How to open a Bank account in 2025?

[gamb00ler]

8 hours ago, Jake44 said:

Actually, no, I'm not wasting money.  I've done the math.

 

1) For cash, superRich has basically the same exchange rate as wise.

2) My credit card has no fees, gives a good exchange rate plus 2-3% cash back on every purchase.  That easily beats wise, so I put everything I can on my credit card.

3) My ATM card has no fees, a good exchange rate, and even refunds the Thai ATM fee.  I think wise still gives a little better exchange rate, but not by much.  

 

Many AN posters have no clue how the exchange process works for credit and debit cards.

The card processing companies set the exchange rate (VISA and MasterCard).  No bank is involved in setting the exchange rate as long as you refuse the offer to have the transaction conducted in your home currency.

Credit cards and debit cards use the exact same exchange rate.

The exchange rate is set once each day at about 7AM (Thai time) on Tu, W, Th,F and Sat.

You can check the rates online whenever you like.  The exchange rate used is the one in effect on the day the transaction is initiated.

The rates are not terrible unless your home country's currency rises sharply after 7AM.  The card processors won't change the rate to follow until the next business day.  I find the card's exchange rate (for US$) is usually within .33% of WISE's rate unless the currency is very volatile around the transaction time.

If you choose your credit/debit card(s) with no foreign transaction fees and an issuer that refunds ATM fees (Schwab does) you will not pay any fees for purchases or cash advance on debit cards.  With such cards your net result will be very competitive with WISE after deducting WISE's fees.

Currently only Krungsri bank will allow cash advances (at the teller) on debit cards with the caveat that VISA cardholders will pay a 200 baht fee but there is no fee for MasterCard holders.  The max cash advance is 150K baht.

[BrandonJT]

32 minutes ago, Jabatron said:

The problem is a lot of sources say that you need to complete at least one 90-day report at the place where you are staying to be able to get Certificate of residence. 

So by that logic there's no way to get certificate of residence if you just landed on type-O visa as you gonna need to start the process of opening a bank account asap. 

That rule changed in Bangkok last year. No requirement to complete a 90-day report first.