Converting 60 day Visa to Retirement

[FatVern]

Hi

I’m going soon to Bangkok Bank with Passport and Embassy letter in hand to open an account. Can anyone share info on what types of accounts are available to me and any recommendations? I’d like something like normallay available in the US with savings, online checking, ATM card, debit card/credit card etc... oh, and low monthly fees. I know I can google but I love extra insight often given on this great site!

thanks in advance 

Edited March 12, 2018 by FatVern
Clarify

[new2here]

Hi,

 

"Checking" -- that is the writing and giving of a paper banking instrument -- is very very rare on the individual level... it's really a business banking function.

 

I was offered it (on a very cursory basis) when I opened my BBL accounts only because I had at that time (and still do) a valid work permit.

 

I do not recall that you'll be eligible for checking without it-- but that (to me) is no real loss.

 

It's the basic savings account with standard/non-personalized debit/ATM card and (more importantly IMHO) online a banking ability that you're really wanting to go after. And as I recall, you're eligible.

 

 

Sent from my iPhone using Thaivisa Connect

 

[KhunBENQ]

32 minutes ago, FatVern said:

oh, and low monthly fees

Usually a yearly fee for the ATM card (200 and up depending in services attached like SMS notification).

 

"online checking": do you mean internet banking?

If so, yes quite easy to set up (I did via phone but also possible at the ATM).

Be aware that transfers to other banks always cost a fee.

25 Baht for express/instant transfer.

12 Baht for the slowest version.

 

A real credit card is a separate topic.

Often discussed and not quite easy if you don't have a work-permit/income in the country.

Edited March 12, 2018 by KhunBENQ

[FatVern]

3 hours ago, new2here said:

Hi,

 

"Checking" -- that is the writing and giving of a paper banking instrument -- is very very rare on the individual level... it's really a business banking function.

 

I was offered it (on a very cursory basis) when I opened my BBL accounts only because I had at that time (and still do) a valid work permit.

 

I do not recall that you'll be eligible for checking without it-- but that (to me) is no real loss.

 

It's the basic savings account with standard/non-personalized debit/ATM card and (more importantly IMHO) online a banking ability that you're really wanting to go after. And as I recall, you're eligible.

 

 

Sent from my iPhone using Thaivisa Connect

 

Thank you

[FatVern]

3 hours ago, KhunBENQ said:

Usually a yearly fee for the ATM card (200 and up depending in services attached like SMS notification).

 

"online checking": do you mean internet banking?

If so, yes quite easy to set up (I did via phone but also possible at the ATM).

Be aware that transfers to other banks always cost a fee.

25 Baht for express/instant transfer.

12 Baht for the slowest version.

 

A real credit card is a separate topic.

Often discussed and not quite easy if you don't have a work-permit/income in the country.

THank you

[Crisu]

I doubt yu will be able NOW to open this account with bangkok bank without work permit or own condo

 

But please share your ecperience.

 

PS: they issue only this chinese union pay debit card. No more Visa.

 

To avoid all the hassle, go straight to UOB bank instead if you not succeed with bangkok bank at your first try

 

[FatVern]

On 3/13/2018 at 3:17 PM, Crisu said:

I doubt yu will be able NOW to open this account with bangkok bank without work permit or own condo

 

But please share your ecperience.

 

PS: they issue only this chinese union pay debit card. No more Visa.

 

To avoid all the hassle, go straight to UOB bank instead if you not succeed with bangkok bank at your first try

 

I was able to open account at Bangkok Bank. I am having trouble establishing an ACH transfer through the New York branch though. When my account in USA makes the verification deposits, I can’t determine the amounts needed to verify the deposits as the values I see are in baht and who knows what rate I got at the time or what fee was extracted. 

[Langsuan Man]

2 hours ago, FatVern said:

I was able to open account at Bangkok Bank. I am having trouble establishing an ACH transfer through the New York branch though. When my account in USA makes the verification deposits, I can’t determine the amounts needed to verify the deposits as the values I see are in baht and who knows what rate I got at the time or what fee was extracted. 

Sign up for text alerts from Bangkok bank and that will give you the exact "test" deposit amounts or you can call them and BB will give you the exact baht amount and you can convert it based using the BB Rate chart on the day your US bank made the transfer

http://www.bangkokbank.com/BANGKOKBANK/WEBSERVICES/RATES/Pages/FX_Rates.aspx

 

That being said,  you can in many cases eliminate the verification routine from your US bank by making sure you set it up so that the transfers are only one way (into BB bank).  That is automatic on Bangkok Bank's end;  you cannot transfer funds out of Thailand using the New York branch option 

[Pib]

4 hours ago, FatVern said:

I was able to open account at Bangkok Bank. I am having trouble establishing an ACH transfer through the New York branch though. When my account in USA makes the verification deposits, I can’t determine the amounts needed to verify the deposits as the values I see are in baht and who knows what rate I got at the time or what fee was extracted. 

Would recommend you contact Bangkok Bank and ask how much the arriving amount was.   I wouldn't play the guessing game in trying to use the TT Buying Rate in effect the day the funds were posted to your account because due to the small amount, possible multiple rates used during the posting day, and rounding up/down variations you can possibly end up a penny off which is the same as being a mile off for trial deposit verification purposes.

 

Contact Bangkok Bank and they can tell you the exact amount arriving...right to the penny.  Contact their central help phone number or visit your branch.  I've done it a few times over the years in setting up ACH transfer links before I set up the Free SMS Remittance Alert I talk more about near the bottom.

 

And one time even after having the remittance alert setup I didn't something not-so-smart by initiating the setup/update of transfer links at "three" of my U.S. banks over about a 30 minutes period one night.  When the trial deposits arrived over the next day or two they all arrived Bangkok Bank on the same day which means I got six free SMSs within minutes of each other but couldn't determine which US bank each came from...in these cases for the trial deposit there was "not" enough sender name detail on the SMS clearly identifying the sender's name as they all appeared to be generated by a middle man bank.  The SMS clearly showed the dollar amount arriving; it was just unclear which bank they came from.  

 

I had to go to the bank branch as ask for a printout which provided more detail/helped to distinguish which banks they came from...the printouts were free....just took them a minute.  So, as nice to know just setup one transfer link at a time.  But for normal incoming transfers the Sender's name is detailed enough to know who it came from plus you are expecting it/know who it's coming from/the amount incoming.

 

Be sure to sign up for the Free SMS Remittance Alert which provides a SMS to you which states the amount rec'd in foreign currency which is what you are looking for, sender's name, exchange rate used, amount and date/time posted to your account.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/SMSAlerts/Pages/SMSRemittanceAlert.aspx

 

And if setting up an ACH "Send & Withdraw" transfer link after the link is validated DO NOT ever try to withdraw funds from Bangkok Bank via that link as it will be rejected by Bangkok Bank.  Bangkok Bank is clear about that on their website.  You can send money; you can not withdraw money using the link.  And any rejection will possibly cause your U.S. bank to freeze the transfer link thinking a fraudulent transaction may have been attempted.   In fact, if your bank attempts to pull back the trial deposits which is becoming more common now days Bangkok Bank will not allow the pull-back, "however, but," in these trial deposit cases it usually doesn't trigger the type of rejection notice as a normal deposit and your US bank should still allow the link to be approved after you validate the trial deposit amounts.  All depends your bank's policy.  However, I've seen some posts over the years where a person's bank rejected the transfer link setup because they couldn't pull the funds back since the person said he could Send & Withdraw from the account.  That never happened to me with my banks, but I'm sure it does happen with some banks.  Different banks, different policies.

 

So, if your US bank offers an option for a "Send Only" transfer link setup recommend you use that since you can not withdraw from Bangkok Bank anyway and your US bank will probably not use any trial deposits. Instead will approve for use immediately or within 24 business hours.   Some banks offer both setup options...pick the one you want....either Send & Withdraw link  or a Send Only link.  Other banks just offer the Send & Withdraw option based on my experience with my US banks and from other ThaiVisa posts I've seen over the years.

 

 

Edited April 2, 2018 by Pib

[FatVern]

Would recommend you contact Bangkok Bank and ask how much the arriving amount was.   I wouldn't play the guessing game in trying to use the TT Buying Rate in effect the day the funds were posted to your account because due to the small amount, possible multiple rates used during the posting day, and rounding up/down variations you can possibly end up a penny off which is the same as being a mile off for trial deposit verification purposes.
 
Contact Bangkok Bank and they can tell you the exact amount arriving...right to the penny.  Contact their central help phone number or visit your branch.  I've done it a few times over the years in setting up ACH transfer links before I set up the Free SMS Remittance Alert I talk more about near the bottom.
 
And one time even after having the remittance alert setup I didn't something not-so-smart by initiating the setup/update of transfer links at "three" of my U.S. banks over about a 30 minutes period one night.  When the trial deposits arrived over the next day or two they all arrived Bangkok Bank on the same day which means I got six free SMSs within minutes of each other but couldn't determine which US bank each came from...in these cases for the trial deposit there was "not" enough sender name detail on the SMS clearly identifying the sender's name as they all appeared to be generated by a middle man bank.  The SMS clearly showed the dollar amount arriving; it was just unclear which bank they came from.  
 
I had to go to the bank branch as ask for a printout which provided more detail/helped to distinguish which banks they came from...the printouts were free....just took them a minute.  So, as nice to know just setup one transfer link at a time.  But for normal incoming transfers the Sender's name is detailed enough to know who it came from plus you are expecting it/know who it's coming from/the amount incoming.
 
Be sure to sign up for the Free SMS Remittance Alert which provides a SMS to you which states the amount rec'd in foreign currency which is what you are looking for, sender's name, exchange rate used, amount and date/time posted to your account.
http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/SMSAlerts/Pages/SMSRemittanceAlert.aspx
 
And if setting up an ACH "Send & Withdraw" transfer link after the link is validated DO NOT ever try to withdraw funds from Bangkok Bank via that link as it will be rejected by Bangkok Bank.  Bangkok Bank is clear about that on their website.  You can send money; you can not withdraw money using the link.  And any rejection will possibly cause your U.S. bank to freeze the transfer link thinking a fraudulent transaction may have been attempted.   In fact, if your bank attempts to pull back the trial deposits which is becoming more common now days Bangkok Bank will not allow the pull-back, "however, but," in these trial deposit cases it usually doesn't trigger the type of rejection notice as a normal deposit and your US bank should still allow the link to be approved after you validate the trial deposit amounts.  All depends your bank's policy.  However, I've seen some posts over the years where a person's bank rejected the transfer link setup because they couldn't pull the funds back since the person said he could Send & Withdraw from the account.  That never happened to me with my banks, but I'm sure it does happen with some banks.  Different banks, different policies.
 
So, if your US bank offers an option for a "Send Only" transfer link setup recommend you use that since you can not withdraw from Bangkok Bank anyway and your US bank will probably not use any trial deposits. Instead will approve for use immediately or within 24 business hours.   Some banks offer both setup options...pick the one you want....either Send & Withdraw link  or a Send Only link.  Other banks just offer the Send & Withdraw option based on my experience with my US banks and from other ThaiVisa posts I've seen over the years.
 
 

Thank you!


Sent from my iPhone using Thailand Forum - Thaivisa mobile app

[FatVern]

Sign up for text alerts from Bangkok bank and that will give you the exact "test" deposit amounts or you can call them and BB will give you the exact baht amount and you can convert it based using the BB Rate chart on the day your US bank made the transfer
http://www.bangkokbank.com/BANGKOKBANK/WEBSERVICES/RATES/Pages/FX_Rates.aspx
 
That being said,  you can in many cases eliminate the verification routine from your US bank by making sure you set it up so that the transfers are only one way (into BB bank).  That is automatic on Bangkok Bank's end;  you cannot transfer funds out of Thailand using the New York branch option 

Thank you!


Sent from my iPhone using Thailand Forum - Thaivisa mobile app