Opening a Bank Account Remotely (Approved for LTR)

[James7]

I need some guidance please.  I've been approved for the LTR visa and am debating whether to collect it in Singapore where I live or travel to BKK and collect it.  I'd prefer to travel to BKK as I can also finalise a few other matters during the trip.  I'm yet not sure of the LTR costs in Singapore, but going by SMART visa charges, they'll be 25-30% higher than if I were to collect in BKK.  Problem is that I don't yet have a Bank account in Thailand.  I wonder if anyone can advise on if/how I can open a a Thai Bank remotely so that I can transfer some funds and use the account to pay for LTR in BKK?

 

Thanks!

[MJCM]

In whole honesty I doubt that it is possible to open an account remotely. It's even hard to open a account when you are here for some people because some bank employees don't know the rules and just shout "Work Permit needed"

 

[couchpotato]

4 minutes ago, MJCM said:

In whole honesty I doubt that it is possible to open an account remotely. It's even hard to open a account when you are here for some people because some bank employees don't know the rules and just shout "Work Permit needed"

 

Correct ..definitely not possible to open an account with a Thai bank remotely, but if you are in Singapore (or going to be) then look at UOB (possibly others that also have branches in Bangkok), and it might be possible to do something thru them, especially if you already had an account with them in Singapore.

[MJCM]

6 minutes ago, couchpotato said:

but if you are in Singapore (or going to be) then look at UOB (possibly others that also have branches in Bangkok), and it might be possible to do something thru them, especially if you already had an account with them in Singapore.

Good one, but one problem though he is APPROVED for the LTR but he DOESN'T HAVE IT YET, thus he is facing an up hill struggle, need to have a Valid Thai Visa to open an account which he doesn't have yet and which is needed to open a Thai bank account which he needs to pay for his visa

Edited November 3, 2022 by MJCM

[nigelforbes]

3 minutes ago, couchpotato said:

Correct ..definitely not possible to open an account with a Thai bank remotely, but if you are in Singapore (or going to be) then look at UOB (possibly others that also have branches in Bangkok), and it might be possible to do something thru them, especially if you already had an account with them in Singapore.

UOB in Singapore and UOB (Thai) are different companies. UOB Ltd is the major shareholder in UOB Thai but going into a branch of one will not allow you to deal with the other.

[James7]

46 minutes ago, MJCM said:

Good one, but one problem though he is APPROVED for the LTR but he DOESN'T HAVE IT YET, thus he is facing an up hill struggle, need to have a Valid Thai Visa to open an account which he doesn't have yet and which is needed to open a Thai bank account which he needs to pay for his visa

This is exactly my conundrum. I'm happy to come to Thailand if there is an assured way of opening a bank account at short notice before I go to BOI to get my LTR visa and pay electronically as they dint accept cash. 

[DrJack54]

4 minutes ago, James7 said:

This is exactly my conundrum. I'm happy to come to Thailand if there is an assured way of opening a bank account at short notice before I go to BOI to get my LTR visa and pay electronically as they dint accept cash. 

Use an agent to open bank account. 

Siam Legal is just one example.

You can pre arrange with a agent prior to arriving in Bangkok..

[hotandsticky]

1 hour ago, MJCM said:

Good one, but one problem though he is APPROVED for the LTR but he DOESN'T HAVE IT YET, thus he is facing an up hill struggle, need to have a Valid Thai Visa to open an account which he doesn't have yet and which is needed to open a Thai bank account which he needs to pay for his visa

 

Why does he need a Thai bank account to pay the 50,000 Baht visa fee ?

 

I must have missed that in instructions.

[Liverpool Lou]

1 hour ago, James7 said:

how I can open a a Thai Bank remotely

You can't, sorry.

[James7]

10 minutes ago, hotandsticky said:

 

Why does he need a Thai bank account to pay the 50,000 Baht visa fee ?

 

I must have missed that in instructions.

Because you can't pay cash or use credit cards. As I understand you can use only 'e payments' from a local bank. Do correct me if this is wrong. It'll be much easy to pay cash or use credit card. 

[hotandsticky]

5 minutes ago, James7 said:

Because you can't pay cash or use credit cards. As I understand you can use only 'e payments' from a local bank. Do correct me if this is wrong. It'll be much easy to pay cash or use credit card. 

 

I don't know the exact requirements, but surely transferring through a 3rd party would bed possible - otherwise it is chicken and egg, you need the visa to get the bank account.

 

Ask BoI - they are promoting the visa.

[Liverpool Lou]

1 hour ago, nigelforbes said:

UOB in Singapore and UOB (Thai) are different companies. UOB Ltd is the major shareholder in UOB Thai but going into a branch of one will not allow you to deal with the other.

But it might ease the opening of an account here.

[Stocky]

22 minutes ago, hotandsticky said:

transferring through a 3rd party would bed possible

You could make the local transfer using Wise.

[nobodysfriend]

LTR visa is a failure .

Now , it is possible that they will cancel the ' land ownership ' thing even you pay the full price for it .

Why not take an O-X visa ? But need to be 50 yrs old ...

[James7]

48 minutes ago, nobodysfriend said:

LTR visa is a failure .

Now , it is possible that they will cancel the ' land ownership ' thing even you pay the full price for it .

Why not take an O-X visa ? But need to be 50 yrs old ...

I've some years to go before reaching the big 50.  For me, LTR is perfect as it allows me to work remotely and I fit the criteria. 50k THB for 10 years is acceptable for me for the benefits I get in return.

[hotandsticky]

15 minutes ago, James7 said:

I've some years to go before reaching the big 50.  For me, LTR is perfect as it allows me to work remotely and I fit the criteria. 50k THB for 10 years is acceptable for me for the benefits I get in return.

 

I don't think anyone will argue with the value of the 50k one-off visa fee. The issue for us older expats is the health insurance. 

[James7]

1 minute ago, hotandsticky said:

 

I don't think anyone will argue with the value of the 50k one-off visa fee. The issue for us older expats is the health insurance. 

You don't need medical insurance if you have $100k in an account and it doesn't have to be in Thailand.

[James7]

So an update... BOI accept cash as well.  So, my need to open a Bank account before LTR stamp is now moot. 

[oldcpu]

4 hours ago, James7 said:

You don't need medical insurance if you have $100k in an account and it doesn't have to be in Thailand.

I wish Type-OA visa allowed $100K US$ in account (as proof of 'self insurance') but I do not believe it does allow. The LTR visa does allow. 

 

If the Type-OA visa allowed $100K US in an account, I would not have started the process of changing to a Type-O visa (by leaving Thailand without a re-entry permit on the Type-OA and then applying for a 90-day Type-O visa not long after arrival back in Thailand).

 

Hopefully in the future, the $100K US self health insurance is applied to Type-OA visa holders who are looking for 1-year extensions.

[Dickp]

How things have changed in the past 36 years. I open a Bangkok Bank account at the HQ 1986 with out bring in the country. Then over the next 5 years transferred funds to the saving account to build our house. We already had the land which my wife purchase with cash a year before. The new house ( which we paid cash for) was ready for us 1 week after we arrive in Bangkok, been in the same house all these years, made to Western Standers.