Joys of Banking in Thailand.

[Dazinoz]

3 minutes ago, lkn said:

Before you go to another bank, I suggest you check out the requirements on their website so you are properly prepared, possibly print out the Thai version of their page, should you run into problems.

 

Also check which branches can do foreign currency deposit accounts, for example Bangkok Bank has a list on their website which does not include the Panthip Plaza branch (but there is one on both Changklan and Sridonchai Road, not that far from Panthip Plaza).

 

 

Because, as mentioned in the posts, they are very branch specific I visited my branch, Panthip Plaza first to find out what I needed. A week later i took what I was told to bring. Then I was told that that Branch did not do FCAs. Would have been nice for them to tell me that the first time. Then what I was told to bring was not good at the other branch.

 

I have enough stress in my life at the moment so will just stick with my everyday account and loose on the exchange rate.

[Khon Kaen Dave]

3 minutes ago, lkn said:

I didn’t mean to say you should have paid 300 baht, simply that the chance of this girl just having misinterpreted the fees and made a mistake, rather than in kahoot with the manager to scam you for 200 baht, is the more likely explanation, and she should not have been fired.

Ok! I know where we are, and the banking system is different here. But i  had two bars in Patts for 5 years. i knew the banking system from A-Z. This girl was maybe a newbie. The manager was very keen to keep our account. I think that the young lady may have been a bit over zealous to fund the banks Christmas do, but she tried to con me and thats all there is to it.

[Khon Kaen Dave]

13 minutes ago, lkn said:

I didn’t mean to say you should have paid 300 baht, simply that the chance of this girl just having misinterpreted the fees and made a mistake, rather than in kahoot with the manager to scam you for 200 baht, is the more likely explanation, and she should not have been fired.

I wasn't asking for the girl to be fired, god forbid, but she would need to learn who she can scam and who she cant.

[RocketDog]

13 hours ago, asiaexpat said:

Not waste to much time or space, I have been banking with Bangkok Bank for over ten years and recently needed to open a new account. Went to my main branch and was told I needed a letter from my embassy stating my address. I showed my Tabien Baan for poof of residence as well as drivers license and Thai pink ID card. They still wanted the embassy letter so I left. Came back the next day and got another clerk, he asked for my passport, Tabien Baan and savings account book. New account opened without anything else, who can figure. 

I've had similar experiences with banks and even simple stores in Thailand . I now just smile, thank them, and come back the next day without my feathers ruffled.

Inefficient but less brain damage. I always try to remember TIT and the more significant issues I left behind me in the bright and shining USA. That usually calms me down.

[bazza73]

Perhaps the OP made things too complicated when he wanted to add an FCA to his regular account. What is the purpose of having one?

I just roll the 800,000 into 12 month term deposits every year, then get a letter from the bank when I'm close to the extension. Although I must admit I'm getting a bit tired of receiving SFA in interest, might try the pension route next time around.

I opened an account at Kasikorn two years ago for emergency medical funds, Thai baht. I've found if you turn up with a large wad of cash, bank staff fall over themselves to get you signed up.

[MonkeySee1]

Despite not even living in Thailand a friend helped me sort a thai bank account with a couple of term deposits, a current a/c with debit (atm) card and a credit card.

 

At the branch he wanted to know the whereabouts of someone who he knew to bank with that particular bank and who owed money money. The clerk opened her account details and swivelled the screen round so he could make a phone pic of the screen showing recent transactions whilst the clerk went off for a few moments.

I was more amused than surprised 

[bazza73]

3 hours ago, Dazinoz said:

BTW where do you buy the rose coloured glasses from?

 

Plenty of them down Chang Khlan Road at the night market. Put them on, then head up Loi Kroh Road towards the moat. The walk will cheer you up.

[bazza73]

There is one feature of Thai banking I really like - the passbook system.

To make a withdrawal, you have to have your passport, and also sign a copy of the passport. The teller compares your signature with what's in the passport, and also your signature ( invisible ) in the bank book with the withdrawal slip. Presumably you also have to look like the photo in your passport.

IMHO, that's the best defence against scammers  short of biometric testing.

[Dazinoz]

52 minutes ago, bazza73 said:

Perhaps the OP made things too complicated when he wanted to add an FCA to his regular account. What is the purpose of having one?

I just roll the 800,000 into 12 month term deposits every year, then get a letter from the bank when I'm close to the extension. Although I must admit I'm getting a bit tired of receiving SFA in interest, might try the pension route next time around.

I opened an account at Kasikorn two years ago for emergency medical funds, Thai baht. I've found if you turn up with a large wad of cash, bank staff fall over themselves to get you signed up.

Pray tell how did I make it too complicated? Only did what the first bank requested which was not enough for the second bank.

 

If you READ my original post you might understand why I wanted to open one, basically exchange rates.

 

I don't like to have too much in Thai bank for a number of reasons. Interest rate as you mentioned, security of money if it goes missing, at least Australian banks cover your money and ease of access for my beneficiary if something happens to me.

 

This time I wanted to bring in the equivalent of 2 million baht. told them that. The only place staff interested in falling was back in their comfy chair and asleep.

[Dazinoz]

44 minutes ago, bazza73 said:

Plenty of them down Chang Khlan Road at the night market. Put them on, then head up Loi Kroh Road towards the moat. The walk will cheer you up.

 

Been that walk many many a times. Not so rosy anymore.

[Dazinoz]

35 minutes ago, bazza73 said:

There is one feature of Thai banking I really like - the passbook system.

 

 

Thats if you use it. 99% of my withdrawals are via ATM and bankbook updated at updating machine.

[Dazinoz]

37 minutes ago, bazza73 said:

IMHO, that's the best defence against scammers  short of biometric testing.

 

Hmmm, had biometric testing done many times in Loi Kroh. They look into my eyes, hold my hand, check pulse, temperature, maybe prints, but still seems a lot money comes out my ATM. 

[AboutThaim]

Just to throw in my KBank experience! I opened an account in Pathum Thani in 2015 with the help of my gf at the time.  It took several return visits to get me onto internet banking.  When I told them last year I was moving to Isaan they said open an account there so no ATM charge.

At 90 day reporting I asked the police captain Immigration Officer about applying for an extension.  She said I needed the required money in a Thai bank account. I did not tell her I already had one and planned to open another one to keep that money separate from my everyday account.

On approaching my g/fs bank to open an account (with her) we were told “cannot, new govt rules”.  Ok.  So we  went to my bank, same reply and told I had to use my present account for 2 years first.  My g/f opened an account and I asked to speak to an English speaker.  She put me through to Bkk and I explained that I was told I must have a Thai bank account by immigration.  So he says yes I can and talks to the girl I'm dealing with. She copies my passport and says she has to do checks first and will call me in two days.  

Three weeks later we went back.  “Need your passport.” “You copied it before.”  “Throw in the bin because you not come back.”  “You were supposed to call me.” “Sorry.”

Opened my account, but the three days she said it would take before I could access the account by internet took three weeks.

I'm thinking it was a loss of face thing with the girl clerk and she took an instant dislike when I had her “cannot” over ruled.  I just can't work out why they put so many obstacles in the way.

[bazza73]

6 hours ago, Dazinoz said:

 

Thats if you use it. 99% of my withdrawals are via ATM and bankbook updated at updating machine.

I only use an ATM for emergency withdrawals. Too many ways to be scammed. The scamming technology is now so sophisticated your details can be read from the credit/debit card in your pocket by someone just brushing past you, UNLESS it is shielded in a metal case.

[steven100]

3 minutes ago, bazza73 said:

I only use an ATM for emergency withdrawals. Too many ways to be scammed. The scamming technology is now so sophisticated your details can be read from the credit/debit card in your pocket by someone just brushing past you, UNLESS it is shielded in a metal case.

from now on I'm wrapping my credit cards in aluminum foil before leaving the house and I'm not going to let anyone brush past me ...  I'll maintain a 1 meter safe zone around me. 

[bazza73]

Just now, steven100 said:

from now on I'm wrapping my credit cards in aluminum foil before leaving the house and I'm not going to let anyone brush past me ...  I'll maintain a 1 meter safe zone around me. 

Quit using the underarm deodorant, and flap your arms a lot. That should help.

[bazza73]

6 hours ago, Dazinoz said:

 

 

If you READ my original post you might understand why I wanted to open one, basically exchange rates.

 

 

Now don't get tetchy. I am wondering why an FCA is worth the hassle.

I normally bring in 20,000 to 30,000 AUD at a time. Bangkok Bank seems to be far less rapacious than any Australian bank on the exchange rate. I try to pick times when the exchange rate is favourable, but it is what it is.

If you are hoping to get better rates on the AUD,  the latest news is that due to the decline in iron ore prices, the AUD is heading down against most currencies.

[malt25]

You appear to be taking umbrige to many of the replies. I dunno why, you asked for it.

" Now I get off my soapbox and hand over to the trolls."

[1FinickyOne]

11 hours ago, Khon Kaen Dave said:

I think that the way you have berated this poster, tells me that you are still prancing through the daisy fields of "oh so happy to be here" Wait a few years and see if your attitude doesn't change.

 

ok - I can wait - - I do have a 40+ year history here and full time for close to 20 years now... sorry if I ruin your day by not being a complainer... 

[1FinickyOne]

11 hours ago, Dazinoz said:

BTW where do you buy the rose coloured glasses from?

 

I assume that you are using rose colored glasses as a metaphor for having a positive attitude. Do you consider that a negative? I know I have been lucky but I also know that we all can create our own realities. I had a learning experience too, my Bangkok bank branch was not the same as my upcountry branch and they wanted to charge me to deposit money into my Bkk branch - - I was startled, got over it in 2 minutes and opened a different account upcountry. Not much problem, solved happily in a minute and I did not have to post any frustrations on line. I walked out laughing and smiling and learned something too. 

 

But, I never expected here to be like back home. I understood that part of being here was to be learning to adapt to another culture. It would not be a large jump of reason to assume having knowledge of the cultural differences where you live might contribute to your ease and enjoyment there. It seems a simple observation to me that people here are much happier than people in my home country and so, I figured out that there was something interesting to learn, including language, customs, and even ways of thought not always easily put into words. 

 

The things you complained about sounded so minor to me that they were not worth mentioning. I hope there are much more positive things in your life for you to focus on... Is there anywhere that people who live in the negative have more enjoyment than people who live in a positive, rose colored, if you will, world? 

 

Have a nice day... 

[1FinickyOne]

11 hours ago, RocketDog said:

I've had similar experiences with banks and even simple stores in Thailand . I now just smile, thank them, and come back the next day without my feathers ruffled.

Inefficient but less brain damage. I always try to remember TIT and the more significant issues I left behind me in the bright and shining USA. That usually calms me down.

Good for you - - it seems a much more appropriate way to deal with inevitable problems... I have had some minor problems here but I have had the same in USA and from people who really should have known what they were talking about and with no language differential. I did not come into retirement to let minor issues of inconvenience bother me. 

[Dazinoz]

23 minutes ago, kenk24 said:

 

The things you complained about sounded so minor to me that they were not worth mentioning. I hope there are much more positive things in your life for you to focus on... Is there anywhere that people who live in the negative have more enjoyment than people who live in a positive, rose colored, if you will, world? 

 

You know NOTHING about my life. If it was just the bank issue not a problem but there are many others.

 

One is trying to share my experiences with others and Trolls like you make me out to be a nasty, negative person. And I am to people like you.

 

Have a nice life hounding others.

[Dazinoz]

1 hour ago, malt25 said:

You appear to be taking umbrige to many of the replies. I dunno why, you asked for it.

" Now I get off my soapbox and hand over to the trolls."

 

i made that comment because I have done a number of posts on here sharing experiences and its amazing the number of people that instantly know what you are like and comment to such. Like "its obvious that....", etc etc. When its not obvious at all.

 

The world is getting a sad place with these people who feel they need to berate others for sharing there experiences. Sometimes people just feel the need to share without being berated.

 

[1FinickyOne]

33 minutes ago, Dazinoz said:

You know NOTHING about my life. If it was just the bank issue not a problem but there are many others.

 

One is trying to share my experiences with others and Trolls like you make me out to be a nasty, negative person. And I am to people like you.

 

Have a nice life hounding others.

Funny guy - sure, i know nothing about your life, just your attitude towards things - - and then you accuse me of distorted vision... as if being positive is a bad thing... but then you call me a troll and all that for suggesting that you might enjoy your life a bit more if you too had a more positive attitude... I am sure all your conversations in the bank were in Thai - - imagine a Thai person in Australia wanting to have a minimum wage bank teller explain things to them in Thai language... and then be upset if there was a misunderstanding... then, oh my - - what a shock! It is hot outside! In Thailand! - First, they speak Thai!!! Then it is hot!! - 

 

I am sorry for your troubles but maybe open your eyes just a little and you will see better w/or w/o glasses... and not berate me for being content and trying to help you. 

[kurtmartens]

Can we please close this topic?!

[fletchsmile]

@Dazinoz

 

First off. I appreciate your hopes on the AUD/THB, but that's all they are. Hopes. Who's to say where the FX rate is going? Particularly short term and between when you actually do your visa. Have you thought what happens if you're wrong?

 

Sorry to be harsh, but what you're also demonstrating is a common trait of many people here - a lack of flexibility. You've one idea on one aspect and that's exchange rates. Think about all the other aspects to the whole situation.

 

The perfectly simple solution is to just convert your AUD into THB. Done. Sorted for years to come. The  whole process is then so much easier.

 

By insisting on the foreign currency you're just creating unnecessary issues and headaches on how you'd like Thailand and Thai banks to be, rather than how things actually are. Hence the run around and paper chases. The happiest people in Thailand learn to live with how things are and just go with what works rather than complain about the way they think should work.

 

Your visa money isn't something to be taking risks or making bets on.

 

Life's so much easier if you just stick THB 800k in a bank account with decent interest and never touch it, except maybe in an emergency, and even then someone should be setting away other funds. That way any (imagined) "poor" rate is juts a one off hit. Spread over say 10 years is peanuts and not worth the hassle. If someone needs to access their visa money they need to think twice about can they really afford to be here long term.

 

Even if you get it sorted and get a foreign currency account to work, next thing to complain about would be the uncompetitive interest rate and fees on FCY accounts in Thailand.

 

After all these hassles even if you get one, my guess is there'd be a 50/50 chance you'd be back on here when the AUD/THB rate worsens and you find what was worth THB 800k worth of AUD when you first placed it is now worth less and now you have another problem LOL 

 

Keep life simple. Have a laugh at it all. Make it easy on yourself. Is it really worth the hassle? Particularly given it's also safer to go the THB route

 

Cheers

Fletch :)

Edited May 18, 2017 by fletchsmile

[Shaunduhpostman]

There will be no end of hassles, quirks introduced by by staff, awful communication at any bank in Tealand. After 18 years here the variations of problems sometimes serious, are never ending, such as their sudden without notice blocking you from accessing your money from abroad days after staff explicitly tell you you can get money from your account at an ATM in Singapore, don't worry. The you must open an account at our branch seems to be a stock response to anything any employee doesn't want to do. Luckily, as a holder of a marriage non-O, I don't hav eto show proof of funds, so its all my own problem that I don't just haul off and put the money in an account abroad.

[bazza73]

2 hours ago, fletchsmile said:

 

Life's so much easier if you just stick THB 800k in a bank account with decent interest and never touch it, except maybe in an emergency, and even then someone should be setting away other funds.

While I did like most of your post, I have to ask: What do you call decent interest? Which Thai bank is offering it?

[1FinickyOne]

3 hours ago, fletchsmile said:

@Dazinoz

 

First off. I appreciate your hopes on the AUD/THB, but that's all they are. Hopes. Who's to say where the FX rate is going? Particularly short term and between when you actually do your visa. Have you thought what happens if you're wrong?

 

Sorry to be harsh, but what you're also demonstrating is a common trait of many people here - a lack of flexibility. You've one idea on one aspect and that's exchange rates. Think about all the other aspects to the whole situation.

 

The perfectly simple solution is to just convert your AUD into THB. Done. Sorted for years to come. The  whole process is then so much easier.

 

By insisting on the foreign currency you're just creating unnecessary issues and headaches on how you'd like Thailand and Thai banks to be, rather than how things actually are. Hence the run around and paper chases. The happiest people in Thailand learn to live with how things are and just go with what works rather than complain about the way they think should work.

 

Your visa money isn't something to be taking risks or making bets on.

 

Life's so much easier if you just stick THB 800k in a bank account with decent interest and never touch it, except maybe in an emergency, and even then someone should be setting away other funds. That way any (imagined) "poor" rate is juts a one off hit. Spread over say 10 years is peanuts and not worth the hassle. If someone needs to access their visa money they need to think twice about can they really afford to be here long term.

 

Even if you get it sorted and get a foreign currency account to work, next thing to complain about would be the uncompetitive interest rate and fees on FCY accounts in Thailand.

 

After all these hassles even if you get one, my guess is there'd be a 50/50 chance you'd be back on here when the AUD/THB rate worsens and you find what was worth THB 800k worth of AUD when you first placed it is now worth less and now you have another problem LOL 

 

Keep life simple. Have a laugh at it all. Make it easy on yourself. Is it really worth the hassle? Particularly given it's also safer to go the THB route

 

Cheers

Fletch :)

By insisting on the foreign currency you're just creating unnecessary issues and headaches on how you'd like Thailand and Thai banks to be, rather than how things actually are. Hence the run around and paper chases. The happiest people in Thailand learn to live with how things are and just go with what works rather than complain about the way they think should work.

 

Good job fletch... this says it all... so many people don't seem to realize they are a guest here and should be happy just to obey the regulations and yet are unhappy because they think it should be just like home. 

[fletchsmile]

1 hour ago, bazza73 said:

While I did like most of your post, I have to ask: What do you call decent interest? Which Thai bank is offering it?

It's all relative these days Interest rates generally are poor. Best deals in Thailand tend to be promotional rates, e-saver/internet only bank accounts, or non-standard fixed deposits, eg 10/14 month rather than the usual 1,3,6,12,2yr  tenors which are standard

 

Over the years I've tended to stick with StanChart's eSaver and Marathon accounts, and TMB's no fixed. Mrs Fletch still has a ME by TMB account (for Thai's only). None are great these days, but these are consistently up there. So when I say decent probably mean the account relatively over time rather than the rate. Ball park at/ close to all time lows of only 1.5% give or take

 

OP should also be aware foreign currency accounts are generally poor value for money in Thailand and most people would be better off with their foreign currencies kept outside Thailand. Fees and charges are also often much higher. 

 

The other big factor OP is overlooking is that foreign currency accounts are not covered by the deposit protection act, so another way they are poor value for money. While low probability any of the major / stronger banks would go belly up, why take the risk? 

 

By insisting on foreign currency deposits instead of THB deposits I could imagine another thread complaining about FCY deposits not being covered if a bank did get into trouble LOL . It's all just really inviting trouble and hassle.