Bank Accounts

[Riggi]

Hi all,

I figure I should open a bank account to get my pay put into so I don't have to pay the commission everytime I cash a cheque.

Plus if I don't have the money in my wallet I'm less likely to spend it

So are there any banks or accounts that are better than others?

eg. No or lower fees, easy to transfer money to and from Australian bank accounts, discounts/perks etc.

Or ones that should be avoided?

My work uses Ayudha Bank if that makes any difference...

thanks,

Rich

[afarang]

We have a problem with bangkok bank.in Ban Kruat.Possibly is the worst bank branch in the world. So many of us who live in Ban Kruat . have suffered enough. We have closed our accounts ,and moved to Kasikorn bank in PlaKhon Chai, about 25 kms .up the road. We travel to do our banking,happily, to a bank that gives us service.

[chiang mai]

Kasikorn tends to be one of the more farang friendly banks, has a good reputation (which someone will no doubt attempt to trash momentarily) and has excellent internet banking facilities - you should check them out and I think you'll be pleased.

[kmar92]

I have no experience with other banks but I have opened an account with Kasikorn Bank and although the opening procedure took some time I am very happy with Kasikorn so far. I had ATM access immediately, internet access within 6 hours and I have transferred money from Australia today and they processed it very quickly and the charges were very reasonable. So far so good .

[sceadugenga]

How long did the transfer from Australia take?

I assume you did it yourself on the internet.

[AsiaWolfie]

what about other Banks such as TMB, Siam Commercial (refused to open an account years ago without work permit, but Kasikorn did), Siam City Bank, Krung Thai ? Any good nowadays ? online-banking available ? or still need work permit for everything ?

[kmar92]

How long did the transfer from Australia take?

I assume you did it yourself on the internet.

The deal was booked at 1102 29.08.11 and was in the Kasikorn account at 1122 30.08.11. Pretty good and minimal fees.

And yes I did it completely online.

Edited August 30, 2011 by kmar92

[afarang]

The problem is, if you are not in a BIG city ,you do not have the choice of banks. In Ban Kruat -we have one bank , bangkok, and they are SO bad.So bad , That we are very happy to drive 25 kms. to bank with Kasikorn. I won't bore with the 6weeks of hassles i had opening an account with bangkok, rather to tell you that at Kasikorn ,it took me less than 10 minutes ,before I had a Pass Book in my hand.

[thrilled]

I like kasikorn ,never A problem,friendly and understanding

[bifftastic]

My account is with Bangkok Bank in Chiang Saen, took about 15 minutes to open it. Got the passbook and ATM card.

Waited a while for the on-line banking to be set up, had to chase them about that, but all working fine now.

There's a board in the branch that says 'non-resident' accounts don't bear interest so I assumed that I'd been given that kind of account, being a foreigner and all, but no, I get interest!

(I got 8 satang )

The manager was very helpful, the Bangkok Bank contact I got from this site has also been extremely helpful and I have to say that I'm very happy with the service, much better than what I'm used to in the UK.

I transfer money (from the UK) on-line and it takes about 7 hours.

[sceadugenga]

Many thanks kmart92.

afarang, I'd certainly drive 25kms to a decent bank, it's nearly that to the AEON ATM I use anyway from where I live. I usually multitask and do a bit of shopping etc.

The reason I asked about the transfer is that sometimes I need to draw out more than 20,000B which is the maximum the ATMs will pay out in a day.

Subsequently each additional 20k involves an extra trip to the ATM.

[x5david]

We have a problem with bangkok bank.in Ban Kruat.Possibly is the worst bank branch in the world. So many of us who live in Ban Kruat . have suffered enough. We have closed our accounts ,and moved to Kasikorn bank in PlaKhon Chai, about 25 kms .up the road. We travel to do our banking,happily, to a bank that gives us service.

Smart move, unfortunately the Thais probably didn't even notice or were happy for you to move....

[Riggi]

The reason I asked about the transfer is that sometimes I need to draw out more than 20,000B which is the maximum the ATMs will pay out in a day.

Subsequently each additional 20k involves an extra trip to the ATM.

The 20,000 limit is per transaction,

I've taken out 20,000 and then put my card back into the same machine and taken out another 20,000.

I've done this twice - when I paid cash for my motorcycle and camera.

Obviously you get hit with the 150 baht fee each time.

This was before I discovered the Aeon ATM and I was using SCB (I think) and the blue, orange and white bank so maybe Aeon has a daily limit of 20,000.

Thanks to all for the info. I might check out Kasikorn. They have a branch near me I think.

Edited August 31, 2011 by Riggi

[sceadugenga]

Sorry, my reply was poorly worded.

Australian banks will only allow one transaction a day, you can go to ten ATMs and only one will pay out, once.

Even over the counter they will only allow 20,000B.

It's a real pain.

[skybluestu]

Sorry, my reply was poorly worded.

Australian banks will only allow one transaction a day, you can go to ten ATMs and only one will pay out, once.

Even over the counter they will only allow 20,000B.

It's a real pain.

I used my UK debit card to withdraw money at the ForEx desk in BKK Bank and there was no limit, as long as funds were in my account I could withdraw.

[sceadugenga]

Sorry, my reply was poorly worded.

Australian banks will only allow one transaction a day, you can go to ten ATMs and only one will pay out, once.

Even over the counter they will only allow 20,000B.

It's a real pain.

I used my UK debit card to withdraw money at the ForEx desk in BKK Bank and there was no limit, as long as funds were in my account I could withdraw.

OK Stu, thanks for that, I'll check it out.

When I bought my car a few years back I drew out 800K in one hit just over the bank counter.

Cannot remember which one but I went to the small bank just up the road from Isuzu first and they were most apologetic, they had insufficient funds to honour it.

Can't seem to do that anymore.

[Riggi]

Sorry, my reply was poorly worded.

Australian banks will only allow one transaction a day, you can go to ten ATMs and only one will pay out, once.

Even over the counter they will only allow 20,000B.

It's a real pain.

This was using my Commbank ATM card to withdraw from my Commbank saving account.

Maybe different banks have different limits.

[JAG]

what about other Banks such as TMB, Siam Commercial (refused to open an account years ago without work permit, but Kasikorn did), Siam City Bank, Krung Thai ? Any good nowadays ? online-banking available ? or still need work permit for everything ?

Krung Thai (Big C branch) allowed me to open an account with a type O Visa, and Best Beloved to vouch for me and produce her house book (Tabien Ban?).

[klikster]

Kasikorn has gotten lots better over the years. Back in '92, a Thai Farmer's Bank spokesman commented to the effect, "We don't need money from farang."

I currently have a Bangkok Bank (opened in '90) and was issued a credit card (not debit card) with Bt 150,000 limit .. and card was never made inactive even though my account dropped below that threshold for several months.

Banking in Thailand has much to do with relationships and recommendations.

During the meltdown, I had a fixed deposit account at one of the banks taken over by the government (can't remember the name) .. paid 16% interest .. that was nice!

I also have a Kasikorn account and like their service better than Bangkok Bank. Last immigration letter was "no charge".

Last year Siam Commercial wouldn't open an account for me unless I could show a work permit or a yellow house book.

Edited September 1, 2011 by klikster

[mausbiber]

Many thanks kmart92.

afarang, I'd certainly drive 25kms to a decent bank, it's nearly that to the AEON ATM I use anyway from where I live. I usually multitask and do a bit of shopping etc.

The reason I asked about the transfer is that sometimes I need to draw out more than 20,000B which is the maximum the ATMs will pay out in a day.

...

I use the AEON ATM in CM and I can take out THB 40000 for sure.

Look for the option "other amount". then you can type in the amount you want.

As mentioned in a previous thread 40,000 is the limit, because the pay-out-compartement can only take 40 notes (à 1000 Baht)

[Paul888]

I may be wrong but I don't think Thai bank account ATM cards can withdraw from AEON machines. I tried once with my Kasikorn card and it didn't work.

Bank of Ayudhya (yellow bank) also known has KrungSri has a 30,000 limit per transaction limit even for ATMs from other banks and I believe Bangkok Bank has 25,000

[sceadugenga]

I suspect that my Australian banks have some sort of nanny state rule about withdrawal limits overseas in case some boofhead gives his paramour of the week his ATM card.

I suppose in theory it stops her cleaning out the account in a single day.

[KimoMax]

Many times limits are placed by an individuals own personal Foreign bank of the amount that can be withdrawn in one day.

Mine limits me to $500 US equivalant can be withdrawn on any one day from midnight til 11:59pm in my home banking time zone.

Tried to inquire previousely about opening a local bank account. Every time the Banking Staff told me I had to have a Work Permit even tho I have an O-A Visa.

They are wrong, but TIT, so I just gave up trying.

[KimoMax]

I am looking into this On-Line Bank from the USA where there are no ATM or foreign transaction fees and any additional International or Local ATM fees charged by other banks are reimbursed.

It is Schwab Bank USA. Here is the link to their site for anyone interested.

http://www.schwab.co...ending/checking

Edited for Typos

Edited September 5, 2011 by KimoMax

[scorpio1945]

I am looking into this On-Line Bank from the USA where there are no ATM or foreign transaction fees and any additional International or Local ATM fees charged by other banks are reimbursed.

It is Schwab Bank USA. Here is the link to their site for anyone interested.

http://www.schwab.co...ending/checking

Edited for Typos

I have been with Schwab over 25 years. Very customer friendly company. I use them to wire money from my brokerage account to my BKK Bank (no WP) account ($25). Not sure how easy it will be to set up an account while you are in Thailand. Seems like someone I talked to said there was problem, There are still fees involved in geting cash from an ATM (Visa CC type) but reasonable considering.

It should be noted that my Schwab bank account is linked to my brokerage account so I do not know anything about a stand alone account.

Edited September 5, 2011 by scorpio1945

[KimoMax]

Well forget about Schwapp unless you have an Investment account with them.

Some One said Bangkok Bank is the way to go, but I need to have a direct deposit into a USA bank and then have access to funds in Thailand without fees, or small amount of fees.

Currenly it cost me about $20 in fees for every $500 I withdraw. So if I take $3000 it will cost me $120 in US bank fees (even thos the 150 baht service fee is re-imbursed by my bank). $5 non bank ATM and 3% international conversion transaction fees (it is all Bull Crappy !, but can't do anything about it).

They used to try to charge a 1% visa or mastercard transaction fee, bt now it is a International monetarry conversion fee of 3%......... BS !

Friend suggested Bangkok Bank, will check on that.

Edited September 9, 2011 by KimoMax

[Riggi]

Well I ended up opening an account with Kungsri.

I went to Kasikorn first and they told me it was 700 baht for an ATM card and then 500 baht per year. It seemed a bit steep so I went to Kungsri and their charges for an ATM card are "only" 300 baht per year.

So I figured I'd try them out and if I have any problems might consider switching at a later stage.

I went to Central so it was easy to walk around to the different banks and check each one out.

Thanks for all the info.

Cheers,

Rich

[sceadugenga]

I can't see I'd need an ATM card, the idea is to get away from the limitations of ATM withdrawals.

>>>

I just spoke to the mrs and she was astounded when I told her Kasikorn pulled the 700/500 stunt.

Sounds like it needs a bit more looking into, I'll do some more research next week.

[chiang mai]

Well I ended up opening an account with Kungsri.

I went to Kasikorn first and they told me it was 700 baht for an ATM card and then 500 baht per year. It seemed a bit steep so I went to Kungsri and their charges for an ATM card are "only" 300 baht per year.

So I figured I'd try them out and if I have any problems might consider switching at a later stage.

I went to Central so it was easy to walk around to the different banks and check each one out.

Thanks for all the info.

Cheers,

Rich

Hadn't heard of that one before, that's going to cost them business if they don't change, haven't heard of any other bank with that charging structure, bummer. But as you say, you can always change later if it doesn't suit.

[rmacdon61]

I'll try here and see if I get the info: For a Swift transfer from Canada to Bank of Bangkok Chiang Rai, I need a tax #? Now is this a tax number for me? or the bank? If the bank, where can I find it on my bank book? If for me, well I don't have one and would prefer not being taxed on my money by canada and again by Thailand .

Thanks guys