Moving To Thailand - Money

[Mister Fixit]

Hi

I've been reading and lurking a while here and have a few questions if anyone could help.

I'm a divorced male, my kids are all grown up, and I've booked my flight to BKK(31 October). I have a few contacts in the country and the possiblility of some work so here I go.

However, I wonder about the best way to get money organised. I've got enough money in the UK, and enought to live on in Thailand, but no credit cards here after some financial problems a few years back, now resolved. My credit history is not good because of them so I can't/won't have any more CCs in the UK.

I was wondering if it would be best to open a Thai bank account when over here and transfer my cash over leaving a bit in the UK for a rainy day? Are there any British banks with a presence in Thailand I could use, or are there any decent Thai bannks who wiull cater for Brits? I could do with a basic current a/c with a debit and cash machine card, nothing fancy.

Does anyone have any suggestions?

[A. BOOZER]

Suggest Siam Commercial Bank, just take along your passport, a copy of yout Thai address (and some money). Debit card issued immediately - you select your own PIN. E-banking is also available.

[boris]

I suggest you reconsider your plans in toto

[Rinrada]

Easy road to LOS....

Keep things simple so before you leave open up a Flex A/c with N/W (not a credit card)and you can debit your money at almost any bank in LOS for free-No Charges with full internet facilities.

Keep some UK-EURO-US$-T/Cs/ dosh in your jacksi for normal travel,startup and emergencies.. at least until you get there.

http://www.nationwide.co.uk/banking/default.htm

then take the airport bus No 3 (100 Bt-to Ekamai Bus Station) but jump off at Suk Soi 19 (big Robisons store and opposite Sheraton,just ask driver)

the go up said soi about 100mtrs and book into..

http://www.bangkokhotels.info/honey.htm

at about 750 bt /night (£10)

then walk back down Soi.19 over road bridge R/T and walk down to Bangkok Bank (big one opposite Ambassadores Hotel) Klong Toey Branch,inside,upstairs,R/T sit down and when called say you want to open a reg A/C (no email/Cheque book) but you will end up with a savings book and a debit card/One to Go (electon)You will need passport ect.but very easy.

Then your new life starts.

http://www.bangkokbank.co.th/Bangkok+Bank/Main.htm

You will find a couple of refreshment joints nearby for tea and crumpits.

Given this info to lots of my collegues and never fails.....Sanuk and chok dee na krup

[Mister Fixit]

I suggest you reconsider your plans in toto

Why?

[lopburi3]

I suggest you reconsider your plans in toto

Why?

Can only guess the phrase "possibility of some work" may have made some people suspect. There is work; and there is work.

You say that funds are available in UK so you need to be able to transfer to Thailand. If you do not have legal work permit/job here and intend to say for a long period you need to make visa plans (although you have probably done that already). This may require frequent input of that outside money so you need to arrange that (with wire transfer paperwork) if you plan not to travel back to UK.

You can only open a savings account (passbook type). There are no banks 'more friendly to British' that I am aware of. I would only transfer what you need. Interest rate is at zero percent for foreign accounts here.

[astral]

Keep your money in the UK bank until you need it.

I assume you have an atm card in the UK, check to see if it has the Maestro or Cirrus logo on the back. If it does it will work in most ATMs over here.

Once you arrive you can open a savings account here. I recommend Krung Thai bank. The will also issue you a local atm card.

You can then ask your UK bank to TT money to your Thai account.

Be sure to insist that they send Pounds, not Baht. The exchange rate here is much better than in the UK!!

If you manage to find a job here, not an easy task, then you can move your UK funds to the Channel Islands or the Isle of Man, so that you do not pay tax on your investment.

[Mister Fixit]

I suggest you reconsider your plans in toto

Why?

Can only guess the phrase "possibility of some work" may have made some people suspect. There is work; and there is work.

You say that funds are available in UK so you need to be able to transfer to Thailand. If you do not have legal work permit/job here and intend to say for a long period you need to make visa plans (although you have probably done that already). This may require frequent input of that outside money so you need to arrange that (with wire transfer paperwork) if you plan not to travel back to UK.

You can only open a savings account (passbook type). There are no banks 'more friendly to British' that I am aware of. I would only transfer what you need. Interest rate is at zero percent for foreign accounts here.

I was just interested in the reponse. Using Usenet groups as I do, I am used to sour replies which add nothing to the topic!

In terms of work, well I have a friend who has a friend(!) with a computer company who is desperate for someone to help him, but who won't commit to a letter for a non-immigrant visa until later. He wants to meet up first, work a little together to get a feel for each other, which is fair enough, and then do the formalities if we hit it off.

However, I do also know someone who has lived in Bangkok for 12 years and will do me a letter for the visa. And there may well be work (legal) with him once I am settled.

In terms of banks/money, I'm happy as long as I can transfer money from my UK account to a Thai account without problems. I don't really want a chequebook as long as I can do Internet banking. I'm happy to use cash most of the time, but a debit card is helpful for Internet purchases etc.

[qwertyuiop]

I would agree with many of the previous posters. There is no need to transfer all funds over to Thailand on day 1.

You could bring over sufficient funds for the short term in cash and or travelers cheques.

If things do work out regarding the job situation then it is fairly straight forward to open an account at a local thai bank organise a wire transfer of funds from your UK bank

HSBC have a presence in town but if you are going to live here for the duration would suggest a local bank. All the big ones are OK. In my opinion yur satisfaction will really depend upon your local branch. Choose one you feel comfortable with.

Internet banking is become fairly common here.

The bigger banks include Krung Thai Bank, Bangkok Bank, Siam Commercial Bank, Kasikorn Bank.

Should you feel less confident and have significant funds you could open up several accounts or do not bring over your nest egg at all. Leave it in the Uk for a rainy day. Live off the funds received from your work here. ATM's genrally are commonplace and generally accept cards from the UK

If the job situation does not work out what is Plan B. If it does not involve Thailand then no need to have your life savings sitting here.

Personally I use Bank of Asia smaller than the others but did belong to the ABNAMRO group but has been sold to UOB Singapore earlier this year.

I have ATM card, Visa card and internet banking and happy with the service received from my branch

[loong]

You can only open a savings account (passbook type). There are no banks 'more friendly to British' that I am aware of. I would only transfer what you need. Interest rate is at zero percent for foreign accounts here.

http://www.bbl.co.th/Bangkok+Bank/Personal...unt/default.htm

Click on this and follow links to foreign currency bank accounts. Available to non residents. Pay about 4%

[loong]

OOps clicked wrong button, hadn't finished yet.

Suggest that you could open foreign currency account and current account with ATM. This would enable you to get interest on your money here and transfer between accounts. No problem then to transfer money back overseas if necessary.

I would leave the bulk of your cask in UK tho.

ATM card costs 300 Baht

I believe that only businesses can open a cheque book current account

[lopburi3]

You can only open a savings account (passbook type). There are no banks 'more friendly to British' that I am aware of. I would only transfer what you need. Interest rate is at zero percent for foreign accounts here.

http://www.bbl.co.th/Bangkok+Bank/Personal...unt/default.htm

Click on this and follow links to foreign currency bank accounts. Available to non residents. Pay about 4%

But I was talking about Baht accounts for residents of Thailand to use for visa and local expense reasons.

[loong]

But I was talking about Baht accounts for residents of Thailand to use for visa and local expense reasons. 

Sorry, didn't mean to indicate that you were wrong, just adding a bit of xtra info

[lopburi3]

But I was talking about Baht accounts for residents of Thailand to use for visa and local expense reasons. 

Sorry, didn't mean to indicate that you were wrong, just adding a bit of xtra info

And my post was in the mail before got the end of yours or would have understood better.

Strange that both UK and Oz have higher interest rates than other countries. But another question might be do you trust BBL offshore banking over your home bank and I would assume government insurance?

[boris]

I suggest you reconsider your plans in toto

Why?

Can only guess the phrase "possibility of some work" may have made some people suspect. There is work; and there is work.

You say that funds are available in UK so you need to be able to transfer to Thailand. If you do not have legal work permit/job here and intend to say for a long period you need to make visa plans (although you have probably done that already). This may require frequent input of that outside money so you need to arrange that (with wire transfer paperwork) if you plan not to travel back to UK.

You can only open a savings account (passbook type). There are no banks 'more friendly to British' that I am aware of. I would only transfer what you need. Interest rate is at zero percent for foreign accounts here.

I was just interested in the reponse. Using Usenet groups as I do, I am used to sour replies which add nothing to the topic! :

Wasn't meant to be a sour response but rather a suggestion you might do a little more research on the real possibilities of meaningful employment here.Your subsequent posts confirmed my original suspicion that,with respect, your employment strategy is all rather half baked.Advice is as always come over and do your research on a budget which would allow you to stay for say six months.

[RDN]

You can only open a savings account (passbook type).  There are no banks 'more friendly to British' that I am aware of.  I would only transfer what you need.  Interest rate is at zero percent for foreign accounts here.

Do you mean "for foreigners' accounts here"?

In which case, you can get zero point seven five per cent.

[lopburi3]

You can only open a savings account (passbook type).  There are no banks 'more friendly to British' that I am aware of.   I would only transfer what you need.  Interest rate is at zero percent for foreign accounts here.

Do you mean "for foreigners' accounts here"?

In which case, you can get zero point seven five per cent.

The current resident deposit rate for passbook savings is 0.75% and for foreign is 0.00% at Bangkok Bank (the bank in question) web page

BBL Deposit Rates

Not much interest to be made here anymore.

[astral]

I get interest at the going rate on my account at Krung Thai Bank.

I would also point out that in order to get a work permit for you, a potential employer has to show that you have skills that are not available in the local market.

The local computer market is very well stocked with graduates and people with many years experience.

So don't hold your breath.

Edited September 20, 2004 by astral

[phormio]

...If you manage to find a job here, not an easy task, then you can move your UK funds to the Channel Islands or the Isle of Man, so that you do not pay tax on your investment.

Astral,

Any suggestions and where to get more information on offshore accounts, there advantages/disadvantages, and specific banks/companies that offer them ?

I am personally thinking to just this kind of thing but need to research the how-tos , costs, and risks. Is there any way to protect yourself legally from the offshore bank/investment company from walking away with your nest-egg . Any ideas on researching this? BTW I'm a Yank.

Thanks

[LivinLOS]

I can strongly reccomend Barclays International Private Banking in Jersey (Channel Islands).. Superb service.. Online banking.. Currency accounts in Swiss / US / UK / Euro.. Superb one on one service (if you have a suitable size deposit) with your own account manager / contact person... Platinum credit cards arranged..

If you wish to start banking with them PM me and I will supply you my personal relationship managers contact details.. She would then guide you through the requirements..

Sorry if this sounds like an advert but I have banked offshore all over the world and Barclays are simply superb.

[RDN]

....The current resident deposit rate for passbook savings is 0.75% and for foreign is 0.00% at Bangkok Bank (the bank in question) web page

BBL Deposit Rates

Not much interest to be made here anymore.

Strange... I went to 5 banks in the new Central Festival in Phuket:

Siam Commercial

Bangkok

Kasikorn

Bank Thai

Ayudhya

They all said 0.75% (except Bank Thai - 0.85) and they all said no difference in rate between Thai and Foreigner accounts.

Two of them did not have internet banking - Bangkok Bank and Bank Thai.

None would give a credit card without a work permit (no good for retirees) but would give a debit card.

I must add that - judging by the puzzled expressions on their faces - the pretty young things answering my questions looked as if they needed another 5 days of training on their banks' facilities, so I wouldn't stake my life on anything I have reported here being actual bank policy.

I did find it surprising that most banks wanted to see a work permit before giving me a credit card, even though I told them I would have a million baht in the account. Perhaps they think that a retired farang will buy loads of stuff on credit and then do a runner...

Edited September 20, 2004 by RDN

[loong]

If you have 1 mill Baht, why would you need a credit card?

That is the way the Thais would look at it.

Maybe policy of not dishing out credit cards and cheque books is not a bad idea. Look at the difficulties people get into in UK and probably most western countries.

As it almost seems a part of Thai culture that borrowing money doesn't actually mean that it will be paid back, can you blame the Banks for this policy?

I'm pretty sure that Bangkok Bank do have internet banking facilities, so you're right not to stake your life on it.

[Rinrada]

Bangkok Bang does indeed have internet banking.

I have been using it for 1-2 years now to pay small bills and do internal dosh transfers from UK.

[RDN]

If you have 1 mill Baht, why would you need a credit card?

That is the way the Thais would look at it.

Maybe policy of not dishing out credit cards and cheque books is not a bad idea. Look at the difficulties people get into in UK and probably most western countries.

As it almost seems a part of Thai culture that borrowing money doesn't actually mean that it will be paid back, can you blame the Banks for this policy?

I'm pretty sure that Bangkok Bank do have Internet banking facilities, so you're right not to stake your life on it.

Actually I don't need or want a credit card - I only asked them all the same questions so that I could get a feeling of their "friendliness" towards foreigners and retirees, and whether they are using or knew about the latest technologies - specifically Internet banking.

(When I first got my Krung Thai account, there was no Internet banking. I had to wait about 9 months for them to start providing it. I found this quite surprising - that they had no Internet banking - as I'd been using it for many years in the UK.)

And now I nearly always pay cash. I think I've used my Krung Thai debit card less than 10 times since I've been here - usually when I've bought too much at Big C and haven't been to the ATM!

Bangkok Bang does indeed have Internet banking.

I have been using it for 1-2 years now to pay small bills and do internal dosh transfers from UK.

Thanks Rinrada - I'm sure the PYTs (pretty young things) on the counter didn't have a clue what I was talking about, even though my g/f translated and made it clear I wanted to see my account transactions using the Internet.

But I am VERY interested to know what bills the Bangkok bank lets you pay. Can you pay telephone, UBC, and electric bills? If so, did you have to go to the bank to set them up, or can you add these bill payments using the Internet? This would save me hassle if I could do it at home instead of going to the post office or 7-11.

[Mister Fixit]

Many thanks to all who replied. I've printed them off and will take them with me and just open an account at whatever place seems OK which also has Internet banking.

I expect to end up in Koh Samui - I assume that the major Thai banks have branches there. Are there any UK bank branches there, such as Barclays or HSBC?

I'll also phone Barclays tomorrow as they have been suggested from other sources.

[Mister Fixit]

I should add that I don't want or need a credit card, for reasons mentioned by myself and others. I just want a debit and ATM card.

[Rinrada]

But I am VERY interested to know what bills the Bangkok bank lets you pay. Can you pay telephone, UBC, and electric bills?

In a word yes...I have just run my disc to double check since I have bill payments on auto transfer so dont looksee very often.

The setup has all the usual bells,whistles and things like other internet A/c plus a few extra.

Normal Salary transfer,bill payment including to your credit cards are as per normal,but i had to set up arrangements on previous visits to LOS.....so...

Anyway Bangkok Bank..Bauluang "I"banking is the name so here is some more info to play the game...bit of speel.....

Freedom when you bank

Click your way through all your daily banking needs with Bualuang iBanking. It’s convenient, reliable, and available 7x24 in Thai and English.

You can pay bills to more than 300 companies and transfer money between Bangkok Bank accounts anywhere in Thailand at your leisure.

View your account balances and activities

Pay your bills online

Transfer funds online*

Suspend your cheque payments

Get a secure internal e-mail account to contact us

And much more

Personal Income Tax Payment(PIT94)

Starting from now until 30 September 2004, you can pay your 'Personal Income Tax PIT.94' via Bualuang iBanking. For more information, click here.

Good News!

Apply for Bualuang iBanking and get

- FREE annual fee

- FREE third party fund transfers within the same region-until 31 March 2005.

Plus!! Starting from now, receive 15 hours of internet time FREE when you apply and log on to Bualuang iBanking as a first-time user. For more information, click here.

TOT Code Change!

As of February 16, 2004, the service code for TOT Corporation Public Co Ltd will be changed from TOT to TOTELEC. For more information, click here.

Bualuang iBanking Expands Service!

Online payments are being accepted for CAT, TOT, Happy Dprompt, One-2-Call, KSC, Loxinfo, Ji-Net, Thai Ticket Master, and much more. For more information, click here.

http://www.bangkokbank.com/ibanking/

as said before they are always mucking about with the rules and i had to set the show up "in town"....so chok dee

[RDN]

In a word yes...I have just run my disc to double check since I have bill payments on auto transfer so dont looksee very often.

The setup has all the usual bells,whistles and things like other internet A/c plus a few extra.

Normal Salary transfer,bill payment including to your credit cards are as per normal,but i had to set up arrangements on previous visits to LOS.....so...

Anyway Bangkok Bank..Bauluang "I"banking is the name so here is some more info to play the game...bit of speel.....

http://www.bangkokbank.com/ibanking/

as said before they are always mucking about with the rules and i had to set the show up "in town"....so chok dee

Thanks Rinrada - I will go to Bangkok Bank in Phuket City and see what they say. Their web site looks very similar to my English banks' sites - clear, easy to navigate, intuitive. I'm sad to say, the Krung Thai site feels very old in comparison.

My only worry is that they talk about a work permit or a certificate of residence being necessary for i-banking. If the "certificate of residence" is anything more than "Proof of address", then I don't qualify

[astral]

I use Royal Bank of Scotland in Jersey, and have banked with them for 12 years of more.

Any reputable bank should offer the same services.

[Mister Fixit]

Wasn't meant to be a sour response but rather a suggestion you might do a little more research on the real possibilities of meaningful employment here.

You aren't aware of any research I may have done or not done, though. In fact, I have two potential sources of employment already lined up. They may come to nothing, but until I'm over, have met potential employers and learnt the ropes, then it was pointless mentioning them. Not that it would be anyone's business anyway. Both of them would probably mean doing some work on the quiet first of all until mutual trust was reached, and I'm not going to advertise THAT all over publicly-read forums

Your subsequent posts confirmed my original suspicion that,with respect, your employment strategy is all rather half baked.

Thanks for that. Are you always like this?

I never said or not whether I had a 'strategy', half-baked or not. I can manage to live without employment if I wanted to do so, but I'd be daft not to utilise my skills to at least pay my day to day living expenses.

Advice is as always come over and do your research on a budget which would allow you to stay for say six months.

Which is precisely what I had intended doing. I just did not feel the need to give my life story when asking a simple question about a bank account. Just so you know, my intention was, and still is, to spend a few weeks in Bangkok with one possible employer (who I already know as he comes from my home town in the UK) then move elsewhere in Thailand, to stay with an old friend for a few months as well as meet a pal of his who is keen on my CV and probably do a few bits of work for him, probably on the quiet to start with until we get to know each other. I may even invest in his company. OK?

I also expect to spend a bit of time exploring the entire country and can afford to live for way more than 6 months without employment. However, if work comes off, then all well and good. I'll postpone my explorations around Thailand, Australia and NZ if that's the case and do them when it suits me.