Bank Recommendations For Personal Bank Account

[ukrules]

I need to open a Bank account that I can use to receive international payments and also send them out each month. Each month I need to send money to Belgium and Thailand and receive it from the US and UK.

I won't be in Bangkok all the time and will need to send payments while I am abroad.

I want to use my address at my apartment in Bangkok for the account. I don't have much in the way of proof of address for this apartment apart from maybe my internet bill and the lease agreement, the other bills are in the landlords name.

Can I use a Thai bank for this ? Preferably I will be able to do the outgoing international wires using an online banking service. I'll also need a debit card. I don't need a credit card. As for the currency US$ / UK Pounds or even Euro will be fine.

I don't want to have to pay a large amount into it to open the account or have any large minimum balances which need to be maintained. I don't mind paying in a few thousand initially but no more than about £3000-£4000. I don't mind paying a monthly fee for the account.

I've heard of accounts with banks outside of Thailand but don't really have any idea where to start or what's required to open the account initially.

Any ideas ? I'm not looking for a savings account but rather a 'current' account for my day to day needs wherever I happen to be.

Hope you can help, thanks !

[george]

HSBC International / Offshore / Premier:

http://www.thaivisa.com/hsbc

[keeniau96]

HSBC Premium has high deposit requirements and some have written to complain about their staff attitude.

Thai banks are constrained by Thai forex regulations on outbound international payments. Every outbound payment needs a form filled out; if it's over 20k USD then needs head office approval and you have to provide evidence why this transfer is made eg. invoice for purchase of goods. You would be be better off with bank located elsewhere.

If you must have Thai bank then Kaesikorn (Farmer's Bank) appears to be more in line with international standards than most others, maybe also Bangkok Bank.

[richardt1808]

Hi,

Thai banks generally require a work-permit in order to open an account for a foreigner, so I think you would definitely be limited in your local choices.

Agree with the HSBC option. If you open HSBC locally, there is a huge deposit/minimum balance required which must be maintained, but if you already have an account in your home country, then they should have no problem allowing you to use local services.

Cheers

[PattayaParent]

Can't you do all you want from your existing home bank account?

If not then open an account in Channel Islands, you can use your home address and provide the required proof of address there and then when you get to Bangkok send them the necessary documents to change the address.

Or if you're in Bangkok now you can open the account using your Bangkok address with proof of address.

Edit: Got a Thai licence? That has your address on it, you'd need a certified copy and translation though.

Edited January 22, 2010 by PattayaParent

[babuhavas]

try kasikorn and siam commercial bank.

[craigt3365]

You don't need a work permit to open a Thai bank account...at least not here in Pattaya. I opened one last month. Easy process, though you do need a residency document. Easily obtained at the immigration office. I am on a 90 day visa. Your internet bill with your name on it and the address should be good enough.

As was mentioned, outgoing transfers are a problem with Thai banks.

[bellagrego]

HSBC International / Offshore / Premier:

http://www.thaivisa.com/hsbc

SORRY, WRITER this account is not within the parameters the man is looking for. This account requires a standing balance of 100,000 US dollars. They do have others but niot the premiere advantages., I have HSBC online, Chase online, Bangkok and Krug Thai. The HSBC cannot do all he requires nor can the Krug Thai. Bangkok bank has limited transfer online, like minimal. Chase does it all online but out of his contact range. Best bet, two accounts, Bangkok and HSBC as the interim account .

It ani';t easy to set all this up here.

[bellagrego]

In addition. There is no shortage of misinformation here and just plain errors. Work permit not required. Sending money out not a problem unless you did not confirm the source. Must have documentation how it got here. Example. Money in via wire transfer to Thai bank. You remove it, pout in another bank, then decide to send it back to your home in Europe. Now you have a problem. Path of cash and source now unidentified and must be proven via deposit slips, books, etc. Don't bounce the money and no problems. They will return it to the funding bank. I have done so more than once. Send your money in here from your home bank and send it back from here to your home bank. Walk in to Bangkok Bank on arrival with the visa and the certificate of residentcy from immagration and its a walk.

[PattayaParent]

^or just go to Kasikorn bank and only a passport copy required.

It'd still be easier to open a Channel Islands account though and he has no problems with the vagaries of the Thai banking system about whether or not they will allow you to send money out.

He can even have an account in each currency (USD, GBP, EUR) and no loss on exchange rates on the conversions.

[ukrules]

Thanks for the information, I'll check out a few of the above suggestions and go for one of them, probably a Channel Islands account which allows Thai addresses.

[lopburi3]

You don't need a work permit to open a Thai bank account...at least not here in Pattaya. I opened one last month. Easy process, though you do need a residency document. Easily obtained at the immigration office. I am on a 90 day visa. Your internet bill with your name on it and the address should be good enough.

As was mentioned, outgoing transfers are a problem with Thai banks.

The poster is asking about a current account. Did you open a current account without a work permit? If so where? Savings accounts are relatively easy to open and are used for most transactions here. Current accounts are much harder to obtain.

[craigt3365]

It was a savings account. I have not tried anything else yet. I just moved here full time and need to start getting myself setup with things like Thai credit cards, etc. I am sure that will be a fun process.

I am amazed at how hard it was to setup a joint account. It was unreal at how much paperwork we had to fill out. Our surnames are the same also. And I wasn't too happy about paying 200B for an ATM card...

I am mostly a cash guy...even in the US. Except for things like airplane tickets, etc....

[lopburi3]

Believe that is likely a debit card at 200 baht and yearly at that. You will also be hit with out of area charge for any withdrawal outside your home bank location. Any transfer to another account will have a fee - and to an account at another bank be limited to 20k so they can add up multi fees. You can use card in other bank ATM's up to four times a month but after that another fee will be charged. For the most part the fees are small but they take up space on passbook and getting a new book every few months is not a fun thing to do either, especially if your Passport number has changed.

[aurelius]

It was a savings account. I have not tried anything else yet. I just moved here full time and need to start getting myself setup with things like Thai credit cards, etc. I am sure that will be a fun process.

I am amazed at how hard it was to setup a joint account. It was unreal at how much paperwork we had to fill out. Our surnames are the same also. And I wasn't too happy about paying 200B for an ATM card...

I am mostly a cash guy...even in the US. Except for things like airplane tickets, etc....

Believe that is likely a debit card at 200 baht and yearly at that. You will also be hit with out of area charge for any withdrawal outside your home bank location. Any transfer to another account will have a fee - and to an account at another bank be limited to 20k so they can add up multi fees. You can use card in other bank ATM's up to four times a month but after that another fee will be charged. For the most part the fees are small but they take up space on passbook and getting a new book every few months is not a fun thing to do either, especially if your Passport number has changed.

However, there is no minimum balance requirement and no monthly account service fees (unless the account has gone dormant for over 6 months), and for bangkok customers mostly no charges for using other bank's atms. In general Thai bank accounts have far less fees than US/Aust/NZ etc.