Type Of Account To Open

[corkman]

Hi All,

I am a little ignorant to the banking system in Thailand, so figured here is a good place to start

I am due to start work in Bkk on Monday - I have a non-O visa, and will soon have a work permit. I have a 12 month lease on a house, a letter of employment, valid passport, etc. and will be getting paid directly into my bank account (I assume) by bank transfer.

I will also need to be able to transfer cash from Thailand back to Ireland on a monthly basis to service financial commitments to the tune of about €1000 per month. It has been suggested previsouly that I open a "Euro" account.

It has also been suggested to me that I go to Siam Commerical Bank. My Thai Mrs. has a SCB account, so I am hoping to open the equivalent of a personal "current account" with them, and also a "Euro Account" and a "joint account" between me and my Mrs.

Any easy to use, convenient, and effective "online banking" service is also inportant to me.

In due course I would be looking to apply for debit and credit cards, also.

Can anyone comment on, or advise me on the above?

Many thanks in advance.

[Firefan]

Well you need a "savings account" (with online banking) and then also maybe a "currency account". Thing is that if your salary arrive in THB in Thailand the currency account just adds extra costs without any real advantages. If your salary (or part of) is paid in foreign currency somehow - it might be an advantage.

Kasikorn generally seems to be most flexible, have decent online banking, and foreigner friendly, even though I use Bangkok Bank for both accounts.

Cheers!

[Spoonman]

Im with Kasikorn(Visa debit/Savings account), No probs at all moving money back home every month, was a bit of a mucking around getting the cyber banking set up with international transfers but she is all sweet now, I transfer $1000AUD a month into to my AUS account, the transfer takes approx 3 hours and costs 800baht.

[Stjohnm]

Firstly if you're going to be working here make sure a Non Imm O is correct normally the Labour Dept require you to be in the Country on a Non Imm B before they issue work permits, but providing you have at least 60 days left on your current stamp that can be changed at an Immigration centre in the Country.

I can't speak for SCB as I bank with BKB but you should be able to get a foreign currency account with them, SCB would probably be the best bank to deal with if your Mrs banks with them, but your employers may insist that you open an account with their bank for ease of Payroll Management, but you can have multiple account with more than one bank.

Current accounts aren't available for foreigners, but they will give you the next best thing which is a savings account with an ATM card attached to it. Credit Cards are a little nightmare to obtain, you'll have to wait for a while (6 months or so) before applying then you'll need all kinds of guarantees from people like your embassy stating you are a fit and proper person, and then you may be required to leave a deposit equivalent of the credit limit with the bank (depends on policy) It may be easier to get your bank in Ireland to issue you a CC that Bills in THB.

If you have to send money back to Ireland on a regular basis there are some rules about converting THB into Foreign currency, check with the bank 1st as they are subject to change all the time. If you can get paid by Euros into your Irish account and then wire to yourself what you need minus the €1000 for your bills, it may be cheaper and more convenient. Although you'd better check the tax laws re this before you do.

[fletchsmile]

There's nothing to stop you having current accounts as a foreigner. I have with with BBL, UOB and Standard Chartered.

With UOB and Standard Chartered I have savings accounts linked to current accounts. Current account holds zero balance, but whenever you write a cheque they automically sweep from your savings account. Both kindly gave me platinum visa cards free.

The 6 month "rule" on getting a credit card is not a rule but most banks' policies. Should you have a good job with a reptuable MNC and be the type of international customer the foreign banks would like to establish as a long term customer, some of the better foreign banks will actually wave the 6 month rule.

In terms of cost of a SWIFT transfer out of the country 800 baht mentioned above is easily bettered if price is your main factor for your bank. Search around and some go as low as 350 baht at the moment.

Very little benefit for most foreigners in having a foreign currency account here. Poor rates, minimum balances, charges etc. Main benefit is you can just walk into your branch to do something with it. Even then internet banking sort of makes it redundant.

[aurelius]

Bangkok Bank's international remittance via internet banking is 300bt per transfer. The funds leave from a baht account (savings or current); you can't transfer from a EURO denominated account - some promotion being advertised on Thaivisa at the moment I think. The work permit will help when setting up the funds transfers as it will help prove source of earning.

Joint accounts are possible, but not that common among the thai population - another way is to get one acct with 2 atm / debit cards without the necessary double signing for everything each time you get a new book etc.

[corkman]

Thanks everyone!

Stjohnm - yes, my mistake - I have a non-B...... my daugher has the non-O

Well I went into SCB on Suk Soi 11 yesterday to enquire about an account, and they set up a savings account with ATM debit+ card there and then on the spot - no probs I suppose that having an account makes it easier to set up other accounts I'll find out from work on Monday if they have a preference (or indeed requirement) to use any particular Bank.

I'll be paid in THB, so maybe a foriegn currency account is pointless, as more or less everyone says.

THanks for all the input!

[clinique]

seemsyou already opened an SCB account,

but just word of warning,, my experience, their overseas transfers are always slowwwwwwwwwwwwwwww,

their computer system is NOT compatible with all other banks and amny retail outlets willnot accept their debit cards..

and using their cars to buy at swipe machines can bea night mare..

their technology systems are wayyyyyyyyy behind the others,,,

bangkok Bank or kasikorn are the best andmost efficient

[corkman]

seemsyou already opened an SCB account,

but just word of warning,, my experience, their overseas transfers are always slowwwwwwwwwwwwwwww,

their computer system is NOT compatible with all other banks and amny retail outlets willnot accept their debit cards..

and using their cars to buy at swipe machines can bea night mare..

their technology systems are wayyyyyyyyy behind the others,,,

bangkok Bank or kasikorn are the best andmost efficient

Thanks for the warning!!!

I just found out this morning that I need to open a Bangkok Bank a/c anyway, because that's who the company use etc.

So I'll probably just be using that.