't provide a passbook then I'd say there would be a good chance that they wouldn't be accepted.

I have an e-saver with StanChart (link below) but wouldn't like to rely on it for immigration. Have posted a link below so you can compare. The SCBT rate is lower than TMB. TMB generally give better rates than SCBT on like for like accounts, which is a trade off for TMB's lower credit rating.

I see no reason why a printout of the internet statement shouldn't be acceptable, and the accompanying bank letter should carry more weight anyway. Obviously it's still all down to the mood of the officer on the day.

The last time I checked the Stanchart eSaver was paying significantly more than the regular TMB No Fixed account (3% and 2.25%). The MeByTMB which I have mentioned a couple of times before pays 3% also, but seems to be largely inaccessible to non-Thais or anyone who doesnt live within striking distance of one of their special offices which you still need to visit to open an account.

[hyperdimension]

I have an e-saver with StanChart (link below) but wouldn't like to rely on it for immigration.

I've been to the Ratchayothin branch of Standard Chartered twice, 2nd time with a Tabien Baan, and was still denied an eSaver account.

[kyb789]

As for immigration: these type of accounts weren't around when the rules were set. As the rules ask for a copy of the updated bank passbook and the account doesn't provide a passbook then I'd say there would be a good chance that they wouldn't be accepted.

I have an e-saver with StanChart (link below) but wouldn't like to rely on it for immigration. Have posted a link below so you can compare. The SCBT rate is lower than TMB. TMB generally give better rates than SCBT on like for like accounts, which is a trade off for TMB's lower credit rating.

I see no reason why a printout of the internet statement shouldn't be acceptable, and the accompanying bank letter should carry more weight anyway. Obviously it's still all down to the mood of the officer on the day.

The last time I checked the Stanchart eSaver was paying significantly more than the regular TMB No Fixed account (3% and 2.25%). The MeByTMB which I have mentioned a couple of times before pays 3% also, but seems to be largely inaccessible to non-Thais or anyone who doesnt live within striking distance of one of their special offices which you still need to visit to open an account.

What is the required holding period? I saw many different saving account options listed but couldn't see much detail requirements to get the ~3.5%

[fletchsmile]

As for immigration: these type of accounts weren't around when the rules were set. As the rules ask for a copy of the updated bank passbook and the account doesn't provide a passbook then I'd say there would be a good chance that they wouldn't be accepted.

I have an e-saver with StanChart (link below) but wouldn't like to rely on it for immigration. Have posted a link below so you can compare. The SCBT rate is lower than TMB. TMB generally give better rates than SCBT on like for like accounts, which is a trade off for TMB's lower credit rating.

I see no reason why a printout of the internet statement shouldn't be acceptable, and the accompanying bank letter should carry more weight anyway. Obviously it's still all down to the mood of the officer on the day.

The last time I checked the Stanchart eSaver was paying significantly more than the regular TMB No Fixed account (3% and 2.25%). The MeByTMB which I have mentioned a couple of times before pays 3% also, but seems to be largely inaccessible to non-Thais or anyone who doesnt live within striking distance of one of their special offices which you still need to visit to open an account.

You're more than welcome to try immigration Daryl and report back. For immigration I prefer StanChart's marathon savers account that comes with passbook and pays tiered interest over 12months averaging 3.54%, openable only in Sep-Nov and restricted to 2 withdrawals a month - which is no big deal as most people leave it sat there for immigration purposes and rarely touch it. Horses for courses.

A print-out would be easy to doctor in terms of balance, appearance etc with the simple aid of a computer. I've known various formal institutions in different places not want to accept e-banking print-outs for this reason. On the other hand, the passbook is a valid formal doc not easily faked.

As mentioned on the accounts you need to compare like for like. StanChart has a habit of importing products they use in other countries, e-Saver being one. It doesn't take long for banks like TMB to copy and offer better rates. The regular savings account for StanChart pays only 0.75%-ish. The like for like comparison is TMB e-Saver equivalent 3.5% vs SCBT 3% you mention.

Edited May 11, 2012 by fletchsmile

[fletchsmile]

I have an e-saver with StanChart (link below) but wouldn't like to rely on it for immigration.

I've been to the Ratchayothin branch of Standard Chartered twice, 2nd time with a Tabien Baan, and was still denied an eSaver account.

Open a normal account with Stan Chart, which gives an ATM card. For this you need to go into the bank and fill in the paperwork with your passport, visa etc. At the same time sign up for internet banking, for which you also need to register your mobile phone number. Their internet banking needs to send 2LA security messages to your phone. With all those in place you can then open the e-Saver from the comfort of your own home and computer by doing it online.

BTW I tried originally opening e-Saver accounts for my daughters by going into Head Office. They said they couldn't do and it needs to be done online.

[Darrel]

You're more than welcome to try immigration Daryl and report back. For immigration I prefer StanChart's marathon savers account that comes with passbook and pays tiered interest over 12months averaging 3.54%, openable only in Sep-Nov and restricted to 2 withdrawals a month - which is no big deal as most people leave it sat there for immigration purposes and rarely touch it.

I see little point looking at offers that are no longer available or only available under certain special circumstances.

So I prefer to limit my comments to accounts that are available today to anyone. For example, CIMB offer 3.3% on 5-month time-deposits that are acceptable at immigration. I personally have a couple of these and also a KBank step-bond paying some 3.8% that is no longer available. I also have an instant access savings account with CIMB that pays 2.75% and one with TMB that pays 2.25%

A print-out would be easy to doctor in terms of balance, appearance etc with the simple aid of a computer. I've known various formal institutions in different places not want to accept e-banking print-outs for this reason. On the other hand, the passbook is a valid formal doc not easily faked.

Of course. Hence the requirement in all cases to provide an official letter from the bank confirming the validity of the statement. And I suspect this carries more weight as I mentioned.

As mentioned on the accounts you need to compare like for like. StanChart has a habit of importing products they use in other countries, e-Saver being one. It doesn't take long for banks like TMB to copy and offer better rates. The regular savings account for StanChart pays only 0.75%-ish. The like for like comparison is TMB e-Saver equivalent 3.5% vs SCBT 3% you mention.

I am unaware of any TMB eSaver. There is the TMB No Fixed account that I mentioned which is available in all branches and pays 2.25%, and there is the MeByTMB No Fixed account that pays the same 3.00% that StanChart pays, but this is only available via a few special MeByTMB branches, and, I suspect, possibly unavailable to non-Thais anyway.

• 
  Saving
  0.375 %
  
• 
  No Fixed Account
  2.25 %
  
• 
  ME No Fixed Account*
  3.00 %
  

[Darrel]

What is the required holding period? I saw many different saving account options listed but couldn't see much detail requirements to get the ~3.5%

Information about the MeByTMB 3.00% account is only available on the MeByTMB website and only in Thai. The requirements are minimal but I suspect that no non-Thai will ever succeed in opening one.

I look forward to being proved wrong but, in the meantime, StanChart at 3.00% have the best instant access account available to non-Thais without any huge amount of hoop-jumping, closely followed by CIMB at 2.75%, Thanachart at 2.5% and TMB at 2.25%

(The TMB website mentions a higher interest rate for No Fixed accounts with a higher balance, without specifying any details at all. Branches are seemingly unaware of the details also.)

[JSixpack]

A print-out would be easy to doctor in terms of balance, appearance etc with the simple aid of a computer. I've known various formal institutions in different places not want to accept e-banking print-outs for this reason. On the other hand, the passbook is a valid formal doc not easily faked.

But you don't show your actual passbook, you see. Immigration requires merely a copy of a passbook page. And yes that copy could be as easily faked as a printout. Hence the need for the bank letter as well.

Similarly the Dept of Land Transport, when you're selling a vehicle, won't accept just a copy of your passport pages, which could also be faked, but demands a letter from Immigration to verify those pages.