Best Thai Bank (For Farangs)

[swordfisch]

I have a 1 year  A-O (Retirement) visa.

I'll need to apply for an extension in October 2020.

I gather I'll need to show Bt 65000 / month deposited into a Thai bank account (as part of the visa extension requirements).

Just wondering which is the best Thai bank re:

- Low / no fees

- Best interest rates 

- Best transfer rates

- Easiest to open (Passport, rent receipt from my hotel)

Cheers

[BobBKK]

I changed to Bangkok Bank as they seem the most 'international'. Be careful and read up on the 65k requirements (lots of threads here).

[allane]

The best bank is the one that will open an account for you. This is often the hardest step.  Giving your location might elicit replies from those with local knowledge. If Bangkok, give the name of your District, a major intersection or landmark building.  It is a big city.

[kokesaat]

A few weeks ago I visited 3 banks in Udon....CIMB, Bangkok Bank, and Siam Commercial.  I was looking for the best place to park my 800k for my extension.  All the banks were willing to open an account for me.......all the banks have a wide variety of account options.  CIMB offers a special rate for seniors......and when I initially asked about whether I qualified, the clerk said no, but after I showed her my yellow house book and pink id, she said, no problem.

I'm of the opinion that there are no 'falang' rates.  

[Laza 45]

16 hours ago, kokesaat said:

A few weeks ago I visited 3 banks in Udon....CIMB, Bangkok Bank, and Siam Commercial.  I was looking for the best place to park my 800k for my extension.  All the banks were willing to open an account for me.......all the banks have a wide variety of account options.  CIMB offers a special rate for seniors......and when I initially asked about whether I qualified, the clerk said no, but after I showed her my yellow house book and pink id, she said, no problem.

I'm of the opinion that there are no 'falang' rates.  

Can you tell me what the best interest rate is that you came up wit please?

[Graviton]

Don't forget the Mandatory Health insurance......

[murraynz]

the interest rates are pitiful..from 1% to less than 2%...then 15% tax is deducted from the interest. 

inflation probably exceeds the net income, so our 800,000 is reducing...

to me...the 800,000 is just part of cost of being able to live in thailand..

i doubt if owning property in thailand, can even be considered 'an investment'..

i own a nice condo in good building,in good area, but i duobt if i will ever see any cap gains...

[Graviton]

2 minutes ago, murraynz said:

the interest rates are pitiful..from 1% to less than 2%...then 15% tax is deducted from the interest. 

inflation probably exceeds the net income, so our 800,000 is reducing...

to me...the 800,000 is just part of cost of being able to live in thailand..

i doubt if owning property in thailand, can even be considered 'an investment'..

i own a nice condo in good building,in good area, but i duobt if i will ever see any cap gains...

Why not convert it to a FCD.... European currencies are low and others, could go up substantially in the future. 

[rumak]

51 minutes ago, Laza 45 said:

Can you tell me what the best interest rate is that you came up wit please?

sorry,  don't have my glasses on.  is your username Lazy  55  ?

 

do what kokesaat did..... go check it out to get the clearest picture of what banks offer.  and if they will open an account for you.    SIMPLE answer : some banks will open acct for farang.   interest rates are low and very similar from bank to bank.      

[buick]

OP - you should mention your location.  some branches are better than others when it comes to opening accts for foreigners.  you shouldn't have too much trouble opening an account as you have an O-A visa.  most of the reports here on TV about having difficulty opening acccounts is from people holding a tourist visa or a visa exempt entry.

 

i'm in bangkok and would recommend bangkok bank's main office on silom road.

[Graviton]

5 minutes ago, buick said:

OP - you should mention your location.  some branches are better than others when it comes to opening accts for foreigners.  you shouldn't have too much trouble opening an account as you have an O-A visa.  most of the reports here on TV about having difficulty opening acccounts is from people holding a tourist visa or a visa exempt entry.

 

i'm in bangkok and would recommend bangkok bank's main office on silom road.

Some banks will only open new accounts with work permits?

[buick]

18 minutes ago, Graviton said:

Some banks will only open new accounts with work permits?

as most members here know, it can be hit and miss in terms of getting an account.  regardless of what visa/entry document you have.  sometimes it is the bank (GH bank isn't easy) sometimes it is the bank officer that rejects you.  here is a link to bangkok bank where you'll see a foreigner w/o a work permit can open an account with a passport and a letter from their embassy.  i'd suggest someone with an O-A has a better chance than a tourist visa or visa exempt entry.  you have to request a savings account, not checking.

 

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Savings-Account

 

you can also pay a law firm or a visa agent to get an account opened.  from the link (in place of an embassy letter):

 

'Trusted individuals such as a Bangkok Bank staff member or customer, director of a private company, permanent residence in Thailand, government or private educational institutes located in Thailand trusted by the Bank'

 

in this case, the lawyer or agent has a working relationship with a bank officer and such officer can act as this 'trusted individual' who gets your account opened (they don't bother writing the letter to sponsor you, they just open the account).  shouldn't cost more than 3,000thb but i'd try to do it myself with the embassy letter first.  once we know where the OP lives, it will be easier for members to direct him/her to the proper bank/bank branch.

 

edit:  it can be a tiresome task to get an account but i think the members here and their inability to follow the guidance on the forum is just as frustrating as dealing the with bankers.  i remember a guy that asked which banks to go to in bkk, we recommended bangkok bank and UOB.  then the member went to every OTHER bank in bkk along sukhumvit road btwn asoke and emporium.  bypassing UOB and bangkok bank.  then came back on the forum and called us all liars.  that is an extreme case but there are many others.  some don't have it in them to get a simple embassy letter.

Edited May 28, 2019 by buick

[griffon2011]

46 minutes ago, murraynz said:

the interest rates are pitiful..from 1% to less than 2%...then 15% tax is deducted from the interest. 

inflation probably exceeds the net income, so our 800,000 is reducing...

to me...the 800,000 is just part of cost of being able to live in thailand..

i doubt if owning property in thailand, can even be considered 'an investment'..

i own a nice condo in good building,in good area, but i duobt if i will ever see any cap gains...

Pitiful, absolutely.  When you deposit your money you are essentially making a loan to the bank and are now classified as an unsecured creditor. The rates they collect for unsecured (personal) loans are over 18% but you are only entitled to a fraction of that for the same risk. I don't know about Thailand but in many western nations it will be the unsecured creditors money that will be used to rescue the banks if there is another financial crisis and not the taxpayer.  

[Graviton]

9 minutes ago, griffon2011 said:

Pitiful, absolutely.  When you deposit your money you are essentially making a loan to the bank and are now classified as an unsecured creditor. The rates they collect for unsecured (personal) loans are over 18% but you are only entitled to a fraction of that for the same risk. I don't know about Thailand but in many western nations it will be the unsecured creditors money that will be used to rescue the banks if there is another financial crisis and not the taxpayer.  

Thai banks account holders are protected by deposit insurance and the Government pays each account holder if bank collapses up to ฿1.5 million 2563, 15 yrs ago it was ฿100 million? I believe.... Some accounts not protected, just checking if FCD are covered....... We are heading for a global financial reset maybe war first........best do your own research.

[PerkinsCuthbert]

To bring the topic back to that which the OP introduced - you will hear anecdotal stories of this bank and that bank being great/terrible/useless/fantastic until they're coming out of your ears, but in practical terms there is so little difference between the big beasts as to be insignificant. My advice? Go for a bank that is convenient to where you live, one of the big ones, push hard to open the account if they are reluctant at first, ask to see superior etc, while all the time remaining polite and respectful. Deposit the funds in their best interest-bearing account that suits your needs (as others have indicated, there is minuscule difference between the banks), ask for the cheapest ATM/debit card (they will probably try to give you a 'business' or 'VIP' or some such card with a higher annual fee), and relax. It really is not worth fretting over more.

[Graviton]

22 minutes ago, PerkinsCuthbert said:

To bring the topic back to that which the OP introduced - you will hear anecdotal stories of this bank and that bank being great/terrible/useless/fantastic until they're coming out of your ears, but in practical terms there is so little difference between the big beasts as to be insignificant. My advice? Go for a bank that is convenient to where you live, one of the big ones, push hard to open the account if they are reluctant at first, ask to see superior etc, while all the time remaining polite and respectful. Deposit the funds in their best interest-bearing account that suits your needs (as others have indicated, there is minuscule difference between the banks), ask for the cheapest ATM/debit card (they will probably try to give you a 'business' or 'VIP' or some such card with a higher annual fee), and relax. It really is not worth fretting over more.

If they are reluctant I'm out the door. That spells out my future treatment at said bank....

[AAArdvark]

If you are going to use the income method, you need to use a bank that will show your deposits as international transfers.  It seems that most people are having the best luck with that using Bangkok Bank.  Every one of my deposits has shown up in Bangkok Bank as international.

I used an agent to get my account within a week of arrival.  Nothing illegal or unusual about it.  Just a helping hand to sort through any red tape.  Can be done without the agent but for me it was well worth the 1K baht.

[helloagain]

2 hours ago, Laza 45 said:

Can you tell me what the best interest rate is that you came up wit please?

Get off your backside and ask all the banks in your area. 

[Graviton]

7 minutes ago, AAArdvark said:

If you are going to use the income method, you need to use a bank that will show your deposits as international transfers.  It seems that most people are having the best luck with that using Bangkok Bank.  Every one of my deposits has shown up in Bangkok Bank as international.

I used an agent to get my account within a week of arrival.  Nothing illegal or unusual about it.  Just a helping hand to sort through any red tape.  Can be done without the agent but for me it was well worth the 1K baht.

You mean deposit in the bank or a transfer. Deposit how cash at the desk?

[AAArdvark]

16 minutes ago, Graviton said:

You mean deposit in the bank or a transfer. Deposit how cash at the desk?

There have been many reports of immigration requiring income from foreign sources and/or pension.  If you deposit cash, it will obviously not appear as foreign income. But Bangkok Bank does a good at listing transfers as international while other banks have been inconsistent at best.

[Laza 45]

2 hours ago, rumak said:

sorry,  don't have my glasses on.  is your username Lazy  55  ?

 

do what kokesaat did..... go check it out to get the clearest picture of what banks offer.  and if they will open an account for you.    SIMPLE answer : some banks will open acct for farang.   interest rates are low and very similar from bank to bank.      

Second one telling me to get off my ass.. thanks guys .. nice to share information isn't it?  <deleted>..

 

[Pib]

Quote

 

Just wondering which is the best Thai bank re:

- Low / no fees

- Best interest rates 

- Best transfer rates

- Easiest to open (Passport, rent receipt from my hotel)

 

 

There is no answer to your question which is the best Thai bank as they are all very similar in products, rates, etc  They all have some fees that are low, some fees are high, and some no fees for certain things.   Each bank offers many savings/current/fixed/hybrid deposit products with varying rates.   All transfer rates whether domestic or international are very similar.    How easy it is to open an account varies from "branch to branch"...you could have two branches of the same parent bank like Branch A of SCB and Branch B of SCB and branch A might open an account with little requirements while branch B wants a work permit/letter from your embassy.    

 

I have accounts with Bangkok Bank and Krungsri Bank....both are fine banks....I have accounts with both banks due to different reasons as each had a particular product/service that the other one didn't have.  Also, the wife has an account with KrungThai bank for a particular produce/service that the others didn't have.  To get the overall best banking deals/lowest fee many times you need accounts at multiple banks....there is no "one" bank that provides it all...is the clear best.   

 

 

[Laza 45]

57 minutes ago, helloagain said:

Get off your backside and ask all the banks in your area. 

You  don't know what my situation is.. There are banks here but not one has anyone who can speak reasonable English.. so stuff your little judgement where it fits.. 

[Graviton]

35 minutes ago, Laza 45 said:

Second one telling me to get off my ass.. thanks guys .. nice to share information isn't it?  <deleted>..

 

That's the correct word SHARE? Better doing it yourself knowledge and experience?

[Pib]

1 minute ago, Laza 45 said:

You  don't know what my situation is.. There are banks here but not one has anyone who can speak reasonable English.. so stuff your little judgement where it fits.. 

That is a big issue with Thai banks...that is, having some English capability for English speaking customers.  Branch A of Bank XYZ might have a couple of staff members "today" who speak fair English and can explain things to customer in English....but Branch B a kilometer away of same parent Bank XYZ may not have any staff who speak much English. 

 

And even with Branch A, especially if a smaller branch like in a mall, they are always rotating staff which means the staff who could speak fair/good English get moved to another branch....the branch that use to have reasonable English capability on staff goes to having little to none.  It can be frustrating.  But hey, this is Thailand where Thai is the primary language.

[Graviton]

3 minutes ago, Pib said:

That is a big issue with Thai banks...that is, having some English capability for English speaking customers.  Branch A of Bank XYZ might have a couple of staff members "today" who speak fair English and can explain things to customer in English....but Branch B a kilometer away of same parent Bank XYZ may not have any staff who speak much English. 

 

And even with Branch A, especially if a smaller branch like in a mall, they are always rotating staff which means the staff who could speak fair/good English get moved to another branch....the branch that use to have reasonable English capability on staff goes to having little to none.  It can be frustrating.  But hey, this is Thailand where Thai is the primary language.

Laza 45.... Learn to speak thai..... It will be very easy then. 

Edited May 28, 2019 by Graviton
Wrong person

[The Fugitive]

A visa agent told me (admittedly two years ago) that only Bangkok Bank now participate in assisting ex-pats who don't possess sufficient funds. Apparently all other Thai banks won't due to money laundering regulations. My agent opened a Bangkok bank account for me and advised me to use it to keep it open for future extensions. Now have a choice of UnionPay or MasterCard debit cards.

[dastott]

2 hours ago, AAArdvark said:

If you are going to use the income method, you need to use a bank that will show your deposits as international transfers.  It seems that most people are having the best luck with that using Bangkok Bank.  Every one of my deposits has shown up in Bangkok Bank as international.

I used an agent to get my account within a week of arrival.  Nothing illegal or unusual about it.  Just a helping hand to sort through any red tape.  Can be done without the agent but for me it was well worth the 1K baht.

B1000 sounds like a good price, no other documents needed? Would you mind sharing which agent? Thank you.

[DJ54]

3 hours ago, PerkinsCuthbert said:

push hard to open the account if they are reluctant at first, 

Good advise!  I live near a small city and went with BKK. At first it 

was no and I’d ask why and pushed but nicely after about 20 minutes of back and forth they opened an account with ATM card.

O extension, Passport and filled out some paperwork. 

[AAArdvark]

1 hour ago, dastott said:

B1000 sounds like a good price, no other documents needed? Would you mind sharing which agent? Thank you.

I needed  certificate of residence, which was included.  The agent is in CM,  They have been there a long time but they appear to be fading away.  They rent space in a shared building and I believe they only have one agent.  Even though he did a good job, if I need agent services again, I will look elsewhere.