Bank Account And Chaig Mai

[kcore]

Hello - Let me bounce this off everybody and tell me if i am on the right track. I arrive cm next week on B visa and will convert to extension of stay upon arrival. money no problem. For my banking needs i have been advised by the this forum, the following: 1. Open a FX account at BKB for us dollars and hold them until needed. 2. open up a pass book account\ checking account for a debit card and day to day operations which I believe has no ATM fee. Sounds simple. Too simple for Thailand. I have heard about many changes within the thai banking community about this atm fee which i can't stand paying. What is the latest! My usa funds are transfered FREE of charge from my usa financial institution to my "to be set up FX acoount" in dollars. I then exchange dollars to bht as needed or when exchange rates are favorable and deposit into my pass book\checking account as needed. Is BKB still the best institution for this type of set up or can someone make a case for different bank. What do u think. Kevin

[chiangmaibruce]

Kevin. In general your strategy seems ok but you are going to need to be flexible when you hit town. There is a lot of babble in these TV banking threads about "this bank is best, they let me do x, y, z no trouble". In reality though, what you can and can't do depends to a greater or lesser extent on the specific member of staff you encounter on the day in question (their mood, the stage of the moon, etc etc). So have a plan B ... which might just be walking down the road trying each bank in turn till you get the nod.

For example, to my knowledge foreign exchange accounts are only available in some larger branches in BKK ... but if you have been advised that a specific branch of a specific bank in Chiang Mai will do that for you then ... you may be ok but don't get your hopes too high.

There are quite a few pre-existing good discussion threads on the bank fees issues ... I am not up-to-speed on that issue, but use the thaivisa search function and see if you can find them to get an idea of the current state-of-play.

Enjoy Chiang Mai - it's a great spot

[lannarebirth]

Why the FX account and not a straight THB account?

[dave2]

chiangmaibruces advice is right

dont complicate things and mess about with fx accounts .... just open a pass book account in any bank that will give you one

as money is not a problem you dont need to wait for a favourable rate !

banking in thailand is what will they give you ? ...... not what you may want !

dave2

[JimGant]

What is the latest! My usa funds are transfered FREE of charge from my usa financial institution to my "to be set up FX acoount" in dollars. I then exchange dollars to bht as needed or when exchange rates are favorable

What mechanism have you available that allows FREE of charge transfers of dollars to Thailand?

And why do you want to set up an FX account? Sounds like, just for FX speculation -- and this you could do by holding your dollars in the States until an opportune time. And, assuming the baht continues to strengthen, there will be no opportune time, whether your bucks are Stateside or in an FX account -- you'll need, at some inconvenient point, to convert to baht to extend your existence in Thailand. Dollars sitting in Thailand don't, sadly, appreciate along with the baht.

Anyway, a lot of dialogue on this forum about Bangkok Bank's ACH system in the States, that allows you to do EFTs just as if you were doing this between two banks within the States. Don't believe any other Thai banks have a similar system.

It does have fees -- $10 on the New York end, 500 baht on the Thai side (for transfers of several thousand dollars). Dollars get converted on the Thai side at the going TT rate -- same as you'd get for a SWIFT transfer.

Do a search on "ACH" if you're further interested.

[kcore]

Kevin. In general your strategy seems ok but you are going to need to be flexible when you hit town. There is a lot of babble in these TV banking threads about "this bank is best, they let me do x, y, z no trouble". In reality though, what you can and can't do depends to a greater or lesser extent on the specific member of staff you encounter on the day in question (their mood, the stage of the moon, etc etc). So have a plan B ... which might just be walking down the road trying each bank in turn till you get the nod.

For example, to my knowledge foreign exchange accounts are only available in some larger branches in BKK ... but if you have been advised that a specific branch of a specific bank in Chiang Mai will do that for you then ... you may be ok but don't get your hopes too high.

There are quite a few pre-existing good discussion threads on the bank fees issues ... I am not up-to-speed on that issue, but use the thaivisa search function and see if you can find them to get an idea of the current state-of-play.

Enjoy Chiang Mai - it's a great spot

Thanks cmbruce; as stated ; It all seemed to simple for Thailand and I am expecting many lesson in patience.

Boy , I hope I don't have to go to BKK for the FX account. Truley looking forward to Chaing Mai.

[kcore]

Why the FX account and not a straight THB account?

It is a substantial amount that i feel would be better off remaining in dollars for the time being, plus I am working two angles for the extension of stay requirement. 1. monthly income from state and 2. seasoned funds in thai bank.

[Tywais]

This page shows the FX accounts information for Bangkok Bank > FX Accounts

On that page is a pdf file of the banks's FX service branches.

[lannarebirth]

Why the FX account and not a straight THB account?

It is a substantial amount that i feel would be better off remaining in dollars for the time being, plus I am working two angles for the extension of stay requirement. 1. monthly income from state and 2. seasoned funds in thai bank.

You understand you still pay an exchange fee/ commission to withdraw your funds, right? Anyhow, if that's what you want, which I doubt anyone would recommend, you can find it in Chiang Mai. I had one at Kasikorn Thai bank, Nimmanhaemin Branch. Worst bank I've encountered on 4 continents.

[kcore]

What is the latest! My usa funds are transfered FREE of charge from my usa financial institution to my "to be set up FX acoount" in dollars. I then exchange dollars to bht as needed or when exchange rates are favorable

What mechanism have you available that allows FREE of charge transfers of dollars to Thailand?

And why do you want to set up an FX account? Sounds like, just for FX speculation -- and this you could do by holding your dollars in the States until an opportune time. And, assuming the baht continues to strengthen, there will be no opportune time, whether your bucks are Stateside or in an FX account -- you'll need, at some inconvenient point, to convert to baht to extend your existence in Thailand. Dollars sitting in Thailand don't, sadly, appreciate along with the baht.

Anyway, a lot of dialogue on this forum about Bangkok Bank's ACH system in the States, that allows you to do EFTs just as if you were doing this between two banks within the States. Don't believe any other Thai banks have a similar system.

It does have fees -- $10 on the New York end, 500 baht on the Thai side (for transfers of several thousand dollars). Dollars get converted on the Thai side at the going TT rate -- same as you'd get for a SWIFT transfer.

Do a search on "ACH" if you're further interested.

Excellent points Jimmy. MY financial institution here offers this service too me. I am a little speculative with the FX account but , the primary reason for this is I need to season some money in thai bank as well as show the letter from embassy regarding income for extension of stay. Covering both sides of the arse so to speak. As far as Bangkok B Arch system, i assume you are refering to the New York branch. I have thier swift codes and once i set up my accoutn in thailand i can then direct Smith Barney to wire transfer through New York but, why. If i can just have them send to CM using swift exchange. Either way it is a no charge event to me. Of coarse in us dollars to avoid 3rd party exchangers. Thank you. Kevin

[kcore]

Why the FX account and not a straight THB account?

It is a substantial amount that i feel would be better off remaining in dollars for the time being, plus I am working two angles for the extension of stay requirement. 1. monthly income from state and 2. seasoned funds in thai bank.

You understand you still pay an exchange fee/ commission to withdraw your funds, right? Anyhow, if that's what you want, which I doubt anyone would recommend, you can find it in Chiang Mai. I had one at Kasikorn Thai bank, Nimmanhaemin Branch. Worst bank I've encountered on 4 continents.

No. I did not. But I am not surprised. So if I take 1000us from my FX account and deposit it (electronically) into my pass book account and have it exchanged at that time obviously, how much does the Gov. git. Say we are at bangkok bank or ball park me if u know.

[lannarebirth]

You understand you still pay an exchange fee/ commission to withdraw your funds, right? Anyhow, if that's what you want, which I doubt anyone would recommend, you can find it in Chiang Mai. I had one at Kasikorn Thai bank, Nimmanhaemin Branch. Worst bank I've encountered on 4 continents.

No. I did not. But I am not surprised. So if I take 1000us from my FX account and deposit it (electronically) into my pass book account and have it exchanged at that time obviously, how much does the Gov. git. Say we are at bangkok bank or ball park me if u know.

Everyone has an FX account for different reasons I suppose, but for me the reason is I don't want the money converted to THB. You don't pay an exchange/commission on deposit, but you will pay approx 1% on withdrawl to THB. If you want to withdraw $USD you pay approx 2% because first they have to convert to THB and then back to $USD.

Edited February 9, 2010 by lannarebirth

[kcore]

This page shows the FX accounts information for Bangkok Bank > FX Accounts

On that page is a pdf file of the banks's FX service branches.

[kcore]

You understand you still pay an exchange fee/ commission to withdraw your funds, right? Anyhow, if that's what you want, which I doubt anyone would recommend, you can find it in Chiang Mai. I had one at Kasikorn Thai bank, Nimmanhaemin Branch. Worst bank I've encountered on 4 continents.

No. I did not. But I am not surprised. So if I take 1000us from my FX account and deposit it (electronically) into my pass book account and have it exchanged at that time obviously, how much does the Gov. git. Say we are at bangkok bank or ball park me if u know.

Everyone has an FX account for different reasons I suppose, but for me the reason is I don't want the money converted to THB. You don't pay an exchange/commission on deposit, but you will pay approx 1% on withdrawl to THB. If you want to withdraw $USD you pat approx 2% because first they have to convert to THB and then back to $USD.

I jsut checked out Bangkok band FX account fee's. Upon reciept of usa fund they charge max 500 bht. Upon deposit (assume to my pass book accout) they get another max 500bht. So, armed with this information, my strategy is flawed as I am gettin double dipped. I should just go straight to pass book account. Thanks

[lannarebirth]

You understand you still pay an exchange fee/ commission to withdraw your funds, right? Anyhow, if that's what you want, which I doubt anyone would recommend, you can find it in Chiang Mai. I had one at Kasikorn Thai bank, Nimmanhaemin Branch. Worst bank I've encountered on 4 continents.

No. I did not. But I am not surprised. So if I take 1000us from my FX account and deposit it (electronically) into my pass book account and have it exchanged at that time obviously, how much does the Gov. git. Say we are at bangkok bank or ball park me if u know.

Everyone has an FX account for different reasons I suppose, but for me the reason is I don't want the money converted to THB. You don't pay an exchange/commission on deposit, but you will pay approx 1% on withdrawl to THB. If you want to withdraw $USD you pat approx 2% because first they have to convert to THB and then back to $USD.

I jsut checked out Bangkok band FX account fee's. Upon reciept of usa fund they charge max 500 bht. Upon deposit (assume to my pass book accout) they get another max 500bht. So, armed with this information, my strategy is flawed as I am gettin double dipped. I should just go straight to pass book account. Thanks

I wasn't even referring to "fees". Those are extra and will vary bank to bank. I was referring to the fact that you MUST convert your foreign funds to THB at some point, even if you don't want to, and of course you're going to pay exchange rates for that.

[kcore]

This page shows the FX accounts information for Bangkok Bank > FX Accounts

On that page is a pdf file of the banks's FX service branches.

Tywais, thanks for the link. Am i reading thier fee schedule correctly. Deposit fund from us - 500bht max. Deposit funds to passbook accountn- 500bht max. Do you know if there are additional fee's and comissions associated with exchanging the dollars from the FX dollar account to the pass book bht account.

[Ned]

In Chiang Mai an FX account can be set up at the Chang Pheuak branch of the Bangkok Bank. They take a nice cut though.

[Rama]

1) despite branch banks having the same name, banks in Thailand are very feudalistic and are dependent upon the local branch manager's interpretations and understandings. Branch managers are rotated, so one can be very foreigner friendly for new accounts one day, and not so the next.

2) If you're planning on living in CM, you need to open an account at a CM branch and NOT a bangkok branch. If you need to get a new ATM card, or report a lost card, you MUST do it at the branch your account is at. You cannot report a lost card or get a new one at another branch (understand feudalistic now?). If you deposit money in a bangkok bank other than your own, there's a bank charge.

3) waiting for a more opportune rate for a US dollar exchange is waiting for godot. The government is projecting a stronger baht to US dollar this year, not weaker.

4) some bank mangers don't understand the rules for foreigners. Some that usually do - Bangkok Bank (Kad Suen Kaw), Siam Commercial (Taepae Gate), Kasikorn Bank (Moon Muang near soi 9).

5) always transfer the foreign currency here and have the local bank exchange into baht - much better exchange rate.

Edited February 10, 2010 by Rama

[kcore]

1) despite branch banks having the same name, banks in Thailand are very feudalistic and are dependent upon the local branch manager's interpretations and understandings. Branch managers are rotated, so one can be very foreigner friendly for new accounts one day, and not so the next.

2) If you're planning on living in CM, you need to open an account at a CM branch and NOT a bangkok branch. If you need to get a new ATM card, or report a lost card, you MUST do it at the branch your account is at. You cannot report a lost card or get a new one at another branch (understand feudalistic now?). If you deposit money in a bangkok bank other than your own, there's a bank charge.

3) waiting for a more opportune rate for a US dollar exchange is waiting for godot. The government is projecting a stronger baht to US dollar this year, not weaker.

4) some bank mangers don't understand the rules for foreigners. Some that usually do - Bangkok Bank (Kad Suen Kaw), Siam Commercial (Taepae Gate), Kasikorn Bank (Moon Muang near soi 9).

5) always transfer the foreign currency here and have the local bank exchange into baht - much better exchange rate.

thanks rama, in that exact order is how i will proceed.....