For millionaires only...

[Oscar2]

the other day we went to the Thapae branch of Kasikorn Bank. the wife has had her accounts there for more than 10 years, since before the name change. she always asks at the different banks she banks with (as do I at the banks I deal with) if they have a safety deposit box available since they seem impossible to get here. none of the banks ever have any. the other day the wife got a surprise response. yes they have them but they are only available only to "millionaires" - clients who maintain balances of 2 million Baht for a year, then you can get a box for free. absent this requirement it is not possible to get a box.

later that evening we were at Airport Plaza Central and for some reason it was completely packed. we drove around forever trying to find a place to park. finally we found a spot way up on one of the upper levels. as we were parking, a parking attendant came running over, blowing his whistle and as we lowered the window he said to us "VIP parking - for millionaires only." we looked at each other and laughed as this was the 2nd time that day we heard that same catch phrase. The wife asked what he meant and he told us that to park in the VIP area that you had to deposit 2 million Baht in one of the banks (i forget which bank) to get a gold VIP parking card or 10 million Baht to get a platinum VIP parking card. we asked what else you get for depositing 10 million Baht but of course he was clueless.

has anyone else run in to this new marketing strategy? i know Thailand's economy is doing well and Thais are richer now than ever, but seriously would anyone really tie up 2 million Baht for a year just to get a safety deposit box that usually goes for about 500 Baht a year or to get a "VIP parking pass" for Airport Central Plaza? seems silly to me considering interest rates are so low.

[MESmith]

Oh to be a "baht millionaire"

I agree with you on tying up 2m baht.

Edited September 20, 2013 by MESmith

[worgeordie]

2M thats small change to lots of Thais in CNX, and maybe some Farangs too.

regards Worgeordie

[LawrenceChee]

2M thats small change to lots of Thais in CNX, and maybe some Farangs too.

regards Worgeordie

Agree ...it's surprising how many people think all Thais are poor.

There is a good community of rich Thais in CNX and just looking at some of the properties belonging to the Thais would give an indication that there is serious money here like any other city.

[Oscar2]

2M thats small change to lots of Thais in CNX, and maybe some Farangs too.

regards Worgeordie

Agree ...it's surprising how many people think all Thais are poor.

There is a good community of rich Thais in CNX and just looking at some of the properties belonging to the Thais would give an indication that there is serious money here like any other city.

i never said what you imply. i have Thai friends who are USD millionaires. the point was the silly marketing strategy. 2M is chump change to most people but it was the marketing strategy i was referring to. maybe read more carefully.

[mesquite]

2M is chump change to most people

Not to me or anyone I know.

[saakura]

No, nobody is stupid enough, Thai's included, to put 2 million baht for parking a car. But when you tie up 2 or more million in some long term fund which you think is suitable to your risk profile, you are offered either one or a combination of perks to attract you away from other competing banks (priority parking, safe deposit box, airport lounge pass, concert tickets etc). Nothing new in this. Just like competing developers offering free furniture when you buy a condo unit.

Edited September 20, 2013 by saakura

[CMSteve]

I don't agree. Its not unheard of to keep ~$60,000 in cash. In Thailand you can earn 2.6 - 3% for cash in a savings account. No loss of access. Seems reasonable enough.

As far as the OP's questioning about marketing, how is it any different from anywhere else. If you are bringing in money for the company, they will treat you better. Don't ever go to America. You get free accounts, higher interest on deposits, lower interest on financing, preferential services, etc etc. This is small potatoes.

No, nobody is stupid enough, Thai's included, to put 2 million baht for parking a car. But when you tie up 2 or more million in some long term fund which you think is suitable to your risk profile, you are offered either one or a combination of perks to attract you away from other competing banks (priority parking, safe deposit box, airport lounge pass, concert tickets etc). Nothing new in this. Just like competing developers offering free furniture when you buy a condo unit.

[prighas]

They used to be at 800-1000 THB a year. A week ago they charged me 2600 THB. Checked with the call-center and they said this is decision made by headquarters.

[Issangeorge]

There are people who buy the Elite Card that costs ฿2million and ฿20,000 annually, and as far as I can figure out has almost no benefits, and you can't withdraw that money it is gone. Some people have way too much money.

Sent from my i-mobile IQ 6 using Thaivisa Connect Thailand mobile app

[pilm]

If people are thinking that Thais keep an account with 2m simply to get a parking spot or safety deposit box then it's no wonder they don't have 2m to deposit.

I got a free t-shirt with a motorbike I bought, now try to figure out why I bought a motorbike just to get a lousy cheap T-shirt.

[tool84]

I prefer being a billionaire... in Vietnaese Dong.

[eyecatcher]

2M is chump change to most people

Not to me or anyone I know.

I know one or two farang here who's wife actually made them millionnaires

but all of them....miserable as sin

before they met the wives they were MULTI-millionnaires

[schondie]

2M is chump change to most people

Not to me or anyone I know.

I didn't realise one could have a night out for less than 2 million baht. Guttersnipes, the lot of you in CNX.

[thrilled]

It's not only happening in places in Thailand. I'm starting to see it all over the world.Being A millionaire it really is having more and more perks.

[worgeordie]

2M thats small change to lots of Thais in CNX, and maybe some Farangs too.

regards Worgeordie

Agree ...it's surprising how many people think all Thais are poor.

There is a good community of rich Thais in CNX and just looking at some of the properties belonging to the Thais would give an indication that there is serious money here like any other city.

i never said what you imply. i have Thai friends who are USD millionaires. the point was the silly marketing strategy. 2M is chump change to most people but it was the marketing strategy i was referring to. maybe read more carefully.

Well i know wealthy Thais are not stupid enough to keep all their money in 1 bank,I am sure they are not as stupid to deposit 2M+ just to get a parking space, its just that they have money in that particular bank,its simple really,

regards Worgeordie

[harrry]

In some malls they have special parking for Chevrolet owners.....I guess they have to give some perks or no one would buy the car,

[cnx355]

Thanks ! Now I know how people get the VIP parking at Airport PLaza. I think it is not a problem for rich Thai to show that they have 2 Million bahts in a bank account. Just pockey money for them. Chiangmai is one of the rich city in Thailand.

[phitsanulokjohn]

All of a sudden the Thai's on the back of their booming economy have got right up their own ar--s and become snobbish to the hilt, but with regards to their booming economy ask any one of Thailands ''ladies of the night'' and they will tell you''WHAT GOES UP MUST COME DOWN''and you can take it from me that in the not too distant future the Thai bubble will burst and there will be a bloodbath and have the Thai banks crying in their Tom yam goong.I personally feel that when this happens it will be far worse than the west have had to endure in recent years and it will be the farangs turn to shine once more,hopefully without the snobbery the Thai hierarchy insist on demonstrating.

[neilrob]

If you maintain a high balance in a deposit account you also receive better interest rates, which is more important than any freebies. For example, I get 3.25% from Bangkok Bank. This is a pretty good interest rate considering the low risk. So it is not at all surprising that people do indeed maintain high balances, irrespective of whether or not you get a VIP parking sticker (I get that also).

[worgeordie]

The Banks,Chevrolet,etc, in fact any business looks after

their best customers ,but i would think this could also cause

PR problems for them, as an example, say they have 6 parking

lots for the 2M + Hi So customer, what happens if 10/12 Hi So s

turn up on same day in their Mercs,Audi s,,they are not going

to be very pleased, and the rich can get very uppity,if this don't

go their way.just imagine 2 Hi So woman fighting over a parking

place,would pay to see that!.

Anyway money does not make a better person,in fact in a lot

of people,it has opposite effect and turns them into right arse

holes.

regards Worgeordie

[1Ping1]

while thai banks do offer a better ROI than western banks I am at a loss to understand what some see as an acceptable level of risk when it comes to the fact that the accounts are not FDIC insured. We have had multiple TV members relate how their money was drained from their bank with zero recourse from bank in getting even a dime back. If in US and someone drains your bank you are insured. Simple as that. Here, you are not, simple as that. I would love to hear otherwise if my info is wrong.

[CMSteve]

Deposits in Thai banks are FDIC insured. currently up to 50 million(~$1.5million) per account. Eventually to drop to 1 million per account.

while thai banks do offer a better ROI than western banks I am at a loss to understand what some see as an acceptable level of risk when it comes to the fact that the accounts are not FDIC insured. We have had multiple TV members relate how their money was drained from their bank with zero recourse from bank in getting even a dime back. If in US and someone drains your bank you are insured. Simple as that. Here, you are not, simple as that. I would love to hear otherwise if my info is wrong.

[elektrified]

while thai banks do offer a better ROI than western banks I am at a loss to understand what some see as an acceptable level of risk when it comes to the fact that the accounts are not FDIC insured. We have had multiple TV members relate how their money was drained from their bank with zero recourse from bank in getting even a dime back. If in US and someone drains your bank you are insured. Simple as that. Here, you are not, simple as that. I would love to hear otherwise if my info is wrong.

Rubbish. Not if that "someone" is the IRS, the Feds who have the wrong guy, or a judgment creditor! The USA is the last place on earth where your money is safe.

[cmsally]

while thai banks do offer a better ROI than western banks I am at a loss to understand what some see as an acceptable level of risk when it comes to the fact that the accounts are not FDIC insured. We have had multiple TV members relate how their money was drained from their bank with zero recourse from bank in getting even a dime back. If in US and someone drains your bank you are insured. Simple as that. Here, you are not, simple as that. I would love to hear otherwise if my info is wrong.

Rubbish. Not if that "someone" is the IRS, the Feds who have the wrong guy, or a judgment creditor! The USA is the last place on earth where your money is safe.

Ditto for the UK - money taken by Vodafone from acct for an internet service I couldn't even get set up and cancelled.

No recourse except they would deduct from a product of theirs. Of course by that stage I didn't want any of their products.

Unbelievable the powers the govt and companies have to go into your acct and the public seems to be have been duped into it being OK.

[1Ping1]

I guess I thought i was talking about ID theft and having someone gaining access to and draining my account. Not the gov, irs or courts filing a lien on my assets. I can not speak for other countries but I am fairly sure that could and does happen in most if not all. Someone also weighed in that Thai banks are FDIC insured, just like the US banks are FDIC insured. Really???????? Thai banks are FDIC insured???? That would be another new one for me.

To each his own but there have been more than a few TV accounts of ID fraud draining there accounts here in LOS. In US this would be insured, here, it is not. That is the only point that I was trying to make. If you can convince me that Thai banks are somehow FDIC insured and that all of these that had their accounts drained have some recourse in getting it back please share it. Until I get it I will continue to do as many others that I know do, keep only enough in Thai banks to carry me month to month, with a little nest egg, never "risking more than I can afford to lose".

[LawrenceChee]

http://www.bangkokpost.com/business/economics/298272/protection-will-remain-at-b50m

Have a look at this article. It's guaranteed up to 50million but as with anything to do with money,

You should make the decision that allows you an easy night sleep.

I have kept money in Laos and Cambodia where the $ interest rates are still higher.

[neilrob]

I guess I thought i was talking about ID theft and having someone gaining access to and draining my account. Not the gov, irs or courts filing a lien on my assets. I can not speak for other countries but I am fairly sure that could and does happen in most if not all. Someone also weighed in that Thai banks are FDIC insured, just like the US banks are FDIC insured. Really???????? Thai banks are FDIC insured???? That would be another new one for me.

To each his own but there have been more than a few TV accounts of ID fraud draining there accounts here in LOS. In US this would be insured, here, it is not. That is the only point that I was trying to make. If you can convince me that Thai banks are somehow FDIC insured and that all of these that had their accounts drained have some recourse in getting it back please share it. Until I get it I will continue to do as many others that I know do, keep only enough in Thai banks to carry me month to month, with a little nest egg, never "risking more than I can afford to lose".

FDIC insurance in the US only covers such events as the bank failing. There is similar govenrment insurance in Thailand. FDIC insurance does NOT cover identity theft or similar criminal acts, either here or in the US. I suggest you go to the US FDIC web site to understand what FDIC insurance is and how limited it is.