Thai Bank Account - "Resident" Or "Non-Resident"?

[TerraplaneGuy]

Hi All,

I'm Canadian, moving to Bangkok next month on a non-Immigrant O-A visa. I am an HSBC customer in Canada and am trying to open an account at HSBC in Bangkok from here before I arrive. The Thai application form asks whether I want a "resident" or "non-resident" account. It says I qualify for "resident" because of my visa. However, it also says I can, if I want, choose a "non-resident" account. From the rather sketchy info they supply, it seems a "resident" account is better. But they say that once I choose, they will report it to the Thai government and I must always choose the same for all future Thai bank accounts. Does anyone understand the difference between these accounts and which is better? My intention is just to use the money to pay rent and living expenses, withdraw cash from ATM, etc.

Thanks!

TG

[Daveroc]

A non resident baht account is useful if you are transferring funds to Thailand for investment purposes that may be repatriated in the future. Transactions are recorded in accordance with Bank of Thailand regulations.

However this type of account does have restrictions on how you can access it. e.g. no ATM cards. Most people would go for the Resident account with gives you greater flexibilty in your day to day operations of the account.

If you are bringing funds to Thailand ask your Bank for a Foreign Exchange Certificate. These are issued for amounts over USD20k. This is sufficient proof that you brought the funds into the country should you subsequently wish to repatriate at a later date without the restrictions imposed by a non resident account.

[TerraplaneGuy]

A non resident baht account is useful if you are transferring funds to Thailand for investment purposes that may be repatriated in the future. Transactions are recorded in accordance with Bank of Thailand regulations.

However this type of account does have restrictions on how you can access it. e.g. no ATM cards. Most people would go for the Resident account with gives you greater flexibilty in your day to day operations of the account.

If you are bringing funds to Thailand ask your Bank for a Foreign Exchange Certificate. These are issued for amounts over USD20k. This is sufficient proof that you brought the funds into the country should you subsequently wish to repatriate at a later date without the restrictions imposed by a non resident account.

Thanks for the info! Have you ever heard said what HSBC says, that once you choose either resident or non-resident account you have to stick with that for all Thai accounts? It seems odd to me. I can't see why, if you qualify for both, you can't have both or switch your choice in future.