Is this a scam at Phuket arrivals?

[AbeSurd]

There's a Thai bank called "Land & Houses Bank" (LH Bank). If I understood the sign outside my local branch correctly it was recently offering an 8-month fixed account at 3.25 percent. Which is a pretty good rate right now.

They have internet banking: "LH Bank Speedy".

http://www.lhbank.co.th/home

Anyone have any experience of this bank?

Thanks.

[xen]

I think there is one outside the foodcourt in Big C in Suk 77. I asked my gf about it and she thought it was run along the lines of a credit union where it is only available for Thai citizens and you become a member first before you apply for a loan .Maybe you have to buy shares to become a member . it may be similar to the old housing co-ops many years ago. I am only assuming we are talking about the same bank .

[AbeSurd]

I think there is one outside the foodcourt in Big C in Suk 77. I asked my gf about it and she thought it was run along the lines of a credit union where it is only available for Thai citizens and you become a member first before you apply for a loan .Maybe you have to buy shares to become a member . it may be similar to the old housing co-ops many years ago. I am only assuming we are talking about the same bank .

Thanks. The branch I know is here in Pattaya - in Big C Extra on Pattaya-glaang.

Don't know if they're an ordinary bank but there's a link to their website in my OP. There it says:

"On December 19, 2005, the Ministry of Finance allowed the Land and Houses Retail Bank to operate. The Bank is licensed to provide deposit services like other commercial banks but cannot conduct transactions related to foreign currencies and derivatives, except money exchange as an authorized money changer. In terms of lending, the Bank can provide all types of services to retail customers and small- and medium-sized enterprises."

Whenever I go past they never have many customers.

[AyG]

"On December 19, 2005, the Ministry of Finance allowed the Land and Houses Retail Bank to operate. The Bank is licensed to provide deposit services like other commercial banks but cannot conduct transactions related to foreign currencies and derivatives, except money exchange as an authorized money changer. In terms of lending, the Bank can provide all types of services to retail customers and small- and medium-sized enterprises."

This information is out of date. In late 2011 they were upgraded to full commercial bank status and can do foreign exchange, derivatives transactions.

They were set up by the builder Land & Houses and are not a credit union but a regular company. Its shares are traded on the SET as LHFG.

[ignis]

never mind, most of post disappeared ?

Edited August 2, 2013 by ignis

[AbeSurd]

"On December 19, 2005, the Ministry of Finance allowed the Land and Houses Retail Bank to operate. The Bank is licensed to provide deposit services like other commercial banks but cannot conduct transactions related to foreign currencies and derivatives, except money exchange as an authorized money changer. In terms of lending, the Bank can provide all types of services to retail customers and small- and medium-sized enterprises."

This information is out of date. In late 2011 they were upgraded to full commercial bank status and can do foreign exchange, derivatives transactions.

They were set up by the builder Land & Houses and are not a credit union but a regular company. Its shares are traded on the SET as LHFG.

Thanks. Do you have any experience of them as a retail bank?

[AyG]

My partner has an account with them. No complaints. Probably better than Krung Thai, but not quite as good as Krung Sri when it comes to service.

[poooket]

I saw they had a sign in the window offering 4.15% but I think it was 36m?

I have no experience with this bank but at the moment many banks has similar offers as OP mentioned.

[Bpuumike]

One advantage is if you open a savings account they will rent you a safe deposit box - not so easy to find in BKK these days.

[AyG]

Tried to open a savings account with them today. They try to make it as difficult as possible for foreigners requiring

- passport (OK)

- tabian baan with my name in it (no have)
- criminal record check from the UK (no have)
- proof of annual income (no have)

Needless to say, I'll be taking my business elsewhere.

[meatboy]

Tried to open a savings account with them today. They try to make it as difficult as possible for foreigners requiring

- passport (OK)

- tabian baan with my name in it (no have)

- criminal record check from the UK (no have)

- proof of annual income (no have)

Needless to say, I'll be taking my business elsewhere.

I opened a fixed acc.with them in jan.2014 3.2% found them helpful and explained I could also have a current acc.if I wanted interest paid monthly and transferred to your current acc.and get 2%,they did require,

passport

proof of address[used my tax id.card]

they looked at my visa status[retirement]

sign here sir.

[AyG]

I opened a fixed acc.with them in jan.2014 3.2% found them helpful and explained I could also have a current acc.if I wanted interest paid monthly and transferred to your current acc.and get 2%,they did require,

passport

proof of address[used my tax id.card]

they looked at my visa status[retirement]

sign here sir.

You were able to open a fixed account without opening a savings account first? Didn't know that was possible.

What happens when the account matures? (The money stays in it, presumably.)

And how do you get the money in and out? (Cashiers cheque?)

[meatboy]

I opened a fixed acc.with them in jan.2014 3.2% found them helpful and explained I could also have a current acc.if I wanted interest paid monthly and transferred to your current acc.and get 2%,they did require,

passport

proof of address[used my tax id.card]

they looked at my visa status[retirement]

sign here sir.

You were able to open a fixed account without opening a savings account first? Didn't know that was possible.

What happens when the account matures? (The money stays in it, presumably.)

And how do you get the money in and out? (Cashiers cheque?)

this is the first time with lh.i expect its the same as some of the other ones,my fixed acc.399days with thai.gov.sav.bank matured in jan.if you are a day or two late closing or opening a new acc.they put it into a holding acc.me and the wife useually fix for a minimum of 12months or more and on maturity if we take it elsewhere we get a bank cheque.

we both have current accs.for weekly use[they call them savings accs] as for fixed accs.we only put in lump sums when opening.

[AbeSurd]

Tried to open a savings account with them today. They try to make it as difficult as possible for foreigners requiring

- passport (OK)

- tabian baan with my name in it (no have)

- criminal record check from the UK (no have)

- proof of annual income (no have)

Needless to say, I'll be taking my business elsewhere.

I opened a fixed acc.with them in jan.2014 3.2% found them helpful and explained I could also have a current acc.if I wanted interest paid monthly and transferred to your current acc.and get 2%,they did require,

passport

proof of address[used my tax id.card]

they looked at my visa status[retirement]

sign here sir.

Yes that's what the Big C Extra branch here in Pattaya says they require to open a fixed account for me (3 percent for 15 months.) They also have a variable rate savings account with an ATM card. It currently pays 2.70 percent on deposits of 500,000 and over; and 2.00 percent on 499,999 and below. Not bad.

Land & Houses Bank always seems to have just about the best interest rates for these kinds of accounts.

But I'm still hesitant about opening an account with them because the Big C Extra branch here in Pattaya never seems to have any customers in it. Weird.

[topt]

Tried to open a savings account with them today. They try to make it as difficult as possible for foreigners requiring

- passport (OK)

- tabian baan with my name in it (no have)

- criminal record check from the UK (no have)

- proof of annual income (no have)

Needless to say, I'll be taking my business elsewhere.

I opened a fixed acc.with them in jan.2014 3.2% found them helpful and explained I could also have a current acc.if I wanted interest paid monthly and transferred to your current acc.and get 2%,they did require,

passport

proof of address[used my tax id.card]

they looked at my visa status[retirement]

sign here sir.

Yes that's what the Big C Extra branch here in Pattaya says they require to open a fixed account for me (3 percent for 15 months.) They also have a variable rate savings account with an ATM card. It currently pays 2.70 percent on deposits of 500,000 and over; and 2.00 percent on 499,999 and below. Not bad.

Land & Houses Bank always seems to have just about the best interest rates for these kinds of accounts.

But I'm still hesitant about opening an account with them because the Big C Extra branch here in Pattaya never seems to have any customers in it. Weird.

I opened one here in January or early Feb following meatboy's comments in another thread. Unless you are putting more than the govt. guaranteed figure in I cannot see why they would be any different to any other Thai bank - all be it perhaps not as well capitalised.

I only have a fixed account, no savings. If/when I close it I will take it in cash and walk down the escalator and deposit it in another bank.

[i claudius]

The one in Pattaya seemed only to ready to let me have an account ,just wanted to see my passport.