Foreign depositors and Krungthai

[lkn]

As the issue of opening a bank account often comes up, I figured I would share this pamphlet that I picked up in Krungthai Bank.

 

This begs for a use of “the exception that proves the rule” as the pamphlet is about which exceptions are made to allow foreigners to receive interests, hence indirectly it says that foreigners are allowed to deposit with Krungthai, just not receive interests.

 

So if you are having a problem opening an account with Krungthai, check if you should be so lucky that the pamphlet is on the desk, or mention that you are willing to forego interests.

 

Personally I have been with Krungthai for a few years and always found the staff there very helpful, be it issuing a letter to the land office, reference letter to another (foreign) bank, opening accounts for friends on a 30 day visa waiver stamp, setting up internet banking, automatic debit for electricity bill, etc.

 

Edited November 22, 2016 by lkn

[Pib]

KrungThai Bank....a state-owned bank...just not oriented towards foreign customers.

[lkn]

6 minutes ago, Pib said:

KrungThai Bank....a state-owned bank...just not oriented towards foreign customers.

 

As I said, they have always been very helpful to me and given me great service, and I am a foreign customer.

 

Is state owned supposed to be a concern?

 

[Pib]

From the many posts I read over the years on KrungThai they do not seem very receptive to foreign customers...and their interest  policy is one example.  However, even other Thai banks will sometimes not provide interest if they feel you are not a living in Thailand most of the year but that can be worked out.  Yea, I think being state-owned makes them less receptive to certain types of customers....less of a drive to be customer oriented/growth oriented even though their advertisements would of course indicate otherwise.     

[TallGuyJohninBKK]

OP, thanks for posting that copy of the KTB brochure. It is interesting in that it would seem to show that KTB does in fact have "rules" governing the circumstances where they SHOULD be willing to open accounts for non-Thais.

 

If I ever needed or wanted to open an account with KTB, I'd certainly take a copy/printout of that document with me. For whatever reason, as Pib mentioned, they don't have a very good reputation as being a cooperative bank when it comes to opening accounts for non-Thais.

 

[Surasak]

5 hours ago, Pib said:

KrungThai Bank....a state-owned bank...just not oriented towards foreign customers.

Have used Krung Thai for the past 10 years with no problems of any kibd. They have always been most helpful.

[Pib]

This Feb 16 post/document by lkv provides more details on account opening for foreigners:

 

 

 

[KittenKong]

21 hours ago, lkn said:

So if you are having a problem opening an account with Krungthai ........  mention that you are willing to forego interests.

 

Why would I want to open an account with a bank that doesnt pay interest when I can open accounts with several other Thai banks that do pay interest?

[lkn]

19 minutes ago, KittenKong said:

Why would I want to open an account with a bank that doesnt pay interest when I can open accounts with several other Thai banks that do pay interest?

 

If you read the pamphlet I posted, you can see that if you are on a retirement visa, have a work permit, is married to a Thai (and open a joint account), or your name is in the house registration book, then you do get interets.

 

But I think the current rate is 1% so many people who just want a bank account for the convenience of the ATM/debit card may not care about this.

 

Also, if you read this forum, you will see many people claim that they cannot easily open up bank accounts, so rather than posting snarky remarks, perhaps post info about other banks that have a written policy about foreign depositors and good interests that you can recommend.

[Pib]

KTB current Savings Account interest rate is 0.5%

 

http://www.ktb.co.th/ktb/Download/rateFee/RateFeeDownload_4109de01_11_59_Eng.pdf

 

My Thai wife has KTB Saving account....for one reason only....she receives a govt pension monthly and for a direct deposit it can only be sent to KrungThai as a state-owned bank....kinda like a forced bank account.   Also, comparing ibanking among the various accounts the wife and I have at Bangkok Bank, Krungsri Bank, and KrungThai Bank the KrungThai Bank  ibanking is the least friendly/capable.  Would rate Bangkok Bank and Krungsri Bank ibanking pretty equal.  But if you happen to be a U.S. citizen you would definitely want to have a Bangkok Bank account to also have low cost ACH funds transfer receiving capability (to include receipt of monthly U.S. govt pensions) which no other Thai bank has.

 

[KittenKong]

34 minutes ago, lkn said:

If you read the pamphlet I posted, you can see that if you are on a retirement visa, have a work permit, is married to a Thai (and open a joint account), or your name is in the house registration book, then you do get interets.

 

I fit none of those categories, yet I get paid interest by CIMB, Standard Chartered, KrungSri, TMB and Kasikorn.

 

 

35 minutes ago, lkn said:

But I think the current rate is 1% so many people who just want a bank account for the convenience of the ATM/debit card may not care about this.

 

I get paid more than that by KrungSri, CIMB and Standard Chartered. All will provide ATM/debit cards, if needed.

 

 

36 minutes ago, lkn said:

Also, if you read this forum, you will see many people claim that they cannot easily open up bank accounts, so rather than posting snarky remarks, perhaps post info about other banks that have a written policy about foreign depositors and good interests that you can recommend.

 

I do read this forum and have frequently posted details of bank interest rates.

 

And I still dont understand why I would even consider using Krung Thai when so many other banks seem to offer cards and pay more interest. For the same reasons, I also dont understand why people open accounts with Bangkok Bank. This is not a "snarky remark", it is a simple question: I do not see the attraction of Krung Thai.

[lkn]

1 hour ago, KittenKong said:

I fit none of those categories […] And I still dont understand why I would even consider using Krung Thai […] This is not a "snarky remark", it is a simple question: I do not see the attraction of Krung Thai.

 

Obviously for you interests are important, so for you, there is no attraction to Krungthai.

 

Do you understand why I started this thread? Let me clarify, it was to inform people about Krungthai’s rules about foreign depositors, and to let people know that I personally have always had a good experience with this bank (mentioning specific things they have helped me with).

 

If you already have a bank you are happy with and that pays you interests, good for you, no-one is trying to make you switch to Krungthai, hence asking me/us why you should switch seems rather strange.

 

[KittenKong]

9 minutes ago, lkn said:

If you already have a bank you are happy with and that pays you interests, good for you, no-one is trying to make you switch to Krungthai, hence asking me/us why you should switch seems rather strange.

 

I wasn't asking why I should switch. I was saying that I dont see the attraction in that bank when others offer more in every respect. I still dont see it.

[lkn]

11 minutes ago, KittenKong said:

I wasn't asking why I should switch. I was saying that I dont see the attraction in that bank when others offer more in every respect. I still dont see it.

 

Right, and I do not see why anyone would live in Pattaya when other cities offer so much more, yet I do not comment on every post you make about Pattaya, asking why I would ever want to live there, get my point?

[Neeranam]

Don't pay 700 baht or so for their ATM card, with insurance. They tried to sell me it but I noticed the small print said it didn't include foreigners.

[Number 6]

They tried to actually sell me insurance. I just laughed. Bank insurance is practically fraud.

 

The services of this bank are mediocre at best. I had to open an account with them to have my salary direct deposited. As soon as it hits 110k, I withdraw 100 in cash and walk next door to SCB and redeposit. The teller always looks miffed, not that its her money. Ive never personally deposited money in this bank. Stack of other bankbooks on the counter...

 

But Kaisakorn is worst. The waits and idiocy