Which Bank?

[mcyachty]

I am looking at the prospect of moving to Thailand, as it appears the job I have applied for may come through. I have been following these forums, and go through all the "top topics" that are posted each day. A lot of the listings have answered some my questions that are going around my mind, and there are some still pinging around. I think I will divide these questions into their relevant areas, than lump everything into one.

I will definately need to open a bank account in the Bang Sa-re / Na Chom / Pattaya area. I will also need to apply for credit card, and get American Express to change from my current one in Australian Dollar format to a Thai one. I have tried to look into which Bank, and if there is a bank which can be linked to Australia, so as to make transfering money from Thailand to Australia a little easier. Any advice regarding HSBC? I only ask as they have (appear) branches in both countries, so it makes sense?

• Which bank?
  
• Which branch?
  
• Credit cards?
  
• Do credit cards in Thailand have an airline aligned scheme where you can earn points when you spend?
  

I have asked at my bank, Westpac, about a letter of introduction, that I read may be required here somewhere. They can, they said unconvincingly, give me a letter saying roughly I have banked with them for X amount of years, but it sounds they cannot say how good my rating is. Pitty as I am always good in that way. What do you reckon?

I hope this thread is not too complex, with too many questions. I am glag I didn't just splurge all of them out. With so many questions such as storage in Aus versus pack and send everything, sell car and buy in Thailand, I need some help, so I appologise if I am asking questions already answered, but thats what this is all about, right?

[chiangmaibruce]

I have tried to look into which Bank, and if there is a bank which can be linked to Australia, so as to make transfering money from Thailand to Australia a little easier. Any advice regarding HSBC? I only ask as they have (appear) branches in both countries, so it makes sense?

• Which bank?
  
• Which branch?
  
• Credit cards?
  
• Do credit cards in Thailand have an airline aligned scheme where you can earn points when you spend?

What do you mean by "linked to Australia"? Everything is "linked" to everything now Just read the many existing threads on choosing a Thai bank/opening an account and make your choice. Start with the pinned topic at the top of this page, but threads on this subject are started a couple of times a week. Many people seem to like Kasikorn Bank or SCB. Obviously the branch will be the one closest to your office or home (that will allow you to open an account).

There are prior threads on using HSBC and its advantages & disadvantages - just play around with the forum search facility (top right this page) until you get the hang of it and then all the info is at your fingertips.

Also refer to threads on getting a credit card (relatively difficult to achieve for many foreigners). there were a couple of very recent threads so just scroll down the list of current topics, and maybe onto page 2

I have asked at my bank, Westpac, about a letter of introduction, that I read may be required here somewhere. They can, they said unconvincingly, give me a letter saying roughly I have banked with them for X amount of years, but it sounds they cannot say how good my rating is. Pitty as I am always good in that way. What do you reckon?

I am assuming all you want is a simple transaction account(?) If so, then proposed letter is unnecessary and a waste of time

[geriatrickid]

Whatever you do, remember that the protection offered by some Thai banks in respect to credit card fraud, atm discrepancies and bank irregularities is not the same as that found in Australia or other western countries. You may wish to limit credit limits and daily withdrawal limits accordingly.

[NanLaew]

If you are coming with an 'O' visa (which is the preferred one for enabling a work permit), you should be able to open an account at either Bangkok Bank or Kasikorn Bank. My preference is the former and I opened mine at their 2nd Road branch (opp Soi 6). Some have commented that they prefer Kasikorns service but I think they are all much of a muchness and your TV search will show that some branches are 'easier' than others. It is a lottery in that regard.

You should leave your Amex the way it is IMO. I don't think that one issued and billed in A$ (or any other) can be 'converted' to a Thai Baht billed one anyway. I think Thai are tied in with Amex somehow but that may just be co-branding and buggerall to do with earning miles. Doesn't Amex have a 'global' air miles program anyway?

Same for credit cards, some have been able to get one with WP but why rush? If you have credit cards issued on your AU banking, they can still be used here. Of course, if you are running away from card debt down-under....? That's one good thing about HSBC's global thingumabob, you can take your bad credit with you!

[mcyachty]

Thanks all for the quick replies.

Nan Laew, you mentioned the O visa, with is another thing that I am a little confused about, but didn't want to go off topic and complicate things. I was planning on applying for a non-immigrant B visa, and my employer was going to organise the WP. I am going to wait for my contract before officially accepting the position, and then go to the Sydney Consulate and apply there.

My question regarding changing the Amex and M/card to a Thai one is purely for ease, and to make payments easy. I assume to pay money into the credit card account each month, I would loose a bit on internaational fees.

I will spend my next day off using the search engine Bruce mentioned. Geriatrickid mentioned something I hadn't thought of, and that is the protection against fraud. Maybe I will leave status quo here in Aus and use Aussie cards.

Thanks again,

[mark5335]

Thanks all for the quick replies.

Nan Laew, you mentioned the O visa, with is another thing that I am a little confused about, but didn't want to go off topic and complicate things. I was planning on applying for a non-immigrant B visa, and my employer was going to organise the WP. I am going to wait for my contract before officially accepting the position, and then go to the Sydney Consulate and apply there.

My question regarding changing the Amex and M/card to a Thai one is purely for ease, and to make payments easy. I assume to pay money into the credit card account each month, I would loose a bit on internaational fees.

I will spend my next day off using the search engine Bruce mentioned. Geriatrickid mentioned something I hadn't thought of, and that is the protection against fraud. Maybe I will leave status quo here in Aus and use Aussie cards.

Thanks again,

SImilarly to yourself, I applied for a Non Immi B and my employer arranged the WP without any problems. My daily transaction account is with Bangkok Bank, and through Bangkok Bank's iBanking service I occasionally remit money to my Australian bank account with NAB. It is credited to my NAB account usually the next day. I find that the Thai banks provide better currency exchange rates than Australian banks.

Before moving to Bangkok, my American Express Credit Card was a Singapore Dollar card co-branded with Singapore Airlines. After moving from Singapore to Bangkok I applied for a Thai Baht Amercian Express Card which is co-branded with Thai Airways..all that was needed was a letter from my employer in Bangkok plus a salary slip and signed copies of PP/WP. The application/approval process was quite efficient. I also gave them my last monthly statement from my old Singapore card but I'm unsure whether that was useful.

Once you have had a Thai credit card for about 6 months, it may become easier to apply for a card elsewhere as, by then, you would have a record of 6 months with the National Credit Bureau of Thailand (best that it is an active card with prompt payment history of course).

Most visa cards and mastercards issued in Thailand are chip cards which reduces skimming / cloning fraud risk. I have cards from Citibank Thailand and Standard Chartered Bank Thai. With their SMS banking, whenever I do a transaction on my card, the bank will shortly thereafter send me an SMS letting me know that there was a transaction on my card. This can be a useful check to alert the cardholder of fraudulent transactions etc.

HSBC is good to bank with, but mainly if you are a Premier Banking customer. Otherwise, Bangkok Bank or other local banks should be fine. The local banks do have bureaucratic procedures so be prepared for long waits and queues sometimes.

Edited July 26, 2009 by mark5335

[Soutpeel]

Thanks all for the quick replies.

Nan Laew, you mentioned the O visa, with is another thing that I am a little confused about, but didn't want to go off topic and complicate things. I was planning on applying for a non-immigrant B visa, and my employer was going to organise the WP. I am going to wait for my contract before officially accepting the position, and then go to the Sydney Consulate and apply there.

My question regarding changing the Amex and M/card to a Thai one is purely for ease, and to make payments easy. I assume to pay money into the credit card account each month, I would loose a bit on internaational fees.

I will spend my next day off using the search engine Bruce mentioned. Geriatrickid mentioned something I hadn't thought of, and that is the protection against fraud. Maybe I will leave status quo here in Aus and use Aussie cards.

Thanks again,

Your employer will organise a Non-imm B for you, Nan Laew has not stated all the options, Getting a WP on an Non imm O/WP could apply for someone who is married to a Thai national on an extension of stay based on marriage...

Your company is right with the Non-imm B...

Re banking in Thailand, once you have your WP, plenty of doors open to you, as regards a local credit card, it will depend who you end up banking with eg...Some banks will want a couple of years on a WP before granting a credit card, others a few months and some payslips, other will not give you one at all....

Try SCB or K-bank they are more farang friendly to people with WP's. (at least to my experience)

Also another to thing to consider is your tax structure in Thailand, without an effective tax structure or "arrangement" with your company you could be up for 35% tax on the package, also dont forget the new impending Aussie tax rules, see disccusion on this forum

If you structure your tax "arrangement" correctly with your company, you should not be affected by international fees, as part of your salary will be paid directly into your Thai bank account, balance paid into "another" account..

[mcyachty]

Thanks mark and soutpeel,

I felt a bit of a dill when I got the first couple of replies suggesting I search previous threads, but your replies have made it worth it, and have benefited me a lot. Searching through older threads not relating to my circumstance has been painful. Perhaps not using the right keywords in my search. Your replies tipify what this website/forum is all about, and thanks for putting in the time with constructive replies. I really do appreciate it.

I will check out the tax side and have a look for the thread you mentioned. I am not aware of the impending rule, which worries me a bit as tax/accounting is not my favorite subject. I have discovered there is a sliding rule in Thailand were the tax increases the more you earn. I will check it out.

As for the visa, I have been advised to get a non-b, and my employer has said they will sort out the WP. My only concern is if I can't get a multiple entry 1 year, and, say I visit Singapore for a weekend, what happes with a single entry, and can I get back into Thailand. I am aware WP is totally different (learnt from reading this forum) to visa/entry. I will see how I go at the local consulate in Sydney.

This is a big step for me, leaving family and a job 2 years away from long service to go to a different country, minimal friends, and no family. I am not married to a Thai, nor do I have a Thai GF so hence the difference in my situation compared to most here. I hope this explains my situation, and my apologies to those that see these questions and yawn. I am also sorry about the visa question in the banking dept.

[mcyachty]

Also another to thing to consider is your tax structure in Thailand, without an effective tax structure or "arrangement" with your company you could be up for 35% tax on the package, also dont forget the new impending Aussie tax rules, see disccusion on this forum

If you structure your tax "arrangement" correctly with your company, you should not be affected by international fees, as part of your salary will be paid directly into your Thai bank account, balance paid into "another" account..

I just had a look at the 2 threads I found about the tax changes here in Australia. As I understand it, I will be ok as long as I don't send money back or use my Aussie bank accounts or credit cards. My contract is prob 1 year renewable, so i should be able to qualify as a non resident. Nevertheless, I will talk to my tax agent to ensure I meet the regulations.

Another point is it puts more pressure to get my Thai bank accounts sorted. Thanks for your info.

[Soutpeel]

My only concern is if I can't get a multiple entry 1 year, and, say I visit Singapore for a weekend, what happes with a single entry, and can I get back into Thailand. I am aware WP is totally different (learnt from reading this forum) to visa/entry. I will see how I go at the local consulate in Sydney.

Chances are Singapore will not issue a multiple entry 1 year, in all likelyhood you will be issued a single entry, once in Thailand with your WP etc, this will be converted to multiple re-entry permit, means spending time in the immigration here, but its one of the things you have to do... ...

If your company knows their stuff when it comes to expats, a reasonably painless process for you, but takes time up, just do what your company tells you to do, and you should be ok

The the best thing to do is...if you arrive on a Single entry, dot plan on leaving Thailand until you multiple re-entry is sorted out etc...cos if you do...your Non-imm B will be invalidated, means start again..

Re tax "arrangments" going to say two words to you....."Double Contract"

All the best in your move to Thailand

Edited July 26, 2009 by Soutpeel

[mark5335]

I got my Non Immi B from the Royal Thai Embassy in Singapore. Despite requesting a 1 yr multiple entry, they advised that they only issue 90 day single entry Non-Immi B's anway. However, a week after touching down in BKK, my employer scheduled my visit to the One Stop Service Centre (located in RASA Tower near Lad Prao...for work permits and visa extensions of stay) where I got my WP, re-entry permit, and a 12 month extension of stay.

I was at the OSSC for about 4 hours getting all this done with the help of my employer's lawyer. However, I just did my first renewal (for 1 yr) last week for my WP and extension of stay, and it was quite painless...only about 1 hour. I'm unsure whether all employer companies qualify for using the OSSC, I believe it may only be for companies qualifying under the Board of Investment rules. Perhaps, another member could clarify this point.

Edited July 26, 2009 by mark5335

[Soutpeel]

I'm unsure whether all employer companies qualify for using the OSSC, I believe it may only be for companies qualifying under the Board of Investment rules. Perhaps, another member could clarify this point.

As far as I am aware Rasa tower is for BOI and MNC's to do their WP's etc, however have seen a an English teacher in their doing a a 90 day report..!!...so as with all things in Thailand, you never quite know till ya try...

[DoctorD]

Greetings!

We have our normal transaction account with Siam Commercial Bank. We tried both Kasikorn and UOB and ended up canceling both. SCB has a decent on-line banking facility and branches EVERYWHERE. The manager at our home branch works very hard to take care of us.

Getting a credit card here, even if you are working and have a work permit, takes some shopping around. We tried several banks. Finally got Mastercards from KTC (Krung Thai Card), which is affiliated with Krung Thai Bank, but I wouldn't necessarily recommend them. They have no on-line payment or statement review, and their customer service people speak very little English. We do have an HSBC premier account and eventually got credit cards from them also, but it took quite a while.

Definitely keep your Australian cards, but be aware that in the U.S. at least most credit card companies charge a 3% foreign transaction fee for anything not denominated in the local currency.

My advice is to use credit cards as little as possible here anyway. The risk of fraud is relatively high. Thailand has excellent facilities for cheap money transfer between banks and accounts (can do through an ATM for transactions under 50Kbaht) and this takes the place of many transactions that would otherwise be via a credit card.

Good luck and feel free to ask more questions. Please note that everyone has different experiences here. Whether or not you get a visa, a credit card, a bank account etc. may depend on who you talk to, what you look like, or what you are wearing! Randomness rules.

Best,

Sally