Whats The Best Thai Bank?

[LuckyLucas]

Hello All

Which is the best thai bank/ bank account for me to open as a uk resident who wilol be transferring money from either my HSBC or Barclays accounts?

I'm marrying my thai gf in july, have a baby coming in november and am going over tomorrow for 3 weeks then returning to Thailand in september for a longer time. (Dunno about doing a joint account but thats another story). Whats the best farang-friendly bank that I can transfer cheaply to? whats the best account interest-wise?

I notice a member mentioned transferring from barclays in another thread.

Thanks for previous help and thanks in advance to anyone who has any ideas...

[stickman]

I personally think most of the major banks are much of a muchness. Bangkok Bank, Kassikornbank and Siam Commercial Bank seem to be the biggest in terms of the number of branches and Siam Commercial seems to have gone on an ATM development plan and they have ATMs just about everywhere.

I really do think most banks are fairly similar in Thailand and our experiences tend to be more a reflection on one branch, than the entire bank. For example, I used to have two accounts, held at two different branches of the same bank. At one branch, the staff were super helpful and could not do enough for me whereas in the other branch there were always long queues and the staff were surly. If I ever needed to anything other than withdraw or deposit it was a major drama.

I would recommend any of the aforementioned three banks. Just remember to open an account close to where you live or work as many transactions can only be done at the branch where your account is held.

[puuchai299]

Intersest wise it's about zero,or 1% at the most.and think all about the same when it comes to transfering money...

[blizzard]

convienent location is a good thing. how many times (5or 6) have i gone to a different branch to get sometrhing simple done and they tell me to go to branch where i opened account.

good thing is whatever i need always gets done.

[dsfbrit]

HSBC to Kasikorn is painless - see my experience here:

http://www.thaivisa.com/forum/index.php?showtopic=127254

Good Luck

[LuckyLucas]

great stuff - thanks all for that

the HSBC ---> Kasikorn route looks desirable - I'll look for an appropriate branch...

cheers

EDIT: just to go over I'll need to open a HSBC thai account and transfer HSBC UK > HSBC Thai > Kasikorn as I can't transfer HSBC UK > Kasikorn direct...?

Edited July 3, 2007 by LuckyLucas

[udance4ever]

After being in Thailand for a few years I'd add the following 3 differentiators:

• online banking - this become a key one if you're used to state-of-the-art systems overseas. I've had really poor experiences with Bangkok Bank's system and got pretty fed up when I gave it a best effort to communicate defects they had in a production system and not fixing them. Things might have changed in the past year but I was also irked that it was required to use Internet Explorer instead of a more universal browser like Firefox.
  
• online customer service - if you're used to good online service, this can vary quite a bit - as least from my end, my theory is these support system range from case-driven systems to a staff that just monitors a joint inbox - so the level of integrity you'll get to your support request will vary!
  
• issue tracking - related to customer service, what I have found to be the case in Thailand quite a bit is that it takes something from the side of the organization to instill a culture of taking accountability and ownership of an issue (regardless of how well its tracked) - some reps just throw the ball back in your court and some make promises and don't get back to you (or more realistically get back to you, don't resolve it completely, and don't get back to you!) This phenomenon is clearly not just limited to banks (nor to Thailand technically!)
  

i haven't had a problem with basic ATM service and withdrawals/deposits in general.

[dsfbrit]

great stuff - thanks all for that

the HSBC ---> Kasikorn route looks desirable - I'll look for an appropriate branch...

cheers

EDIT: just to go over I'll need to open a HSBC thai account and transfer HSBC UK > HSBC Thai > Kasikorn as I can't transfer HSBC UK > Kasikorn direct...?

If you are going to go the HSBC UK to Kasikorn route then you dont need an HSBC Thailand account.

In fact thats the way I USED to do it ie: HSBC UK - HSBC THAILAND - Kasikorn.

People on this forum told me it was not necessary - and they were right as my previous thread documented - so I will close my HSBC Thailand account.

Just remember to transfer STERLING to Thailand and do the conversion to Baht in Thailand or you will get the Offshore rate!!

This is what I did last week. Remember I set up a transfer agreement with HSBC UK some years ago - you may have to fill in a form to say you will be transferring money over the phone to Thailand. Its not difficult to do.

1. I called called HSBC online telephone banking.

2. They set up a Template and gave me a number for it for future use so I dont need to give all the Kasikorn Bank details again.

3. They gave me a reference number for this transfer.

I requested they transfer funds from HSBC UK in Sterling to my Thai Farmer account.

They charged me 21 pounds.

They needed the Kasikorn Bank SWIFT Code and my bank account details in Thailand. The SWIFT code is::

-KASITHBK

The funds arrived the next day and I got 68 baht - which was the Onshore Rate (Offshore about 63 that day)

good luck with it.

Edited July 4, 2007 by dsfbrit

[kamalabob2]

Udance4ever has some great observations. It sounds like our experience with a devious school teacher who tricked many parents into signing up for whole life insurance for grade school students. He lost his teaching position, but it took months to end the dunning bills to my wife.

I have opened four "savings" accounts at three different Bank Branches in Thailand since January 2005. Here are my observations:

NEVER go to open a bank account after a multiple day Thai holiday such as New Years. Mornings are busier than afternoons at Thai Bank Branches.

Open your account at the BRANCH you think you will do the most walk in banking.

Beware of "Farang" pricing on Bank services. I printed out the size and price list from Siam Commercial Bank and went to the Buriram Branch and got a run around on obtaining a safety box at that branch. All they could offer was the smallest size and then the Farang price came into play, not the price posted on their web site. I passed. SCB charges double what Bangkok Bank charges for the the confirmation letter of your funds on deposit.

If you want a safety box check first to see if the branch has available boxes. The price is very reasonable at Bangkok Bank. The refundable key deposit was stiff, the annual fee very nominal.

Banks are similar to Government offices. They want you to bring in many photo copies and ORIGINALS of passport, visa, house book, etc.. There were a lot of forms to fill out in the Bank, but I have Internet banking with zero fees for many common transactions and transfers.

WHATEVER bank you patronize in your home country will implement a very quick S.W.I.F.T. wire to ANY BANK BRANCH in Thailand. Some banks in your home country will have a better deal, some will allow you to order a S.W.I.F.T. wire via an e-mail to your bank branch, some on line, some via a fax, some ONLY IN PERSON. The fee to RECEIVE a S.W.I.F.T. wire seems similar with the three banks I use in Thailand. All of the fees to RECEIVE a S.W.I.F.T. wire are posted on various Thai Banks web pages in English. Do NOT convert the money to Baht in your home Country. Send the money in your currency and they will automatically convert the money to Baht in Thailand at the best possible rate.

When transferring a larger amount of your home currency be sure to indicate something like "Home Purchase" or "Truck purchase" so you do not get a snag at the branch in Thailand that receives the money. I had a good friend spend over an hour trying to explain why he received a large transfer of funds from America to pay for building a larger home in Thailand. No one at his Bank Branch spoke English and he had neglected to have a reason listed on his S.W.I.F.T. wire transfer. It all worked out for him, but it could have been avoided had he listed a reason for his large transfer of funds. I believe the MAXIMUM fee to receive a S.W.I.F.T. wire is 500 Baht deducted from your Bank account in Thailand.

Cashier's check or Bank Draft FROM YOUR NEAR BY BANK BRANCH IN THAILAND is what you might use to purchase a new vehicle in Thailand. The fee is modest and perhaps your auto dealership will give you a paper of EXACTLY how the Bank is make the payment.

In my opinion a "joint account" is just a book keeping mistake waiting to happen. It is FREE to transfer money on line from your account at the same Thai bank to your wife or girl friend who has an account with the same Thai bank, irregardless of her branch location. You also have "proof" of supporting that person and you completely avoid fees to Western Union. If you transfer funds via the Internet from your account to her account it is instant and she can pull the money out via her ATM card or a walk in withdrawal at any branch. The trick is papers have to be filled out in person (and identification brought in of BOTH people) at your branch.

Be sure to obtain the business card of a bank operations manager or "personal banker" of your bank branch and be sure you have their mobile phone number so you can contact them directly if issues arise.

Keep the ATM card in the little plastic holder. Imagine being asked to pay for a new working ATM card when the card issued to you was defective due to their poorly maintained ATM and not abuse by you.

If you leave your house or hotel to make a deposit, transfer or withdrawal from your Thai Bank and forget your Savings passbook, just TURN AROUND and find the bank passbook. Doing an in person transaction WITHOUT the Bank Savings Book throws the teller into a confused state.

Different Thai Banks WILL PAY INTEREST to Farang, but the penalty for early withdrawal from a "time deposit" could be ZERO INTEREST. Be sure to check the terms of any interest bearing accounts. I was told at Kasikorn that they would automatically deduct the tax from the interest you earn.

Each bank Branch is a bit different, but if you have all of your photocopies and some proof of residence you can open an account Up Country as well as in Tourist areas. I had an A-O visa when I opened my first Thai Bank account, not a tourist visa.

Good Luck

[LuckyLucas]

Many many thanks - I'm in TL and opening a kasikorn account this afternoon

cheers

[Thug]

Kasikorn Bank is the best Bank in Thailand.

Customer service is top quality.

[esbobes]

Kasikorn Bank is the best Bank in Thailand.

Customer service is top quality.

Send your money to me the President of The Bank of Esbobes

Edited July 10, 2007 by esbobes

[thai4u]

NEVER siam commercial bank. (X)

You'll know when u get there.

[jfchandler]

Regarding the poster above who commented about being annoyed with Bangkok Bank's online banking system, because it basically mandates you use Internet Explorer to log on....(and tries not to work with Mozilla)

There is a way around that that works just fine. I use Mozilla Firefox with the IE Tab extension added on.... Once you download and install that free extension, just enter the web address for BKK Bank's home page into its preferences window...

And from then on, any time you access the BKK Bank home page in Mozilla, it will open it using the IE Tab extension and the bank's online banking system works just fine.