Choosing Thai Bank for Retirement banking USA - Thailand

[roman50]

Greetings,

We are ready to start an account with a Thai bank for retirement.

Looking for ease of banking between USA and Thailand. 

I am US national, wife has dual Thai / US nationality.

This info has been talked about many times, but I have not found how to effectively use the search functions....

 

Thanks

[CharlieH]

Moved to Banking 

[biervoormij]

Not sure how you will be transferring money into the country but if using Wise I have heard Bangkok Bank is the only one that shows it is a foreign transfer. 

 

You should also be the only name on the account if you will be using the funds in this account for extensions of stay. I believe if your wife's name is on the account it can cause issues with immigration.

 

I hope someone will correct me if either of the things I have said are wrong.

 

I have an account with Bangkok Bank and Krungsri and found both easy to deal with.

Edited March 29, 2023 by biervoormij
typo

[rwill]

I would avoid KTB.  They don't pay interest for US citizens because they don't want to deal with the US reporting requirements.

 

As mentioned above make sure the account is in your name only.

 

Also be aware that US citizens with foreign bank accounts are required to report them every year.

Better bookmark this:  FBAR reporting

[wwest5829]

24 minutes ago, rwill said:

I would avoid KTB.  They don't pay interest for US citizens because they don't want to deal with the US reporting requirements.

 

As mentioned above make sure the account is in your name only.

 

Also be aware that US citizens with foreign bank accounts are required to report them every year.

Better bookmark this:  FBAR reporting

Just a note. Reporting required for account or combination of accounts totaling in excess of $10,000.00 USD.

[Saya Alan]

At Bangkok Bank, it is possible to have an account with only your name, but your wife's signature is recorded also, so that she can withdraw money on her own as well.

Edited March 29, 2023 by Saya Alan
Repeated also removed

[nigelforbes]

2 minutes ago, Saya Alan said:

At Bangkok Bank, it is possible to have an account with only your name, but your wife's signature is recorded also, so that she can withdraw money on her own as well.

All banks in Thailand allow a second signatory to the account.

[nigelforbes]

1 hour ago, rwill said:

I would avoid KTB.  They don't pay interest for US citizens because they don't want to deal with the US reporting requirements.

 

As mentioned above make sure the account is in your name only.

 

Also be aware that US citizens with foreign bank accounts are required to report them every year.

Better bookmark this:  FBAR reporting

UOB Thai is the same way, customers can't even get the bank to collect on US tax refund cheques. And, customers can't even pay CIGNA health insurance using Citibank (Thai), even tho UOB is acquiring CB! Crazy

Edited March 30, 2023 by nigelforbes

[flexomike]

52 minutes ago, rwill said:

I would avoid KTB.  They don't pay interest for US citizens because they don't want to deal with the US reporting requirements.

 

As mentioned above make sure the account is in your name only.

 

Also be aware that US citizens with foreign bank accounts are required to report them every year.

Better bookmark this:  FBAR reporting

only if bank accounts in Thailand had 10,000 dollars or more at any time in the year, this would be combining of all accounts, obviously if using the 800,000 for extensions you would be doing one every year, no big deal takes less than ten minutes to do online

[Red Phoenix]

I would recommend either Bangkok Bank or Kasikorn Bank.

Both of them have a large network of branches in Thailand AND are used to dealing with foreigners (which cannot be said of some of the other Thai banks).

 

On top of that both of them are WISE partner-banks.

That is important if you plan to use WISE to transfer the 800K to your personal account.  Using WISE with other Thai banks only allows to transfer max 50K per transaction, while there is no such restriction when using WISE to transfer funds tor Bangkok Bank or Kasikorn Bank.  

Note also that if you use WISE to transfer to another Thai bank, that it is always routed via one of those two partner-banks, which means that the transfer will turn up as a 'domestic' transfer on your bank-account of that other bank.  And as Immigration requires evidence of the foreign origins of the funds when applying for the 90-day Non Imm O Visa for reason of retirement, it means that you would have to visit either Bangkok Bank or Kasikorn Bank for a statement that the funds arrived there and that they then transmitted it to your other Thai Bank.  

Opening a Bank account in Thailand is not as easy as you might think, as every branch of a Thai bank acts as a little fiefdom and while branch office A might reject you as customer, branch office B of the same Bank at the other side of the street, might accept you.  So you often have to shop around to find a branch of a Bank that will accept you, but your best bet - in view of the above - is to first try opening an account with Bangkok Bank or Kasikorn Bank.  If not possible, then KrungSri Bank or Siam Commercial Bank are options, but you should avoid the 'pure' Thai clientele banks as they are always very busy and are not used to dealing with foreigners.

[statman78]

I agree with the recommendation of Bangkok Bank.  For my retirement extension I transfer money every month using Wise.  The transfer shows up as a foreign transfer which is needed when I go in for my annual extension.  

[gamb00ler]

9 hours ago, roman50 said:

We are ready to start an account with a Thai bank for retirement.

Looking for ease of banking between USA and Thailand.

It sounds like you're already in Thailand, but not yet on a 12 month extension from Immigration.

 

My recommendation is to use Schwab or Capital One in US and Bangkok bank in Thailand.

 

I moved from US to Chiang Mai in Oct. 2020.  I tried to open my first account at Kasikorn but they were adamant that I must have a work permit or have a 12 month extension stamp.  Bangkok bank allowed me to open an account with passport, residence certificate and my non-immigrant "O" visa.

 

Other posts have pointed you to the better banks for receiving Wise transfers.  However if you intend to use 800K in the bank to qualify for your retirement extensions, I recommend you use a single large SWIFT transfer.  SWIFT transfers larger than about 20K US$ generally yield more Baht per US$ when all fees and exchange rates are accounted for.

 

Another efficient method to move US$ to Thailand is using a debit card that charges no foreign transaction fees.  I am familiar with two US banks/brokerages that offer good debit cards, Capital One and Schwab.  Using this type of transfer will not be acceptable if Immigration rules insist on proof of foreign source of your funds.  AFAIK, only Bangkok bank offers free "cash advances" on debit cards at the teller.  The limits imposed by the US financial institution are generally much higher for teller withdrawals than from the ATM.

[roman50]

Thanks for the replies and suggestions.

We are currently in the states, preparing for retirement. Maybe end of the year......

Wife ( Thai / US) will be visiting Thailand for Songkran.   She would like to start an account with a bank which will facilitate our future needs, like expat account for marriage / retirement visa needs and banking from US.

 

[TallGuyJohninBKK]

10 hours ago, roman50 said:

Thanks for the replies and suggestions.

We are currently in the states, preparing for retirement. Maybe end of the year......

Wife ( Thai / US) will be visiting Thailand for Songkran.   She would like to start an account with a bank which will facilitate our future needs, like expat account for marriage / retirement visa needs and banking from US.

 

 

Bangkok Bank is going to be the best for what you need.

 

Apart from Wise, they have their own in-house relatively inexpensive method of handling US to TH money transfers. They do well in handling U.S. Social Security deposits. Their phone customer service staff tend to be pretty good. And their headquarters branch in BKK also is very versed in handling expat banking issues.

 

They also have a branch located in the BKK CW Immigration building, along with various other TH bank companies, which makes it convenient when you need to do an annual marriage or retirement extension there.

 

 

[Red Phoenix]

21 hours ago, roman50 said:

Thanks for the replies and suggestions.

We are currently in the states, preparing for retirement. Maybe end of the year......

Wife ( Thai / US) will be visiting Thailand for Songkran.   She would like to start an account with a bank which will facilitate our future needs, like expat account for marriage / retirement visa needs and banking from US.

 

If your wife is Thai she will have no problem opening a bank-account in Thailand.  However, if you plan to use that joint account for meeting the financial requirements of a Non Imm O Visa for reason of retirement application, be aware that you would then need DOUBLE the amount (i.e. 1.600.000 THB instead of 800.000 THB) to meet the requirement, even if it is only for YOUR application. 

It would be better if your wife opened a Kasikorn or Bangkok Bank account, and that once that you are in Thailand you open a personal account only on your name at the same branche.  It would be useful if your wife when opening the account already talked with the Bank manager about you arriving later, and whether they would also open an account for you without the need of having a Work Permit (which is not allowed when applying for a retirement Visa) or other constraints.  Basically you would only be able to show your Passport, your Permission to stay and the Housebook of the place where you are staying, but your wife having an account at that Bank branche would be the 'convincer' to open one also for you.  Note that she - and later you - should insist on talking to the Bank branche manager first, as the officers will be far less inclined to open an account for you hiding behind bank regulations or fear of face-loss when not fully familiar with the process of opening an account for foreigners.

 

Edited March 30, 2023 by Red Phoenix

[1FinickyOne]

I have found bank transfers to Kasi have always been handled quickly and professionally - if I call in to my bank at night, the money is always here the next day... which was not so w/other banks which could take up to a week to post the transaction.. 

[DrJack54]

OP, where are you planning to open the account.

Be aware that if it is Bangkok you require a certificate of residence and if entering on a visa exempt or tourist visa that is not possible.

Your embassy may provide equivalent but messy. 

 

Regards "which bank" pick either Bangkok Bank or Kasikorn. 

 

If you opt to use agent to open account they generally charge 4k baht and use Bangkok Bank..

[DrJack54]

25 minutes ago, Red Phoenix said:

Basically you would only be able to show your Passport, your Permission to stay and the Housebook of the place where you are staying, but your wife having an account at that Bank branche would be the 'convincer' to open one also for you.  Note that she - and later you - should insist on talking to the Bank branche manager first, as the officers will be far less inclined to open an account for you hiding behind bank regulations or fear of face-loss when not fully familiar with the process of opening an account for foreigners.

That may have been possible years ago.

The rules are more strict now.

 

As mentioned above....in Bangkok to obtain a certificate of residence a 90 day report needs to have been filed.

Obtaining equivalent  from his embassy an option but messy, especially if entering on tourist visa or visa exempt. 

 

 

 

 

 

[Red Phoenix]

5 minutes ago, DrJack54 said:

That may have been possible years ago.

The rules are more strict now.

 

As mentioned above....in Bangkok to obtain a certificate of residence a 90 day report needs to have been filed.

Obtaining equivalent  from his embassy an option but messy, especially if entering on tourist visa or visa exempt.

Just for info > I live in SiSaKet province and did open a Kasikorn bank-account there in August 2020 without a residence-certificate.

I entered Thailand on a Non Imm O-A Visa, the permit of which was due to expire in January 2021.  Due to travel restrictions at that time (I am not vaxxed) I could not leave Thailand as I planned to apply for a new Non Imm O-A Visa in my home-country.  So I was forced to apply for the 1-year extension of that Non Imm O-A Visa, which required 800K on a personal Thai bank-account.  

So I went in August 2020 to the local Kaskorn bank-branche to open a personal bank-account. At first I was turned away by the desk-officer because I did not have a Work-Permit, although I explained that my Non Imm O-A Visa strictly prohibited doing any work in Thailand. 

One week later I returned and asked first to talk to the Bank branche manager (which was not in the previous time).  I was accompanied by my Thai girlfriend who has a Kasikorn bank-account, and after a short pleasant talk with the Bank branche manager, she guided me to the same desk officer that previously told me that it was not possible to open a bank-account without a Work-Permit.  But this time that 'requirement' seemed to have mysteriously gone away, and she opened a personal bank-account for me. 

I ONLY had my Passport with the valid Non Imm O-A Visa based permit to stay, and my girlfriend had her Passbook and a copy of the House-book with her.  I also had a copy of my 90-day report notification with me, but that was not asked to show.

NOTE 1: This was almost 3 years ago, so it is indeed possible that requirements for opening a bank-account have been tightened in mean time. But I read on the Forum several accounts of people in same situation with a Tourist Visa that were able - with some perseverance - to open a Bank-account in order to be able to apply for the Non Imm O Visa.  It seems that most KrungSri Bank branches are easiest for doing so, without any additional documents required than your Passport. 

NOTE 2: Using a Visa Agent to help you with opening a Bank-account might be indicated, when turned away or being confronted with document-requirements that you are not able to meet.  Such service costs approx 4.000,- THB, and might be well worth it to open the required bank-account, and as mentioned before it is recommended to insist that the Visa Agent would help you with opening one at either Kasikorn or Bangkok Bank (due to them being WISE partner-banks). 

[DrJack54]

Did you miss this .....

"As mentioned above....in Bangkok to obtain a certificate of residence a 90 day report needs to have been filed.".....

 

My post was Bangkok specific. 

OP did not mention where he plans to open his bank account or how he plans to enter Thailand visa wise ...

 

[ibjoe]

Lots of interesting information in this thread. I did not know about FBAR requirement. I will share my experience. My agent helped me open a KrungThai account, the branch is in the same building as Bangkok Immigration, just downstairs, so convenient for that. I have USA bank Bank of America, and was able to transfer funds online via "wire" transfer, no service charges. That did result in a phone call from the bank to validate. So now I have my 800k THB as required for Non-O Retirement visa, which I have now, with multiple reentry. I don't know how to access those funds in USA, I can't even log in. KrungThai apparently does not support web browser access, only NEXT cellphone app, and only for Thai numbers, and my Thai cellphone won't work in USA. I think the only way I can get that money back is to withdraw it all as cash, and physically carry it to USA. This Krungthai account does not pay interest, so I effectively lose money at inflation rate. I consider moving the cash out when not needed for visa extensions, but I'll probably just leave it parked and suffer the inflation losses, plus the interest I could otherwise be earning on it.
 

[Red Phoenix]

2 hours ago, 1FinickyOne said:

I have found bank transfers to Kasi have always been handled quickly and professionally - if I call in to my bank at night, the money is always here the next day... which was not so w/other banks which could take up to a week to post the transaction.. 

When I use WISE to transfer funds from my European bank to my Kasikorn Account, immediately after the moment I confirm the transaction, I already hear the Ping of the money having arrived at my Kasikorn account.

[brianthainess]

On 3/30/2023 at 1:08 AM, biervoormij said:

I have an account with Bangkok Bank and Krungsri and found both easy to deal with.

Krungsri is the best IMO, BKB take days to get a 12mth statement and many IO want all same day Docs. and pay no interest.

  Krungsri, 15min for statement and letter, and once you have your 1yr extension pay 0.9% p.a. interest. 

[gamb00ler]

20 minutes ago, brianthainess said:

BKB take days to get a 12mth statement

Both SCB and Bangkok bank produced the letter and statements within the 15 minutes I spent at the teller.  I made the requests at my "home" branches.  Because I was switching my 800K from one bank to the other, I only requested statements covering about 8 months.  The statements were dated on the day of request but showed balances as of close of business for the prior day.

Edited March 31, 2023 by gamb00ler

[Dan O]

2 hours ago, Red Phoenix said:

Just for info > I live in SiSaKet province and did open a Kasikorn bank-account there in August 2020 without a residence-certificate.

I entered Thailand on a Non Imm O-A Visa, the permit of which was due to expire in January 2021.  Due to travel restrictions at that time (I am not vaxxed) I could not leave Thailand as I planned to apply for a new Non Imm O-A Visa in my home-country.  So I was forced to apply for the 1-year extension of that Non Imm O-A Visa, which required 800K on a personal Thai bank-account.  

So I went in August 2020 to the local Kaskorn bank-branche to open a personal bank-account. At first I was turned away by the desk-officer because I did not have a Work-Permit, although I explained that my Non Imm O-A Visa strictly prohibited doing any work in Thailand. 

One week later I returned and asked first to talk to the Bank branche manager (which was not in the previous time).  I was accompanied by my Thai girlfriend who has a Kasikorn bank-account, and after a short pleasant talk with the Bank branche manager, she guided me to the same desk officer that previously told me that it was not possible to open a bank-account without a Work-Permit.  But this time that 'requirement' seemed to have mysteriously gone away, and she opened a personal bank-account for me. 

I ONLY had my Passport with the valid Non Imm O-A Visa based permit to stay, and my girlfriend had her Passbook and a copy of the House-book with her.  I also had a copy of my 90-day report notification with me, but that was not asked to show.

NOTE 1: This was almost 3 years ago, so it is indeed possible that requirements for opening a bank-account have been tightened in mean time. But I read on the Forum several accounts of people in same situation with a Tourist Visa that were able - with some perseverance - to open a Bank-account in order to be able to apply for the Non Imm O Visa.  It seems that most KrungSri Bank branches are easiest for doing so, without any additional documents required than your Passport. 

NOTE 2: Using a Visa Agent to help you with opening a Bank-account might be indicated, when turned away or being confronted with document-requirements that you are not able to meet.  Such service costs approx 4.000,- THB, and might be well worth it to open the required bank-account, and as mentioned before it is recommended to insist that the Visa Agent would help you with opening one at either Kasikorn or Bangkok Bank (due to them being WISE partner-banks). 

I would second the that Krungsri will often open an account without some of the "required" docs as I and several friends have also done so. I opened mine with only a pp, tm30 and international drivers license while on a visa exempt, dispite what one know it all here claims isn't possible. It's not a guarantee at any bank and can vary at different branches. So you may need to visit more than 1 branch

Edited March 31, 2023 by Dan O
Spell correct

[JackGats]

Bangkok Bank debit cards are reported not to work for shopping online, while debit cards of other thai banks may work. This may become an issue when you book hotels in Thailand because booking with an oversea card often entails currency and other losses.

[brianthainess]

13 minutes ago, gamb00ler said:

Both SCB and Bangkok bank produced the letter and statements within the 15 minutes I spent at the teller.  I made the requests at my "home" branches.  Because I was switching my 800K from one bank to the other, I only requested statements covering about 8 months.  The statements were dated on the day of request but showed balances as of close of business for the prior day.

And yet 2days ago i was in a BKB and the guy in front wanted a 12month statement and they told him 3days. It was his 'home branch'. 

[brianthainess]

17 minutes ago, gamb00ler said:

Both SCB and Bangkok bank produced the letter and statements within the 15 minutes I spent at the teller.  I made the requests at my "home" branches.  Because I was switching my 800K from one bank to the other, I only requested statements covering about 8 months.  The statements were dated on the day of request but showed balances as of close of business for the prior day.

And 0.0 interest. at BKB.

[Red Phoenix]

4 minutes ago, Dan O said:

I would second the that Krungsri will often open an account without some of the "required" docs as I and several friends have also done so. I opened mine with only a pp, tm30 and international drivers license while on a visa exempt, dispute what one know it all here claims isn't possible. It's not a guarantee at any bank and can vary at different branches. So you may need to visit more Tha. 1 branch

Thanks.

I live relatively in the sticks, and the closest KrungSri Bank branche is +40 km away. Otherwise I would certainly open a Fixed Deposit Account there, and move the +800K from my Kasikorn FD account there.

As my Kasikorn branche is conveniently located for me, I would keep my regular Savings account there, and of course Kasikorn being a WISE partner-bank ensures quasi instantaneous transfers from abroad.

[gamb00ler]

4 hours ago, brianthainess said:

And 0.0 interest. at BKB.

My standard savings account at Bangkok bank received the same interest as my general savings accounts at Kasikorn and SCB.  At opening, I just requested a savings account at all three banks.

 

Was your account a Foreign Currency Deposit account or a non-resident account?  The interest on those is indeed minimal.

Edited March 31, 2023 by gamb00ler