Setting up a bank account

[thaistyle2728]

:cool: next year i will retire and move to thailand.new york has a branch of the bangkok bank there....can i direct deposit

my retirement check with them here and when i get over to thailand show the thais what i have done and then apply for a one year retirement visa....or am i going to have to start from scratch when i get there......

    also if i deposit money in an account with the bangkok bank here will i be able to walk into any branch in thailand

and withdraw money i need....

[dr_Pat_Pong]

Open the account there and simply transfer to a  Thai branch when you go. Use ATM's Thai banks don't enable one to make withdrawals all over the country.   It will happen, but not yet

[PattayaSteve]

dr_Pat_Pong - Does Bangkok Bank have the equavalent of a debit card that can be used to make purchases?  Thank you.

[dr_Pat_Pong]

Yes Steve I believe they have a couple but I personally don't use 'em.

[TRIPxCORE]

To correct a previous post, you cannot open an account at the Bangkok Bank in New York.  I have called them before and asked them about it and was told that is not possible.  It must be done in Bangkok.

[PattayaSteve]

I got a similar reply from Bank of America in Bangkok.  The Bangkok branch of Bank of America is strictly for Commercial Banking.   No personal accounts can be used.   I was told to open an account in a Thai Bank with cash.  Then write a check for a deposit on my checking account back in the USA and wait for the check to clear.

[lopburi3]

You do not need the money in a Thai bank to apply for a retirement visa while you are still in the US.  You can do the paperwork before you come here and then wire transfer the money after you set up an account in Thailand.  Thai banks do not appreciate US checks in my experience and will charge fees as high as a wire transfer and hold funds for a month or two unless you are well liked (lot of management leeway in how you are treated).

You want to set up a passbook savings account here and obtain an atm card (done the same day).  You can then withdraw funds at any atm in the 'pool' which is almost all in Thailand and if you get the 'international' version can also use it overseas.

Banks have a debit card but there is no good customer protection yet, AFAIK, so would not recommend it.

[mrvietnam2001]

I use HSBC. You can transfer anywhere or use the ATM or credit card and do online work as well.

Rgrds

[ThaiAdventure]

I too have just opened an account with HSBC (in the UK though not in US). I thought that it would make opening an account in Thailand easier as the UK HSBC could introduce me and prepare the way for opening a business account.....Wrong!!! They treat their branches in different countries as different banks. You may as well open any account as the transactions (and chargse) are the same regardless if they have a branch there or not. As I explained to my manager, the HSBC is therefore not offering any more than other banks and therefore he was subject to the same market forces (i.e. shopping around for interest rates etc) as in the UK. He agreed. There is only one advantage to having a bank that has a presence both in your home country and in Thailand.....you can access your foreign account with a cashpoint card in Thailand. Whether this is a good thing or not remains to be seen dependent on it's locality to where I am staying. But it does give you a backup route to money should all your cards get lost or stolen.

I think I will probably go with a Thai bank in Thailand