Bank Accounts

[sheep152001]

Is it possible for a foreigner to open a bank in Thailand?

If it is what do I need to apply and what do they provide you with e.g cheque book, ATM card etc

[ThaiAdventure]

Yes you can.

You need a passport.

You will definately get an ATM card. Chequebooks I'm not sure about for personal accounts.

Some farang friendly banks

Bank OF Asia

Bangkok Bank

Siam Commercial Bank

Siam City Bank.

[TRIPxCORE]

.

Some farang friendly banks

Bank OF Asia

Bangkok Bank

Siam Commercial Bank

Siam City Bank.

From my experience of 2 weeks ago, Bank of Asia is not farang friendly unless you have a work permit. I went to 2 of their locations to try an open a savings account and was rejected due to no work permit. Went to 1 Bangkok Bank location and opened the account with only a 30 day tourist stamp in it which they didnt even bother to check. That was just my experience though, maybe others were different.

[lopburi3]

It seems everyone believes you only want to open an account and not really a bank so will join that list.

Most banks will open a passbook savings account with just a copy of your passport and perhaps a mailing address (as almost nothing is ever mailed with this type account it could just be a hotel room). With this you get an ATM card and have access at just about every ATM in the country (small fee outside home bank area or after using another bank 3 times in a month).

Checking account are very tightly controlled and non immigrant visa plus work permit usually required. Few people use checks so no great loss. You can do most bill payments with phone banking or atm transfers.

[sheep152001]

Hi,

Do I need to be in the country to open the account?

Is there a minimum balance required?

Can I use the card outside the country?

Thanks for all your help

[jonniebkk]

lop has most of the info you need already.

go with bangkok bank or thai farmers. they seem the most farang friendly of the thai banks and are the largest and most stable of the domestic banks and have extensive ATM networks.

savings accounts with any visa acceptable. checking need WPs like stated by others. comes with default domestic ATM card. can pay B200-300 extra for "international" ATM card that works on most international ATM networks.

minimum amount to open...deminimus...something like B500 if i recall. think you must do in person. bangkok and thai farmers (now kasikorn) have some international offices where you may be able to open an account...check their websites.

[udon]

go with bangkok bank or thai farmers.  they seem the most farang friendly of the thai banks and are the largest and most stable of the domestic banks and have extensive ATM networks.

Agree 100% about these 2 banks, Bkk Bank and TFB, TFB debit card won't work in Oz but ok at Changi for all your Duty Frees.

[stumonster]

tried to open an account with thai commercial bank about 6 months ago, and they wanted a work permit.

does anybody have any experience with internet banking with a bangkok bank account, and getting international payments into it..

have not been that impressed with their website, cannot get the foreign exchange page to work, and read an artice in the bangkok post database bagging the internet banking.

thx

[udon]

Stumonster try TFB at this location

They are now known as Kasikornbank....... beats me!

[ThaiAdventure]

tried to open an account with thai commercial bank about 6 months ago, and they wanted a work permit.

does anybody have any experience with internet banking with a bangkok bank account, and getting international payments into it..

have not been that impressed with their website, cannot get the foreign exchange page to work, and read an artice in the bangkok post database bagging the internet banking.

thx

I opened an account with SCB...they didn't ask for a WP.

The internet banking is a bit archaic looking not what you expect of an internet site rather a desktop dial-in. Cost THB 3000 per year per account to do anything with it. I can log in but can't seem to do any transactions. I've got to go see them about it.

[MekhongKurt]

In my 9+ years' experience here, it can vary widely bank to bank, branch to branch of one bank, and clerk to clerk in one bank's particular branch you are in. Awhile back I went to the Soi 33 branch of Thai Farmers' Bank to open a simple passbook savings account -- and initially was told I HAD to have a work permit. When I gave the the name of a friend who had done the exact same thing the day before at the same branch, they had a whispered consultation, played around on their computer terminals, then said, okay, I didn't have to have a work permit after all. Ready to get the ball rolling, I pulled out my cash -- only to be handed a list of about a dozen OTHER things I needed. Including, get this, a letter from my landlord. I snorted, thanked them, and walked out.

ANother thing to consider if you're planning on moving money internationally, even via Electronic Fund Transfer. Thai banks are infamous (though not uniquely so, to be fair) for kiting your money -- sitting on it so THEY earn interest that otherwise would go to you. It once took me 42 DAYS to receive money from America -- and I got it then only because the clerk at the American bank had faxed me over a copy of her computer print-out showing that that particular branch had been directly credited in under 3 minutes of when she had keyed the payment in. She had gone so far as to circle the various arcane code gibberish bits and translate them into plain English. Got my money immediately, with red faces all around (on their side of the counter, that is. Money in hand, I withdrew what I already had and closed my account on the spot.

IF you can avoid doing business with a bank here, I recommend you do avoid it. There are some drawbacks, such as when the bangking systems' internet connections are interrupted, but I keep some cash stuffed away for just such contigencies. And in a real sticky wicket, there's always the outrageously expensive but reliable Western Union (assuming you have someone abroad able to wire you money).

Hope the cautionary notes help.

[ThaiAdventure]

Good advice MK.

Especially now that most international banks ATM cards also work in Thailand. I have several accounts in the UK all of them use Switch/Maestro or as you say in Thailand Cirrus! I can withdraw 20,000 THB at a time and it only costs me THB 150 per transaction. In addition I get the Thailand rate exchange rather than the piss poor UK rate which more than makes up for the fee. If i wire money it costs 1500 THB that the Thai bank charge plus an additional 2000 THB from my own bank. It is better to take out 20,000 and put it into the Thai account myself.

[udon]

Sorry to hear probs opening a/cs here.

All TFB AND BKK Bank wanted to see was my passport and the fee for an Intl Debit card.

As someone said, it varies from clerk to clerk.

Sometimes you have to tell THEM what the banking rules are.

[jonniebkk]

i have had nothing but positive experiences with Bangkok Bank. I have heard, however, that non-local checks can take a long time to clear. Wire transfers from my american bank are credited in 2-3 days. of coarse there are little fees for everything, like depositing money into your own accout at a branch that is not your "home" branch but these effect everyone.

BB mini-branches at lotus, big-c, etc are great too...banking from 10-8:30 7 days a week.

[dr_Pat_Pong]

Bangkok Bank and Siam Commercial get my vote

[monitorlizard]

Stumonster

I would be very careful about international payments going into your Thai bank account.

MK is correct that banks tend to sit on the money.

You would be much better off having your money sit in a western bank and use their ATM to withdraw the money. Thai banks do not charge fees. Yes their exchange rates are slightly lower.

International transfers cost 30 - 40 USD per transaction (at least from the states) and you still get a lousey exchange rate.

Another thing to consider, if you open an account as a resident then you are faced with a lot of restrictions with money going out of Thailand.

People can open a dollar account as a non-resident and withdraw the money at will without restrictions.

Dr. PP is correct, forget the checkbook! People don't use them all that often. You will defintely need a WP to get one. In LOS if you write a bad or bounce a check you will land in jail!

use your atm card, pay bills at post office or at banks, and the credit card for purchases at big department stores.

[stumonster]

thanks for all the advice

does anyone have any experience with opening a bank account in singapore, maybe with the hsbc. do you have to be a resident there?

[lopburi3]

MK is correct that banks tend to sit on the money.

Although this used to be a problem with checks have never had a wire transfer take longer than 36 hours using BBL (and have been doing for years).

International transfers cost 30 - 40 USD per transaction (at least from the states) and you still get a lousey exchange rate.

I get a good rate. Your US bank isn't doing the foreign exchange in the US is it? You should wire transfer US$.

I do agree that you can just use foreign ATM card for most things (if you do not need the wire transfer record for immigration) but do find it nice to have a local card that can be used in any atm close at hand. For paying bills the phone system used by Bangkok Bank can be used from home for most things, which is another reason to have a local account. Paying bills at PO or Bank is not what I consider a fun day!

[jonniebkk]

monitor,

you need to be a little more accurate or thorough with your information.

wires from USA to thai bank can be as low as $20. that is one-third to one-half the amount you quote. i know, i do it several times a month via citibank. $20 per wire no matter the amount i transfer.

also, of course you will get a lousy exchange rate if you let your usa bank handle the currency exchange, i.e., purchase bahts from them and then transfer these bahts to your thai bank account. but you don't do this. you transfer DOLLARS to your thai bank and have them do the exchange. this way, you get whatever their posted public baht-dollar exchange rate is on the day they receive the wire. as far as i can see, there are no additional fees (at least at Bangkok Bank) for this. it's just like you walked up to their currenty exchange booth and handed them dollars to exchange for bahts.

i don't see where there are lots of restrictions on getting the money out of thailand either. like others have said, if you have an international ATM card from your thai bank, in the worst case scenerio, you could take out the max daily allowed amount when back home, which would be $1000-$2000 per day. you could clean out most accounts pretty fast this way. nobody should put more than a few months living expenses into their local bank (unless doing business in Thailand). the bulk should be left back home or in an offshore bank in Hong Kong or Singapore.

[Guest ka1234]

I used to be a BBL customer but switched to BOA when they didn't want to give me a credit card. BOA issued one within two weeks (before I even had a savings account with them).

My experiences from the two banks tells me:

* BBL hold incoming transfers longer than BOA

* Transferring money out of the country is more trouble with BBL than with BOA (more paperwork required with BBL)

* BOA offer more "farang friendly" services (such as accounts in multiple currencies) and have more professional and service minded staff

* BOA has internet banking

* BOA is more like a 'western' bank when it comes to services and procedures, maybe because they are owned by ABN-AMRO

So my vote goes for BOA as the #1 farang bank (although they don't have branches on the countryside so if you live outside BKK they are maybe not the best choice).

[dr_Pat_Pong]

does anyone have any experience with opening a bank account in singapore, maybe with the hsbc. do you have to be a resident there?

Non residents with bank accounts in Singapore do not have to pay any tax on interest earned

[MekhongKurt]

Stumonster -- use caution in opening any foreign bank account, including in Singapore. When I lived in Macau 1990-94, I had an American Express Gold Card issued to me by the HSBC out of Hongkong. In late 1993 the card was stolen (it was in a shoulder bag of mine that got swiped), and although I reported the loss almost immediately to the police, it turned out under Hongkong law (at least at that time -- I don't know about now) *I* was responsible for all charges for the next 30 days. Turned out some gal used the card in Guangzhou to run up about $US14,000 worth of charges. I didn't *HAVE* that much cash on hand, and when HSBC demanded I pay the full amount immediately, I explained I couldn't, but could within 4 weeks exactly, and sent them a check for about $US8,000, planning to send them another payment of $US3,000 two weeks later and a final installment of $US3,000 four weeks later. In the event, I received what I initially took to be an acknowledgement of my first payment a few days later, but boy oh boy, was I ever wrong; when I opened the envelope, I found my check, voided, and a nasty letter telling me they didn't want partial payment, period. My checking account was with the American Express Bank in Hongkong, where I had a small loan. HSBC reported my credit card debt to there, and AEB called in my loan. Further, HSBC illegally reported my "failure to pay" to US credit bureaus (bad for me, since I'm Yank), and it took a cease-and-desist letter from my American attorney to get them to withdraw the report. I do have to give the US offices of American Express credit in that they helped get the report removed. But I will NEVER deal with HSBC *or* American Express again, period. When a Hongkong Queen's Counselor tells me he can either let me know for free I'm not going to win in court OR I can pay him $US40,000-60,000 and STILL lose, I'm not confident in laws in certain jurisdictions. The irony is that I didn't even *want* an American Express Gold Card, but got one on the basis I was an instructor at The University of Macau -- and got it unsolicited. Little did I know the heart-ache it was to cause me. BTW, HSBC-Hongkong and American Express Bank Hongkong are still waiting for their money; I called them both after receiving the nasty letter from HSBC to try (AGAIN) to work out a payment arrangement, but they were absolutely inflexible, so I ended up telling them to come and get it, which they never even attempted. ANd I did have a Hongkong-based friend in the banking industry track it -- yet they never even REPORTED my debts -- not to any Hongkong organization. Anyway, BE CAREFUL -- check the laws so you know your liabilities.

[MekhongKurt]

I don't speak Thai, but a bilingual Thai friend told me "Kasikorn" is the Thai for "Thai Farmers." My guess is, given the timing of the name change, that the bank's top command felt it prudent to change the name to a Thai name, given the nationalism/racism of the government.[/size]

[monitorlizard]

Johhnybangkok

You mentioned that Citibank charges $20.00 for international wire transfers?

I have Citibank accounts in both US and Thailand. I am always quoted $40.00 for international. I have a gold account at the Sathorn branch or in the private banking section.

Please do tell me who to contact to get this rate. I would be most interested. I gather you have the swift agreement with the Citibank transfer department in New York?

The international transfer on Citibank's internet banking has been suspended so I know you can't be referring to this type of service.

So please let me know, I would be interested in saving 50% off my wire fees.

Thanks.

[monitorlizard]

I stand corrected about the 20 USD international transfer fee. It can be done if you have a citigold account in the US. its free if you have private banking there.