Bank account recommendation.

[Oldie]

31 minutes ago, thaiowl said:

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.

 

Knowledgeable? This surprises me because as foreigner you can't use Pompt Pay at the revenue department. The Bangkok Bank did the same for me and I couldn't use it. Just wasted my time because they didn't know this. 

[userabcd]

57 minutes ago, possum1931 said:

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

In most cases I think its not the banks, but the individuals in the banks with whom one is dealing.

 

The banks all have rules on their websites of what is needed to open a bank account.

 

The fact that one can open a bank account in Thailand on a tourist visa and passport in some branches is odd, in many other countries this would not be possible.

Edited September 5, 2020 by userabcd

[Almer]

18 hours ago, ubonjoe said:

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

Mastercard with my name printed( you have to request your name) no problem , just fill the form in.

[NoshowJones]

1 minute ago, userabcd said:

In most cases I think its not the banks, but the individuals in the banks with whom one is dealing.

 

The banks all have rules on their websites of what is needed to open a bank account.

Yes, individuals in the banks, IOs etc, etc. but the bosses have the final word, their decision or interpretation of any rules they want to make up.

[fishtank]

As said, It doesn't really matter what bank as they are all much the same.

Getting one to actually give you an account is the problem.

Different branches and even different staff members will all tell you something different.

[JusticeGB]

I use Bangkok Bank and transferwise it is seamless and quick to transfer money from the UK. I use their Internet banking system which adds extra security. My mobile phone gets an immediate message whenever the account receives or has funds taken out. Also whenever the account is accessed I get a similar message. This makes the account very secure.

[berrec]

As stated, shop around, KBank, Bangkok Bank and SCB IMHO and experience are the top tiers.

 

But be warned all branches are not equal, (A bit like IM offices) services and conditions vary from branch to branch. 

 

I have had mixed experiences with BBK Bank branches over the last 3 years with my 2 BKK Bank accounts, some good and some not so good.

 

Most of the Thais I interface with are KBank customers..........guess it's like finding a good Thai restaurant to eat in; follow the crowd where they go is usually on the money!.   

[jackdd]

9 minutes ago, berrec said:

As stated, shop around, KBank, Bangkok Bank and SCB IMHO and experience are the top tiers.

KBank doesn't list foreigners as person qualifying for a private banking account

SCB writes on their website that foreigners need a work permit

Maybe somebody can find some person at some branch who will open an account for a foreigner, but the chances are very small and i would not recommend wasting time trying to open an account with them.

[Peterphuket]

1 hour ago, Oldie said:

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... 

Believe me, it will be worser and worser, they (read governments & Banks) like to control everybody now under the guise of drugs money.

[pmarlin]

20 hours ago, FlyingThai said:

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.

Being American is not a problem and it wasn't for me. Banks don't have to report unless the account is $50,000 or over. I just filed out a W-7 which the Bangkok Bank branch provided.

[Max69xl]

19 hours ago, ubonjoe said:

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

The new MasterCard from Bangkok Bank is totally useless if you buy something from a store/shop/airline online and the server is not located in Thailand. It's connected to TPN = Thai Payment Network. There's been endless complaints at every BB branch and online. This card was released November 5 2018 and not one branch manager understood why the card didn't work at for example Tesco Lotus. I got mine November 12 2018 in Jomtien, and it took me one week to realize I couldn't use it at Tesco Lotus. I asked the bank manager at my branch why? She didn't have a clue and said I must talk to Tesco Lotus myself. A bit later you could read online about people who couldn't buy airline tickets if they didn't go for a Thai based airline. CP has recently purchased Tesco Lotus and that might maybe solve the issue, but when buying online outside Thailand the problem will still occur. I read later that BoT wanted Thai banks to issue debit cards (both Visa and MC) connected to TPN,but luckily several banks did not go for it. For example Kasikorn Bank. But otherwise, as you said, Bangkok Bank is ok to deal with and it's quite easy to open a savings account there. They're also (normally) familiar with what kind of documents is needed for immigration. 

[Oldie]

11 minutes ago, Peterphuket said:

Believe me, it will be worser and worser, they (read governments & Banks) like to control everybody now under the guise of drugs money.

I think the same. I know banks in Switzerland that kicked out the US residents first and now try to get rid of everyone that doesn't live in Europe. Even people that are Swiss citizens and live abroad are not accepted by many banks in Switzerland anymore.

 

The US government just creates problems. I lived for some years in the US and moved to Thailand afterwards. Then came the Patriot Act and all my US bank accounts got closed. I received many checks... and desperately had to look for a new home for my money. I didn't want to transfer it to Thailand because it is not so easy to get the money out of the country again. So I had to look in other countries. Wasn't easy. 

[TallGuyJohninBKK]

22 hours ago, davidhen said:

In a couple of weeks time, as a prelude to applying for my first yearly retirement visa,

 

Looks like the OP has yet to return with any info about a] what his nationality is, or b] what his current visa/stay status is in Thailand -- both of which could impact/influence his Thai banking choices/options/recommendations.

 

[Oldie]

16 minutes ago, Max69xl said:

The new MasterCard from Bangkok Bank is totally useless if you buy something from a store/shop/airline online and the server is not located in Thailand. It's connected to TPN = Thai Payment Network. There's been endless complaints at every BB branch and online. This card was released November 5 2018 and not one branch manager understood why the card didn't work at for example Tesco Lotus. I got mine November 12 2018 in Jomtien, and it took me one week to realize I couldn't use it at Tesco Lotus. I asked the bank manager at my branch why? She didn't have a clue and said I must talk to Tesco Lotus myself. A bit later you could read online about people who couldn't buy airline tickets if they didn't go for a Thai based airline. CP has recently purchased Tesco Lotus and that might maybe solve the issue, but when buying online outside Thailand the problem will still occur. I read later that BoT wanted Thai banks to issue debit cards (both Visa and MC) connected to TPN,but luckily several banks did not go for it. For example Kasikorn Bank. But otherwise, as you said, Bangkok Bank is ok to deal with and it's quite easy to open a savings account there. They're also (normally) familiar with what kind of documents is needed for immigration. 

Now I understand - thank you! Good to know. Some years ago I booked a flight to the Philippines with this online Credit Card from the Kasikorn Bank - no problem. Next I tried to book a flight Manila to Borracay at a local airline there but it didn't work. I used a US credit card of my brother then and no problems. 

[flexomike]

20 hours ago, FlyingThai said:

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.

You can get a MasterCard at Bangkok Bank

[brianthainess]

ktungsri / yellow bank, easy to open account, friendly staff, know exactly what you need for immigration, 1.1% interest, no tax, acc free,  BKK bank for better exchange rate; had to take my wife before i could open acc. 

[Pib]

4 hours 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.

It's called FATCA and really isn't a big deal....just a few more bank forms to complete when opening a Thai bank acct.   If you are a farang Thai banks will have you sign a form as to whether your hold US citizenship or not.  If not a US citizen then you just sign the one form saying so.  If a US citizen then you sign a couple more forms...one of which is form providing your social security number....the bank may want a copy of your SSN card to confirm your are providing the correct SSN. Then they continue to open the account. 

 

I've opened two Bangkok Bank accts after FATCA when into affect X-years ago...completed those forms I mentioned above.  I'm a US citizen.

 

Below is from the Thai Revenue Dept website talking FATCA.  There a couple different FATCA agreements various countries has signed.  And the agreement gives the foreign/Thai banks latitude in the trigger levels of balances and interested earned that need to be reported.

https://www.rd.go.th/publish/56958.0.html

 

Quote

 

Foreign Account Tax Compliance Act (FATCA) is a law of the United States. It is intended to prevent the tax evasion of US natural and corporate individuals conducting international financial transactions. Concepts and principles of US taxation In accordance with Worldwide Income Basis,

FATCA requires financial institutions abroad to report the accounting information of American clients to the US IRS. Financial institutions that fall under the regulations of this law are financial institutions that operate in a way that generates income or profits for US citizens.

If any financial institution Failing to comply with FATCA laws or if the US account holder Anyone who does not agree to provide correct information Paying money into a US citizen account In that financial institution It is subject to a 30% withholding tax on all income originating or referring to US securities. And may have to close accounts that the owner does not agree to comply with FATCA.

To achieve the objectives of FATCA, the United States has made an agreement between the US government. With other governments (IGA) to allow the exchange of accounting information of the taxpayer according to the agreement. Without contrary to the domestic law of the contracting country And for the two contracting countries to assist each other for the benefit of the tax. By agreement between the governments Can be divided into 2 types as follows

 

1. Model 1 intergovernmental agreements are agreements between governments. That the government's counterparty is the collector of US account information From financial institutions within their jurisdiction To report to the contracting country Through automation Which can be subdivided into two types:
   - Model 1 A (Reciprocal) is the case that the two contracting countries agree to send information to each other. Through automation
   - Model 1 B (Non-reciprocal) is the case where a contracting country agrees to unilaterally transmit information to the US government. Do not send information to the country of contract.

    

    

2. Agreement between governments Model 2 is an agreement between governments The government agreed to enact legislation to allow and direct the exchange of US citizens account information. With the US government, financial institutions under the counterparty government must report directly to the US government through automated systems.

For Thailand Have agreed to Type 1 A (Reciprocal) and have chosen to use Information exchange system (International Data Exchange Service: IDES) of the US is a tool for collecting data from financial institutions in Thailand. This method is called Model 1 Option 2 (M1O2).

 

 

 

 

 

[Oldie]

My experience with Bank accounts. Krungsri has good interest rates. And Bangkok Bank has good conditions for money transfers from abroad. But this because it is the correspondent bank of my bank abroad. And so my money does not go first to the US and then to Thailand for instance but directly to the Bangkok Bank. So ask about the costs if you transfer often to your Thai account from abroad. 

[5633572526]

22 hours ago, FlyingThai said:

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.

You can get a visa debit card. All you have to do is ask.

[Oldie]

24 minutes ago, brianthainess said:

ktungsri / yellow bank, easy to open account, friendly staff, know exactly what you need for immigration, 1.1% interest, no tax, acc free,  BKK bank for better exchange rate; had to take my wife before i could open acc. 

No tax? If the account is in the name of a foreigner you will pay taxes. New is that they will not wait until you exceed the tax free allowance (tax exemption) like before but will charge you immediately. To avoid this you need now a Thai tax ID and you have to give it to your bank. 

 

Edited September 5, 2020 by Oldie

[Pib]

4 hours 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 they do.  The tax is withheld any time an interest payment is made. 

 

For the typical/regular Thai savings acct Thai banks pay interest twice a year in Jun and Dec...and that's when Bangkok Bank pays interest on the typical savings acct...ditto for KrungThai bank where my wife has an acct.

 

If you have a type of savings acct say like a "fixed" savings account which pays interest when the acct matures....and lets say it's a 9 month fixed acct...then the interest will be paid and tax withheld at the 9 month point when the acct matures. 

 

If you have say a 24 month fixed acct, well, that will probably pay interest every 12 months due to the nature of Thai tax laws...and interest withheld whenever interest is paid.   

 

And if you have a "hybrid" acct like the popular Krungsri Mei Tai Dai acct that pays interest monthly then the tax is applied monthly.  Remember, withholding tax is withheld every time an interest payment is made.

 

As a farang you can stop tax withholding if not exceeding Bt20,000 in interest earned per year if you have/provide the bank your Thai tax ID number.  But once you exceed Bt20K interest earned per year they will withhold tax regardless of Thai tax ID on file or not.  That's what I have done with my Bangkok Bank and Krungsri Bank accts....no tax withholding occurs as my interest earned per year does not exceed Bt20K per year. 

 

Please note once providing your Thai tax ID to the bank to stop the tax withholding, the interest earned is still reported to the Thai Revenue Dept for aggregate interest earned tracking purposes.  Let's say you earn Bt10,000 interest at Bangkok Bank and Bt10,001 baht at Krungsri Bank, well, that totals Bt20,001 which is now over the Bt20K limit.  The Thai Revenue Dept will then supposedly notify both banks to begin withholding tax since your "aggregate" interest earned at all your Thai bank accts has exceed Bt20K and tax withhelding must occur. 

 

And for a "fixed" saving acct by Thai law tax is withheld on "any" amount of interest...the Bt20K or greater interest rule does not come into play.

[mejomini]

I have used Bangkok bank without any problems. As a US citizen, I had to fill out tax papers for FATCA. Also it helps if you can bring along someone important to vouch for you, preferably someone who has an account with the bank. Teachers, government employees, Puyai Ban, etc. It makes things easier. They will issue all the necessary paperwork for immigration for 100 Baht fee. I have always found my local branch very helpful.

[PGSan]

23 hours ago, FlyingThai said:

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

Since that era I was able to get a Visa debit card  from Bangkok Bank again.  

More recently they have started issuing Mastercard debit cards, so . . . ? 

Edited September 5, 2020 by PGSan
Typo

[Hi Tea]

22 hours 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.

Get their Mastercard, then.

[Yellowtail]

I have accounts at Kasikorn, Krunsri and Bangkok. I've had Kasikorn the longest and think they are generally the most accommodating, but it is defiantly a branch by branch thing. 

 

Any of them will provide everything you need. I would go to which is the most convenient to your home and work your way out until you get an account. Once you get the first account opened, opening additional accounts (like a fixed account for your visa) is easy. 

 

I think the all have card-less ATM withdrawals now, so you can avoid any fees.

 

 

 

[Pib]

2 minutes ago, PGSan said:

Since that era I was able to get a Vis debit card  from Bangkok Bank again.  

More recently they have started issuing Mastercard debit cards, so . . . ? 

But you did that before they started offering their Mastercard along with the UnionPay card.  Bangkok Bank will give you the UnionPay card unless stressing you want the Mastercard. 

 

I still have my Bangkok Bank Visa debit card...it's still working....use it approx once a week to get some cash....will work until it's expiration date which I think is in 2021 or 2022 without taking a look at it.

[Hi Tea]

2 hours ago, jackdd said:

KBank doesn't list foreigners as person qualifying for a private banking account

 

Maybe somebody can find some person at some branch who will open an account for a foreigner, but the chances are very small and i would not recommend wasting time trying to open an account with them.

The first Kbank branch that I went into were happy to open an account so the chances are also pretty high that there'd be no problems!.

[Hi Tea]

47 minutes ago, 5633572526 said:

You can get a visa debit card. All you have to do is ask.

Not at BBL, you can't, even if you ask.  Credit card maybe but not a debit card, Union Pay or Mastercard debit cards only.

Edited September 5, 2020 by Hi Tea

[davidhen]

Sorry everyone. I've just logged on to Thaivisa and seen all your replies. I obviously haven't got my settings configured properly to flag me via email when someone responds. I've posted on TA forum and I get email flags. I've now adjusted my Thaivisa settings, which hopefully will now trigger an email when my topic gets a reply.

So, I am a UK national, staying in Jomtien Soi 4. I've been in a guesthouse here since 19th March. I am in receipt of UK pensions but not enough to satisfy the THB 65,000 per month requirement. Nor do I wish to deposit THB 800,000 in a Thai a/c. For these reasons, I visited an agent who told me that if I open a bank a/c, he will charge me THB 14,000 to get me a one year (renewable) retirement visa. I do know another agent who will open an a/c for me for only THB 1,000 ---  It's just that the first one I mentioned instills me with more confidence. But --- if he opens an a/c for me, he wants THB 4,000.

I arrived in LoS on 16th January with a 90 day non-imm-O visa which of course expired in April, and I am now on visa amnesty until (currently) 26th September.

Thanks again,

David.

[Johnthplumb]

On 9/4/2020 at 10:47 AM, ubonjoe said:

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

I also have two Accounts in Bangkok Bank, ( I would recommend them ) my first account opened in about 45 minutes with my Lady to translate if needed, in Buriram and several weeks later one in Pattaya, Buriram was my first account it  gave me a Union Pay card witch I agree is pretty useless,

 

When in Pattaya I could hardly use it, so I went in to the Bangkok Bank to voice my concern about it, They there and then ( with my passport ) opened a second account and issued me with a Visa card for the account.

S0 Buriram has the 800,000 plus a bit, and the Pattaya one I use on a daily basis, also I can use it in the UK no problem shop and withdraw cash if needed, ( yes I know a bad exchange rate ) but at least If needed I can get my money out.

So only on my personal dealings I am very satisfied with B/bank.