Best Thai Bank for Foreigners?

[Max69xl]

On 9/29/2020 at 6:29 PM, 86Tiger said:

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

As far as I know Bangkok Bank have never issued only Union Pay debit cards. Before November 5 2018 and many years back they issued Visa Debit cards and Union Pay ATM Cards. From November 5 2018 they only issues MasterCard TPN Debit Cards which isn't the best Debit Card due to the connection to TPN = Thai Payment Network. It doesn't work everywhere online. 

Officially, Bangkok Bank is the only Thai bank where foreigners without work permit or PR-status are allowed to open an account. With some legwork and a bit of luck it's of course possible to open an account at other banks. 

[Ketyo]

The Bangkok Bank branch near Sukhumvit Soi 10 (Bangkapi) has caused a lot of problems. I do believe they have quite a few incompetent staff there. Often the first response of their counter staff is wrong and you have to push to get what you want done.

 

TYo do basic things on your account like change details can take days. Sometimes more than a week. They need to get authorization from head office to do the simplest things. There are several other problems. Their systems are old and don't talk to each other. The processes are complicated and the staff don't understand them.

 

Maybe its just the branch, but I can't recommend Bangkok Bank and will change soon.

[Dart12]

@smutcakes Krunsgri is the most modern online of the 3 you used?

 

[Yellowtail]

21 minutes ago, Ketyo said:

The Bangkok Bank branch near Sukhumvit Soi 10 (Bangkapi) has caused a lot of problems. I do believe they have quite a few incompetent staff there. Often the first response of their counter staff is wrong and you have to push to get what you want done.

 

TYo do basic things on your account like change details can take days. Sometimes more than a week. They need to get authorization from head office to do the simplest things. There are several other problems. Their systems are old and don't talk to each other. The processes are complicated and the staff don't understand them.

 

Maybe its just the branch, but I can't recommend Bangkok Bank and will change soon.

 

Can you provide examples of what the counter staff is always wrong about?

 

Also, a couple of examples of the simplest things that require authorization from the head office? 

 

[Thaiophil]

On 9/30/2020 at 4:33 AM, 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.

If you can do online banking with Barclays, they now offer fee free transfers to bank accounts in several countries including Thailand.

 

I often also use Western Union online which charges about £2.50 for debit cards and free for direct bank transfers.

 

WU likely offer better exchange rates so you can work out which is cheaper . Certainly no need to pay $30. 

[Yellowtail]

53 minutes ago, Thaiophil said:

If you can do online banking with Barclays, they now offer fee free transfers to bank accounts in several countries including Thailand.

 

I often also use Western Union online which charges about £2.50 for debit cards and free for direct bank transfers.

 

WU likely offer better exchange rates so you can work out which is cheaper . Certainly no need to pay $30. 

 

Chase Bank in the US offers a flat fee with a good exchange rate, or no fee with a poor exchange rate. 

[daejung]

13 hours ago, Peterw42 said:

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.

This was the case for me. Before getting a Non-O visa, I came on visa exemption. Bangkok Bank was the only bank that accepted to open an account and I am happy with it. It was also recommended to me by a swiss owner of my apartment hotel.

[Sundown]

On 9/30/2020 at 10:33 AM, 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.

Use TransferWise, half fees, better exchange rate.

 

You just need to wire from Barclays to your TW account (no fees) and then from your TW to your Thai Bank. The total process will take less than 2 working days. I was skeptical but I would never go back to wiring without TransferWise.

[KarenBravo]

2 hours ago, Sundown said:

Use TransferWise, half fees, better exchange rate.

 

You just need to wire from Barclays to your TW account (no fees) and then from your TW to your Thai Bank. The total process will take less than 2 working days. I was skeptical but I would never go back to wiring without TransferWise.

Thanks, but, I wire enough money for three months at a time. Money arrives in less than 24 hours.

I can afford the charges. Adding another leg to the transfer, increases the chances of things going wrong. I believe that using Transferwise is also classified as a domestic transfer in the Bangkok Bank book.

[Dart12]

11 hours ago, Thaiophil said:

If you can do online banking with Barclays, they now offer fee free transfers to bank accounts in several countries including Thailand.

 

I often also use Western Union online which charges about £2.50 for debit cards and free for direct bank transfers.

 

WU likely offer better exchange rates so you can work out which is cheaper . Certainly no need to pay $30. 

can you do western union transfers online?  or do you have to go to their location?

[Peter Denis]

1 hour ago, Dart12 said:

can you do western union transfers online?  or do you have to go to their location?

The following factors need to be considered when opting for a way to transfer funds from your foreign account to your Thai bank-account.

• Exchange rate applied for the transfer (the mid-market exchange rate being the 'real' exchange rate which changes every minute)
• Transfer service fee charged by foreign issuing bank and Thai receiving bank (or by the transfer service provider)
• Speed of transaction (time between transfer initiated and money on your Thai bank-account)
• Transparency of service (knowing beforehand the exact and full cost of the transaction)

TransferWise is top-notch in all of the above.

They use the mid-market exchange rate which changes in real-time on their website, so you can pick the moment you want to 'freeze' the exchange rate of your choice.

They ONLY charge a fee based on the amount of the transaction made.

Very fast service (my last transfer took FOUR seconds to have the funds on my Thai Kasikorn bank-account), but obviously you need to consider bank working-days.

You know the EXACT amount in THB that you will receive, as well as the service fee charged.

 

Not taking into account the exchange rate that will be used for your transfer or the 'bank fees' charged by your foreign and Thai bank, nor the time it will take to actually have the funds on your bank-account, often makes transferring money a 'gamble'.

The transparency provided by TransferWise makes them the preferred choice for many.

[Dart12]

53 minutes ago, Peter Denis said:

The following factors need to be considered when opting for a way to transfer funds from your foreign account to your Thai bank-account.

• Exchange rate applied for the transfer (the mid-market exchange rate being the 'real' exchange rate which changes every minute)
• Transfer service fee charged by foreign issuing bank and Thai receiving bank (or by the transfer service provider)
• Speed of transaction (time between transfer initiated and money on your Thai bank-account)
• Transparency of service (knowing beforehand the exact and full cost of the transaction)

TransferWise is top-notch in all of the above.

They use the mid-market exchange rate which changes in real-time on their website, so you can pick the moment you want to 'freeze' the exchange rate of your choice.

They ONLY charge a fee based on the amount of the transaction made.

Very fast service (my last transfer took FOUR seconds to have the funds on my Thai Kasikorn bank-account), but obviously you need to consider bank working-days.

You know the EXACT amount in THB that you will receive, as well as the service fee charged.

 

Not taking into account the exchange rate that will be used for your transfer or the 'bank fees' charged by your foreign and Thai bank, nor the time it will take to actually have the funds on your bank-account, often makes transferring money a 'gamble'.

The transparency provided by TransferWise makes them the preferred choice for many.

agreed.  the exchange rate is the biggest "fee" you have to pay attention to..

One note on paying attention to bank holidays (this is a rant).  "business days" are total BS in todays world. 
This is not 1970. or even 1990. 
Computers don't take holidays or days off. 
Internet allows instantaneous information transfer
 And they know everything about your transaction in micro seconds. 

All the delays the. banks do to hold onto your money with THEM owning it for a bit to collect interest is total garbage. 

It really angers me.

[MarkT63]

I opened my Thai bank account just over a year ago.

Kasikorn said no, because I was on a retirement visa

Bangkok wanted some paperwork from immigration

SCB just wanted a Thai mobile number, which I already had, so I went with them and have not had any problems.

Online banking easy to use

Girl in local branch, Cherngtalay, speaks decent English

No complaints

 

 

 

[Peter Denis]

40 minutes ago, MarkT63 said:

I opened my Thai bank account just over a year ago.

Kasikorn said no, because I was on a retirement visa

Bangkok wanted some paperwork from immigration

SCB just wanted a Thai mobile number, which I already had, so I went with them and have not had any problems.

Online banking easy to use

Girl in local branch, Cherngtalay, speaks decent English

No complaints

A NO, Cannot be Done by the Bank branch desk officer, often means I don't know how to do it and don't want to lose face by asking my colleagues or the branch manager.

When I wanted to open an account at Kasikorn Bank, the desk officer told me that I need a Work Permit.  Obviously, when on a Retirement Visa/Extension that is a total impossibility.

So I waited 2-3 days and before entering the branch checked whether the branch manager was there, and then asked to speak with her.  A 3-minute friendly talk (my girlfriend has a Kasikorn account) and then she told the same desk officer that previously told Not Possible, to open an account for me.  As I suspected, it was probably the very first foreign account she had to open (I live in the sticks) and it took almost 1.5 hour and her being 3/4 of the time on the phone with Headquarters that had to guide her through the motions. 

So, some perseverance is recommended (obviously a NO from the branch manager would have had me looking for a different Bank).

[EricTh]

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

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.

 

How about Krungsri bank? Is it a partner-bank of Transferwise too?

Edited October 2, 2020 by EricTh

[EricTh]

2 hours ago, Peter Denis said:

The following factors need to be considered when opting for a way to transfer funds from your foreign account to your Thai bank-account.

• Exchange rate applied for the transfer (the mid-market exchange rate being the 'real' exchange rate which changes every minute)
• Transfer service fee charged by foreign issuing bank and Thai receiving bank (or by the transfer service provider)
• Speed of transaction (time between transfer initiated and money on your Thai bank-account)
• Transparency of service (knowing beforehand the exact and full cost of the transaction)

TransferWise is top-notch in all of the above.

They use the mid-market exchange rate which changes in real-time on their website, so you can pick the moment you want to 'freeze' the exchange rate of your choice.

They ONLY charge a fee based on the amount of the transaction made.

Very fast service (my last transfer took FOUR seconds to have the funds on my Thai Kasikorn bank-account), but obviously you need to consider bank working-days.

You know the EXACT amount in THB that you will receive, as well as the service fee charged.

 

Not taking into account the exchange rate that will be used for your transfer or the 'bank fees' charged by your foreign and Thai bank, nor the time it will take to actually have the funds on your bank-account, often makes transferring money a 'gamble'.

The transparency provided by TransferWise makes them the preferred choice for many.

 

Have you used Instarem before? How does it compare with Transferwise in terms of those factors?

 

[Peter Denis]

15 minutes ago, EricTh said:

Have you used Instarem before? How does it compare with Transferwise in terms of those factors?

First time I hear of Instarem and did look it up.

> https://moneytransfers.com/comparison/instarem-vs-transferwise

They are largely the same, but TransferWise a close winner.

Note: Not sure whether Instarem has a similar 'Money transferred for long-stay' option as TransferWise has, and which - when transferring to one of their Thai partner-banks - has the advantage that the code used in your bank-book will show it as an international transfer (instead of a domestic transfer), thus avoiding the need for additional evidence of the foreign origin of your transfer.

[Peter Denis]

31 minutes ago, EricTh said:

How about Krungsri bank? Is it a partner-bank of Transferwise too?

TransferWise only has 3 Thai partner-banks, i.e. Bangkok Bank, Kasikorn Bank and TMB.

Funds transferred from your foreign account via TransferWise will trigger a transaction to be handled at the Headquarter of one of those Banks and then be transferred to your Thai bank-account.

When indicating the 'Funds for long-term stay' option, and your Thai bank-account is with one of those 3 partner-banks, it will be the HQ of your local branch bank that will handle the transfer.

And hence the almost immediate appearance of the funds on your local Thai bank-account.

[Thaiophil]

5 hours ago, Dart12 said:

can you do western union transfers online?  or do you have to go to their location?

Online works perfectly. If any issues, they answer the phone quickly

[4evermaat]

2 hours ago, EricTh said:

How about Krungsri bank? Is it a partner-bank of Transferwise too?

 

Don't think so.  But that doesn't mean it's not worth a try.   Try it with a few bucks.  See what happens.  There is no minimum dollar amount to use "funds for long stay in Thailand" reason or any reason.  

 

That's one of the nice things about services like TransferWise.   You can test it with small amounts.   See if it works to your liking.   Try 2 or more different recipient Thai bank accounts.

 

10 hours ago, KarenBravo said:

I believe that using Transferwise is also classified as a domestic transfer in the Bangkok Bank book.

When using transferwise, after confirming the exchange rate and which Thai bank account will be the recipient, you pick the purpose of the transfer.   You must select "Funds for Long Term Stay in Thailand".   This will set you up for the afternoon 14:00 deposit.  It will appear as an international transfer.   In fact, if you have international remittance SMS alert, you will get one when it arrives.   At least with Bangkok bank, this is the case.

 

If you use a reason like "General monthly living expenses", you will receive the transfer much faster, but it will appear as a local transfer.

Edited October 2, 2020 by 4evermaat

[Yellowtail]

I use Transferwise, BUT it is only good for smaller transfers. T0 transfer US$10,000 would cost about B2,843, but Chase would charge $45.

 

Under about $5,000 TW is cheaper

[Ninafarm]

Bangkok Bank was great 10 years ago when I transferred money here to buy a house. The head office in Bangkok phoned me to inquire what the money was for and then gave me a special rate, which was above normal and very much appreciated. Now when I transfer money here it is much less than the going rate. Bangkok Bank are very slow to change their rates when the baht drops. 

[Jdiddy]

Whichever one has the shortest skirts

[Peter Denis]

12 minutes ago, Jdiddy said:

Whichever one has the shortest skirts

That would be ThaNoShirt Bank, recently being taken over by TMB (Thai Muppet Bank). ????

[croftrobin]

On 9/30/2020 at 4:33 AM, 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.

 

If you use Transferwise  you will save a lot of money in fees.

 

If you use the link below you will get a fee free transfer up to the equivalent of 500 UK pounds

 

https://transferwise.com/invite/u/juliani

 

 

 

[EricTh]

On 10/2/2020 at 10:54 AM, Peter Denis said:

First time I hear of Instarem and did look it up.

> https://moneytransfers.com/comparison/instarem-vs-transferwise

They are largely the same, but TransferWise a close winner.

Note: Not sure whether Instarem has a similar 'Money transferred for long-stay' option as TransferWise has, and which - when transferring to one of their Thai partner-banks - has the advantage that the code used in your bank-book will show it as an international transfer (instead of a domestic transfer), thus avoiding the need for additional evidence of the foreign origin of your transfer.

Instarem has the lowest fee and best exchange rate in that link

Edited October 6, 2020 by EricTh