How To Start A Saving Account In Thailand

[dodger]

I've been visiting LOS for several years and understand from friends that some banks allow a non-resident to open a savings account - and some do not. Well, the few I've tryed do not...any suggestions???

I will be back in LOS in October and will try a few more banks in BKK and Pattaya, although my legs are getting weary.

Any advice would be greatly appreciated.

[jackr]

Bangkok bank and Kasikorn have done for me in the past, but rules seem to change here thick and fast so I'm not 100% sure right now. Try and pick a less busy time of day and just wander in with your passport and smile a lot speaking with soothing tones. Try the older looking dudes as opposed to the poo yings as they seem to handle the farangs better

[lopburi3]

I expect having some kind of visa in your passport that the officer can quickly see might be helpful. You will also need some kind of a local address. And dress like a businessman would be in order. I large deposit via travellers checks would probably seal the deal.

[mrbojangles]

What country are you from Dodger?

If i remember correctly, this has been discussed before. The outcome was, why save in a Thai account when the interest rates are so low. If your in the UK, i believe the best company to put your money in, is the Nationwide, as you can use the ATM's to withdraw cash in Thailand and they don't charge you for it?

MrBoJ

[TRIPxCORE]

If you really want to open a savings account in BKK, go to the Bangkok Bank on Sukhumvit Road between Soi 7-17. I forget the exact location but it's right in the heart of the tourist belt. At this location, they are used to dealing with farang and it is also where I opened my account easily. Before I went there, I tried numerous banks such as Bank of Asia and Kasikorn. All of them said I could not do it without a work permit which is wrong. I fear they just didn't want to try talking with a farang for fear of losing face from their English ability. That Bangkok Bank I mentioned was the only one that would deal with me.

Good luck!

[naka]

Never had a problem and never had anyone ask my visa status in BoA, SC and BB.

Go to one of the larger branches.

Walk into the bank in the morning when things are quiet.

Dress in dark trousers, long sleeved white shirt and polished shoes.

Take your passport along.

Naka.

[SiamOne]

What country are you from Dodger?

If i remember correctly, this has been discussed before. The outcome was, why save in a Thai account when the interest rates are so low. If your in the UK, i believe the best company to put your money in, is the Nationwide, as you can use the ATM's to withdraw cash in Thailand and they don't charge you for it?

MrBoJ

<{POST_SNAPBACK}>

Yes, that is more or less true!

I had a Nationwide account, and an Abbey one The Abbey charged for any ATM withdrawals, the Nationwide did not...BUT Nationwide had worse exchange rates, so in the end the costs for withdrawing about 150 pounds was nearly the same!!

But I think it is better to transfer as much as you may need to an account in Thailand, now and then. The transfer cost is not high, and the exchange rates are much better that way. So for amounts above 5000, you win easily. So not a savings account, but a normal account is enough

[Kerryd]

I have an account (savings) with Bangkok bank. Went in with my landlady (as I had to have a proof of residence form, and she could do any translation required).

Only took a few minutes and I had my bank book and ATM card. They won't let you have a chequing account (or internet access, or a credit card) unless you have a work permit and 1 year visa (at least not at the branch I went to).

They do give you the Swift transfer code though, which made it simple to have money transferred from back in that other place I used to habitate.

[Eric Davis]

I was in Siam City bank last week and the chap said I could get a savings account but NOT an ATM card.

[Rinrada]

If you really want to open a savings account in BKK, go to the Bangkok Bank on Sukhumvit Road between Soi 7-17.  I forget the exact location but it's right in the heart of the tourist belt.  At this location, they are used to dealing with farang and it is also where I opened my account easily.  Before I went there, I tried numerous banks such as Bank of Asia and Kasikorn.  All of them said I could not do it without a work permit which is wrong.  I fear they just didn't want to try talking with a farang for fear of losing face from their English ability.  That Bangkok Bank I mentioned was the only one that would deal with me.

Good luck!

<{POST_SNAPBACK}>

This is the big one opposite the Ambassadors Hotel.

Cant miss it really sinced it shaped like a cylinder (assume still there )and there are guys outside inviting you to go to massage places and selling boy scout badges....said boy scout BADGES..

Climb over the road bridge ..past the trolls that live up there and head into the bank.

Go straight upstairs to the FIRST floor,turn right and right again and talk to one of the ladies at the desk.They are very friendly and know exactly what to do.

All you really need is your passport and some dosh to deposit...sometimes they request an address.

They have been sending me letters to the "Honey" for about 15 years but...MPR..

Usually it takes about a week when you can go back and pick up the wee blue savings book and ATM....Ask for a Be First card with the Electron thingy which you can use as a debit resource in local shops.

Downstairs they have deposit machines where you can bung in/top up you a/c in Bt.without going to the counter.You can also update book as well.

[SiamOne]

Yes, Bangkok bank in Chiang Mai is also good for opening accounts.

You may need proof of where you live, but that is easily done

[Kerryd]

I went to Bangkok Bank, because another ex-pat recommended it. My landlady talked to someone at her bank (Thai Military bank), but they wanted some additional forms (not sure what they were), and they were too busy to set up a new account during the 2 visits we made.

When we went to the Bangkok Bank branch (in Pattaya, 2nd Road), they processed the paperwork right away and I walked out (about 20 minutes later) with an ATM card.

[Simbo]

What country are you from Dodger?

If i remember correctly, this has been discussed before. The outcome was, why save in a Thai account when the interest rates are so low. If your in the UK, i believe the best company to put your money in, is the Nationwide, as you can use the ATM's to withdraw cash in Thailand and they don't charge you for it?

MrBoJ

<{POST_SNAPBACK}>

Yes, that is more or less true!

I had a Nationwide account, and an Abbey one The Abbey charged for any ATM withdrawals, the Nationwide did not...BUT Nationwide had worse exchange rates, so in the end the costs for withdrawing about 150 pounds was nearly the same!!

But I think it is better to transfer as much as you may need to an account in Thailand, now and then. The transfer cost is not high, and the exchange rates are much better that way. So for amounts above 5000, you win easily. So not a savings account, but a normal account is enough

<{POST_SNAPBACK}>

wrong. The Nationwide give you the same exchange rates as on the computer on that day. I have been using it here for 4 years and check it out regularly with internet banking. You wont better the nationwide.

[dodger]

Thank you all very much for your feedback and advise.

The reason for me wanting to open this account is to assist me down-the-road when it comes time to buying a condo. From what I understand, the monies used for this type of purchase must be drawn from a Thai bank...with evidence that the funds originated outside of LOS. My plan is to open this account and then transfer funds from my U.S. bank (over time), until I'm ready to purchase a condo.

Does that make any sense to you guys???

I reside in America and visit LOS twice per year for a total stay of 3 months.

Thanks again...I should have tried this website a long time ago...you guys are great.

mai pen rai

[mrbojangles]

Thank you all very much for your feedback and advise.

The reason for me wanting to open this account is to assist me down-the-road when it comes time to buying a condo.  From what I understand, the monies used for this type of purchase must be drawn from a Thai bank...with evidence that the funds originated outside of LOS.  My plan is to open this account and then transfer funds from my U.S. bank (over time), until I'm ready to purchase a condo.

Does that make any sense to you guys???

It makes perfect sense as to what you are doing it for but not in the way you are doing it. Just save up as normal in your US bank account, better % rates. When the time comes to buy the condo, transfer it all at once through what used to be called a Tor Tor 3 but now changed it's name. Look in the Real Estate, House and Car Ownership section on Thai Visa, much advise on buying condo's in there.

Cheers

MrBoJ

[dog]

What country are you from Dodger?

If i remember correctly, this has been discussed before. The outcome was, why save in a Thai account when the interest rates are so low. If your in the UK, i believe the best company to put your money in, is the Nationwide, as you can use the ATM's to withdraw cash in Thailand and they don't charge you for it?

MrBoJ

<{POST_SNAPBACK}>

What interest,in three years i've never had any from Bangkok Bank??????.

And over 3mill has been through.What's going on?

[AmeriThai]

Checking the latest exchange rates with a currency converter:

1.00 USD United States Dollars = 41.1385 THB Thailand Baht

http://www.xe.com/ucc/

[mrbojangles]

What country are you from Dodger?

If i remember correctly, this has been discussed before. The outcome was, why save in a Thai account when the interest rates are so low. If your in the UK, i believe the best company to put your money in, is the Nationwide, as you can use the ATM's to withdraw cash in Thailand and they don't charge you for it?

MrBoJ

What interest,in three years i've never had any from Bangkok Bank??????.

And over 3mill has been through.What's going on?

That's what i'm trying to tell him dog, i didn't know exactly if the interest was 0 or if you got a pitiful 0.1% as i don't have a Thai bank account (and never will, for savings anyway). The wife has one but very little is kept in that. So i say again, keep your money in the US bank until your ready to buy the Condo.

[AmeriThai]

That's what i'm trying to tell him dog, i didn't know exactly if the interest was 0 or if you got a pitiful 0.1% as i don't have a Thai bank account (and never will, for savings anyway). The wife has one but very little is kept in that. So i say again, keep your money in the US bank until your ready to buy the Condo. 

<{POST_SNAPBACK}>

I sort of agree with what you're saying, although I tend to try leaning toward whatever the current exchange rates are. Right now, regarding the rates of dollars to baht, combined with buying power, that is how much something costs in Thailand compared to what the same or similar thing would cost elsewhere, would seem like putting money into a Thai bank reasonable, though not indefinately. Ya gotta spend it. Admittedly, keeping money in an US bank with higher interest rates for larger savings accounts would be sensible too. But that requires keeping a certain amount locked up for a specified period of time.

But as long as the exchange rates are favorable, then you aren't going to lose much if any. The only thing I don't like about Thai banks is that (as I recall) they are not insured against loss.

[mrbojangles]

Admittedly, keeping money in an US bank with higher interest rates for larger savings accounts would be sensible too. But that requires keeping a certain amount locked up for a specified period of time.

That's what he's wanting to do isn't it. I thought he just wanted a savings account to put money in each month (or whenever) until he had saved up enough to buy a Condo. He's still living and working in the US. If he was living and working in Thailand then i'd agree that it may best fit to open a Thai Bank account.

[AmeriThai]

Admittedly, keeping money in an US bank with higher interest rates for larger savings accounts would be sensible too. But that requires keeping a certain amount locked up for a specified period of time.

<{POST_SNAPBACK}>

That's what he's wanting to do isn't it. I thought he just wanted a savings account to put money in each month (or whenever) until he had saved up enough to buy a Condo. He's still living and working in the US. If he was living and working in Thailand then i'd agree that it may best fit to open a Thai Bank account.

<{POST_SNAPBACK}>

That's the way I understood it too Bo. But I'd still think as long as the exchange rates remain favorable, then stuff it in a Thai bank monthly or whatever. Later on if the rates drop later on, you aren't going to be out anything because your account would have more when others would be getting less for foreign currency.

It really depends on what offers more, good exchange rates vs higher interest rates. The exchange rates may give you more over a specified period of time in a Thai bank with little or no interest than higher interest rates in a US bank. It's really watching what offers the most for your money. Does that make any sense?

Edited August 24, 2005 by AmeriThai

[mrbojangles]

Admittedly, keeping money in an US bank with higher interest rates for larger savings accounts would be sensible too. But that requires keeping a certain amount locked up for a specified period of time.

That's what he's wanting to do isn't it. I thought he just wanted a savings account to put money in each month (or whenever) until he had saved up enough to buy a Condo. He's still living and working in the US. If he was living and working in Thailand then i'd agree that it may best fit to open a Thai Bank account.

That's the way I understood it too Bo. But I'd still think as long as the exchange rates remain favorable, then stuff it in a Thai bank monthly or whatever. Later on if the rates drop later on, you aren't going to be out anything because your account would have more when others would be getting less for foreign currency.

It really depends on what offers more, good exchange rates vs higher interest rates. The exchange rates may give you more over a specified period of time in a Thai bank with little or no interest than higher interest rates in a US bank. It's really watching what offers the most for your money. Does that make any sense?

Ha, now we're getting into "Hedging Currencies" territory. I don't look at what the Dollar Vs Baht trend looks like, or speculate what it will be when the Op cashes in his savings in 5 or so years time. I'll stick with my good old British Pound for the moment.

[AmeriThai]

Ha, now we're getting into "Hedging Currencies" territory.  I don't look at what the Dollar Vs Baht trend looks like, or speculate what it will be when the Op cashes in his savings in 5 or so years time. I'll stick with my good old British Pound for the moment. 

<{POST_SNAPBACK}>

I agree. If a person isn't going to use the money for 5 or 10 years, then it'd be better to put it into something different, like invest in some safe stocks.

[rainman]

Bangkok Bank will usually do it for you, including ATM Visa card which you can use to pay in stores, etc. When i came to Thailand the first time i was on a 30 days visa and opened one without problems within 15 minutes. Now i have the appropriate visas and have opened half a dozen more accounts with them, without issues wither.

[dodger]

Thanks again you guys for your help.

I'm actually not planning on saving that much for a codo anyway...somewhere between $15,000 - $22,000 U.S. for a small studio (fixer upper). That being the case, I'm not concerned with losing a few bucks on interest rates, but would stand to be ahead a few hundred bucks if the markets hold by trading this in for Thai currency.

Over the past 7 years I've watched the baht float between 37.1 - 42.3 to the U.S. dollar, so now seems like a good time to make the transfer.

I plan on taking your advice and trying the Bangkok Bank...early morning hours...with a business suit, seeing as that seems to help. I also took the advise of one of the posters and sent an e:mail to the manager of the condo I've been renting for the past 3 years requesting a letter of residance verification. He's already responded and is preparing the letter now.

Thanks again for all your help. I'll have to make it a point of visiting this site more often.

mai pen rai

[jackr]

Thank you all very much for your feedback and advise.

The reason for me wanting to open this account is to assist me down-the-road when it comes time to buying a condo.  From what I understand, the monies used for this type of purchase must be drawn from a Thai bank...with evidence that the funds originated outside of LOS.  My plan is to open this account and then transfer funds from my U.S. bank (over time), until I'm ready to purchase a condo.

Does that make any sense to you guys???

It makes perfect sense as to what you are doing it for but not in the way you are doing it. Just save up as normal in your US bank account, better % rates. When the time comes to buy the condo, transfer it all at once through what used to be called a Tor Tor 3 but now changed it's name. Look in the Real Estate, House and Car Ownership section on Thai Visa, much advise on buying condo's in there.

Cheers

MrBoJ

Yep, definitely keep the money in the US until you're ready. Somehow, I'd trust the US more than the Thai's with my money, not to mention the interest. Nothing to stop you opening an account now and putting a nominal amount in there. Transfer by SWIFT (swift codes from Thai banks are readily available) which is the cheapest way and make sure they send dollars, i.e. don't have the exchange done at the US end or you'll lose out. The tor tor saam is from the Thai end out but you won't need to use that if you're buying a condo.

[naka]

The minimum amount in order to get a Tor Tor 3 is US$ 20,000 ( in one transaction )

and without a TT3 you cannot buy a condo in your own name.

Naka.

[naka]

Thank you all very much for your feedback and advise.

The reason for me wanting to open this account is to assist me down-the-road when it comes time to buying a condo.  From what I understand, the monies used for this type of purchase must be drawn from a Thai bank...with evidence that the funds originated outside of LOS.  My plan is to open this account and then transfer funds from my U.S. bank (over time), until I'm ready to purchase a condo.

Does that make any sense to you guys???

I reside in America and visit LOS twice per year for a total stay of 3 months. 

Thanks again...I should have tried this website a long time ago...you guys are great.

mai pen rai

<{POST_SNAPBACK}>

Dodger.

This will NOT work. See my previous post regarding minimum amount imported

in order to obtain a TT3. For instance if you sent over US$ 15,000 you would not

be issued a TT3 for this transaction, nor would you be given "credits".

Naka.

[dodger]

This is exactly what I've been confused about forever...

If I were to open a Thai savings account and gradually, over a 2-3 year period, accumulate enough funds to purchase a condo - this would not work. Am I correct?

Are you saying that in order for me to do this, I would have to transferr at least $20,000/U.S. all at one time in order to qualify for a condo purchase?

I was always under the impression that all you had to do was be able to prove that the funds originated outside of Thailand.

The reason I want to save these funds in a Thai bank versus my bank in the U.S. will sound evan more rediculous to you...but frankly, I just can't save money that way. It's got to be out-of-sight and out-of-mind, or I will just end up tapping into it all the time for other expenses.

Now, here's the real dumb question:

If I were to open a Thai account with about $3,000 U.S. and not add any more to it. Save the rest of the money in my U.S. bank and make a transfer of $15,000 in one years time, would I be able to use the total amount in my Thai account ($18,000) towards the purchase of a condo????

[mrbojangles]

It's got to be out-of-sight and out-of-mind

I'll keep it out of sight and definately out of mind, for you Dodger

My account number is A***********