International Bank Account

[gray42]

I appologize in advance for the ignorance on my part. I have no experience with international banking. I've gathered what I could from reading, but if I could get some advice from you all I'd appreciate it. It's always hard to find info specific to your situation.

I'll be moving from the USA to Thailand for at least a year. I may stay in Thailand after a year, but I may move to another country afterward depending on the Thai visa situation. I'm going to need to pay rent in Thailand as well as withdraw money for daily spending (food, etc.) In the USA I'll still need to pay one or two bills, which I can pay online using a credit/debit card.

I'd prefer to use a single bank account to handle all my US and Thai finances if possible. Would using an international bank such as HSBC be a good solution for my needs, or will I be paying unnecessary conversion/transfer fees all the time? I don't think I'm able to open a Thai bank account, and I'd rather have a single international bank account in case I leave Thailand after a year.

Hopefully I don't sound like a complete idiot here. I'd really appreciate some advice. Thanks.

[JusMe]

You will be able to open a Thai bank account if you wish.

However, one of the easiest ways to transfer cash for daily living expenses is to use the ATM provided by your US bank, and which you'd use there.

Be aware, though, that all the Thai banks charge a 150 baht fee for each transaction. You can usually get decent exchange rates as it usually counts as a TT, but of course, that could depend on your own bank there in the US.

The only ATM that allows one to avoid that 150 baht transaction fee is AEON, a Japanese company. Not too prolific, but enough ATMs around to satisfy those of us who want to use them. Additionally, they permit a withdrawal of 40k baht, more than the 20k or 25k per transaction that the Thai ATMs permit.

[gray42]

You will be able to open a Thai bank account if you wish.

However, one of the easiest ways to transfer cash for daily living expenses is to use the ATM provided by your US bank, and which you'd use there.

Be aware, though, that all the Thai banks charge a 150 baht fee for each transaction. You can usually get decent exchange rates as it usually counts as a TT, but of course, that could depend on your own bank there in the US.

The only ATM that allows one to avoid that 150 baht transaction fee is AEON, a Japanese company. Not too prolific, but enough ATMs around to satisfy those of us who want to use them. Additionally, they permit a withdrawal of 40k baht, more than the 20k or 25k per transaction that the Thai ATMs permit.

Thanks for the info JusMe. Not sure why I thought I couldn't open a Thai bank account. Thanks for clearing that up.

It sounds like using a single bank will be fairly simple. I'll be moving to Koh Samui, so I'll ask my friend if there is a Citibank or Bank of America ATM in the area. If not I'll probably look into Siam Bank or Bangkok Bank. I've read those are good options with a New York location.

Thanks again.

[Jingthing]

I don't think there are any B of A or Citibank ATMs in Thailand.

SCB and Bangkok Bank New York locations are COMMERCIAL bank locations, not available for private people to open.

Yes you can open a Thai bank account in Thailand but generally it won't be the same account as any US based account you have. I think even HSBC would be a different account, but not sure. My advice is figure out BEFORE you leave the US how to authorize SWIFT transfers between your US bank accounts and your Thai account from Thailand. You may need to go in and sign papers, depending on the US bank.

As you are unclear on your future in Thailand, don't transfer in much more than you can spend or mule out on the airplane!

Edited April 23, 2011 by Jingthing

[wildoates]

what I do, is I keep my US bank, I set up a bank account here, SCB, and did a recurring wire with my bank in the US before I moved. then when I need money, make a phone call, and the money is moved here no problem, set it up for moving US dollars, better rate here. I did the Bangkok bank but the fees per month I thought was to high, a fee for having a account in NY, then fees when the money hit here, SCB does not charge fees, and my bank in the US is $25 for any amount....

[Jingthing]

There is a scheme many say they are using with Bangkok Bank. They open a Bangkok Bank account in Thailand and then set up a US bank account (not Bangkok Bank) to do ACH transfers to Bangkok New York which end up in your BB account in Thailand. I have not tried this yet, but will later. This system if it works avoids dealing with SWIFT transfers which are often expensive.

[gray42]

It sounds like in any case I'll need to open up a Thai bank account once I get there, which also means I'll need to bring a good amount of cash with me on the plane in case opening an account and transferring money takes a while, which I was hoping to avoid. When I say a "good amount" I only mean about $1,000 though. I've read some banks require foreigners to provide a note from your US bank saying you're reliable? Is that true?

Also, to convert US dollars into baht, can I just take the bills into any Thai bank branch and they'll convert it to Thai bills?

[gray42]

There is a scheme many say they are using with Bangkok Bank. They open a Bangkok Bank account in Thailand and then set up a US bank account (not Bangkok Bank) to do ACH transfers to Bangkok New York which end up in your BB account in Thailand. I have not tried this yet, but will later. This system if it works avoids dealing with SWIFT transfers which are often expensive.

That's an interesting idea. Thanks

[Soutpeel]

I don't think there are any B of A or Citibank ATMs in Thailand.

B&A no....Citibank a few about but only in BKK as far as I am aware

[lopburi3]

The ACH transfer method works well. There is a $10 fee taken from a $5,000 transfer so $4,990 arrives and converted to baht at TT rate and .25% in range 3-500 baht is deducted so transfer yesterday was exchange rate 29.76 for 371 baht deduction. Total into baht account 148,131.14.

The Bangkok Bank web site has information on how to set up but you will need to open an account here after arrival. That way you do not have to worry about atm fee. But open where you plan to stay as Thai banks charge for using card outside local area.

[Jingthing]

It sounds like in any case I'll need to open up a Thai bank account once I get there, which also means I'll need to bring a good amount of cash with me on the plane in case opening an account and transferring money takes a while, which I was hoping to avoid. When I say a "good amount" I only mean about $1,000 though. I've read some banks require foreigners to provide a note from your US bank saying you're reliable? Is that true?

Also, to convert US dollars into baht, can I just take the bills into any Thai bank branch and they'll convert it to Thai bills?

You don't need a bank letter from the US.

You can convert US cash all over the place. They are waiting for you.

I have opened Thai bank accounts with as little as 5000 baht but I reckon each bank has a minimum opening policy, but probably not much.

Also bring ATM cards as a backup! Paying the 150 baht ATM fees is better than having no cash.

[gray42]

It sounds like in any case I'll need to open up a Thai bank account once I get there, which also means I'll need to bring a good amount of cash with me on the plane in case opening an account and transferring money takes a while, which I was hoping to avoid. When I say a "good amount" I only mean about $1,000 though. I've read some banks require foreigners to provide a note from your US bank saying you're reliable? Is that true?

Also, to convert US dollars into baht, can I just take the bills into any Thai bank branch and they'll convert it to Thai bills?

You don't need a bank letter from the US.

You can convert US cash all over the place. They are waiting for you.

I have opened Thai bank accounts with as little as 5000 baht but I reckon each bank has a minimum opening policy, but probably not much.

Also bring ATM cards as a backup! Paying the 150 baht ATM fees is better than having no cash.

Really appreciate the info. That's the problem with researching this stuff on your own... you get loads of incorrect or partially correct info. It sounds much simpler than what I had read.

[Jingthing]

Sorry, a caveat.

If you plan to open a Thai bank account in Samui you may want to post in the Samui forum. What may be super easy in Pattaya or Bangkok may be difficult in Samui. There was a report here from a poster in Chiang Rai who kept getting NO from Thai banks there. The general rule if there is a problem opening is to keep trying different branches. Also bringing a Thai speaker could also help IF there is a problem.

[gray42]

Sorry, a caveat.

If you plan to open a Thai bank account in Samui you may want to post in the Samui forum. What may be super easy in Pattaya or Bangkok may be difficult in Samui. There was a report here from a poster in Chiang Rai who kept getting NO from Thai banks there. The general rule if there is a problem opening is to keep trying different branches. Also bringing a Thai speaker could also help IF there is a problem.

That's a good idea. Didn't even think to ask in the Samui forum.

[Jingthing]

In any case, I doubt the letter from the US bank would help you. Some banks may indeed give you a problem if you don't have a non-immigrant visa in your passport so when you ask, ask the question stating what kind of visa you will have in your passport. The bank with the easiest reputation is Kasikorn. Remember only Bankok Bank does the ACH deal, avoiding SWIFT. I am really sorry but I hadn't considered your visa. Approaching them with only a tourist visa or worse a 30 day stamp may be problematical. I recently opened a Bangkok Bank account and they were very interested in my non immigrant visa. On the other hand Kasikorn bank didn't even look inside my passport past the identity page, and didn't ask about visas.

Also note you need a Thai address to stell them and it may take LOTS OF TIME to get set up with online banking. Bangkok Bank told me three weeks to a month to mail me my PIN number for online access. Not all banks will be that slow though.

Edited April 23, 2011 by Jingthing

[gray42]

In any case, I doubt the letter from the US bank would help you. Some banks may indeed give you a problem if you don't have a non-immigrant visa in your passport so when you ask, ask the question stating what kind of visa you will have in your passport. The bank with the easiest reputation is Kasikorn. Remember only Bankok Bank does the ACH deal, avoiding SWIFT. I am really sorry but I hadn't considered your visa. Approaching them with only a tourist visa or worse a 30 day stamp may be problematical. I recently opened a Bangkok Bank account and they were very interested in my non immigrant visa. On the other hand Kasikorn bank didn't even look inside my passport past the identity page, and didn't ask about visas.

Also note you need a Thai address to stell them and it may take LOTS OF TIME to get set up with online banking. Bangkok Bank told me three weeks to a month to mail me my PIN number for online access. Not all banks will be that slow though.

If I go with the visa I'm currently looking at, it would be a non-immigrant visa, so it sounds like I shouldn't have too many problems as far as the bank account. One less thing to worry about! The visa is the one year, multiple entry that is at the very bottom of this page http://www.siam-legal.com/Thailand_Service/thailand-one-year-visa.php. Requires a visa run every 90 days, but my other option is an education visa, which would require weekly classes prohibiting me from traveling the country. I want to give myself at least a year to decide if I want to seek out full time employment or start a Thai company (which sounds like a bit of a hassle for a company that typically requires little overhead).

Although I'm a computer geek, I suppose I could do without online banking for a month or so

[Sateev]

There is a scheme many say they are using with Bangkok Bank. They open a Bangkok Bank account in Thailand and then set up a US bank account (not Bangkok Bank) to do ACH transfers to Bangkok New York which end up in your BB account in Thailand. I have not tried this yet, but will later. This system if it works avoids dealing with SWIFT transfers which are often expensive.

I use the system Jingthing has outlined, and it is simple and effective. I do not have recent experience with opening an account at Bangkok Bank; however I have heard that it is just hit-and-miss, with one branch saying 'no' and another, or even another member of staff, saying 'ok'.

In addition to Aeon, I believe Government Savings Bank, of which there are quite a few, also do not charge an ATM fee, at least as recently as December. I have seen either or both on Skytrain platforms around town.

For short-term utility, I, personally, would just make the effort to find a GSB or Aeon ATM, and use my US-issued ATM card there. IF you decide to stay, presumably you'll have a non-immigrant visa, and opening a bank account will be trivial. You always have the option of eating the 150 baht (US$5) fee in an emergency...

I hope this issue is the WORST problem you face in trying to stay here...good luck.

[Mrjlh]

There is a scheme many say they are using with Bangkok Bank. They open a Bangkok Bank account in Thailand and then set up a US bank account (not Bangkok Bank) to do ACH transfers to Bangkok New York which end up in your BB account in Thailand. I have not tried this yet, but will later. This system if it works avoids dealing with SWIFT transfers which are often expensive.

I use the system Jingthing has outlined, and it is simple and effective. I do not have recent experience with opening an account at Bangkok Bank; however I have heard that it is just hit-and-miss, with one branch saying 'no' and another, or even another member of staff, saying 'ok'.

In addition to Aeon, I believe Government Savings Bank, of which there are quite a few, also do not charge an ATM fee, at least as recently as December. I have seen either or both on Skytrain platforms around town.

For short-term utility, I, personally, would just make the effort to find a GSB or Aeon ATM, and use my US-issued ATM card there. IF you decide to stay, presumably you'll have a non-immigrant visa, and opening a bank account will be trivial. You always have the option of eating the 150 baht (US$5) fee in an emergency...

I hope this issue is the WORST problem you face in trying to stay here...good luck.

I have been using the plan Jingthing speaks of for several years now. Just check with the bank you want to use in the states and ask how they handle outside of bank transfers. BOF A is easy and that's what I have. With Bangkok Bank, New York you'll need their routing code. If you are still state side just call them and get it. Once you get to LOS you will need to open an account with Bangkok Bank Bank. Beware what we tell you now may have changed because of new banking rules and the bank you decide to use here may have changed their rules. Just go with it. But with Bangkok Bank it was easy. Setting up the account the first time, you can go to any branch where you live. But I found if you go to the main office on Silom Rd in Bangkok you'll have less trouble. Ask what you need and they will tell you. The first time you may need to have a Thai with you to vouch for you. Years ago I stayed at a hotel so I needed a Thai to vouch for me. If I had a rental agreement then all I needed was a "letter of residence" and Jingthing can tell you how to get that.

Once you get a BB Account all you need to do is go to the BofA website sign on and go to transfers. its all menu driven and self explanatory. You'll use the BB in New Yorks routing number and your "new" account number to finish the deal. With Bangkok Bank here you can also do on-line banking which I suggest you do. Then you can everything via computer.

Very important: if you use BofA you need to get "Safe Pass Card" and you can only get that online or via phone in the states only. takes a couple of weeks to get. Otherwise you can not make a transfer of more than $1000 US.

I probably missed something and some one will correct me. But that's my advice. :jap:

[el jefe]

GSB now charges the 150 baht fee, as do all banks. AEON is not a bank and can still get away without charging the fee. But that may not last forever. As the OP will be in Samui and traveling around the country, he'll rarely find an AEON machine.

As the OP is a US resident (citizen?) there is an equally simple solution as opening an account at Bangkok Bank. Just open an account with Schwab or E-trade. Both will reimburse all foreign ATM fees. Schwab's reimbursement hits my account the same time as the withdrawal making it simple to be sure it hit my account. i don't have experience with E-Trade but have read here (on the many threads on this same subject) that it works similarly.

[Langsuan Man]

What everyone is forgetting to tell you is that your US Bank MAY charge you a 1% to 3 % as a foreign currency transaction charge in addition to the 150 ATM charge levied by banks in Thailand for the use of a foreign ATM card

Check with you US bank and it may pay to change banks before you get here

I agree with el jefe that E'trade Bank or Schwab is the way to go, but be advised that E'trade is now charging a 1% foreign transaction fee for use of a foreign ATM, which I think that Schwab does not

[gray42]

So a bank like E-Trade or Schwab can give me a regular checking account? Or are you basically using their money market account as a checking account? I've only used E-Trade for stock trading. I don't recall anything about a checking account, but then again I wasn't looking for one.

[Jingthing]

Yes there is an etrade bank separate from etrade brokerage. If you have both types of accounts, both are visible when you login to etrade.

[gray42]

Thanks for all the info. It has helped me out tremendously. Schwab is looking like a great solution for the US account and then a Bangkok Bank account on the Thailand end. I feel much better about all this now!

[el jefe]

Thanks for all the info. It has helped me out tremendously. Schwab is looking like a great solution for the US account and then a Bangkok Bank account on the Thailand end. I feel much better about all this now!

I do not have an E-trade account so I have no first-hand info on their fees.

Schwab does not charge any foreign transaction fees. I also got a Visa card through Schwab which has NO foreign transaction fees. It's no longer part of Schwab but the cash-back rewards (2% of all purchases) are still automatically deposited to my Schwab account monthly.

My checking account with Schwab is linked to my brokerage account. Technically the account is with PNC Bank.

Your solution above is the same as mine. i can't see how anything could work better for a US citizen living in Thailand who maintains a US mailing address.

[Sateev]

Thanks for all the info. It has helped me out tremendously. Schwab is looking like a great solution for the US account and then a Bangkok Bank account on the Thailand end. I feel much better about all this now!

I do not have an E-trade account so I have no first-hand info on their fees.

Schwab does not charge any foreign transaction fees. I also got a Visa card through Schwab which has NO foreign transaction fees. It's no longer part of Schwab but the cash-back rewards (2% of all purchases) are still automatically deposited to my Schwab account monthly.

My checking account with Schwab is linked to my brokerage account. Technically the account is with PNC Bank.

Your solution above is the same as mine. i can't see how anything could work better for a US citizen living in Thailand who maintains a US mailing address.

Thanks for the update on GSB.

Schwab has a Schwab One international account which doesn't require a US address. ETrade won't let me use my card at an ATM (here, in Thailand), even though I maintain a US mailing address, although I can make purchases with it. I haven't actually tried it, but that is what they told me when I set up the account.

Schwab is definitely the way to go.