Banks

Post by **PeteC** » Wed May 31, 2006 8:38 pm

Jaime wrote:Does anyone think The Thai Nation cares about what the rest of the world thinks of it? The Thai Nation is blissfully/arrogantly oblivious of its place and reputation in the world.......

I harvested part of Jaime's post from the "Property" debate as it is applicable here as well. This subject may have been covered before, this is an update.

Previous post I mentioned we are buying a small home for my wife's step Mother. I transferred the funds from a HK account to her Thai bank Monday afternoon. An inquiry today indicated "..in 5 days it will post to your account...". We spoke to three people, even the branch manager...same response. I think if we dug up the bones of the bank founder, his skull would chatter and say "....5 days!!!"

I WT funds all the time USA to Asia (except Thailand) and the funds are in and posted to the receiving accounts first thing the next morning.

So, what is up with Thai banks? (See Jamie's quote above.) as...they use the funds to achieve interest for themselves in some kind of inter/intra-banking manipulation.

I personally will never hold an account in a Thai bank, only in foreign banks with offices in Thailand. Yes, inconvenient in both visiting the Bangkok branch and with ATM withdrawals but I REFUSE to sanction what these Thai banks do with funds that do not belong to them. Disgusted Pete

Post by **chelsea** » Wed May 31, 2006 8:52 pm

Pete
We have the same problem in Australia, to transfer from the UK to Australia it takes at least two days, and much the same going the pther way.

Domesticly, if I take a cheque in my business, it can take upto 5 days to clear, some have now got it down to three, but the majority still 5.
There is no way that you can draw on those funds untill the bank had cleared it

That 5 days is working days not normal days.
If I put a cheque in my account on a Thursday, those funds will not be cleared until the next Thursday.

I do not think that Thailand has a monoply on this as most of the banks as far as I know, invest our unclerared funds in the short term money market.

It all seems to be much the same all of the world round