'Premier' banking accounts in Thailand

[yoshiwara]

Has anybody used a 'premier' equivalent banking account with a Thai bank and if so what has been their experience.

(I note that most have a minimum balance requirement in savings/investments through the bank of 3 million baht).

PS I have used the HSBC Premier account outside Thailand.

[Naam]

premier banking in Thailand =

[keeniau96]

Naam speaks/pictures it very true.

[yoshiwara]

What I want to know is the experience of someone who has used such a service. HSBC has gone so I have been looking at UOB and CIMB. Anybody?

Edited July 13, 2013 by yoshiwara

[Soutpeel]

What I want to know is the experience of someone who has used such a service. HSBC has gone so I have been looking at UOB and CIMB. Anybody?

I have the equivalant "premier" program with Citibank..called "Citigold"....

The Singapore end is excellent, never had a problem...however same cant be said for the Bangkok end....the Citibank splurb states as a a Citigold member...you can visit any Citigold lounge anywhere in the world and get the same standard of banking services anywhere....Singapore I agree....but the Bangkok end leaves a lot to be desired in my experience with Citi Bangkok....

went into the Citigold lounge in BKK for what I though was an easy problem to solve....guess again..they didnt have clue...the only benefit I got out of it was using one their phones and calling Citibank in Singapore for free...who solved the problem in about 5 minutes flat...where as Citi bank BKK...I spend a good 15 minutes explaining the problem and all I got was the normal Thai vacant look and the normal "Mai Loo"

[chiang mai]

I have both CIMB and UOB and both are nothing to write home about and I have yet to use any of their benefits, whatever they might be!

[Farang Paul]

When they closed HSBC personal banking here in Thailand they transferred my account to Krung Sri. I was automatically given a premier account.

Since I seem to be the only Farang banking at the branch in Krabi and one of very few Premier holders I am treated to an embarrassing level of servitude whenever I walk in. Since they are not used to premier accounts I have to remind them that I don't pay for cheque books and other services - but since I can't be bothered to read all the blurb I am never sure what exactly I am entitled to.

Either way, they are much more efficient than HSBC and local. They constantly remind me that I am paying too much tax, deducted at source, on my savings account and open a new account for me every month to keep the tax paid on my interest to a minimum.

Very efficient at documentation for my visa renewal - altogether wonder why I didn't change years ago.

Above is just my personal experience and I'm sure varies from branch to branch. Also note that no-one at my branch speaks much English and all my over the counter business is conducted in Thai.

[Dukgae]

I also was transferred to Krungsri from HSBC with premier status - initially I think they were not sure how to handle but now everything is good. I have a very helpful English speaking relationship manager at my branch in Samui and also the previous HSBC relationship manager at the Bangkok head office was hired by Krungsri and she still keeps in touch by email, always very helpful and professional. However I don't use the premier services much, just everyday banking, and some of what they offer is Bangkok-specific (special offers etc) so no use if you don't live there.

[Baerboxer]

When they closed HSBC personal banking here in Thailand they transferred my account to Krung Sri. I was automatically given a premier account.

Since I seem to be the only Farang banking at the branch in Krabi and one of very few Premier holders I am treated to an embarrassing level of servitude whenever I walk in. Since they are not used to premier accounts I have to remind them that I don't pay for cheque books and other services - but since I can't be bothered to read all the blurb I am never sure what exactly I am entitled to.

Either way, they are much more efficient than HSBC and local. They constantly remind me that I am paying too much tax, deducted at source, on my savings account and open a new account for me every month to keep the tax paid on my interest to a minimum.

Very efficient at documentation for my visa renewal - altogether wonder why I didn't change years ago.

Above is just my personal experience and I'm sure varies from branch to branch. Also note that no-one at my branch speaks much English and all my over the counter business is conducted in Thai.

That's been my experience too so far with Krungsri / BoA. I use the office in Wireless road near the US embassy. Most of the premier staff are ex-HSBC. They all seem very happy there. I've seen plenty of other foreigners there. Some ex-HSBC customers, some new and enquiring about opening accounts.

I would certainly recommend them, based on service so far.

[KittenKong]

Aren't premier bank accounts the same scam here as they are everywhere else in the world? Designed for people with more money than sense.

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

[yoshiwara]

Aren't premier bank accounts the same scam here as they are everywhere else in the world? Designed for people with more money than sense.

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

No they are not a scam. I originally joined HSBC Premier to get a superior (lower) mortgage rate and continue to like the personalised service that goes with it. Hence my original question. PS No doubt there are those who similarly think flying business class is a waste of money as well. Edited July 14, 2013 by yoshiwara

[sas_cars]

Aren't premier bank accounts the same scam here as they are everywhere else in the world? Designed for people with more money than sense.

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

No they are not a scam. I originally joined HSBC Premier to get a superior (lower) mortgage rate and continue to like the personalised service that goes with it. Hence my original question. PS No doubt there are those who similarly think flying business class is a waste of money as well.

I am also an HSBC Premier customer elsewhere, would love it if HSBC returns. The advantages are just too great.

[Soutpeel]

Aren't premier bank accounts the same scam here as they are everywhere else in the world? Designed for people with more money than sense.

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

not really a scam, in addtion to getting "discounted" mortage rates, high limit CC's, no banking fee's etc...the biggest advantage certainly in the case of Citigold is that you get a real human being to talk to, instead of "press 1" and more importantly its the same person your talking to all the time...and you have their direct phone numbers, both office/mobile direct to them.

also the other I like, the fact if they do see what they think is "suspisious" activity in your account for what ever reason, they call up and comfirm things before actually deciding to block your ATM card.

I travel SEA quite a bit with work, and therefore could be using the my card in any number of countries...and when this occurs, and usually within 30 seconds of me drawing money out of an ATM, I get a phone call...do you know your card is being used in country XYZ, is that where you are ?

I have had a Citigold account in Singapore for many years and really cant fault their customer service, it always been excellent, although as mentioned in a previous post I tried to use the Citigold lounge in BKK and was not very impressed with the service they appeared to be handing out, even though Citi claim the same level of service in any Citigold lounge worldwide...

[LawrenceChee]

Aren't premier bank accounts the same scam here as they are everywhere else in the world? Designed for people with more money than sense.

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

No they are not a scam. I originally joined HSBC Premier to get a superior (lower) mortgage rate and continue to like the personalised service that goes with it. Hence my original question. PS No doubt there are those who similarly think flying business class is a waste of money as well.

Try the Kasikorn premier card. Wisdom if you live in Bangkok it has some good perks at the fitness clubs @ hotels, a private banking area with your own safe ! No queues and most fees are waived for their banking transactions

You also get a visa signature card which comes with its own perks at the visa website and co coverage service once registered

The card is heavily marketed at the rich Thais so even the website is not really in English but the perks are good if you stay in Bangkok area

They offer a free priority card for travel and lounge use no need to fly business to get access and that's a 400 dollar value plus u can use the Thai lounge at the swampy airport

[KittenKong]

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

not really a scam, in addtion to getting "discounted" mortage rates, high limit CC's, no banking fee's etc...the biggest advantage certainly in the case of Citigold is that you get a real human being to talk to, instead of "press 1" and more importantly its the same person your talking to all the time...and you have their direct phone numbers, both office/mobile direct to them.

also the other I like, the fact if they do see what they think is "suspisious" activity in your account for what ever reason, they call up and comfirm things before actually deciding to block your ATM card.

Well, I suppose that might be of interest if you need a mortgage (I dont), need a higher CC limit (I dont) or pay fees for your normal bank account (I dont). Though I suspect that all these "advantages" are in fact available elsewhere without paying any sort of fee if you can take the time to look (I can).

As for calling my bank, the last time I did that was about 10 years ago to ask them about a missing cheque and they sorted that out very quickly. I've never quite understood why people need to talk to their bank more than once in a blue moon, especially these days when most things can be done online. At one point I did have a premier account manager with one of my offshore banks and he did call me from time to time, but all he ever really did was try to sell me their leveraged stock index products which of course I avoid like the plague. Once he realised that I would never buy anything he stopped calling.

I did once have my card blocked and I needed to call them to unblock it which they did instantly. After a short discussion they put a note on my file of concerning the sorts of things I use it for and since then I have never had any trouble. It would have been handy if they had called me but I dont think it would be worth paying any sort of monthly fee for this. I'd rather hang on to my money than give it to them in fees.

[KittenKong]

No doubt there are those who similarly think flying business class is a waste of money as well.

At least with business class you do get the bigger seat and better food that you have paid for, and I have no objection to that.

My problem with "premier" accounts (or premium credit cards for that matter) is that they dont seem to provide anything useful, as I mentioned, and that what they mostly seem to provide is some nebulous "prestige" which I dont need or even value. I'd rather just not pay and not get these pointless things.

[LawrenceChee]

No doubt there are those who similarly think flying business class is a waste of money as well.

At least with business class you do get the bigger seat and better food that you have paid for, and I have no objection to that.

My problem with "premier" accounts (or premium credit cards for that matter) is that they dont seem to provide anything useful, as I mentioned, and that what they mostly seem to provide is some nebulous "prestige" which I dont need or even value. I'd rather just not pay and not get these pointless things.

Actually if you have the net worth you pay nothing for this service unlike a business class ticket

I like premier accounts because they provide a use although I agree it's not for everyone

You don't have to talk to them all the time, however it is nice to have the concierge service when you need it

Once you register for the concierge service of visa signature cards and above they can do what your secretary can do for you or if you don't have one

Book a nice table at a restaurant, upgrade you at certain hotel chains for free , priority service use of lounge at Conrad , Renaissance for free without staying there for short business meetings in Bangkok ...they have other perks for Asia and North America ...you can pick up the phone and do it yourself but these guys have pull and can get you things you might not have access to

I was recently gutted when I wanted to watch the Man U match against singha and the tickets were sold out ...they manage to locate one for me using their own ticketing means

At the banks, you never have to queue, establish a good relationship with your bank manager and you can do all things at one go at the comfort of a lounge instead of queuing ...I like drinking tea and being served my jam biscuits while I signed for papers review my accounts, do my fx exchange for my next trip and place a deposit or investment all with the same bank manager ...

If they have a good presence the same manager can also arrange for these things to be ready for you at a new country if you are posted there for work.

Free Limo service to the airport as well for DBS card holders premier acct holders

All in all very good stuff for free as long as you have the money to hold the minimum balance so if you can get these all for free ...why not ?

But like you said some people don't need such services and gladly use the normal over the counter service

[i claudius]

Aren't premier bank accounts the same scam here as they are everywhere else in the world? Designed for people with more money than sense.

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

No they are not a scam. I originally joined HSBC Premier to get a superior (lower) mortgage rate and continue to like the personalised service that goes with it. Hence my original question. PS No doubt there are those who similarly think flying business class is a waste of money as well.

I am also an HSBC Premier customer elsewhere, would love it if HSBC returns. The advantages are just too great.

I WAS and HSBC premier customer ,they were as much use as a chocolate spoon.

[Baerboxer]

Aren't premier bank accounts the same scam here as they are everywhere else in the world? Designed for people with more money than sense.

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

Well genius, guess how most of those people got to have a lot of money.............................. yep, you guessed, they have sense !!

Most have qualifying rules that mean you can be a premier customer for free. If you don't qualify then you pay a fee.

I've been a HSBC premier customer in several countries - the benefits include free global money transfer between accounts, a relationship manager to sort any issues out and provide advice, dedicated phone-line, dedicated lounges, free parking, preferential deals on certain goods and services etc.

I thinks its great value - because I get it free!

You can chose to become a premier customer or not - it's your choice. But, don't insult others when you clearly either haven't looked into it properly or are bitter about not getting it free.

[chiang mai]

Aren't premier bank accounts the same scam here as they are everywhere else in the world? Designed for people with more money than sense.

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

No they are not a scam. I originally joined HSBC Premier to get a superior (lower) mortgage rate and continue to like the personalised service that goes with it. Hence my original question. PS No doubt there are those who similarly think flying business class is a waste of money as well.

I am also an HSBC Premier customer elsewhere, would love it if HSBC returns. The advantages are just too great.

I WAS and HSBC premier customer ,they were as much use as a chocolate spoon.

I have to agree, especially when resident outside of the UK since normal Premier benefits such as travel insurance don't apply - they are especially less than useful since they have no presence in Thailand, pointless really for a Thai based expat.

[Baerboxer]

Aren't premier bank accounts the same scam here as they are everywhere else in the world? Designed for people with more money than sense.

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

No they are not a scam. I originally joined HSBC Premier to get a superior (lower) mortgage rate and continue to like the personalised service that goes with it. Hence my original question. PS No doubt there are those who similarly think flying business class is a waste of money as well.

I am also an HSBC Premier customer elsewhere, would love it if HSBC returns. The advantages are just too great.

I WAS and HSBC premier customer ,they were as much use as a chocolate spoon.

Service is always variable - depends on your relationship manager and local set up. I've had some issues but all have been resolved quickly. I've dealt with HSBC in UK, Jersey, Thailand,UAE, KSA, India and HK. Overall the service I've received has been excellent.

[fletchsmile]

I have Priority Banking from Stan Chart - Sathorn Branch. By far and away the biggest advantage is your own dedicated RM. The current lady I have speaks excellent English (overseas education) and has a great customer service attitude.

It means we as a family have direct access to someone who will take away many of the headaches of banking in Thailand. She knows me and our family well and my quirks. I have a mobile number to contact and an email, which is great when overseas. She'll often hold documents for me until back, and help work around the mindless admin. Great level of service. Her husband actually used to be my RM a few years back so over the years there's a good relationship. He now works for a securities company so that's useful too.

In return I am mindful of the admin, bureaucracy and inefficiency she has to deal with - common to all banks - and mindful that she is part of the solution not the problem. Too many people take stuff out on all bank staff regardless, and can't differentiate between what's due to the system and what's due to the person. The systems at Stan Chart aren't often that great, and the bureaucracy and admin is similar to anywhere else, but the personal RM makes a massive difference.

The actual tangible benefits like bit better rates, discount on services, reduced transfer fees, occasional free gifts or movie tickets etc are minimal. It's the human element that makes it worthwhile.

It didn't actually cost anything. The 3mio doesn't need to be cash. It could be investments in mutual funds, or mortgage (used to be 5mio mortgage qualified) or a combination. So for us it was just re-organise finances a bit - no cost.

You can't change the banking laws, systems, bureaucracy, admin and so on. But a decent RM goes a long way. For anyone with the relevant net worth - well worth it.

Relationships in Thailand are important - banking is no exception.

Fletch

[Gabor]

What is the best deposit interest you may get as a premier member ? Any benefits in this area ?

[HerbalEd]

I've never seen any facility offered with premier banking anywhere that I would actually use, and certainly nothing that I would get any value from, and so I would rather just have a regular free current account.

not really a scam, in addtion to getting "discounted" mortage rates, high limit CC's, no banking fee's etc...the biggest advantage certainly in the case of Citigold is that you get a real human being to talk to, instead of "press 1" and more importantly its the same person your talking to all the time...and you have their direct phone numbers, both office/mobile direct to them.

also the other I like, the fact if they do see what they think is "suspisious" activity in your account for what ever reason, they call up and comfirm things before actually deciding to block your ATM card.

Well, I suppose that might be of interest if you need a mortgage (I dont), need a higher CC limit (I dont) or pay fees for your normal bank account (I dont). Though I suspect that all these "advantages" are in fact available elsewhere without paying any sort of fee if you can take the time to look (I can).

As for calling my bank, the last time I did that was about 10 years ago to ask them about a missing cheque and they sorted that out very quickly. I've never quite understood why people need to talk to their bank more than once in a blue moon, especially these days when most things can be done online. At one point I did have a premier account manager with one of my offshore banks and he did call me from time to time, but all he ever really did was try to sell me their leveraged stock index products which of course I avoid like the plague. Once he realised that I would never buy anything he stopped calling.

I did once have my card blocked and I needed to call them to unblock it which they did instantly. After a short discussion they put a note on my file of concerning the sorts of things I use it for and since then I have never had any trouble. It would have been handy if they had called me but I dont think it would be worth paying any sort of monthly fee for this. I'd rather hang on to my money than give it to them in fees.

Good ... if that's what works for you. But no need to get sanctimonious about it. Personally I'm happy to pay a bit extra for better and extra services that my life- and work-style require .... but even so, I don't pay extra, I just keep a minimum balance and get it all for free.

Edited July 15, 2013 by HerbalEd

[ricardofel]

Any information on the bank with the highest deposit interest? SCB with their "fund book" is about 3%. Any banks have higher rate? thanks

[CIHUAHUA]

Three million Baht - I love how the numbers make my dollars look -

[X pat]

What I want to know is the experience of someone who has used such a service. HSBC has gone so I have been looking at UOB and CIMB. Anybody?

Hate to do this to you,but to the best of my knowledge there ain't no such thing. The closest thing to that would be Bangkok Bank.

[mikebell]

'I was recently gutted when I wanted to watch the Man U match against singha and the tickets were sold out ...they manage to locate one for me using their own ticketing means' - I was recently gutted as I queued for hours to get a ticket. Drove from Pattaya to BKK; booked into a hotel; paid for transport to & from the groung; waited in traffic jams; got to see the game and it was crap!

[chiang mai]

What I want to know is the experience of someone who has used such a service. HSBC has gone so I have been looking at UOB and CIMB. Anybody?

Hate to do this to you,but to the best of my knowledge there ain't no such thing. The closest thing to that would be Bangkok Bank.

Both UOB and CIMB have HSBC Premier equivelents.

[Naam]

Any information on the bank with the highest deposit interest? SCB with their "fund book" is about 3%. Any banks have higher rate? thanks

SCB's "fund book" is not a deposit but a money market fund!