Need accident insurance to open bank account

[ImJustHangin]

I went to talk to some banks about opening a new account. Many seem to insist on me buying accident insurance for 2500 baht.

I already have insurance so its not necessary. Has anyone managed to get around this - that is open an account without insurance?

thanks

[Crossy]

Try a different bank (or different branch of the same bank), they're just trying to sell one of their premium products.

[Brit_Doggie]

Try a different bank (or different branch of the same bank), they're just trying to sell one of their premium products.

Yes they try it on but no is a good thai word to learn.

[Pib]

Seems I'm seeing more posts of Thai bank branches pushing accident insurance as a condition of opening an account---or the person trying to open the account sure gets that impression. But it's not a requirement for a Thai or farang to open an account...just the bank employee trying to sell an insurance product and maybe a branch that is not farang friendly...could care less if you open an account with them or not.

In Dec 13 when I opened an account at Bangkok Bank the clerk asked if I wanted the debit card that came with accident insurance, I said "No, I have plenty of insurance...I just want the regular debit card." And then the clerk continued to open the account. Pretty much a ditto type thing happened when opening an account at Krungsri in Sep 14. But in both cases neither branch said I couldn't open the account if I didn't take the insurance....they offered; I said no thanks, no need...they then continued opening the accounts.

I figure its similar to ordering something at McDonald's...they are going to ask you if you want to "upsize" your order pretty much no matter what---they just have to ask the customer because apparently that's part of the ordering script they must ask. Get in the habit of not asking and the manager will be counseling you frequently about not trying to maximize sales.

[martin81]

They also try to push insurance to Thai customers. You are not required to buy any insurance to open a savings account. And also you you are not required to have an ATM card for the account.

Try another branch or Bank if the persist.

[ImJustHangin]

Well,

Being the OP I will describe how the whole thing concluded.

I went to the kasikorn branch at Royal Garden yesterday and they said I didn't have to buy insurance but I did need to go to immigration to get a residence document.

So today I spent the morning in line and getting that done. Next step off to Royal Garden this time speaking to a different bank employee , this one telling me I DID need accident insurance.

No thank you I said saying that lady yesterday said i dont have to get it. So he quickly waved it off.

The only thing that annoyed me was having to pay 800 baht for a debit card.

Western banks never charge for that.

[Pib]

Well,

Being the OP I will describe how the whole thing concluded.

I went to the kasikorn branch at Royal Garden yesterday and they said I didn't have to buy insurance but I did need to go to immigration to get a residence document.

So today I spent the morning in line and getting that done. Next step off to Royal Garden this time speaking to a different bank employee , this one telling me I DID need accident insurance.

No thank you I said saying that lady yesterday said i dont have to get it. So he quickly waved it off.

The only thing that annoyed me was having to pay 800 baht for a debit card.

Western banks never charge for that.

Well, a basic debit card with no accident insurance included is approx Bt200-300. Maybe you are adding in the Bt500 minimum deposit to open an account to get the Bt800 figure. Or, you ended up getting one of their pricier debit cards that includes accident insurance. Which card did you get?

[ImJustHangin]

Well,

Being the OP I will describe how the whole thing concluded.

I went to the kasikorn branch at Royal Garden yesterday and they said I didn't have to buy insurance but I did need to go to immigration to get a residence document.

So today I spent the morning in line and getting that done. Next step off to Royal Garden this time speaking to a different bank employee , this one telling me I DID need accident insurance.

No thank you I said saying that lady yesterday said i dont have to get it. So he quickly waved it off.

The only thing that annoyed me was having to pay 800 baht for a debit card.

Western banks never charge for that.

Well, a basic debit card with no accident insurance included is approx Bt200-300. Maybe you are adding in the Bt500 minimum deposit to open an account to get the Bt800 figure. Or, you ended up getting one of their pricier debit cards that includes accident insurance. Which card did you get?

The minimum deposit was 10,000 which I put up.

He said that i get a 1 % discount if I use the card when making purchases.

So I would need to spend 80,000 to recover the 800 baht!

[KittenKong]

The only thing that annoyed me was having to pay 800 baht for a debit card.

Western banks never charge for that.

You dont have to pay so much for a card. You can get an ATM card for 200B/year.

http://www.kasikornbank.com/EN/ServicesChannel/SearchServiceChannel/ElectronicMachines/Pages/KATM.aspx

And in fact you dont need to have a card at all for a savings account.

I have several savings accounts without cards. Why? Because that way it is impossible for any fraudulent card transactions to be made on the account.

The Kbank minimum opening balance for savings accounts is 500B.

http://www.kasikornbank.com/EN/Personal/BankAccounts/Saving/Pages/SavingDeposits.aspx

Kbank saw you coming.

[yankee99]

Its late now but bkk bank on soi bukaou will open a account without all theat BS

[ImJustHangin]

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I opened the first link - looking for where it says that the card is only 200 baht. I couldnt find that - if that is stipulated could you please indicate where it says that?

Thanks

You dont have to pay so much for a card. You can get an ATM card for 200B/year.
http://www.kasikornbank.com/EN/ServicesChannel/SearchServiceChannel/ElectronicMachines/Pages/KATM.aspx

And in fact you dont need to have a card at all for a savings account.
I have several savings accounts without cards. Why? Because that way it is impossible for any fraudulent card transactions to be made on the account.

The Kbank minimum opening balance for savings accounts is 500B.
http://www.kasikornbank.com/EN/Personal/BankAccounts/Saving/Pages/SavingDeposits.aspx

Kbank saw you coming.

[Pib]

Well,

Being the OP I will describe how the whole thing concluded.

I went to the kasikorn branch at Royal Garden yesterday and they said I didn't have to buy insurance but I did need to go to immigration to get a residence document.

So today I spent the morning in line and getting that done. Next step off to Royal Garden this time speaking to a different bank employee , this one telling me I DID need accident insurance.

No thank you I said saying that lady yesterday said i dont have to get it. So he quickly waved it off.

The only thing that annoyed me was having to pay 800 baht for a debit card.

Western banks never charge for that.

Well, a basic debit card with no accident insurance included is approx Bt200-300. Maybe you are adding in the Bt500 minimum deposit to open an account to get the Bt800 figure. Or, you ended up getting one of their pricier debit cards that includes accident insurance. Which card did you get?

The minimum deposit was 10,000 which I put up.

He said that i get a 1 % discount if I use the card when making purchases.

So I would need to spend 80,000 to recover the 800 baht!

The minimum deposit requirement to open the great majority of Thai bank accounts is only Bt500.

With you having to put up Bt10K and talking a 1% discount on purchases I see they have a Mastercard Titanium "credit card" that offers" 1% discounts...didn't see what the annual fee was but usually annual credit card fees in Thailand are around Bt600 to Bt1200 depending on the bank and card. Since you had to deposit Bt10K you sure they just didn't' give you a "secured" credit card with a Bt10K credit line and that Bt10K deposit is locked as collateral until you cancel the card? "Secured" credit cards are easy to get in Thailand...no work permit or anything required...just the locked deposit to serve as collateral for the credit card...basically you are just spending your own money...taking all the risk off the bank while they get to also make money off your deposit.

Now getting an "unsecured" credit card (no locked deposit required) that is a totally different story...work permit almost always required, job, usually six month of salary statements, Bt50K (or more) minimum income per month, etc. While these are the typical cards in western countries and easy to get, in Thailand for a farang they are hard to get without work permit, etc.

Or maybe you got their SME "debit" card which has an Bt800 annual fee and maybe comes with a higher opening deposit requirement vs the standard Bt500. I see it comes with 1% purchase discounts.

Yeap, in Thailand the great majority of bank accounts only require a Bt500 opening deposit and a basic debit costs approx Bt200 to Bt300 per year....like the Kbank K-MyDebitCard that has an annual Bt250 fee, no accident insurance, etc.

Maybe some other folks more familiar with Kbank card products can chime in...the Kbank website leaves a lot to be desired in details. Me beginning to think that particular K-bank branch took you for a profitable ride...usually most farangs recommend Kbank since most have an easy time opening an account and provide good service. I can't say from personal experience as I have Bankgok Bank and Krungsri Bank accounts.

[KittenKong]

I opened the first link - looking for where it says that the card is only 200 baht. I couldnt find that - if that is stipulated could you please indicate where it says that?

Actually the ATM card may be completely free.

The 200B fee applies to the basic debit card: http://www.kasikornbank.com/EN/Personal/Debit/Pages/KDebit.aspx

There are several other types of Kbank debit card, and they have higher fees of 250B/550B/800B etc

Maybe yours is the 800B family one? http://www.kasikornbank.com/EN/Personal/Debit/Pages/KMaxFamilyDebitCard.aspx

[KittenKong]

Maybe some other folks more familiar with Kbank card products can chime in...the Kbank website leaves a lot to be desired in details.

Actually the Kbank website is one of the better ones when it comes to providing full details in English. See the links I posted earlier.

[Pib]

Maybe some other folks more familiar with Kbank card products can chime in...the Kbank website leaves a lot to be desired in details.

Actually the Kbank website is one of the better ones when it comes to providing full details in English. See the links I posted earlier.

In comes in a distance second compared to the Bangkok Bank website.

[ImJustHangin]

OK

I just got off the phone with the call centre.

They told me I paid 800 baht because I was sold a BUSINESS ATM card!

Its called a K-SME card

This card has business features I never needed or asked for!

The branch knew my circumstances but did not explain that all I needed was a regular 200 baht card!

Now Im seriously PO-ed.

Ill go have a word with them at the branch but I realize its too late - Ive already paid for it!

[KittenKong]

Maybe some other folks more familiar with Kbank card products can chime in...the Kbank website leaves a lot to be desired in details.

Actually the Kbank website is one of the better ones when it comes to providing full details in English. See the links I posted earlier.

In comes in a distance second compared to the Bangkok Bank website.

Hard to see how Kbank could give more information about those cards than they do. Anyway, KBank is still one of the better ones as far as I'm concerned.

[Pib]

Maybe some other folks more familiar with Kbank card products can chime in...the Kbank website leaves a lot to be desired in details.

Actually the Kbank website is one of the better ones when it comes to providing full details in English. See the links I posted earlier.

In comes in a distance second compared to the Bangkok Bank website.

Hard to see how Kbank could give more information about those cards than they do. Anyway, KBank is still one of the better ones as far as I'm concerned.

I'm really talking the bank websites as a whole for all their products/services/general information; not so much one or two particular webpages. Kbank does seem to have a good reputation with farangs and Thais.

[Pib]

OK

I just got off the phone with the call centre.

They told me I paid 800 baht because I was sold a BUSINESS ATM card!

Its called a K-SME card

This card has business features I never needed or asked for!

The branch knew my circumstances but did not explain that all I needed was a regular 200 baht card!

Now Im seriously PO-ed.

Ill go have a word with them at the branch but I realize its too late - Ive already paid for it!

It may not be too late as there have been other posts over the years where folks felt they got took by their bank, especially with a pricey debit card/insurance...when opening up a new bank account. They went back and talked to the branch manager and got things straighten out...money refunded...different cards issued....but each person's case is different.

Now that you have learned through the School of Hard Knocks, On-The-Job-Training in opening a Thai bank account you might want to try opening an account at another bank branch...another Kbank branch maybe...a Bangkok Bank branch maybe...just another branch. And if that goes well just go cancel that other Kbank account over the next year to avoid getting hit with another Bt800 annual card fee and dealing with whatever other downsides/fees that "might" be associated with the SME account you signed up for...maybe there are plenty of upsides...I don't know.

It can be very frustrating opening a bank account in Thailand sometimes if you happen to pick the wrong branch....one that don't seem to be farang-friendly/excessively fee hungry. And to be honest, not having some knowledge of a bank's products/services available and their cost before applying/walking in their door can put you at a big disadvantage.

Good luck in getting it straightened out and a lower cost account/card. Good luck.

[balo]

The staff in the bank tried to scam you , this is very normal .

What you need to do is to show them the official website so they understand you are not to be fooled around with .

Kasikorn website is clearly written in english , a savings account min. deposit is 500 thb. no need for any extras.

You can also call the head office while you're in the branch and after that they might treat you with respect as a normal customer .