How get and secure a bank account in Thailand.

[marcusarelus]

1.  Open the account at the main office in whatever town you live.

 

2.  Take a well known Thai or one with an account at that bank with you when you open the account. 

 

3.  Ask the bank how to limit daily withdraws to an amount you are comfortable with (mine is 50,000 baht) request SMS OTP.

 

4.  Put the ATM card in a safe place (safe) and never use that account to purchase anything, only use it to hold money. 

 

5.  After you get the first account, open another one at the same bank or another bank and sign up for internet banking (use this account to purchase things in person and the internet).

 

6.  Never keep a large amount of money in the account that you carry the ATM card for. 

 

7.  Thailand is not a nanny state.  No one is going to hold your hand.  Be responsible. 

 

Thailand has fine banks.  Expats should be responsible and knowledgeable customers.

Edited October 21, 2018 by marcusarelus

[lkv]

I'm actually quite comfortable "taking the risk" of using the debit card for various shopping.

 

In my opinion, the risk of fraud at merchants is very very low.

 

In reference to ATM risk (skimming etc), cardless ATM withdrawal is now available.

 

And internet shopping is secured by OTP.

Edited October 21, 2018 by lkv

[marcusarelus]

1 minute ago, lkv said:

I'm actually quite comfortable "taking the risk" of using the debit card for various shopping.

 

In my opinion, the risk of fraud at merchants is very very low.

Back when I was working in a hotel I saw many waiters and bartenders and others steal card numbers.  I'm sure the security is better now but the impression stuck with me. I keep quite a bit of money in my main accounts but less that 200,000 in my purchasing account. 

[lkv]

4 minutes ago, marcusarelus said:

Back when I was working in a hotel I saw many waiters and bartenders and others steal card numbers.  I'm sure the security is better now but the impression stuck with me. I keep quite a bit of money in my main accounts but less that 200,000 in my purchasing account. 

I've added to my previous post. For some very strange reason, I feel the risk is much lower in Thailand at merchant POS purchases than Europe (employees copying the card). 

 

I feel that for Thailand in particular, the highest risk is at ATM, and now with QR code cardless withdrawal, that's no longer an issue.

 

 

Edited October 21, 2018 by lkv

[scubascuba3]

I've added to my previous post. For some very strange reason, I feel the risk is much lower in Thailand at merchant POS purchases than Europe (employees copying the card). 
 
I feel that for Thailand in particular, the highest risk is at ATM, and now with QR code cardless withdrawal, that's no longer an issue.
 
 

I think card purchases in Thailand are a greater risk because often no pin is required, just a signature.

With Bank apps as well as cardless withdrawals, you can limit size of withdrawals and even turn cards off so they won't work

[lkv]

7 minutes ago, scubascuba3 said:

I think card purchases in Thailand are a greater risk because often no pin is required, just a signature.

With Bank apps as well as cardless withdrawals, you can limit size of withdrawals and even turn cards off so they won't work

I agree with what you are saying, I just have not heard of cases in the news in the last xyz years since I have been in Thailand of an employee copying a card at a POS and defrauding somebody.

 

I have heard about it happening in other parts of the world.

 

What I did read about in reference to Thailand though, is plenty of ATM skimming done by foreign gangs.

 

PS: As a matter of fact, Tops does not even require a signature anymore for less than 1,500 baht, and neither does Foodland. So i guess the reason is, the risk of fraud  (historically speaking), is incredibly low on these channels.

 

Imo.

 

Well, either that or we'll have big surprises ????

Edited October 21, 2018 by lkv

[scubascuba3]

I agree with what you are saying, I just have not heard of cases in the news in the last xyz years since I have been in Thailand of an employee copying a card at a POS and defrauding somebody.
 
I have heard about it happening in other parts of the world.
 
What I did read about in reference to Thailand though, is plenty of ATM skimming done by foreign gangs.
 
PS: As a matter of fact, Tops does not even require a signature anymore for less than 1,500 baht, and neither does Foodland. So i guess the reason is, the risk of fraud  (historically speaking), is incredibly low on these channels.
 
Imo.
 
Well, either that or we'll have big surprises [emoji23]

I agree that Thais don't seem to be up on skimming and other dodgy card activities, also not into stealing golf clubs or bicycles unlike farangland, just a matter of time though

[Sophon]

I don't understand number 4. If you are just going to keep the ATM card in your safe, why get a card in the first place?

 

Sophon

[CharlieH]

13 minutes ago, Sophon said:

I don't understand number 4. If you are just going to keep the ATM card in your safe, why get a card in the first place?

 

Sophon

I call that account the "holding tank" keep the card safe in case I need to access quickly for some reason, but its never carried, as it has the larger amount.

Its siphoned from there into the smaller daily use account, with card for everyday use.If that card is lost etc then the potential loss is small.

[Sophon]

2 minutes ago, CharlieH said:

I call that account the "holding tank" keep the card safe in case I need to access quickly for some reason, but its never carried, as it has the larger amount.

Its siphoned from there into the smaller daily use account, with card for everyday use.If that card is lost etc then the potential loss is small.

But if you do need to use it, then you compromise the integrity of your holding account with the risk of your card being skimmed. Granted, using the card all the time would be a greater risk, but not having a card at all and either transferring money from your holding account to your daily account via internet banking or withdrawing at the branch with your passbook would be much safer.

 

Sophon

[CharlieH]

1 minute ago, Sophon said:

But if you do need to use it, then you compromise the integrity of your holding account with the risk of your card being skimmed. Granted, using the card all the time would be a greater risk, but not having a card at all and either transferring money from your holding account to your daily account via internet banking or withdrawing at the branch with your passbook would be much safer.

 

Sophon

Preferable and usual ways, yes I agree, but having the card "just in case" covers all the bases. Emergency use shall we say.

[marcusarelus]

21 minutes ago, Sophon said:

I don't understand number 4. If you are just going to keep the ATM card in your safe, why get a card in the first place?

 

Sophon

You may need to use it to deposit or withdraw money from that account if no teller available.  Thai is between you and the bank ATM as opposed to using it online or in a retail establishment. 

[Sophon]

12 minutes ago, marcusarelus said:

You may need to use it to deposit or withdraw money from that account if no teller available.  Thai is between you and the bank ATM as opposed to using it online or in a retail establishment. 

Just transfer money via internet banking to your other account with the ATM card.

 

Sophon

 

Edit: The large majority of fraud cases I have heard of involve card skimming at ATMs.

Edited October 21, 2018 by Sophon

[marcusarelus]

2 minutes ago, Sophon said:

Just transfer money via internet banking to your other account with the ATM card.

 

Sophon

 

Edit: The large majority of fraud cases I have heard of involve card skimming at ATMs.

1.  Can't transfer cash.  2.  Can't deposit cash over the INTERNET.  3.  Can't get cash from telephone. 

[VBF]

If you are going to use an ATM, use one INSIDE a bank, not on a street corner 7/11.

Think ahead a bit and withdraw your spending money in daylight hours, and when sober!

I utilise those practices wherever I am if possible, not just Thailand.

[marcusarelus]

Just now, VBF said:

If you are going to use an ATM, use one INSIDE a bank, not on a street corner 7/11.

Think ahead a bit and withdraw your spending money in daylight hours, and when sober!

I utilise those practices wherever I am if possible, not just Thailand.

Yes yes yes.  Read above again and again. 

[bert bloggs]

I have two accounts here in Thailand ,have done for 12 years , use my debit card when shopping and in ATMs although i admit i like using bank ones ,but never ever had a problem , when i use my card ,anything over 1000 baht sends an sms to my mobile,the one thing i dont do is transfer money between one acc and another , of my accounts ,i always take the cash out then put it in by hand in my other branch ,100 yds away , mind you i do pay bills and send money to other accounts to pay for stuff via the atm . never ever had a problem .

my wife has 3 accounts ,plus a credit card , she does the same as me .

[Kerryd]

A) You don't need a "well known Thai" to go with you to open an account.

B) Internet banking is (normally) only offered to people who are on long-term visas/extensions. People with 30 Day stamps or Tourist Visas probably won't get internet banking (but can still open Savings accounts at most banks - if they have an actual address).

C) If you have internet banking and multiple Savings accounts at the same bank, you should be able to transfer money between Savings accounts without needing an ATM card at all. (Note: Savings accounts - not Fixed Term or Open Ended Mutual Fund accounts.)

D) There is nothing stopping you from opening accounts at 2 different banks, then setting yourself up as a "payee" so that you can transfer money from your account in one bank to your account in the other bank. 

For example, maybe you like exchange/interest rates or ease of doing wire transfers with Kasikorn Bank, but prefer Bangkok Bank for Income Letters and automatic bill paying. Use the Kasikorn account to hold the majority of your money and then, as needed, simply transfer money (online) from that account to your other one. If you have internet banking (at least with the bank you are doing the transfers from) then you don't even need an ATM card. Some people have accounts at different banks to avoid having all their "eggs" in one basket (i.e. if one bank collapses for some reason).

I transfer money (online) to people's accounts in other banks on occasion - all I need is their account number and what bank they deal with. Takes 2 minutes to set them up as a "payee" and then do the transfer. Nothing says that "payee" can't be your account in a different bank.

E) Don't do stupid things like using "1234" as your PIN number (yes, a lot of people do that).
Don't give your card to the barmaid to go get another 1,000 baht from the ATM for you because you are too lazy to walk 50 meters (yes, I've seen people do that).
Don't stand 3 feet back from the ATM machine and make a big show of typing in your super secret, impossible to crack PIN code ("4321") while 2 bar girls and 3 street vendors are standing right beside you watching your every move.
Don't make withdrawals when you are so stupid drunk that you get your cash and walk away while your card is still in the machine and it hasn't logged you out yet.
Don't take the print-out of your balance unless you really need it for some strange reason. I see people look at their balance on the screen, then take the print out, look at it and toss it in the garbage. Nothing like advertising your account balance to the world (and possibly making yourself a target). 

Most people that get screwed do it to themselves by doing stupid things and then try to cover it up and play the victim. The number of people who actually fall victim to card scanners or ATM skimmers is probably minuscule compared to the number that do something stupid and then try to blame someone else. 

 

[scubascuba3]

A) You don't need a "well known Thai" to go with you to open an account.
B) Internet banking is (normally) only offered to people who are on long-term visas/extensions. People with 30 Day stamps or Tourist Visas probably won't get internet banking (but can still open Savings accounts at most banks - if they have an actual address).
C) If you have internet banking and multiple Savings accounts at the same bank, you should be able to transfer money between Savings accounts without needing an ATM card at all. (Note: Savings accounts - not Fixed Term or Open Ended Mutual Fund accounts.)

D) There is nothing stopping you from opening accounts at 2 different banks, then setting yourself up as a "payee" so that you can transfer money from your account in one bank to your account in the other bank. 
For example, maybe you like exchange/interest rates or ease of doing wire transfers with Kasikorn Bank, but prefer Bangkok Bank for Income Letters and automatic bill paying. Use the Kasikorn account to hold the majority of your money and then, as needed, simply transfer money (online) from that account to your other one. If you have internet banking (at least with the bank you are doing the transfers from) then you don't even need an ATM card. Some people have accounts at different banks to avoid having all their "eggs" in one basket (i.e. if one bank collapses for some reason).

I transfer money (online) to people's accounts in other banks on occasion - all I need is their account number and what bank they deal with. Takes 2 minutes to set them up as a "payee" and then do the transfer. Nothing says that "payee" can't be your account in a different bank.

E) Don't do stupid things like using "1234" as your PIN number (yes, a lot of people do that).
Don't give your card to the barmaid to go get another 1,000 baht from the ATM for you because you are too lazy to walk 50 meters (yes, I've seen people do that).
Don't stand 3 feet back from the ATM machine and make a big show of typing in your super secret, impossible to crack PIN code ("4321") while 2 bar girls and 3 street vendors are standing right beside you watching your every move.
Don't make withdrawals when you are so stupid drunk that you get your cash and walk away while your card is still in the machine and it hasn't logged you out yet.
Don't take the print-out of your balance unless you really need it for some strange reason. I see people look at their balance on the screen, then take the print out, look at it and toss it in the garbage. Nothing like advertising your account balance to the world (and possibly making yourself a target). 

Most people that get screwed do it to themselves by doing stupid things and then try to cover it up and play the victim. The number of people who actually fall victim to card scanners or ATM skimmers is probably minuscule compared to the number that do something stupid and then try to blame someone else. 

 

You are wrong on B) getting internet banking is common in tourist visas

[marcusarelus]

2 hours ago, Kerryd said:

A) You don't need a "well known Thai" to go with you to open an account.

B) Internet banking is (normally) only offered to people who are on long-term visas/extensions. People with 30 Day stamps or Tourist Visas probably won't get internet banking (but can still open Savings accounts at most banks - if they have an actual address).

C) If you have internet banking and multiple Savings accounts at the same bank, you should be able to transfer money between Savings accounts without needing an ATM card at all. (Note: Savings accounts - not Fixed Term or Open Ended Mutual Fund accounts.)

D) There is nothing stopping you from opening accounts at 2 different banks, then setting yourself up as a "payee" so that you can transfer money from your account in one bank to your account in the other bank. 

For example, maybe you like exchange/interest rates or ease of doing wire transfers with Kasikorn Bank, but prefer Bangkok Bank for Income Letters and automatic bill paying. Use the Kasikorn account to hold the majority of your money and then, as needed, simply transfer money (online) from that account to your other one. If you have internet banking (at least with the bank you are doing the transfers from) then you don't even need an ATM card. Some people have accounts at different banks to avoid having all their "eggs" in one basket (i.e. if one bank collapses for some reason).

I transfer money (online) to people's accounts in other banks on occasion - all I need is their account number and what bank they deal with. Takes 2 minutes to set them up as a "payee" and then do the transfer. Nothing says that "payee" can't be your account in a different bank.

E) Don't do stupid things like using "1234" as your PIN number (yes, a lot of people do that).
Don't give your card to the barmaid to go get another 1,000 baht from the ATM for you because you are too lazy to walk 50 meters (yes, I've seen people do that).
Don't stand 3 feet back from the ATM machine and make a big show of typing in your super secret, impossible to crack PIN code ("4321") while 2 bar girls and 3 street vendors are standing right beside you watching your every move.
Don't make withdrawals when you are so stupid drunk that you get your cash and walk away while your card is still in the machine and it hasn't logged you out yet.
Don't take the print-out of your balance unless you really need it for some strange reason. I see people look at their balance on the screen, then take the print out, look at it and toss it in the garbage. Nothing like advertising your account balance to the world (and possibly making yourself a target). 

Most people that get screwed do it to themselves by doing stupid things and then try to cover it up and play the victim. The number of people who actually fall victim to card scanners or ATM skimmers is probably minuscule compared to the number that do something stupid and then try to blame someone else.

I wrote get a Thai to go with you because many people post that opening a bank account is difficult.  Normally they spamming or mentally off or trying to open accounts at a small branch rather than the main office.  I opened 3 accounts by myself and one with the mayor of (a large town).  Walking in the bank with the mayor eliminated the lines and conversation.  The bank only asked me to sign and that was it.  I have a retirement visa and internet banking. 

Edited October 22, 2018 by marcusarelus

[English Engineer]

In addition to the above, you now need a letter from immigration confirming your address to open the account.

[scubascuba3]

In addition to the above, you now need a letter from immigration confirming your address to open the account.

Residence certificate is old news, its been required in Pattaya for years

[Shocked farang]

17 hours ago, lkv said:

I agree with what you are saying, I just have not heard of cases in the news in the last xyz years since I have been in Thailand of an employee copying a card at a POS and defrauding somebody.

 

I have heard about it happening in other parts of the world.

 

What I did read about in reference to Thailand though, is plenty of ATM skimming done by foreign gangs.

 

PS: As a matter of fact, Tops does not even require a signature anymore for less than 1,500 baht, and neither does Foodland. So i guess the reason is, the risk of fraud  (historically speaking), is incredibly low on these channels.

 

Imo.

 

Well, either that or we'll have big surprises ????

With the advent of the card with the embedded chip, it has become almost impossible to perform any fraud with a debit or credit card. I have some friends who work in this area of card and banking security for a global company called First Data. That's what the experts say now. 

[scubascuba3]

With the advent of the card with the embedded chip, it has become almost impossible to perform any fraud with a debit or credit card. I have some friends who work in this area of card and banking security for a global company called First Data. That's what the experts say now. 

But someone could watch you enter your pin and steal your card

[CharlieH]

1 minute ago, scubascuba3 said:

13 minutes ago, Shocked farang said:

With the advent of the card with the embedded chip, it has become almost impossible to perform any fraud with a debit or credit card. I have some friends who work in this area of card and banking security for a global company called First Data. That's what the experts say now. 

But someone could watch you enter your pin and steal your card

Unless you use the no card system now available, all done with the phone ! 

[Vacuum]

18 hours ago, marcusarelus said:

3.  Ask the bank how to limit daily withdraws to an amount you are comfortable with (mine is 50,000 baht) request SMS OTP.

 

4.  Put the ATM card in a safe place (safe) and never use that account to purchase anything, only use it to hold money. 

You could skip #3 and #4 on your list.

[lkv]

11 minutes ago, CharlieH said:

Unless you use the no card system now available, all done with the phone ! 

I got a technical question.

 

Do these Kbank POS machines i see in supermarkets generate QR codes on their display for Promptpay or....?

 

Can i use Promptpay in 7-11? Not Truewallet, Promptpay.

[marcusarelus]

59 minutes ago, English Engineer said:

In addition to the above, you now need a letter from immigration confirming your address to open the account.

Who told you that and where and when?

[marcusarelus]

27 minutes ago, Vacuum said:

You could skip #3 and #4 on your list.

Why would you skip putting a limit on withdrawals and not put your ATM card in a safe place?

[marcusarelus]

1 hour ago, scubascuba3 said:

1 hour ago, English Engineer said:

In addition to the above, you now need a letter from immigration confirming your address to open the account.

Residence certificate is old news, its been required in Pattaya for years

What bank required you and when to have a residence certificate to open an account? 

Edited October 22, 2018 by marcusarelus