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Do I really have to buy life insurance to open a bank account at Bangkok Bank in Thailand?

Bbank accountThailand bankingBangkok BankO Visalife insuranceexpat advicevisa extensionscams in Thailand
Nov 14, 2023
a year ago
Sebastian *********
ORIGINAL POSTER
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 ?
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TLDR : 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.
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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…
a year ago
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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.
5 months ago
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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.
5 months ago
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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
5 months ago
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Daniel *********
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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.
a year ago
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Shane ************
Ahhh yes beautiful corrupt AF Thailand
a year ago
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Julius *********
No, its a scam.
a year ago
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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 year ago
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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.
a year ago
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Marc ********
@Garry *******
 For me a bargain. And I am cheap Charlie but that's really ok
a year ago
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Marc ********
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Sebastian *********
ORIGINAL POSTER
@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!!
a year ago
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Sebastian *********
ORIGINAL POSTER
Bangkok Bank
a year ago
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Marc ********
@Sebastian ********
 What Bank is it? Bangkok Bank might still do the same deal I was getting
a year ago
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Marc ********
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Trevor *******
Make sure it has a seven day cooling off period, buy it, cancel it and get a refund.
a year ago
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Craig **********
Kasikorn
a year ago
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Sebastian *********
ORIGINAL POSTER
@Craig *********
a year ago
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Craig **********
@Sebastian ********
 yeh I cant see it well
a year ago
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Craig **********
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Sebastian *********
ORIGINAL POSTER
@Craig *********
 I will, thanks
a year ago
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Sebastian *********
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Brown ********
Definitely not. It's a con.
a year ago
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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.
a year ago
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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.
a year ago
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Sebastian *********
ORIGINAL POSTER
@Hans-Georg *****
 I called them again this morning, they are insisting… no insurance no account !!
a year ago
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Bonnie *********
@Sebastian ********
 Go to a different branch. What city are you in?
a year ago
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Sebastian *********
ORIGINAL POSTER
@Bonnie ********
 Loei
a year ago
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Sebastian *********
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Otto *********
Just say no to the insurance and move on to the next bank branch...
a year ago
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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
a year ago
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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 !!!!!
a year ago
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Kev **********
It's a scam. In udan Thani the Bangkok bank said no insurance. No account. The head office said otherwise!
a year ago
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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.
a year ago
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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?
a year ago
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Sebastian *********
ORIGINAL POSTER
@Lorne ********
 sounds good , thanks
a year ago
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Sebastian *********
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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.
a year ago
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John ********
50 THB is about $1.41 a month or about $12 a year.

This is not affordable for you? Please go home.
a year ago
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Sebastian *********
ORIGINAL POSTER
@John *******
 50K means 50.000 THB
a year ago
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Sebastian *********
ORIGINAL POSTER
I guess some people like to have conversations about “nothing” 😂
a year ago
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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!
a year ago
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John ********
@Sebastian ********
 There is a difference between , & .
a year ago
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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.
a year ago
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John ********
@Ruth ******
 Never mind, after looking at your Profile we won’t agree on anything. Sorry I disturbed you.
a year ago
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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 😂😂
a year ago
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Chris ********
@John *******
 many countries use a period Rather than comma in the thousands measurement.

The intention is clear based on the trailing 000.
a year ago
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Chris ********
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Sebastian *********
ORIGINAL POSTER
I know …..
a year ago
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John ********
@Sebastian ********
 Really?
a year ago
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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!
a year ago
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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!
a year ago
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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.
a year ago
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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.
a year ago
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Ruth *******
@Dan *******
 I’m actually pretty sure you did not. 🤣🤣🤣
a year ago
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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, 😂😂😂
a year ago
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Sebastian *********
ORIGINAL POSTER
@Ruth ******
 John is obviously from Australia!
a year ago
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John ********
@Sebastian ********
 What is that suppose to mean?
a year ago
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Ruth *******
@Sebastian ********
 he’s not. He’s from my country, which is precisely why generalizations about nationalities is also inappropriate.
a year ago
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Sebastian *********
ORIGINAL POSTER
@Ruth ******
 true
a year ago
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Sebastian *********
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Paul *********
Try kasikorn.
a year ago
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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?
a year ago
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Dan ********
@Damo **********
 when did you last successfully get a refund on ANYTHING in Thailand?🤣
a year ago
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Sebastian *********
ORIGINAL POSTER
@Damo **********
 I thought about that too …
a year ago
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Sebastian *********
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Richard ******
One stop visa pattaya got mine with Bangkok bank no insurance required 3000b with the shop agent
a year ago
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Brandon ************
@Richard *****
 you might want to check your geography on Loei vs Pattaya
a year ago
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Sebastian *********
ORIGINAL POSTER
@Brandon ***********
 very far …..
a year ago
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Sebastian *********
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Jack ****************
Yeah keep going to new places until you find one that doesn't look into your eyes and lie.
a year ago
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Brandon ************
@Jack ***************
 there's not going to be more than a handful of banks in Loei
a year ago
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Jack ****************
@Brandon ***********
 Go to the same banks a second time, but this time in disguise.
a year ago
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Sebastian *********
ORIGINAL POSTER
@Jack ***************
a year ago
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Sebastian *********
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Allan ********
Go to khasikorn
a year ago
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Sebastian *********
ORIGINAL POSTER
@Allan *******
 I will try them

No problem with them when I will make a transfer from my overseas account or Wise account?
a year ago
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Sebastian *********
ORIGINAL POSTER
Thanks for the advice
a year ago
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Allan ********
nope I use wise normally but also uk bank accounts
a year ago
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Sebastian *********
ORIGINAL POSTER
@Allan *******
 I believe they have a branch near where I am staying

I checked their website (in English) and all seems very straight forward
a year ago
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Sebastian *********
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Tomppa *****
I think 5000 baht about...but yes..you not must take that.
a year ago
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Tong *****
Just go somewhere else or to an agent if you're having difficulty
a year ago
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Rob **********
They can ask what they want, but do don’t have to pay it, try another bank or branch.
a year ago
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Brandon ************
@Rob *********
 there's not a lot of options in the provinces. Maybe 5 bank branches total in Loei
a year ago
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Brandon ************
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Jeffrey ************
Another Thai scam...
a year ago
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Sebastian *********
ORIGINAL POSTER
@Jeffrey ***********
 not a scam but and absurd condition for granting account opening !!
a year ago
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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! 🤣
a year ago
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Roberto *********
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John *********
@Jeffrey ***********
 Another farang inanity.
a year ago
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Roberto *********
@Jeffrey ***********
 And it's so easy to scam farangs. Thailand knows how gullible they are
a year ago
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Dave **********
@Roberto ********
 those types get scamed om their own country.
a year ago
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Sebastian *********
ORIGINAL POSTER
@Dave *********
 😂
a year ago
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Sebastian *********
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Brandon ************
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.
a year ago
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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?
a year ago
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Sebastian *********
ORIGINAL POSTER
@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 450k
a year ago
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John ********
@Sebastian ********
 So this is a Term Life Insurance Policy? Just to open an account?
a year ago
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Sebastian *********
ORIGINAL POSTER
@John *******
 yes
a year ago
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Sebastian *********
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Sebastian *********
ORIGINAL POSTER
Insurance 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
a year ago
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Paul *******
@Sebastian ********
 the bank staff get commission or bonuses for selling insurance. Just decline the sales push and oprn your account.
a year ago
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Paul *******
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Garrett ***********
No! Tell them to kick rocks, you do NOT need to buy insurance to open an account. Period.
a year ago
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John ********
@Garrett **********
 And they’ll him to find another Bank, easy huh?
a year ago
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Garrett ***********
@John *******
 Yes it is.
a year ago
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Garrett ***********
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