Need a reliable Thai bank for a savings account.

[dblaisde]

I'll be creating a Thai bank account as a step toward a "retirement extension".

 

I guessed Bangkok Bank was the way to go, since they're the flagship bank of the country (intl. offices) and therefore unlikely to go bankrupt (unlike Thai Farmers a few years ago).

 

Access to ATMs (I mostly live in Bangkok), reasonable fees, and online banking would be pluses. As of now, I don't intend to actually *use* the account that much. It's mainly for the "retirement extension".

 

[fiddlehead]

News to me that Thai Farmers bank went bankrupt a few years ago. 
I've had my account with them since 2000 and been adding money and taking money out all along. 

I bought their stock too and it went up nicely in the 8 or 9 years I held it.  (KBANK on the SET)

 

They did change their name to Kasikorn band at one time. 

 

When did they claim bankruptcy? 

[ubonjoe]

I think you are from the states from reading some earlier posts.

Bangkok Bank is good option since you can transfer money in via their NY branch without send it by swift. You can also have your social security direct deposited into your account.

See: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

[Pib]

Yea, if a US person recommend Bangkok Bank in order to get the lower cost ACH funds transfer method from your US bank(s) to Bangkok Bank.  No other Thai bank has ACH receiving capability; instead, you must use the pricey SWIFT method.   But if you don't mind paying SWIFT fees to transfer funds, Krungsri and K-Bank are good choices also...not to imply some other Thai banks wouldn't work out fine for you.  

 

 

[Pib]

Yea, as far as I know Thai Farmers Bank just changed their name to Kaiskorn Bank in 2003.   I guess  the Thai Farmers Bank name just wasn't a good name anymore if the bank wanted to get a wider variety of customers such as city slickers.

 

https://en.wikipedia.org/wiki/Kasikornbank

[Bulldozer Dawn]

The best account is the Mai Tai Dee account from Krungsri (Yellow Bank).  As long as you maintain at least 100K THB you get interest rate paid monthly that is equivalent or higher than the term deposit rates at most other banks.  You get a certain amount of fee free transactions each month and get use an atm card if you like.

 

You can find a full list of Thai Banks with links to all of their information here:

 

Full List of Banks in Thailand

 

 

[Pib]

Amen brother!   I have a Mai Tai Dee account also.   That's why I have a Krungsri Bank account in addition to my Bangkok Bank accounts.

[The Dancer]

1 hour ago, Pib said:

Yea, as far as I know Thai Farmers Bank just changed their name to Kaiskorn Bank in 2003.   I guess  the Thai Farmers Bank name just wasn't a good name anymore if the bank wanted to get a wider variety of customers such as city slickers.

 

Kasikorn means farmer in Thai, sweetheart.

[KhunBENQ]

4 minutes ago, The Dancer said:

 

Kasikorn means farmer in Thai, sweetheart.

Someone had to say it

 

And since long they cut it down to "K" bank for public relation/advertisement.

 

[Pib]

Slight changes in names can make all the difference sometimes....or at least the executives making the name change think so.

 

 

[KhunBENQ]

To come back to the OP.

For your purpose I suggest that all "big five" from this list are good/reliable.

https://en.wikipedia.org/wiki/List_of_banks_in_Thailand#Commercial_banks_ranked_by_total_assets

(Bangkok, Krungthai, SCB, KBank, Krungsri)

Not saying that the others are not OK, but their branch/ATM network is significantly smaller.

 

In the end you might find it more difficult to find a branch that is willing to open an account for you.

It's one of the most popular threads/questions in the banking forum.

 

[JaiLai]

41 minutes ago, Pib said:

Amen brother!   I have a Mai Tai Dee account also.   That's why I have a Krungsri Bank account in addition to my Bangkok Bank accounts.

What rates do they pay?

 

Thanks.

[likeke]

There is no reliable bank in Thailand. Keep your money in your home country where it is safe and  sound. I use my ATM card from my Chase bank in the US and never had a problem, plus I am not charged the standard service fee because my bank pays it for me. I hear horror stories from people who banked in Thailand. 

[meatboy]

5 hours ago, likeke said:

There is no reliable bank in Thailand. Keep your money in your home country where it is safe and  sound. I use my ATM card from my Chase bank in the US and never had a problem, plus I am not charged the standard service fee because my bank pays it for me. I hear horror stories from people who banked in Thailand. 

please enlighten me,cause of having thai bank accs.in over 35yrs.i havent heard of one.

i do like a good gossip.we welsh you know.

[theguyfromanotherforum]

please enlighten me,cause of having thai bank accs.in over 35yrs.i havent heard of one.
i do like a good gossip.we welsh you know.

Maybe he means if someone lifts money from your bank account, you have little recourse as a customer.

[Estrada]

Thai Farmer's Bank never went bankrupt you could be in trouble for spreading this around, as it is owned by the powerful Lamsam family. You are probably confused with the Bangkok Bank of Commerce. Bangkok Bank is a good bet for a retirement extension if you renew in Bangkok area 1, as their branch at Chaengwattana is the first bank downstairs.

[KhunBENQ]

7 hours ago, likeke said:

There is no reliable bank in Thailand. Keep your money in your home country where it is safe and  sound. I use my ATM card from my Chase bank in the US and never had a problem, plus I am not charged the standard service fee because my bank pays it for me. I hear horror stories from people who banked in Thailand. 

1) Do not spread such unfounded rumor gossip or provide evidence.

 

2) Your advice is useless for the OP as he wants to do retirement extension based on funds in a Thai bank (which is the rule).

 

[12DrinkMore]

7 hours ago, likeke said:

There is no reliable bank in Thailand. Keep your money in your home country where it is safe and  sound. I use my ATM card from my Chase bank in the US and never had a problem, plus I am not charged the standard service fee because my bank pays it for me. I hear horror stories from people who banked in Thailand. 

 

There are more than a few Brits and Europeans who might have an issue with "Safe and Sound".

 

And here is a list of the 500 plus banks that have failed in the States in the last sixteen years......

 

https://www.fdic.gov/bank/individual/failed/banklist.html

[aslimversgwm]

14 hours ago, KhunBENQ said:

To come back to the OP.

For your purpose I suggest that all "big five" from this list are good/reliable.

https://en.wikipedia.org/wiki/List_of_banks_in_Thailand#Commercial_banks_ranked_by_total_assets

(Bangkok, Krungthai, SCB, KBank, Krungsri)

Not saying that the others are not OK, but their branch/ATM network is significantly smaller.

 

In the end you might find it more difficult to find a branch that is willing to open an account for you.

It's one of the most popular threads/questions in the banking forum.

 

Sensible advise and best wishes to the questioner for a very happy retirement. I've been retired here for 8 years and enjoyed MOST of it!

[khunbillmex]

The best account is the Mai Tai Dee account from Krungsri (Yellow Bank).  As long as you maintain at least 100K THB you get interest rate paid monthly that is equivalent or higher than the term deposit rates at most other banks. 

 

Can one get this type of account on one's own name only? [i.e. not having Thai spouse as owner or co-owner of the account]

[abrahamzvi]

17 hours ago, fiddlehead said:

News to me that Thai Farmers bank went bankrupt a few years ago. 
I've had my account with them since 2000 and been adding money and taking money out all along. 

I bought their stock too and it went up nicely in the 8 or 9 years I held it.  (KBANK on the SET)

 

They did change their name to Kasikorn band at one time. 

 

When did they claim bankruptcy? 

The simple answer to your question is: NEVER!!!!!!

[jippytum]

I wish posters would check the facts before posting .Thai Farmers along with all other banks apart from the BBC  THE Bangkok bank of commerce did not go bust or default . The guarantees currently  available to banking depositors in Thailand exceed those  offered by major banks in Europe or the USA.

[NoshowJones]

It really is the luck of the draw, all the Thai banks and their branches make up their own rules, just use the bank that can give you what you require, ie, online banking, credit card etc.

[akentryan]

I am an American that has lived and banked here since 1986. Never had a problem opening an account, losing funds from an account or any other problems. Currently have fixed and savings at Bangkok Bank, fixed and savings at Krung Thai, fixed and savings at UOB and savings at Kasikorn. Bangkok Bank savings a/c is linked to my US Chase account which makes periodic transfers of retirement funds to Thailand very easy. As far as rates go, you have to look for "promotions" as they come up. I don't like the term on fixed for less than a year simply because I don't like to arrange a new fixed deposit any more often than necessary. These promotions are often offered to "new'" customers which means a change of banks sometimes. Other banks like TMB and GSB may offer promotions for Thais only. Have ATM cards for all savings accounts and a VISA card with a 200K limit from KTB. My retirement money is in a KTB 5-year fixed a/c bearing interest at 4% interest paid monthly with a due date in 2019. The interest can be recovered by getting a statement from the bank (interest on both fixed and savings) and file a return at the Revenue Office (the most friendly agency in Thailand IMHO). Be aware that if you are getting monthly interest on a fixed a/c and you cash it in before the maturity, the total amount of interest is deducted from the principal amount. Meaning you still have to file a tax return to get the tax withheld. As for me I avoid the banks that popped as as "survivors" from now defunct Stock Brokeragesl/Housing Developers  that did not survive the 98-99 meltdown. Tanachart and a couple of others fall into this category. My apologies for being so long-winded.  

[skatewash]

16 hours ago, JaiLai said:

What rates do they pay?

 

Thanks.

 

From the second page of https://www.krungsri.com/bank/getmedia/50fdb570-d268-45ac-a80d-8398f3c17690/Deposit-Rates-03102016.aspx under C. Special Savings Deposit Account, 5. Savings Mee Tae Dai Deposit:

Quote

 

less than Baht 100,000: 0.60%

from Baht 100,000 to Baht 50 million: 1.30% 

more than Baht 50 million upward: 0.60% 

 

 

Edited December 31, 2016 by skatewash
reformatted

[skatewash]

   

2 hours ago, khunbillmex said:

The best account is the Mai Tai Dee account from Krungsri (Yellow Bank).  As long as you maintain at least 100K THB you get interest rate paid monthly that is equivalent or higher than the term deposit rates at most other banks. 

 

Can one get this type of account on one's own name only? [i.e. not having Thai spouse as owner or co-owner of the account]

Yes, it is available to anyone in one's own name.  Mine is in my name only.  I obtained it while on a retirement extension (I used Bangkok Bank for the 800,000 Baht for my first retirement extension).  I did not have to have a work permit or any references.  I did have to fill in the FATCA paperwork required for US citizens to inform the Financial Crimes Enforcement Network (FinCEN) of my taxpayer ID number in the US, but of course that's the US government's fault not Krungsri's.

As usual it is possible a particular Krungsri branch may make it difficult or impossible to open such an account, for whatever reason (perhaps just because they aren't used to opening one for a foreigner).  Try another Krungsri branch.  I opened mine in Phuket.  It's probably easier to open at a branch that is used to doing business with foreign customers (i.e., one in a tourist area, mall, or an area with a substantial number of expats).

[Pib]

 

17 hours ago, JaiLai said:

What rates do they pay?

 

Thanks.

You asked what are the Krungsri Mee Tae Dai (MTD) savings account interest rates.  Currently 0.6% for less than  Bt100K,  1.3% for Bt100K to Bt50M and back to 0.6% for amounts over Bt50M.  The standard savings account interest at Thai banks is only around 0.3 to 0.5% compared to the MTD account which pays more interest especially if you keep the balance within the 100K to 50M ballpark.    

 

Interest is paid monthly.

 

You can get a debit card with the MTD account...they have a half dozen or so debit cards ranging from no annual fee (the card I got) to several thousand baht (the ones with various kinds of insurance.    You can also have ibanking which I have.  I'm on a retirement extension of stay.

 

You can make as many withdrawals per month as desired but only the first two withdrawals are free; each additional for that month cost Bt50.   No interest earned penalty for withdrawing like with a fixed account where you would lose most to all of the interest earned if withdrawing any amount before the deposit maturity date.

 

Also, there is no 15% tax withheld like for "any" amount of interest earned like with a fixed depoist account; with the MTD account tax is only withheld if you exceed Bt20K interest earned per year just like with a normal savings account.

 

Full details below from Krungsri's website.

https://www.krungsri.com/bank/getmedia/50fdb570-d268-45ac-a80d-8398f3c17690/Deposit-Rates-03102016.aspx

[GOLDBUGGY]

I like Bangkok Bank.

 

I have been dealing with them for years and never any problems.  I have cashed personal checks with them from out of country, and no problem at all, or high fees. Also because they are Thailand largest bank, they have many outlets. With a Passport and Bank Book you can deal the same in any Bangkok Bank, even if it is not your branch.

 

I have my Retirement Account with them also. Just make sure it is in your name only. I have a Visa Debit Card from them also I never asked for so I never used it. But my wife has many times with no problem either. I think it is a safe bet for you to deal with them.    

[Pib]

2 hours ago, jippytum said:

I wish posters would check the facts before posting .Thai Farmers along with all other banks apart from the BBC  THE Bangkok bank of commerce did not go bust or default . The guarantees currently  available to banking depositors in Thailand exceed those  offered by major banks in Europe or the USA.

Yeap...currently the Thailand deposit insurance coverage is Bt15M (approx $416K USD).  The coverage in the US is $250K with no projected change/reduction in that amount.

 

However, with the Thailand deposit insurance coverage it is scheduled to staircase down until it reaches Bt1M ($27.8K USD) effective 11 Aug 20.   It had been temporarily increased due to past financial crisis.

 

http://www.dpa.or.th/main.php?filename=index___EN

 

 

[louse1953]

7 hours ago, likeke said:

There is no reliable bank in Thailand. Keep your money in your home country where it is safe and  sound. I use my ATM card from my Chase bank in the US and never had a problem, plus I am not charged the standard service fee because my bank pays it for me. I hear horror stories from people who banked in Thailand. 

55,US banks reliable.