Bank Accounts For Foreigners, Opening Qualifications

[marshbags]

PERSONAL FINANCE

Bank accounts for foreigners

By Ekarin Bumroongpuk

The Nation

Published on June 26, 2008

A look at the qualification criteria at various insititutions and the documents you need

Foreigners, both expatriates and tourists, are restricted from access to some Thai financial products, but most of them can open a bank account.

Expatriates living and working in Thailand need to conduct financial transactions such as opening a bank account, applying for a credit card, money transfers, investment and insurance. But due to their foreign status there are some transactions they cannot undertake.

The Nation has gathered information on what expatriates can and cannot do in terms of products offered by local financial institutions.

Let's begin with a truly fundamental product - the bank account.

Foreigners are classified into four groups: permanent residents in Thailand, foreigners with a work permit, foreigners with a long-stay visa (non-immigrant) such as international students, and foreigners with a tourist visa.

The first group are foreigners who live in Thailand. They are supposed to show an alien certificate and copy of their house registration for identity verification. The second group needs to show a passport and a work permit.

In general, Thai commercial banks require a work permit and a passport to open a savings account, current account and fixed-deposit account.

For example, Siam Commercial Bank and Bank of Ayudhya require a minimum work-permit period of six months. Kasikornbank requires the same but if a foreigner has no work permit, they must show a document which confirms that their stay in Thailand is for at least three months.

Foreigners with these required documents are qualified to open bank accounts and hold a debit or ATM card.

However, there are still many foreigners who have no work permit, such as foreign students who hold a long-stay visa. Therefore, they need to hand in confirmation documents from their colleges. A foreigner with no work permit is supposed to supply any additional documents that a bank may require, before it decides whether to approve the application.

Among the large banks, only Bangkok Bank allows foreigners with tourist visas to open a savings account and provides debit-card access at any ATM nationwide. However, applications from this category are considered on a case-by-case basis and tourists must stay at least 180 days in the Kingdom.

Foreigners who enter Thailand via an on-arrival visa - valid for 30 days - will not be considered.

A Bangkok Bank savings account requires a minimum initial deposit of Bt500, plus a Bt100 joining fee and Bt150-Bt200 annually for an ATM card.

A current account, which allows customers to use cheques, requires a much higher minimum initial deposit of Bt10,000. However, very few retailers in Thailand accept cheques, except when there is an established relationship with the customer.

Fixed-deposit accounts require a minimum initial deposit of Bt1,000-Bt2,000 and customers can choose from a range of periods, such as three months, six months or one year.

Right now, Bangkok Bank is keen to expand its expatriate customer base. It is, therefore, inviting Immigration Bureau staff to train its employees on the basic rules on classifying foreigners into various visa and work-permit categories.

Unquote

*** This is the first article in a series about personal finance for expatriates. The second part will appear next week.

I will watch out for any further articles and hopefully add them to this thread.

marshbags

I,ve posted it in the general forum rather than the business section, with the thought that it is possibly more convenient and useful.

Just a thought, but leave it to the mods descretion

Edited June 26, 2008 by marshbags

[bkkjames]

[Among the large banks, only Bangkok Bank allows foreigners with tourist visas to open a savings account and provides debit-card access at any ATM nationwide. However, applications from this category are considered on a case-by-case basis and tourists must stay at least 180 days in the Kingdom.

Interesting. I wonder how BKK Bank defines 180 days. In one year? If so, does this not somehow conflict with immigration laws in Thailand. The part about tourists staying at least 180 days. Maybe BKK Bank can automatically deduct the overstay from your account at the airport. Got it!

[Kerryd]

Bank accounts for foreigners

Among the large banks, only Bangkok Bank allows foreigners with tourist visas to open a savings account and provides debit-card access at any ATM nationwide. However, applications from this category are considered on a case-by-case basis and tourists must stay at least 180 days in the Kingdom.

Foreigners who enter Thailand via an on-arrival visa - valid for 30 days - will not be considered.

Hmmm, someone may have forgotten to tell my branch of the BB about that.

I brought a certificate of residence, my passport (with the 30 day visa) and a shiny new 1,000 baht bill to the bank, and walked out a short time later with my bank book and ATM card.

That was in August of '04 though. I had only started renting my apartment a couple weeks earlier but it didn't seem to matter. They wouldn't let me open a savings account though, or get internet access, or apply for a credit card. Hasn't really been an issue in the almost 4 years since then though.

[britmaveric]

All you need is a passport and most will open a savings account for you!

[marshbags]

Expats can apply for credit cards

By Ekarin Bumroongpuk

The Nation

Published on July 3, 2008

But Thai banks set guidelines on minimum local work experience and monthly income for foreign customers wishing to use plastic

This is the second in a series about financial products for expats gathered by The Nation. Having previopusly covered procedures for opening deposit accounts for foreigners, this is about credit-card applications.

For a credit-card application, each card issuer requires a work permit and passport from foreign applicants.

For expats, domestically issued credit cards will allow you to receive benefits from regular retail promotions, lucky prize draws, discounts and loyalty programmes. By using local cards, foreigners can also save by not having to pay the foreign-exchange fee charged when using foreign-issued credit cards in Thailand.

However, each bank has different conditions for credit-card applications.

The Bangkok Bank credit card is available to foreign applicants who are permanent residents or have had a work permit for at least one year, while other conditions are the same as for Thai applicants.

Kasikornbank requires foreign customers to have a minimum of one year's work experience in Thailand to apply for a credit card, with a minimum monthly income of Bt50,000.

They must also provide a credit bureau's authorisation, and their work permit must be valid for at least six month after the application date. Customers will be informed of the approval result within 16 days for applications in Bangkok and 19 days upcountry.

Siam Commercial Bank requires a work permit and minimum monthly salary of Bt100,000, compared with Thai applicants' minimum income of Bt15,000. The bank also needs foreign customers to show a bank statement covering the past six months.

Krung Thai Bank requires foreign applicants to have had a work permit for at least two years, but their requirement for minimum monthly income is Bt15,000, the same as for Thai applicants. They must also show a bank statement covering the past three months and their passport.

TMB Bank offers two choices of credit-card applications for foreigners. The first requires lending deals with corporations of at least three years and a minimum credit line of Bt30 million. Expats employed by these companies are eligible to apply for a TMB Bank credit card. A work permits must also be shown.

The second choice is offered to individual foreigners who open a fixed-deposit account with the bank. They must use the account as collateral for their credit-card application and will receive a credit line of not more than 80 per cent of the deposit amount.

Bank of Ayudhya requires three years' local work experience and a minimum monthly income of Bt50,000 for a classic card and one year's local work experience and a monthly salary of Bt100,000 for gold and platinum cards. Self-employed customers should have average cash flow in their bank account of Bt350,000 a month or more for the classic card and Bt700,000 or more for gold and platinum cards. Applicants must submit copies of their passport and work permit valid for at least six months. Company employees need a copy of a payroll slip and a bank statement covering the past six months.

Remember that if any of your credit cards has been lost, stolen or retained by an ATM or if you suspect you have been the victim of fraud, contact your card issuer immediately.

In cancelling your card or putting a hold on your account, you will be liable for all transactions made before notifying the bank.

marshbags

Edited July 3, 2008 by marshbags

[farang555]

most will not open account with just passport!

[Stephen Cleary]

most will not open account with just passport!

I have lived most of life here away from areas teeming with foreigners and whomever i have spoken to, has never been asked for anything other than their passport. I have a friend of mine who works at Siam City Bank just down the road in Ayuthaya, she opens new account. When i spoke to her about this matter a months of so ago, she had no idea about any requirement for foreigners opening accounts. She told me she only ever asked for a passport. The same goes for in Bangkok, i remember the time a few years ago when they clampdown and enforced the laws - but alas this only affected the large downtown branches. Pop over the river to Thonburi and its the same same as upcountry.

Edited July 3, 2008 by Stephen Cleary

[feffejonsson]

Disregarding what bank. If one office won´t let you open an account with just a passport, just try the next office. Odds are that they will. Eventhough it´s the same bank. At the end of the year it seems to be even easier. Every office wants to show a good result!

[tracer5050]

Bangkok Bank open the account for me as well as a ATM card good for 10 years. I just had to show my passport, a letter from my US Bank, stating that I was a longtime business customer . At this time I only had a visa for 30 days. I will add however, it took me three attempts to obtain this bank account. Like an earlier post said, if they turn you down just go next door.

[rjj04]

Bangkok Bank open the account for me as well as a ATM card good for 10 years. I just had to show my passport, a letter from my US Bank, stating that I was a longtime business customer . At this time I only had a visa for 30 days. I will add however, it took me three attempts to obtain this bank account. Like an earlier post said, if they turn you down just go next door.

Hmmm, I am here on a 1yr 90 day multiple entry visa. I tried to open an account in Rayong... okay, I know it is in the sticks but I tried. Bangkok Bank told me to go to Bangkok. So, this morning I went to Bangkok Bank on Silom Road ready to open an account. They told me I needed a 1yr, not 90 day multiple entry visa.

This country is crazy I was in China a couple of weeks ago, and they are growing like gangbusters. FDI helps drive their economy. New cars everywhere, people feeling wealthy. Thailand should appreciate when foreigners want to come here and put money into Thai banks to further growth, especially as I have no intention of working here and perhaps taking a job away from a Thai. Depositing money here, spending my foreign dollars here, being a good semi-resident, well, seems like they should desire that very much don't understand at all.

Anyway, that rant being finished, does anybody have any advice on how to proceed? I tried Siam Commercial, Kasikorn, and they said "work visa required" I take it I just have to be extremely persistent.

[lopburi3]

You need a certificate of residence from your Embassy to open at Bangkok Bank - below is the official requirements as listed on there website:

How to open a Resident Baht Account

Foreign individual customers can open a resident Baht account with any of Bangkok Bank branches across Thailand. You need to bring along your passport together with relevant documents as follows:

If you are working in Thailand, you need to bring a work permit.

If you are living in Thailand, you need to bring a residence permit or a Certificate of Residence.

If you are a tourist or a student, you need to bring a letter of recommendation as follows:

A letter of recommendation from a person acceptable to Bangkok Bank such as a Bangkok Bank staff, a respected customer of Bangkok Bank, a respected university teacher, a respected company director or senior executive, prepared as Bangkok Bank's letter of recommendation form, as well as the person's a certified true copy of identification document e.g. ID card or government official ID card; or

A letter of recommendation from a reputable organization located in Thailand such as an embassy or an international organization; or

A letter of recommendation from your bank abroad, acceptable to Bangkok Bank, sent to Bangkok Bank via SWIFT

[farang555]

all this 30 day voa is need ed to open an account nonsense!

i needed certified ciopy of passport and luck!. just keep trying one thai may like you!

[Chaimai]

I am 90 day visa and opened an account with Siam Commercial on Beach Road, Pattaya.

I would not have achieved that without my G/F being there - perhaps I got lucky.

[CCCP]

All you need is a passport and most will open a savings account for you!

Passport only, worked for me at Kasikorn (Siam Square)

[warriors]

As Lopbori said is a fact and not hear say.

I have lived here Bangkok for 3 years have a Retirement Visa currently up to date a Siam Com and Thanachart Bank ATMS and bank accounts with plenty $$$ in them. But every time I have tried to open a BB account always asked me to go to my Embassy for a letter. I even have BB shares I have also shown them BB my other bank accounts books to show them I have a good credit standing but to no avail. Oh and I did not go in there dressed like a poor person.

So I could not be bothered to go there that is my Embassy and pay them the Embassy 250 bhat for this letter.

Maybe I will try one more time if this so callede news from the Nation is correct but I have my doubts

[henryalleman]

As Lopbori said is a fact and not hear say.

I have lived here Bangkok for 3 years have a Retirement Visa currently up to date a Siam Com and Thanachart Bank ATMS and bank accounts with plenty $$ in them. But every time I have tried to open a BB account always asked me to go to my Embassy for a letter. I even have BB shares I have also shown them BB my other bank accounts books to show them I have a good credit standing but to no avail. Oh and I did not go in there dressed like a poor person.

So I could not be bothered to go there that is my Embassy and pay them the Embassy 250 bhat for this letter.

Maybe I will try one more time if this so callede news from the Nation is correct but I have my doubts

I have a 1 year visa multiple entrance with no real adress in Thailand,

opened a bancaccount and an foreign currencey(FCD) deposit in Kasikorn bank Chaeng Wattana BKK; It took 30 minutes, Thai Baht saving I deposit 10 000 Baht and 100 euro in FCD. Got my ATMcard and cyber banking. My wife have an account in another kasikorn Branch. I did go alone.

[lucky2103]

All you need is a passport and most will open a savings account for you!

Passport only, worked for me at Kasikorn (Siam Square)

Thats exactly wot I experienced at Kasikorn Seacon Square, but it took 700.000 Baht to be deposited, until they changed their minds.

[rjj04]

All you need is a passport and most will open a savings account for you!

Passport only, worked for me at Kasikorn (Siam Square)

Thats exactly wot I experienced at Kasikorn Seacon Square, but it took 700.000 Baht to be deposited, until they changed their minds.

Well, thanks for all the advice, but finally finagled my way into an account. One thing you can't say about business here is that it is mundane. Anyway, I was lucky enough to find a nice farang and his Thai wife to go with me to "guarantee" me (not sure how long the guarantee lasts.. I am an old model so still Bangkok Bank said I needed a person from the government to guarantee me. Haha... okay, fortunately they had a friend in the government here (now this is UTH) who, after a meeting to check me out personally, was nice enough to help me out.