No Work Permit=no Bank Account?

[Sophon]

But western banks make a vastly larger margin than Thai banks. I checked simultaneous exchange rates on offer between the Thai banks and my National Australia Bank back home - all within the same 30 minute period. To illustrate the relative profit margins lets say the A$ buys 100 baht (It doesn’t, it really buys about 30 baht but I want to draw attention to %s here). My Aussie bank will offer its customers about 95 baht and sell for 105 baht - that’s 5% each way. The Thai banks typically will offer 99 & 101 as their buy/sell rates. Far far better. I'm sure most western banks rip everyone off like my bank back home.

<{POST_SNAPBACK}>

I don't disagree with the gist of you advice, and your Australian bank do seem to have an unusually large margin on Thai Baht. I just checked their exchange rates, which currently are as follows:

Buying rate: 28,317

Selling rate: 30,478

Which is a total spread of about 7,5 percent - not quite as bad as you indicated, but not good.

However, it's not a question of western banks generally making a larger margin than Thai banks (although it varies from country to country and bank to bank). The margins are larger on those currencies where a bank have a (comparitively) small turnover. And to your Australian bank Thai Baht is a minor currency, whereas A$ is a major currency for the Thai banks. If you check your Australian banks margins on US$ you will find them to be in the +/- 0,5 percent range.

If you check the exchange rates Siam City Bank gives on for instance Latvian Lat, I'm sure you will find, that their margins are considerably larger than the +/- 1 percent you have indicated for A$.

But, as mentioned, this doesn't change the conclusion in your post: Always make your transfers to Thailand in a major currency. That will be true in most cases, even if it necessitates two exchanges, each one costing a margin. If for instance a TV member fra Latvia want's to make a transfer to Thailand, it probably won't be a good idea for him to transfer Latvian Lat or Thai Baht, as the margin would be considerable irrespective of wether the Latvian or the Thai bank did the exchange. Transferring US $ will result in two small margins, which will probably be better than one huge one.

Just my opinion, you are welcome to disagree.

Sophon

[RDN]

And for Brits, get a Nationwide Building society "Flexaccount", and your ATM withdrawals in Thailand are charge nothing (=zero, "0", zilch, nix, nada):

http://www.thaivisa.com/forum/index.php?showtopic=13934

http://www.thaivisa.com/forum/index.php?showtopic=25789

http://www.thaivisa.com/forum/index.php?showtopic=25674

http://www.thaivisa.com/forum/index.php?showtopic=25632

[udon]

In 5 years I've never heard of any farang being refused a savings account.

You were either applying in the bush or you failed the attitude test in BKK.

Try the Kasikorn Bank, sukhumvit 33 or BKK Bank ground floor Emporium opposite the K Bank.

But you knew that from doing a search on this forum....... Didn't you!

[bkk_mike]

In 5 years I've never heard of any farang being refused a savings account.

You were either applying in the bush or you failed the attitude test in BKK.

Try the Kasikorn Bank, sukhumvit 33 or BKK Bank ground floor Emporium opposite the K Bank.

But you knew that from doing a search on this forum....... Didn't you!

 

<{POST_SNAPBACK}>

I've been knocked back before, but that was in 2001 when the rule was in place about having a work permit. (and I never really pushed the issue as I was travelling a lot more back then, so had no real need of a Thai bank account...)

[toastwars]

Ayyudia bank, no worries

[joinme2leave]

quite a time ago I started this topic and -however- doing fine in procedure as explained (savings account under my biz partner's name). Just to answer some questions: it is BANGKOK I am talking about, no bush nowhere visible. I am definitely not a Thailand newbie (as of opening a bank account I might be though) and I tried 4 different banking corporations in one day. Nevertheless I am very well continuing to open a second (savings) account sometime soon. Some of your inputs might have been quite helpful in that respect. All in all, maybe I just had a bad day that particular day....

[jltheart]

I Opened my Bangkok Bank account easy. Just go to the Main Branch of BBK Bank sorry forget just where it is. and take you visa or passport. Done. Took be a whole 20 min and got my atm card also...

You are having trouble because you are going to the small branches.

[Krub]

I Opened my Bangkok Bank account easy. Just go to the Main Branch of BBK Bank sorry forget just where it is. and take you visa or passport. Done.  Took be a whole 20 min and got my atm card also...

You are having trouble because you are going to the small branches.

<{POST_SNAPBACK}>

I openned an account with Bangkok Bank in a very small branch in a small country town....no problems wirh a 30 days entry stamp.

The only 'problem' is language but I went with a Thai friend

[dr_Pat_Pong]

I Opened my Bangkok Bank account easy. Just go to the Main Branch of BBK Bank sorry forget just where it is. and take you visa or passport. Done.  Took be a whole 20 min and got my atm card also...

You are having trouble because you are going to the small branches.

<{POST_SNAPBACK}>

I openned an account with Bangkok Bank in a very small branch in a small country town....no problems wirh a 30 days entry stamp.

The only 'problem' is language but I went with a Thai friend

<{POST_SNAPBACK}>

How else do the support people and retirees comply with Immigration's financial requirements ? Most won't have a WP, and a Non-Imm visa, but they will have a bank account.

[nasibi]

What bangkok bank means when they ask for " a certificate showing the source of fund " ? What is it?

[mijan246]

I think you actually covered the answer - you said Bangkok- but did not specify suburb Try the same banks in areas frequented by Faramgs Bang Lam Phu accounts with Bangkok & Kasikorn no prob;ems.

Up country once again should not present any problems called into the Siam City or Commercial in Udon Thani to change some dollars into baht the Thai lady spoke good english and invited me to open an account if I moved into the area.

[terdsak_12]

Head office Bangkok Bank on Silom should be able to saort you out.

[weescotsguy66]

I opened a bank account in Thailand no problem on the Khao San Road, seems likes alot of back packer need an aTM in case they get robbed..

Also you do not say where your from but just as a hint the Nationwide in the UK offer an ATM account where if you withdraw monies from it you are not charged like all the other UK banks....

Plus they offer you rates comparable with the Bangkok Bank meridan I did a check.

weescotsguy66

[longway]

could not find relevant topic (or too old topics only) so here's my todays experience:

1) Kasikorn

2) Siam Commercial

3) Thai Farmers

4) Bangkok Bank

all of them would not allow me to open a new bank account (using ATM card only for the beginning) without having a work permit!!!!

WHAT THE &lt;deleted&gt;

Lots of friends do have their own bank accounts (some of them permanently living in Los (and having work permits), some of them just beeing frequent thailand travellers)---and all of them did not have a single problem (passport and thai address was just enough to proceed...)

I am here on biz research (tourist visa) and not willing to establish a company yet. Too early, too epensive (if we talk about the 2 million bht requirements).

Carrying around lots of cash is more than inconvenient (and I am travelling around asia quite a lot these months so I need some cash available on daily basis).

ANY SOLUTIONS?

As about me, I have got my account but it is in my future thai partners name. Not funny but obviously (?) the only solution I was able to manage.....

<{POST_SNAPBACK}>

Bangkok Bank Savings account with ATM card on tourist visa, done at Silom Rd branch near Holiday Inn. Needed proof of address.

Edited August 18, 2005 by longway

[Braccobaldo]

...only tourist visa...I was able to open savings account both Bangkok bank and Krung Thai...they just ask my passport, ready in 10 mins...(upcountry)