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Whats the Thai Bank of choice for Tourists


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In Bangkok, whats the best bank to get an account at with an SETV. The purpose being to season the dough for upcoming retirement.

 

Any branch in BKK is acceptable to me. . Does the amount make a difference, Id be willing to start with 100K B

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Lived here now for quite a while and I dont have a Thai bank account and wouldn't trust them with a cent of mine.  Take the income route for retirement if you can.  far simpler and you keep your money under your control. 

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2 minutes ago, Pilotman said:

Lived here now for quite a while and I dont have a Thai bank account and wouldn't trust them with a cent of mine.  Take the income route for retirement if you can.  far simpler and you keep your money under your control. 

Easier for me to just accumulate it and let it sit.

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1 minute ago, Nyezhov said:

Easier for me to just accumulate it and let it sit.

better and more lucrative places to place investment funds than a Thai bank in Thailand, where they have exchange controls and moving it is an issue and there is no bank  funds protection mechanism as you find in say the UK.  Your call of course. 

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8 minutes ago, Pilotman said:

better and more lucrative places to place investment funds than a Thai bank in Thailand, where they have exchange controls and moving it is an issue and there is no bank  funds protection mechanism as you find in say the UK.  Your call of course. 

Its 25K USD. My kid will have my cash card if I croak

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Only the major banks and major branches offer accounts to foreigners. You may have to hunt around. Bangkok Bank head office on Silom good place to start. 

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and the last 3 posters comments are why I don't bank in Thailand.  You can't even get a straight story on  procedure and process between their own branches.   So much for corporate governance. And you would trust these clowns with your money? 

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35 minutes ago, Pilotman said:

and the last 3 posters comments are why I don't bank in Thailand.  You can't even get a straight story on  procedure and process between their own branches.   So much for corporate governance. And you would trust these clowns with your money? 

While I agree with most of your comments, i.e. some staff at different branches have no idea and give wrong information, this is typical.

 

I have been with SCB for over a decade, never had an issue, although I found how to duck and weave through their fees for everything, i.e. don't deposit or withdraw funds out of the location you opened the account, don't use your debit card to buy things and definitely do not exchange foreign currency with them, as all of the above have a fee.

 

The above said they (usually charge a 300 baht fee per annum).

I use my account on the internet to transfer money to my wife when and if needed (rarely), visa versa, and for top up of my mobile, I also get them to issue me with a letter for immigration annually (usually 200 baht cost) and the way I use them suits me fine.

 

4 hours ago, Pilotman said:

there is no bank  funds protection mechanism as you find in say the UK.  Your call of course. 

Not exactly true ? 

http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

 

If you have an international debit card Krungsri charge 200 baht for an over the counter withdrawal with limits of up to 150,000 baht and apply your visa rate, no doubt your bank back home will also apply a charge. If using the international debit card, always ask what the fee is and what exchange rate is being applied as some different branches try to give you their exchange rate which is lower, but it's in their policy to charge you the visa rate, and it's a different story if its a credit card, i.e. they will charge you 220 baht plus 3%, yowsa !!!

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3 minutes ago, 4MyEgo said:

While I agree with most of your comments, i.e. some staff at different branches have no idea and give wrong information, this is typical.

 

I have been with SCB for over a decade, never had an issue, although I found how to duck and weave through their fees for everything, i.e. don't deposit or withdraw funds out of the location you opened the account, don't use your debit card to buy things and definitely do not exchange foreign currency with them, as all of the above have a fee.

 

The above said they (usually charge a 300 baht fee per annum).

I use my account on the internet to transfer money to my wife when and if needed (rarely), visa versa, and for top up of my mobile, I also get them to issue me with a letter for immigration annually (usually 200 baht cost) and the way I use them suits me fine.

 

Not exactly true ? 

http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

sorry,  yes, you are right, but I guess I was referring to a scheme that is backed up by a government that can be trusted to full fill the contract .  Question

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5 minutes ago, 4MyEgo said:

While I agree with most of your comments, i.e. some staff at different branches have no idea and give wrong information, this is typical.

 

I have been with SCB for over a decade, never had an issue, although I found how to duck and weave through their fees for everything, i.e. don't deposit or withdraw funds out of the location you opened the account, don't use your debit card to buy things and definitely do not exchange foreign currency with them, as all of the above have a fee.

 

The above said they (usually charge a 300 baht fee per annum).

I use my account on the internet to transfer money to my wife when and if needed (rarely), visa versa, and for top up of my mobile, I also get them to issue me with a letter for immigration annually (usually 200 baht cost) and the way I use them suits me fine.

 

Not exactly true ? 

http://www.dpa.or.th/ewt_news.php?nid=320&filename=index___EN

I think that is a sensible use of a Thai bank account, if you have one

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1 minute ago, Pilotman said:

sorry,  yes, you are right, but I guess I was referring to a scheme that is backed up by a government that can be trusted to full fill the contract .  Question

Totally agree with you there, my funds are in Oz, government guaranteed up to $250k per bank, and only put in what I need to survive here on an annual basis and extension time, i.e. 3 months prior to the renewal date.

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5 hours ago, Pilotman said:

better and more lucrative places to place investment funds than a Thai bank in Thailand, where they have exchange controls and moving it is an issue and there is no bank  funds protection mechanism as you find in say the UK.  Your call of course. 

There is I believe,

a 1,000,000 baht fund protection limit, I think it applies to all Thai Banks.

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1 hour ago, 4MyEgo said:

Totally agree with you there, my funds are in Oz, government guaranteed up to $250k per bank, and only put in what I need to survive here on an annual basis and extension time, i.e. 3 months prior to the renewal date.

And you trust the Australians ?, Oz is probably a better word for the place. 

? (can't find sandpaper)

 

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43 minutes ago, waza46 said:

And you trust the Australians ?, Oz is probably a better word for the place. 

? (can't find sandpaper)

 

The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as your bank, building society or credit union. ... Some ADIs operate multiple brands or may offer deposit accounts under more than one brand name. However, they are still part of the same ADI.May 10, 2018

 

Here's your sandpaper:

Image result for picture of sandpaper on a toilet roll

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1 hour ago, Thaimike370 said:

There is I believe,

a 1,000,000 baht fund protection limit, I think it applies to all Thai Banks.

I think you correct but also think it’s per account , you could have a few accounts and each one would be under 1 million protection . 

 

 

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To answer the OP without bickering, I found opening an account on a tourist visa with Bangkok Bank very easy. Admittedly that was 9 years ago. Have never had any problem getting the bank letter for the retirement visa extension.

I did do the income stat dec last year. However, seeing as how the bloodsucking parasites at the Australian Consulate charge 1850 baht to apply a stamp and scrawl a signature on the stat dec I've already filled out, and the bank charges me 200 baht for the deposit letter, this year I'm going back to the deposit route.

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4 hours ago, Pilotman said:

and the last 3 posters comments are why I don't bank in Thailand.  You can't even get a straight story on  procedure and process between their own branches.   So much for corporate governance. And you would trust these clowns with your money? 

Have had an account with Bangkok Bank for roughly 20 years without a problem as opposed to more than a few screw ups with the clowns at my US bank and, before I closed my account, with the Bozos at a UK bank.

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2 hours ago, 4MyEgo said:

The Australian Government has guaranteed deposits up to $250,000 in Authorised Deposit-taking Institutions (ADIs) such as your bank, building society or credit union. ... Some ADIs operate multiple brands or may offer deposit accounts under more than one brand name. However, they are still part of the same ADI.May 10, 2018

 

Here's your sandpaper:

Image result for picture of sandpaper on a toilet roll

 

Australia doesn't have a government, it has a bunch if pissants stabbing each other in the back on both sides of the political spectrum with the minor party kiddies wondering who to suck up to to best feather their nests.

If you think the money they print to support that guarantee will by worth any more than Venezuelan moment good luck.

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58 minutes ago, Suradit69 said:

Have had an account with Bangkok Bank for roughly 20 years

I can't cope with that but more than seven years an own account at Bangkok Bank and SCB. At Kasikorn since about 10 years. All with internet access since long.

Since the late 90s a joint account with wife at Bangkok Bank.

I am happy to have changed much of my savings to Thai Baht when the rates where a bit less miserable than today.

 

If you come from a Euro area why should you have trust in the "home" banks?

A name like "Deutsche Bank", who would ever have thought that they would be steered to the brink of bankruptcy by "innovative gamblers"?

And those from the country of Lehman Brothers and AIG, please don't praise the safety of their financial institutions.

 

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9 hours ago, Nyezhov said:

Does the amount make a difference, Id be willing to start with 100K B

Not that I am aware of.

And always remember it's a "Savings Account", no credit, no negative balance.

Getting a current account is a different league.

Some bank staff doesn't seem to be aware of the difference in rules for foreigners and ask for work permit.

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30 minutes ago, KhunBENQ said:

Not that I am aware of.

And always remember it's a "Savings Account", no credit, no negative balance.

Getting a current account is a different league.

Some bank staff doesn't seem to be aware of the difference in rules for foreigners and ask for work permit.

Yes I just want the savings and a debit card........

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So is the current cover 10 million until next year because that link is confusing and unclear.

 

At one point it is showing a gradual reduction in cover and directly below it shows 25 million reduced to 1 million. Which do we follow?

 

I am not worried as I believe, unlike many here, that many Asian banks are far more cash solvent than European Banks or many in the U.K. and U.S.A.

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Dudes no offense, I don't need to know the debatable pros and cons, just the how tos......

 

??

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6 hours ago, Thaimike370 said:

There is I believe,

a 1,000,000 baht fund protection limit, I think it applies to all Thai Banks.

its £80,000 per bank in the UK, considerably more than 1 million Baht. 

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2 hours ago, Nyezhov said:

Dudes no offense, I don't need to know the debatable pros and cons, just the how tos......

 

??

best to go in person....smaller, less busy branches can be very reasonable..but keep it simple.  Once your account is open, you can take your international questions to a big branch.  Knowing a Thai person might help..I actually had a Thai branch manager I just met write a letter for me to get in a bond fund..smooth as silk.  Appearances are everything, or close to it here...and based on how I have seen farang present themselves at the bank; many do not grasp that.  Dont even say 100,000....2-10 would be fine for starters.

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I have two bank accounts, both opened with a Visa Exempt entry stamp, one 18years ago with

SCB, and one early tis year n Bangkok Bank for my Social Security check to be deposited, that money is Mad money, I use the SCB for everything else, never had a problem, got a Credit card, used it in Dubai to buy my Million Dollar Lottery Ticket, they charged 150 baht.  I have transferred as much as $150K (in 3 increments)into my Thai account for purchases, and Gold deals..............I trust Thai banks  and as pointed out, they are insured up to 2.5 Million Baht. not many of is have that kind of cash laying around.  I wouldn't trust a european bank for love nor money  :wai: 

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