Bank fees and exchange companies lesson

Prakhonchai Nick said:
A friend of the widow, who works for Kasikorn
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As you are no doubt aware, the majority of Kasikorn (and maybe other banks) haven't got a clue what the rules are nor the law.

I reiterate: "What is it that you require?"

"I wish to have access to our joint account through internet banking"

"Sorry sir, that's not possible"

"But I have an email here from your head office that says it is possible"

The teller, unable to read English directs me to the assistant manager who repeats that internet banking access for joint accounts is not possible.

After showing him the printed email, he retorts "Oh, they must have changed it then".

And it goes on.........

He obtained the necessary paperwork, completed it and gave it to myself and my wife to sign; which we did.

Two days later I had a call from Head Office saying that I had made a mistake on the submitted form. "Oh, no I haven't" I said. "Oh, yes you have", she said.

"I couldn't have made a mistake on the form as I didn't fill in the form, your Surin assistant manager did it - we just signed it".

"Oh, well you will need to return to the bank to sort it out"

"No, I will not. It was the assistant manager's mistake and he should sort it out."

"OK, I shall contact the branch".

The next day she rang me to say it was all sorted.
 
Yorky said:
As you are no doubt aware, the majority of Kasikorn (and maybe other banks) haven't got a clue what the rules are nor the law.

I reiterate: "What is it that you require?"

"I wish to have access to our joint account through internet banking"

"Sorry sir, that's not possible"

"But I have an email here from your head office that says it is possible"

The teller, unable to read English directs me to the assistant manager who repeats that internet banking access for joint accounts is not possible.

After showing him the printed email, he retorts "Oh, they must have changed it then".

And it goes on.........

He obtained the necessary paperwork, completed it and gave it to myself and my wife to sign; which we did.

Two days later I had a call from Head Office saying that I had made a mistake on the submitted form. "Oh, no I haven't" I said. "Oh, yes you have", she said.

"I couldn't have made a mistake on the form as I didn't fill in the form, your Surin assistant manager did it - we just signed it".

"Oh, well you will need to return to the bank to sort it out"

"No, I will not. It was the assistant manager's mistake and he should sort it out."

"OK, I shall contact the branch".

The next day she rang me to say it was all sorted.
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Never underesitmate the prowess of complete idiots.---" Quote ", a wise man.
 
Yorky said:
As you are no doubt aware, the majority of Kasikorn (and maybe other banks) haven't got a clue what the rules are nor the law.

I reiterate: "What is it that you require?"

"I wish to have access to our joint account through internet banking"

"Sorry sir, that's not possible"

"But I have an email here from your head office that says it is possible"

The teller, unable to read English directs me to the assistant manager who repeats that internet banking access for joint accounts is not possible.

After showing him the printed email, he retorts "Oh, they must have changed it then".

And it goes on.........

He obtained the necessary paperwork, completed it and gave it to myself and my wife to sign; which we did.

Two days later I had a call from Head Office saying that I had made a mistake on the submitted form. "Oh, no I haven't" I said. "Oh, yes you have", she said.

"I couldn't have made a mistake on the form as I didn't fill in the form, your Surin assistant manager did it - we just signed it".

"Oh, well you will need to return to the bank to sort it out"

"No, I will not. It was the assistant manager's mistake and he should sort it out."

"OK, I shall contact the branch".

The next day she rang me to say it was all sorted.
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I have been waiting 3 years to have internet banking on our joint account with Kasikorn!
 
Mel Malinowski said:
Sitting in a hotel room in Bangkok with some spare time, on route for my annual return to USA for the 'summer', I just got around to reconciling my currency transfers, and discovered concealed bank fees $$$ I had not expected.:cry:

Initially, I set up a Bangkok Bank account at a branch in Bangkok, where I kept the required 800,000฿ on deposit in order to qualify for a retirement visa. I moved quite a lot of US dollars there over 2 years via xe.com to fund building a house and various farm and family structures and equipment. I was very busy, and didn't bother to audit the account.

I became dissatisfied with BB's service, and their requirement that I show up in person in Bangkok at the branch where my account was established to change anything, and so I set up a K-Bank account in Ta Tum. I was able to make that a sole account as required to meet the visa deposit requirement, but with my wife as beneficiary, which Bangkok Bank would not do for me. :)I have heard that it is difficult to impossible to get BB to give your sole account money back to your Thai wife when you die. They like to keep it.:screamcat:

I began trying another major currency exchange company, called 'Wise.com', and started comparing just how much net ฿ I got compared with xe.com. That is when I discovered that Bangkok Bank was taking a hidden fee off all transfers from xe.com to themselves or K-Bank. I'd send 600,000 ฿ over, and only get 598,400 ฿ in the account. No fee is indicated, but it's there. :rage: However, when I sent the same money over via Wise to K-Bank, it all was credited, no fee.:innocent: I just queried xe.com and they said 'we sent it, and have no control over incoming bank fees'.:tearsofjoy: I estimate that the Bangkok Bank fees amounted to close to 25,000 ฿ over two years. Foolish me for not auditing earlier.

So now, sayonara to Bangkok Bank and xe.com. So far, I have found Wise to have good rates and superior performance (money is credited here within 1-2 days, very fast). Others here may have their own favorites, and it may depend on where you're sending from. The moral is: shop around, reconcile bank accounts, and trust but verify. And set up bank accounts close to home.
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I have found the same thing transferring BBK Bank New York to my BBK Bank account in Thailand, Wise seems to be the best that I have found. If anybody else knows of anything with less fees please post. The way Wise transfers appears to be from one Thai Bank to another with international transfer listed on the money receive it in Thailand BBK Bank account. I would also be interested in what interest other banks are pan for regular savings accounts. K Bank being able to lift your wife as beneficiary it's something I'm interested in. On my list of inquiries to do.

I did change my BBK account to a regular savings with a credit card rather than a time deposit for the express purpose of my wife having access to the funds when I join the, Happy hunting grounds.
 
I was working in Singapore during the latter part of my house build and had been delayed. My wife needed more money so I took my BKB book to their Singapore branch to transfer to my wife's account in BKB Surin.

"We can't do that sir, you will have to withdraw cash from the ATM and then deposit it in your wife's bank"

"But that will mean withdrawing it in Singapore dollars and then exchanging back to Baht"

"Yes sir"

"OK, where's your ATM?"

"We don't have one sir; but there's a bank down the road which does".
 
lightfoot said:
I did change my BBK account to a regular savings with a credit card rather than a time deposit for the express purpose of my wife having access to the funds when I join the, Happy hunting grounds.
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You presumably mean a debit card.

Do make sure not to let it expire (normal life 4.5-5 years). Recommend renew it with at least 6 months remaining, just in case you should be incapacitated.. 2 widows I helped found the cards had expired when the time came.
 
Prakhonchai Nick said:
I have been waiting 3 years to have internet banking on our joint account with Kasikorn!
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Internet banking (at least in my case) does not permit one to draw money from the fixed deposit joint account, only to view the balance. Whether it permits transferring moneys into the account I have not tried.
 
Yorky said:
Internet banking (at least in my case) does not permit one to draw money from the fixed deposit joint account, only to view the balance. Whether it permits transferring moneys into the account I have not tried.
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Fixed deposit accounts do not allow for withdrawals online, and they do not come with ATM cards. If used for keeping visa extension funds (albeit at a minimalistic higher interest rate) wives/partners are unable to access the money after ones death. The higher interest is more than offset by lawyers probate costs!
 
Yorky said:
Internet banking (at least in my case) does not permit one to draw money from the fixed deposit joint account, only to view the balance. Whether it permits transferring moneys into the account I have not tried.
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Prakhonchai Nick said:
Fixed deposit accounts do not allow for withdrawals online, and they do not come with ATM cards. If used for keeping visa extension funds (albeit at a minimalistic higher interest rate) wives/partners are unable to access the money after ones death. The higher interest is more than offset by lawyers probate costs!
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Joint account Nick - only one signature required to empty the account (which I hope will not be necessary for a long time yet). Interest rate = bugger all percent.
 
Yorky said:
Joint account Nick - only one signature required to empty the account (which I hope will not be necessary for a long time yet). Interest rate = bugger all percent.
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All mandates cease on death.
 
I am thinking of changing to K bank to put my wife's beneficiary. Question, is there any problem getting the letter from K Bank to give to the immigration when applying for a temporary stay one year and Thailand ?
BBK Bank in Robinsons Surin has been helpful for me obtaining a proper letter to verify the retirement funds to take the immigration.
I tried BB K Bank in Lamduan, they did not know what they were doing, charge me too much, and gave me an improper and inadequate verification letter.
If people are using K Bank for the retirement funds which branch works for you ?
 
Prakhonchai Nick said:
You presumably mean a debit card.

Do make sure not to let it expire (normal life 4.5-5 years). Recommend renew it with at least 6 months remaining, just in case you should be incapacitated.. 2 widows I helped found the cards had expired when the time came.
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Good advice ! I am thinking about changing K Bank after your post. Which branch did you go to to set up your retirement account ?
Yes it is a debit card.
 
lightfoot said:
If people are using K Bank for the retirement funds which branch works for you ?
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I use the main branch in town (Thanasan Road) and have been doing so for over twenty years (the Robinson's branch doesn't open until late morning (and haven't opened at all on occasions recently)). After a few hiccoughs early on I have had no problem obtaining the letter and they also copy my passbook page with the update for me. I have yet to obtain the "three month statement" (a recent new requirement) from them as last year I obtained it from the Prassat branch.

I shall be testing out the service again in 2 weeks time so I shall post the results.
 
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UPDATE

Kasikorn Bank Prakhonchai are to pay over to the widow the 50,000bt held in her late husbands savings account purely on the strength of the marriage and death certificates. They have ignored completely Thai intestacy rules, which require 50% of the foreigners money to go to his family in his home country following Thai probate.

Siam Commercial bank on the other hand will not pay, requiring Thai probate for an amount of circa 40,000baht
 
Yorky said:
I use the main branch in town (Thanasan Road) and have been doing so for over twenty years (the Robinson's branch doesn't open until late morning (and haven't opened at all on occasions recently)). After a few hiccoughs early on I have had no problem obtaining the letter and they also copy my passbook page with the update for me. I have yet to obtain the "three month statement" (a recent new requirement) from them as last year I obtained it from the Prassat branch.

I shall be testing out the service again in 2 weeks time so I shall post the results.
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Yorky, thank you for the information. I live about halfway between Prasat and Surin so either Kasikorn branch would be equally convenient depending upon the parking and access to the bank. Robertsons would be convenient for me to take my retirement funds out of BBK Bank and deposit them in Kasikorn. I might give Kasikorn Bank branch in Robinson a try.
 
lightfoot said:
Yorky, thank you for the information. I live about halfway between Prasat and Surin so either Kasikorn branch would be equally convenient depending upon the parking and access to the bank. Robertsons would be convenient for me to take my retirement funds out of BBK Bank and deposit them in Kasikorn. I might give Kasikorn Bank branch in Robinson a try.
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I hope that you fare better than I. I withdrew my funds from Bangkok Bank in Surin to deposit in Kasikorn Bank virtually opposite. However, I was stupidly still wearing my reading glasses when I tripped over that massive kerb outside Kasikorn and being intent on saving my envelope severely injured my leg in the resultant awkward fall.
 
lightfoot said:
I am thinking of changing to K bank to put my wife's beneficiary. Question, is there any problem getting the letter from K Bank to give to the immigration when applying for a temporary stay one year and Thailand ?
BBK Bank in Robinsons Surin has been helpful for me obtaining a proper letter to verify the retirement funds to take the immigration.
I tried BB K Bank in Lamduan, they did not know what they were doing, charge me too much, and gave me an improper and inadequate verification letter.
If people are using K Bank for the retirement funds which branch works for you ?
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Re letter for immigration. I have found Bangkok Bank at Kap Cheong to be excellent.
 
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