Bangkok Bank no New Accounts

[Chris.B]

55 minutes ago, khunjeff said:

The fees are very much part of the equation, especially with Wise, whose fees increase proportionally with the amount transferred (unlike SWIFT, which generally has fixed fees). Although Wise's headline USD rate today is 33.21, the actual effective rate that you get after fees is about 32.98 (plus or minus a couple of satang depending how you send the funds) - which compares unfavorably to today's Visa rate of 33.12. I occasionally use Wise because I can send larger amounts than I can get from an ATM, and it's simpler than SWIFT, but users shouldn't be fooled by the exciting rates that you can't actually get.

I don't believe Visa or Mastercard operate International money transfer services so misleading of you to compare Wise's charges with them. ????

 

[Chris.B]

10 minutes ago, wwest5829 said:

Not currently, but the malls did deal with them before and will again later. Better to talk with the offices there than in a local rural office.

There weren't many foreigners in Malls upcountry before the pandemic as well. ????

[Chris.B]

1 hour ago, khunjeff said:

At least with Kasikorn, however, you can avoid the fee by using the "cardless transaction" option on their app to get money from ATMs in other provinces. 

 

Is that correct? First time I have heard of this. Can anyone else confirm? ????

 

[Chris.B]

30 minutes ago, CM Dad said:

I opened a new BKK Bank account about five weeks ago in Chiang Mai.  I did it alone without my wife.  I am an American.  I used to have a work permit when I was working.  Now I am retired.  I had no problems at all though I was aware that I would need a certificate from immigration confirming my place of residence which was easily obtained from the CM Immigration Office.  However, I do speak Thai and used Thai throughout the transaction.

You should get a yellow tabien baan then you won't need a letter from Immigration in future.

 

[Chris.B]

2 hours ago, khunjeff said:

True. At least with Kasikorn, however, you can avoid the fee by using the "cardless transaction" option on their app to get money from ATMs in other provinces. I don't know whether that helps with cash deposits, though. (I was rather astounded when I learned that they sometimes charge a fee for DEPOSITING money!)

No, you can't avoid the fees....

 

Cardless Withdrawal

Withdraw money from a K-ATM with no card. Secure withdrawal with a QR code scan.

Guide on Cardless Withdrawal from a K-ATM

• K ATM
• Branch
• KBank Service

Guide on Cardless Withdrawal from a KBank Services

Important Information

1. 1. Need to show your ID Card everytime to withdraw at KBank Services.
2. 2. Daily withdrawal limit is not more than 5,000 Baht per transaction and total amounts are not more than 20,000 Baht.
3. 3. Service fee 15-20 Baht per transaction , depends on the service agent.
4. 4. Current accounts, savings accounts, and electronic savings accounts added on K PLUS can use this withdrawal service via K PLUS’s QR code.

 

[LikeItHot]

Bangkok bank shut down ACH transfers from US account to the NY BKK branch years ago and literally disconnected links from the originating banks so what exactly is your goal?

[tuktuktuk]

5 hours ago, mtls2005 said:

ACH from your banks to Fidelity (free), then SWIFT from Fidelity (also free) to thai bank. Assume you know you need to set up a Standing Wire Transfer Order for each thai bank at Fidelity. Best done in person (Medallion stamp required) before you leave the U.S. Then you have to telephone in each SWIFT wire transfer. Mine take ~ 14 hours on average, call at 20:30, funds clear 10:30 (SMS comes a few hours later).

 

I think you'll find that WISE may be the best/simplest,easiest/most cost effective option? Oh, you're here already. Make that the "only" option. (Yes, there are other similar money delivery systems, although some may have a 50,000 BAHT limit.)

 

 

I would recommend at least two different banks, one being Bangkok Bank. And if you can, open the accounts in branches in shopping malls. They're open more days, longer hours, and staff are used to English.

 

The $10,000 barrier is an old wives tale. Let it go. There are no reporting requirements. Yes, you'll have to file FBAR annually if your thai account exceed $10,000 at any point during the year.

 

 

 

 

 

 

 

 

The problem with 10k and FBAR is that SCB will never give us monthly statements.  My documentation was my wife's hand written cryptic records.  We just stopped exceeding 10k after that.

[wwest5829]

1 hour ago, Chris.B said:

There weren't many foreigners in Malls upcountry before the pandemic as well. ????

You would know better than I, it has been awhile since I was in Udon Thani. Chiang Mai is a different story.

[tuktuktuk]

9 minutes ago, LikeItHot said:

Bangkok bank shut down ACH transfers from US account to the NY BKK branch years ago and literally disconnected links from the originating banks so what exactly is your goal?

I'd at least like to make 25k transfers with minimal fees.  The Bangkok Bank deal worked that way 2 years ago.  That was using stepdaughter's account.  I suppose the Department of Treasury saw that as a loophole that needed to be closed.  I'll probably stick with frequent ATM withdrawals.  

[lopburi3]

8 minutes ago, tuktuktuk said:

The problem with 10k and FBAR is that SCB will never give us monthly statements.  My documentation was my wife's hand written cryptic records.  We just stopped exceeding 10k after that.

FBAR has nothing to do with transfers - it is just the highest level during year of a foreign bank accounts if you exceed 10k at any time - easy to see in passbook or a statement if you do not keep passbook updated (and I am sure they will provide for a fee - you just tell them the time period).  And as has been said only takes about 10 minutes each year to file.  

[ianguygil]

That is absolutely not correct. Please contact me via PM and I will get someone to help you. We are of course accepting new business. PM, then I will give you my Bank email and believe me someone will help you

[lopburi3]

2 minutes ago, tuktuktuk said:

I'd at least like to make 25k transfers with minimal fees.  The Bangkok Bank deal worked that way 2 years ago.  That was using stepdaughter's account.  I suppose the Department of Treasury saw that as a loophole that needed to be closed.  I'll probably stick with frequent ATM withdrawals.  

It is very easy to make such transfers, or larger or smaller, using Wise.  Much better to have cash on hand here than depend on ATM IMHO (used that method several decades ago but you never know when a card will fail or be locked or expire without replacement or bank decide you are not a good risk and want to close account and in almost all cases you are limited to 15,000 baht or so with fees involved).

[lopburi3]

5 minutes ago, ianguygil said:

That is absolutely not correct. Please contact me via PM and I will get someone to help you. We are of course accepting new business. PM, then I will give you my Bank email and believe me someone will help you

Poster works for Bangkok Bank and will be able to help you - suggest you indeed PM him as he has offered his service.  You do want a bank account living here.

[mtls2005]

43 minutes ago, tuktuktuk said:

The problem with 10k and FBAR is that SCB will never give us monthly statements.  My documentation was my wife's hand written cryptic records.  We just stopped exceeding 10k after that.

(So you have an SCB account?)

 

You're conflating two separate "issues".

 

Your misperception that transfers greater than $10,000 draw the attention of Uncle Sam. They don't.

 

That annual FBAR reporting requires monthly statements. I assume you keep track of your thai bank balance somehow? Maybe with a passbook? Maybe with some software app? If it exceeds $10,000 at any point during the year you'll need to file FBAR. It takes like 5 minutes. (You'll get prompted for this in many tax prep software apps.)

 

 

31 minutes ago, tuktuktuk said:

I'd at least like to make 25k transfers with minimal fees. 

This is USD right? Use WISE.

 

A teller cash advance probably gives the best overall rate - there's a great thread here on that subject - but those have daily limits; Fidelity/$2,500, Schwab/$15,000.

 

And once you have thai bank accounts, and when you return to the U.S. set up standing wire transfer orders at Fidelity for added flexibility. (Fidelity offers fee-free international SWIFT wire transfers, you get the TT rate at BBL, less their fee (slides from 200 min to 500 max baht.) Send USD and let Fidelity choose the routing, always JP Morgan Chase NA for me.

 

But for now, just use WISE.

 

Use WISE.

 

 

 

Use WISE.

 

 

 

Use WISE.

 

 

 

 

 

 

 

Edited January 2, 2022 by mtls2005

[DrJoy]

18 hours ago, Chris.B said:

Probably the "I LOVE NEW YORK" tank top you were wearing? Just saying.... ????

Get a I LOVE BANGKOK. ????

 

Account opened.

[lopburi3]

3 minutes ago, mtls2005 said:

If it exceeds $10,000 at any point during the year you'll need to file FBAR.

The aggregate value of all your foreign accounts.  So if one peaks at 6k and another at at 2k and another at 2.2k you have to report them all.  But as said very easy to do.

[tuktuktuk]

2 minutes ago, mtls2005 said:

(So you have an SCB account?)

 

You're conflating two separate "issues".

 

Your misperception that transfers greater than $10,000 draw the attention of Uncle Sam. They don't.

 

That annual FBAR reporting requires monthly statements. I assume you keep track of your thai bank balance somehow? Maybe with a passbook? Maybe with some software app? If it exceeds $10,000 at any point during the year you'll need to file FBAR. It takes like 5 minutes. (You'll get prompted for this in many tax prep software apps.)

 

 

This is USD right? Use WISE.

 

A teller cash advance probably gives the best overall rate - there's a great thread here on that subject - but those have limits; Fidelity/$2,500, Schwab/$15,000.

 

And once you have thai bank accounts, and when you return to the U.S. set up standing wire transfer orders at Fidelity for added flexibility.

 

But for now, just use WISE.

 

Use WISE.

 

 

 

Use WISE.

 

 

 

Use WISE.

 

 

 

 

The SCB account is my wife's.  I understand the FBAR limit of 10k is for account balance not transfer.  It's just an illegible passbook never seemed sufficient to me not to mention we don't bring it back to the US so step-daughter can manage it for us.

[mtls2005]

3 minutes ago, lopburi3 said:

The aggregate value of all your foreign accounts.  So if one peaks at 6k and another at at 2k and another at 2.2k you have to report them all.  But as said very easy to do.

 

Yeah, baby steps for 3tuk, didn't want to confuse him any more than he already is.

 

 

[Vandk]

Sorry to interrupt but you need a " resident of stay " from your immigration offices  to open a new account

[tuktuktuk]

1 minute ago, Vandk said:

Sorry to interrupt but you need a " resident of stay " from your immigration offices  to open a new account

It may be easier to just go home and get more cash.

[lopburi3]

Just now, Vandk said:

Sorry to interrupt but you need a " resident of stay " from your immigration offices  to open a new account

You may or may not - have never had myself - Embassy letter is often used which can provide the same information - Yellow House book also can often be used.  And it may not even be asked.  The only sure thing is there is no sure thing.

[Chris.B]

3 minutes ago, lopburi3 said:

You may or may not - have never had myself - Embassy letter is often used which can provide the same information - Yellow House book also can often be used.  And it may not even be asked.  The only sure thing is there is no sure thing.

Yes, when opening a bank account, why would the bank want to know where you live? haha ????

 

Edited January 2, 2022 by Chris.B

[JensenZ]

On 12/31/2021 at 9:13 PM, Jerno said:

Utter stupidity by the bank. Maybe just a lazy Teller who didn't want to be bothered.  Should have spoken to the Manager.  The more clients the bank has the better for them.

Yet, it's a good indication that that particular branch is not foreigner-friendly and not a good option. It's good to find branches with a lot of foreign customers. In Pattaya, the branches near the Immigration office are a good option, and branches in major shopping malls.

 

I think it's a similar deal when I wanted to apply for a 7Eleven member card awhile back. They just told me it's only for Thai people. They couldn't be bothered with the communication problems (I don't get around with a Thai speaker in tow) - they don't get paid enough to care.

Edited January 2, 2022 by JensenZ

[Etaoin Shrdlu]

1 hour ago, tuktuktuk said:

The problem with 10k and FBAR is that SCB will never give us monthly statements.  My documentation was my wife's hand written cryptic records.  We just stopped exceeding 10k after that.

That seems unusual.

 

I have access to my SCB account online through the web browsers on my computer. I download SCB's monthly statements and keep them in cloud storage (encrypted with Boxcryptor) for use in tracking balances for FBAR reporting. I can only see or download the most recent six months' statements, so I make sure to download them before they no longer appear. I do the same with Bangkok Bank, although unlike SCB I can download six months' worth of transactions in one go with BBL. Citibank keeps several years' statements available, but unfortunately Citibank is in the process of selling their business to Krungsri.

Edited January 2, 2022 by Etaoin Shrdlu
Clarity

[tuktuktuk]

1 minute ago, Etaoin Shrdlu said:

That seems unusual.

 

I have access to my SCB account online through my web browsers on my computer. I download SCB's monthly statements and keep them in cloud storage (encrypted with Boxcryptor) for use in tracking balances for FBAR reporting. I can only access the most recent six months' statements, so I make sure to download them before they no longer appear. I do the same with Bangkok Bank, although unlike SCB I can download six months' worth of transactions in one go with BBL. Citibank keeps several years' statements available, but unfortunately Citibank is in the process of selling their business to Krungsri.

This was probably 3 or 4 years ago, but I was shocked to realize she couldn't get monthly statements online from the US even thought she was able to manage her account.  In April I had a hard time figuring out what the max balance was for the prior year and actually had no idea what if anything the account had earned.  Unless we move money to that account from the US her account is small but complicated.  All sorts of people that make deposits for money she's owed and payments for this, that and the other.  

[lopburi3]

2 minutes ago, tuktuktuk said:

This was probably 3 or 4 years ago, but I was shocked to realize she couldn't get monthly statements online from the US even thought she was able to manage her account.  In April I had a hard time figuring out what the max balance was for the prior year and actually had no idea what if anything the account had earned.  Unless we move money to that account from the US her account is small but complicated.  All sorts of people that make deposits for money she's owed and payments for this, that and the other.  

If she is not a US citizen no FBAR requirement.  If just small balance no requirement except for income tax.  Perhaps they were blocking access to IP - so does she have family in Thailand that could download and send?  Or are you now going to live in Thailand and this will not matter?  

[JoseThailand]

On 1/1/2022 at 8:27 AM, mtls2005 said:

At least they let you in the branch. ????

 

Sometimes they don't let you in?

[tuktuktuk]

17 minutes ago, lopburi3 said:

If she is not a US citizen no FBAR requirement.  If just small balance no requirement except for income tax.  Perhaps they were blocking access to IP - so does she have family in Thailand that could download and send?  Or are you now going to live in Thailand and this will not matter?  

She's a US Citizen.  We split our time between here and the US.  It wasn't blocked IP.  She could manage various payments and such, there just weren't statements.  We even made international long distance calls trying to solve it.  She handled it.  The answer was "impossible".  Sometimes she's a little like that lady in the Chumpae branch.  

[mtls2005]

4 minutes ago, JoseThailand said:

Sometimes they don't let you in?

Me personally? No.

 

https://www.khaosodenglish.com/news/crimecourtscalamity/2020/12/24/expat-says-bank-denied-him-entry-due-to-covid-19/

[JoseThailand]

22 hours ago, DrJoy said:

I can confirm - Kasikorn Bank Headquarters at Phaholyothin Road can open a savings a/c without a Work Permit.

 

But not with a tourist visa. They probably require some kind of long stay visa, like retirement or marriage.