Bank Comparison On Samui And Opening Foreign Currency Deposit Acct

[spinshock]

Hi all,

I have doing some research on this forum and visited 4 banks in Samui. Would like to get some input and help on this:

What I want to do:

- Open a Thai Baht savings account

- Open a Foreign currency deposit (FCD) account

- Wire foreign currency into the FCD and periodically transfer the money from FCD (and thus exchange into baht) into the Baht savings when I feel the exchange rate is favorable

- Use the ATM to withdraw baht cash and not have to use my foreign ATM card anymore avoiding the 150baht charge

- Potentially use the money wired in to purchase a condo

What I have:

- Tourist visa, no work permit

I have visited the following banks in Samui and my thoughts on each:

=Bangkok Bank=

- Will not open any accounts unless I have a work permit. Tourist visa is not enough

=Siam Commercial Bank=

- Poor opening hours. And service seems to be lacking. I have also read some post here saying that their online banking is not easy to use?

=Kasikorn Bank=

- Many on this forum seem to favor this bank. However, they will only open a Thai Baht savings acct for me. They will not open a FCD without a work permit

- Another issue I have is their website seems to be lacking in information. Such as fees. Also many pages are in Thai only.

- They say they only have a combo debit/atm card which costs 500B to buy and 400B/year. No atm card only.

= Ayudhya Bank (Krungsi)=

- Best website IMHO. Every page has english. All fees listed

- At the branch, they say I can open both a Thai Baht savings and FCD with passport alone

- ONLY problem is they don't take Canadian dollars with their FCD. This is a bit of a problem for me

At this point, Ayudhya seems to be my only option since only they will offer a FCD to me.

Is there any other bank I should consider given what I need to do?

Your experiences and knowledge is appreciated.

Thanks!

[spinshock]

Nobody have experiences with Foreign Currency Deposit accounts?.....

I checked Thanachart Bank today in Samui and they said they don't offer FCD accounts. This is strange because they offer it on their website.

Siam Commercial bank won't open any account with passport and tourist visa. They want a 'long stay' visa, something longer than 3 months.

It looks like my only option now might be Ayudhya Bank?

[aurelius]

From my own experience, you can open both Thai Baht and FCD account with Bangkok Bank with tourist visa. Just bring your passport and your driving license (with photo and address). If you don’t have your driving license, then you’ll need to get a letter of recommendation either from your embassy or an acceptable customer of Bangkok Bank (whichever is less complicated). Here’s more details on account opening

http://www.bangkokbank.com/Bangkok%20Bank/...Accounts.aspx#1

The bank will also offer you ATM card when you open your account. You’re right, it’s better to use the local ATM card to withdraw baht cash instead of your foreign ATM card because you don’t have to pay 150 baht every time you withdraw money.

You can then wire money from abroad into your THB or FCD account to buy a condo. A friend of mine just wired in money to buy a condo in Hua-Hin. He said that the Land Department will ask for a document from the bank confirming that money has been transferred from abroad. So after you have wired money into your account, you’ll need to go to the branch and ask for the Foreign Exchange Transaction Form or a letter confirming funds from abroad, either one acceptable to the Land Department.

Good luck!

[hilly999]

i'm very interested in the outcome of this as i am in exactly the same situation.Will have to wait another 3 or so weeks until my work permit comes in, i wasnt expecting it to take so long!!!! also with being under the impression that you need a w/p to open an account, was having vissions of running out of money!not good

good luck

[GungaDin]

^^^ Hilly.

If you haven't already opened a savings a/c Read on......

[hilly999]

Been to Ayudhya Bank in Lamai near the petrol station and market, to open my fcd and savings account. Waited to see the lady, only to be told i needed my work permit. So back to square one. Any branch recomendations ?

[GungaDin]

Did you read my link?

You won't get much help outside of BKK.

Expats are a PITA to banks who do not have English speaking staff.

You may have to go to bkk to open an account, a bummer, I know, but that's the score.

[hilly999]

i'd already been to the bank before i read your link.(which i found very helpful) So im just going to be super tight and wait until my wp comes through. Theres nothing else todo except follow the rules. Exceptions for one are not made for all!