No. I am not taking about the typical situation in Thailand when we refer to ourselves as a customer. I am talking about banking in Thailand. It just plain sucks. Sometimes I have to vent a little or complain a bit about being in Thailand. In general it is amazing. Don’t get me wrong. I love this place but holidaying here and doing business here are 2 different beasts entirely. Lately though the banks have just been driving me insane!
With the "big project" I have been having to go to the bank a lot to withdraw money, transfer money, open new business accounts and open an account for accepting credit cards. Simply put it is just painful. I have no other way of explaining it. In fact my business partner and I were talking about how u r never really a customer when it comes to banking in Thailand. The bank is there but they don’t service u. They tolerate u. And it has little to do with how much money u have. One friend told me how his bosses were transferring some 30 million baht one day and the bank called to say that they could not finish the transfer cause they had forgot to pay the 300 baht transfer fee. One would think that they could just deduct the 300 baht from the 30 million baht but I guess not.
So recently we have been opening some business accounts and have spent an enormous amount of time at the Bangkok Bank. To be clear our Thai accounting services company prepares all of our paperwork for us, speaks to the bank prior to any meetings and at times even goes to the bank with us. After sensing my frustration with the bank one of the employees at the accounting company told me that everyone hates dealing with the banks and that it was not just a farang issue. Made me feel a little better. Just so u know how hard it is to open business accounts in Thailand - the manager at the main Bangkok Bank office told us that on the particular day that we opened our accounts that we were the only non Thai business account opened that day. I thought he meant that they were having a slow day but he explained that many people had tried but we were the only ones who had actually completed the process. Ouch.
Here is some of the crap that just drives me crazy.
1. All the forms needed to do a simple transfer from either an account to another account at the same bank or from bank to bank. What is up with the 3 forms, the transfer fee and the 10 minutes at the keyboard?
2. Why do transfers have to be done in the morning? One afternoon I was in my yellow bank to do a transfer to another bank. They said it was too late. I was like too late for it to process today? Yes they said. Okay. No problem. Let’s finish it up anyway and u can transfer it tomorrow. They said then I should come back to do it tomorrow. I was like why can’t u process it now so I don’t have to make another trip? Nope. Can’t do it. I ended up withdrawing the cash and walking down to the other bank to deposit it. How stupid is that?
3. Making copies of my passport every time I go to the bank. My yellow bank must have about 20 copies of my passport sitting in some box somewhere.
4. Why certain things can only be done at the branch where u have your account. I had deposited a check one time from Hong Kong that was in US dollars. They bank said they could do it but it would take a month. No problem. A month later I did not see the money. So I happened to be in my bank one afternoon but not in my own branch and I was told they could only research this problem in my branch. U can’t call them for me? Nope that would be something resembling customer service and we don’t offer that here. Aren’t u connected to the same computer system? Yes we are sir but this would be easier at your own branch. Okay. Thanks for playing the game.
5. The magic company stamp. Every company has one. It is your company name in Thai and English. A simple rubber stamp. At the bank any time u do something u have 186 papers to sign. By each signature u must use your company stamp. For what God only knows.
I could go on but I am sure it is not as interesting to read as I think it is. My point is banking sucks in Thailand. The local banks needs some competition. Foreign banks need to be allowed into the mix so we some much needed change. I hate to say it but even China is doing a better job at this and most of the time I can’t stand China.
Okay. Off to stand in line at the bank…
Loading ...
Yes, I share your pain regarding the difficulties in opening a bank account here. Bangkok Bank is notoriously difficult. You might want to poke your head into UOB - they’re slightly more customer friendly. As for the company stamp, you can get rid of the need for that by simply amending your company affidavit (in Thai, it’s your document labelled หนังสือรับรอง)which probably states that the company stamp is required together with the director’s signature.
View all comments by kallah
Yeah. We had to do the stamp anyway for the opening paperwork. We require the stamp since we have other people like managers and such who need to sign some things and this ensures some level of safety.
For bars we need a bank with large branches and close to the business for ease of use like making change, dealing with visa cards and the need to frequently deposit money. Much different needs than if I need my own bank account. The large BKK branch is right next to us and offers the best choice except for the fact that they are a pain in the ass. Went to many other banks around us but none can offer us all we need for running the bar. Oh well.
thanks for the comments!
View all comments by smitty
Huh they are bloody useless havent a clue about customer service like many things in Thailand. They want us to invest in Thailand (or do they?) so i bought some condos to rent and went to BKK bank to open an acount. First words I heard form them were “cannot”. Thai g/f waffles on to em for about 1 hour and surprise surprise they can open an account for me. Then I say “well when I pay for these condos I will not be in Thailand so I would like ym g/f to withdraw this money I am going to pay in” (£60k) to pay the developer. “Cannot” comes the reply” but hey guess what after another 1 hour chatting to the g/f again she can do this. We sign a power of attorney to do this.
I come back to the Uk and guess what?? on the day of the transfer they churn out their “new” motto “CANNOT” ????????? Incredible how the hell do they stay in business and how the hell do big international companies who work there get on??
It “only” took 5 hours to open this bank account and it then took my g/f ALL DAY to try to get them to transfer this money. If you ask me many things in Thailand need to change if they are to not be a thrid world country but they just dont see it. they all want to be better off and not poor but the mindset is incredible. Many things there I like do not get me wrong, but they need seriously dragging into the 22nd century!!
View all comments by paul
They should just rename it the bank that likes to say “CANNOT”
View all comments by paul
Good points Paul. When they changed the visa rules recently that coincided with major changes in banking for the Farang like us. I agree it is a pain but this is my take. If it was easy everyone would be here. Which I don’t want. I would say Thailand is 2.5 world country and frankly I hope it stays that way cause it is this economic situation that allows for the fun. I think if it cleans up too much it will be like Singapore. Kind of boring. I hear stories about the 70s and 80s. I could go for some of that.
Thanks for commenting…
View all comments by smitty
Yes I have to agree I dont want to much change in Thailand but customer service would be the best thing they could do and ceratianly improve the countris ability to trade. In the Uk the rules an regs now drive me crazy and tempted my flirtation with Thailand where if you want to drive down the road with Mum Dad and 3 kids including baby driving the scooter with no helmets or lights going the wrong way down the road and on the opposite side of the road then its “up to you” and long may it stay that way!!
View all comments by paul
Repeat after me:
BANGKOK BANK SUCKS!
The most lazy, worthless people in the entire Kingdom.
View all comments by bradshaw