'Premier' banking accounts in Thailand

[KHR1010]

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.

There is no fee for a proper premiere account. The bank makes money handling your assets and banking instruments. Obviously your financial portfolio must be at a certain level to be offered these services. By your admission yours is not and you have no need for this service, a pedestrian checking account of mason jar under the bed would serve you just fine. Once you start sending and receiving various banking instruments on a regular basis that require bank undertaking based on contracts lodged with the financial institution it becomes paramount that you are availed the services that come with a premiere account. First and foremost askilled relations manager that understands your needs and can make timely responses to MT199, MT799 and etc. This timing and proper service can be the difference in making or losing big money.

To the OP, I try not to handle any large sums in Thailand (large sums meaning $1 Mil US and up), and when I must, I never use "Thai only" banks. This is from my past 20 years of experience in thailand and some unexceptable Behaviour by Thai banks. I would suggest you look at ICBC main office on the 12th Floor of the Emporium Tower, ask for Khun Siwalai she will take good care of you.

Edited July 15, 2013 by KHR1010

[Netizen]

There is no such thing as a free lunch. If you are getting additional services it is costing you in some way.

[MattFS218]

My wife has CitiGold thru the IPB program in Singapore and was granted CitiGold for her account in Thailand and the US. The CitiGold stuff does not help with much. The ONLY benefit is that you get a slightly better exchange rate. However I found that if you wire over $10k, into smaller banks like TMB you get a rate equally as good if not better than CitiGold.

CitiGold allows you to use ANY ATM in Thailand--fee free. However you can also get this with a TMB No Fee account (with only a 20,000 minimum) vs the CitiGold 2 million baht requirement. Citibank also has few branches inside Thailand so TMB is the better choice for "fee waived" banking. TMB is good for when you need to buy a car, etc and need to go to the branch to withdraw "blocks" of cash--if you only bank with Citibank you would need to go all the way to BKK.

The Citi Global Transfers is a SCAM, if you are doing any sort of currency conversion. It's fee free, but the Exchange rate (ie USD THB) is super super poor like 3-4% above interbank rates.

I will say that I HATE the way CitiBank representatives look at me when I walk in with my shorts and sandals or with my non-gucci wearing Isaan wife. Too many BKK bank teller judge based on appearances....but they get friendly once they lookup my account information.

[Soutpeel]

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.

Citigold dosesnt charge you any fee's monthly or otherwise...the only fee's I pay on my account are if I do Swift transfers..other than that nothing, never been approached by any account managers "selling" me anything in the years I have been with them...I generally get a call about every months asking if everything is ok and do I need help with anything

the point being for me...none of these "add-ons" cost me anything...the only thing I have to do is maintain my minimum balance thats all.

you seem to be fixated with paying fee's which seeing as you stated you have had "premier" account, you would know for most "premier" accounts you dont get charged fee's.

And just because they offer discounted mortages and high CC limits doesnt mean to say you have to use these facilities...so yes per the other posters comments...no need to get all sanctimonious...

[KittenKong]

the point being for me...none of these "add-ons" cost me anything...the only thing I have to do is maintain my minimum balance thats all.

you seem to be fixated with paying fee's which seeing as you stated you have had "premier" account, you would know for most "premier" accounts you dont get charged fee's.

A high minimum balance that earns low interest is a fee in another name. At least it is as far as I'm concerned.

I prefer to move my cash every day from my current account (which earns zero interest but which has no fee or minimum balance) to a deposit account that earns me just under 3%. This takes me about a minute and costs me nothing. By the same token my credit card (no annual fee) is paid automatically by direct debit every month, as indeed are all my regular bills, so I never pay any sort of interest or penalty there either.

I havent had any sort of debt for 30 years and I gave up working when I was 50, and I did that partly by not letting banks earn too much money out of me, and taking care of my own investments and cash.

I do actually have a UK premier account to which I was upgraded for free many years ago, based on the value of my shareholdings, but I never use any of the features it offers.

YMMV

[KittenKong]

There is no fee for a proper premiere account. The bank makes money handling your assets and banking instruments. Obviously your financial portfolio must be at a certain level to be offered these services. By your admission yours is not and you have no need for this service, a pedestrian checking account of mason jar under the bed would serve you just fine. Once you start sending and receiving various banking instruments on a regular basis that require bank undertaking based on contracts lodged with the financial institution it becomes paramount that you are availed the services that come with a premiere account. First and foremost askilled relations manager that understands your needs and can make timely responses to MT199, MT799 and etc. This timing and proper service can be the difference in making or losing big money.

Oh, give me a break.

I dont work and I dont need to "make big money". I have it already and I didnt get it by paying bank fees.

As for "losing big money", my investments are about as secure as they can be and no premiere bank manager is going to do anything for me apart from give me a worse return than I can get myself and take some sort of fee for doing so. So I'll just pass on that, thanks.

[cocopops]

the point being for me...none of these "add-ons" cost me anything...the only thing I have to do is maintain my minimum balance thats all.

you seem to be fixated with paying fee's which seeing as you stated you have had "premier" account, you would know for most "premier" accounts you dont get charged fee's.

A high minimum balance that earns low interest is a fee in another name. At least it is as far as I'm concerned.

Right, but there is a fair bit of flexibility in exactly how you maintain that balance. Brokerage account, mutual funds etc. are all usually options. So a lot of folks can just shuffle stuff around a bit to meet the minimum balance - no need to tie money up in a cash account.

[HerbalEd]

There is no such thing as a free lunch. If you are getting additional services it is costing you in some way.

Not I. I pay nothing extra but get extra service. But to be precise, I do have to leave in a minimum amount of money in my accounts ... and could perhaps make a bit more interest elsewhere ... but the extra service and the amount of time and hassle saved are well worth it ... and, most likely the time saved allows me to make more money, so in the end my premium account probably makes me money instead of costing.

[Soutpeel]

My wife has CitiGold thru the IPB program in Singapore and was granted CitiGold for her account in Thailand and the US. The CitiGold stuff does not help with much. The ONLY benefit is that you get a slightly better exchange rate. However I found that if you wire over $10k, into smaller banks like TMB you get a rate equally as good if not better than CitiGold.

CitiGold allows you to use ANY ATM in Thailand--fee free. However you can also get this with a TMB No Fee account (with only a 20,000 minimum) vs the CitiGold 2 million baht requirement. Citibank also has few branches inside Thailand so TMB is the better choice for "fee waived" banking. TMB is good for when you need to buy a car, etc and need to go to the branch to withdraw "blocks" of cash--if you only bank with Citibank you would need to go all the way to BKK.

The Citi Global Transfers is a SCAM, if you are doing any sort of currency conversion. It's fee free, but the Exchange rate (ie USD THB) is super super poor like 3-4% above interbank rates.

I will say that I HATE the way CitiBank representatives look at me when I walk in with my shorts and sandals or with my non-gucci wearing Isaan wife. Too many BKK bank teller judge based on appearances....but they get friendly once they lookup my account information.

Citigold minium balance is not THB 2 million its US$150,000 or equivilant certainly in Singapore... and your not "granted" another Citigold account in another country...you already have it..irrespective of which country your in...its automatically transferable if so required...

[yoshiwara]

There is no fee for a proper premiere account. The bank makes money handling your assets and banking instruments. Obviously your financial portfolio must be at a certain level to be offered these services. By your admission yours is not and you have no need for this service, a pedestrian checking account of mason jar under the bed would serve you just fine. Once you start sending and receiving various banking instruments on a regular basis that require bank undertaking based on contracts lodged with the financial institution it becomes paramount that you are availed the services that come with a premiere account. First and foremost askilled relations manager that understands your needs and can make timely responses to MT199, MT799 and etc. This timing and proper service can be the difference in making or losing big money.

Oh, give me a break.

I dont work and I dont need to "make big money". I have it already and I didnt get it by paying bank fees.

As for "losing big money", my investments are about as secure as they can be and no premiere bank manager is going to do anything for me apart from give me a worse return than I can get myself and take some sort of fee for doing so. So I'll just pass on that, thanks.

It has been said before and now it is my turn to say that there is no bank fee charges for a premier account kept in balance. Can you please stop repeating incorrect information? Secondly, to correct you on another matter, there are no 'hidden' fees through having to keep the money in a lower interest paying account. Got that? Good. The third bit of information is that monies kept in cash ie current account to do not normally count towards premier account status. The balance can be maintained through a combination of shares, bonds etc purchased through the bank if one wishes.

[Tchooptip]

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.

+1 agree totally

[chiang mai]

I held Premier accounts for over fifteen years in the UK, Thailand, Singapore and Hong Kong, when HSBC left Thailand I rationilsed them and got rid of them all except I replaced my UK account with a standard bank account. Why? Premier was only useful to me because of Global View, there was no other feature of their service that I simply had to have or that I couldn't obtain from almost any other bank.

After HSBC left I spread my funds across a series of banks both here and in the West, CIMB and UOB were partial recipients and they gace nme prefered status which is I suppose similar to Premier. To be honest I have no idea what beneifts I get from having that status and I don't really care, I treat banks today as commodites that can be swapped out at will and no single bank is going to get enough of my assets to become a dominant player in my financial life.

BTW I held HSBC Premier in Hong Kong originally and the other countries came later, ironically my HSBC UK account was my longest standing and I left that as an ordainary bank account for the longest time. During a visit to the UK a few years ago I was pursuaded to convert that account also and I have to say our relationship went downhill shortly afterwards. Things got so bad with HSBC UK that we were nearly at war at one point and I had to write to Gulliver to get it all sorted out but the relationship was never the same, Premierin Asia however was always very efficient and troublefree.

[DaffyDuck]

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).

Premier banking services do not cost extra or require a fee - you get them if you maintain a certain balance.

[yoshiwara]

The recent experience of a friend checking out the 'Privilege' account at CIMB:

'There is one irritating condition and that is that,in order to open an account,one must be accompanied by a Thai person with a valid ID card.I pointed out that I held accounts with Kasikorn and TMB and they had no such stipulation.I asked the reason for this,and was told "so the bank can contact him,if they are unable to contact you".

I said that I thought this was a stupid condition,that no other banks that I knew of required a Thai to be present for the opening of an account,and that a valid passport and valid visa were always sufficient.The reply was that different banks have different rules,and that was a CIMB requirement.I pointed out that banks needed to be competitive,and the imposition of unreasonable rules will stop a lot of customers from opening an account.In support of this,I suggested that such stupid rules might be why there was not a single customer present.

So saying,I left.'

[MattFS218]

My wife has CitiGold thru the IPB program in Singapore and was granted CitiGold for her account in Thailand and the US. The CitiGold stuff does not help with much. The ONLY benefit is that you get a slightly better exchange rate. However I found that if you wire over $10k, into smaller banks like TMB you get a rate equally as good if not better than CitiGold.

CitiGold allows you to use ANY ATM in Thailand--fee free. However you can also get this with a TMB No Fee account (with only a 20,000 minimum) vs the CitiGold 2 million baht requirement. Citibank also has few branches inside Thailand so TMB is the better choice for "fee waived" banking. TMB is good for when you need to buy a car, etc and need to go to the branch to withdraw "blocks" of cash--if you only bank with Citibank you would need to go all the way to BKK.

The Citi Global Transfers is a SCAM, if you are doing any sort of currency conversion. It's fee free, but the Exchange rate (ie USD THB) is super super poor like 3-4% above interbank rates.

I will say that I HATE the way CitiBank representatives look at me when I walk in with my shorts and sandals or with my non-gucci wearing Isaan wife. Too many BKK bank teller judge based on appearances....but they get friendly once they lookup my account information.

Citigold minium balance is not THB 2 million its US$150,000 or equivilant certainly in Singapore... and your not "granted" another Citigold account in another country...you already have it..irrespective of which country your in...its automatically transferable if so required...

True, Singapore requires $150k, but there you can hold US stocks (ie low expense ratio etfs). Whereas 2 million baht in Thailand has to be kept fixed or savings account earning sub-par rates or in a Kasikorn Mutual Fund, which has fund management fees in excess of a comparable funds elsewhere. 2 mil baht at a 1% interest rate difference/fee rate difference is 20,000 thb lost in interest/fees/year.

If all you care about is the minimum balance, HSBC Panama will open you a premier account for only $50k. Citi US will give you CitiGold if you just have $50k of available credit on your combined citi credit cards. You could even get CitiGold by paying the $50/monthly fee and it would be less than the lost interest.

CitiGold is not always transferable it's really up to the local Citi bank to determine if they want to extend Citigold privileges to you based on your account from abroad. I am Citigold in the US, and Citi Singapore will not grant me citigold w/o meeting Singapore's minimum balance requirement.

I should clarify my statement about CitiGold having free ATMs at any bank in Thailand. It's actually not a citigold privilege, its true with any citibank thailand account. Just need to put 100,000 as an initial deposit.

[chiang mai]

The recent experience of a friend checking out the 'Privilege' account at CIMB:

'There is one irritating condition and that is that,in order to open an account,one must be accompanied by a Thai person with a valid ID card.I pointed out that I held accounts with Kasikorn and TMB and they had no such stipulation.I asked the reason for this,and was told "so the bank can contact him,if they are unable to contact you".

I said that I thought this was a stupid condition,that no other banks that I knew of required a Thai to be present for the opening of an account,and that a valid passport and valid visa were always sufficient.The reply was that different banks have different rules,and that was a CIMB requirement.I pointed out that banks needed to be competitive,and the imposition of unreasonable rules will stop a lot of customers from opening an account.In support of this,I suggested that such stupid rules might be why there was not a single customer present.

So saying,I left.'

I had no such requirement imoposed on me when I opened my CIMB Privilege Account.

[yoshiwara]

The recent experience of a friend checking out the 'Privilege' account at CIMB:

'There is one irritating condition and that is that,in order to open an account,one must be accompanied by a Thai person with a valid ID card.I pointed out that I held accounts with Kasikorn and TMB and they had no such stipulation.I asked the reason for this,and was told "so the bank can contact him,if they are unable to contact you".

I said that I thought this was a stupid condition,that no other banks that I knew of required a Thai to be present for the opening of an account,and that a valid passport and valid visa were always sufficient.The reply was that different banks have different rules,and that was a CIMB requirement.I pointed out that banks needed to be competitive,and the imposition of unreasonable rules will stop a lot of customers from opening an account.In support of this,I suggested that such stupid rules might be why there was not a single customer present.

So saying,I left.'

I had no such requirement imoposed on me when I opened my CIMB Privilege Account.

Weird, this was the experience of a friend enquiring about opening an account at the CIMB branch on Beach Road Pattaya.

[Thaiaddict01]

so for those premier account like UOB CIMB Citigold etc, how much balance do they usually require?

I sold a house in Asia and the house was not registered under my USA ID (I have dual citizenship) Now if I wire the money back to the US they will know about it, but right now they don't. So kind of thinking about opening up an account in TH and just leave it there. So any recommendations? however I am afraid of the banking service in Thailand like card skimming, poor services since you are a falang, also afraid to leave that big chunk of money for 4,5 months when I am not even in TH. need to pick a good bank I guess. Any recommendation would be really appreciated

[sas_cars]

Usually the balance required for Premier Banking in thailand is around 3 million THB- 5 million THB . Check websites of the different banks and see their premier sections to compare.

[yoshiwara]

so for those premier account like UOB CIMB Citigold etc, how much balance do they usually require?

I sold a house in Asia and the house was not registered under my USA ID (I have dual citizenship) Now if I wire the money back to the US they will know about it, but right now they don't. So kind of thinking about opening up an account in TH and just leave it there. So any recommendations? however I am afraid of the banking service in Thailand like card skimming, poor services since you are a falang, also afraid to leave that big chunk of money for 4,5 months when I am not even in TH. need to pick a good bank I guess. Any recommendation would be really appreciated

Maybe try Standard Chartered. They have a branch in Rayong as well as Bangkok.

[Soutpeel]

so for those premier account like UOB CIMB Citigold etc, how much balance do they usually require?

I sold a house in Asia and the house was not registered under my USA ID (I have dual citizenship) Now if I wire the money back to the US they will know about it, but right now they don't. So kind of thinking about opening up an account in TH and just leave it there. So any recommendations? however I am afraid of the banking service in Thailand like card skimming, poor services since you are a falang, also afraid to leave that big chunk of money for 4,5 months when I am not even in TH. need to pick a good bank I guess. Any recommendation would be really appreciated

just realised you must be a US citizen ?....be advised, Citibank in Singapore may be very reluctanct to open an account for you anyway..cos your a US citizen...thanks to your IRS...Had an American collegue working in Thailand try to open an account with Citi in Singapore and they just about refused point blank. There is a delcaration form you will have to sign which states you are not a US citizen or green card holder...

Of course one could suggest you open the account under your other nationality, but will not change the fact, you would have to lie on the declaration, what it would mean in practical terms, if your caught out..I dont know.

So if the intent here is to "hide away" your cash...Citibank being a US entity, most likely would not be the smartest move IMHO...

[Thaiaddict01]

yeah thanks, citi ain't for me then.

question other than HSBC premier are there any other premier account or normal account that you can, link up two branches' accounts in two diff countries? I would like one for Thailand any somewhere else now that HSBC is gone in Thailand

[Oorinara]

Minimum relationship balance of deposit and investment for select banks' premier or sort, in THB or equivalent.

5 mil.: Krungsri Exclusive

3 mil.: Citigold, StanChart Priority, Kasikorn Premier, UOB Privilege, CIMB Preferred

1 mil.: Kiatnakin

Benefits vary. Appreciate if anyone can add on list.

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[Oorinara]

> #53

Correction:

5 mil.: Krungsri Exclusive
3 mil.: StanChart Priority, Kasikorn Premier, UOB Privilege, CIMB Preferred
2 mil.: Citigold
1 mil.: Kiatnakin Priority

[Oorinara]

> #53

Update

0.5mil.: LH Bank Privilege

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[trajan]

trying to decide which account is better (and why):

Krungsri Exclusive: Baht 5mil minimum

K Bank Wisdom: Baht 10mil minimum

any others that beat the benefits of the above?

[boike]

Anyone here with experience with the Kasikorn premier account with the premier visa creditcard?

Sent from my Vi10Pro using Tapatalk

[orientalist]

Three years ago Kasikorn had some good fixed deposit promotions, so I had just over 2 million baht deposited with them. They gave me the Premier card no questions asked and knowing that I have no income since I retired. I liked it because it gave me free access to True Fitness. Now, however, it's about to expire and I only have 5,000 baht in my account, so they won't renew it. I don't think I ever used any other privilege except that the 10-baht fee was waived when I requested cashier's cheques. Oh, and they did have the 'concierge' telephone number.

[Oorinara]

Now that StanChart's Thai retail business including SCBT Priority is going to be taken over by TISCO financial group, we need keep watching what will be offer from TISCO onto incumbent SCBT Priority member.


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[Oorinara]

Does anyone know the minimum relationship balance to become Citigold in Thailand nowadays?

It used to be THB 2 million in around 2013/14 but may have been increased to 3 million thereafter.


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