International Banking

[daddyo]

My children and me will be moving from the states to Chiang Mai this

summer in time to get them into international school this fall. I've been

trying to figure out the banking situation for foreigners for some time now.

My income will primarily come from the states.

I've found out a bit of information from my accountant and my bank who

will receive my checks from clients and transfer the funds to me.

They both suggested that I open an account with an American bank

(HSBC, Citibank) that has a branch in the region I'm moving to but

unless I'm missing something there doesn't seem to be any in American

branches in Chiang Mai.

Also, is there a limit on the amount of money one can open an account with.

I read something another expat wrote on the internet about Farmers Bank.

It didn't sound favorable.Any info suggestions or referal will be greatly appreciated.

daddyo

[samtam]

HSBC is not an American Bank. It's British. Any foreign banks, such as HSBC & Citibank can only have one branch here as they are non Thai companies. If you want a Thai bank owned by a foreign bank, then try Standard Chartered, OUB...others too I'm sure.

[Jingthing]

I suggest finding a large Thai bank with a large local branch convenient to you that has English speaking staff and appears to have alot of farang customers. I have been very happy with Siam Commercial Bank.

[Rinrada]

Had a couple of accounts with the Bangkok Bank for about 15 years and no problems.

Also with wifes a/c we got the international setup and can pay bills etc. via the net

(£$ in the a/c first ..of course )

Also recently opened one in San Kam Peng in CM to pay our gardeners wages but hes afraid to go into it.... so we got him a ATM...nung-nung-nung-nung...ok ....kao jai......one more time.......nung-nung.....

Most of the big ones seem OK ...Krung Thai-Naconico...wotsit (used to be Thai farmers but had to have a Thai name).....etc..

Bit of Info...

http://www.bangkokbank.com/Bangkok+Bank/Pe...ing/default.htm

Transfer fee from London Branch is £15...(up 2 £5k...in 5 days ..£25 overnight )

[opalhort]

Siam Commercial Bank (SCB) would be a good choice.

Kasikorn Bank (formerly Thai Farmers Bank) is also OK but language at smaller branches may be an issue.

opalhort

[beechguy]

My children and me will be moving from the states to Chiang Mai this

summer in time to get them into international school this fall. I've been

trying to figure out the banking situation for foreigners for some time now.

My income will primarily come from the states.

I've found out a bit of information from my accountant and my bank who

will receive my checks from clients and transfer the funds to me.

They both suggested that I open an account with an American bank

(HSBC, Citibank) that has a branch in the region I'm moving to but

unless I'm missing something there doesn't seem to be any in American

branches in Chiang Mai.

Also, is there a limit on the amount of money one can open an account with.

I read something another expat wrote on the internet about Farmers Bank.

It didn't sound favorable.Any info suggestions or referal will be greatly appreciated.

daddyo

I'm not familiar with Chiang Mai. But, I assume all of the major Thai banks have branches there. I have had good service from Bangkok Bank and my GF uses Siam Commercial Bank. I have transfered money from my american based credit union, to both banks without problems. You can transfer dollars, and they can convert to baht for a better exchange rate. There was a service charge from the credit union, and a small fee at the receiving bank.

I don't think there are any real limitations on amounts for opening an account. Just some people recommend not transferring more than about $20,000 at any one time because of

a Thai government regulation. That may not apply to you, but it had exemptions depending on what the money was to be used for.

[Irene]

If you still find frustration in opening a bank account with a Thai bank, then try first to open an account with the Citibank or HSBC in Bangkok for getting the fund from your home country. Thereafter, you can then open a bank account in Chiengmai with your Thai baht fund drawn from the bank in Bangkok. Good luck!

[Lost in LOS]

I use bank america in the states, i have all income sent there. you must set up transfer paperwork in america and then they will transfer whatever you want with a phone call. if you have a large enough account you can get a "personal banker" there and do it by email with a quick follow up call. i have bangkok bank here. tranfers from BofA are easy and fast and the rates are always good as they can get and i live off my atm [free of charges]. at bankamerica i pay all stateside bills [credit card etc] on the internet. all my banking is on the internet. hope this helps

Jimmy

[DrFisher]

I use Bangkok bank in the USA but I don't like them here so I switched to Siam. My wife has an account in the states with bank America and she has not had any problems.

[ballbreaker]

I use bank america in the states, i have all income sent there. you must set up transfer paperwork in america and then they will transfer whatever you want with a phone call. if you have a large enough account you can get a "personal banker" there and do it by email with a quick follow up call. i have bangkok bank here. tranfers from BofA are easy and fast and the rates are always good as they can get and i live off my atm [free of charges]. at bankamerica i pay all stateside bills [credit card etc] on the internet. all my banking is on the internet. hope this helps

Jimmy

I have been using these same banks for the last four years and operating pretty much the same way without any problems. The nice thing about Bangkok Bank is they have a branch in New York so transfer is sent to New York branch with instructions to deposit in my account which is located in Thailand. The currency exhange is not done until it hits Thailand.

Make sure you always transfer US dollars so the exchange will not be done until it arrives in Thailand regardless which banks you decide to use.

[daddyo]

Thanks to all contributor on this topic. I have found it very helpful

daddyo