I Need A Checking Account

[DegenFarang]

I don't need to keep much money in it, have any special features or anything else, I just need something where I can receive and send international ACH/EFT transfers using my account number and SWIFT code.

I currently have a Siam City Bank passport savings account, but I don't beleive this would work, would it? Using this savings account could I send and receive transfers electronically?

If not, what are my options?

I'm American and here on a tourist visa. I have a Thai address and bills in my name, but on paper I'm a tourist with no job etc.

Thanks for the help

[Jingthing]

No problem wiring money into Thailand to a Thai savings account from most any US bank. It might be a problem from an investment firm like Vanguard. Good luck getting a Thai checking account (sounds impossible in your situation).

[DegenFarang]

No problem wiring money into Thailand to a Thai savings account from most any US bank.

wow awesome if true.

can anybody confirm this? with a thai savings account do you get an account number and SWIFT code?

How about wiring money out of Thailand from this savings account, is this possible/easy?

Any maximums for how much you can keep in the account/how much would be wise to keep in the account?

Edited February 25, 2007 by DegenFarang

[Jingthing]

All Thai banks have SWIFT codes.

If you have any account, you have an account number.

Thai banks might not let you wire out large sums. Has nothing to do with the type of account. The details of that are beyond my knowledge.

[DegenFarang]

Thanks a lot! Hope this works!

[pumpuiman]

I frequently transfer (Swift) money to a Thai savings account from the U.S.

No problem.

[ProThaiExpat]

SCB has a wire transfer office that clears all Swift transfers in and out of Thailand. I have never sent money out, but many times in. Fax to institution with the relevent information is all that is needed.

I would be surprised if someone says one cannot wire transfer funds from SCB to a U.S. institution, as long as you pay the fee at your branch. If they have never done it at the local branch, they will call the central wire transfer office and be walked through it.

[alexth]

SCB has a wire transfer office that clears all Swift transfers in and out of Thailand. I have never sent money out, but many times in. Fax to institution with the relevent information is all that is needed.

I would be surprised if someone says one cannot wire transfer funds from SCB to a U.S. institution, as long as you pay the fee at your branch. If they have never done it at the local branch, they will call the central wire transfer office and be walked through it.

You would be amazed...

[johnnyk]

Believe it or not but writing cheques can be construed as "working".

Use your savings account, no pompem.

[DegenFarang]

Believe it or not but writing cheques can be construed as "working".

Use your savings account, no pompem.

Cool thanks a lot guys, I'll just go ahead and use Savings, looks like it will do what I need anyway.

Next question, how much would you feel comfortable leaving in a Thai bank account? What kinds of red flags can get raised or what problems can occur? Maybe I'm just being paranoid but something about banking in the third world just makes me kinda nervous, especially w/ large sums of money etc

[ProThaiExpat]

Many of us don't feel comfortable with more money money in a Thai bank than is needed for immediate needs.

Since I can wire transfer money into my savings account at SCB, takes about 3 days, or do a teller originated debit transaction on my U.S. debit card with funds available immediately, there really is no need to take money from accounts earning 5 % or more interest and transfer it into Thai accounts which pay little or no interest.

[richard10365]

Get a savings account with Bangkok Bank. Send it from your bank in the USA to Bangkok Bank using the routing number for Bangkok Bank NY, along with your name and account number. Bangkok Bank NY will charge you $5 and Bangkok Bank in Thailand will charge you no more than 200 baht.

I use to send my retirement check here every month from my Bank of America account in Los Angeles. Now I just send it straight from the U.S. Treasury to Bangkok Bank NY.

[DegenFarang]

Many of us don't feel comfortable with more money money in a Thai bank than is needed for immediate needs...there really is no need to take money from accounts earning 5 % or more interest and transfer it into Thai accounts which pay little or no interest.

Other than the concerns you've stated over the loss of interest income, are there other reasons you or others would feel uncomfortable about this?

The reason I want to do this is to buy property in Thailand. I would feel better with say 1 milllion baht in four accounts with which to negotiate the purchase of a 4 million baht property with than to give somebody a promise of a 4 million baht wire transfer etc.

Also for visa issues, I think I remember reading there are ways to get longer visa's if you can show you have significant cash deposits in thailand that you wish to invest with etc.

Though I'm just concerned about the security of my money sitting in a thai bank etc.

[ProThaiExpat]

You certainly don't need to bring in all your house purchase money until it is needed. I wasn't required to pay anything, except a small deposit, until my house was completed. Others do end up paying progress payments.

If you feel the baht will continue to appreciate against the dollar, that would be a good reason to bring all your money in now. I know my house and car were bought with 44 to the dollar Baht, a substantial savings over what the same house would cost me today, what with inflation and the strong Baht.

Many falang have difficulty trusting the Thai government to be stable so they feel that bringing in large amounts of money is no safe as government regulations may imperil their funds. I have no such worries.

[talatnat]

Get a savings account with Bangkok Bank. Send it from your bank in the USA to Bangkok Bank using the routing number for Bangkok Bank NY, along with your name and account number. Bangkok Bank NY will charge you $5 and Bangkok Bank in Thailand will charge you no more than 200 baht.

I use to send my retirement check here every month from my Bank of America account in Los Angeles. Now I just send it straight from the U.S. Treasury to Bangkok Bank NY.

I have been trying to get my Fidelity IRA to send my checks via Bangkok Bank NY to a Bangkok Bank savings account in Thailand. I've emailed the BKK BK office in New York two times but haven't heard re: the routing number and a SWIFT number.

Fidelity IRA won't let you register overseas accounts for wire transfers (and I would presume the same with the US Treasury). When I try to register Bangkok Bank NYC with Fidelity, the latter requires a bank routing number, a CHECKING account number, and a check number; the latter aren't available to savings account holders.

Richard, can you tell us how you got to register Bangkok Bank New York (routing number??, SWIFT?? Checking or Savings??) with the US Treasury account ?

Thanks in advance.

Edited February 27, 2007 by talatnat

[richard10365]

Get a savings account with Bangkok Bank. Send it from your bank in the USA to Bangkok Bank using the routing number for Bangkok Bank NY, along with your name and account number. Bangkok Bank NY will charge you $5 and Bangkok Bank in Thailand will charge you no more than 200 baht.

I use to send my retirement check here every month from my Bank of America account in Los Angeles. Now I just send it straight from the U.S. Treasury to Bangkok Bank NY.

I have been trying to get my Fidelity IRA to send my checks via Bangkok Bank NY to a Bangkok Bank savings account in Thailand. I've emailed the BKK BK office in New York two times but haven't heard re: the routing number and a SWIFT number.

Fidelity IRA won't let you register overseas accounts for wire transfers (and I would presume the same with the US Treasury). When I try to register Bangkok Bank NYC with Fidelity, the latter requires a bank routing number, a CHECKING account number, and a check number; the latter aren't available to savings account holders.

Richard, can you tell us how you got to register Bangkok Bank New York (routing number??, SWIFT?? Checking or Savings??) with the US Treasury account ?

Thanks in advance.

As far as other banks in the US are concerned, Bangkok Bank NY is more or less a stateside bank. If you send the money to their NY office with the Bangkok Bank NY routing number, the bank will automatically SWIFT it to Thailand. I have my pension check sent to my Bangkok Bank savings account that I opened up on Silom road. The only information I needed was the routing number, type of account (savings or checking) and name on the account.

From their website:

New York Branch

The New York branch is a US federal chartered branch which functions as a wholesale bank.

There are many services available including:

* Trade Finance

* Corporate Lending

* Remittance/Funds Transfer

* Deposit Accounts (restricted)

Please contact the branch directly for more details:

New York Branch

Mr. Chalit Phaphan, Branch Manager

Bangkok Bank PCL New York Branch

29 Broadway, 20th Floor, New York

NY 10006

Tel: (1-212) 422-8200

Fax: (1-212) 422-0728

Swift: BKKB US 33

Telex:(023) 175459 BKBK UT

E-mail: [email protected]

FED Routing No: 026008691

CHIPS ABA: 0869