Thailand Banks

[kyb789]

This has got to be an old subject, by my needs have recently changed and I need to open a bank account in Bangkok. Any recommendations? Are they all pretty much the same? Any in particular to avoid? Thanks in advance.

[chiang mai]

Kasikorn has a good reputation especially when it comes to overseas transfers but Bangkok Bank seems to have the most branches around the country.

[sibeymai]

I've had all five major banks in BKK lie to my face and cost me hundreds of thousands of baht. My recommendation is don;t bank with any of them and keep an offshore account with internet and ATM access.

Just for the record, Siam Commercial Bank (SCB) lied the least and were the most contrite when confronted with their lies. None offered any compensation or an apology.

[sonicdragon]

I've had all five major banks in BKK lie to my face and cost me hundreds of thousands of baht. My recommendation is don;t bank with any of them and keep an offshore account with internet and ATM access.

Just for the record, Siam Commercial Bank (SCB) lied the least and were the most contrite when confronted with their lies. None offered any compensation or an apology.

May we ask what these lies were concerning ?

[sonicdragon]

I concur about kasikorn - I have had generally good and friendly service - so too with Bangkok Bank. My wife banks with Bank of Ayudhya and hasn't had any problems either. On the other hand, she also banks with TMB and KTB and they have been far from satisfactory.

I also bank with citibank but since they only have once branch in the country it might not be much use to you, unless like me you have citibank accounts in other countries in which case it can be quite useful.

[samran]

Kassikorn are by far the best, so secure in fact, that I am having trouble using my one time password for internet banking!

Generally bank with UOB though. Their bog standard ATM cards give you Thai airways miles for any visa electron transaction, at a similar rate to the credit cards (and no annual fees!), so it is a nice little extra if Thai airways airmiles are your thing.

[kyb789]

Great feedback! Keep it coming. Thanks!!

I will be using it for direct depot of my earnings and also possibily transfering money from overseas. I want a friendly bank with low fees and no hassles.

Question: If am visiting my home country (U.S), can I write a cashier's check or money order to myself, bring it with me on the plane, and then deposit it in the Thailand Bank to avoid any fees and get best conversion rates?

Edited November 7, 2007 by kyb789

[johnnyk]

The fee savings may be negated by the potential hassle and time lost clearing the cheque.

If you do want to do it that way then find out from your US bank who their correspondent bank is in Thailand, this can save you time and money by putting the cheque through fewer hands.

Remember every set of hands handling the cheque through the system will take more time and more of your money.

[sonicdragon]

The fee savings may be negated by the potential hassle and time lost clearing the cheque.

If you do want to do it that way then find out from your US bank who their correspondent bank is in Thailand, this can save you time and money by putting the cheque through fewer hands.

Remember every set of hands handling the cheque through the system will take more time and more of your money.

Quite right. It can take up to 30 days to clear a "foreign cheque" which is how it would be perceived with some banks. I had one miserable instance of a citibank USA cashiers check taking 30 days to clear when paid into my citibank bangkok account

[sibeymai]

I've had all five major banks in BKK lie to my face and cost me hundreds of thousands of baht. My recommendation is don;t bank with any of them and keep an offshore account with internet and ATM access.

Just for the record, Siam Commercial Bank (SCB) lied the least and were the most contrite when confronted with their lies. None offered any compensation or an apology.

May we ask what these lies were concerning ?

Banks promised to approve a home loan but renegged after I paid the deposit which I subsequently lost.

[jfchandler]

As a recent relocatee, I've opened new Thai accounts with both Bangkok Bank and Siam Commercial, including online banking and local ATM cards.

The customer service from Siam seems a bit better especially for English language phone calls to their call center. But BKK Bank has been OK also. Both have pretty good English language capacity in their online banking functions.

One important difference for U.S. natives. BKK Bank has a branch in New York, which has a U.S. ABA number. That means, as other threads here discuss at great length, that you can use online banking in the U.S. to transfer U.S. dollars to the New York branch of BKK Bank, using their ABA number and your own BKK Bank account number here. The funds then are routed from New York to your local BKKB account here, fairly inexpensively and quickly, and all done online. It seems to be much easier and less costly than intl wire transfers.

I have yet to learn of any other Thailand bank that has this same online ABA funds transfer capability.

Siam Bank and BKK Bank ATMs seem to be pretty omni present all around Thailand. Though, Siam Bank is a bit better in not charging ATM fees no matter where you use their ATMs, while BKK Bank is free in the Bangkok region but charges some fees once you start using their ATMS in outside areas, beyond a few times per month.

For all the above reasons, I opened accounts at both banks, mainly BKKB for handling U.S. to Thailand fund transfers, and Siam Commercial for handling my local day-to-day banking needs here. Plus, Siam gave me a clock when I opened a new account there, while BKKB gave me a windbreaker type jacket.

Welcome to Thailand!!!! hehehehehe

[PattayaParent]

I had nothing but trouble with Kasikorn (Pattaya Klang Branch) when transfering money from UK to buy a condo so closed my account with them and now have accounts with TMB and Bangkok Bank.

Am just about to make my first transfer from UK to TMB so we'll see how it goes.

[zorro1]

I've had all five major banks in BKK lie to my face and cost me hundreds of thousands of baht. My recommendation is don;t bank with any of them and keep an offshore account with internet and ATM access.

Just for the record, Siam Commercial Bank (SCB) lied the least and were the most contrite when confronted with their lies. None offered any compensation or an apology.

May we ask what these lies were concerning ?

when i bought my condo they were supposed to hold the transfer for 30 days while i negotated a rate. it went straight through at the going rate and they wouldnt reverse it