Opening A New Bank Account In Thailand

[pkrv]

Something interesting for Americans wanting to open an account with Siam Commercial Bank. Siam Bank has a New York branch that you can open an account with online. Open the account online then have the account transferred to a branch in Thailand.

I think not. Kindly post the link for opening a personal account at this purely commercial office.

Yes I have been through this before but from a UK perspective with Bangkok Bank- this is a correspondent branch - essentially there for trade.

Has something changed?

Edited October 1, 2009 by pkrv

[britmaveric]

Actually you dont even need a visa the 30day exempt works just as well. Basically passport and dosh to put in the account.

[clinique]

Thanks alstaxi, what about transfers from overseas? Are they as quick and reliable as BB?

More so, with KBank if you transferring US$ Can$, GBP and you transfer it from o/s before 10am Thai time it will be oin your account by 3pm the same day. If it isnt just call the overseas section in BKK and it will be there. Done it many times..

BBL on the other hand - on some occassions like now ive waited 10 BUSINESS days ,,, what they do with the money..I dont know..

[clinique]

Something interesting for Americans wanting to open an account with Siam Commercial Bank. Siam Bank has a New York branch that you can open an account with online. Open the account online then have the account transferred to a branch in Thailand.

I think not. Kindly post the link for opening a personal account at this purely commercial office.

Agrred, and its not as simple as just transfer it to Thailand...Rules here are not the same.

[pkrv]

A post from another thread that seems to answer our difference in opinion on bank charges. We are perversely all correct!

Best strategy appears to be:

When using a Thia bank's ATM machines only make withdrawls from the same bank

If you are in a different province(sector) you will be charged even if using the same bank.

You will be charged if using a different Thai banks ATM

thread

http://www.thaivisa.com/forum/Bank-Rate-Po...89#entry3060489

Indeed, Thailand has a provincial banking system whereby banks in one sector (it's not strictly provinces) compete against and charge banks with the same brand/name in another sector. So, open an account with say Bangkok Bank in Chiang Mai and use your ATM card local to the opening branch and all transactions are free. But use the same ATM card at a Bangkok Branch in say Bangkok or Phuket and you will be charged for withdrawals and oddly, deposits also.

Edited October 7, 2009 by pkrv

[chiang mai]

Just to add another aspect to all of this that will save a few more satang:

I use HSBC to transfer my foreign currency into Thailand and where the amount is greater than £10,000 the conversion rate is determined by the HSBC Treasury dept at the time the conversion is made and this is invariably better than the posted TT rate. If I think the rate is too low I can reject their offer and wait until the next day and so on - amounts less than 10k are converted at posted TT rates.

[pkrv]

I actually would not recommend HSBC for most of the guys on this forum.

If you are already an HSBC Premier customer there are probably some advantages for example you could open an account in Thailand remotely from the UK.

http://www.hsbc.co.uk/1/2/personal/hsbcpremier?WT.srch=1

But you either have to have an annual income of 100,000 GBP paid into your account or investments of 50,000 GBP invested with HSBC.

For the guy on the street there is also some critical information.

HSBC only have one Branch in Thailand.

If memory serves you can withdraw cash, free of charge at that branch.

Use of every other ATM in Thailand carries a charge.

There are two pages worth of information detailing VERY, VERY, creative charging mechanisms!

Essentially these guys attach a large suction pump to your account - which does not apply if you are a Premier account holder.

On the plus side they are dead keen to let you open an account. However I balked at the prospect.

HSBC's Thailand wesite - link below.

http://www.hsbc.co.th/1/2/home-en?changela...mp;chglang.x=en

968 Rama Iv Road

2nd Floorhsbc Buildingsilom, Silom, Bangkok 10500, Thailand

+66 2 6144000

Edited October 8, 2009 by pkrv

[chiang mai]

I actually would not recommend HSBC for most of the guys on this forum.

If you are already an HSBC Premier customer there are probably some advantages for example you could open an account in Thailand remotely from the UK.

http://www.hsbc.co.uk/1/2/personal/hsbcpremier?WT.srch=1

But you either have to have an annual income of 100,000 GBP paid into your account or investments of 50,000 GBP invested with HSBC.

For the guy on the street there is also some critical information.

HSBC only have one Branch in Thailand.

If memory serves you can withdraw cash, free of charge at that branch.

Use of every other ATM in Thailand carries a charge.

There are two pages worth of information detailing VERY, VERY, creative charging mechanisms!

Essentially these guys attach a large suction pump to your account - which does not apply if you are a Premier account holder.

On the plus side they are dead keen to let you open an account. However I balked at the prospect.

HSBC's Thailand wesite - link below.

http://www.hsbc.co.th/1/2/home-en?changela...mp;chglang.x=en

968 Rama Iv Road

2nd Floorhsbc Buildingsilom, Silom, Bangkok 10500, Thailand

+66 2 6144000

Yes you are correct in what you have written - for me however the advantages of Premier are well worth the cost which honestly are not that huge. Having a single Premier account in any country gives me Premier accounts and credit cards in additional countries of my choosing, without any additional cost. It also means that I can transfer funds between the different country accounts in real time and without any further cost also. In my case my original Premier account was in Hong Kong which gave me further accounts AND local currency credit cards in Thailand, the UK and the US. If I fall below the limit in HK it costs me about GBP 20 a month which is less than the cost of a single international funds transfer with many banks.

[pkrv]

OK - On the correspondent bank issue and sorry I have submited a double post as this info is also posted here:

http://www.thaivisa.com/forum/Bank-Rate-Po...04#entry3065704

The correspondent bank for Bangkok Bank in the UK is the branch at:

61 St Mary Axe

London, EC3A 8

020 79294422

I visited there this morning, and am an existing customer at their head office branch in Bangkok.

There is not one cash point, passbook update, or cash deposit machine to be seen.

Whist I can see that a Bangkok Bank branch in Thailand could issue a cashier’s cheque in Stirling, the UK branch simply cannot, I was told to go to Thomas Cook down the road.

They did understand about PUPID (Pay Upon Proper Id) but only from Thailand to UK perspective and indeed under unusual circumstances. Like a student makes an emergency call home because he/she has spent their allowance.

You an also receive funds without a Bangkok Bank account using what is called in the industry PUPID (Pay Upon Proper ID). Please see teh website regarding funds transfer, receiving funds from overseas and the checklist on "getting your money faster"

Tips are

"Faster Service

• For the same day payment service, payment instructions must reach Bangkok Bank by 4.00 pm* and be correctly formatted with complete details.
  
• If you are an international traveler without a Bangkok Bank account and wish to receive funds from abroad in cash, please remind the person who is sending the funds to specify your passport number, telephone number and address in Thailand in the payment instruction.
  
• If you are a Bangkok Bank account holder, make sure that you advise the remitter to specify the correct account name and account number as it appears on your accounts - errors may cause delays.
  
• Instruct the remitter to send the funds via a Bangkok Bank correspondent bank. Please phone (66) 0-2685-7777 for more information."
  

They can send up to 500 GBP cash to your account. There is a 15 GBP fee for a 5 working day service, and for the first transaction you need to produce proof of address and passport. They can transfer up to 4,000 GBP for a 15 GBP fee again for a 5 working day service, but you need to give them a cheque and additionally provide three months of pay slips, plus lots of other information.

All in all the 3.00 GBP tube fare, fees, hassle, and quite frankly I got the impression ‘why are you wasting our time with this trivia’ sort of means they are useless to us. They are there for business, full stop.

I did also ask if they could do the paperwork for providing proof of foreign funds for purchasing a Farang quota condo. They said no.

So no use for retail banking/services, at all! But at least I did get to see the Gherkin close up, so it was fun.

[pkrv]

Yet another link on the

Thai visas, residency and work permits forum

It is out of date from my pespective but does show the older thought process

For reference only:

http://www.thaivisa.com/forum/Open-Bank-Account-t154359.html

[Shaun78]

Thanks guys for all the good tips,

but does anyone know if statements or any mail correspodence will be sent to the address you provide them.

Thanks,

[pkrv]

Thanks guys for all the good tips,

but does anyone know if statements or any mail correspodence will be sent to the address you provide them.

Thanks,

Hi Shaun78 - It is incredibly important we understand where you are coming from. For example what is your visa type?

For myself and others on this thread, it is the most difficult type, on a tourist visa. Money laundering comes into it.

For OA/O visas i.e. 1 year non resident I believe the matter is completly different, but personally I don't know.

For me it is a passbook savings account - You update your book at a local Thai bank machine no statements. This is like the UK Nationwide cash saver books of the past. Internet access was a challenge to achieve for myself - do you have assets here?

[Shaun78]

Thanks guys for all the good tips,

but does anyone know if statements or any mail correspodence will be sent to the address you provide them.

Thanks,

Hi Shaun78 - It is incredibly important we understand where you are coming from. For example what is your visa type?

For myself and others on this thread, it is the most difficult type, on a tourist visa. Money laundering comes into it.

For OA/O visas i.e. 1 year non resident I believe the matter is completly different, but personally I don't know.

For me it is a passbook savings account - You update your book at a local Thai bank machine no statements. This is like the UK Nationwide cash saver books of the past. Internet access was a challenge to achieve for myself - do you have assets here?

Hi pkrv,

no assets in Thailand, and would likely be on a Thai visa, or no visa at all (exempt). Sounds good they keep a passbook and no statements in this case.

Many thanks.

[Lite Beer]

You will just get a passbook and an ATM/Debit Card. Depending on the bank you should get internet banking.

[pkrv]

Hi pkrv,

no assets in Thailand, and would likely be on a Thai visa, or no visa at all (exempt). Sounds good they keep a passbook and no statements in this case.

Many thanks.

Shawn - I should have asked if you are in Bangkok. If so you don't really stand much of a chance with Bangkok Bank (you need a very good case to open an account) I would go with GungaDin's suggestion this seems to be fairly reliable.

Outside of Bangkok is yet another challenge!

I wish I had $10 every time this question has been answered.

Kasikorn Bank , cnr of Sukh soi 33 & Sukh rd, rt by Phrom Phong BTS Skytrain, that's in Bangkok....

Edited October 16, 2009 by pkrv

[tangoll]

I was able to get a Siam Comm'l Bank/Sansiri VISA credit card, Thai baht based, auto deduct monthly from baht savings passbook account opened at SCB. Had to put down a 100,000 baht fixed deposit account as guarantee, with account document held by the bank. No work permit or tax/salary statement req'd; only showed that I own a condo unit in BKK, by showing title document, tabien baan, or if not yet transferred, a purchase contract would have been sufficient. SCB branch in Siam Square on soi 1.

For those interested in getting a baht Visa credit card, and only on a 30 day exempt visa status, and with no work permit or salary/tax paid in Thailand, this is first instance I've heard that such a credit card has been allowed.

I'll try to link my PayPal account to this credit card later once I pick up the card at the branch when I next return to BKK.

Edited October 16, 2009 by tangoll

[pjclark1]

All you need to open a bank account in Thailand is 500bht and ID of some sort (passport or Thai driving licence). They charge 300bht for passbook and debit card, deducted from the 500bht deposit.

Some bank branches (or staff on the desk) make it hard for white people to open accounts no matter what you do. Just visit another branch/bank.

Visa type not important.

Amount of deposit not important.

Letter from account holder at some banks may be required if you have a holiday visa.

(Bangkok Banks rules say letter needed, Siam Commercial rules say not)

Don't expect the bank staff to know, follow or enforce their own rules, it's entirely random.

Patience is important.

Story about opening an account at Bangkok bank.

1) I would like to open an account.

2) I'm sorry sir we don't allow tourists to have accounts here

1) I'm not a tourist, I live here (show non O visa)

2) OK sir you will need a letter from an account holder that has held an account for at least 6 months.

1) May I have the application form please.

2) Yes sir, here it is (Top of form has Application for TOURIST account marked in bold)

1) I'm sorry that appears to be the wrong form, I am not a tourist (show non O Visa again)

Bank Supervisor comes over and furious discussion in Thai ensues.

2) Here is the application for an account (no letter required for non O Visa says form)

1) Thank you, I will fill this in and open an account now, here is 500bht deposit.

2) Much photocopying later, account opened, passbook issued, debit card handed over.

No explanation why a bank that doesn't "allow tourists to open accounts" has an application form printed for that purpose! The application forms were all printed in English.

Edited October 20, 2009 by pjclark1

[bauhaus]

Hi everybody.

I have been reading this thread with interest.

I live in the UK but have assets in Thailand as we bought a property in Koh Samui as an investment.

We hope to be able to rent it when completed and would like to have a Bank Account in local currency where to deposit rental money and from which to withdraw money for expenses etc.

Does anybody know if there is any Thai Bank which will allow the opening of an online account for someone in my position?

Thanks!

[GungaDin]

^^^^ I could be wrong, but I think that you have to open the account in person.

Go to K-bank at the address I've written about B4 or BKK Bank on the ground floor of Emporium (outside) opposite K-bank.

[bauhaus]

^^^^ I could be wrong, but I think that you have to open the account in person.

Go to K-bank at the address I've written about B4 or BKK Bank on the ground floor of Emporium (outside) opposite K-bank.

Thanks GungaDin.

I don't plan to come to Thailand until next year and that's why I was hoping to be able to open an account online...

[aurelius]

Thanks GungaDin.

I don't plan to come to Thailand until next year and that's why I was hoping to be able to open an account online...

I don't think you can open online, but you can send funds via SWIFT in advance for account opening and just specify the branch that you will open the account at. So say, HO Silom Branch for BKK Bank. Then when you arrive they will have the incoming remittance info and then proceed to the account opening using those pre-sent funds. Obviously you don't want to send them too much in advance to avoid loss of interest etc.

[GungaDin]

bauhaus

I'll be in my BKK branch in about a week, PM me to say exactly what you want to do.

[OriginalPoster]

I had success today opening a passbook savings account at a tiny Kasikorn branch in central Chaweng (Samui) despite having only a 30 day tourist visa. I tried the previous day at a Bangkok Bank branch and they turned me away on the grounds that I needed to have a work permit. It couldn't have been easier at Kasikorn - they required me to deposit 500 baht into the account and to pay a 500 fee to have an ATM card issued. I never heard of a bank charging for an ATM card before but it seemed an acceptable expense considering that within 10 minutes of walking into the bank I walked out with a savings account, an ATM card, and the ability to access the account via the internet. Kasikorn did want to see my passport and they wanted a Thai phone number (a cell phone number was acceptable to them), but (to my surprise) they didn't even bother to ask me for my residential address, instead they wrote down the address of the hotel that I'm staying at as being my address.

Edited October 25, 2009 by OriginalPoster

[alstaxi]

Good old samui, I guess everything is over priced there, the price for your atm card at Kasikorn Banks in Patttaya is 100 baht.

[OriginalPoster]

Good old samui, I guess everything is over priced there, the price for your atm card at Kasikorn Banks in Patttaya is 100 baht.

I'm surprised that Kasikorn would be charging different amounts for that at different branches. Now you've got me wondering if the extra 400 baht might have gone straight into someone's pocket. Still doesn't matter to me though - if I they had told me that I had to pay them a 400 baht "tip" in order to open an account without a work permit I would have paid it.

[alstaxi]

Yes. I agree, 300 baht worth of frustration at siam commercial listening to "cannot", really sucks.

[mahtin]

Me too yesterday afternoon at Gunga Din's Kasikorn Suk 33 branch. 22 mins from issuing ticket to change of pin no of ATM card.

Passport with 30 day, DTAC mobile no, BKK address (stepson spoke to bank officer on wife's mobile), 500 in savings book and 500 charge.

Happy happy

[GungaDin]

^^^^ Good to get some feedback.

I hadn't been into the branch since August, even though it's a building site at present, service is still good!

[chiang mai]

I was able to get a Siam Comm'l Bank/Sansiri VISA credit card, Thai baht based, auto deduct monthly from baht savings passbook account opened at SCB. Had to put down a 100,000 baht fixed deposit account as guarantee, with account document held by the bank. No work permit or tax/salary statement req'd; only showed that I own a condo unit in BKK, by showing title document, tabien baan, or if not yet transferred, a purchase contract would have been sufficient. SCB branch in Siam Square on soi 1.

For those interested in getting a baht Visa credit card, and only on a 30 day exempt visa status, and with no work permit or salary/tax paid in Thailand, this is first instance I've heard that such a credit card has been allowed.

I'll try to link my PayPal account to this credit card later once I pick up the card at the branch when I next return to BKK.

I would guess that any Thai bank will give you a credit card as long as you are prepared to deposit an amount equal to 120% of your credit limit and are prepared to lose access to those funds for as long as you have the card, don't expect interest on the money either. That scenario is the basis of the HSBC Premier program here in Thailand where the 3 million Baht deposit gives you Premier status and a credit card with a credit limit of 2 million, credit limit is set at 2 mill but is reduced to the level of the amount actually on deposit when that falls below the required level.

[tangoll]

I would guess that any Thai bank will give you a credit card as long as you are prepared to deposit an amount equal to 120% of your credit limit and are prepared to lose access to those funds for as long as you have the card, don't expect interest on the money either. That scenario is the basis of the HSBC Premier program here in Thailand where the 3 million Baht deposit gives you Premier status and a credit card with a credit limit of 2 million, credit limit is set at 2 mill but is reduced to the level of the amount actually on deposit when that falls below the required level.

chiang mai, the amount I had to put up at Siam Comm'l Bank is a lot more reasonable, 100,000 baht, than the 3 mil baht that HSBC requires. I think the interest rate on that FD is 0.6%, or 600 baht per year My main concern is whether that Visa card can be used in Hong Kong, and what exchange rate will be used to convert charges in HK$ to thai baht. Even though I mention in my previous post about linking the card to my PayPal account, I'm not sure how useful that might be, as I don't use PayPal all that much. Anyway, I'll pick up the card in mid-Nov when I am back in BKK.