O-A Qualifies For "Resident" Or "Non-Resident" Bank Account

[TerraplaneGuy]

Hi All,

I posted this on the business forum but need some quick information so hoping someone on this forum - which seems the most knowledgeable - may also know. And it's related to the O-A visa.

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 in Thailand. 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 in advance for your thoughts!

TG

[Maestro]

You get interest paid on a resident savings account and no account maintenance fee is usually charged, at least not by Thai banks, other than the ATM card fee. A non-resident account usually pays no interest and HSBC probably charges a monthly or annual account maintenance fee.

To transfer money abroad from a resident account you have to fill out a special form, stating the reason for the transfer. I believe this is not needed when remitting money abroad from a non-resident account, but I'm not 100% sure.

[TerraplaneGuy]

You get interest paid on a resident savings account and no account maintenance fee is usually charged, at least not by Thai banks, other than the ATM card fee. A non-resident account usually pays no interest and HSBC probably charges a monthly or annual account maintenance fee.

To transfer money abroad from a resident account you have to fill out a special form, stating the reason for the transfer. I believe this is not needed when remitting money abroad from a non-resident account, but I'm not 100% sure.

Thanks! So do you suppose most retired expats use resident accounts? Sounds like the better choice.

[Maestro]

I should think they do, plus many other people who are not retired or otherwise on annual extensions but visit Thailand frequently. Not all bank branches like to open accounts for foreigners, so one may have to shop around. It may be easier to open an account in a tourist area, where bank staff are more likely to speak English. I remember one branch insisting on a work permit, walked 200 metres down Silom Road in Bangkok and opened my account with another branch of the same bank.

At another bank, months after I had opened a savings account, the customer relations employee told me that I would get no interest because I was a foreigner. I just smiled and said nothing and at the end of the year interest was credited to my account. If the savings book is not stamped "non-resident", then it is a resident account.

[TerraplaneGuy]

I should think they do, plus many other people who are not retired or otherwise on annual extensions but visit Thailand frequently. Not all bank branches like to open accounts for foreigners, so one may have to shop around. It may be easier to open an account in a tourist area, where bank staff are more likely to speak English. I remember one branch insisting on a work permit, walked 200 metres down Silom Road in Bangkok and opened my account with another branch of the same bank.

At another bank, months after I had opened a savings account, the customer relations employee told me that I would get no interest because I was a foreigner. I just smiled and said nothing and at the end of the year interest was credited to my account. If the savings book is not stamped "non-resident", then it is a resident account.

Thanks. 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.

[Maestro]

Thanks. 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.

I've never heard it. I never had simultaneously a non-resident and a resident account in Thailand.