Bank account recommendation.

[davidhen]

Hi folks,

In a couple of weeks time, as a prelude to applying for my first yearly retirement visa, I will need to open a bank a/c. Is anyone able to recommend a particular bank. All I will be looking for is an a/c which will satisfy visa requirements, and if possible, one which can be opened free of charge. I am not interested in any "add-ons" such as health insurance.

Thanks, in anticipation.

David.

[ubonjoe]

I use Bangkok Bank and have not a problem with them. Also they do have a list of what they require.

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

Just a minimum of 500 baht to open an account.

[allane]

The best bank for you is the one that will open an account for you.  This is usually the hardest step.  Begin asking at different banks now. Giving your location might elicit replies from those with local knowledge.  If Bangkok, give your District, a main intersection or a landmark building.  It is a big city.

[FlyingThai]

Do you need a savings  account or a fixed term deposit?

 

Also some banks really don't like U.S. customers anymore due to reporting regulations.

 

Personally I'd stay away from Bangkok Bank when it's about a savings account due to their stupid Union Pay system for debit cards.

 

My preference exactly in this order: 1. Kasikornbank, 2. UOB, 3. SCB

 

Opening an account with UOB as a foreigner required a 50,000 Baht deposit when opening the account but you're able to withdraw that moments after if you wish to do so.

[dabhand]

As a GBP funded expat, I have found that, if you are using monthly income as a qualifier for your Retirement extension a combination of transfers via Transferwise / Bangkok Bank account would be the ideal.

 

It does depend on your circumstances and currency of funds being sent to Thailand.

 

 

Edited September 4, 2020 by dabhand

[ubonjoe]

12 minutes ago, FlyingThai said:

Personally I'd stay away from Bangkok Bank when it's about a savings account due to their stupid Union Pay system for debit cards.

They will issue a MasterCard if you ask for it. I have both of them.

[FlyingThai]

1 hour ago, allane said:

The best bank for you is the one that will open an account for you.  This is usually the hardest step.  Begin asking at different banks now. Giving your location might elicit replies from those with local knowledge.  If Bangkok, give your District, a main intersection or a landmark building.  It is a big city.

When the foreigner has a proper visa that really shouldn't be a problem with the exception being if someone has a U.S. passport.

 

Depends what visa he's on right now I would open the account asap as you say but don't just ask around. If you find a branch that will open your account - open it on the spot. You can always close it again or let it go dormant but once you have it set up you're safe.

[DrJack54]

OP, this will sound crazy but you need shop around. Not for services but just to find one that's makes opening an account easily. 12 month ago I tried to open a new bank account FD due change in seasoning arrangements. 

Anyway my existing bank had no idea. I went to Bangkok Bank Asoke. They wanted something from my embassy and something from my Oz bank.

Was about to give up and walked into fortune town local to me and opened account with Kasikorn bank. No problem.

Point is you need try few different ones.

If you use Transferwise using income method then you could consider opening account with Bangkok Bank, however as I mentioned they gave me hurdles

[FlyingThai]

2 minutes ago, ubonjoe said:

They will issue a MasterCard if you ask for it. I have both of them.

Interesting. Good to know, I complained many times to them about UP and they never offered the MC option. In the end I just stopped using that account.

[scubascuba3]

Bangkok Bank is the best for retirement purposes, their customer service has been spot on lately from opening an account, buying a condo proof of money from abroad, retirement extension plus TransferWise transfers.

 

I also have Kasikorn and Krungsi, both ok for spreading money about and savings

[Nero Dog]

Do not concider Krung Thai Bank. 

They charge at every opportunity. 

Rip off merchants.

Their charges are unbelievable! 

Their app is very difficult. 

Have had to dump them after 8 years. 

[Kelsall]

I had good luck with Bangkok Bank.  I would recommend using a branch that is convenient for you to visit and has plenty of parking. 

Edited September 4, 2020 by Kelsall

[Mutt Daeng]

54 minutes ago, Nero Dog said:

Do not concider Krung Thai Bank. 

They charge at every opportunity. 

Rip off merchants.

Their charges are unbelievable! 

Their app is very difficult. 

Have had to dump them after 8 years. 

My experience with Krung Thai is the complete opposite of yours.

Never been ripped off.

Never paid any charges for day-to-day banking.

The app is quite simple, unless Thai or English is not your first language.

[Amusements]

Krungsri has been ideal for my visa requirements for the last 10 years. Instant access + interest (Currently very minimal).

[Pib]

3 hours ago, DrJack54 said:

 

Anyway my existing bank had no idea. I went to Bangkok Bank Asoke. They wanted something from my embassy and something from my Oz bank.

 

Over the last year or so Bangkok Bank seems to be getting hard core in order to open a new acct (even if you already have an account(s) with them) that they want a letter from your home country embassy which basically confirms your farang passport is real/valid regardless of your nationality.  Of course getting that letter from your embassy is probably going to cost you x-amount (like $50 at the US Embassy) and might even be hard to get if your embassy is partially closed/limiting access due to COVID. 

 

The Bangkok Bank Silom head branch now has this requirement--they didn't use to.  Once you have this letter, no problem in opening an acct.   Years back, they didn't require the letter....now they do.  And of course with "This Is Thailand" the policy may vary among Bangkok Bank branches.

[jackdd]

Afaik Krungsri is the easiest bank to open an account (for people without work permit, with a work permit it shouldn't be a problem at any bank).

Usually(*) all they want is your passport (doesn't matter if entered as tourist, or non-immigrant) and a long term rental contract. If you stay with for example your girlfriend just set one up with her.

 

(*) There might be some branches who don't want to open an account for you but i guess at the majority of branches you will be able to open one.

[clonetom]

Bangkok Bank: no hassle to open an account and in my experience the only bank that offers a credit card to foreigners without Thai work permit (against a guarantee deposit account, of course).

 

Intuitive online and mobile services (in English). Lower costs for handling incoming funds, compared to other banks I was/am with. Very capable, friendly and English speaking hotline.

 

Easy to achieve Bualuang Gold status with many perks, most notably no queue wait.

 

Surely a step up from my previous experiences, the worst being Kasikorn, which literally closed my account in front of my face...

[khunjeff]

17 hours ago, FlyingThai said:

Also some banks really don't like U.S. customers anymore due to reporting regulations.

I've heard enough people report having problems that I believe there really are bank managers out there who try to avoid having US customers. In actuality, though, Thailand signed a cooperation agreement with the US (under heavy pressure) that requires Thai banks to collect information even when they have no American clients (everyone opening an account has to fill out a form declaring whether or not they're American), so I don't think the extra work that those managers imagine really exists. But of course it's no use trying to argue that point with a bank that doesn't want you as a customer.

[Boomer6969]

18 hours ago, allane said:

The best bank for you is the one that will open an account for you.  This is usually the hardest step.  Begin asking at different banks now. Giving your location might elicit replies from those with local knowledge.  If Bangkok, give your District, a main intersection or a landmark building.  It is a big city.

If OP is married he should go to (on of?) the bank(s) where his wife has he account(s), just walk in with her and open whatever account he needs to open.

But if this was the case I'd also suggest he goes for the marriage extension instead of the retirement extension. To use a mountaineering metaphor the marriage extension is like a technical icy slope where the screws are holding (if you cover them with snow), while the retirement route looks more and more like a corniced fresh snow ridge.

[rwill]

Really any of the major Thai banks will work just fine.  I might exclude KTB for American citizens because they don't want to deal with an extra form they have to do and will not pay you interest.  I use SCB myself with no problem.  GSB (Omsin) pays a better interest rate for their fixed account than the other banks.  I have not used them, the local branch is always very busy.

 

Also make sure the account is just in your name.  Immigration will not accept joint accounts.

Edited September 5, 2020 by rwill

[AlfHuy]

I have UOB, a Singaporean bank.

When I arrived on an O-A visa and visited quite a few different banks.

Good afternoon sir, how can we help.

I want to open a bank account. No problem Sir.

What's your visa?

Retirement visa.

Ohh, can not.

They were happy to guide me back to the door.

 

UOB was very friendly and up to now, were problem. (what I would expect form a Singaporean bank).

Bring 50,000baht, they open your account straight away and you walk out with your debit card.

If you want, you can straight withdraw the 50k again.

[AlfHuy]

46 minutes ago, clonetom said:

Bangkok Bank: no hassle to open an account and in my experience the only bank that offers a credit card to foreigners without Thai work permit (against a guarantee deposit account, of course).

 

Intuitive online and mobile services (in English). Lower costs for handling incoming funds, compared to other banks I was/am with. Very capable, friendly and English speaking hotline.

 

Easy to achieve Bualuang Gold status with many perks, most notably no queue wait.

 

Surely a step up from my previous experiences, the worst being Kasikorn, which literally closed my account in front of my face...

not true.

UOB does it.

[ravip]

18 hours ago, ubonjoe said:

I use Bangkok Bank and have not a problem with them. Also they do have a list of what they require.

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

Just a minimum of 500 baht to open an account.

Does the Bangkok Bank deduct a tax on the savings account?

On any balance or over a certain amount?

Monthly/Annually?

 

[ubonjoe]

1 minute ago, ravip said:

Does the Bangkok Bank deduct a tax on the savings account?

On any balance or over a certain amount?

Monthly/Annually?

Yes and Yes. I think it is at all Thai banks now.

I think it every 3 months. It is not much from my accounts since I don't keep a lot o money in them. I use the income option for my extensions.

[Pedrogaz]

If your pension is US Social Security it has to go into Bangkok Bank.....they will not sent it anywhere else.

[ubonjoe]

2 minutes ago, Pedrogaz said:

If your pension is US Social Security it has to go into Bangkok Bank.....they will not sent it anywhere else.

Since International Direct Deposits (IDD) started last year it can be sent into any Thai bank,

But it not easy to get proof it came from abroad if doing extensions using the income option.

[NoshowJones]

14 hours ago, Pib said:

Over the last year or so Bangkok Bank seems to be getting hard core in order to open a new acct (even if you already have an account(s) with them) that they want a letter from your home country embassy which basically confirms your farang passport is real/valid regardless of your nationality.  Of course getting that letter from your embassy is probably going to cost you x-amount (like $50 at the US Embassy) and might even be hard to get if your embassy is partially closed/limiting access due to COVID. 

 

The Bangkok Bank Silom head branch now has this requirement--they didn't use to.  Once you have this letter, no problem in opening an acct.   Years back, they didn't require the letter....now they do.  And of course with "This Is Thailand" the policy may vary among Bangkok Bank branches.

Banks in Thailand are the same as Immigration offices and local authorities, they all make up their own rules or interpretations of them.

[Lacessit]

I've never had a problem with Bangkok Bank for extension letters. I have an account with Kasikorn for the Visa card, again no problem.

Depending on how much in funds the OP has, I would suggest opening more than one account with different banks if it is over 1 million baht, as the Thai bank guarantee drops to that amount this year.

[thaiowl]

16 hours ago, Mutt Daeng said:

My experience with Krung Thai is the complete opposite of yours.

Never been ripped off.

Never paid any charges for day-to-day banking.

The app is quite simple, unless Thai or English is not your first language.

I had an unexpected good experience with KTB when I had to open an account with the bank in order to get a tax rebate paid. The staff were efficient and knowledgeable and they opened a savings account, linked it to PromptPay and set up Internet banking. The website is pretty easy to use.

 

[Oldie]

1 hour ago, khunjeff said:

I've heard enough people report having problems that I believe there really are bank managers out there who try to avoid having US customers. In actuality, though, Thailand signed a cooperation agreement with the US (under heavy pressure) that requires Thai banks to collect information even when they have no American clients (everyone opening an account has to fill out a form declaring whether or not they're American), so I don't think the extra work that those managers imagine really exists. But of course it's no use trying to argue that point with a bank that doesn't want you as a customer.

Many banks in the world try to avoid US people. Try to open an account in Switzerland for instance. And very many US residents got their accounts there closed. The US citizens should thank their own government for this. They want to control the world... And they are perhaps the biggest spy country in the world. Don't forget the NSA and other stories. 

 

I never forget the experience when Consors in Germany closed the share portfolio of a German friend when he moved from Germany to the US. Suddenly he was forced to sell everything. The German bank did not want him anymore. Sadly at this time he had to sell with big losses. He lost more than a million Euro. And the US government tries to force other countries to create the same problems for their residents. An awful behavior. And we still do know anything about Trump and his taxes...