Bank experience's

[TRIPxCORE]

A question for anybody with info on this, is it easier to deal with a foreign based bank in Thailand such as Citibank or HSBC as opposed to local's such as Bangkok Bank?  From reading other topics on these boards, it seems as though the local banks give somewhat of a hard time with strict rules regarding withdrawing money etc etc.  I have no idea........over to you.

[sevinnow]

For me The Krung Thai Bank is exellent, I've had a ATM card with a maximum daily withdrawal of 150,000 baht, cost of the card 250 baht for the year.

Transfers from any country simple too, infact I've never been in the branch since I opened it, don't really need to cos' I can get statements and balances from the ATM.

And it only took 5 mins to open the account with the usual passport and a handful of 1000 baht notes.

Hope it works for you.

Sev

:cool:

[Jade]

I would steer clear of Bangkok Bank, service there is rather lousy. I have had no problems with Kasikorn Bank (Thai Farmers Bank). HSBC are excellent also and certainly of an advantage if you bank with them in your home country, as they can link your accounts making funds transfer between accounts seamless. Hope this helps.

[hukster]

I heard the same thing about Bangkok Bank.

Sevinnow,

How did you arrange the transfer with krungthai Bank? Did they have the routing numbers for you to use? I also heard that was a better bank to deal with.

[simon43]

Early this week I opened an account with Thai DBS-Danu bank on Silom Road.  No work permit required, just 1000 bht to open the account. ATM card provided immediately with 150,000 per day withdrawal.

The only part that confused me was the fact that every deposit of funds into this account from overseas has to be justified. (Ie, I have to explain what the money is for!).

The bank told me that this was Thai government regulations.  Is this true?

I can understand the need to explain any funds transfer FROM the account to overseas, (just like Western Union require a reason for transferring funds out of the country), but I cannot see why I need to explain why someone is sedning me 10,000 baht...

I have no big problems re this except that the bank says they retrun the money to the sender if I don't justify it within 7 days.  (So if someone sends me money but forgets to tell me within 7 days then back it goes to them!!)

[TRIPxCORE]

As an American, I was leaning towards trying to open an account at Citibank to try and make it easier to do tranactions back and forth to America if need be.  Is there any advantage at all to going with Citibank if I am an American living in Thailand?  Or is it advantageous to go with a local bank since I am living there?  Also, I contacted my credit card companies (AMEX + Mastercard) and was told that I can keep my credit cards while maintaining a Thai address as long as the card was issued in America.  They will send your statements to Thailand for you although you can just access accounts on the net now anyway.  just in case anyone was curious.

[sevinnow]

Huskter, when I opened the bank account they simply gave me a piece of paper with the bank's address and sort code & my account number.   I faxed this to my bank in the UK and they simply T/T the money, about 3 million baht which took 8 days to be in my account ( goes round the Bangkok stock exchange for a few days earning them some extra Baht) and I had no problems at all.

As for the statement regarding having to disclose what the money recieved is for, my bank Krung Thai only request that information on amounts of over 2 million baht being transfered at any one time.

Regards.

Sev

[lopburi3]

Do not believe Citibank is interested in anything under $100k or so but you can try.  I prefer having free use of most atms that a local bank provides.

As for credit cards you may find that not all internet services are still available to you once you have an address outside the USA (payment online with Chase is an example).

[Roger13]

The Key to smooth Transfers is to have

the Same Bank at both Ends

Or for both Banks to have a "Correspondent Bank Relationship"

If they do not - then the Funds will inevitably

be sent through a third Bank - thats where the Delays

- and possible misplacements can occur.

So if you have a long standing account with

a Bank at one end - ask them if they have a Branch

at the Other End or ask them who is their "Correspondent

Bank" there.

[wilson steer]

I think Krung Thai is the best Thai bank, money wires from the U.K.always take 5 days. ATM is good and I get 0.5% interest on my balance. No questions are asked, just a passport and a few thousand baht to open.

The Thai Farmers is O.K. and they have just started an internet banking service so I can transfer money myself on the internet, between accounts. I am not registered on it yet, but I will let you know.......