Zen aspects of Thai banking

[Texpat]

This is a thread to share your experiences of banking in Thailand.
We all know how much we have salted away and how far our money will go. This isn't a d!ck measuring contest, rather a place to share banking experiences. At some point most of us long-timers will forgo the under-mattress savings plan for an institution in Thailand that will secure our satangs and promise security and availability.

That is the assumption.

I've always been a saver, never a borrower. I started investing when I was in my mid 20s and learned a few good lessons, some the hard way. I always thought US banks were time-consuming, money grubbing leeches -- until I came to Thailand. What a shock. Thai banking is a soup sandwich from a bygone era 70 years ago, in my opinion.

I've opened and closed several dozen fixed accounts (certificates of deposit) in both US and Japanese banks. Some jumbo (over 100,000) and some minnows (min 1,000). It never took more than 20 minutes to complete the transaction once at the customer service desk.

Today I spent three hours in a bank, where I have been a member for seven years, transferring a simple, round amount from one account into a new fixed account (CD). It required the creation of two new passbooks and no less than two dozen signatures. I counted 30 sheets of paper and four phone calls. My ghast is flabbered.

When my Thai wife worked in the US, I insisted she create her own account, and deposit her savings into that account (to create a history). In the off-chance we physically visited the bank, her transactions took no longer than mine. She was a LEGAL foreigner earning a legal wage. Much as I am here, only my wage is simply transferred in. This Thai bank can see where it came from and my US bank can track the request. WTF makes it so difficult?

I find it incredulous Thai banks still use passbooks. Is it because customers don't trust (zeros and ones) or something more sinister? I've had the same US bank since 1988 and haven't stepped foot inside it for 22 years. Are Thais really this archaic?

Tell us your Thai banking experiences here. NAME the bank.

[Guest]

I believe we would all agree that the Thai banking system needs to practice said "international" standards towards policies of every nature, instead of allowing themselves to wallow in Thainess.

[Norton]

I have accounts in 3 "Thai" banks. Bangkok Bank, Siam Commercial Bank and Citibank. Bangkok and SCB used strictly for ready cash. Savings accounts with relatively small balances. Both are a pain in the butt to do anything more than a simple bill payment or cash withdrawal. Citibank is good however. 5 accounts there. 2 Baht account savings and current aka checking, $US account and 2 investment accounts. All transactions done on line. Not a bankbook in sight. This a major source of confusion when dealing with Thai gov organization. The ingrained concept one must have a bank book or one has no account does, let us say, make transactions with most Thais very interesting. Downside of Citibank is if for whatever reason I need to physically enter the bank I must do so in Bangkok. No Citibank branches near Roiet.

I have found the pain of doing business with a Thai bank often is less or more from branch to branch depending on the branch management.

[sabang]

Rather than give you my experiences of Thai banking, I will share my experience. Thai banking is a naked cartel, and foreign banks are not allowed to compete domestically here. HSBC gave up in disgust. The families behind the Thai banking cartel rank senior in the order of things to all other domestic business oligopolies. Only the CPB has more clout, but then again it owns SCB

[Texpat]

I went into my local bank Monday to make a small withdrawal. They have new DEPOSIT and WITHDRAWAL slips and neither had any indication (in English) to identify which was which. As I stood there trying to decipher the forms, a bank manager said, "No need, the teller will help you with that."

OK. I sat and waited for my number to be called.

I went to the teller and explained I would like to make a small withdrawal and she handed me a blank withdrawal slip and said, "sign here, here, and here.

I did. She quickly handed me back three thousand baht and my passbook.

What? Am I to take you at your word you'll fill out the form later? No ID check for a withdrawal? Do you know me? I certainly don't know you. What is my recourse if the teller withdrawals 300,000 instead of 3,000? I essentially just signed a blank check. I've never witnessed such sloppy, unprofessional banking practices in my life.

None of these questions struck me until I was out in the parking lot climbing into my truck. How do they get away with such shit? I logged onto Krung Thai's website to ask the simple question, "What is the protocol for a basic savings account withdrawal," and the litany of questions and background information required resembles the Inquisition. There is no mechanism for asking a simple question, only a formal complaint. I suppose I know the answer anyway. IDs are required on all withdrawals. Blank, signed forms are never to be used.

Rules and laws mean nothing here. Their banking practices certainly do not instill confidence and confidentiality. Everything is half-assed.

[Texpat]

What makes you think I can't speak Thai, Jeff?

I was in the bank Friday and have learned that they've done away with patron-completed withdrawal and deposit slips altogether. Patrons now just sign a blank form at the teller's window.

[Yuri O]

I noticed that too, although it's been about a year now at my Kasikorn branch I go up to the desks and ask for the withdrawal slips and get a dozen or so. They will give them to you. I also make it a point to complain what an incredibly stupid idea it is. I'm told one can check the book to make sure the correct amount is withdrawn, and then get the stupid giggle when I inform them it won't stop a future unauthorized withdrawal.

[Yuri O]

SBC is now doing this too Went in yesterday to make a deposit into someone else's account, no slips of any kind available and I wasn't the only one looking for them. I asked a manager why, her reply,
" Head office policy."
The line was long and I suggested to her that now takes a teller more time to fill out the form. So she went and got forms and filled them out for us standing in line.

[crazy dog]

My favorite hate here is Thai banks,all modern and impressive- at first

Started first day opened account on Suk at Siam City Bank, now Tanachart. First no as no WP, then yes when told the amount, need an ATM card, will do after. Opened the account no card- oh we have no left go to branch down the road. Went there told the what first bank had said, all smiles took photo copies of PP, filled in a form. 15 mins later came back, cannot do have to get from your own branch, jesus how stupid are these people I thought, quite a bit more than this as it turned out. 20 minutes later call from the bitch who could not be bothered in the first bank almost begging us to go back as she had now 'found some cards' obviously had a rocket up her arse.

One time the ATM outside the bank did not return the card- go in and ask for card back, machine nothing to do with bank, er but it's got your name on and is in your wall, sorry cannot do. Go home get mrs to call, no problem come in 30 min and get the card back what name is it- oh no not for foreigner security risk, 300 baht for new card.

Transferred swift smallish amount hold up by bank and they give the exchange rate when it went into the account which was lower than when they got the transfer, they made on that. After that large transfer, hold up again only this time they gave me the rate when they got it not when it went into the account, when the rate was lower, a reversal of any rules they might have. That was a very big loss.

Twice when transferring money they have charged me the same as the sending bank so I paid twice. Wrote last time to CEO at head office no reply, phoned, just illogical nonsense from them. Emailed the consumer protection place at government complex, no reply, wrote to them with the statements, no reply.

Changed bank, they enter my name as mrs and give me a letter for immigration with the name spelled wrong, not a bad start really.