Can You Open A Thai Bank Account From Overseas?

[Guest]

I have been searching through the Forum and find postings indicate that you must be in Thailand on a Visa of some sort in order to be able to open a Thai bank account. I plan on retirement in Thailand (presently being 54) in the future and would like to start putting aside the 400,000 Baht in a Thai bank as soon as possible, rather then wait several years and risk a major change in the Baht exchange rate.

As it seems problems rotate around establishing a checking account, can a Thai Savings account be established while overseas and funds later transfered to a checking account when retired and in-country? Will deposits to a Thai Savings account, vice a checking account, be acceptable by immigrations when applying for a one year retirement Visa?

I presently use Bank Of America. My wife, born in Thailand, will be listed as a co-owner on any account opened.

[dr_Pat_Pong]

I have been searching through the Forum and find postings indicate that you must be in Thailand on a Visa of some sort in order to be able to open a Thai bank account. I plan on retirement in Thailand (presently being 54) in the future and would like to start putting aside the 400,000 Baht in a Thai bank as soon as possible, rather then wait several years and risk a major change in the Baht exchange rate.

As it seems problems rotate around establishing a checking account, can a Thai Savings account be established while overseas and funds later transfered to a checking account when retired and in-country? Will deposits to a Thai Savings account, vice a checking account, be acceptable by immigrations when applying for a one year retirement Visa?

I presently use Bank Of America. My wife, born in Thailand, will be listed as a co-owner on any account opened.

Can your wifes family in Thailand assist by sending you the documentation ? A joint account with your wife is a possibilty I think, as long as you get help from the Thai end. Good luck.

[Guest]

Thank you for the idea. I believe my relatives could possibly get the required paperwork to open an account but I do not know if the bank would accept a mail in of forms. The Bangkok Bank website has a statement that says you must open an account in Thailand at one of their locations.

While I have E-mailed several banks I believe the end result will be having to wait till I return to Thailand on vacation and then open an account at that time and start regular international deposits.

I cannot see my retiring in Thailand and having to base a yearly Visa renewal based solely on a monthly retirement pension. I do not trust the world market enough to believe that the Baht will remain unchanged over the decades and, if not, face losing the Visa as my retirement income does not keep pace with a declining Baht rate.

[dr_Pat_Pong]

Thank you for the idea. I believe my relatives could possibly get the required paperwork to open an account but I do not know if the bank would accept a mail in of forms. The Bangkok Bank website has a statement that says you must open an account in Thailand at one of their locations.

While I have E-mailed several banks I believe the end result will be having to wait till I return to Thailand on vacation and then open an account at that time and start regular international deposits.

I cannot see my retiring in Thailand and having to base a yearly Visa renewal based solely on a monthly retirement pension. I do not trust the world market enough to believe that the Baht will remain unchanged over the decades and, if not, face losing the Visa as my retirement income does not keep pace with a declining Baht rate.

If the Thai family have reasonable bank connections, you never know. I hope that it works for you. Good luck.

[mbkudu]

The easiest thing to do would be to go on a tourist visa, go to Kasikorn Bank for example and explain what you want to do and they will open an account for you.

Just do it on your next holiday. You do go on holiday to Thailand sometimes don't you? I have heard that some banks will not open accounts for foreigners on tourist visas, but others will. The last time I was in Thailand I was there on a 30 day no visa, just the entry stamp and Kasikorn bank was more than happy to take my

95,000 Baht.

[djinn]

Siam Commercial bank was very happy to open for me 2 bank accounts on a tourist visa end of last year.This was the first step in my succesful quest for retirement visa.

But I doubt putting money in bath in advance in Thailand is a very good idea.Look at the evolution of the baht versus dollar or euro the last years.

And the actual economic policy here,pushing cunsumption by cheap credit does not promise a bright future to the baht .I fear for Thailand a new 1997 like situation in maximum 3 years.

Try to open a bank account in dollar or euro .

[JimGant]

I seem to recall there's a Bangkok Bank branch in New York City. Don't know if they can do what you want, but might be worth a try.

[konangrit]

Try to open a bank account in dollar or euro .

Or Yen, keep an eye on that ..... should make good gains this year.

[lopburi3]

Passbook savings accountc are what most Thai have and a joint account with wife is fine. Checking accounts are tightly restricted here and few people have/use them.

I doubt very much any bank will open an account without your passport in their hands.

If the baht exchange rate changes to any degree so will the requirements for the visa so you are not going to get something for nothing. I would not even consider transfer until you are ready to live here as you also risk bank losing transfer data for the money if years are involved (money must be shown to come from overseas if you don't work here).