Looking to open a banking account in Thailand soon.

Any clear winner as the best?  

Any certain banks to definitely avoid?

Thanks for your input in advance!

Choice of preference should be one of the larger Thai banks that are used to dealing with foreign account-holders, e.g. Bangkok Bank, Kasikorn Bank, Siam Commercial Bank, ...

There are other large banks like Government Savings Bank and Khrung Thep Bank, but they cater almost exclusively to Thai customers so more difficult for a foreigner.

But it should be taken into consideration that local branch offices of the main banks are often run like Fiefdoms, so a major criterium is that the local Thai bank branch where you would be opening your account is foreign customer friendly.

Also if you are using TransferWise to transfer funds to your local bank-account, an account with Bangkok Bank or Kasikorn Bank is preferable as these are two of the partner-banks of TransferWise in Thailand. 

Note > I recently opened an account with Kasikorn Bank and am quite satisfied with their service as well as with their on-line capabilities.  

Also be aware that you might need some persistance to actually have the Bank open an account for you.  If the desk officer is telling you NO, it can help to politely ask to speak to the branch office manager (I had to do that, and the initial Not Possible Need Work Permit response from the desk officer, became a Yes Well Possible and actually handled by the desk officer that initially gave me a NO).

I have Bangkok Bank and Kasikorn accounts.

 

Both accounts were easy to open, but I did have a Thai lady with me on both occasions to translate.  Both phone apps work great once set up, I can do whatever I need while anywhere in the world.  All I can say is no complaint with either.

 

I take that back, one complaint:  Bangkok Bank went union pay only for debit cards for awhile.  Union Pay isn't accepted every where so if only one card that could be an issue.  I think that is resolved now and they offer Master Card but I am out of country for awhile now and have not tried to sort it for a new card.  But honestly, with 2 banks it is only minor inconvenience.

 

YMMV

Are you an American?

Find out which Thai bank is your home bank's agent. Try and open up an account with that Thai bank. You will get your funds a lot quicker.

 

To give you an example. My UK bank uses Bangkok Bank as it's agent. All monies sent from my UK bank to Thailand gets sent to Bangkok Bank. If your Thai bank is say Krung Thai, then, Bangkok Bank transfers the money there. If you use Bangkok Bank as the final destination, it takes less than 24 hours to be credited to your account. Another Thai bank takes two to three days.

Edited September 29, 20205 yr by KarenBravo

I suspect it will be whichever bank will accept you and let you open an account.  My own choice is Kasikorn.  I've been with them 18 years and never a problem.

Bangkok Bank has worked for me.  Many branches said no, so I traveled to Pattaya and they said yes.  They have a branch in New York City, so you can make a domestic transfer.  For Americans, this is very convenient.  You can set up direct deposit, from U.S. sources, etc.  

2 hours ago, 86Tiger said:

 

I take that back, one complaint:  Bangkok Bank went union pay only for debit cards for awhile.  Union Pay isn't accepted every where so if only one card that could be an issue.  I think that is resolved now and they offer Master Card but I am out of country for awhile now and have not tried to sort it for a new card. 

I hated that Union Pay card.  In the UK you can only use it in Barclay's Bank ATMs which was always a massive pain whenever I visited.  Earlier this year I went and asked to change and got a contactless Mastercard version which is infinitely better.  Although not many places in Thailand are accepting contactless payment yet it's brilliant in other countries where it is the norm (Singapore, UK etc).

The answer is any bank that will accept you.

They are all pretty much the same once you have an account.

14 hours ago, ChipButty said:

Are you an American?

Yes.
 

14 hours ago, KarenBravo said:

Find out which Thai bank is your home bank's agent. Try and open up an account with that Thai bank. You will get your funds a lot quicker.

 

To give you an example. My UK bank uses Bangkok Bank as it's agent. All monies sent from my UK bank to Thailand gets sent to Bangkok Bank. If your Thai bank is say Krung Thai, then, Bangkok Bank transfers the money there. If you use Bangkok Bank as the final destination, it takes less than 24 hours to be credited to your account. Another Thai bank takes two to three days.

Are there transfer fee's in this scenario?

I've used wire transfers, and now for the last 6 months have been using Transferwise happily, but if there is a way to eliminate fees altogether that would be great.

I have a bangkok bank account for getting my money sent from overseas/general daily use and a government bank account for my money in the bank required for my extensions

1 hour ago, Dart12 said:

Are there transfer fee's in this scenario?

I've used wire transfers, and now for the last 6 months have been using Transferwise happily, but if there is a way to eliminate fees altogether that would be great.

No, there is a fixed fee of around US$30 per transfer. That is all fees charged by both banks.

I bank with Barclays UK and they charge like a wounded bull.

With over 2 decades of dealing with Thai banks, Bangkok Bank has been the only one I have dealt with without issue. 

41 minutes ago, KarenBravo said:

No, there is a fixed fee of around US$30 per transfer. That is all fees charged by both banks.

I bank with Barclays UK and they charge like a wounded bull.

You may want to look into transferwise for smallish transfers then.  They are cheaper than that.

BUT I'msure at a certain $$ amount it tips over to being better for that fixed $30 fee.

Transferwise will let you know upfront what your fee is and what your exchange rate is.

So far...seems Bangkok bank might not be the best, but at least a 'can't go wrong with them' choice from most of you.

Thank you for everyone's input, too.  I appreciate it.

I have had my KBank account for around 20 years and never had a problem. Use on line banking to transfer money from overseas and to pay my Thai rent. Would recommend them

I think all are much for much-ness just depends which branch, which person services you when you do have a problem.

 

I have had Bangkok Bank, Kasnikorn but now us BOA (Krungrsri) for all day to day and business dealings. I find them far more modern, professional and multi lingual than the aforementioned, but that may just be because i use a branch in a large office complex with many of other nationalities

 

With BB they were forever informing me i needed to go to Head office to do this, and head office to do that. I also could not move my account to another branch 2 km away when i changed jobs. I had to close the account and reopen another at the branch 2km down the road.

6 hours ago, Dart12 said:

Yes.
 

Some banks won't allow Americans to open accounts because of America's FATCA reporting requirements. Krungsri, SCB, and Bangkok Bank do allow Americans. 

Edited September 30, 20205 yr by jessc
typo

I’m American and came to Thailand 11 months ago on an education visa. No problem opening up an account with Bangkok bank (With residence certificate) and then setting up TransferWise to send part of my pension every month, which is direct-deposited into my US bank account. There have been zero issues, and I love using to app to pay bills and stuff. 

kasikorn works best for me because of the speed of transfers... if I call in at night - the money is here the next day, usually morning.. 

Stick to the Big 5,,,all OK, some with their pluses & minuses.

Here are 2 examples

Union Pay at BKB for ATM terrible. Other things OK 

KTB very little English but KTC superb service

1 hour ago, natway09 said:

 

Union Pay at BKB for ATM terrible. Other things OK 

 

You can ask to change that.  They have a choice of cards now including contactless (pay wave) Master Card ATMs.  

On 9/29/2020 at 1:18 PM, Peter Denis said:

There are other large banks like Government Savings Bank and Khrung Thep Bank, but they cater almost exclusively to Thai customers so more difficult for a foreigner.

 

Khrung Thep Bank ? That's Bangkok Bank

You mean Khrung Thai Bank ?

Edited September 30, 20205 yr by daejung

I started with Bangkok Bank, they still have the 800K on deposit for retirement extensions. I opened an account with Kasikorn when BB made the brain-dead decision to switch to Union Pay. I have a Visa debit card with Kasikorn, and internet.

I can't complain about the level of service from either bank, all good so far.

I have K-bank, Krungsri and Bangkok Bank. I think they are all okay. I think the K-bank app is the best and I think Bangkok Bank has the poorest service.

 

I recommend you go to whatever branch is most convenient to your home.  

12 hours ago, daejung said:

Khrung Thep Bank ? That's Bangkok Bank

You mean Khrung Thai Bank ?

Sorry, yes indeed I meant Khrung Thai Bank.

My preference is Kasikorn Bank with Bangkok Bank a good second.

The choice for either one of them would depend on the local branch being customer-friendly and within easy reach (and of course whether they are willing to open an account for you).

+1 for Kasikorn here... but not Ramkhamheang branch, that was a big mistake. Remember, every branch is generally a law unto itself.

Krungsri (aka the yellow bank) Have been with them for 20+ years and never had a problem, easy to open an account, friendly staff, at my branch they know exactly what's needed for immigration and all done in max 45 min. even reminded me to make a transaction to update my book which i nearly overlooked a few years ago. Also I have a BBK bank acc. that was not easy to open had to take the wife, only use them to transfer money here as they normally give a better rate. Once you have a one year visa Krungsri have a savings acc. that even in this climate is paying 1.1 % no tax to pay.

Edited October 1, 20205 yr by brianthainess

People seem to forget that your first bank account often comes down to which bank says yes, you dont always have a choice. I am with BKK Bank because they were the first bank that would open an account after two others said no.

If the OP is here on amnesty etc without a longstay visa, res cert etc, it may be a matter of which bank will open an account rather than choosing one.

On 9/29/2020 at 6:18 PM, Peter Denis said:

There are other large banks like Government Savings Bank and Khrung Thep Bank, but they cater almost exclusively to Thai customers so more difficult for a foreigner.

I opened last year GSB with only a yellow house book and PinkID. My name on the saving book for GSB is in Thai.
Krungthai I opened about 1.5 years ago as well with yellow house book (but they still wanted to see the passport, maybe check visa or something.) but no information about my passport on their system. At the end I think it's always depends on the branch and not on the bank. Of course there are banks which are more complicated but in general you could open an account with almost every bank (if you find the right branch). In Bangkok I was mostly lucky with opening an account. but of course also have 2-3 draw backs, where they not want to open because of no work-permit.

 

My main bank is Kasikorn, their App is one of the best if have seen here. Have a lot of branch/ATM and their service and other advantages are one of the best for me.

Edited October 1, 20205 yr by HampiK