Thai Bank Suggestions...

[grewy]

I have been using Bangkok Bank as they have a branch in London and had a big network of ATM machines in Chiang Mai. I have now relocated to Pattaya and have noticed that Siam Commercial has a stranglehold on the city - it seems every 7-eleven has a Siam ATM machine. Does anyone here know if any Thai banks apart from Bangkok Bank have a branch in the UK?.

                    Generally I have not been satisfied with the service in Bangkok Bank - Any suggestions of other banks would be greatly welcomed.

<{POST_SNAPBACK}>

i bank With Kasikorn bank could not be happier very easy to set up account instant ATM card and the internet banking is great too ,, not sure about branch in uk though sorry....happy banking

[patsfangr]

The newbie pain in the ass jumping in again, guys!

I've read through this thread as I continue working my way through issues in preparation for my move. I have a couple of questions, and, hopefully, you'll excuse my ignorance if I'm totally off base here.

Why doesn't everybody just make more use of a VISA card? My bank here is Washington Mutual. I called them about their international wire process, and they explained that it's through US Bank as the intermediary, and requires a minimum of 3 days. I then asked about using my VISA Debit Card there to withdraw money from an ATM. They said that should be no problem. I can, they say, withdraw up to the daily limit of $500, incurring a $3 charge for each international withdrawal.

Well, seems to me that the total elimination of hassle would be well worth the $3 to draw out "living expense" money.

Then there's the use of the VISA or American Express card for all major purchases. I know that most large businesses in Thailand accept at lease one of those.

So why screw around with wiring money once we get past the big bucks needed to purchase a house? Am I missing something here?

Now, the next question relates to my need to prove financial stability to get my Thai non-immigrant visa. If I wire money to my wife's account for the purchase of our house while she's over there alone, I won't have a large amount to bring in with me. As I understand it, proof of my pension amount in excess of 40,000 bht still covers me for the visa. Right?

[TokyoT]

The newbie pain in the ass jumping in again, guys!

I've read through this thread as I continue working my way through issues in preparation for my move. I have a couple of questions, and, hopefully, you'll excuse my ignorance if I'm totally off base here.

Why doesn't everybody just make more use of a VISA card? My bank here is Washington Mutual. I called them about their international wire process, and they explained that it's through US Bank as the intermediary, and requires a minimum of 3 days. I then asked about using my VISA Debit Card there to withdraw money from an ATM. They said that should be no problem. I can, they say, withdraw up to the daily limit of $500, incurring a $3 charge for each international withdrawal.

Well, seems to me that the total elimination of hassle would be well worth the $3 to draw out "living expense" money.

Then there's the use of the VISA or American Express card for all major purchases. I know that most large businesses in Thailand accept at lease one of those.

So why screw around with wiring money once we get past the big bucks needed to purchase a house? Am I missing something here?

Now, the next question relates to my need to prove financial stability to get my Thai non-immigrant visa. If I wire money to my wife's account for the purchase of our house while she's over there alone, I won't have a large amount to bring in with me. As I understand it, proof of my pension amount in excess of 40,000 bht still covers me for the visa. Right?

<{POST_SNAPBACK}>

You are correct in that if you have an account in a country outside of Thailand that allows you to have rather easy access and a rather high limit on the withdrawal amount you should be able to use that account in combination with the use of a major credit card to handle most if not all of your basic needs.

There are many farang here in Thailand that do not have easy access to their funds in the bank in their home country. So wire transfers are the way to go.

Plus having an account at a bank in Thailand gives you a place to store funds. For example lets say that you have a fairly large purchase coming up, or a lot of small purchases in a short period of time – in any case you know you will need a tidy sum to cover the purchase(s). So you can plan for this and make several withdrawals via the ATM system from your account in the US. It is nice to have a Thai account to deposit and keep the money rather than having too much cash sitting around at home.

Also while your bank may allow $500 USD per day this may require several ATM transactions in Thailand as the ATM machines will limit the total per withdrawal. Your bank is still charging you $3 per transaction. So instead of $3 for a $500 transaction, you may find yourself paying for five, six, seven transactions to get the entire $500. So now you are paying $15, $18, $21 bucks instead of $3.

I think that you will find that it is very helpful to have an account with a local Thai bank. From your post it appears your wife already has an account. So besides any possible issues related to needing an account in your name for visa (non-immigrant O Thai spouse visa you would need to get a Thai account to maximize the length of the visa) purposes you should be fine just using your wife’s account.

You also should check with your credit card company in regard to their policies in regard to foreign currency transactions. It use to be a safe bet that you would get a good deal using your credit card. Nowadays many of the banks that back the cards are adding extra fees for purchases made in foreign currency. So they may give you a good exchange rate but the fee they add turns it into a bad deal.

Since I am no were near retirement age, and no were near wealthy enough to consider early retirement I can not comment knowledgably in regard to income/pension requirement issues in regard to retirement visa. But I am sure someone else on the form can be of assistance.

[lopburi3]

1. At current exchange rate $500 is about 20,000 baht which can be obtained in one use of a Thai ATM.

2. Use of Visa has costs other than the ATM fee. You also receive at least 1 percent and maybe 2 or 3 percent below the interbank exchange rate on any transaction. I believe new fees have also been introduced within the last few months making it even less attractive (although perhaps not all banks are signed on yet).

3. ATM receipts can not be used for visa proof of overseas transfer.

4. 40K income can cover the requirements but that requires a trip to your Embassy for proof and with the loss in exchange from VISA use will probably end up costing more. But you will likely be required to have a bank account with an "up to you" amount in it for any extension of stay for support. This can be a joint account with wife however.

5. A local bank account allows using any ATM, anywhere, anytime without need for international communications lines being open. Not nice when ATM says you are using wrong PIN when you know it is right. Also the amount available is likely to be higher than overseas bank allow; and you know what day is what as the time zone is local.

[patsfangr]

Thanks TT and Lopburi! I definitely intend to have a bank account in Thailand. I may go the joint account route, as Lopburi suggested, if that's easy enough to convert from my wife's current account with Bangkok Bank. On the other hand, it might depend upon where we end up buying our house, since the convenience factor will be a consideration.

My question was just to ascertain the wisdom of obtaining day-to-day cost of living funds via ATM from my U.S. bank. When all is said and done, it will probably be best to use that for the sake of convenience when I first arrive, but switch to less frequent transfers of larger amounts to my Thai bank via wire. I think I'll get a better feel for it when I'm there, and can accurately assess the level of service I get from the Thai bank.

I'll tell you this, dispite the complaints I've read here about Thai bank service, it's head and shoulders above the hassle of dealing with banks in Shanghai! I've accompanied my wife on trips to Bangkok Bank in Bangkok several times, and even gone there myself to exchange dollars for baht. It's a breeze doing business there compared to the nearly total incompetence you face in a Shanghai bank. Then there are the people, who, despite being wonderful on a one-to-one basis, have absolutely no sense of order in service situations. The simply crowd toward windows, and push their way in. Every man and for himself. No queue discipline whatsoever. Drove me nuts!

[salz]

what's the difference between a resident account and a non-resident account?

will a non-resident account face alots of restrictions?

[lopburi3]

what's the difference between a resident account and a non-resident account?

will a non-resident account face alots of restrictions?

<{POST_SNAPBACK}>

This is the Bangkok Bank definition and it would seem to fit business use or those with frequent transfers both ways more than most individuals. Believe most of us have the normal resident savings account.

Non-Resident Baht Account

This account is for personal and corporate foreign customers who want to have an account that enables funds to be transferred into and out of Thailand for specific purposes including investments. It helps save your time when you want to send your funds to a foreign country or make payments or repayments to overseas recipients.

I should add this is a counter service only account and only at head office.

Edited June 25, 2005 by lopburi3

[salz]

what's the difference between a resident account and a non-resident account?

will a non-resident account face alots of restrictions?

<{POST_SNAPBACK}>

This is the Bangkok Bank definition and it would seem to fit business use or those with frequent transfers both ways more than most individuals. Believe most of us have the normal resident savings account.

Non-Resident Baht Account

This account is for personal and corporate foreign customers who want to have an account that enables funds to be transferred into and out of Thailand for specific purposes including investments. It helps save your time when you want to send your funds to a foreign country or make payments or repayments to overseas recipients.

I should add this is a counter service only account and only at head office.

<{POST_SNAPBACK}>

You guys open normal savings account with passport only?

So can I open a normal savings account with just a passport while on tourist visa

[The Mask]

You also have to understand that not everyone in Thailand is living off a pension or a huge cash reserve from overseas. If you are working in Thailand then having a thai bank is essential and depending on what type of work you are doing the bank you choose is equally important.

The newbie pain in the ass jumping in again, guys!

I've read through this thread as I continue working my way through issues in preparation for my move. I have a couple of questions, and, hopefully, you'll excuse my ignorance if I'm totally off base here.

Why doesn't everybody just make more use of a VISA card? My bank here is Washington Mutual. I called them about their international wire process, and they explained that it's through US Bank as the intermediary, and requires a minimum of 3 days. I then asked about using my VISA Debit Card there to withdraw money from an ATM. They said that should be no problem. I can, they say, withdraw up to the daily limit of $500, incurring a $3 charge for each international withdrawal.

Well, seems to me that the total elimination of hassle would be well worth the $3 to draw out "living expense" money.

Then there's the use of the VISA or American Express card for all major purchases. I know that most large businesses in Thailand accept at lease one of those.

So why screw around with wiring money once we get past the big bucks needed to purchase a house? Am I missing something here?

Now, the next question relates to my need to prove financial stability to get my Thai non-immigrant visa. If I wire money to my wife's account for the purchase of our house while she's over there alone, I won't have a large amount to bring in with me. As I understand it, proof of my pension amount in excess of 40,000 bht still covers me for the visa. Right?

<{POST_SNAPBACK}>

[patsfangr]

The newbie pain in the ass jumping in again, guys!

I've read through this thread as I continue working my way through issues in preparation for my move. I have a couple of questions, and, hopefully, you'll excuse my ignorance if I'm totally off base here.

Why doesn't everybody just make more use of a VISA card? My bank here is Washington Mutual. I called them about their international wire process, and they explained that it's through US Bank as the intermediary, and requires a minimum of 3 days. I then asked about using my VISA Debit Card there to withdraw money from an ATM. They said that should be no problem. I can, they say, withdraw up to the daily limit of $500, incurring a $3 charge for each international withdrawal.

Well, seems to me that the total elimination of hassle would be well worth the $3 to draw out "living expense" money.

Then there's the use of the VISA or American Express card for all major purchases. I know that most large businesses in Thailand accept at lease one of those.

So why screw around with wiring money once we get past the big bucks needed to purchase a house? Am I missing something here?

Now, the next question relates to my need to prove financial stability to get my Thai non-immigrant visa. If I wire money to my wife's account for the purchase of our house while she's over there alone, I won't have a large amount to bring in with me. As I understand it, proof of my pension amount in excess of 40,000 bht still covers me for the visa. Right?

<{POST_SNAPBACK}>

I need to go back on touch on the most imminent transfer of funds issue that I mentioned in the last paragraph above. My wife is concerned about the possibility of a delay in getting access to the funds I transfer to her Bangkok Bank account when she goes over there to look for a house. Obviously, that will be a large amount of money. She, through a niece there, has heard "horror stories" about money being tied up for at least several days, and people charged exhorbitant fees for access.

It is my belief, and I WILL call the New York Branch of BKKB to get further input, that if I transfer funds from my bank to BKKB in New York, the access to those funds, regardless of amount, should be within 24 hours in Bangkok. Can anybody here verify that from personal experience? Again, I'm talking about a large amount going into a BKKB account for a returning Thai citizen.

Our concern is that we intend for her to be in LOS for only a few days, while she finds and purchases the house. So a delay in getting to the funds would be a problem.

George

[patsfangr]

The newbie pain in the ass jumping in again, guys!

I've read through this thread as I continue working my way through issues in preparation for my move. I have a couple of questions, and, hopefully, you'll excuse my ignorance if I'm totally off base here.

Why doesn't everybody just make more use of a VISA card? My bank here is Washington Mutual. I called them about their international wire process, and they explained that it's through US Bank as the intermediary, and requires a minimum of 3 days. I then asked about using my VISA Debit Card there to withdraw money from an ATM. They said that should be no problem. I can, they say, withdraw up to the daily limit of $500, incurring a $3 charge for each international withdrawal.

Well, seems to me that the total elimination of hassle would be well worth the $3 to draw out "living expense" money.

Then there's the use of the VISA or American Express card for all major purchases. I know that most large businesses in Thailand accept at lease one of those.

So why screw around with wiring money once we get past the big bucks needed to purchase a house? Am I missing something here?

Now, the next question relates to my need to prove financial stability to get my Thai non-immigrant visa. If I wire money to my wife's account for the purchase of our house while she's over there alone, I won't have a large amount to bring in with me. As I understand it, proof of my pension amount in excess of 40,000 bht still covers me for the visa. Right?

<{POST_SNAPBACK}>

I need to go back on touch on the most imminent transfer of funds issue that I mentioned in the last paragraph above. My wife is concerned about the possibility of a delay in getting access to the funds I transfer to her Bangkok Bank account when she goes over there to look for a house. Obviously, that will be a large amount of money. She, through a niece there, has heard "horror stories" about money being tied up for at least several days, and people charged exhorbitant fees for access.

It is my belief, and I WILL call the New York Branch of BKKB to get further input, that if I transfer funds from my bank to BKKB in New York, the access to those funds, regardless of amount, should be within 24 hours in Bangkok. Can anybody here verify that from personal experience? Again, I'm talking about a large amount going into a BKKB account for a returning Thai citizen.

Our concern is that we intend for her to be in LOS for only a few days, while she finds and purchases the house. So a delay in getting to the funds would be a problem.

George

<{POST_SNAPBACK}>

Pardon the one-sided conversation here, but, since I did get a detailed response from BKKB, I think I should share it with others who may have the same question.

According to BKKB, New York Branch, the best timing and cost require the following process. Wire funds to BKKB, New York, using Federal Routing Number 026008691, and reference the BKKB SWIFT address, BKKBTHBK. Of course, the sender must ensure that the name and account information of the recipient in Thailand are correct. The wire transfer should be completed in 1 business day. The transfer from BKKB, New York, to BKKB, Thailand, will complete in 2 business days (48 hours). The total cost for the transaction should be $15. Hope that helps somebody else.

As for me, I now know that I should simply start the process on a Monday, 3 days before my wife leaves the U.S. for Thailand. That way, we can be reasonably certain that the funds will be in her Bangkok account when she arrives.

Next step: FIND A HOUSE!

George

[lopburi3]

I transfer every few months using a local bank in Colorado to the BBKBTHBK swift address but amounts are below $10k. My transfer is called to my bank at about 1015 PM Bangkok time (opening of business in USA) and my account here in Bangkok has the money available when I call at noontime.

Prior to 1997 there were a number of cases when wire transfers had delays and it is speculated that had something to do with branch office watching exchange rate. In recent years have not heard of this being a problem.

[Khutan]

Any suggestions of other banks would be greatly welcomed.

<{POST_SNAPBACK}>

Wait until next year, there are going to be a whole lot of new banks to choose from with all sorts of offers.

[patsfangr]

I transfer every few months using a local bank in Colorado to the BBKBTHBK swift address but amounts are below $10k.  My transfer is called to my bank at about 1015 PM Bangkok time (opening of business in USA) and my account here in Bangkok has the money available when I call at noontime. 

Prior to 1997 there were a number of cases when wire transfers had delays and it is speculated that had something to do with branch office watching exchange rate.  In recent years have not heard of this being a problem.

<{POST_SNAPBACK}>

And I think that method will work fine for me once I'm in country, Lopburi. This one will be a one-time "big money" transfer for the house purchase. Thereafter, I'll never be moving that much money in one transaction.

I'm curious about the phone call transfer, however. My bank, Washington Mutual, told me that they can't wire money unless I do it in person. Unless the guy I talked to was wrong, I'll have to change banks before I move. I am going to check that again, as I don't understand why they can't do it with a phone call, and the various security questions for verification.

[syd barrett]

I recommend both the Thai Farmers Bank (Kasikorn) and the Krung Thai bank.

I receive transfers from the U.K. in four days, sometimes three and the level of service is good.

My only gripe is that TFB pay me 0.75% yet the KTB have stopped paying me interest and deduct 200 baht per year for fees. However KTB internet banking is good, and I can transfer money online to my TGF and pay my bills as well, if I am overseas.

The TFB ATM card is great, it can be used worldwide, and the fee is only 200 baht.

[lopburi3]

I transfer every few months using a local bank in Colorado to the BBKBTHBK swift address but amounts are below $10k.  My transfer is called to my bank at about 1015 PM Bangkok time (opening of business in USA) and my account here in Bangkok has the money available when I call at noontime. 

Prior to 1997 there were a number of cases when wire transfers had delays and it is speculated that had something to do with branch office watching exchange rate.  In recent years have not heard of this being a problem.

<{POST_SNAPBACK}>

And I think that method will work fine for me once I'm in country, Lopburi. This one will be a one-time "big money" transfer for the house purchase. Thereafter, I'll never be moving that much money in one transaction.

I'm curious about the phone call transfer, however. My bank, Washington Mutual, told me that they can't wire money unless I do it in person. Unless the guy I talked to was wrong, I'll have to change banks before I move. I am going to check that again, as I don't understand why they can't do it with a phone call, and the various security questions for verification.

<{POST_SNAPBACK}>

Various banks have different rules on wire transfer but if your bank requires you the be present to wire (not open - all (or most) will require you to be there in person to sign the wire transfer agreement paperwork) you will need a new bank. Some allow Internet transfer, fax transfer or phone transfer. My bank normally requires a call back but because I am overseas my paperwork is rotated that this is not required. Call is recorded and password is required and full transfer instructions are required each time. Takes about 2-3 minutes to complete.

Believe you are doing a house purchase in wife name and no need for special paperwork so you could make a number of movements. I believe there is less paperwork involved if you keep below 10k (but not sure if that is still true - South Florida had lower limits years ago).

[aussman]

SCB has my vote...it was a bit difficult to open the a/c at first on an ''O'' visa..but once that was done..I have been able to transfer substantial sums from Oz via my visa card...way beyond the stated daily limits...takes about 15 mins...cheaper than TT

[billd766]

I have had a Bangkok Bank account for about 4 years as I was working in Bangkok at the time. I used the branch on Sukhumvit near Soi 10 and they were fairly easy to get an account and my pension is paid in there.

We now live up in the country near Khampaeng Phet and the only bank is Kasikorn and it is a small branch.

I opened an account in joint names (my wife came first for some reason) and also an account in my name only for Internet banking. That took a little while to set up and it was even longer to get the joint account on I-Banking because I was out of the country.

Now it works very well and I have no problems. The people know me but most speak no English at all and my Thai is still not very good. I did call the branch from Pakistan one day and managed to get to get my balance.

Yesterday I wanted to transfer some money to the UK and I am the first person in the area to do so. There is a manager who covers 3 or 4 branches and she speaks good English so we worked out how to do it together an I think she has explained it to the other staff so when I need to do it again it will be easy.

The only problem with this branch is that I can only draw 20 notes at a time, easy from Thursday to Tuesday, but Wednesday id market day and the ATM only dispenses 100 baht notes, so I go in the bank and join the queue, no "let the farang go to the fron here". Join the queue and wait like the rest of us. I see more farangs on a Wednesday than any other day.

[patsfangr]

I transfer every few months using a local bank in Colorado to the BBKBTHBK swift address but amounts are below $10k.  My transfer is called to my bank at about 1015 PM Bangkok time (opening of business in USA) and my account here in Bangkok has the money available when I call at noontime. 

Prior to 1997 there were a number of cases when wire transfers had delays and it is speculated that had something to do with branch office watching exchange rate.  In recent years have not heard of this being a problem.

<{POST_SNAPBACK}>

And I think that method will work fine for me once I'm in country, Lopburi. This one will be a one-time "big money" transfer for the house purchase. Thereafter, I'll never be moving that much money in one transaction.

I'm curious about the phone call transfer, however. My bank, Washington Mutual, told me that they can't wire money unless I do it in person. Unless the guy I talked to was wrong, I'll have to change banks before I move. I am going to check that again, as I don't understand why they can't do it with a phone call, and the various security questions for verification.

<{POST_SNAPBACK}>

Various banks have different rules on wire transfer but if your bank requires you the be present to wire (not open - all (or most) will require you to be there in person to sign the wire transfer agreement paperwork) you will need a new bank. Some allow Internet transfer, fax transfer or phone transfer. My bank normally requires a call back but because I am overseas my paperwork is rotated that this is not required. Call is recorded and password is required and full transfer instructions are required each time. Takes about 2-3 minutes to complete.

Believe you are doing a house purchase in wife name and no need for special paperwork so you could make a number of movements. I believe there is less paperwork involved if you keep below 10k (but not sure if that is still true - South Florida had lower limits years ago).

<{POST_SNAPBACK}>

Thanks, Lopburi. It appears that I have some research/shopping to do with banks here. I'm clear on how the process will work with BKK Bank. No problem. At worst, I can wire money to the NY branch, which can forward it to Thailand. At best, a direct wire to Thailand via the SWIFT address. The challenge now is to find an American bank that will make that transfer to BKK Bank, one way or the other, an easy task for me once I've moved to LOS.

The good news is that there's plenty of time to find the right bank. But, if anybody can suggest a U.S. bank that likely has a branch in So Cal, I'd appreciate the tip. I'm not the patient type when it comes to planning important processes. My business training in Materials Management, I suppose!

[lopburi3]

The challenge now is to find an American bank that will make that transfer to BKK Bank, one way or the other, an easy task for me once I've moved to LOS.

This you need to do before you leave the US as they are going to require you to sign a wire transfer agreement in person. You can pick and choose what bank you want here later but you need that agreement on file first.

When they do a SWIFT transfer to Bangkok Bank it will go through the New York office in my experience.