Thai bank fees?

[noodleslayer]

Hi, I'm about to start an ED visa and my school is going to give me documents for opening up a bank account.

 

The 3 banks I'm interested in are Bangkok bank, Kasikorn and SCB.

 

I'm opening an account at Bangkok bank for sure, but am interested in having 2 bank accounts. I just wanted to know about the fees for each of these 3 banks? Like is there a monthly/yearly fee to keep the account open, if so how much is it?

 

Incase it matters, I just want a normal checking account, with a debit card. I don't use checks and don't want a credit card.

[shortstop2]

13 minutes ago, noodleslayer said:

I just wanted to know about the fees for each of these 3 banks?

I have an SCB Easy Account and there are no fees on my account that I'm aware of.

 

I recently had Bangkok Bank rip up my ATM card to save a yearly fee.

 

I don't think I have any fees on my Kasikorn account but I hardly ever use it.

 

Some banks will say you have to buy their life insurance in order to open an account.

 

Some banks have a choice of ATM card plans with various pricing.

 

I have an account with Krungsri where I haven't yet removed an annual 108 baht fee paid 9 baht a month for SMS notifications that I don't care about. 

 

Note the SCB easy Account may not be OK for Immigration since there is no bank book.  It does pay a high interest rate of 1.5% on the first million baht.

 

Suggest that you get a Thai Tax ID card from the Revenue Departmnet then present it to the bank to attempt them from withholding tax on your interest.  This is easier than filling out a tax return to get back your withholding.

[pgrahmm]

I have Bangkok Bank & SCB....

BB statements are clean = just the listed transactions with zip for additional fees....

SCB has fees out the wazoo.... There's always some bank processing fees listed....

Admittedly, I didn't "shop" accounts when I signed on....Meaning one might have given me a beneficial account, while the other might have signed me on to the most adventitious type of account for their own bank/purposes....

[noodleslayer]

6 minutes ago, shortstop2 said:

I have an SCB Easy Account and there are no fees on my account that I'm aware of.

 

I recently had Bangkok Bank rip up my ATM card to save a yearly fee.

 

I don't think I have any fees on my Kasikorn account but I hardly ever use it.

 

Some banks will say you have to buy their life insurance in order to open an account.

 

Some banks have a choice of ATM card plans with various pricing.

 

I have an account with Krungsri where I haven't yet removed an annual 108 baht fee paid 9 baht a month for SMS notifications that I don't care about. 

 

Note the SCB easy Account may not be OK for Immigration since there is no bank book.  It does pay a high interest rate of 1.5% on the first million baht.

 

Suggest that you get a Thai Tax ID card from the Revenue Departmnet then present it to the bank to attempt them from withholding tax on your interest.  This is easier than filling out a tax return to get back your withholding.

Bangkok bank is the one I've been most interested in, can you elaborate what you mean... you asked them to cancel the account because they had a yearly fee? On their website it says "No fee - Free card entrance fee, annual fee and account maintenance fee" https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Basic-Banking-Account

 

And I'm new to this, what is a bank book?

[noodleslayer]

Just now, pgrahmm said:

I have Bangkok Bank & SCB....

BB statements are clean = just the listed transactions with zip for additional fees....

SCB has fees out the wazoo.... There's always some bank processing fees listed....

Admittedly, I didn't "shop" accounts when I signed on....Meaning one might have given me a beneficial account, while the other might have signed me on to the most adventitious type of account for their own bank/purposes....

Thanks, what is your account type at Bangkok Bank? I'm looking at the "basic bank account" https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Basic-Banking-Account

 

Not sure what is the best account option for me. I want no fees, and just a debit card. I don't care about saving accounts

[CharlieH]

Banking Forum

 

MOVED

[pgrahmm]

Just now, noodleslayer said:

Thanks, what is your account type at Bangkok Bank? I'm looking at the "basic bank account" https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Basic-Banking-Account

 

Not sure what is the best account option for me. I want no fees, and just a debit card. I don't care about saving accounts

My account IS a savings account - with a MC debit card..... I've found zero use for checks, and they may indeed be useless here....The BB app let's you pay virtually every person/vendor/invoice or bill by bank transfer, which is quick & easy.....

The MC debit card was about 400B to initially get the card - then a 100B fee per year....

[KhunBENQ]

45 minutes ago, noodleslayer said:

I don't care about saving accounts

You are on the wrong path.

The easiest to open (and for many foreigner the only type) is the savings account.

It has not much to do with what you might think it is.

JUST: no credit, no minus/in the red.

The full amount is available any time. Interest rates are a laughing stock.

You can send/receive money domestically, do payments, top-up prepaid phone, all in an instant.

At Bangkok Bank it comes with Mastercard (debit) which can be enabled for online purchase.

(I think they stopped trying to talk you up for Union Pay, Chinese system)

Real credit card is a separate topic.

I also recommend to have internet access and setup the mobile app.

This includes the cashless option of QR code payment and cardless withdrawal at any Bangkok Bank ATM nationwide without fee.

 

Edited March 9, 2022 by KhunBENQ

[KhunBENQ]

48 minutes ago, noodleslayer said:

And I'm new to this, what is a bank book?

That's the antiquated part of banking here.

Usually you don't get proper detailed statements on a monthly basis or so.

But instead you have a book which contains the account details on the first inside page and then have blank pages where you can update/print single line entries at one of the machines (age old dot matrix printers from the ribbon ). You can also update at the desk/clerk.

Thai banks will almost never send any postal mail to you.

I think I get one per year with a "balance confirmation"/"audit result".

[theoldgit]

On 3/9/2022 at 1:47 PM, shortstop2 said:

Some banks will say you have to buy their life insurance in order to open an account.

 

I don't think any banks actually require this, but some staff will certainly say you can only open an account if you buy insurance from them, for which of course they earn commission.

 

A few of my friends have been succured into this route, a number of whom found the policies were useless in the event of a claim.

[noodleslayer]

13 minutes ago, KhunBENQ said:

You are on the wrong path.

The easiest to open (and for many foreigner the only type) is the savings account.

It has not much to do with what you might think it is.

JUST: no credit, no minus/in the red.

The full amount is available any time. Interest rates are a laughing stock.

You can send/receive money domestically, do payments, top-up prepaid phone, all in an instant.

At Bangkok Bank it comes with Mastercard (debit) which can be enabled for online purchase.

(I think they stopped trying to talk you up for Union Pay, Chinese system)

Real credit card is a separate topic.

I also recommend to have internet access and setup the mobile app.

This includes the cashless option of QR code payment and cardless withdrawal at any Bangkok Bank ATM nationwide without fee.

 

Thanks, I'm used to the US where you cant spend money in the savings account, and to use a debit card, it takes money out of your checking account.

 

Do you have an idea of what account I should get at bkk bank? https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save

 

I noticed that the one I was looking at - "basic banking account" requires you to be 65+ ? I am 27 and going to be studying Thai here on ED visa, so not working. Which account of the 7 accounts on this page do you think I should get? The Thai school is going to provide me with documents helping to get an account open fyi.

[KhunBENQ]

16 minutes ago, noodleslayer said:

Do you have an idea of what account I should get at bkk bank?

This describes an ordinary savings account:

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Savings-Account

(click on "TH" for the Thai version to show)

Edited March 9, 2022 by KhunBENQ

[KhunBENQ]

This is a picture of an SCB "passbook" from the net.

They are all very similar, almost(!) same size.

In the background you see other banks books, upper right is Bangkok Bank, the orange/green is Kasikorn.

Edited March 9, 2022 by KhunBENQ

[skatewash]

I think you will find that Thai banks don't typically have a monthly or annual fee for having the account.  There may be an initial one-time fee for issuing an ATM Debit card (100 baht or more) and then recurring annual fees for having the ATM Debit card (maybe 200 or thereabouts depending on the bank and the card).  There may be minimum amounts needed to open an account, but generally no minimum balances to keep the account.

You do want to get a Thai Tax ID card from the Thai Revenue Department (you may already have if you are working) and take that card with you when you open up any Thai savings accounts and have the number associated with the account.  The benefit is that it will forestall automatic tax withholding of 15% on interest earned from the first baht.  Otherwise, you would need to file a Thai Income Tax Return (PND-91) to reclaim the tax withheld on your interest earned.

[rwill]

I don't think anyone uses checks here.

 

You can get a savings account with a debit card.  A basic debit card costs about 200 baht per year.  As long as your account is active and has at least 2,000 baht in it you won't have any other fees, except possibly when you use the ATM card out of your province.

 

Also if you want to get a SMS when a withdrawal or deposit is made in your account there is a fee for that.  Varies slightly by bank.  SCB is 200 baht per year.  KTB charges 20 baht per month.  It is an instant noticifcation and really nice to have for peace of mind.

 

There are ATM cards that cost up to 1,600 baht per year but include some accident insurance.

Edited March 10, 2022 by rwill

[DFPhuket]

Almost all financial transactions in Thailand are done via bank transfer with your phone app or bank website. You'll want to ask for a "passbook savings account" and an ATM debit card along with online access. With that you'll have everything you need. Transfers between Thai banks and to people or companies happen instantaneously. Checks aren't used at all. More and more transactions at places like cafes are being completed using a vendor's QR code that you scan with your bank app. 

 

For my SCB savings account I have ATM/debit card (mine is MC branded) so it has an annual 200 baht per year fee. I've paid no other SCB fees. For my Bangkok Bank account I don't have a debit card so I have no fees. I do a bank transfer from BB to my SCB account as needed. 

[schultzlivgthai]

The biggest thing I’ve noticed is make sure you open your account in the same province you’ll be doing transactions. Kasakorn loves charging fees for making withdrawals or deposits if the province is different from the one you originally opened the account.

[BudRight]

Absolutely do not lose your bank book or it you will have to file a police report, then bring that report to the branch where you opened the account in order to get another one. And you will need the book to get a new debit card.

Bangkok Bank is the best of the those three banks because it is the largest.

[BudRight]

A Thai savings account is basically like an American checking account except it has that book. There's something called a current account but you won't need that unless you own a business or something.

[asiaexpat]

Open a savings account at either of the banks u mentioned but no need for an ATM card if u have a smartphone and get the bank's mobile app. The app allows withdrawals from ATM using a function that reads a QR code. I gave up all my Debit/ATM cards long ago and use the mobile app with ease (saves 200 baht a years.) No other fees charged on my SCB, BBL, KBank, LH Bank and I get a monthly account statement from KBank. 

[sandyf]

On 3/9/2022 at 3:03 PM, KhunBENQ said:

This is a picture of an SCB "passbook" from the net.

They are all very similar, almost(!) same size.

The company that makes bank book printers probably influenced the size.

[Robin]

No options, you have to open a savings account, chequing accounts are non-existent in Thailand.

Expect minimal interest rates for your account, and appalling service from the bank tellers.  Bank will charge you for everything it can, customer relations is not  concept they know

[skatewash]

8 minutes ago, Robin said:

No options, you have to open a savings account, chequing accounts are non-existent in Thailand.

Expect minimal interest rates for your account, and appalling service from the bank tellers.  Bank will charge you for everything it can, customer relations is not  concept they know

I guess one's opinion of Thai banks is related to what one was used to in one's home country.  I find Thai banks offer higher interest rates (Krungsri Bank's Mee Tae Dai savings account 0.9% APR, SCB's EZ Savings account 1.5% APR) and generally have lower fees than banks back in the US.  You can have basically free savings accounts with no minimum balance in Thai banks as long as you do without the ATM/Debit card which cost more or less 200 baht/year.

[Liverpool Lou]

On 3/9/2022 at 2:49 PM, KhunBENQ said:

Thai banks will almost never send any postal mail to you.

I get a monthly advise from UOB in the post of all the previous months transactions.

[Liverpool Lou]

On 3/9/2022 at 1:35 PM, noodleslayer said:

Incase it matters, I just want a normal checking account, with a debit card. I don't use checks and don't want a credit card.

It matters a lot!  Do not tell the bank that you want a current (checking) account, those accounts are more involved to open.  In Thai banking parlance you need to ask for a "savings account", the debit card is provided automatically as is a passbook that contains a record of your transactions (if you bother to have it regularly updated).   

 

At the time of opening the account tell them that you want online banking activated also if you need it, not every bank/branch will do that automatically.

 

The differences in fees between the banks (for normally transacted accounts) are minimal, if any, and largely irrelevant, what is more important is the ease with which the account is opened at the branch that you ask.    

[Liverpool Lou]

On 3/9/2022 at 2:54 PM, noodleslayer said:

Do you have an idea of what account I should get at bkk bank? https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save

 

I noticed that the one I was looking at - "basic banking account" requires you to be 65+ ? I am 27 and going to be studying Thai here on ED visa, so not working. Which account of the 7 accounts on this page do you think I should get?

You should go for a Savings Account (or a Statement Savings Account if you prefer statements over a passbook).    And ask for online banking to be activated.

 

Clearly, the Basic Banking Account is not up for consideration as far as you are concerned.

[Liverpool Lou]

On 3/10/2022 at 4:00 PM, rwill said:

I don't think anyone uses checks here.

Many Thais, particularly businesses do use cheques.

[Liverpool Lou]

On 3/10/2022 at 6:04 PM, DFPhuket said:

Checks aren't used at all.

That is nonsense, in the OP's situation a current account is not applicable but cheques are used frequently in Thai (and other countries') businesses that choose to do so.

Edited March 12, 2022 by Liverpool Lou

[Liverpool Lou]

2 hours ago, BudRight said:

A Thai savings account is basically like an American checking account except it has that book.

...and no cheques and no overdraft facilities.   So, basically, completely different from a US checking account!

Edited March 12, 2022 by Liverpool Lou

[Liverpool Lou]

1 hour ago, Robin said:

No options, you have to open a savings account, chequing accounts are non-existent in Thailand.

Nonsense. 

 

For example...

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Current-Account

 

Also offered by SCB, KTB, Kasikorn, UOB, Krungsri, TTB, Citibank, etc

Edited March 12, 2022 by Liverpool Lou