Which Bank?

[st11x]

G'day,

What is a good bank here that is great for a foreigner? I meant least fees for things like wire transfer, good exchange rates, etc. It would help if they have a good network of ATMs scattered around Chiang Mai and central Bangkok?

I seem to recall seeing plenty of Kasikorn around.

thanks

Matt

[Ajarn]

Kasikorn and Siam Commercial Bank are maybe the most popular, but in terms of interest, My favorite is the Government Housing Bank

[NancyL]

I understand that it's a good idea to open your account at the branch you'll visit most often. Not all services are available to account holders at every branch of their bank. So, much depends upon the part of town where you live or work.

We opened our account at Bangkok Bank at KSK/Central, but we live close-by and are in Central almost daily. Most of the staffers speak English well and the lobby hours are fantastic -- 10 am to 8 pm seven days a week. While we've only been here about a month, so far we've exchanged currency, done a wire transfer of money from the U.S., bought a CD and used the ATM machines countless times. So far, everything's good.

The wire transfer was especially slick. Because of the time change, we called our U.S. credit union one evening, went thru some security hoops as they called us back and faxed a form for us to sign and fax back. The U.S. credit union warned that it might be 7 to 10 days before our funds were available. We checked at Bangkok Bank the next morning to find our funds available to us -- all in less than 12 hours.

Incidentally, we're here on one-year retirement visas. Don't know if they'd be so accomodating to a foreigner with another type of visa.

[earlofwindermere]

Siam Commercial Bank and Bangkok Bank are my personal favourites. I used to use Kasikorn but found them the least foreigner-friendly. (Their online banking was terrible and most of their branches have no English speaking staff. However; Kasikorn staff were the most friendly of the three).

I have heard more positive things about Thanachart. It is owned partly by Scotiabank which gives it a lot of access to international banking issues (ie wire transfers, letters of credit, etc). The one problem with them is that they usually only have branches in the touristy areas.

[st11x]

Thanks for your recommendations.

I went to Kasikorn today and was surprised at a few things. Do you have the same experience?

1) Same bank, different city = different bank. They told me it's a standard practice, but we haven't verified it elsewhere. So if you have a ATM card from Chiang Mai, using it at an ATM from the same bank in Bangkok incur fees.

2) Paying for an ATM card (yearly fee). Again, they said it's standard practice. I thought such things are free?

3) Depositing an foreign cashier's check or simliar in USD takes up to a month, and it costs USD10 to do it. They said that all checks has to be sent to Bangkok. Wow. Given that I will be receiving checks in USD, I suppose Bangkok Bank should be better? After all, they have Bangkok in the name?

4) Wire transfer, they don't know anything and told me to use PayPal.

Getting a letter from the bank for visa purposes is about 100 THB, not too bad.

One good thing is that they accepted my application, no questions asked. Last time I went to Siam Commercial, they said my visa is not good.

Regards

Matt

[amexpat]

Bangkok Bank works for me.

Transfer funds from a US bank to Bangkok Bank of New York and it's a local xfer within the US. No conversion fees. You get the onshore rate and funds are available in a couple days - just as if you made a deposit in CM or BKK.

ATM's ubiquitous as 7-11's.

[earlofwindermere]

HI Matt

Your comments are probably true for all banks. I believe that if your branch is in Northern Thailand and you withdraw funds in a different region, you will pay a higher fee. The ATM fee is true for most banks as well. I also found Kasikorn to be terrible with wire transfers. I never paid a fee on depositing foreign currency/cheques but I did have to wait about a week before the funds showed up in my account.

[elektrified]

Thanks for your recommendations.

I went to Kasikorn today and was surprised at a few things. Do you have the same experience?

1) Same bank, different city = different bank. They told me it's a standard practice, but we haven't verified it elsewhere. So if you have a ATM card from Chiang Mai, using it at an ATM from the same bank in Bangkok incur fees.

2) Paying for an ATM card (yearly fee). Again, they said it's standard practice. I thought such things are free?

3) Depositing an foreign cashier's check or simliar in USD takes up to a month, and it costs USD10 to do it. They said that all checks has to be sent to Bangkok. Wow. Given that I will be receiving checks in USD, I suppose Bangkok Bank should be better? After all, they have Bangkok in the name?

4) Wire transfer, they don't know anything and told me to use PayPal.

Getting a letter from the bank for visa purposes is about 100 THB, not too bad.

One good thing is that they accepted my application, no questions asked. Last time I went to Siam Commercial, they said my visa is not good.

Regards

Matt

That is not true (1). I have accounts at Kasikorn Bank both in Chiang Mai and in Bangkok. I have done multiple wire-transfers both in and out in 4 different currencies without problem. The fees are no different than any other bank. Chang Klan main and Thapae branches are both very foreigner friendly and can handle just about any request you have. The staff speaks English very well.

[Asmerom]

I went to Kasikorn today and was surprised at a few things. Do you have the same experience?

I wonder which Branch of Kasikorn you went to. I find the service you get depends on who you speak to. One lady at the Thappae Branch is extremely competent and speaks good English. She has corrected the mistakes of others at different branches like getting my email wrong and holding up proceedings for about two weeks, or another who lost a fax with my corrected email so it all had to be done again. My experience with Kasikorn (the only one I know) is 50% good, 50% bad.

The paperwork or faxes to Bangkok ,needed to accomplish even the simplest task is annoying. But maybe all Thai banks are the same in that respect. And KASIKORN don't do Direct Debits, I was informed. So, you can't set up a monthly payment for the rent to the landlord's account. That surprised me. I wonder if Bangkok Bank does Direct Debits. And I agree about the Kasikorn online experience being a bit of a carthorse.

Still, it can't be worse than my own Nat West Bank in England. If I want to have money sent to Kasikorn from Nat West I HAVE TO WRITE A LETTER to them EVERY TIME I want to make a transfer! Yes, really. A Letter. Not a fax (unless you have million deposited). They will not accept one letter as an authority to make future transfers. How medieval is that.

Good Luck with your Account. And don't forget to take your passport with you as well as your passbook, if you ever want them to do anything at the branch.

[PeaceBlondie]

I was spoiled by good banks in the USA (for customer service). Ayuddyha bank in 3 provinces was good. The Ayuddyha branch I used in Chiang Mai is small, on Huay Kaew beyond Rincome intersection. Decent banking English, but they couldn't discuss Schopenhauer. About 320 baht to deposit US checks, even IRS refund checks, and almost 3 weeks wait on the funds.. Now I use Kasinkorn, on Suthep Road. We pay rent by manual deposit to landlord's account. Again, their banking English is sufficient, but they can't discuss Texas politics.

I understand ATM fee of maybe 20 baht is charged by all banks when you are outside the province of the branch bank, which is why I switched my Ayuddyha account twice to avoid ATM charges. I usually paid a flat issuance fee for ATM card.

[Greenside]

So, you can't set up a monthly payment for the rent to the landlord's account. That surprised me. I wonder if Bangkok Bank does Direct Debits.

The idea of Standing Orders, which is what I think you're referring to, seems an alien concept here. It staggers me to imagine the huge amount of time wasted each day as people take out cash to make payments that are then deposited. My brother had to get about half a million baht over the counter to pay for a bit of land, even though the seller had the same bank and they were both present - the guy's wife insisted on counting it before handing it back as a deposit whereupon the poor teller had to count it for the third time! I have never seen any bank here that has a Direct Debit facility (i.e. when you authorise the payee to take a variable amount from your account for things like utilities) but even in the US this is not common practise since I suppose it requires a level of trust in the billing process.

Still, it can't be worse than my own Nat West Bank in England. If I want to have money sent to Kasikorn from Nat West I HAVE TO WRITE A LETTER to them EVERY TIME I want to make a transfer! Yes, really. A Letter. Not a fax (unless you have million deposited). They will not accept one letter as an authority to make future transfers. How medieval is that.

Consider the Halifax if it's still there! It used to be a pain in the neck to do a transfer but now you can just set up a standard instruction for the receiving account details, give it a name, "Chiang Mai Pocket Money" for example, call them on Skype with your security number and simply say £xxx transfer, details as per Chiang Mai Pocket Money. Quick and easy as long as you don't keep forgetting your number like me! TX cost about £19, takes about 3 or 4 working days. Edited December 17, 2008 by Greenside

[wjmark]

The Ayuddyha branch I used in Chiang Mai is small, on Huay Kaew beyond Rincome intersection. Decent banking English, but they couldn't discuss Schopenhauer.

I wouldn't expect many Thais to know much about classical music...

:D :D

[earlofwindermere]

You can set up standing orders. Through my online SCB account, I have set up a regular transfer to our landlord. It's automatic each month on the first day.

Our staff salaries are also paid by standing order each month.

A side note: I now have an Thai American Express. You can have pretty much all of your other bills (ie utilities, phone, mobile, UBC, etc) paid automatically. Plus, you collect Star Alliance points in the process.

In any case, Standing Orders are quite common and easy to set up here.

Edited December 17, 2008 by earlofwindermere

[kalbo123]

I was spoiled by good banks in the USA (for customer service). Ayuddyha bank in 3 provinces was good. The Ayuddyha branch I used in Chiang Mai is small, on Huay Kaew beyond Rincome intersection. Decent banking English, but they couldn't discuss Schopenhauer. About 320 baht to deposit US checks, even IRS refund checks, and almost 3 weeks wait on the funds.. Now I use Kasinkorn, on Suthep Road. We pay rent by manual deposit to landlord's account. Again, their banking English is sufficient, but they can't discuss Texas politics.

I understand ATM fee of maybe 20 baht is charged by all banks when you are outside the province of the branch bank, which is why I switched my Ayuddyha account twice to avoid ATM charges. I usually paid a flat issuance fee for ATM card.

HAHAHAHA Good banks in America????

[chiangmaibruce]

I wish I got 100 baht for every time someone started a thread with this question - I could buy my own bank. The "search" button doesn't bite, folks. Start with the business & investment forum

[Asmerom]

I wish I got 100 baht for every time someone started a thread with this question - I could buy my own bank. The "search" button doesn't bite, folks. Start with the business & investment forum

Why? Why not start with The Chiang Mai Forum? It doesn't bite, does it? Oh, wait a sec. maybe it does. No, Start with the Chiang Mai Forum. The really helpful, patient knowledgable members far outnumbers the sclerotic, choleric few who can't spare a couple of minutes dispensing their hard won wisdom without wingeing on about the many other means of getting advice. Why google something and ask the world about your specific problem when you can ask your local community for the benefit of their personal experience. Far, far better. It would take weeks of sifting through google results to get what the locals can tell you in minutes. Usually.

[drfang]

I opened an account at the Kad Suen Khaw branch of Bangkok Bank. The manager there was most helpfull and all went smoothly. Regarding transfers from overseas, I use the SWIFT system. This i can do online, using the SWIFT number the BKK Bank provided me with. Once its set up , future transfers are a few clicks away. To obtain a better exchange rate, transfer the money in the currency of your own country, the bank will then convert to Baht here.

Regards,

Edited December 17, 2008 by drfang

[chiangmaibruce]

I wish I got 100 baht for every time someone started a thread with this question - I could buy my own bank. The "search" button doesn't bite, folks. Start with the business & investment forum

Why? Why not start with The Chiang Mai Forum? It doesn't bite, does it? Oh, wait a sec. maybe it does. No, Start with the Chiang Mai Forum. blah blah blah

Predictable response . Not talking about google. Go to the top right of this page .. see search .. find pre-existing threads on same topic ... build on existing TV knowledge base instead of endless 're-invent the wheel' chatter. Most pre-existing threads on the issue of banks can be found - surprise surprise - in the business and investment forum of TV. There are a few already in the CNX forum - though there is little related to banking that is specific to CNX.

Read a few of the relevant threads, and you will learn that a key issue with banking in Thailand is that there is no uniform/universal application of rules across all staff, all branches, all banks. In other words Joe X can go into branch Y of bank Z one day and get told <whatever> while the next guy can go into the same branch the next day and get a different story.

[Asmerom]

Read a few of the relevant threads, and you will learn that a key issue with banking in Thailand is that there is no uniform/universal application of rules across all staff, all branches, all banks. In other words Joe X can go into branch Y of bank Z one day and get told <whatever> while the next guy can go into the same branch the next day and get a different story.

Now that's much better. And I'm sure it didn't hurt. That's what I call a helpful response. Congratulations.

[nicksal37]

I can recommend Siam Commercial Bank. They will be able to let you transfer monies into this country in your own currency and you can keep it in their bank.When you choose to exchange they will give you a fair rate.All my financing is done through SCB. The staff are well trained and most speak good english.The branch is located at Thapae rd/Changklan road. I hope this info helps.

[bunta71]

I opened an account at the Kad Suen Khaw branch of Bangkok Bank. The manager there was most helpfull and all went smoothly. Regarding transfers from overseas, I use the SWIFT system. This i can do online, using the SWIFT number the BKK Bank provided me with. Once its set up , future transfers are a few clicks away. To obtain a better exchange rate, transfer the money in the currency of your own country, the bank will then convert to Baht here.

Regards,

I opened a savings account at the Bangkok Bank, Meechoke Plaza branch last week and received the Swift account number on the card but there was no info attached and I am interested in knowing:

1.) how to set this up,and

2.) Is this advantageous in getting my monthly check which is directly deposited in my credit union in Reno transfered to my Bangkok Bank account here all at once? I am currently drawing it out through the ATM's over a several day period.....Thanks in advance for any help. The search button only turned up your response that I have quoted here.

[PeaceBlondie]

I was spoiled by good banks in the USA (for customer service). .

HAHAHAHA Good banks in America????

Yes, (for customer service). Wells Fargo has not let me down. My branch bank was open seven days per week, even evenings. Lots of branches locally, and free ATM withdrawls. Thousand dollar limit on daily withdrawals, worldwide. I cashed one CD by calling Texas and asking for Fran, who took my order over the phone. My son works at USAA bank, excellent customer service, worldwide. WFargo has a toll free number from Thailand, open 24/7. Oh, WFargo messed up once, because the branch manager was an incompetent Nigerian.

Except for a few glitches now and then, Ayuddha and Kasinkorn have served me fairly well here.

[drfang]

I opened an account at the Kad Suen Khaw branch of Bangkok Bank. The manager there was most helpfull and all went smoothly. Regarding transfers from overseas, I use the SWIFT system. This i can do online, using the SWIFT number the BKK Bank provided me with. Once its set up , future transfers are a few clicks away. To obtain a better exchange rate, transfer the money in the currency of your own country, the bank will then convert to Baht here.

Regards,

I opened a savings account at the Bangkok Bank, Meechoke Plaza branch last week and received the Swift account number on the card but there was no info attached and I am interested in knowing:

1.) how to set this up,and

2.) Is this advantageous in getting my monthly check which is directly deposited in my credit union in Reno transfered to my Bangkok Bank account here all at once? I am currently drawing it out through the ATM's over a several day period.....Thanks in advance for any help. The search button only turned up your response that I have quoted here.

I use an australian bank, and transfer my pittance online. I dont think I can advise you re a bank in Reno. However, if they have an online service, check it out and you might find an "international transfer" menu......folllow the prompts, Cheers.

[tigerbalm]

I wanted a Debit card that had the 3 digit confirmation code on the rear or the card that could be used to make on line purchases, i was told Siam commercial did these so off i go find a Siam Commercial bank but was assured the debit card could not be used for on line purchases alough it had a 3 Digit confirmation code on the back,,ok thank you very much off i go down the road to Bangkok Bank...yes i can get a Debit Card for use with online purchases but i need a work permit...ohh no have one..ok you need your lady to be guarantor here is the form...thank you very much..off i go to Bo san, Bankok Bank branch, who i new had a lady who spoke very good English (Better than my Thai any way) asked the same questions gave the same answers..oh you have visa...oh yes a Non Im O....ok this will do... a photo copy of the visa a photo copy of the house rental form a photo copy of my 5 year Thai driving license about 10 signatures and 10 minutes later i walked out with a Bangkok Bank Debit card that i could use for on line purchases.

So i have to report this bank works for me, in the end it is personel choice and i suspect for evey good recommendation there is equally some one with negative experience.

[infernalman7]

Try Kasikorn Signature

No more waiting time, no more counters but exclusive rooms, free coffee, and priority parking. They walk to you not you walk to them.

[Mapguy]

I wish I got 100 baht for every time someone started a thread with this question - I could buy my own bank. The "search" button doesn't bite, folks. Start with the business & investment forum

Why? Why not start with The Chiang Mai Forum? It doesn't bite, does it? Oh, wait a sec. maybe it does. No, Start with the Chiang Mai Forum. blah blah blah

Predictable response . Not talking about google. Go to the top right of this page .. see search .. find pre-existing threads on same topic ... build on existing TV knowledge base instead of endless 're-invent the wheel' chatter. Most pre-existing threads on the issue of banks can be found - surprise surprise - in the business and investment forum of TV. There are a few already in the CNX forum - though there is little related to banking that is specific to CNX.

Read a few of the relevant threads, and you will learn that a key issue with banking in Thailand is that there is no uniform/universal application of rules across all staff, all branches, all banks. In other words Joe X can go into branch Y of bank Z one day and get told <whatever> while the next guy can go into the same branch the next day and get a different story.

First, briefly, I very much share your frustration with both ill-phrased topic headings and lazy questions. Unfortunately, that is life in this forum. But life here can get pretty funny as well as practical from time to time! Except hamburger threads and anything Kevin Hunt seems willing to post lately!!! Why doesn't he just invite EVERYONE over to The Red Lion (hint! hint! nudge! nudge!) for a a jolly chat on life and free water WITH THE DRINKS ON KEVIN!!

More importantly (and helpfully, I hope), regarding your general advice about banks and branches thereof. If you are interested in more than the usual transactions noted in the thread thus far, most of the banks and their branches will probably do just fine, give a sou here or a sou there. However,.....

1) If you have a credit card with a bank in Thailand (e.g., Visa card), depend a very, very hard time recovering any losses (by thieves working merchants or thieves by ATM withdrawal. The former is possible, but not likely unless you are a very persistent fellow (beyond just dealing with the branch, of course)! if you have been so remiss as to pass along your PW as well as your card! Oy! Well, then, shame on you!

2) I have not done this recently, but a search about three years ago for foreign currency accounts in Thai banks (i.e., accounts in Euros, marks, pounds, dollars and some but not all other countries [probably not Australia, of course: too small to bother with!] revealed only Bangkok Bank. But only two branches of the bank (BKB HQ and BKB Nana) did that at the time. They might not do that for the "average guy," but the price of admission is not that high (denominated in thousands, not less). It is a local kind of way for playing currencies, if you wish, but there are fees and restrictions. Bangkok Bank isn't stupid.

[Mapguy]

Kasikorn and Siam Commercial Bank are maybe the most popular, but in terms of interest, My favorite is the Government Housing Bank

Ajarn, you must count your pennies very, very, very carefully.

I suggest that you won't see any meaningful differences in an economic situation in which Thai banks are and have been paying negative interest for quite some time. Nowadays, I do not suggest putting any money under the mattress, but don't expect much on consumer bank accounts.

[NancyL]

To answer Bunta71's question, the SWIFT identifies the destination bank. The code is used by the institution transferring the funds into your Thai bank. You need to contact them (the issuer of the funds) to ask them to set up a direct deposit and then the SWIFT code will enter into the discussion.

You may find you have a better exchange rate and/or lower transfer costs if you have your check direct deposited in your Thai bank vs. depositing it in your home country and withdrawing the money via an ATM. Just ask.

[st11x]

G'day,

NancyL, I went to Bangkok Bank at KSK and then also at Chang Phuak gate. Both of them does not want my business because I do not have a long stay visa. In any case, they say that clearing a check takes 45 days, even longer than Kasikorn.

I saw UOB by the Night Bazaar and was wondering if any of you know if this works. I am returning to Singapore in late Jan for a while and I can open a UOB account while in Singapore. There I will deposit my foreign checks. When I come back to CNX, I will use the ATM card I got from Singapore to withdraw funds here.

I used to use my Citibank SG ATM card in Thailand. They do not charge you any fees (other than the forex) if you use a Citibank ATM here. However, that was Bangkok, they don't have any in CNX.

Do you reckon it is "stupid" to incur forex twice?

Matt

[bunta71]

Thanks Nancy...will check it out.