Opening a Thai bank account as a foreigner questions

[CarbonRod]

Good afternoon everyone, 

 

I just arrived in Thailand (not my first visit) and I need to open a Thai bank account so that I can apply for my 1 year, non-o visa (Thai wife). 

 

1. What is the best bank account for a foreigner to open?  I need to deposit 400k prior to applying for my visa.  Most of my research points to Bangkok Bank and Kasikorn Bank being the best options, but I wanted to ask here for the most updated info. 

 

2. Do I need to visit the bank location that I opened my bank account at to get documents that are required for my visa application?  This would be a major pain if I opened in bank account in Bangkok and had to travel back here and visit my 'home branch' to get the documents. 

 

3. Do any Thai banks have partnerships/alliances with banks in North America (in particular BMO or TD) that give any benefits or preferential treatment to customers? 

 

If there is anything else you have experienced in this regard, please do share. For example, I had problems several years ago trying to transfer my money from my SCB Bank account (Pattaya Central Festival location) to my BMO account back home.  They had 5 or six bank employees trying everything they could to prevent this. It was an awful experience but they eventually did it. 

 

Thank you in advance for your help! 

[Puccini]

For a start, I admire your optimistic expectation that the worldwide readers of your topic know the meaning of the acronyms BMO and TD you used.

 

Regarding your three points:

1. Most Thai banks do not treat the nationals of all countries equally. You mention North America somewhere in your post, but that still leaves two countries. It is US nationals who find it often more difficult to open a bank account in Thailand, apparently because of more paperwork and reporting required for them. FACTA or some other fancy thing particular to the USA
   
   Having to choose between Bangkgok Bank (BKKB) and Kasikorn Bank (KASI), I would go for KASI. I find them much easier and less bureaucratic to deal with than BKKB. In fact, I gave up on BKKB when their e-banking got too complicated.
   
   The best bank for a foreigner to open an account with in Thailand? A bank in Thailand that is the correspondent bank of your bank in your home country for the currency you transfer. Ask your home-country bank about it.
    
2. No, you don’t have to go to the branch of your Thai bank where you have your account to get the bank documents you need for your dealings with immigration if you live in another part of the country. However, some branches of some banks take longer to produce the documents than the branches of other banks. From reading this forum, it appears that BKKB branches take one week for some statements, whereas other banks can do it on the spot.
    
3. I am not aware of any particular benefits of partnerships or alliances with the acronyms you mentioned.

 

For the rest of your post, outward foreign remittances are an entirely different kettle of fish compared to inward foreign remittances and should be made the subject of a separate topic if and when the need arises. In the meantime, make sure ALWAYS to state the reason or purpose for the inward remittances and get from your Thai bank a printout of the receipt advice that includes that stated reason or purpose. The computers of Thai banks do not seem to be programmed to issue this receipt advice automatically and with full information.

 

[Puccini]

14 hours ago, INANIMATECARBONROD said:

...I need to deposit 400k...

 

Another important point, but you probably already know this.

 

NEVER transfer Baht (THB). Always order your home-country bank to transfer an amount in your home country's currency and let the conversion to THB be made by your Thai bank. You get a much better exchange rate this way.

[worrab]

I am sure you are going to need a Proof of Residence from Immigration to open an account. I had to do this the other week to move an account from one branch of BKK to another when I moved. Basically closing one account and opening another to move the money to even though I have been banking with them for 9 years!

[LukKrueng]

8 minutes ago, worrab said:

I am sure you are going to need a Proof of Residence from Immigration to open an account. I had to do this the other week to move an account from one branch of BKK to another when I moved. Basically closing one account and opening another to move the money to even though I have been banking with them for 9 years!

There's no such thing as moving a bank account from one branch to another in Thailand, even if you've been banking with them for 30 years. All you have to do is open a new account and transfer the money into it. The original account will get closed after a period of time with no money and no activity in it

[Celsius]

16 hours ago, INANIMATECARBONROD said:

Do any Thai banks have partnerships/alliances with banks in North America (in particular BMO or TD) that give any benefits or preferential treatment to customers? 

 

Funny

[AhFarangJa]

9 minutes ago, LukKrueng said:

There's no such thing as moving a bank account from one branch to another in Thailand, even if you've been banking with them for 30 years. All you have to do is open a new account and transfer the money into it. The original account will get closed after a period of time with no money and no activity in it

Agree, but I may please add one proviso. Withdraw the funds from one account, and deposit in another, otherwise they will charge you a hefty sum sometimes for a transfer. I appreciate that it may be the same bank, but all banks here operate on a fiefdom system, much like immigration.

[LukKrueng]

14 minutes ago, AhFarangJa said:

Agree, but I may please add one proviso. Withdraw the funds from one account, and deposit in another, otherwise they will charge you a hefty sum sometimes for a transfer. I appreciate that it may be the same bank, but all banks here operate on a fiefdom system, much like immigration.

I can't testify for all banks, but kbank, GSB and BAAC do not charge for transferring money through their relative apps be it between my accounts, other accounts and even other banks

[Presnock]

2 hours ago, Puccini said:

 

Another important point, but you probably already know this.

 

NEVER transfer Baht (THB). Always order your home-country bank to transfer an amount in your home country's currency and let the conversion to THB be made by your Thai bank. You get a much better exchange rate this way.

I got an email today from my stateside bank, that advised me to consider transferring funds via Wise as it was cheaper than the wire transfer of that bank.  I am going to check it out today but I don't mind the wire transfer cost as for 5 years I have been doing it through that bank and never had a problem and transfer was by the next working day.   I just thought it was strange that my bank would lose that transfer money and recommend Wise.  My funds go to Bangkok Bank - I originally had a joint (w/wife) account from the main office in Bangrak, BKK, but moved to CM and eventually the immigration folks advised that I had to have an account solely in my name so I opened one in a CM branch but for my yearly total, that CM branch does two letters but the main branch in Bangrak does the yearly deposits letter for immigration and yes, it takes 3-7 days to get such letter from Bangrak - I was doing the monthly deposit for my retirement O so needed that yearly letter from Bangrak.,

[Hanaguma]

26 minutes ago, LukKrueng said:

I can't testify for all banks, but kbank, GSB and BAAC do not charge for transferring money through their relative apps be it between my accounts, other accounts and even other banks

Same with Bangkok Bank. I have used the app to transfer money from my account to my wife's account with no trouble and no fees.

[Freddy42OZ]

Recently discovered this service, which might be useful to some of the US members. 

I'd love to use this but I contacted them and at the moment they can only connect to US bank accounts.

https://moretapay.com/

 

[AndreasHG]

19 hours ago, INANIMATECARBONROD said:

1. What is the best bank account for a foreigner to open? 

 

Two years ago, I opened my bank account with Bangkok Bank. I was in Thailand on a 90 days "O" non-immigrant VISA. I went to the branch located in the basement of the Exchange Tower in Asok. The documents required were:

 

1. A photocopy of my passport page with the picture, stamped and signed by my embassy consulate (I believe the purpose was to make sure my embassy knew I was in Thailand. They don't want to open bank accounts to people listed on the FBI "Most Wanted Fugitive" list).

2. The original of my passport and a second document (driving license or ID card, as proof of identity).

3. My apartment lease contract (as proof I planned to stay in Thailand for at least one year. They don't want to open bank accounts to tourists trying to save a few bucks in fees, by using a local bank account for payments while on holidays in Thailand).

 

To open the bank account, I also had to deposit a small amount of money and in cash only (no transfer from another bank, no credit card, etc.).

 

19 hours ago, INANIMATECARBONROD said:

2. Do I need to visit the bank location that I opened my bank account at to get documents

No, you don't.

 

19 hours ago, INANIMATECARBONROD said:

3. Do any Thai banks have partnerships/alliances with banks in North America

Why overcomplicating your task?

 

19 hours ago, INANIMATECARBONROD said:

f there is anything else you have experienced in this regard, please do share

 

I am a happy Bangkok Bank customer since then. I use the Bank app and I only visited their branch once in two years, to change my debit card from one issued on the JCB circuit (the one they issue by default) to a Mastercard one, plus twice for the retirement VISA renewal. For the VISA, Bangkok Bank has a branch conveniently located in the Immigration Division 1 Government Office in Bangkok. 

With regards to the App, it's at least on par with the apps offered by other banks I dealt with in Western countries.

 

[FolkGuitar]

Bangkok Bank.  I think it addresses all of your needs. It certainly has for us over the years.

[worrab]

23 hours ago, LukKrueng said:

There's no such thing as moving a bank account from one branch to another in Thailand, even if you've been banking with them for 30 years. All you have to do is open a new account and transfer the money into it. The original account will get closed after a period of time with no money and no activity in it

I did actually state closing one account and opening a new one! Second time I have done this since residing here. 

[NanLaew]

The OP mentions "my SCB Bank account (Pattaya Central Festival location)". If this account is still active, there should be no real need to open a new one. Remit the money, let it fester and then apply for the long-stay. The only documents needed from the bank will be the statement and/or bank book. The former can be ordered online or at any branch and the bank book can be updated at any branch too.

[john donson]

good luck

 

maybe if you have an embassy paper stating you live here

 

otherwise, impossible or   5k BRIBE to a corrupt agent who has a friend/family member in the bank

 

[Presnock]

On 11/20/2024 at 7:15 AM, Celsius said:

 

Funny

My US bank just sent me an email advising me that I could use WISE for fund transfers to Thailand as I have done with that bank for 5 years and that it would save me a "lot" of money.  BUt I did check and it is only a couple of dollars so I don't plan to change to WISE att.

Checking, it also says that wise can provide a charge card too if one wants.

[daejung]

On 11/20/2024 at 5:31 AM, Puccini said:

 

Another important point, but you probably already know this.

 

NEVER transfer Baht (THB). Always order your home-country bank to transfer an amount in your home country's currency and let the conversion to THB be made by your Thai bank. You get a much better exchange rate this way.

 

I never transfer euros. Bankgok Bank rate of exchange is very bad.

 

I convert euros to bahts with Wise which uses the real rate of exchange then transfer from Wise to Bangkok Bank. Small conversion fees. I usually plan an automatic conversion when a given ROE is reached.

 

Wise charges small tranfer fees (44 bahts for transfer equivalent to 4000 euros)

 

Bangkok Bank charges no fees when received from Wise

 

[Drumbuie]

On 11/20/2024 at 8:01 AM, Presnock said:

I got an email today from my stateside bank, that advised me to consider transferring funds via Wise as it was cheaper than the wire transfer of that bank.  I am going to check it out today but I don't mind the wire transfer cost as for 5 years I have been doing it through that bank and never had a problem and transfer was by the next working day.   I just thought it was strange that my bank would lose that transfer money and recommend Wise.  My funds go to Bangkok Bank - I originally had a joint (w/wife) account from the main office in Bangrak, BKK, but moved to CM and eventually the immigration folks advised that I had to have an account solely in my name so I opened one in a CM branch but for my yearly total, that CM branch does two letters but the main branch in Bangrak does the yearly deposits letter for immigration and yes, it takes 3-7 days to get such letter from Bangrak - I was doing the monthly deposit for my retirement O so needed that yearly letter from Bangrak.,

You'll get a better rate and a faster transfer using Wise. If you can get a Wise card, it's a useful backup, you can load it with THB and withdraw cash from ATMs  till your Thai bank is sorted out. 

[treetops]

11 hours ago, Presnock said:

Checking, it also says that wise can provide a charge card too if one wants.

 

Debit card only I think?

[Presnock]

12 hours ago, treetops said:

 

Debit card only I think?

my message from my bank acct mentioning WISE also said cc and dc. but will not link my secure message for you.