Bank recommendations for simple account

[stat]

Which banks should i try to open an account that is low on costs or free? I am aware that some banks/branches do not accept foreigeners and it is difficult to open an account at all.

 

I just need a simple account to

 

a. Receive money from Transferwise

b. Show funds to immigration

c. Withdraw money via atm or bank branch

d. Use online

e. Maybe get interest but no main concern with 1 or 2 Mio Baht  baht in the account and very low interest rates I assume

 

Thank you!

[lopburi3]

If using income method for immigration Bangkok Bank will likely be the best choice as Transferwise uses them and if you select long stay in Thailand as reason for transfer they should be coded as FTT in passbook.  They often want a letter from Embassy with your address and reason for account but that can vary by office so it is try one and then another until you obtain account.  

[Pib]

Any Thai bank....just open a regular savings acct and get their "basic" debit card.  They are all about the same.   They don't charge monthly account maintenance fees like a lot of western banks do nowdays. Most farangs seem to go with Bankgok Bank, Kaiskorn Bank, Krungsri Bank, and/or Siam Commerical Bank, and/or Krungsri Bank....and their are more....they are all about the same.  And they come with ibanking and mbanking.

 

A basic debit card will have an annual fee of around Bt200.  Banks will try to push their more pricey debit cards on you when opening an acct that cost numerous times more than their basic card.  Their more pricey cards come with some benefits that supposedly justify their cost like "accident" insurance, etc....typically stuff you will not need or never be able to collect on.  You don't even need to get a debit card unless you want one.

 

The minimum amount to open a new account is Bt500....that's not a fee....just a minimum amount to start off with....you could withdraw it all an hour later if desired.

 

If one branch turns you down...just try another branch.   Most branches are farang friendly, but there are some that seem to make up all kinds of excuses why you can't open an acct.   Good luck.

[ianguygil]

4 hours ago, stat said:

Which banks should i try to open an account that is low on costs or free? I am aware that some banks/branches do not accept foreigeners and it is difficult to open an account at all.

 

I just need a simple account to

 

a. Receive money from Transferwise

b. Show funds to immigration

c. Withdraw money via atm or bank branch

d. Use online

e. Maybe get interest but no main concern with 1 or 2 Mio Baht  baht in the account and very low interest rates I assume

 

Thank you!

I have no idea of where you are in Thailand, but if you want to go with Bangkok Bank please PM me and I will arrange for a branch near you to make an appointment for you to come in. In that way you will definitely not get the "you need a work permit" line which is problematic but untrue in many Thai bank branches. 

 

Savings Account (bangkokbank.com)

 

 2. Foreigner without work permit

• Passport
• A reference letter issued by one of the following institutes or organizations or required document
  • Embassy located  in Thailand 
  • An overseas bank where the customer holds an account sent via SWIFT 
  • Trusted individuals such as a Bangkok Bank staff member or customer, director of a private company, permanent residence in Thailand, government or private educational institutes located in Thailand trusted by the Bank
  • Trusted companies, e.g., an employment letter from the company if the customer is in the process of applying for a work permit.
  • Document showing ownership of a fixed asset such as a condominium sale/purchase agreement (a condominium which is acceptable to Bangkok Bank) Or a property reservation agreement valued at 100,000 baht or more with a reference letter from the property developer that is acceptable to Bangkok Bank.
     

Notes: Contact addresses for both Thailand and overseas must be provided (hotel and P.O. Box addresses are not acceptable).

[Tropicalevo]

I think that it would depend on where you live and shop.

Pib's post just above is good. Most banks are similar. Look at which bank has the most convenient ATM's where you are.

In theory, most bank staff should speak OK English (graduates) but......

International and major banks seem to have the best English (Krungsri, Bangkok etc) and government banks have much less English.

 

[Oxx]

6 hours ago, Tropicalevo said:

Most banks are similar. Look at which bank has the most convenient ATM's where you are.

 

My debit card, from Krung Sri, can be used at any ATM, which is very convenient.

 

(At least, any technically compatible ATM.  L&H ATMs don't accept it, but all the major bank ATMs do.)

 

I presume other banks have a comparable card.

[lopburi3]

1 hour ago, Oxx said:

 

My debit card, from Krung Sri, can be used at any ATM, which is very convenient.

 

(At least, any technically compatible ATM.  L&H ATMs don't accept it, but all the major bank ATMs do.)

 

I presume other banks have a comparable card.

All the major banks are members of the "ATM Pool" which provides 4 free of charge usage of another banks ATM each month so if you make normal large withdrawals unlikely to have any charge if in same province.  In any event local card charges are not much anyhow.  It is when you use foreign card that it can become an issue.

[mtls2005]

If an option, choose a branch in a mall. They're open Sat and Sun. And choose branches near where you live.

 

And maybe best to open two accounts and two different bank names, just for additional flexibility.

 

And make sure you can get internet/mobile banking enabled.

 

Bangkok Bank is reliable, IMO. Extremely responsive re: Immigration documentation.

 

SCB has a better mobile app, and slightly better customer service, IME.