Ridiculous Bank Charges Going Up For Farangs

[PhuketAmerican]

Hello-  When I moved here for a job in 2012 I was able to open my first account with nothing but passport and a letter stating that I was going to be employed at the company, and 1000 baht deposit.  That was at Bangkok Bank.

 

In 2014 when I changed jobs, I was able to open an account at Krungthai (Yellow Bank) with passport, work permit, and 1000 baht deposit plus 200 for my ATM card. It was easy.

 

In 2016 I opened a savings account at Siam Commercial Bank,  with passport, work permit, and 1000 baht deposit plus 300 for my ATM card. It was easy, but had to fill out US tax forms (!) and I was able to open a credit card with 6 figure limit (THB).

 

Now I have started a new job, and have to open an account at Kasikorn Bank.  When I went to do this yesterday, after filling out myriads of paperwork both Thai and USA, I was asked for 10,000 baht initial deposit and 800 baht.  I couldn't believe it.  I made up excuses that I needed to get the money and come back Monday, but I will look this afternoon at another branch if the fee for debit card is not so high, seems usurious to me.

 

Anyone else had similar experience?

 

 

 

[Kwasaki]

Jobs, economy, banking, business, investments

 

Best go here me thinks

[KittenKong]

The high debit card fee is for extra insurance and other "benefits" that it carries. You can refuse it and go for a cheaper card, but the staff may not be keen as they wont get the same commission.

 

The initial deposit is just that: you can withdraw it instantly.

[NanLaew]

What's wrong with the OP's existing 3 bank accounts? I don't understand why changing jobs apparently requires opening a new bank account.

[Don Mega]

Just now, NanLaew said:

What's wrong with the OP's existing 3 bank accounts? I don't understand why changing jobs apparently requires opening a new bank account.

When I change employer They asked me to open an account at the bank they use.

 

or I could keep mine (different bank) but my salary would be delayed 2 weeks.

[TallGuyJohninBKK]

The normal annual or opening fee for a regular Thai bank debit card seems to be in the 200-300 baht range most of the time.

 

If they're hitting you up for 800 baht, there's probably other stuff being tacked on. You should ask what's making up the 800 baht fee, and/or, inquire at a different Kasikorn branch.

 

I'm pretty sure the Kasikorn bank company doesn't have a standard 800 baht fee for getting a debit card with a new account, even for farangs.

 

As for the 10,000 baht opening deposit, I've never had any Thai bank ask me for ANY substantial minimum opening deposit when opening a normal savings account. If you're trying to secure a bank credit card or something like that with the savings account, then that's a different story.

 

 

[PhuketAmerican]

It's not required to open new accounts, I've just had bad luck that my employers have all used different ones and the accountants always want to do payroll with 1 bank only and basically forced me to go out and open new accounts.

[manfredtillmann]

1 hour ago, Don Mega said:

When I change employer They asked me to open an account at the bank they use.

 

or I could keep mine (different bank) but my salary would be delayed 2 weeks.

really? 2 weeks? who are you working for to accept getting ripped off like that? must be worthwhile...

[Don Mega]

18 minutes ago, manfredtillmann said:

really? 2 weeks? who are you working for to accept getting ripped off like that? must be worthwhile...

 

How would I be getting ripped off ?

 

 

[Pib]

That K-bank branch was just  trying to rip you off by selling your higher end products/services. 

 

To open a Thai bank account for a regular savings account the minimum opening deposit is Bt500 (been that way for a long, long time). If wanting a debit card the annual fee for a standard debit card in the Bt180 to Bt300 range and usually an initial issue fee of Bt100.   Anything pass that is a special savings account which maybe pays higher interest than a standard savings account and debit card that is coming with some kind of insurance.    .

 

Below is some snapshots from the K-bank website showing the minimum opening deposit and basic debit card cost.

 

[Pib]

Becoming common for Thai employers to pay by direct deposit and they send that direct deposit to a bank they have made a special deal/contract with.

 

I got a Thai in-law who got a job driving a  truck (minimum wage type job) a few months ago with some small company/factory that makes a variety of sauces...that company required him to open a bank account with a specific bank (I think it was Bangkok Bank) as they paid salary via direct deposit.

 

Thai govt does the same for many govt payments like old age pension (usually requires opening of an account at KrungThai Bank which is state owned)...but the govt will also pay in cash in some cases and its distributed from a local district/area office.

 

Yeap, payroll direct deposit to a specific bank a company or govt agency uses is becoming more common in Thailand.

[KhunBENQ]

I opened a Kasikorn account in 2009.

Recently got charged 800 Baht "ATM" fee (yearly fee).

Can't remember that it was that high all the years.

A friend had 500 Baht deducted last year.

 

If this year is over and I find a virtual credit card service at Bangkok Bank or SCB I will close the account.

Problem solved.

The virtual CC/debit card is the only attraction of this Kasikorn account.

 

10000 Baht deposit is also a requirement at Bangkok Bank for a current account (only available with WP).

Savings account is 500 Baht or so initial deposit.

 

[HampiK]

it all depends on the ATM card the stuff can make you take. There are standart cards of about 200 baht.. and are special cards with goes up to about 1'000 annual fee.

 

So tell them you want the standart ATM card for 200 baht!

[Deepinthailand]

1 hour ago, KhunBENQ said:

I opened a Kasikorn account in 2009.

Recently got charged 800 Baht "ATM" fee (yearly fee).

Can't remember that it was that high all the years.

A friend had 500 Baht deducted last year.

 

If this year is over and I find a virtual credit card service at Bangkok Bank or SCB I will close the account.

Problem solved.

The virtual CC/debit card is the only attraction of this Kasikorn account.

 

10000 Baht deposit is also a requirement at Bangkok Bank for a current account (only available with WP).

Savings account is 500 Baht or so initial deposit.

 

10000bht was the figure I had to put in on initial deposit  at BKK bank for current account but I did not need to show WP in fact I was never asked for it.

Again I think it depends on the branch you go to.

[balo]

Just visit the Kasikorn website and you can clearly read the rules for opening a savings account in Thailand. All you need is your documents ready and a small deposit of 500 baht .   The staff will try to sell you a different "package" because they get a commision from it.   Just tell them you want a savings account and bring your phone with you so you can phone Kasikorn HQ from the branch , hand over the phone to the staff and I promise you everything will be sorted out  

 

 

 

[PhuketAmerican]

 

6 hours ago, balo said:

Just visit the Kasikorn website and you can clearly read the rules for opening a savings account in Thailand. All you need is your documents ready and a small deposit of 500 baht .   The staff will try to sell you a different "package" because they get a commision from it.   Just tell them you want a savings account and bring your phone with you so you can phone Kasikorn HQ from the branch , hand over the phone to the staff and I promise you everything will be sorted out  

 

 

 

 

Yes is clearly does state this one the website- try going to the branch and getting it done.  I asked the woman politely that I only wanted a standard savings account, nothing more.  However, she was prevented by the manager from opening anything but the high end account for me.  The manager told the woman assisting me very rudely that it was that account or I could go, it was a very unpleasant experience.  She had even initially told me I needed only 1000 baht, and upon the manager seeing me and my WP( which states income) she basically decided I had to cough up the baht for the special service or walk.  So I walked, trying at another branch tomorrow.

[wwest5829]

On September 24, 2016 at 7:10 PM, Pib said:

That K-bank branch was just  trying to rip you off by selling your higher end products/services. 

 

To open a Thai bank account for a regular savings account the minimum opening deposit is Bt500 (been that way for a long, long time). If wanting a debit card the annual fee for a standard debit card in the Bt180 to Bt300 range and usually an initial issue fee of Bt100.   Anything pass that is a special savings account which maybe pays higher interest than a standard savings account and debit card that is coming with some kind of insurance.    .

 

Below is some snapshots from the K-bank website showing the minimum opening deposit and basic debit card cost.

 

 

Hmm, my Kasikorn Bank ATM card expired. Went to close mall branch...500 baht for the Visa Debit ATM Card.

Forgot pin...went to my original account opening branch. We can issue you another card for 150 baht. The 350 baht is the annual fee. Just passing on what I was told within the past month.

[Junkyarddog]

Three years ago I tried to get a 2nd atm to send my daughter in the States. This was at Kasikorn Bank in Chiang Mai. I had about two million baht in that bank. They wanted 800 baht for this. I believe the vs they told me it was actually a new atm and not a 2nd atm on the same atm that I already had. Not sure what any of that meant. Anyway me and my two million baht are not at Kasikorn Bank anymore. We are now a Siam Commercial Bank where everything I wanted was possible for a 200 baht few.

[RBOP]

Not all branches offer opening accounts to foreigners and other have limited what they can offer. Go to one of the bigger branches. Fees depend on what type of ATM you get. Some include personal accident insurance (K-Max) which is 550 baht annual fee. The other K-My is a standard atm/debit card for 250baht annual fee.  

 

Ok this interesting. On K-Bank website the K-Max card is 650 baht/annual with application/card replacement of 150 Baht. There's your 800 Baht. http://www.kasikornbank.com/EN/Personal/Debit/Pages/KMaxPlus.aspx

[Pib]

29 minutes ago, wwest5829 said:

 

Hmm, my Kasikorn Bank ATM card expired. Went to close mall branch...500 baht for the Visa Debit ATM Card.

Forgot pin...went to my original account opening branch. We can issue you another card for 150 baht. The 350 baht is the annual fee. Just passing on what I was told within the past month.

 

And that probably because you don't have the basic debit card but the more upscale My Play Debit card.   K-bank has around 6 different debit cards (like many Thai banks)....all with a different fee structure.

 

Quote

The  card fee of K-My Play Debit Card.
 The  Entrance fees  value: 150 baht.
 The annual fee  : 350 baht per  Pop .
 The fee  issuing new . If lost or damaged  150 baht per card.

 

[Pib]

From the K-bank website with the help of Google Translate (not the best translation but gets the point across)...shows.fee structure of their various debit cards.   All depends on the kind of debit card  you got.

 

The  fee of K-Debit Card.
 The  Entrance fees  value: 100 baht.
 The annual fee  : 200 baht per  Pop .
 The fee  issuing new . If lost or damaged  100 baht per card.

The  card fee of K-My Play Debit Card.

 The  Entrance fees  value: 150 baht.
 The annual fee  : 350 baht per  Pop .
 The fee  issuing new . If lost or damaged  150 baht per card.

The  card fee of K-Max Plus Debit Card.
 The  Entrance fees  value: 150 baht.
 The annual fee  : 650 baht per  

 Development of  fees issuing new . If lost or damaged  150 baht per card.

The  card fee of K-Debit 7Purse

 The  Entrance fees  following: THB 200 

 The annual fee : 300 baht per  

 Development of  fees issuing new . If lost or damaged  200 baht per card.

The  fee of  K-Football Thai Debit Card

 The  Entrance fees  than 250 baht.
 The annual fee  : 350 baht per  Pop .
 The fee  issuing new . If lost or damaged  250 baht per card.

The  fee of Debit Card  of Thailand in cooperation with partners.
 - Non- are familiar  protection accident.
 The  Entrance fees  value: 450 baht.
 The annual fee  : 350 baht per  Pop  *.
 The fee  issuing new . If lost or damaged  450 baht per card.
 - Familiarity with  Protection

 The accident  Entrance fees  following: THB 450 *

 The annual fee  : 650 baht per  Pop  *

 The fee  issuing new . If lost or damaged  450 baht per card.

 

[little mary sunshine]

What's the problem here...I have been with the same bank for

the past 19 years.  Same AX card for 25 years!!

[BlindMagician]

Banks change their rules from time to time, and they are not asking for anything unreasonable.

 

Don't take it personally.

[Clamhua]

Opened up a bank.account with Siamese Commercial bank in 1997, atm fee was 150 baht not much inflation in 19 years

[ChesneyHawkes]

Opening UOB account 50k! Maybe required because they're not a local bank? Either way I just put it in and could take it out immediately.

[Pib]

5 minutes ago, ChesneyHawkes said:

Opening UOB account 50k! Maybe required because they're not a local bank? Either way I just put it in and could take it out immediately.

 

See how being a farang makes you special at UOB...minimun opening deposit is 50 times that of a Thai.

http://www.uob.co.th/en/personal/deposit-normal-saving.html

 

Quote

 

Criteria

• Minimum initial deposit of THB 1,000 for Thai citizens or THB 50,000 for foreign depositors

 

•  

[4MyEgo]

I opened an account with Siam about 9 years ago originally, the annual fee is pretty much the same, have never had to change cards and when the time comes for the bank wanting to charge me for a new card, with a new chip for their security, the bank will hear my voice load and clear, on the low side, e.g. you want to protect me from fraud, but you do not compensate customers for fraud related matters, so you pay the fee or I close the account and go to someone who will, simple really, do business, or lose business, oh I can also say my wife's account and her families accounts will also be going else wheres too.

[Suradit69]

On 9/24/2016 at 4:03 PM, KittenKong said:

The high debit card fee is for extra insurance and other "benefits" that it carries. You can refuse it and go for a cheaper card, but the staff may not be keen as they wont get the same commission.

 

The initial deposit is just that: you can withdraw it instantly.

 

" The initial deposit is just that: you can withdraw it instantly. "

 

Yes, exactly. It can hardly be called a bank charge. The money remains the possession of the depositor.

 

Actually the frequency with which the O/P has opened new accounts suggest that banks are trying to discourage customers who run from bank to bank opening new accounts ... from their perspective, a pointless additional clerical expense.

[Anthony5]

14 minutes ago, Suradit69 said:

Actually the frequency with which the O/P has opened new accounts suggest that banks are trying to discourage customers who run from bank to bank opening new accounts ... from their perspective, a pointless additional clerical expense.

 

 

And there was me thinking that a new customer was just that, A CUSTOMER who gives them his money virtually for free, and that filling in the forms was was for the clerks just a different pastime from chatting on their Line app.

By the way, the bank will not know where or if the OP has opned any other bank accounts with other banks ever.

 

But that is just my perspective of the case, and may it's because I'm not Thaier than Thai and don't grab every opportunity to excuse the lousy service of the majority of Thai companies. 

[George FmplesdaCosteedback]

On 9/24/2016 at 4:15 PM, NanLaew said:

What's wrong with the OP's existing 3 bank accounts? I don't understand why changing jobs apparently requires opening a new bank account.

That happened to me when I changed jobs. The company would only pay my salary into the bank they used so you had to open an account with them to get paid. One had such terrible service all the farangs used to withdraw all the money on payday and pay it into their normal accounts.