Hi Everyone,
I’m planning to change the payroll bank from UOB to Standard Chartered (SC).
The reasons are as follows:
- SC ATM has no limits or charges for withdrawal from other bank ATMs
- Save Bht10-25 interbank transfer fee
- Free transaction fee for up to 10 online bills payment per month
- Credit card with free joining & annual fee
- 2.5% interest rate for savings deposit (up to Bht100k)
- Option for eSaver account that offers 2.5% for amounts more than Bht100k
Other non-personal reasons for this change are:
- SC is SDL’s main bank account
- No need for troublesome monthly cash transfers between SC and UOB
- No need to manually submit monthly payroll instructions to UOB (SC offers online submission)
- Lower fees per person for payroll charges
Attached is the brochure from SC in both languages.
I know that many of you are wondering why do we not move onto a local Thai bank since we are making a shift as they have a wider coverage? Due to the way our corporate FIN structured their deals with RBS in UK, it is very difficult and lengthy to get approvals from them to allow us to make changes to any banking relationships. With SC, the decision can be made locally.
In addition, allow me to mention that the online banking security standard used by SC is the current international standard called 2FA (meaning logins are protected by 2 passwords) while most of the local banks are still using less secure systems.
Before a final decision is made, I would like everyone to vote on this email by Thursday 27 Nov 12pm noon whether they support this change or not. Please use the vote button to state your choice.