Opening A New Bank Account In Thailand

[delta quadrant]

Bangkok Bank in Chiang Mai, opened yesterday with just my passport, tourist visa.

[mynameisphil]

Bangkok Bank in Chiang Mai, opened yesterday with just my passport, tourist visa.

Can't see if you posted anything, but it was on the 2nd floor Kad Suan Kaew. Went in with Thai gf who spoke on my behalf, didn't really seem to question anything. Signed some forms, showed my passport, got a shiny new ATM card and bank book.

That said I coulda signed my life away without realising. [emoji3]

[skatewash]

Here's a new one to me. I'm an existing Bangkok Bank customer and from time to time I open a new fixed deposit account. Tried to do this today and was told that I needed to show a valid US social security card. First time I have ever been asked that. The service representative explained it's a new regulation required by the US government for US citizens and that Bangkok Bank is merely complying with that requirement. I will return to the bank on Monday with my Social Security Card and will look carefully at the new regulations. Will post a copy of the form if I get a copy myself.

[Pib]

Here's a new one to me. I'm an existing Bangkok Bank customer and from time to time I open a new fixed deposit account. Tried to do this today and was told that I needed to show a valid US social security card. First time I have ever been asked that. The service representative explained it's a new regulation required by the US government for US citizens and that Bangkok Bank is merely complying with that requirement. I will return to the bank on Monday with my Social Security Card and will look carefully at the new regulations. Will post a copy of the form if I get a copy myself.

Guess they don't trust folks to give the correct social security number. Im also a Bangkok Bank fixed account customer....I'll be sure to take along my social security card the next time I open an account. I expect the forms they are using now are already in one of the other threads that has discussed FATCA as I remember some folks posting some IRS related forms.

Here's a Bangkok Bank link/PDF document that is a short Q&A on how the bank will handle the FATCA requirements, but I'm sure it don't provide all the little details.

[Pib]

I opened a Krungsri "Mee Tai Dai" Savings Account today...no problem at all. I have a retirement visa/extension of stay.

This savings account currently pays 1% interest for less than Bt100K and 2.3% for Bt100K thru Bt10M...this is a LOT better than the typical Thai bank savings account paying approx 0.5% right now. Interest is calculated daily and paid to your account monthly. You also get two free withdrawals per month from this high interest paying Mee Tai Dai account...additional withdrawals per month will cost your Bt50 each. I only plan to do occasional withdrawals as this account will be used primarily for savings which I don't want to keep in lower paying regular savings accounts, or higher paying fixed accounts where any withdrawal before the fixed account matures zaps you interest-wise. Also allows me to diversify some of my money with another Thai bank because until today I kept all my money in Bangkok Bank Regular, Direct Deposit, and Fixed savings accounts. No tax withholding on the Mee Tai Dai savings account unless you exceed Bt20K/year in interest earned.

Being American they did have me fill-out two FACTA related forms, a W-9 IRS form (your name, address, and social security number....didn't have to show my social security card) and a form which was basically a combo info & questionnaire form regarding FACTA. Just took a few minutes to complete these two simple forms.

Also got a Krungsri No Annual Fee Debit Card, got mobile phone banking, and internet banking. Received my temporary internet banking User ID and password via SMS while the bank representative was still completing the account setup. Got home, logged onto Krungsri ibanking, selected a new User ID and password during that initial log on, then logged back on using my new User ID and password....and there I was looking at my account online where I can do transfers, pay bills, all the stuff you normally can do with ibanking.

Overall a very uneventful, easy, and efficient account opening. The two Krungsri customer service reps that worked to open my account were very professional and cheerful.

[globalmedia8]

im on a tourist visa is K Bank on sukumvit still the best option?

[bigwhitewarrior]

It took all of 30 minutes to open my bankaccount with Krungsri this is a basic savings account. The General Manager came out to introduce himself and told me when I get a letter confirming that I am starting my 1 year course from my school they will happily give a current account with bankcard that can be used in shops. The card I got on the day just allows me to withdraw money from machines.

Considering my 30 day stay runs out on Saturday this week , I would say impressive at least and great friendly service.

[bangkokjulia]

Hi everyone,

An sure you are a bit over the "Where can I open a bank account without a work permit" question. So apologies, but does anyone have any recent experience with opening an account in Khon Kaen or Kalasin whilst on a 30 day visa?

[SooKee]

I recently (9 December 2014) opened an account at Kasikorn at Jungceylon in Phuket and have to say I found it a bit of a PITA. On my first visit I was asked if I had a work permit. I told them I was on a Non-Imm O visa (yet to get the Retirement Extension) and they quoted new regulations at me saying the only way I could open an account without a work permit was to deposit at least 10,000 baht and pay 2,500 for an insurance policy as a means of validating my residency here????? Bizarre. So I then went to SCB, Krungsrii and Bangkok Bank. All told me the exact same thing. All the insurance policies were around the 2,500 mark.

Next day I called Kasikorn Help Desk and told them I was being forced to buy insurance I didn't want, the girl I spoke to said no need and suggested maybe I try another branch. I then went back to the same branch at Jungceylon and spoke to a supervisor, telling her what the call centre said. She then called the call centre and explained my circumstances and then passed the phone to me so I could speak to the call centre supervisor. He said because of new regulations you either need a work permit, married to a Thai national or buy the insurance (first year only) or you can't open an account. He explained that the insurance sale is being used to validate that you are a genuine customer, resident in Thailand and that it's because of money laundering regulations.

What the exact situation is I don't know now but all the local banks at Patong were adamant and all required the same thing. Maybe it's a local cartel price fixing agreement. But in all honesty for 2,500 Baht (and I've been told the Kasikorn accident cover being sold is very good and quick to pay out) and because I wanted my bank to be close to me and not some branch in the back end of nowhere, I just paid up and opened it. SCB did hint that had I already got the Retirement Extension it may be possible but I was well past caring at this time. Be interesting to see how it pans out elsewhere over coming weeks / months.

[craigt3365]

Just opened a Krungsri account for my mother, a US citizen. She can't see and can't write, so all was done with just a thumb print. Took about 30 minutes and they also setup my wife as power of attorney for the account so she can do deposit and withdrawals on behalf of mom. Works for her retirement visa and can get funds out if she passes without having to have a will and go to courts, etc.

FYI...

[TallGuyJohninBKK]

Craig, I don't recall ever hearing any info about Thai banks being willing to set up what we'd call power of attorney for their accounts.

Can you provide any more info about what you encountered with that? What they called it? What was involved? Any restrictions on who could be designated?

And, was it only because your mother now is incapable? What if you were wanting to designate your wife on your behalf? Would they allow it?

[craigt3365]

Since TiT, I'm in a wait and see mode with regards to how this works. I've been to this branch 2 times now, asking about this. It's the one in Central Festival Pattaya. First guy we met spoke perfect English and explained everything to me. This account is OK for a Thai visa, you can setup a "power of attorney" for it, which means the POA agent can deposit and withdraw funds from this account without the real account holder being present (max withdrawal 2 times per month, ATM is OK).

This is what we are going to test probably next week, try to take some money out without mom being there. Just to make sure, and also to reduce the amount to 800k Baht to try and avoid taxes. Anything under 20k interest per year does not have taxes withheld.

My wife is the POA for this account. Easier for me in case I'm out of the country. And yes, she could be POA for me and full access to this account, understanding the withdrawal limitations, and lower interest rate.

They did say if mom passed, we'd need a court to get involved to close the account. But I was very blunt and asked if she passed tomorrow, and you didn't know it, would I have any problems taking out the money in 2 chunks in one month. The answer was NO.

I'll try to do an update next week when we try to take some money out! LOL

[Pib]

Just opened a Krungsri account for my mother, a US citizen. She can't see and can't write, so all was done with just a thumb print. Took about 30 minutes and they also setup my wife as power of attorney for the account so she can do deposit and withdrawals on behalf of mom. Works for her retirement visa and can get funds out if she passes without having to have a will and go to courts, etc.

FYI...

I setup a Power of Attorney with the wife one time on a Bangkok Bank fixed account which is in my name only and which I use for my yearly retirement extension of stay and emergency money. So, in case I croak she could supposedly get to the money faster without the court probate thing or so the bank branch manager said. The bank had a form for it.

I was confused whether I was actually setting up a co-signer or a Power of Attorney (still confused a little), but the Thai language only form completed had the world Attorney in the title....and the bank need to get a 30 baht govt stamp to finalize it (not a postal stamp, I mean a special stamp which was like paying a govt duty to finalize the power of attorney document). The wife also signed on the very back of the passbook where I signed which is only seen under a blacklight. Of course this power of attorney terminated once the fixed account matured and I rolled the money over into another fixed account...never set the power of attorney back up again.

[TallGuyJohninBKK]

I setup a Power of Attorney with the wife one time on a Bangkok Bank fixed account which is in my name only and which I use for my yearly retirement extension of stay and emergency money. So, in case I croak she could supposedly get to the money faster without the court probate thing or so the bank branch manager said. The bank had a form for it.

I was confused whether I was actually setting up a co-signer or a Power of Attorney (still confused a little), but the Thai language only form completed had the world Attorney in the title...

Thanks Craig... Be interested to hear your update on what happens with that.

Pib, re your comment above, of course you'd better have hoped that account item you did wasn't a co-signer for the account, as opposed to a power of attorney or whatever that's called in Thai. Because, of course, having an actual co-signer on an account used for Immigration purposes would mean that Immigration only would have counted half of its value as being yours for retirement extension purposes. And presumably that didn't occur in the case you mentioned.

[Pib]

I setup a Power of Attorney with the wife one time on a Bangkok Bank fixed account which is in my name only and which I use for my yearly retirement extension of stay and emergency money. So, in case I croak she could supposedly get to the money faster without the court probate thing or so the bank branch manager said. The bank had a form for it.

I was confused whether I was actually setting up a co-signer or a Power of Attorney (still confused a little), but the Thai language only form completed had the world Attorney in the title...

Thanks Craig... Be interested to hear your update on what happens with that.

Pib, re your comment above, of course you'd better have hoped that account item you did wasn't a co-signer for the account, as opposed to a power of attorney or whatever that's called in Thai. Because, of course, having an actual co-signer on an account used for Immigration purposes would mean that Immigration only would have counted half of its value as being yours for retirement extension purposes. And presumably that didn't occur in the case you mentioned.

No the account & passbook is still "only" in your name, although someone has power of attorney to accomplish certain actions.

As mentioned I was issued a new passbook still only with my name on it, but both the wife and I signed in the back of the passbook where the signature(s) can only be seen under a blacklight and the person with the POA should bring along a copy of the POA paperwork when going to the bank to withdraw money.

[JB300]

I'm reading a lot about people needing a Work Permit or Thai sponsor to open accounts, is it still possible to open one on a Tourist visa without a Thai sponsor?

Would it help if I opened an account with Bangkok Bank in Singapore before I leave here at the end of Feb or would it be best to convert my Citigold account to an "International" account (my plan is to use Thailand as a base to travel around the region for 1 year, before deciding where to retire, I'm 50 exactly 1 year from tomorrow & Thailand is currently my #1 choice)

[2fishin2]

First word out of their mouth will be work visa. Say no and they frown. Retirement visa no problem. Opening a BKK account in Singapore wont help you at all. All branches will be different and have different rules. Sucks but thats the way it is.

[JB300]

So I guess a Citibank "International" account is the best way to go [emoji17]

[bigwhitewarrior]

Walk into Krungsri Bank you get an account in 5 minutes :-)

[The Fat Controller]

Opened an SCB Savings Account today with a Debit/ATM card, initial limit is 20,000 Baht, but it can be changed by phoning the call centre.

I am here on a tourist visa, this seemed to be of no consequence whatsoever.

As I am married to a Thai, they took details from my marriage certificate and registration along with the address of my wife's family house here in Ubon.

The only problem was that they tried to enter the expiry date of my passport as August 2015, but the system required the Thai year of 2558, this wasted 15 minutes.

[The Fat Controller]

To add to the above, there was a double sided A4 form asking about 11 questions as to whether I had USA accounts/mailing addresses and a load of other stuff, luckily I was able to answer NO to them all.

I had the distinct impression that if there were any YES answers, that would be a problem.

Looks like Uncle Sam is very interested in overseas accounts !

[craigt3365]

Looks like Uncle Sam is very interested in overseas accounts !

It's not just the US, many other western countries are doing the same thing. They're all looking for extra revenue!

[bigwhitewarrior]

Which other western country's ? I've only ever heard it's the us

[craigt3365]

Which other western country's ? I've only ever heard it's the us

Many, with the exception of those offering tax havens. The UK has been very aggressive lately. My buddy is about to sell his condo here as he's afraid his home country will find it and tax him on it...for all the years he's owned it. He's from Scandanavia.

http://en.wikipedia.org/wiki/Bank_secrecy#Actions_by_European_countries

Actions by European countries

European countries had long complained that banking secrecy provisions in countries such as Austria, Liechtenstein, Luxembourg, and Switzerland favored tax evasion by their citizens, particularly the citizens of countries such as Belgium, France, Germany and Italy which border one or more of those countries. In 2009 tensions reached a height and concerned countries (supported to some extent by other countries) raised the issue at the OECD and the G20. As a result, essentially all countries agreed to implement tax treaties that would facilitate the exchange of banking information in case of suspected tax evasion.^[15][16]

In 2013, Swiss President Ueli Maurer defended banking secrecy, and declared it is "comparable" to medical confidentiality, and that "the state must absolutely respect the private sphere" and should not know "what there is in your bank account".^[17]

In October 2013, the Swiss government stated that it intended to sign an international agreement sponsored by the OECD that, if ratified by Parliament, will align Swiss bank practices with those of other countries and in effect end the special secrecy that clients of Swiss banks had enjoyed in the past.^[9]

[lynx2bangkok]

I will be moving to Bangkok from Singapore for one-year assignment. Will have work permit. Currently I have original Standard Charted and Citibank account in Singapore. My question would be, should I open account with local SCB and/or Citibank in Bangkok, or is it better for me to open with a local Thai bank (probably Bangkok Bank or Krungthai etc)? Not a USA citizen by the way.

Would be helpful to have ATM/debit card, credit card with decent privileges/miles/cashback, online banking. Would be nice to be able to do transfers between Thai, Singaporean, Aus, etc accounts (hence my inclination to stick to Citibank in Bangkok) but it can be a lower priority since it is just a one-year stint. No need for cheque book either.

Any advice which bank in Thailand I should go for? TIA

[JB300]

I'd go with Citibank as I believe transfers are free of charge between Citibank accounts & know ATM withdrawals are (then again, they're free if you used your Singapore Citibank card in a Citibank ATM in Thailand).

[IMA_FARANG]

Whedn i came to Thailand to reyire I was living wuth my Thai girlfriend in Lat prao, Bangkok.

The Bangkok Bank in that nieghborhood gave me all kinds of phoney excuses why it could not be done.

My Thai girlfriend had an account in another part of the city where some of her relatives lives.

I went to that Bangkok Bank branch where she had an account, and it was like being on a different planet.

In less than 30 minutes i had a new account, a ATM/debit card. and friendly service all around.

The Bangkok Bank branch I have found to be the friendliest was the branch on Soi 43 Sukhumvit Road. That's where I got my first account.

I have since opened another account with them, and my monthly pension is direct deposited from the U.S. to that account.

For some reason, they seem to deal with a lot of Farang customers, so I guess thay have nore experience in opening farang accounts.

To be fair though, when I opened my first account I had a Non O visa, not a tourist visa.

[lynx2bangkok]

I'd go with Citibank as I believe transfers are free of charge between Citibank accounts & know ATM withdrawals are (then again, they're free if you used your Singapore Citibank card in a Citibank ATM in Thailand).

Thanks mate. I will be based/live in Bang Khun Thian district (specifically Samae Dam). Any idea if there is Citibank ATM there? I looked at the official website and it only mentions three branches in Silom, Sukhumvit and Central World. Nothing about ATMs.

Would be nice to be able to have the accessibility. In this case, better to go for a local bank? And keep Citibank for the occasional transfers?

[JB300]

Looking at their mobile app, those are the only 3 ATM locations

[lynx2bangkok]

Yeah, that's too bad. I guess having an account with a local Thai bank with decent network of ATMs will be necessary then.

I suppose I shouldn't have any problem signing up using my work permit but which bank should I go for?