Minimum Deposit Of 50,000 Baht For New Savings Account

[orientalist]

A couple of months ago I asked about fixed deposit accounts at a branch of UOB (not my own branch). They told me that to receive interest I would have to open a savings account at their branch with a minimum deposit of 50,000 baht. Otherwise I would have to set up the fixed deposit account at my own branch.

Last week I asked about fixed deposits at LH Bank and was told that I'd have to set up a savings account and that as a foreigner I would be subject to a minimum deposit of 50,000 baht. What's that all about?

[12DrinkMore]

Just go to one of the big Thai banks.

[Daveroc]

When Banks offer special rates they will often put a minimum amount required condition in order that they do not get flooded with a lot of small deposits for which passbooks have to be issued and as such additional cost will be incurred. for example BBL has a rate of 2.625 for 4 months with a minimum of 200,000 baht.Hhowever if you wanted to accept the standard fixed deposit rates available, which are lower, you could commence a deposit for a minimum of 2,000 baht.

[CMSteve]

This is exactly the same thing happening in America and other "Western" countries. Banks are "nickel and diming" small clients because their deposit amounts do not cover the operating fees for the banks. We have to keep in mind that Banks are businesses and they are not in business to do all the running around without the possibility of a profit. BTW, foreigners require more documentation and other operating cost because of taxation, Thai reporting, as well as reporting back to our home countries. I wouldn't be surprised to see Thai banks adding a surcharge in the near future for American clients due to the banking regulations imposed by the US.

When Banks offer special rates they will often put a minimum amount required condition in order that they do not get flooded with a lot of small deposits for which passbooks have to be issued and as such additional cost will be incurred. for example BBL has a rate of 2.625 for 4 months with a minimum of 200,000 baht.Hhowever if you wanted to accept the standard fixed deposit rates available, which are lower, you could commence a deposit for a minimum of 2,000 baht.

[Darrel]

TMB "No Fixed" 2.25%, no high minimum, no special requirements.

StanChart 3.0%, no high minimum, no special requirements.

Stanachart 2.5%, no high minimum, no special requirements.

CIMB 2.75%, no high minimum, must open a mutual fund account with 1000B one-off fund purchase at time of opening (may now be 5000B).

[givenall]

i would stay away UOB. they have very few branches and very inconvenient. I had to open an account because of direct deposit from work and i had to start with 50k and next day i withdrew all but 5k

[hansnl]

This is exactly the same thing happening in America and other "Western" countries. Banks are "nickel and diming" small clients because their deposit amounts do not cover the operating fees for the banks. We have to keep in mind that Banks are businesses and they are not in business to do all the running around without the possibility of a profit. BTW, foreigners require more documentation and other operating cost because of taxation, Thai reporting, as well as reporting back to our home countries. I wouldn't be surprised to see Thai banks adding a surcharge in the near future for American clients due to the banking regulations imposed by the US.

When Banks offer special rates they will often put a minimum amount required condition in order that they do not get flooded with a lot of small deposits for which passbooks have to be issued and as such additional cost will be incurred. for example BBL has a rate of 2.625 for 4 months with a minimum of 200,000 baht.Hhowever if you wanted to accept the standard fixed deposit rates available, which are lower, you could commence a deposit for a minimum of 2,000 baht.

Oh dear, you believe the banks?

The operating cost for a small saving account is, because of the computer, brought down to around 10-12 Eurocents a month.

The withdrawing of money through an ATM is most certainly not what the bank charges you, in fact it is around 5 Eurocents for a withdrawal.

Don't believe the bank when it tells you about the high costs they have for running your account, they lie.

The thing is, what the banks want is profit maximalisation, forgetting that banks are not only a profit making organisation, but also have a social function, by law.

But nowadays, after bringing the economy tottering on the brink of a worldwide recession, the loss of billions of dollars, the loss of millions of jobs, the near criminal organisations just go on what they want to do, profit maximalisation.

Never trust a bank, if they can steal your money and get away with it, they will do so.

[CMSteve]

I don't think anyone will argue with you that a business in the free economy will do whatever they can to maximize their profits, anything else would be inefficient.

Many people, not unlike yourself, do not know what the operating costs of a bank are. They simply think about a computer using a minimal amount of electricity to spit out some bills. In reality, all banks have very large operations centers for reporting purposes, quality control, risk management, security, logistics, statementing, government reporting( anti money-laundering. market makers, etc, etc, etc....

You will also find that if you have a healthy banking relationship, you do not monthly maintenance, ATM, wire fees, etc. The bank makes its money from the difference in interest rates and management percentages. They have no reason to "nickle and dime" these people ( or so I hear )

This is exactly the same thing happening in America and other "Western" countries. Banks are "nickel and diming" small clients because their deposit amounts do not cover the operating fees for the banks. We have to keep in mind that Banks are businesses and they are not in business to do all the running around without the possibility of a profit. BTW, foreigners require more documentation and other operating cost because of taxation, Thai reporting, as well as reporting back to our home countries. I wouldn't be surprised to see Thai banks adding a surcharge in the near future for American clients due to the banking regulations imposed by the US.

When Banks offer special rates they will often put a minimum amount required condition in order that they do not get flooded with a lot of small deposits for which passbooks have to be issued and as such additional cost will be incurred. for example BBL has a rate of 2.625 for 4 months with a minimum of 200,000 baht.Hhowever if you wanted to accept the standard fixed deposit rates available, which are lower, you could commence a deposit for a minimum of 2,000 baht.

Oh dear, you believe the banks?

The operating cost for a small saving account is, because of the computer, brought down to around 10-12 Eurocents a month.

The withdrawing of money through an ATM is most certainly not what the bank charges you, in fact it is around 5 Eurocents for a withdrawal.

Don't believe the bank when it tells you about the high costs they have for running your account, they lie.

The thing is, what the banks want is profit maximalisation, forgetting that banks are not only a profit making organisation, but also have a social function, by law.

But nowadays, after bringing the economy tottering on the brink of a worldwide recession, the loss of billions of dollars, the loss of millions of jobs, the near criminal organisations just go on what they want to do, profit maximalisation.

Never trust a bank, if they can steal your money and get away with it, they will do so.

[Naam]

Oh dear, you believe the banks?

The operating cost for a small saving account is, because of the computer, brought down to around 10-12 Eurocents a month.

The withdrawing of money through an ATM is most certainly not what the bank charges you, in fact it is around 5 Eurocents for a withdrawal.

Don't believe the bank when it tells you about the high costs they have for running your account, they lie.

The thing is, what the banks want is profit maximalisation, forgetting that banks are not only a profit making organisation, but also have a social function, by law.

But nowadays, after bringing the economy tottering on the brink of a worldwide recession, the loss of billions of dollars, the loss of millions of jobs, the near criminal organisations just go on what they want to do, profit maximalisation.

Never trust a bank, if they can steal your money and get away with it, they will do so.

Oh dear God,

let me read a joke like this (operating cost) every day with my first coup of coffee. but please refrain from making me spill coffee over my keyboard because i'm roaring with laughter.