Coming to Thailand

[Nuddy]

Yes I know I will get banned for possibly revealing which Bank.

Today, yes its Sunday I went to the Bank to sort a few things out.

Probably was not the wisest thing to do but there are some things that need to be said about the inaccuracies of what the senior staff say to people.

I used a fixed or Term deposit Passbook account to keep the immigration amount fund in.(retirement b800,000)

When I took it out it was for 5 months and then it auto renewed to 3 months. At the time the rate wasn't bad so I let it run.

Now three months is 1.1% but the same mob now offer 2% for 4 months. I thought ok lets go ask them to renew it at 4 Months instead of three months.

To change the funds from the auto renew of three months to four months requires a withdrawal and a deposit to a new book. Why...well TiT i suppose.

A new bank account to change the term are they sully or what?

Next I want to open a joint account with my wife with either to sign. The bank argue about the method of operation. Yeah they maybe right but thats how I want it.

And then when I want to open a fixed or term deposit for 4 months, the same with my wife, to capture the 2% miserable rate, she says no can do have to put 200k baht in get 4 months 2%. Well it does not say that on their web site, mind you it does not not either. I argue, she almost tells me to go away so I thought it was a small starting balance and let it go.

I check the web site of the Bank when I get home. Yes for the three month terms it does stipulate amounts and for the rest of them, 4 months included it does not show restricted amounts. So really I cannot argue. I am gonna let that go.

However what is there is a regular savings account offering better interest rates for an account where u add money every month.

The rate is in fact 2.75% which is a far cry from 1.1% and still miserable. So my next job is to see if I can open an Sinmathaya Subthawee Deposit account.

Limited to 600,000 baht and deposits limited to 1000-25000 but what the hell. It beats the normal savings account and beats the Term fixed Deposit rates. Sure it too is fixed rates. Maybe not good for the immigration fund account but for other savings, say the kids accounts or other stuff it seems the go to me mate.

I would love to hear others ideas.

Yes I saw a pinned banking forum but this is different,

Regards

Edited June 15, 2014 by ubonjoe
Edited Title to remove bank name to make topic not naming and shaming

[ubonjoe]

As you will notice I edited the topic title to avoid having to remove it.

[Pib]

Sounds like the bank complied with the Terms of Agreement on the different savings products and as stimulated in English and Thai on their website. And the part about having to close one fixed account in order to roll the money into a new fixed account with a different term, well, I have experienced the same thing and that seems to be the norm....that's just the way they do it....but it's no financial impact to you the customer as long as the term has matured...guess it's just the bookkeeping method the bank has decided on. All I can say is know the Terms of Agreement and keep in mind banking in Thailand may not meet your expectations as you are use to in your home country...some things may be better...some things may be worst. For me, I try to take advantage of the "better" and avoid the "worst."

[somchaismith]

Dunno about your problem, but I can say that SCB is offering 2.25% for a 7-month deposit, you get a free umbrella and the oppurtunity to be served by a stunner, without all the bs which you seem to be receiving.

BTW, which bank is offering this? "However what is there is a regular savings account offering better interest rates for an account where u add money every month." PM me if you're scared to say.

Yes, before the heroes startup, we know Thailand has really interest rates, though the spinoff is is very low mortage interest rates.

Edited June 15, 2014 by somchaismith

[Nuddy]

As you will notice I edited the topic title to avoid having to remove it.

Many thanks

Good job mate

Regards

R

[Nuddy]

Dunno about your problem, but I can say that SCB is offering 2.25% for a 7-month deposit, you get a free umbrella and the oppurtunity to be served by a stunner, without all the bs which you seem to be receiving.

BTW, which bank is offering this? "However what is there is a regular savings account offering better interest rates for an account where u add money every month." PM me if you're scared to say.

Yes, before the heroes startup, we know Thailand has really interest rates, though the spinoff is is very low mortage interest rates.

I don't want to break the rules so I PM 'ed you already.

Check it on the Net.

As well it says its free of tax

I assume it means the with holding tax that I pay'

I'll go there tomorrow and see one of the sensible girls.

And I will report back either able or not able

R

[somchaismith]

Dunno about your problem, but I can say that SCB is offering 2.25% for a 7-month deposit, you get a free umbrella and the oppurtunity to be served by a stunner, without all the bs which you seem to be receiving.

BTW, which bank is offering this? "However what is there is a regular savings account offering better interest rates for an account where u add money every month." PM me if you're scared to say.

Yes, before the heroes startup, we know Thailand has really interest rates, though the spinoff is is very low mortage interest rates.

I don't want to break the rules so I PM 'ed you already.

Check it on the Net.

As well it says its free of tax

I assume it means the with holding tax that I pay'

I'll go there tomorrow and see one of the sensible girls.

And I will report back either able or not able

R

The 'free of tax' part is strange, as one would assume that the bank's decision to not withhold tax wouldn't be allowed under the country's taxation laws.

Edited June 15, 2014 by somchaismith

[Sophon]

You don't seem to be reading the bank's website very thoroughly, I suspect that you only read as far as the page with the deposit interest rates. The conditions for the 4 month fixed deposit account clearly states that "The minimum opening amount and the amount of any subsequent deposits for the 4-Month Fixed Deposit Account is 200,000Bt". And the Sinmathaya Subthawee Deposit Account you are talking about is not (as you state) "a regular savings account" as the funds have to be tied up for a minimum of 2 years, 3 years or longer to achieve the 2.75% interest you mention.

As for he rest of your story, like Pib I see nothing out of the ordinary, nor do I see anything to get upset about. All you are "revealing" is that this bank is operating like just about every other Thai bank and is following it's rules and regulation, most of which can be found on it's website's English language version (which is probably the best of any Thai bank).

Sophon

[Nuddy]

Sounds like the bank complied with the Terms of Agreement on the different savings products and as stimulated in English and Thai on their website. And the part about having to close one fixed account in order to roll the money into a new fixed account with a different term, well, I have experienced the same thing and that seems to be the norm....that's just the way they do it....but it's no financial impact to you the customer as long as the term has matured...guess it's just the bookkeeping method the bank has decided on. All I can say is know the Terms of Agreement and keep in mind banking in Thailand may not meet your expectations as you are use to in your home country...some things may be better...some things may be worst. For me, I try to take advantage of the "better" and avoid the "worst."

Thanks for your comments.

Yep its the way the Bank does it here.

I suppose I was just complaining because I had to open yet another Bank account.

As well, even though one starts the new book as a 4 month term, if you just let it auto renew it will be done for 3 months term. That book is then not eligible to add money at four months and yet another book will be again required to accommodate new 4 month deposits.

Look thats the best I can explain it. Yes there is no financial loss but one ends up with so many books.

Regards.

[Nuddy]

You don't seem to be reading the bank's website very thoroughly, I suspect that you only read as far as the page with the deposit interest rates. The conditions for the 4 month fixed deposit account clearly states that "The minimum opening amount and the amount of any subsequent deposits for the 4-Month Fixed Deposit Account is 200,000Bt". And the Sinmathaya Subthawee Deposit Account you are talking about is not (as you state) "a regular savings account" as the funds have to be tied up for a minimum of 2 years, 3 years or longer to achieve the 2.75% interest you mention.

As for he rest of your story, like Pib I see nothing out of the ordinary, nor do I see anything to get upset about. All you are "revealing" is that this bank is operating like just about every other Thai bank and is following it's rules and regulation, most of which can be found on it's website's English language version (which is probably the best of any Thai bank).

Sophon

Thanks for your comments.

I did try to locate the information and after your reply tried again

Would you be so kind as to direct me to the page that says 200k minimum as I still cannot find it.

Yes my bad in putting regular savings account. Your correction is acknowledged but I did point out in the same paragraph that it was fixed term.

Regards

[Pib]

Sounds like the bank complied with the Terms of Agreement on the different savings products and as stimulated in English and Thai on their website. And the part about having to close one fixed account in order to roll the money into a new fixed account with a different term, well, I have experienced the same thing and that seems to be the norm....that's just the way they do it....but it's no financial impact to you the customer as long as the term has matured...guess it's just the bookkeeping method the bank has decided on. All I can say is know the Terms of Agreement and keep in mind banking in Thailand may not meet your expectations as you are use to in your home country...some things may be better...some things may be worst. For me, I try to take advantage of the "better" and avoid the "worst."

Thanks for your comments.

Yep its the way the Bank does it here.

I suppose I was just complaining because I had to open yet another Bank account.

As well, even though one starts the new book as a 4 month term, if you just let it auto renew it will be done for 3 months term. That book is then not eligible to add money at four months and yet another book will be again required to accommodate new 4 month deposits.

Look thats the best I can explain it. Yes there is no financial loss but one ends up with so many books.

Regards.

When I found out about how they open a new account for you when rolling your money over into another term was a month before I was to apply for my annual retirement extension of stay. The fixed account had matured, I went in a few days after it matured knowing what new term I wanted to roll it into, I thought I would keep the same account number, but when the dust settled my matured account was closed with the funds were transferred into the new term, and I was handed a new passbook with new account number. Now that really upset my apple cart "as I now didn't have Bt800K seasoned in one accout for at least 3 months."

But it worked out OK...I showed the immigration officer my old fixed term passbook account and my new fixed term passbook account and expanded how one had matured and been rolled directly over into the new one to the stang. The officer looked at the two books...the accompanying bank letter...was satisfied...I met the 3 month funds seasoning requirement...was good to go with approval of my extension.

[Nuddy]

Yes thats a bit scary.

I too worry about the seasoning aspect and would rather let it auto renew if it was near the time for me to get the next Immigration extension.

I am glad the Immigration officer was flexible enough to accept the closed book and the new book for seasoning for you.

A question the Immigration asked my wife in thai recently when I applied for extension was, how come he has been here so many years but the passbook is not very old?

She said the Bank keeps opening a new account for him...haha.

Life goes on.

[Sophon]

You don't seem to be reading the bank's website very thoroughly, I suspect that you only read as far as the page with the deposit interest rates. The conditions for the 4 month fixed deposit account clearly states that "The minimum opening amount and the amount of any subsequent deposits for the 4-Month Fixed Deposit Account is 200,000Bt". And the Sinmathaya Subthawee Deposit Account you are talking about is not (as you state) "a regular savings account" as the funds have to be tied up for a minimum of 2 years, 3 years or longer to achieve the 2.75% interest you mention.

As for he rest of your story, like Pib I see nothing out of the ordinary, nor do I see anything to get upset about. All you are "revealing" is that this bank is operating like just about every other Thai bank and is following it's rules and regulation, most of which can be found on it's website's English language version (which is probably the best of any Thai bank).

Sophon

Thanks for your comments.

I did try to locate the information and after your reply tried again

Would you be so kind as to direct me to the page that says 200k minimum as I still cannot find it.

Yes my bad in putting regular savings account. Your correction is acknowledged but I did point out in the same paragraph that it was fixed term.

Regards

The information is in a quite logical place under Personal Banking => Investments and deposits => Fixed deposit accounts => 4-Month fixed deposit account. There is also a link to fixed deposits from the Accounts page. Here is the direct link.

Sophon