Should I close my Thai bank accounts?

[CartagenaWarlock]

I have three bank accounts. There are two in Bangkok Bank and one in Krungsri Bank. I have moved all the money from Krungsri to one of the Bangkok banks. Since 2024, I have stopped bringing money directly into my Thai bank. Instead, I use my ATM and credit cards for all transactions, including 7/11. I don't see any use for the Krungsri bank account. Should I close the account or let Krungsri close it for inactivity? Do you think, in the future, I may need the account? I can't think of any reason to keep it open. Any feedback will be appreciated.

[flexomike]

10 minutes ago, CartagenaWarlock said:

I have three bank accounts. There are two in Bangkok Bank and one in Krungsri Bank. I have moved all the money from Krungsri to one of the Bangkok banks. Since 2024, I have stopped bringing money directly into my Thai bank. Instead, I use my ATM and credit cards for all transactions, including 7/11. I don't see any use for the Krungsri bank account. Should I close the account or let Krungsri close it for inactivity? Do you think, in the future, I may need the account? I can't think of any reason to keep it open. Any feedback will be appreciated.

If you moved all of the money out it will evetually close itself

[Mike Lister]

11 minutes ago, CartagenaWarlock said:

I have three bank accounts. There are two in Bangkok Bank and one in Krungsri Bank. I have moved all the money from Krungsri to one of the Bangkok banks. Since 2024, I have stopped bringing money directly into my Thai bank. Instead, I use my ATM and credit cards for all transactions, including 7/11. I don't see any use for the Krungsri bank account. Should I close the account or let Krungsri close it for inactivity? Do you think, in the future, I may need the account? I can't think of any reason to keep it open. Any feedback will be appreciated.

I think you should hang on to any account that you open here, you'll never know when you might want to use it and opening a new one in the future might be difficult.

[smutcakes]

I am of the view that opening any kind of bank account is going to get more and more difficult with the relentless KYC requirements.

 

It costs nothing to keep an account open so why not just leave it open, you never know when you might need it. At the very least no harm could come of it. I am actually the complete opposite to you- i have 2 Bangkok Bank accounts and 2 Krungsri- Now i solely use the Krungrsi ones, but maintain some funds in BB to keep the credit card, not that i ever use it, but its there in an emergency. Actually last week i had to send off payment details for Govt payment, and a day later Krungsri called me to cancel my card due to an unauthorized transaction.

 

Luckily i still had the BB credit card so i could immediately replace the details for the payment.

 

Sorry for the long winded blurb. Personally i just dont see the reason in not keeping them- costs nothing or next to nothing and with online APP banking its very easy to manage.

[StayinThailand2much]

9 minutes ago, Mike Lister said:

I think you should hang on to any account that you open here, you'll never know when you might want to use it and opening a new one in the future might be difficult.

 

Same here. I still have four bank accounts that I opened a couple years ago. I only use one actually for regular transactions, but as opening a new one is so troublesome now, I hang on to all four like grim death, only willing to close them if I were to leave Thailand permanently.

Edited January 24 by StayinThailand2much

[Liquorice]

4 minutes ago, smutcakes said:

It costs nothing to keep an account open so why not just leave it open, you never know when you might need it.

If you have a debit card, annual card fees apply.

 

 

[smutcakes]

1 minute ago, Liquorice said:

If you have a debit card, annual card fees apply.

 

 

 

Yeah, possibly but fairly meaningless amount.  Maybe max 1000 baht but probably less.

[Liquorice]

3 minutes ago, StayinThailand2much said:

Same here. I still have four bank accounts that I opened a couple years ago. I only use one actually for regular transactions, but as opening a new one is so troublesome now, I hang on to all four like grim death, only willing to close them if I were to leave Thailand permanently.

You've hit the nail on the head there.

 

Speaking with my bank manager as to why it's now so difficult, particularly for regular tourists, to open a bank account, he stated because they leave not allowing sufficient funds to cover card fees.
The banks will automatically close the account, but from their prospective are owed millions in unpaid charges.

[Liquorice]

4 minutes ago, smutcakes said:

 

Yeah, possibly but fairly meaningless amount.  Maybe max 1000 baht but probably less.

Bangkok bank 200 BHT per annum.

[Mike Lister]

Just now, Liquorice said:

You've hit the nail on the head there.

 

Speaking with my bank manager as to why it's now so difficult, particularly for regular tourists, to open a bank account, he stated because they leave not allowing sufficient funds to cover card fees.
The banks will automatically close the account, but from their prospective are owed millions in unpaid charges.

I don't buy that explanation for one second, it smacks very much of copying the idea that hospitals are owed millions because foreigners don't pay their bills! A card that is not issued isn't charged for, the banks overhead to keep an account open is extremely low.

 

 

[Red Phoenix]

I only have 2 personal Thai bank-accounts, both with Kasikorn Bank. 

The regular Savings Account with a debit-card for daily transactions, and the Fixed Deposit Account where I keep my +800.000,- Thb to meet the financial requirement for the annual 1-year extension of stay based on my Non Imm O Visa for reason of retirement.

>> But I want to open a Thai bank-account with another major Thai Bank, in case of any problems with the Kasikorn accounts.

Unfortunately the closest BangkokBank, Siam Commercial Bank and KrungSri Bank branches are +40 km from where I live, otherwise I would have already opened an account there. 

Any suggestions or caveats to opening an account with other Thai banks, there is a KrungThai branche and a GSB (Governments Savings Bank) relatively close to where I live.

[Lacessit]

IIRC the guaranteed balance in any bank account is 1 million baht. In the event of a bank default, any amount above that is fair game.

It's why I have 4 accounts with different banks, to keep each balance below 1 million baht.

Edited January 24 by Lacessit

[zzzzz]

20 minutes ago, smutcakes said:

 

Yeah, possibly but fairly meaningless amount.  Maybe max 1000 baht but probably less.

scb is only 200 /year

[2baht]

48 minutes ago, CartagenaWarlock said:

Should I close the account

What do you think???

[Liquorice]

5 minutes ago, Mike Lister said:

I don't buy that explanation for one second, it smacks very much of copying the idea that hospitals are owed millions because foreigners don't pay their bills!

Off-topic, but absolutely true that many hospital bills go unpaid by foreigners.

 

7 minutes ago, Mike Lister said:

A card that is not issued isn't charged for, the banks overhead to keep an account open is extremely low.

Obviously, but I stated when a debit card is issued, and most foreigner tourists opened a Savings account where a debit card was issued.

[StayinThailand2much]

48 minutes ago, Liquorice said:

Speaking with my bank manager as to why it's now so difficult, particularly for regular tourists, to open a bank account, he stated because they leave not allowing sufficient funds to cover card fees.
The banks will automatically close the account, but from their prospective are owed millions in unpaid charges.

 

I used to get only ATM cards for my accounts for a one-time fee. Then the banks started forcing debit cards on customers, with ATM cards being unavailable.

Edited January 24 by StayinThailand2much

[WorriedNoodle]

1 hour ago, CartagenaWarlock said:

I can't think of any reason to keep it open.

How about diversification? Never a bad idea.

[Chivas]

Never ever let a bank account get closed accidentally through inactivity or deliberately.

Goes for any account worldwide.

 

Always churn couple thousand baht through it annually (Thai one obviously)

[Liquorice]

1 minute ago, StayinThailand2much said:

 

How is that even possible? In a quarter of a century I've never been offered a credit card in Thailand, and debit cards, obviously, require funds in the bank.

Talking debit cards for Savings accounts.

Regular tourists often open a bank account to transfer funds. After a stay of several months, they return to their Country, withdrawing funds and leave just a few baht in the account.

Whilst out of the Country, the annual card fee becomes due and there isn't sufficient funds in the account to cover it.

Happened a lot during the Covid pandemic, where regular tourist didn't return for up to two years.

[Liquorice]

51 minutes ago, Red Phoenix said:

Any suggestions or caveats to opening an account with other Thai banks, there is a KrungThai branche and a GSB (Governments Savings Bank) relatively close to where I live.

Ask their requirements.

 

I once tried to open an account with Krungsri bank. It was obvious they were giving me the run around.

I walked across the road to a Kasikorn branch, with Passport and Yellow Tabien Baan in hand, and they opened a Savings account without requesting anything else.

[KhunBENQ]

I have accounts at three banks all online enabled. Sometimes I think about closing one.

But as others wrote: no. I will spend the few hundred Baht a year and keep all.

Distribute money between accounts.

Almost impossible to run out of payment/cash options.

I don't like the idea of using foreign card physically and feed to some ATM. Never rely on one piece of plastic from a foreign bank.

Edited January 24 by KhunBENQ

[KhunBENQ]

34 minutes ago, Liquorice said:

Ask their requirements.

 

I once tried to open an account with Krungsri bank. It was obvious they were giving me the run around.

I walked across the road to a Kasikorn branch, with Passport and Yellow Tabien Baan in hand, and they opened a Savings account without requesting anything else.

Good to hear that Kasikorn is still foreigner friendly.

I would not try my luck at GSB or Krungthai. Have no opinion about Krungsri.

Edited January 24 by KhunBENQ

[Red Phoenix]

3 hours ago, Lacessit said:

IIRC the guaranteed balance in any bank account is 1 million baht. In the event of a bank default, any amount above that is fair game.

It's why I have 4 accounts with different banks, to keep each balance below 1 million baht.

~ Are you sure that it is 1 million THB in any bank-account? 

In Belgium - my homecountry - there is a similar bank-deposit guarantee and limited to 100.000,- Euro.  But it is not per bank account, but refers to the total of all bank-accounts you have at a specific bank.

[Mike Lister]

2 minutes ago, Red Phoenix said:

~ Are you sure that it is 1 million THB in any bank-account? 

In Belgium - my homecountry - there is a similar bank-deposit guarantee and limited to 100.000,- Euro.  But it is not per bank account, but refers to the total of all bank-accounts you have at a specific bank.

Per depositor, per bank, excluding certain account types.

 

https://www.dpa.or.th/site/index

[impulse]

I'd keep at least 2 of the OP's accounts alive in 2 different banks.  You never know when one of the banks is going to implement a policy or make a mistake that will leave him with no account at all if he closes the other.  Just pay the 200 baht ($6 USD) annual service fee and run a transaction or 2 through each account every year or so. 

 

Personally, I'd also pay for a debit card from each account just in case one of them gets eaten by an ATM at an inopportune time.  Just cheap insurance...

 

[eyeman]

Keep it open, send 200baht a year, nightmare getting a new bank account these days especially if you don't tick all the boxes

[daveAustin]

Not read all replies, but I would keep them active and open. It is already very difficult to open a Thai bank account if you don't have your ducks lined up. There's a couple hundred baht charge a year for atm card, but you don't even need one of them now. But they will shutdown automatically after something like 12 months inactivity. Made the mistake when I moved home for a few years and did not maintain activity, and then it was a MASSIVE PITA and really expensive to reopen one with the same bank!

[bbi1]

4 hours ago, smutcakes said:

I am of the view that opening any kind of bank account is going to get more and more difficult with the relentless KYC requirements.

 

It costs nothing to keep an account open so why not just leave it open, you never know when you might need it. At the very least no harm could come of it. I am actually the complete opposite to you- i have 2 Bangkok Bank accounts and 2 Krungsri- Now i solely use the Krungrsi ones, but maintain some funds in BB to keep the credit card, not that i ever use it, but its there in an emergency. Actually last week i had to send off payment details for Govt payment, and a day later Krungsri called me to cancel my card due to an unauthorized transaction.

 

Luckily i still had the BB credit card so i could immediately replace the details for the payment.

 

Sorry for the long winded blurb. Personally i just dont see the reason in not keeping them- costs nothing or next to nothing and with online APP banking its very easy to manage.

Isn't there a minimum balance required to be kept in a bank account at Krungsri or Kasiborn and if there are no transactions within a certain short period of time, it becomes a dormant bank account plus then you get charged monthly fees until all your money is wiped out?

[bbi1]

23 minutes ago, daveAustin said:

But they will shutdown automatically after something like 12 months inactivity. Made the mistake when I moved home for a few years and did not maintain activity, and then it was a MASSIVE PITA and really expensive to reopen one with the same bank!

Is that for all banks or only a specific bank?

[Neeranam]

5 hours ago, CartagenaWarlock said:

I have three bank accounts. There are two in Bangkok Bank and one in Krungsri Bank. I have moved all the money from Krungsri to one of the Bangkok banks. Since 2024, I have stopped bringing money directly into my Thai bank. Instead, I use my ATM and credit cards for all transactions, including 7/11. I don't see any use for the Krungsri bank account. Should I close the account or let Krungsri close it for inactivity? Do you think, in the future, I may need the account? I can't think of any reason to keep it open. Any feedback will be appreciated.

Much cheaper to send your money to your bank account than using the ATM.