What is required to open a bank account?

[farang33]

I have been working in Thailand for over 2 years and have several bank accounts with Bangkok Bank and Thai military bank. Since I recently changed employer, who only deposits the salary in a BankofAsia account, I tried to open an account at that bank but was refused because I don't have a workpermit, which is being applied for. I told them that I have a non-immigrant 'O' visa which should be satisfactory to open an account, but it was still refused.

So I am actually curious what is really required for foreigners in order to open a simple savings account. I also heard from someone that foreigners are required to deposit at least 50000 baht instead of the normal 1000 baht upon opening an account.

[george]

Just try another branch. Their rules are unclear and they sometimes don't (want to)  know that you can open an A/C without a work permit.

[samuisam]

I have had accounts at BKK Bank and Siam Commercial with type-o visa only.

[Mackerel]

Hi,

I opened a savings account with Bangkok Bank just the other day. They needed to copy my passport, but were uninterested in my 'o' visa, it seemed. 1,000 Baht got me an account [and a free gift]. I went to one of the sub-branches inside the likes of Tesco.

Prior to this, 2 years ago, I opened a savings account with Siam City Bank. Didn't even have a visa back then and no hassles. Even got my ATM card there and then.

Regards.

[Butterfly]

Just try another branch. Their rules are unclear and they sometimes don't (want to)  know that you can open an A/C without a work permit.

No longer true. Officially, only Visa holders can open a bank account, not the tourists. This is a change from 1 or 2 years ago. However it seems from the posts I see here that some banks are little bit "late" in enforcing those new regulations. Do it quick while it last.

[tutsiwarrior]

I have a non-imm 'o' visa and reside semi-permanently in Thailand. When I work I go outside Thailand and my wages are paid by either European or US employers in either Euros or USD. I wanted to set up a current account (cash available with a cash card from any ATM) with the Siam Commercial Bank and have my wages paid into it.

- If funds are paid into a Thai bank account from outside they are not subject to restrictions regarding moving money away to outside accounts...right?

- Any taxes to be paid on interest?

- Anything else I should know about?

From the foregoing discussion on this thread looks like only 1000 baht are required to set up an account...does this mean any account?...like a current account with a cash card? I presume that the bank will also offer VISA credit card services when proof of my employment is confirmed. I presently hold a VISA card from the UK.

Any info will be greatly appreciated.

All the best

[keestha]

Yesterday I drove up to the small upcountry town which is the seat of the municipality where I am residing, in order to help an acquaintance to open a bank account. The person in question is a retiree who holds an non immigrant O visa.

At the first bank where we tried our luck, he was refused because he doesnt hold a work permit, and we were told to go instead to the branch of another major bank just around the corner. So we did, and at this other bank he could open an account right away just showing his passport, they hardly seemed interested in his visa type. So yes, how the rules are applied varies from bank to bank and from branch to branch.

- If funds are paid into a Thai bank account from outside they are not subject to restrictions regarding moving money away to outside accounts...right?

- Any taxes to be paid on interest?

Yes money that has been transferred from abroad into a Thai bank account can be moved out again, but speaking from experience I would advice to conduct this type of transaction at a branch in a major city with a heavy foreign presence, where they are familiar with this type of thing. At a branch in a small town they might not know this can be done or how it should be done, and they might insist on a lot of not really needed paperwork in order to make you give up, or maybe just tell you it cannot be done. At my local bank I ran against a brick wall trying to do this, whilst at a branch of the same bank in a major tourist center in a neighbouring province it was done in a wiffy.

As far as taxes on interest is concerned, yes interest on money in what is  locally called a time deposit is taxed. In 2000 my bank advised me to rather put the money in a savings account, which resulted in a marginally higher yield.

[Mackerel]

Hi,

I found it easy to open savings account with Siam City and Bangkok Bank.

My account with Siam City Bank gave me an instant ATM card - but only useful for inside Thailand.

The Bangkok Bank account gave me an ATM / Visa debit card - not a credit card. A big benefit is that you can use this card abroad, so if I go 'home' to the west, I can get at my cash from over there ;->>

I think the Bank of Ayudhaya also offers debit card on its savings account. Most of the banks have pretty good websites.

Bangkok Bank, for info is good...

www.bbl.co.th www

Regards,

[tutsiwarrior]

So...what can we say, generally speaking, regarding ATM cards issued by Thai banks on a current account and their use overseas. Must we investigate on a bank by bank basis or can we generalize by saying that most Thai banks issue ATM cards that can only be used in country? What about VISA cards?...ie. is 'full service banking' as we know it in the West available to falangs in LOS? (with imm 'O' visa and no work permit).

Thanks for all the previous advice.

[Mackerel]

Hi,

I found it a breeze to open savings accounts, but that's all I can say.

As I didn't need any more than that, I never looked into the requirements for a current account, so can't throw any light on  the subject.

The main banks seem to issue a debit card with the savings account, but not a credit card. I would think to get a current account and / or credit card would require much documentation.

Only the banks can tell you what's on offer, what's needed etc. Most of us get different treatment depending on many things anyway.

Regards,

[tutsiwarrior]

It looks like there might be an advantage to having an account with a major bank outside of Thailand with full priviledges like a VISA card, access to loans and etc. and to maybe have a local account for other purposes. Cash cards from the likes of HSBC and Citibank go along way plus they got offices in BBK and full service banking...but presently international banks can have only one office in Thailand...some cluck cluck...walk like a duck has got his hands on that one.

If one has the facility to have overseas banking with cash cards, VISA and the rest why bother with Thai banks at all?

Maybe only for visa purposes as in a required deposit for non - imm visa extensions within Thailand???and for retirement visas?

Any rebote?..carnal?

[pnustedt]

Maybe only for visa purposes as in a required deposit for non - imm visa extensions within Thailand???and for retirement visas?

I understood from previous members' postings that HSBC account in Bkk in Thai Baht with requisite amount is accepted for immigration purposes?

[lopburi3]

From the foregoing discussion on this thread looks like only 1000 baht are required to set up an account...does this mean any account?...like a current account with a cash card?

This is to set up a passbook savings account.  What they call a current account is not available unless you have tax ID and maybe work permit (this is what I call a checking account).  A savings account normally provides an ATM card that can be used here and many a slightly higher fee ATM card that can be used overseas.  Many banks now offer debit cards but do not believe they offer much protection from fraud so would avoid myself.

Having an account here makes it easier to withdraw funds if in a remote area and gives you an account number to wire funds in an emergency.  

A foreign card would normally limit you to their daily withdrawal limit and can get confusing on weekends and holidays.  But it can be used for all your needs if a local account is not needed for other reasons.