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

[TerraplaneGuy]

Hi All,

I posted this on the business forum but need some quick information so hoping someone on this forum may also know:

What's the difference between a "resident" and "non-resident" bank account in Thailand?

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

[StreetCowboy]

Are non-residents allowed to open a bank account in Thailand?

You may find that if you elect 'non-resident', it will be an offshore account, perhaps with HSBC in the Channel Islands; I would recommend against this, as it can cause confusion when trying to send money there - "?What country?".

Jonathan

[eyebee]

With a "resident" account you get interest, with a "non-resident" account, you don't. It's that simple. To qualify for a "resident" account you need a Non-Immigrant visa, or other long stay visa. If you only have a tourist visa or a 30 day waiver, you can only open a "non-resident" account. However not all banks will offer a "non-resident" account, you may have to shop around.

[TerraplaneGuy]

With a "resident" account you get interest, with a "non-resident" account, you don't. It's that simple. To qualify for a "resident" account you need a Non-Immigrant visa, or other long stay visa. If you only have a tourist visa or a 30 day waiver, you can only open a "non-resident" account. However not all banks will offer a "non-resident" account, you may have to shop around.

Thanks! Seems "resident" is better if only for that reason. Do I assume that most expats who qualify (e. g. have retirement visas) get "resident" accounts?

[CaptHaddock]

I have been facing the same question as an HSBC customer here in the US. There isn't any real advantage to opening the non-resident account before you arrive in BKK, unless you need to make payments in Thailand before then. I called the HSBC Premier support line here in the US and asked them to transfer me to the Premier support in BKK, which they did. The Thai rep explained that I could change my account from non-resident to resident after I arrive with my visa. They change the account number in that process. But if I just walk into the BKK office they will open a non-resident account for me the same day. So there is no advantage to me to open the non-resident account before I arrive.

[TerraplaneGuy]

I have been facing the same question as an HSBC customer here in the US. There isn't any real advantage to opening the non-resident account before you arrive in BKK, unless you need to make payments in Thailand before then. I called the HSBC Premier support line here in the US and asked them to transfer me to the Premier support in BKK, which they did. The Thai rep explained that I could change my account from non-resident to resident after I arrive with my visa. They change the account number in that process. But if I just walk into the BKK office they will open a non-resident account for me the same day. So there is no advantage to me to open the non-resident account before I arrive.

Thanks! But as I noted the HSBC Thai form said that once you choose either way you have to stick with that choice for all bank accounts at all Thai banks! Seems hard to understand but that's what it said. Also, are you saying that only a non-resident account allows you to make payments in Thailand? That was not apparent to me from the info they gave me.

[CaptHaddock]

I have been facing the same question as an HSBC customer here in the US. There isn't any real advantage to opening the non-resident account before you arrive in BKK, unless you need to make payments in Thailand before then. I called the HSBC Premier support line here in the US and asked them to transfer me to the Premier support in BKK, which they did. The Thai rep explained that I could change my account from non-resident to resident after I arrive with my visa. They change the account number in that process. But if I just walk into the BKK office they will open a non-resident account for me the same day. So there is no advantage to me to open the non-resident account before I arrive.

Thanks! But as I noted the HSBC Thai form said that once you choose either way you have to stick with that choice for all bank accounts at all Thai banks! Seems hard to understand but that's what it said. Also, are you saying that only a non-resident account allows you to make payments in Thailand? That was not apparent to me from the info they gave me.

Yes, the North American HSBC reps do say that, but it's not true, except perhaps in a strictly technical sense. The actual account number they give you for a non-resident account cannot be used on a resident number. However, they can just assign a new number. So, that's not actually a problem. This is what HSBC Premier BKK told me, but you can call them yourself and ask.

I am not saying a non-resident account is the only way to make payments in Thailand generally. But if you are living in Canada it is basically the only low-cost way since you can't open a resident account until you have a visa. You can certainly wire money from Canada to someone else's account in Thailand, but the charges are not negligible.