open international bankaccount when living in Thailand.

[Bill Dauterive]

Hi all. 

Was wondering if there are international banks in Thailand that serve retail customers ? I am so extremely fed up with the low quality  banks here.

Does anyone reading know if it is possible / legal to send the money i earn, while living here, to an overseas bankaccount ? My income is from trading on interantional exchanges only. I store in online accounts, then tranfer to the desired bankaccount when i need cash. That could be any bank indeed. I do have an account overseas, but that is fo rincome made overseas. This is income i make while being here. I just wish to pass the Thai banks by completely. 

Thank you for any input that is sincere. 

They want it so much that i decided they can;t have it lol.

[nigelforbes]

All retail banks in Thailand are Thai owned, there are no international bank branches of the type you seem to be looking for. The Singaporean bank UOB is UOB Thai, The Malaysian bank CIMB is CIMB Thai. Citibank is now UOB, HSBC doesn't have a retail banking license, Bank of China is Bank of China Thai. I think that's it apart from the one of branches of institutions such as BNP, Deutsche and the like but they are not retail banks.

https://www.bot.or.th/App/BTWS_STAT/statistics/BOTWEBSTAT.aspx?reportID=904&language=ENG

 

[Etaoin Shrdlu]

I don't believe that any of the international bank branches here offer retail banking services. Citibank used to, but is in the process of transferring its retail accounts to UOB Thailand. 

 

It is possible to transfer funds out of Thailand, but from your post it seems that the funds are from trading on international exchanges which implies that the funds are already outside Thailand. I'm not sure what the issue is.

[kwonitoy]

https://international.standardbank.com/international/personal

 

Here's a offshore bank you can sign up to from anywhere

[rwill]

You could get a Schwab One International account.  You need $25,000 to open an account there.  It is a brokerage account not really a bank account but you can get checks and a debit card for it.  Their debit card has no fees, no foreign transaction fees, and even immediately refunds most foreign bank fees.  Like the fee Thai banks charge for foreign ATM cash withdrawals.  Just don't accept the exchange rate the ATM tries to get you to accept.  That is the biggest fee of all.  So basically with their debit card you can get completely free cash withdrawals in Thailand.  You can also link external accounts with them and easily move money between them.  Also international wires have only a $15 fee.  But when I wire money to my Thai bank they immediately rebate that fee too.  So the wire is free for me.

 

It sounds like the money you are making while staying in Thailand is from outside of Thailand.  So why get Thailand involved in it anyway?

[Dogbarker]

Standard Chartered one of the big international banks had a subsidiary  company here .. and  they sold their retail business to Tisco ( yes who!)  they did not even have a swift code. So from a big international bank who really dumped me . You think the International banks are any better.. try returning money for condos sold etc. now. Real pain .

 CIMB Thai works quite well for me.

Good luck.

[Sid Bream]

10 hours ago, Bill Dauterive said:

Was wondering if there are international banks in Thailand that serve retail customers ? I am so extremely fed up with the low quality untrustworthy banks here. In my 15 yrs i have had about 5 or 6 different ones and they all suck in their own way

Just wondering if KTB fall into your above grouping, because I've never had any issues with them so far.

[nobodysfriend]

10 hours ago, Bill Dauterive said:

I am so extremely fed up with the low quality untrustworthy banks here. In my 15 yrs i have had about 5 or 6 different ones and they all suck in their own way. In the same way you can not trust any of them.

Same goes for most banks in Europe . One literally stole money from my account ... here , 20 yrs with SCB , never a problem .

[skatewash]

1 hour ago, rwill said:

You could get a Schwab One International account.  You need $25,000 to open an account there.  It is a brokerage account not really a bank account but you can get checks and a debit card for it.  Their debit card has no fees, no foreign transaction fees, and even immediately refunds most foreign bank fees.  Like the fee Thai banks charge for foreign ATM cash withdrawals.  Just don't accept the exchange rate the ATM tries to get you to accept.  That is the biggest fee of all.  So basically with their debit card you can get completely free cash withdrawals in Thailand.  You can also link external accounts with them and easily move money between them.  Also international wires have only a $15 fee.  But when I wire money to my Thai bank they immediately rebate that fee too.  So the wire is free for me.

 

It sounds like the money you are making while staying in Thailand is from outside of Thailand.  So why get Thailand involved in it anyway?

If the OP is American he can open a Charles Schwab Checking account (with brokerage account) without a minimum opening balance, or any minimum balance and no maintenance fee.  Highly recommended.  However, I don't believe the account for Americans will reimburse the international wire transfer fee, so that may be a benefit only of the Charles Schwab One account.

[Mad mick]

14 hours ago, kwonitoy said:

https://international.standardbank.com/international/personal

 

Here's a offshore bank you can sign up to from anywhere

Is this based in Africa? 

[Mad mick]

15 hours ago, nigelforbes said:

All retail banks in Thailand are Thai owned, there are no international bank branches of the type you seem to be looking for. The Singaporean bank UOB is UOB Thai, The Malaysian bank CIMB is CIMB Thai. Citibank is now UOB, HSBC doesn't have a retail banking license, Bank of China is Bank of China Thai. I think that's it apart from the one of branches of institutions such as BNP, Deutsche and the like but they are not retail banks.

https://www.bot.or.th/App/BTWS_STAT/statistics/BOTWEBSTAT.aspx?reportID=904&language=ENG

 

Bad luck you did not open Charles Schwab account or maybe you did ATM withdraws free or reimbursed , don't think can open outside of US ,  For some unknown reason they pulled out of Australia otherwise  l would of opened an account, as for transfer out of Thailand years ago or not so long ago 2017 l had to go through Kasikorn international what a drama + copped a legal limit amont l could send the amount of paper work had to provide well ummmm, on nod + wink told me if " go back to Australia withdraw via ATM card eventually that's what I did , Was only allowed to transfer via international 600,000  baht had to prove where money came from etc, never again will do oe go through that took days , for me l leave my money in my Aussie bank transfer via wise  to my thai bank account what I or may need per month its almost instantly done , l know does not answer your question! However your money is already outside of Thailand ! Too me that's good thing.  Best of luck the bank link someone left  comes up as African unsure if it is or not , good luck 

Edited December 8, 2022 by Mad mick

[nigelforbes]

1 minute ago, Mad mick said:

Bad luck you did not open Charles Schwab account or maybe yp you did ATM withdraws free or reimbursed , don't think can open outside of US ,  For some unknown reason they pulled out of Australia otherwise  l would of opened an account as for transfer out of Thai years ago l had to go through Kasikorn international what a drama + capped legal limit , on nod + wink told me if go back Australia withdraw via ATM card eventually that's what I did , allowed me only to transfer via international 600,000  baht had to prove where money came from etc, never again do l leave money in Thailand use wise transfer to myself & thai bank account what I need per month , l know does not answer your question! However your money is already outside of Thailand! Too me that's a good thing.  Best of luck the bank link someone left  comes up as African unsure if it is or not , good luck 

I don't know why you're responding to me on this but if it makes you happu!

[Mad mick]

38 minutes ago, nigelforbes said:

I don't know why you're responding to me on this but if it makes you happu!

Don't let get you down mate ! Could been miscommunication wrong person or topic No one's perfect So have happy day 

[Mad mick]

53 minutes ago, nigelforbes said:

I don't know why you're responding to me on this but if it makes you happu!

Well it's your comment that's why about international banking , so sorry don't like comments ! if it makes you unhappy so be it. Be happy you wrote it about banks , just told ya story it's called  communication If it offends Sorry 

Edited December 8, 2022 by Mad mick

[Letseng]

4 hours ago, Mad mick said:

Is this based in Africa? 

This is Standard Bank South Africa. Yes, they are based in South Africa. Put my money there? Never.

If anybody thinks Thai banks are a nightmare, wait for S.A. banks to cause one. 

[allanos]

19 minutes ago, Letseng said:

This is Standard Bank South Africa. Yes, they are based in South Africa. Put my money there? Never.

If anybody thinks Thai banks are a nightmare, wait for S.A. banks to cause one. 

The link appears to be the London branch of Standard Bank of South Africa - a very reputable and well-capitalised operation. Among other banks where I have accounts, I also bank with SBSA. They are first-class, in my opinion. Have you had dealings with them and can you share your experience?

[JackGats]

Banks in Europe have become a nightmare. No one to talk to anymore, helplines that keep you on hold for ages.

 

I love Thai banks, where among other thinks I can talk to a bank employee any time I want.

 

And if my card remains stuck inside the ATM in Thailand they'll open the ATM for me and give me back my card. Try that in Europe. 

[AgMech Cowboy]

I don't remember the requirements to open an account, but CITIBANK has a branch in Bangkok.

[DrJoy]

10 minutes ago, AgMech Cowboy said:

I don't remember the requirements to open an account, but CITIBANK has a branch in Bangkok.

Citi s Thai business has been sold to UOB

[Onerak]

Never had any problems with Thai banks. I keep substantial amount of money (more than 100K) in two Thai banks. My only issue is that they don't give you any interest or almost negligible interest rate. It used to be the same in the USA also but in US some high yield savings accounts are giving 4% now. 

[rwill]

12 hours ago, skatewash said:

If the OP is American he can open a Charles Schwab Checking account (with brokerage account) without a minimum opening balance, or any minimum balance and no maintenance fee.  Highly recommended.  However, I don't believe the account for Americans will reimburse the international wire transfer fee, so that may be a benefit only of the Charles Schwab One account.

Only if you have an USA address.  I don't maintain a US address or phone number which makes banking from there very difficult.  The Schwab One account you can use whatever address and phone number you are using.  You have to show some proof of the address such as a utility bill.  I was able to use my Thai Drivers license to verify my address.  The document used can be in Thai too, they have it translated.  I imagine the same would be true with other languages.

[kwonitoy]

9 hours ago, Mad mick said:

Is this based in Africa? 

Originally from South Africa

Now based in the Channel Islands

[fdsa]

5 hours ago, JackGats said:

And if my card remains stuck inside the ATM in Thailand they'll open the ATM for me and give me back my card

I've had a different experience - I forgot my card inside the ATM at the bank branch, almost immediately came back to the branch and told to the staff that ATM ate my card, was told that they could not open the ATM today and was ensured that they will call me "next week" and return the card. Next week I came to the bank myself and asked if they serviced the ATM already and was told that they've destroyed my card already ????‍♂️ At least they gave me a new card for free (instead of a whopping 100 THB fee lol)

Edited December 8, 2022 by fdsa

[cdemundo]

16 hours ago, rwill said:

You could get a Schwab One International account.  You need $25,000 to open an account there.  It is a brokerage account not really a bank account but you can get checks and a debit card for it.  Their debit card has no fees, no foreign transaction fees, and even immediately refunds most foreign bank fees.  Like the fee Thai banks charge for foreign ATM cash withdrawals.  Just don't accept the exchange rate the ATM tries to get you to accept.  That is the biggest fee of all.  So basically with their debit card you can get completely free cash withdrawals in Thailand.  You can also link external accounts with them and easily move money between them.  Also international wires have only a $15 fee.  But when I wire money to my Thai bank they immediately rebate that fee too.  So the wire is free for me.

 

It sounds like the money you are making while staying in Thailand is from outside of Thailand.  So why get Thailand involved in it anyway?

I agree, in general, Schwab is very customer oriented and helpful and I would recomend you check into them as well.

 

Schwab has a variety of account types and I would check on minimums needed to open Schwab account (if this is an issue) as this has changed over the years. I believe i opened my domestic US account with less than $25k and I see on Schwab website that the "Global Account" has no minimums.

 

 

[skatewash]

4 hours ago, rwill said:

Only if you have an USA address.  I don't maintain a US address or phone number which makes banking from there very difficult.  The Schwab One account you can use whatever address and phone number you are using.  You have to show some proof of the address such as a utility bill.  I was able to use my Thai Drivers license to verify my address.  The document used can be in Thai too, they have it translated.  I imagine the same would be true with other languages.

I opened mine from Thailand using a Commercial Mail Receiving Agency (travelingmailbox.com) and a VOIP (magicJack) for the phone number, but this was done at least 9 years ago.  Not sure it would still be possible.  At the time there was no minimum balance to open the account and no maintenance fees.  It was called a High-Yield Interest Checking account and came with a brokerage account that I don't really use.  I really only use the account because Thailand's ATM withdrawal fees (220 baht) are reimbursed.

[Bill Dauterive]

On 12/8/2022 at 6:28 AM, rwill said:

You could get a Schwab One International account.  You need $25,000 to open an account there.  It is a brokerage account not really a bank account but you can get checks and a debit card for it.  Their debit card has no fees, no foreign transaction fees, and even immediately refunds most foreign bank fees.  Like the fee Thai banks charge for foreign ATM cash withdrawals.  Just don't accept the exchange rate the ATM tries to get you to accept.  That is the biggest fee of all.  So basically with their debit card you can get completely free cash withdrawals in Thailand.  You can also link external accounts with them and easily move money between them.  Also international wires have only a $15 fee.  But when I wire money to my Thai bank they immediately rebate that fee too.  So the wire is free for me.

 

It sounds like the money you are making while staying in Thailand is from outside of Thailand.  So why get Thailand involved in it anyway?

The thing i am not sure about. It seems silly to begin with but hey the laws here do not always make sense to me so....I live in Thailand. I am legally binded to Thailand. But not for income in any way, that is all from exterior sources, but does Thai law see it that way too ?  So when i make money ( call it work) i do that while being here. Is it legal to store money you make while living in Thailand on overseas accounts. The money does not come from any real entity. I also get money from Netherlands. A clear cut sender and recipient thing. The money was made for work i do there. It's taxed there too. But now i live here. Where is the money made in that case when there is no country connected to it. ? In cyberspace...is it legel to transfer it 'out' ...since it was not even 'in' really to begin with...sorry if that sounds complicated 555.

[Bill Dauterive]

On 12/8/2022 at 8:19 PM, Onerak said:

Never had any problems with Thai banks. I keep substantial amount of money (more than 100K) in two Thai banks. My only issue is that they don't give you any interest or almost negligible interest rate. It used to be the same in the USA also but in US some high yield savings accounts are giving 4% now. 

And how is that an answer to my question ? Good for you btw i am happy for you.

[Bill Dauterive]

On 12/8/2022 at 7:30 AM, nobodysfriend said:

Same goes for most banks in Europe . One literally stole money from my account ... here , 20 yrs with SCB , never a problem .

Yes have SCB too. They had and will never again get my bussiness on an account. No need to explain further, I do not trust them. Only use it for petty cash.

[rwill]

3 hours ago, Bill Dauterive said:

The thing i am not sure about. It seems silly to begin with but hey the laws here do not always make sense to me so....I live in Thailand. I am legally binded to Thailand. But not for income in any way, that is all from exterior sources, but does Thai law see it that way too ?  So when i make money ( call it work) i do that while being here. Is it legal to store money you make while living in Thailand on overseas accounts. The money does not come from any real entity. I also get money from Netherlands. A clear cut sender and recipient thing. The money was made for work i do there. It's taxed there too. But now i live here. Where is the money made in that case when there is no country connected to it. ? In cyberspace...is it legel to transfer it 'out' ...since it was not even 'in' really to begin with...sorry if that sounds complicated 555.

I believe the law here is that if you bring money into the coutry that you have had for at least a year it is not taxable.  I don't think they ever really check that is the case either.

[Liverpool Lou]

On 12/7/2022 at 9:03 PM, Bill Dauterive said:

I am so extremely fed up with the low quality untrustworthy banks here. In my 15 yrs i have had about 5 or 6 different ones and they all suck in their own way. In the same way you can not trust any of them. Petty thieves...

I have accounts with five different Thai banks and, in 28 years, not one of them have "sucked", shown any evidence of not being trustworthy or have proven to be petty thieves as you libellously label them all.