Bank Recommendation

[bob/nyc]

Hello everyone..........

Since no one is shy in giving their opinion, can you recommend a Thai bank for a foreigner to use. Also, is it true that with a retirement visa one can only have a savings account and not a checking account.

Kob Khun.

Bob............

[dr_Pat_Pong]

Siam Commercial Bank is good. Banks want a work permit to permit a checking account.

[saraburioz]

bangkok Bank is better in my opinion, as is Thai farmers(kasikorn)

[think_too_mut]

bangkok Bank is better in my opinion, as is Thai farmers(kasikorn)

<{POST_SNAPBACK}>

BKK Bank or Kasikorn.

Smaller banks may be competitive but when it comes to international dealings and transfers, almost all foreign banks deal through BKK or Kasikorn bank. Then you get a few days or longer delays while they move the money between them.

[Chainat1]

Hello everyone..........

Since no one is shy in giving their opinion, can you recommend a Thai bank for a foreigner to use.  Also, is it true that with a retirement visa one can only have a savings account and not a checking account.

Kob Khun.

Bob............

<{POST_SNAPBACK}>

I know alot of people who have had problems with Bangkok bank (Patong Branch). I would recommend Kasikorn Bank.

[slackula]

I've used Siam Commercial for 7 years with no problems apart from having to sign everything a trillion times, but I am sure they are not alone in that regard.

[danone]

I've used Siam Commercial for 7 years with no problems apart from having to sign everything a trillion times, but I am sure they are not alone in that regard.

<{POST_SNAPBACK}>

best experiences with kasikorn. they're best if you regularely have to send money from abroad as kasikorn's exchange rate is ALWAYS higher than siam commercial's or bangkok bank's and so on.

another detail: if you send in a larger chunk of money, only with kasikorn you can put the money "on hold", meaning: it stays up to 7 working days in the void without being credited to your account.

a certain customer desk of kasikorn keeps you updated about the currency movements and recommends when to exchange the money.

do it regularely like this, and as said, other bank's dont offer this "on hold" service.

[danone]

and the online banking service of kasikorn is pretty good

I've used Siam Commercial for 7 years with no problems apart from having to sign everything a trillion times, but I am sure they are not alone in that regard.

<{POST_SNAPBACK}>

best experiences with kasikorn. they're best if you regularely have to send money from abroad as kasikorn's exchange rate is ALWAYS higher than siam commercial's or bangkok bank's and so on.

another detail: if you send in a larger chunk of money, only with kasikorn you can put the money "on hold", meaning: it stays up to 7 working days in the void without being credited to your account.

a certain customer desk of kasikorn keeps you updated about the currency movements and recommends when to exchange the money.

do it regularely like this, and as said, other bank's dont offer this "on hold" service.

<{POST_SNAPBACK}>

[pnustedt]

can you recommend a Thai bank for a foreigner to use

IMO no Thai bank gives the standard of service required for a reliable international service for foreigners. The level of incompetence is truly amazing and varies from branch to branch - this is totally unacceptable and there appears to be no corporate accountability.

I have had dealings with Bkk Bank in HK and, whilst they were effiicient with international transfers, I could not recommend them for banking within Thailand.

HSBC are efficient but have only the one branch in BKK- I will be using them. I understand Thai regulations prevent them from expanding at present - I can see why, they would sweep the board in Thailand over the competition!

[think_too_mut]

Citibank.

[rocky]

Bangkok Bank and Krungthai both very good,

[fxm88]

Anyone have any experience, good or bad, with Thanachart Bank?

FYI, this page has current bank interest rate info:

http://www.bot.or.th/bothomepage/databank/.../interest_e.asp

But some banks don't pay any interest on Foreigner bank accounts, yes? Does anyone have a list?

[Belfastboy]

I had my sister in law check out the HSBC in bangkok, they have told her that you need 100,000 baht just to open a current account!!...and also a hefty amount of baht to be deposited every month...!

is this true? anybody have dealings with HSBC as i would pefer to use them...

[barryofthailand]

The best bank for a foreignor to bank with is Siam Commercial bank. They have the most branches, and are very profesional. Everyone speaks English.

Barry

[Heng]

Anyone have any experience, good or bad, with Thanachart Bank?

Hmm... how about the shortest queues in the business?

[drummer]

I just closed an account from bank of Ayuddaya... they promised me free ATMs for a year if I pay 100 THB up front - turns out it is only at the one ATM, and all the other branches charge commission on the transfer! >.< >.<

I opened with them because I'd heard they they'd just had a large percentage baught from an American bank, and I figured it would help, but then there are a lot of goings on in American banks that I don't particularly like (Wells Fargo, anyone?) and I now suspect Bank of Ayudaya got the worst of the two.... (looking at their ATMs as well confirms this for me)

[Hog Head]

I deal with Tanachart and BKK Bank.

BKK has long queues, crappy rates, and intolerable amounts of paperwork to get things done. The only reason I deal with them is for international TT's

Tanachart OTOH, has no queue, best rates, personal service, and now they are able to do international TT's.

Needless to say I now have no reason for BKK Bank, and will be closing my accounts if I ever get to the front of the queue.

Anyone have any experience, good or bad, with Thanachart Bank?

<{POST_SNAPBACK}>

Hmm... how about the shortest queues in the business?

[Heng]

Their rates (presumably you mean on fixed accounts) are comparable. I wouldn't use them as a main bank, but they are a great back up bank for paying bills or keeping moderate amounts deposited. In the end, they are actually new at banking, being only about 20+ months old (as a bank; their main focus being finance with minimal direct customer contact).

[sonthaya]

I have been with Siam Commercial Bank Patong branch for 14 years and have had a very good service, I also have internet banking with them it works fine.

[niteowl]

I've used Bangkok Bank, and Krung Thai Bank. I've found the service at Bangkok Bank particularly excellent.

My gf and I went to Hong Kong for a vacation trip. When we returned, I checked the balance in my Bangkok Bank account, and it was down about 60,000 Baht!

I went to my branch office, in Chiang Mai, and discovered the travel agency had billed me twice for the trip. I complained about that, and about a similar smaller transaction in Hong Kong. Within a week, both complaints were addressed, and credited to my account.

It was unbelievably simple, in view of the horror stories I could tell you about Bank of America...

Did you know that, once you've established an automatic payment through Bank of America, you do not have the authority to cancel that relationship? Begging, pleading, tirades, whatever... will not help. Once you allow an automatic payment of any kind, you have no further authority.

I could go on, and if you have an account with Bank of America, please PM me for details.

[Heng]

Fairly happy with my Bank of America accounts myself. (about a decade as one of their customers)

Although, I do not have any automatic billing setups either.

[niteowl]

I was a customer of Bank of America for only about one year, as a result of the merger between Nation's Bank; and before that, the merger of Nation's Bank, and Barnett Bank of Florida, where I had been a customer for about 25 years.

It wasn't just the problems with automatic payments. There were payments made to companies that I had never ordered goods or services from. When I complained, at one point, they froze my checking and savings accounts (meaning, I had only my credit card to use at the ATM's here in Thailand, which is the most expensive way to withdraw funds.) Then, they paid these spurious claims anyway. I pointed out to them, in an email, that I would hardly have ordered a local internet service, when I had no home, no phone, and no computer in America, since I lived in Thailand. They suggested I "appear in person" at the nearest Bank of America branch office to straighten the problem out(!)

I then attempted to close my accounts (checking, savings, equity line of credit, credit card), and asked them to transfer the money to my bank in Thailand. They refused to close my accounts, and they refused to transfer any money to Thailand. I then suggested, if Thailand was the problem, that they transfer the money to Bangkok Bank of New York, which, I was assured, would transfer the money to my Thai account.

They said it was "not their policy to transfer money to any other bank." Unbelievable.

It took months, but eventually I moved all of my assets to my savings account, and then wrote checks, and deposited them in Thailand. That took another month, for the Thai bank to collect the funds from America.

In short, I wouldn't trust Bank of America with the change in my pocket, let alone my life savings.

[naka]

I really do not think there is a "Best Bank".

I moved house once, and my previously efficient and friendly branch

became such a pain in the butt at the new branch (same bank),

that I opened a new account at a different bank.

I normally find the very small branches to be the worst.

Possibly because the managers relegate the least desirable

and least efficient employees to these branches.

And we all know that what is the 'rule' at one branch, is not always

the 'rule' at the branch 500 meters down the road.

Naka.

Edited July 24, 2006 by naka