Dag Posted September 14, 2011 Share Posted September 14, 2011 I need to open an account in Bangkok in US$....can anyone advise who is best as an overall package ? HSBC or CitiBank or any others.... Which accounts, what is required in way of documentation and deposits. Fees and such. Any issues with payments from online payment companies into these accounts ? Transfers to O/S banks. Any info helpful, thanks. Link to comment Share on other sites More sharing options...
givenall Posted September 14, 2011 Share Posted September 14, 2011 You can open a $$ account in almost any bank. I have minewith Kbank. But that does not mean you can transfer money out of Thailandeasily. To transfer $$ out you still have to show either work permit of showthat the $$ was sent to Thailand from overseas, of course it is very easy tosend money to Thailand here no question is asked Link to comment Share on other sites More sharing options...
SantiSuk Posted September 15, 2011 Share Posted September 15, 2011 (edited) I don't have any comparative data as I only have HSBC as an international bank in Thailand. But you did ask for 'any information' so here goes. HSBC fees are 2,000 baht a month unless you have something like $80k with them, or you qualify a Premier customer elsewhere in the world with similar deposits/savings. So pretty expensive. Online services are comprehensive although it seemed to take an age to go through their process to set this up. Fees for a transfer to another Thai bank account 100 baht. Fee for an ATM withdrawal outside BKK 20 baht. Have never done an outbound international transfer. Don't know about opening account requirements as I am an existing customer in the UK - ring them up and ask! As an existing HSBC Premier customer they are just about worth it - they give you nice treatment when you go in to their BKK HQ and the people are very polite and speak reasonable English. Online global transfers are easy and free to me. But their service is irritating: - the online was long winded to set up - easier if you are in BKK I suspect - I have had to remind them every month for 8 months to cancel their monthly fee as I have significant funds in the UK - I have three different security dongles to operate three different current accounts in 2 geographies worldwide - hardly the international bank they claim to be. On balance I do not recommend them (but I hate banks with a passion - the most mismanaged businesses in the world!) Edited September 15, 2011 by SantiSuk Link to comment Share on other sites More sharing options...
Soutpeel Posted September 15, 2011 Share Posted September 15, 2011 Why dont you look at setting your account up in Singapore or Hong Kong, far less hassle Link to comment Share on other sites More sharing options...
Dag Posted September 15, 2011 Author Share Posted September 15, 2011 Thanks for the info. Why dont you look at setting your account up in Singapore or Hong Kong, far less hassle I had heard Sing is impossible unless you have a lot to deposit and work or live in Sing. HK you have to fly there to open it all and provide all of their required documents....I was hoping it would be somewhat simpler here... Link to comment Share on other sites More sharing options...
PattayaParent Posted September 15, 2011 Share Posted September 15, 2011 What about a US$ account in UK? or USA? Link to comment Share on other sites More sharing options...
Dag Posted September 15, 2011 Author Share Posted September 15, 2011 What about a US$ account in UK? or USA? yes...what about it ?? Link to comment Share on other sites More sharing options...
Soutpeel Posted September 15, 2011 Share Posted September 15, 2011 Thanks for the info. Why dont you look at setting your account up in Singapore or Hong Kong, far less hassle I had heard Sing is impossible unless you have a lot to deposit and work or live in Sing. HK you have to fly there to open it all and provide all of their required documents....I was hoping it would be somewhat simpler here... Singapore is not impossible with the international banks ie HSBC/Citi etc, in fact you should be able to set everything up on line, post the application and receive your ATM card back in the post. One of the possible problems with international banks in Singapore and other places is if you are an american citizen, generally they will not touch you. Link to comment Share on other sites More sharing options...
Nisa Posted September 15, 2011 Share Posted September 15, 2011 (edited) To transfer $ out you still have to show either work permit of showthat the $ was sent to Thailand from overseas, of course it is very easy tosend money to Thailand here no question is asked Is this really true? Is this just for non-Thais? If a Thai wanted to send money to somebody's account in another country, they need to produce documents too? Just curious ... seems a bit over the top to not be able to send your own money to whomever you want or a bank needing you to show proof of where money came from unless it is some huge amount and they are concerned with money laundering and/or tax evasion. I personally never have opened an account here but know many people who have and nobody ever asked them to show where the money came from. Edited September 15, 2011 by Nisa Link to comment Share on other sites More sharing options...
beano2274 Posted September 15, 2011 Share Posted September 15, 2011 (edited) Why not use Lloyds bank Jersey or Guernsey. Or Standard Chartered in Bangkok Edited September 15, 2011 by beano2274 Link to comment Share on other sites More sharing options...
Dag Posted September 15, 2011 Author Share Posted September 15, 2011 Why not use Lloyds bank Jersey or Guernsey. Or Standard Chartered in Bangkok Dont know anything about Jersey except they are a nice cow. Some info in relation to Standard would be nice...relative to the others, why, why not etc. A bank in some of those offshore places brings up issues with the online payments systems, many will not touch those offshore destinations. I would only consider HK, but I do not wish to fly there just to open an account if I can do it here easier at first. Link to comment Share on other sites More sharing options...
beano2274 Posted September 15, 2011 Share Posted September 15, 2011 Why not use Lloyds bank Jersey or Guernsey. Or Standard Chartered in Bangkok Dont know anything about Jersey except they are a nice cow. Some info in relation to Standard would be nice...relative to the others, why, why not etc. A bank in some of those offshore places brings up issues with the online payments systems, many will not touch those offshore destinations. I would only consider HK, but I do not wish to fly there just to open an account if I can do it here easier at first. Sorry I don't bank with Standard so you have to rely on others. Bangkok Bank offers Dollar accounts, there is even a Branch in the US which might open an account easier than the Thai lot. Link to comment Share on other sites More sharing options...
PattayaParent Posted September 15, 2011 Share Posted September 15, 2011 What about a US$ account in UK? or USA? yes...what about it ?? maybe consider it? Link to comment Share on other sites More sharing options...
beano2274 Posted September 15, 2011 Share Posted September 15, 2011 RBS Thailand Link to comment Share on other sites More sharing options...
Soutpeel Posted September 15, 2011 Share Posted September 15, 2011 To transfer $ out you still have to show either work permit of showthat the $ was sent to Thailand from overseas, of course it is very easy tosend money to Thailand here no question is asked Is this really true? Is this just for non-Thais? If a Thai wanted to send money to somebody's account in another country, they need to produce documents too? Just curious ... seems a bit over the top to not be able to send your own money to whomever you want or a bank needing you to show proof of where money came from unless it is some huge amount and they are concerned with money laundering and/or tax evasion. I personally never have opened an account here but know many people who have and nobody ever asked them to show where the money came from. Yes they a suppose to submit proof to the BOT and applies to both Thai's and Farangs Link to comment Share on other sites More sharing options...
Soutpeel Posted September 15, 2011 Share Posted September 15, 2011 Why not use Lloyds bank Jersey or Guernsey. Or Standard Chartered in Bangkok A bank in some of those offshore places brings up issues with the online payments systems, many will not touch those offshore destinations. I would only consider HK, but I do not wish to fly there just to open an account if I can do it here easier at first. Why is there a problem...I hold a US$ offshore account in Singapore and do all my banking online ? my Thai account is purely for day to day in Thailand/with drawing cash etc...I do my "real banking" out of Singapore as I have found through experience that banks in Thailand have a habit of c*cking up even the simplest instructions Link to comment Share on other sites More sharing options...
Dag Posted September 15, 2011 Author Share Posted September 15, 2011 What about a US$ account in UK? or USA? yes...what about it ?? maybe consider it? Ok...did that....then what ?? Link to comment Share on other sites More sharing options...
Dag Posted September 15, 2011 Author Share Posted September 15, 2011 Why not use Lloyds bank Jersey or Guernsey. Or Standard Chartered in Bangkok A bank in some of those offshore places brings up issues with the online payments systems, many will not touch those offshore destinations. I would only consider HK, but I do not wish to fly there just to open an account if I can do it here easier at first. Why is there a problem...I hold a US$ offshore account in Singapore and do all my banking online ? my Thai account is purely for day to day in Thailand/with drawing cash etc...I do my "real banking" out of Singapore as I have found through experience that banks in Thailand have a habit of c*cking up even the simplest instructions By offshore I meant the traditional tax offshore locales.....it is very hard, near impossible I have been told to gain online payments systems for one of them....HK and Sing are well respected and not in that category. Link to comment Share on other sites More sharing options...
Nisa Posted September 15, 2011 Share Posted September 15, 2011 To transfer $ out you still have to show either work permit of showthat the $ was sent to Thailand from overseas, of course it is very easy tosend money to Thailand here no question is asked Is this really true? Is this just for non-Thais? If a Thai wanted to send money to somebody's account in another country, they need to produce documents too? Just curious ... seems a bit over the top to not be able to send your own money to whomever you want or a bank needing you to show proof of where money came from unless it is some huge amount and they are concerned with money laundering and/or tax evasion. I personally never have opened an account here but know many people who have and nobody ever asked them to show where the money came from. Yes they a suppose to submit proof to the BOT and applies to both Thai's and Farangs Wow, I had no idea but I am guessing this is something not enforced too much, at least the part of opening an account .... Not like too many Thais are sending money to their girlfriends in the UK or US Link to comment Share on other sites More sharing options...
Soutpeel Posted September 15, 2011 Share Posted September 15, 2011 To transfer $ out you still have to show either work permit of showthat the $ was sent to Thailand from overseas, of course it is very easy tosend money to Thailand here no question is asked Is this really true? Is this just for non-Thais? If a Thai wanted to send money to somebody's account in another country, they need to produce documents too? Just curious ... seems a bit over the top to not be able to send your own money to whomever you want or a bank needing you to show proof of where money came from unless it is some huge amount and they are concerned with money laundering and/or tax evasion. I personally never have opened an account here but know many people who have and nobody ever asked them to show where the money came from. Yes they a suppose to submit proof to the BOT and applies to both Thai's and Farangs Wow, I had no idea but I am guessing this is something not enforced too much, at least the part of opening an account .... Not like too many Thais are sending money to their girlfriends in the UK or US when I have had to do it in the past the easiest way is to put "family support" on the form Link to comment Share on other sites More sharing options...
PattayaParent Posted September 16, 2011 Share Posted September 16, 2011 What about a US$ account in UK? or USA? yes...what about it ?? maybe consider it? Ok...did that....then what ?? apply to open an account. Link to comment Share on other sites More sharing options...
Dag Posted September 18, 2011 Author Share Posted September 18, 2011 yes...what about it ?? maybe consider it? Ok...did that....then what ?? apply to open an account. Why ? Link to comment Share on other sites More sharing options...
PattayaParent Posted September 19, 2011 Share Posted September 19, 2011 maybe consider it? Ok...did that....then what ?? apply to open an account. Why ? Because you can. Link to comment Share on other sites More sharing options...
Naam Posted September 19, 2011 Share Posted September 19, 2011 what if he can't? Link to comment Share on other sites More sharing options...
PattayaParent Posted September 19, 2011 Share Posted September 19, 2011 what if he can't? All he needs is a passport, an address, and money. If he hasn't got those 3 then he's fcuked opening an account anywhere in the world. Link to comment Share on other sites More sharing options...
Dag Posted September 19, 2011 Author Share Posted September 19, 2011 All he needs is a passport, an address, and money. I have those 3....but does not answer the why question ? Link to comment Share on other sites More sharing options...
PattayaParent Posted September 19, 2011 Share Posted September 19, 2011 All he needs is a passport, an address, and money. I have those 3....but does not answer the why question ? That was answering Naam's question. I answered the why question previously. Link to comment Share on other sites More sharing options...
TallGuyJohninBKK Posted September 19, 2011 Share Posted September 19, 2011 (edited) To the OP, what exactly are you trying to accomplish by setting up a U.S. $ account with a bank in Thailand? A clear end purpose might help steer better responses to your question.... Most all the Thai banks offer them....but usually they're not cheap to maintain. As mentioned above, HSBC offers Premier status for folks who deposit $75,000 to $100,000 with them, and that offers relatively convenient international funds transfers online via their system... But you haven't said what kinds of funds you envision depositing, or what you'll need to be doing with them. Edited September 19, 2011 by TallGuyJohninBKK Link to comment Share on other sites More sharing options...
Dag Posted September 19, 2011 Author Share Posted September 19, 2011 To the OP, what exactly are you trying to accomplish by setting up a U.S. $ account with a bank in Thailand? A clear end purpose might help steer better responses to your question.... Most all the Thai banks offer them....but usually they're not cheap to maintain. As mentioned above, HSBC offers Premier status for folks who deposit $75,000 to $100,000 with them, and that offers relatively convenient international funds transfers online via their system... But you haven't said what kinds of funds you envision depositing, or what you'll need to be doing with them. I mentioned in the Op about receiving online funds...payments from online 3rd party payment facilities. I also mentioned transfer of funds o/s without any specifics...doubt exactly what I will be doing with said funds is needed to relate this info for a bank here. However appreciate that it will not be invested here in cash at least. The hsbc options mentioned are outrageous, I would never open that type of account from what I have heard the benefits do not outweigh the negatives and I have heard you can open accounts with much less deposit amounts. As for what I am trying to accomplish is that I have a banking history of sorts here and back home, I do not wish to keep it back home because of tax reasons. I ultimately wish to keep it in HK, but do not wish to open in HK just yet until I see how things go and I also have the problem with proof of documents for HK...my footprint is small. So, I thought the option might be to open here for a short period, accomplish the month or so of trial and error before deciding to open in HK or not and here I was hoping the document proof may be somewhat easier to provide than in HK that seems quite strict. I have a problem providing proof of address and bank history as I am clouded in mystery and secrecy. I like it that way, but may need to change...a near decade of on the lamb might be coming to an end. Link to comment Share on other sites More sharing options...
aurelius Posted September 19, 2011 Share Posted September 19, 2011 Foreigners transferring funds out of Thailand need to prove that the funds were earned here (work permit required), or were initially brought into Thailand for investment purposes (e.g. condo purchase, direct investment). This evidence is required when remitting the funds back out of the country. Info below is from Bangkok Bank's website regarding foreign currency accounts. http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transaction%20Accounts/Foreign%20Currency%20Account/Pages/Terms%20and%20Conditions%20for%20Non-Residents.aspx Link to comment Share on other sites More sharing options...
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