Answered3 years ago
Do I really have to buy life insurance to open a bank account at Bangkok Bank in Thailand?
Bangkok Bank in Loei asked me to
Purchase Life Insurance from them (50.000 THB premium per year for 8 years) in order to open a bank account. I am currently on 3 Month O Visa and setting up things up for a 12 months extension application
Is that right ?
Purchase Life Insurance from them (50.000 THB premium per year for 8 years) in order to open a bank account. I am currently on 3 Month O Visa and setting up things up for a 12 months extension application
Is that right ?
Answer summary
The user asked if it is necessary to buy life insurance from Bangkok Bank (50,000 THB premium per year for 8 years) in order to open a bank account, as they are currently on a 3-month O visa and planning for a 12-month extension. Community responses overwhelmingly indicate that this practice is not required and suggest alternatives such as trying different banks or branches, particularly mentioning stand-out options like Kasikorn Bank. Most contributors label the insurance requirement as a scam or a tactic to secure sales by the bank.
90 repliesnewest first
Click comment and we will ask for your email, then OTP, then name.
Cliff *********
Pay the bribe and have access to the bank account.
Don’t pay and you can live off your atm card.
Up to you…
Don’t pay and you can live off your atm card.
Up to you…
Daniel *********
Happened to me also yesterday Bangkok Bank Udon Thani , today my wife called to cancel insurance and they said they will close my account also , I will go there close and try another bank also thinking where I can make complain about this.
Cliff *********
@Daniel ********
don’t let your pride get in the way of having a bank account…..it seems they are very hard to get nowadays.Daniel *********
@Cliff ********
today we canceled insurance and they said is a package with account and they will close account also but I signed only cancel insurance. We went immigration after and told them the story and they laughed a lot , told us to call Bank headquarters if they will do that because is not ok . We asked Krungsri also and they will open account for me very easy
Karsten *********
All banks wants to sell you insurances. You don't need to buy these. You can "decide later" on that. Do your intended business in the bank.
Shane ************
Ahhh yes beautiful corrupt AF Thailand
Julius *********
No, its a scam.
Marc ********
I was on visa exept and opened it simular way. Had to buy insurance for 1 year only. Passport and 5900b no further questions and documents.
A bargain for me considering you cannot open a bank account in my own country as a tourist
A bargain for me considering you cannot open a bank account in my own country as a tourist
Garry ********
@Marc *******
not really a bargain Marc if you don't need it, and are blackmailed into taking the policy when legally it's not required.Marc ********
@Garry *******
For me a bargain. And I am cheap Charlie but that's really ok
Sebastian *********
OP@Marc *******
that’s reasonable…. I would consider it too; in my case they want 400.000 in 8 years and I would not see the money again for another 7 years after that ….. absurd!!Sebastian *********
OPBangkok Bank
Marc ********
@Sebastian ********
What Bank is it? Bangkok Bank might still do the same deal I was getting
Trevor *******
Make sure it has a seven day cooling off period, buy it, cancel it and get a refund.
Craig **********
Kasikorn
Craig **********
@Sebastian ********
yeh I cant see it wellSebastian *********
OP@Craig *********
I will, thanks
Brown ********
Definitely not. It's a con.
Russell *******
No , don't except that. Just look and keep looking until you find a bank that only needs you to credit your account with a small amount to open it.
Hans-Georg ******
I know that the employees of Bangkok Bank are under immense pressure to sell insurances and other stuff, but it is not correct to ask you to buy any shit insurance in order to open a bank account. Try it in another branch. Normally Bangkok Bank is good.
Sebastian *********
OP@Hans-Georg *****
I called them again this morning, they are insisting… no insurance no account !!
Bonnie *********
@Sebastian ********
Go to a different branch. What city are you in?Sebastian *********
OP@Bonnie ********
Loei
Otto *********
Just say no to the insurance and move on to the next bank branch...
Nongnuch ********
you can open a bank account in Pattaya with the support of
@Stefan *******
and his agency, with a tourist visa, and not get scammed into buying a worthless insurance
Nick ****************
I have accounts with Bangkok, Kasikorn, Krungsri and KTB in Loei. Never any problem about buying insurance. Once you are over 60 they can’t insure you anyway through their systems. Just let them spend ages tapping away at their computer gleefully thinking of the commission until you see their face when the final screen tells them you are above age limit. Bangkok bank even tried to take back the umbrella gift !!!!!
Kev **********
It's a scam. In udan Thani the Bangkok bank said no insurance. No account. The head office said otherwise!
Jacob ********
That is a new one have have not heard before from dodgy banks. Banks , Insurance companies and health care. Three biggest scammers on the planet.
Lorne *********
Try Kasikorn. Great banking app, very easy to pay your bills electric, water etc if you go away or back home to your home country . Also try the banks that are available in your town ,in the towns nearby. Maybe Numbualumphoo?
Sebastian *********
OP@Lorne ********
sounds good , thanks
Mark ********
1)Tell them to get stuffed. Absolute robbers. Go to another bank. Tell them you want to open a bank account as you are going to purchase a condo and you will be transferring 4 million baht at some stage. Also mention you will be wanting insurance on that condo and you will return to the bank and get a quote from them at some stage. 2) Make sure when you visit the branch you are well dressed, shaved and generally tidy. This counts for a lot. Good luck.
John ********
50 THB is about $1.41 a month or about $12 a year.
This is not affordable for you? Please go home.
This is not affordable for you? Please go home.
Sebastian *********
OP@John *******
50K means 50.000 THBSebastian *********
OPI guess some people like to have conversations about “nothing” 😂
John ********
@Sebastian ********
Now using his (haha) numbers it is $1,408 approximately. I say BS!! I paid the 50 THB when I opened my account!John ********
@Sebastian ********
There is a difference between , & .John ********
@Ruth ******
Never mind, after looking at your Profile we won’t agree on anything. Sorry I disturbed you.John ********
@Ruth ******
I have not deleted anything. Use your supreme power to scroll through the messages. 😂😂 Who is changing the discussion? You are by quoting words from different Nationalities.What did you pay for Life Insurance at the Bank you use here? Mine was about 1 thousand & five hundred Baht one time.
One for sure, you are entertaining 😂😂
Ruth *******
@John *******
so, you deleted your first comment then tried again? Either way, you’re changing your argument. Even if he’s wrong in what he’s saying (I’m not conceding that he is…I honestly don’t care), that doesn’t make you right. I learned that as a child. You attacked him for a statement he did not make…period.
Chris ********
@John *******
many countries use a period Rather than comma in the thousands measurement.The intention is clear based on the trailing 000.
Sebastian *********
OPI know …..
Ruth *******
@Dan *******
I’m actually pretty sure you did not. 🤣🤣🤣
Dan ********
@Ruth ******
actually, yanks say 'trunk' for the 'boot' of a car, and 'elevator' for a 'lift' And we call 'cookies' - 'cookies', largely considered a variety of biscuit. We had all three of those in England long before Christopher Columbus had even set sail.John ********
@Ruth ******
Nope never saw “colour”.These days making words shorter in IN, if you haven’t noticed. Saying cookie or biscuit everyone including you know what it means. Windscreen or windshield, we know what that is.
Regarding the 50.000 nobody was paying attention to it.
Quickly with your profound ability to decipher everything.
How many posts have you seen that Bangkok Bank charges 15k annually or otherwise about the Life Insurance fee Bangkok Bank charges? Here’s a clue “0”.
Oh wait what did you pay? Or you don’t have Bangkok Bank account, 😂😂😂
Ruth *******
@John *******
OMG! Have you never seen the word “colour”. It’s English. How about licence?Meanwhile, Brits say boot for trunk of a car, biscuit for a cookie, lift for an elevator, etc.
Are you saying that you don’t speak English?
Meanwhile, he said “50.000”. It was not unclear to anyone but you.
John ********
@Sebastian ********
What is that suppose to mean?John ********
@Ruth ******
I think we can all agree “spelling and even vocabulary” is different in different languages.Did you do a conversion of the 50 Baht and the 50k (notice the “k”) if did you would realize it couldn’t possibly be 50k (notice the “k”).
So before defending this guy, pull your app to convert money.
And I agree, YOU must think before you type, USE logic!
Sebastian *********
OP@Ruth ******
trueRuth *******
@Sebastian ********
he’s not. He’s from my country, which is precisely why generalizations about nationalities is also inappropriate.Sebastian *********
OP@Ruth ******
John is obviously from Australia!Ruth *******
@John *******
if you’re going to communicate globally, you need to understand how people in other countries represent things, such as numbers, spelling and even vocabulary. You didn’t wonder why he would include 3 digits after the “.”? Come on! Think before you type!
Paul *********
Try kasikorn.
Damo ***********
What is stopping you from cancelling the insurance immediately after if the account is opened and asking for a full refund of premium paid?
Dan ********
@Damo **********
when did you last successfully get a refund on ANYTHING in Thailand?🤣Sebastian *********
OP@Damo **********
I thought about that too …
Richard ******
One stop visa pattaya got mine with Bangkok bank no insurance required 3000b with the shop agent
Brandon ************
@Richard *****
you might want to check your geography on Loei vs PattayaSebastian *********
OP@Brandon ***********
very far …..
Jack ****************
Yeah keep going to new places until you find one that doesn't look into your eyes and lie.
Brandon ************
@Jack ***************
there's not going to be more than a handful of banks in LoeiJack ****************
@Brandon ***********
Go to the same banks a second time, but this time in disguise.
Allan ********
Go to khasikorn
Sebastian *********
OP@Allan *******
I will try them No problem with them when I will make a transfer from my overseas account or Wise account?
Sebastian *********
OPThanks for the advice
Allan ********
nope I use wise normally but also uk bank accounts
Sebastian *********
OP@Allan *******
I believe they have a branch near where I am stayingI checked their website (in English) and all seems very straight forward
Tomppa *****
I think 5000 baht about...but yes..you not must take that.
Tong *****
Just go somewhere else or to an agent if you're having difficulty
Rob **********
They can ask what they want, but do don’t have to pay it, try another bank or branch.
Brandon ************
@Rob *********
there's not a lot of options in the provinces. Maybe 5 bank branches total in Loei
Jeffrey ************
Another Thai scam...
Sebastian *********
OP@Jeffrey ***********
not a scam but and absurd condition for granting account opening !!
Roberto *********
@Sebastian ********
It's not a condition. I've opened four accounts in Thailand over the last few years. Always offered insurance. Always declined. But the gullible farangs always fall for it, and they love you for your naivety because your paying their commission! 🤣
John *********
@Jeffrey ***********
Another farang inanity.Roberto *********
@Jeffrey ***********
And it's so easy to scam farangs. Thailand knows how gullible they are
Dave **********
@Roberto ********
those types get scamed om their own country.Sebastian *********
OPBrandon ************
Are you sure it's 50,000? It's normally 5,000 per year.
But you should be able to politely decline and say you just need a bank account for your retirement extension.
Ask to speak to a manager if they refuse.
But you should be able to politely decline and say you just need a bank account for your retirement extension.
Ask to speak to a manager if they refuse.
John ********
@Brandon ***********
Are you talking about a Term Life Insurance Policy thru Bangkok Bank. One that will write you a check for 450k after 15 years? A Bank? I wonder what the payout is upon accidental death?
Sebastian *********
OP@Brandon ***********
yes, 50K a year for 8 years, then pay nothing for another 7 years and in the end receive a lump sum payment of about 450kJohn ********
@Sebastian ********
So this is a Term Life Insurance Policy? Just to open an account?Sebastian *********
OP@John *******
yesSebastian *********
OPInsurance should not be a condition of banking, if they want to sell insurance then they should become an Insurance company… but it goes down to the individuals working in the branch looking after their own personal financial gain rather then the actual Bank business
Paul *******
@Sebastian ********
the bank staff get commission or bonuses for selling insurance. Just decline the sales push and oprn your account.
Garrett ***********
No! Tell them to kick rocks, you do NOT need to buy insurance to open an account. Period.
John ********
@Garrett **********
And they’ll him to find another Bank, easy huh?Garrett ***********
@John *******
Yes it is.Activity
40 joined40
people
Related
25Why did a bank refuse to open my account as a wealthy LTR visa holder unless my lease is for 2 years?
2.5k25202mo
What are the best options and costs for applying for a retirement visa in Thailand?
11k1011083mo
Am I on the right track with my NON-O visa extension application in Thailand?
964691y
Can I obtain a bank certificate and statement for my O visa extension at Bangkok Bank in Hua Hin, or do I need to go to Bangkok?
2.7k24181y
What are the requirements and process for applying for a retirement visa in Thailand while on a 30-day visa?
6.9k67451y
Can I convert a 60-day tourist visa to a year-long visa while in Thailand?
6k53531y
Which bank should I choose to open an account for my retirement visa in Thailand?
8k74601y
What banks can be used for visa money in Thailand?
4.8k38482y
Is the 7000 baht fee for opening a bank account in Thailand applicable to all banks or just Bangkok Bank?
3.7k27342y
Can I open a bank account in Thailand with a tourist visa?
2.6k11202y
Can you open a bank account in Thailand with a DTV Visa?
1.8k952y
What steps should I take to secure a retirement visa for Thailand when I don't have specific travel plans?
6.1k58393y
Can I open a Bangkok bank account in Pattaya and show the statement from another branch for my visa extension?
1.3k7123y
How can I extend my stay in Thailand on a visa-exempt entry and do I need a TM30 filed?
1.9k9263y
What are the requirements for opening a bank account in Thailand with an AO visa and how to obtain a guarantee letter from the UK embassy?
9.5k96583y
Do I need to keep 400K in my bank account after changing my retirement visa requirements?
4.2k34403y
Can I apply for a retirement 'O' visa at age 55 if I'm leaving Thailand at the end of June?
1.4k1174y
How can tourists open a bank account in Thailand, and do they need a guarantor?
3.8k30354y
What are the challenges and tips for opening a bank account in Thailand on a tourist visa?
2.6k2474y
How can I make sure my Wise transfer to Thailand appears as an international transfer for immigration purposes?
4.5k38295y
What are the options for extending my stay in Thailand as an unmarried 51-year-old currently using a COVID extension?
1.9k16115y
What are the best ways to withdraw money in Thailand without incurring high fees?
4.4k32386y
Is it normal to be charged 700 Baht for a confirmation letter from Bangkok Bank for immigration purposes?
1.6k1297y
What are my options for renewing or extending my NON-O visa in Thailand as the parent of a Thai citizen?
725347y
Can I switch my visa extension from marriage to employment in Thailand without reentering?
670318y
Resources
Need help with your Thai visa?
#1 visa agent · 4,000+ reviews · 100,000+ expats served