One bank, 2 branches, 2 different answers ?

[aussieinthailand]

GOVERNMENT SAVINGS BANK,

Do I need a my name in yellow house book to invest in tax free term deposit?

One branch say's yes yellow book needed, the other say's no just show my passport showing minimum six months living here in LOS?

[kannot]

Ill tell you the answer, its down to the manager of each branch what they want. doesnt even mater what the call centre says.............you can go and open an account in one branch yet not in another...........told me by the Wife, fountain of knowledge all things Thai

[Upnotover]

I have one with Kasikorn and only showed passport to open it. Will see in June next year if I get the tax free interest promised!

[Swiss1960]

It could be worse... 1 branch, 1 question, asked on 2 different days, getting two different answers... happend to me this year... will not name the bank, but that is pretty usual with most banks... too much at the discretion of the persons you talk with for many reasons

[NoshowJones]

Ill tell you the answer, its down to the manager of each branch what they want. doesnt even mater what the call centre says.............you can go and open an account in one branch yet not in another...........told me by the Wife, fountain of knowledge all things Thai

Yes, just like the Immigration offices, some will, some won't. There is too much power given to far too many people in this country.

[David48]

Try getting a 'standard answer' on what's needed to obtain a Thai Drivers Licence ...

[aussieinthailand]

Thanks guy's yu'p I think it is up to the person on the day, But yeah I did open up an account today with just my passport, but they did say I had to wait until Monday to deposit my cashiers cheque as it is 2pm and the cheque clearing time is 3pm, what the???

[hellodolly]

Not sure if i should worry about it or not. I only put in 200,000 baht in a one year term deposit today. Never thought to ask about the tax. Then again it is only 3.2% so the total earned would be 6,400 baht how much tax would there be on that.

Wish I had enough to worry about the tax on it. Then again if I had that much money I wouldn't care.

Edited November 8, 2013 by hellodolly

[Ulic]

Accept the answer that suits you best.

[sniffdog]

Two different banks,two different persons.

I once tried to open account at Kasikorn MBK ground floor and was flatly refused. Then I went upstairs (near Powerbuy) and was welcomed with open arms and an account was opened within 15 minutes.

Same bank, two different branches in the same building.

[laocowboy2]

Thanks guy's yu'p I think it is up to the person on the day, But yeah I did open up an account today with just my passport, but they did say I had to wait until Monday to deposit my cashiers cheque as it is 2pm and the cheque clearing time is 3pm, what the???

What (he?) meant was that unless your cashier's cheque was into the central clearing (which will not be at the branch) until 3pm, they (the branch) would not get value that day for the money - instead they would be credited Monday and thus be out two days interest. From the counter to clearing would probably take most of the day - you might get the same answer even at noon.

[laocowboy2]

Ill tell you the answer, its down to the manager of each branch what they want. doesnt even mater what the call centre says.............you can go and open an account in one branch yet not in another...........told me by the Wife, fountain of knowledge all things Thai

Yes, just like the Immigration offices, some will, some won't. There is too much power given to far too many people in this country.

Not so much the 'power' but rather the fear of making a mistake - which means losing face.

If you say 'no' there are no consequences , so it becomes the default option.

I live in Cyprus - try dealing with banks and bureaucrats here - they make BKK look like Zurich!

[Hedghog]

If taxed on interest,earned.

Claim it back in the new year.

Not an issue.

[scorecard]

I have one with Kasikorn and only showed passport to open it. Will see in June next year if I get the tax free interest promised!

Well there's an interesting point. About 4 or 5 months back I went with my Thai adult son to our local big branch of K Bank here in Chiang Mai. My son wanted to get educated fully on 3 month / 6 month / longer-term deposits etc.

We spoke with the branch manager, son asked whether there is any for of account where tax is not automatically deducted, and whether it was different on the tax point for Thais rather than foreigners?

Clear & instant answer: 'tax must be deducted on all such accounts regardless of account name, nationality etc., no bank in Thailand can or would dare to not deduct the tax'.

However I too have had the experience of different answers from different branches. Just one example, asking what happens when one of the parties to a joint savings account (either can sign) dies?

Different managers from same bank gave different answers. I called the HO in Bkk. Answer, 'up to the local branch manager'.

I also called other banks, different branches, again different and totally different answers all round.

Edited November 8, 2013 by scorecard

[Maestro]

Ill tell you the answer, its down to the manager of each branch what they want. doesnt even mater what the call centre says.............you can go and open an account in one branch yet not in another...........told me by the Wife, fountain of knowledge all things Thai

I can confirm this from personal experience.