Down under or Thai? Aussie mum trades Oz for Land of Smiles

[smilingbuddah]

Hello Friends,

I was in Bangkok Bank yesterday in Mukdahan City, to transfer money from a fixed deposit account to another fixed deposit account paying 2.8% for a 11 month term.

Now I know it states in their conditions for this account that you cannot transfer the money from a existing account.

I was going to try the (I will pull the money out today and transfer it into the new account tomorrow routine.)

But to my surprise ( or maybe not ) they just transferred the money straight across to the new account, smiles all around.

Now I know TIT so I wasn't really surprised that they chose to not follow their own rules.

I just thought I'd post to help others if they are considering this fixed Deposit account.

S.B.

[lopburi3]

I suspect they closed the active account and opened the new account with the funds. The funds must be available to open account (not added after account is open) for most fixed deposit - but it can be done at desk without counting cash out.

[iancnx]

Worked for me last month, simply closed existing (matured) term deposit and opened a new one with the new terms.

[meatboy]

Worked for me last month, simply closed existing (matured) term deposit and opened a new one with the new terms.

as long as the previous acc.has matured you can put it wherever you like,but its a big but if it doesn't go the full term you might find out that the interest rate you got might not be the same as if it went the full term.

[Pib]

No, actually on this particular Bangkok Bangkok Bank 2.8% promotion they are looking for "new money" not transferred from any other Bangkok Bank account (like a rollover from one mature account to a new account)....they specially say regarding the 2.8%, 11 month promotion and to quote:

The minimum opening amount and the minimum amount for any subsequent deposit for the 11-Month Fixed Deposit Account is 100,000Bt. The funds for opening the account must not have been transferred or withdrawn from an existing Bangkok Bank account.

Full details are this Bangkok Bank webpage...look under Conditions at the second bullet.

I've done a half dozen or so fixed accounts at Bangkok Bank and when one matured I just rolled it over into a new promotion. I guess what Bangkok Bank puts in writing regarding the promotion and what they actually do is two different things. The OP's post is the second one I've seen where a person basically just rolled over funds/moved the funds from another Bangkok Bank account to open this 11 month, 2.8% fixed account promotion. Maybe the branch just ignored the condition, a clerk just messed up, or Bangkok Bank is not really enforcing the condition. TIT.

Edited August 29, 2014 by Pib

[scatalyst]

No, actually on this particular Bangkok Bangkok Bank 2.8% promotion they are looking for "new money" not transferred from any other Bangkok Bank account (like a rollover from one mature account to a new account)....they specially say regarding the 2.8%, 11 month promotion and to quote:

The minimum opening amount and the minimum amount for any subsequent deposit for the 11-Month Fixed Deposit Account is 100,000Bt. The funds for opening the account must not have been transferred or withdrawn from an existing Bangkok Bank account.

Full details are this Bangkok Bank webpage...look under Conditions at the second bullet.

I've done a half dozen or so fixed accounts at Bangkok Bank and when one matured I just rolled it over into a new promotion. I guess what Bangkok Bank puts in writing regarding the promotion and what they actually do is two different things. The OP's post is the second one I've seen where a person basically just rolled over funds/moved the funds from another Bangkok Bank account to open this 11 month, 2.8% fixed account promotion. Maybe the branch just ignored the condition, a clerk just messed up, or Bangkok Bank is not really enforcing the condition. TIT.

This week, I rolled my money from a matured fixed account into the 11-month 2.8% account at my Bangkok Bank branch. I actually could have done it three months ago, but I had read the conditions on the website and assumed the 11-month account required new money. Silly me, I didn't even try. Kudos and thanks to all you folks who have mentioned here on the forum that you were able to do it without bringing in new money.

I think Bangkok Bank is hurting themselves with that wording. I wonder what they're really trying to say.

[Camelot]

I did the same rollover of a matured fixed deposit account last week to the 11-month scheme and the Bangkok Bank customer service assistant who handled the paperwork actually recommended I do so.

Very straightforward, although I do wonder why so many forms, signatures and photocopies are needed.

Not that I'm complaining. She was so good-natured about it.