Best bank account for a farang

[buick]

2 minutes ago, Airalee said:

I got online banking today at Bangkok Bank (Emquartier) on my tourist visa

you were one of the lucky one's. 

[Airalee]

2 minutes ago, buick said:

you were one of the lucky one's. 

Yeah, I agree...I think what I had going for me was that I dressed up, told them I wanted to transfer a million baht in for a retirement visa and was super polite and deferent to the manager who initially helped me out.  Also, I think they tend to “take better care” of people in a high end place like Emquartier vs the basic roadside branch.

[buick]

11 minutes ago, Airalee said:

told them I wanted to transfer a million baht in for a retirement visa

that is a good strategy.  i opened an account with bangkok bank in 2016 (silom branch) using the same story.  last month someone reported being declined at the bangkok bank emporium branch with a tourist visa.  they ended up getting an account at UOB.  so you never really know.  but some people seem to think it is not possible to open a bank account on a tourist visa, which is not true at all.  i often wonder if they didn't dress properly, asked for the wrong type of account, didn't make up a 'story' on why they need the account, etc...  i doubt they rush to open accounts for people who say 'i need to open an account so i can avoid the ATM fees'.

[jenny2017]

11 minutes ago, buick said:

that is a good strategy.  i opened an account with bangkok bank in 2016 (silom branch) using the same story.  last month someone reported being declined at the bangkok bank emporium branch with a tourist visa.  they ended up getting an account at UOB.  so you never really know.  but some people seem to think it is not possible to open a bank account on a tourist visa, which is not true at all.  i often wonder if they didn't dress properly, asked for the wrong type of account, didn't make up a 'story' on why they need the account, etc...  i doubt they rush to open accounts for people who say 'i need to open an account so i can avoid the ATM fees'.

If you walk in to a bank with one million+ baht cash, ask the manager that you want to open an account, there's no problem to do so.

[Airalee]

1 hour ago, buick said:

that is a good strategy.  i opened an account with bangkok bank in 2016 (silom branch) using the same story.  last month someone reported being declined at the bangkok bank emporium branch with a tourist visa.  they ended up getting an account at UOB.  so you never really know.  but some people seem to think it is not possible to open a bank account on a tourist visa, which is not true at all.  i often wonder if they didn't dress properly, asked for the wrong type of account, didn't make up a 'story' on why they need the account, etc...  i doubt they rush to open accounts for people who say 'i need to open an account so i can avoid the ATM fees'.

I actually am going the “money in the bank” route for a retirement visa pretty soon (yes..l know it’s not a “retirement visa” but they don’t)

 

Here are some other “tips” beyond dressing nicely.  It may sound stupid but anyways...here goes.

 

1.  Dress nicely doesn’t mean “wear a suit” or anything like that.  Get a button down oxford (A $50 Polo will go far...trust me...Thais love brand name) and wear it over a t-shirt buttoned only at the bottom couple buttons like it’s no big deal.  Make it look like you “slum it” in nice clothes.  I was wearing shorts (just basic khaki color) and converse low tops too.  I wouldn’t have gone in with cargo shorts and a t-shirt.  My Thai friends make fun of people dressed like that. Don’t dress like an English teacher. (Nothing against English teachers but the outfits they make you wear look silly.  Black pants white shirt...you know what I’m talking about).

 

2.  Know what you want...meaning, what kind of account and know the terms.  All the info is online. Don’t badger them with questions about interest rates etc etc. They will tell you everything you need to know.

 

3.  Be overly polite...and I mean “kiss a**” polite.  If you need to practice your tone of voice, do it.  If your general tone of voice isn’t very friendly and soft spoken (you know who you are)...change it...just for the 30 minutes you’ll be in there.  They will love that someone dressed nice is being so deferent to them.  As you walk up to the desk, they will “wai” you.  Return the wai...don’t just nod your head.

 

4.  The only question you should ask is “how do I go about transferring large sums of money from my bank in *******”  They will take care of the rest.  They had me sign US tax forms that I had no idea I would have to sign. Set me up with the ATM card and the online banking.  If you have an IPad and a cellphone with WiFi, bring it with you and they will walk you through the process...if you follow rule #3.

 

5.  Have the necessary paperwork from your embassy ready to lay down on the desk immediately (see my post above). It shows you came prepared.  That’s all I brought in addition to my lease (which they wouldn’t accept the first time) and passport.

 

6.  Remember #3 above more than anything.

[Airalee]

1 hour ago, jenny2017 said:

If you walk in to a bank with one million+ baht cash, ask the manager that you want to open an account, there's no problem to do so.

Yeah...but you can’t bring that much money into the country without filling out forms and when you do show up at the bank, they might think you’re a drug dealer or something and be afraid to work with you.  I opened my account with ฿10,000.  They would have been fine with as little as ฿500

[jenny2017]

4 minutes ago, Airalee said:

Yeah...but you can’t bring that much money into the country without filling out forms and when you do show up at the bank, they might think you’re a drug dealer or something and be afraid to work with you.  I opened my account with ฿10,000.  They would have been fine with as little as ฿500

   If you don;t have a work permit, or the right type of visa, bank managers only see the money. 

 

   You can bring in how much you want. 

Edited May 2, 2018 by jenny2017

[jenny2017]

8 minutes ago, Airalee said:

I actually am going the “money in the bank” route for a retirement visa pretty soon (yes..l know it’s not a “retirement visa” but they don’t)

 

Here are some other “tips” beyond dressing nicely.  It may sound stupid but anyways...here goes.

 

1.  Dress nicely doesn’t mean “wear a suit” or anything like that.  Get a button down oxford (A $50 Polo will go far...trust me...Thais love brand name) and wear it over a t-shirt buttoned only at the bottom couple buttons like it’s no big deal.  Make it look like you “slum it” in nice clothes.  I was wearing shorts (just basic khaki color) and converse low tops too.  I wouldn’t have gone in with cargo shorts and a t-shirt.  My Thai friends make fun of people dressed like that. Don’t dress like an English teacher. (Nothing against English teachers but the outfits they make you wear look silly.  Black pants white shirt...you know what I’m talking about).

 

2.  Know what you want...meaning, what kind of account and know the terms.  All the info is online. Don’t badger them with questions about interest rates etc etc. They will tell you everything you need to know.

 

3.  Be overly polite...and I mean “kiss a**” polite.  If you need to practice your tone of voice, do it.  If your general tone of voice isn’t very friendly and soft spoken (you know who you are)...change it...just for the 30 minutes you’ll be in there.  They will love that someone dressed nice is being so deferent to them.  As you walk up to the desk, they will “wai” you.  Return the wai...don’t just nod your head.

 

4.  The only question you should ask is “how do I go about transferring large sums of money from my bank in *******”  They will take care of the rest.  They had me sign US tax forms that I had no idea I would have to sign. Set me up with the ATM card and the online banking.  If you have an IPad and a cellphone with WiFi, bring it with you and they will walk you through the process...if you follow rule #3.

 

5.  Have the necessary paperwork from your embassy ready to lay down on the desk immediately (see my post above). It shows you came prepared.  That’s all I brought in addition to my lease (which they wouldn’t accept the first time) and passport.

 

6.  Remember #3 above more than anything.

 

  Dress nicely doesn’t mean “wear a suit” or anything like that.  Get a button down oxford (A $50 Polo will go far...trust me...Thais love brand name) and wear it over a t-shirt buttoned only at the bottom couple buttons like it’s no big deal.  Make it look like you “slum it” in nice clothes.  I was wearing shorts (just basic khaki color) and converse low tops too.

 

Don’t dress like an English teacher.??????? !!!!

 

 You've got to be kidding. 

 

   

[Airalee]

1 hour ago, jenny2017 said:

 

  Dress nicely doesn’t mean “wear a suit” or anything like that.  Get a button down oxford (A $50 Polo will go far...trust me...Thais love brand name) and wear it over a t-shirt buttoned only at the bottom couple buttons like it’s no big deal.  Make it look like you “slum it” in nice clothes.  I was wearing shorts (just basic khaki color) and converse low tops too.

 

Don’t dress like an English teacher.??????? !!!!

 

 You've got to be kidding. 

 

   

I’m not quite sure how that makes me a Nazi.  Kind of an extreme (and insulting) comparison.  But if you don’t realize how Thais judge us for how we dress then hey...you do you ?

[JAFO]

9 hours ago, jenny2017 said:

 

  Dress nicely doesn’t mean “wear a suit” or anything like that.  Get a button down oxford (A $50 Polo will go far...trust me...Thais love brand name) and wear it over a t-shirt buttoned only at the bottom couple buttons like it’s no big deal.  Make it look like you “slum it” in nice clothes.  I was wearing shorts (just basic khaki color) and converse low tops too.

 

Don’t dress like an English teacher.??????? !!!!

 

 You've got to be kidding. 

 

   

Ouch.  Pretty harsh comment Jenny.

 

I think the poster was only trying to offer up ways to show up presentable to a bank to open an account.  

 

I think anytime you plan on any financial or business endeavor anywhere in the world you should show up presentable. The world judges people on how one looks and dresses and it will alter a behavior. 

[rickudon]

After going the tortuous opening a new bank account route a year ago (took 5 attempts, and i am on a marriage extension!) I would say have an alternative. Yes, the ATM fees in Thailand are high, but research how much transferring money to a Thai bank will cost as well. I would suggest getting a fee free credit card from the UK (such as the Clarity credit card from Halifax). You will not pay any fees at the UK end except interest and the exchange you get will beat the rate you get at a Thai bank. Then if you stick to 20,000 baht for cash withdrawals, the Thai ATM fee (try to find Aeon ATMs, only 150 baht) will be mainly paid for by the better exchange rate. And, of course, can pay bills and some purchases with credit card as well at no extra cost. That way no need to bring across 500,000 baht in one go, just take out as you need it. Oh, and ALWAYS have an alternative means of getting money, in case card lost or other problem. And remember to pay off the credit card within a day or 2 of each cash withdrawal (can do online). to minimise interest.

 

Trying to open a bank account in Thailand depends a lot on where. Bangkok, tourist hot spots, better chance. Elsewhere, difficult.

[Pib]

10 minutes ago, rickudon said:

After going the tortuous opening a new bank account route a year ago (took 5 attempts, and i am on a marriage extension!) I would say have an alternative. Yes, the ATM fees in Thailand are high, but research how much transferring money to a Thai bank will cost as well. I would suggest getting a fee free credit card from the UK (such as the Clarity credit card from Halifax). You will not pay any fees at the UK end except interest and the exchange you get will beat the rate you get at a Thai bank. Then if you stick to 20,000 baht for cash withdrawals, the Thai ATM fee (try to find Aeon ATMs, only 150 baht) will be mainly paid for by the better exchange rate. And, of course, can pay bills and some purchases with credit card as well at no extra cost. That way no need to bring across 500,000 baht in one go, just take out as you need it. Oh, and ALWAYS have an alternative means of getting money, in case card lost or other problem. And remember to pay off the credit card within a day or 2 of each cash withdrawal (can do online). to minimise interest.

 

Trying to open a bank account in Thailand depends a lot on where. Bangkok, tourist hot spots, better chance. Elsewhere, difficult.

You keep saying "....by the better exchange rate..."    

 

Thai ATMs, like other ATMs around the world, use the card network (i.e, Visa, Mastercard, UnionPay, AmEx, etc) exchange rate unless that ATM offers you a local bank Dynamic Currency Conversion (DCC) rate which is usually around 3% lower than the card network rate. However, you can decline that DCC offer on the ATM screen and continue on an get the higher card network rate.   

 

Any reduction in exchange rate that may hit your card account will be due to any foreign transaction fee your "home country card-issuing bank may apply"...repeat, your card-issuing bank.  And of course an ATM User Fee such as the typical Thai bank ATM user fee of Bt220 must be calculated in.

 

But the point is the "core" exchange rate used, excluding any accepted DCC offer, is the card-network rate.

 

 

 

 

[rickudon]

Clarity use only the Mastercard exchange rate, usually better even than Visa. No other costs at UK end except interest on cash withdrawals until paid off. Purchases are the usual 25 days to pay before interest is applied. Most other cards will of course top load withdrawals and purchases done abroad with % fees and fixed fees, but not Clarity. 

 

I have done the maths and need to transfer about 3,000 GBP in one go before an interbank transfer from the UK beats my ATM card. And, of course, the ATM card is more convenient as only need to get money when i need it, not weeks in advance. If i transfer money from UK bank to a Thai bank typically get about 0.4 - 0.5 baht less per pound than cash withdrawal on my credit card - that pays for the Thai ATM fee.

[mogandave]

I have a couple Thai accounts, but use very little cash.

With a Chase no-fees credit card, and a Fidelity no fees ATM card, I could probably get along without them.

[moana]

4 hours ago, rickudon said:

Clarity use only the Mastercard exchange rate, usually better even than Visa

While it's true that Mastercard's exchange rates are better than Visa's for most currencies, there are a few exceptions, and one of them is THB! Visa consistently gives better rates for THB conversions, so if you plan to stay here, a Visa card will serve you better.

 

5 hours ago, rickudon said:

Then if you stick to 20,000 baht for cash withdrawals, the Thai ATM fee (try to find Aeon ATMs, only 150 baht)

You can completely avoid the ATM fees. If you're an American, get a debit card that has 0% FTF and reimburses all ATM fees, such as Schwab. You will be reimbursed in full immediately after every withdrawal or once at the end of the month (depending on the type of account).

If you're not lucky enough to be able to get such a card, simply head inside the branch, and ask for a cash advance on the card. Bring your passport. Bangkok Bank charges ZERO baht for cash advances. Note that your bank may charge you something, but that's up to you and the arrangements you have with your bank. Most banks do not charge extra for cash advances on debit cards (since they're not really advances, they're just withdrawals). DO NOT take a cash advance on a credit card.

 

Some branches (well, some of the clueless employees in those branches) turn people down and tell them to use the ATM. I've had success with "My PIN won't work on your ATM for some reason, can you try here please?", or if push comes to shove, just head over to the next branch, there's one on every corner.

[rickudon]

Sorry Moana, you are wrong. For May 2nd, Visa Charged 2.34 pence for one baht, while Mastercard charged 2.32 pence. And most times when i check Mastercard has been best. Maybe Visa better for dollar/baht conversions? The OP was British, so highly unlikely to be able to get a Shwab card. Finally, where i live, i have tried the counter withdrawal method about 6 times, but yet to find a Bank that will do it without adding a fee on..... this seems to be a policy here. Probably because I'm British ......

[moana]

14 minutes ago, rickudon said:

Maybe Visa better for dollar/baht conversions?

I only look at USD to THB, and Visa consistently wins, as has been researched here.

 

14 minutes ago, rickudon said:

The OP was British, so highly unlikely to be able to get a Shwab card

Schwab also operates in the UK, but I wouldn't know whether they offer the same awesome debit card deal to the brits. Worth a look.

 

14 minutes ago, rickudon said:

i have tried the counter withdrawal method about 6 times, but yet to find a Bank that will do it without adding a fee on

Sorry to hear that. Bangkok Bank will definitely not add any fee, if you can get them to actually do the counter withdrawal. I was always able to find a branch that will do it when I needed one (Bangkok, Chiang Mai, Hua Hin...). Branches in large malls usually worked well. Krungsri has a 200 baht fee, so avoid.

Edited May 3, 2018 by moana

[rickudon]

Ok, so we were both right about exchange rates. On counter withdrawals, I have tried Kasikorn, my Thai bank, who flatly refused to do it and just said use the ATM. Siam added a fee. Bangkok refused. Forget which others i tried, as over 3 years ago.

 

Schwab UK do provide a Brokerage service (denominated in dollars only) but it doesn't mention any card services (i didn't look very hard, just skimmed through accounts and services).

[jackdd]

UOB over the counter is also free

[moana]

Also worth noting that Bank of China is the only bank left in Thailand that doesn't charge any ATM fees. Unfortunately they don't have many branches.

[edwardandtubs]

On 02/05/2018 at 3:23 PM, jenny2017 said:

Please see: https://www.thaivisa.com/forum/topic/959827-bangkok-bank-debit-cards-update/

In Bangkok you get an excellent Be1st visa card with chip and pin and your own name on it and it doubles as a Rabbit card, so Bangkok Bank is definitely still the best option here.

[Crisu]

In Bangkok you get an excellent Be1st visa card with chip and pin and your own name on it and it doubles as a Rabbit card, so Bangkok Bank is definitely still the best option here.

If you are talking about debit card then bangkok bank only issue union pay cards.

No Visa anymore

[edwardandtubs]

3 hours ago, Crisu said:

If you are talking about debit card then bangkok bank only issue union pay cards.

No Visa anymore

I got one in 2016 that's valid for 5 years but wow you're right I just checked on the website and it says I can only keep using it until 2019. What kind of a bank doesn't have a proper debit card? I suppose I'll have to go back to the kasikorn online card for my online purchases.

Edited May 4, 2018 by edwardandtubs

[55Jay]

24 minutes ago, edwardandtubs said:

I got one in 2016 that's valid for 5 years. What kind of a bank doesn't issue debit cards? According to their website they're still issuing exactly the same ones I have. Of course, not everyone qualifies but that doesn't mean they don't issue them.

As the spin up for Union Pay really got going, BBL demoted the Visa logo debit cards to the bottom of the page.  I just looked through all the Be1st Cards on their site, only see Union Pay.  What are you looking at?

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Be1stVisaDebitCard/Pages/B1stnewdefault.aspx

 

Edit:  I just noticed the page URL still says "Be1stVisaDebitCard. LOL, they missed that.

Edited May 4, 2018 by 55Jay

[edwardandtubs]

12 minutes ago, 55Jay said:

As the spin up for Union Pay really got going, BBL demoted the Visa logo debit cards to the bottom of the page.  I just looked through all the Be1st Cards on their site, only see Union Pay.  What are you looking at?

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Be1stVisaDebitCard/Pages/B1stnewdefault.aspx

 

Edit:  I just noticed the page URL still says "Be1stVisaDebitCard. LOL, they missed that.

You're right and I edited that comment. They have totally shot themselves in the foot.

[55Jay]

1 minute ago, edwardandtubs said:

You're right and I edited that comment. They have totally shot themselves in the foot.

No problemo.  During the initial stages of the Union Pay transition, could still get a Visa logo card by request but I suspect that ship has sailed by now.  I know I missed the boat, haven't had a BBL ATM card for quite a while, and too stubborn to get a Union Pay card.  LOL. 

[edwardandtubs]

On 02/05/2018 at 6:54 PM, verticalift said:

 

Something else to consider, if you set-up a Standard Chartered Account overseas in the UK, wire transfer fees will be much less, if any. It’ll also be easier for you to set-up a Thai bank account if you’re already a SCB client......

Unfortunately, Standard Chartered Bank are no more in Thailand. They sold their retail arm to Tisco Bank.

Edited May 4, 2018 by edwardandtubs

[Shifty]

I am thinking about opening a foreign banking account in Thailand. Reason, exchange rates are very low at present. I can deposit equiv. of 800000 baht required for extension of stay retirement visa in my own country's notes, which is acceptable to Immigration. When exchange rates get better I can then transfer money over to my Thai account. I don't see any threads on foreign backing accounts in this forum and I am hoping someone has had experience and can advise. 

[mogandave]

You can get USD accounts, what is the currency of your home country?

How do you know the exchange rate will get better?

[jerry921]

On 5/3/2018 at 11:14 PM, Pib said:

You keep saying "....by the better exchange rate..."    

 

Thai ATMs, like other ATMs around the world, use the card network (i.e, Visa, Mastercard, UnionPay, AmEx, etc) exchange rate unless that ATM offers you a local bank Dynamic Currency Conversion (DCC) rate which is usually around 3% lower than the card network rate. However, you can decline that DCC offer on the ATM screen and continue on an get the higher card network rate.   

 

Any reduction in exchange rate that may hit your card account will be due to any foreign transaction fee your "home country card-issuing bank may apply"...repeat, your card-issuing bank.  And of course an ATM User Fee such as the typical Thai bank ATM user fee of Bt220 must be calculated in.

 

But the point is the "core" exchange rate used, excluding any accepted DCC offer, is the card-network rate.

I understand what you're saying to mean that if I use my Schwab Visa Debit card at an ATM in Thailand, I'll get the Visa network rate (unless I get suckered into the DCC scam).

 

On the other hand, in this thread the focus is on opening a Thai bank account, and presumably money would be transferred to it via ACH (for BB) or Wire (or whatever?). In that case the exchange rate would be applied at the time of the ACH/Wire. Those exchange rates are set by the banks involved, correct? And aren't those bank rate spreads typically wider than the Visa/MC/Amex exchange rates?

 

So wouldn't using a Schwab card at a Thai ATM be the cheapest option with the best rate?

 

PS: Does the ATM network operator make a difference? My Schwab card has 3 logos on the back, Interlink, Plus and Money Pass. I think it used to be the case that you had to find an ATM with one of those logos on it for the card to be accepted, but I don't know if that's still true. I'm wondering if they are the real companies that set the exchange rate and not "Visa"?