Which Bank, Card Rates For Transfer Money

[banglampu]

I'm about to open an account, staying here for a year so think best to.

Bought a wad of cash with us, but feel safer knowing its in the Bank.

Best accounts ? rates etc. And whats best UK card to have for withdrawing money from UK banks, rates again helpfull.

Thanks

[Daveroc]

I may be biased because I work for Bangkok Bank but have always found them excellent. If you need assistance opening an account, happy to assist. PM me.

[CharlieH]

Another vote here for Bangkok Bank, also very easy fast and efficient to use them to transfer money from the UK to your Thai account.

Use online banking from your UK account to Bangkok Bank London, then its in Thailand within 24 hrs of hitting the London branch.

I use them on a regular basis for this. Great service all around.

Edited October 14, 2011 by CharlieH

[hyperdimension]

Bangkok Bank? The idiots wouldn't even give me an internet banking account, so I have to go to the branch every time I want to transfer money out.

Edited October 14, 2011 by hyperdimension

[PattayaParent]

Open an account with whichever bank will allow you to.

You'll likely find that you'll be refused if you don't have a work permit but keep trying until you find a branch that says OK.

Edit: as for UK cards, surely you already have one and don't need to be setting up an account from here?

Edited October 14, 2011 by PattayaParent

[Daveroc]

Bangkok Bank? The idiots wouldn't even give me an internet banking account, so I have to go to the branch every time I want to transfer money out.

Happy to investigate and endeavour to provide some assistance if you wish. Please PM me.

[hyperdimension]

Happy to investigate and endeavour to provide some assistance if you wish. Please PM me.

Thanks for your kind offer, however it is clear that Bangkok Bank are reluctant to provide internet banking, moreso than Kasikorn and SCB. I intend to make one more visit to the branch to transfer my funds (currently around 20K USD) to my new multi-currency bank account in Hong Kong which I opened, with little fuss, during my short visit there. The Hong Kong bank is perfectly fine with the fact that I will manage the account over the internet from Thailand.

I present the Thai banks my middle finger.

[Lifer]

I transfer money inside the SCB bank using my US Credit Union debit card direct into my SCB bank account, then use SCB debit card to withdraw. Bangkok and SCB do not have a limit. limited it is set by your bank or credit union. Pay CU 1% fee and transfer $3000 at a time. Works really great and no 150 Baht fee at machine to withdraw.

If you need more than your limit I believe you can email your bank and get it changed for a transfer. Good Luck.

Edited October 14, 2011 by Lifer

[Lifer]

Shop around. Are you moving here or just a tourist staying for a while. I opened my first bank account and was not working, so no work permit. Registered marriage after opening account. Whatever your reason talk to the manager of the branches, but try to find a branch where they speak English. Some of the superstore branches don't have regular personnel that are fluent in English, which is a problem sometimes when you need information.

I know a lot of people who have opened up K-Bank accounts with a small deposit so they can apply for the online bank card that acts like a credit card, but actually takes money out of your account like a debit card. Perseverance wins in Thailand, at least most of the time.

[Pib]

I've been perfectly happy with Bangkok Bank for years to include their internet banking. But regardless of which bank you open an account with, all Thai banks must comply with Bank of Thailand (BOT) rules/regulations that can make some banking aspects very frustrating such as the ability to transfer money out of the country unless you meet certain requirements such as having a work permit, having document XYZ which shows the money was previously transfered into Thailand, and even being able to open a bank account which can be branch specific/depending on your visa stay status.

[chris5346]

hi,

as a tourist i managed to open a bangkok bank savings account and i get free atm withdraws in the city where account was opened, also got internet banking but that took a while to process through the post sending passwords etc.

i have recently opened an scb account which was even simpler and getting online banking took 10 mins registerring online.

the reason i opened an scb is because there TT rate is usually one of the best rates if i want to transfer money from overseas, also scb can be used to pay for airasia flights so save some fees.

if your using u.k cards here the atm's charge 150 baht per transaction and also most cards charge fees and commisions with some exceptions, what i do is avoid the atm's and go inside the bank with my passport and ask for a cash advance saving the 150 baht each time, different banks have different rates , here's a link where you can check the rates :

http://bankexchangerates.daytodaydata.net/default.aspx

here's another link if you want to follow the baht /pound :

http://www.bbc.co.uk/news/business/market_data/currency/11/11678/default.stm

if your in the u.k currently i would recommend getting a santander zero credit card and registerring for online banking , you can withdraw 300 pounds worth of baht a day in thailand and no fees (just have to pay balance off asap to avoid interest).

i think halifax also have a clarity card which looks good.

all the best,

chris

[chris5346]

if your finding it difficult to open a bank account then showing a thai driving licence will help (that's what i did when opening my second account and no questions were asked).

i'd recommend getting a few different accounts and sharing out the money, could also buy some gold and wear it !

other choice is maybe you could convert the cash into safer travellers cheques ? but maybe too late for that.

[Bpuumike]

Most shops charge 3% to pay with a UK debit/credit card while ATM cash withdrawals cost around 7%, though thinking about it, I don't think the supermarkets such as Tesco Lotus and Big C do make that 3% charge. In any case you're better to pay by card than cash from an ATM. I find Barclays Visa gives me very good exchange rates.

As mentioned above, go into the bank with your passport for cash advances to avoid ATM charges.

I too originally opened a Bangkok Bank savings account while on a Tourist visa without any problem.

Good luck.

[Pib]

Most shops charge 3% to pay with a UK debit/credit card while ATM cash withdrawals cost around 7%, though thinking about it, I don't think the supermarkets such as Tesco Lotus and Big C do make that 3% charge. In any case you're better to pay by card than cash from an ATM. I find Barclays Visa gives me very good exchange rates.

As mentioned above, go into the bank with your passport for cash advances to avoid ATM charges.

I too originally opened a Bangkok Bank savings account while on a Tourist visa without any problem.

Good luck.

I expect what is happening is your home country bank(s) that issued the debit/credit card is charging a foreign transaction fee in the 3-5% range and/or acceptance of a Dynamic Currency Conversion (DCC) fee which usually run around 3-4%. Regarding a DCC transaction, these end-up putting more money in the shop's pocket and the home country bank also charging a foreign transaction fee....a double whammie....DCC is bad, very bad....never accept....have the store cancel the transaction before signing the slip and re-accomplish the transaction in local currency. And if DCC is offered on an ATM withdrawal which may be offered/disguised as the bank's rate versus the Visa/Mastercard rate, don't select that option either due to the lower exchange rate. And of course there can be that 150 baht foreign card use fee by Thai bank ATMs; AEON ATMs do not charge such a fee.

I've never experienced a Lotus or Big C attempting a DCC transaction but Sizzler and HomePro have attempted which is easily spotted on the credit card signature slip by the entry of both baht and your home country currency (or maybe USD) with the fine print of the exchange rate; I stop right there before signing...tell them to cancel the transaction and rerun the charge in baht....it takes them 2 to 3 minutes to rerun the charge. When I don't know if a store might try the DCC rip-off, when I hand them my foreign debit/credit card and tell them to "Charge Baht; not US Dollars." Since some stores have their point of sale machines setup to default to running a DCC transaction when sensing a foreign card and if a person is unsure if the stores attempt DCC, it just best sometimes to tell the clerk to charge in baht when handing them your debit/credit card. But since most folks frequent specific stores, after a while a person knows which store attempt DCC and which stores don't.

[Bpuumike]

Most shops charge 3% to pay with a UK debit/credit card while ATM cash withdrawals cost around 7%, though thinking about it, I don't think the supermarkets such as Tesco Lotus and Big C do make that 3% charge. In any case you're better to pay by card than cash from an ATM. I find Barclays Visa gives me very good exchange rates.

As mentioned above, go into the bank with your passport for cash advances to avoid ATM charges.

I too originally opened a Bangkok Bank savings account while on a Tourist visa without any problem.

Good luck.

I expect what is happening is your home country bank(s) that issued the debit/credit card is charging a foreign transaction fee in the 3-5% range and/or acceptance of a Dynamic Currency Conversion (DCC) fee which usually run around 3-4%. Regarding a DCC transaction, these end-up putting more money in the shop's pocket and the home country bank also charging a foreign transaction fee....a double whammie....DCC is bad, very bad....never accept....have the store cancel the transaction before signing the slip and re-accomplish the transaction in local currency. And if DCC is offered on an ATM withdrawal which may be offered/disguised as the bank's rate versus the Visa/Mastercard rate, don't select that option either due to the lower exchange rate. And of course there can be that 150 baht foreign card use fee by Thai bank ATMs; AEON ATMs do not charge such a fee.

I've never experienced a Lotus or Big C attempting a DCC transaction but Sizzler and HomePro have attempted which is easily spotted on the credit card signature slip by the entry of both baht and your home country currency (or maybe USD) with the fine print of the exchange rate; I stop right there before signing...tell them to cancel the transaction and rerun the charge in baht....it takes them 2 to 3 minutes to rerun the charge. When I don't know if a store might try the DCC rip-off, when I hand them my foreign debit/credit card and tell them to "Charge Baht; not US Dollars." Since some stores have their point of sale machines setup to default to running a DCC transaction when sensing a foreign card and if a person is unsure if the stores attempt DCC, it just best sometimes to tell the clerk to charge in baht when handing them your debit/credit card. But since most folks frequent specific stores, after a while a person knows which store attempt DCC and which stores don't.

Useful info... we live and learn.

[4evermaat]

I transfer money inside the SCB bank using my US Credit Union debit card direct into my SCB bank account, then use SCB debit card to withdraw. Bangkok and SCB do not have a limit. limited it is set by your bank or credit union. Pay CU 1% fee and transfer $3000 at a time. Works really great and no 150 Baht fee at machine to withdraw.

If you need more than your limit I believe you can email your bank and get it changed for a transfer. Good Luck.

So to confirm, SCB allows people to "load" their savings account using a foreign debit card or cash advance with their internet banking? how does your technique work?

[pisico]

Most shops charge 3% to pay with a UK debit/credit card while ATM cash withdrawals cost around 7%, though thinking about it, I don't think the supermarkets such as Tesco Lotus and Big C do make that 3% charge. In any case you're better to pay by card than cash from an ATM. I find Barclays Visa gives me very good exchange rates.

As mentioned above, go into the bank with your passport for cash advances to avoid ATM charges.

I too originally opened a Bangkok Bank savings account while on a Tourist visa without any problem.

Good luck.

Happened to me in Yanhee hospital. They pulled the scam of their conversion rate which was way lower than the exchange rate of the day. I refuse to sign it and asked for the print out in the Baht amount. After about 15 minutes of telephone calls to supervisors and higher ups, the transaction was reversed. My argument was simple: the logo on my debit card says VISA. Treat it as a credit card and post the amount in Thai currency. My bank will take care of making the conversion.

By the way, the bank they use at Yanhee is Siam.

[pisico]

Bangkok Bank? The idiots wouldn't even give me an internet banking account, so I have to go to the branch every time I want to transfer money out.

Kasikorn bank will open an account for you with only your passport.

The branch inside Tesco in Pinklao (Near Cemtral Pinklao) will.

If it is far from you, go to several branches in the are where you live. Thai bankers in general have blinders on and lack initiative. Go to the manager and explain that you are in the process of transferring about one million bahts in parcels from your home country and you need a bank account for that purpose. That will get the manager's attention.

However, I went to the Bangkok Bank in the heart of Khao Sarn Road and the lady in charge of bouncing off Farangs that day came over to me with a page listing the conditions for a foreigner to open an account and one of them was that I had to have a Work Permit.

In Chiang Mai, the Kasikorn branch could not wait to open my account and get my money. I use my passport and that was it.

K banks are more farang friendly.

[Bob12345]

Opened an account at KTB last month, see the how-to in the link below:

http://stuckinthailand.com/thailand/how-to-opening-bank-account-thailand

I guess all Thai banks offer about the same:

- free internet banking

- opening an account in 30 minutes (also on a tourist visa)

- costs of about 100 baht per year

- initial cost of 200 baht for the ATM card

- low interest rates

[TallGuyJohninBKK]

Opened an account at KTB last month, see the how-to in the link below:

http://stuckinthaila...ccount-thailand

I guess all Thai banks offer about the same:

- free internet banking

- opening an account in 30 minutes (also on a tourist visa)

- costs of about 100 baht per year

- initial cost of 200 baht for the ATM card

- low interest rates

There is a lot of commonality among the policies of the different Thai banks, because they all operate within regulations set by the Bank of Thailand... However...

Their internet banking isn't exactly free... They may not charge for you to HAVE it... But they DO charge for you to use it... as in transaction fees most times to pay bills online or transfer funds to other accounts or other people. They may also charge for ATM withdrawals from their own ATMs if you attempt a withdrawal in an area away from where your home branch is based.

But as to the broader questions raised by the OP.....

--BKK Bank, for all its foibles, does have one of the most efficient and cost effective methods for Brits to move funds from UK bank accounts to their BKK Bank account in Thailand, a process that is done through BKK Bank's branch office in London. I don't know of any cheaper, quicker way to move funds from the UK to Thailand.

BKK Bank has a web page with all the info on that service for UK folks here:

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Transfering%20Funds/Transferring%20into%20Thailand/Receiving%20Funds%20from%20UK/Pages/Receiving%20Funds%20from%20UK.aspx

--As for using ATMs in Thailand, there can be two different fees involved... a fee charged by your home country bank for using a foreign ATM, which can be as high as 3 or 4%... And in Thailand, the Thai banks charge a 150 baht flat fee of their own, regardless of the amount withdrawn, anytime a foreign card is used here for ATM withdrawals.

The solution to that, especially for people living in BKK or other major city areas, is to use AEON ATMs that don't charge the 150 baht withdrawal fee, because they're not a Thai bank, but have standard VISA and MC logo card accepting ATMs throughout much of Thailand. And then of course, if you're going to use a foreign ATM card in Thailand, use one that charges little or no foreign currency fee of its own.

--As for Dynamic Currency Conversion, that's simply a method cooked up between the Thai banks and merchants to give you a bad exchange rate on the purchase you're making, and keep the funds for themselves, while pretending to be doing you a favor of showing you the transaction in a familiar currency from your home country...

The easy way to spot DCC is if the credit or debit card transaction slip lists the payment amount in your home country currency instead of in Thai baht... If the purchase slip shows the total in U.S. $ or UK pounds or Euros, ask the merchant to void that and re-ring it in Thai baht... and you'll save money. The DCC exchange rate is always substantially lower than the prevailing market rates here.

--The other thing to know and understand about Thai banks is, despite their policies, they are highly variable from branch to branch and even among different staff within the same branch. Just because you get a "no" at one bank and one branch doesn't mean another branch of the same bank might not give you a "yes". So if denied for something, simply take your business to a different branch or a different bank company.

While BKK Bank does have an advantage for international funds transfers for folks who want to bring funds from the U.S. or the U.K. into Thailand, they don't have the reputation of being the easiest Thai bank to deal with... Kasikorn Bank, which doesn't have the same international funds transfer setups, has a much better reputation for making it easier for foreigners who want to open new local accounts with them. But again, everyone's MMV.

Here's what BKK Bank's policies are in terms of what you need to open what kinds of accounts with them:

http://www.bangkokbank.com/Bangkok%20Bank/Personal%20Banking/Foreign%20Customers/Pages/Opening%20an%20account%20new.aspx#11

[PattayaParent]

Bangkok Bank? The idiots wouldn't even give me an internet banking account, so I have to go to the branch every time I want to transfer money out.

Kasikorn bank will open an account for you with only your passport.

The branch inside Tesco in Pinklao (Near Cemtral Pinklao) will.

If it is far from you, go to several branches in the are where you live. Thai bankers in general have blinders on and lack initiative. Go to the manager and explain that you are in the process of transferring about one million bahts in parcels from your home country and you need a bank account for that purpose. That will get the manager's attention.

However, I went to the Bangkok Bank in the heart of Khao Sarn Road and the lady in charge of bouncing off Farangs that day came over to me with a page listing the conditions for a foreigner to open an account and one of them was that I had to have a Work Permit.

In Chiang Mai, the Kasikorn branch could not wait to open my account and get my money. I use my passport and that was it.

K banks are more farang friendly.

It always amuses me the Farangs that consider 1 million Baht to be a lot of money to a Thai bank.

I bet you are you an English teacher.

[pisico]

Bangkok Bank? The idiots wouldn't even give me an internet banking account, so I have to go to the branch every time I want to transfer money out.

Kasikorn bank will open an account for you with only your passport.

The branch inside Tesco in Pinklao (Near Cemtral Pinklao) will.

If it is far from you, go to several branches in the are where you live. Thai bankers in general have blinders on and lack initiative. Go to the manager and explain that you are in the process of transferring about one million bahts in parcels from your home country and you need a bank account for that purpose. That will get the manager's attention.

However, I went to the Bangkok Bank in the heart of Khao Sarn Road and the lady in charge of bouncing off Farangs that day came over to me with a page listing the conditions for a foreigner to open an account and one of them was that I had to have a Work Permit.

In Chiang Mai, the Kasikorn branch could not wait to open my account and get my money. I use my passport and that was it.

K banks are more farang friendly.

It always amuses me the Farangs that consider 1 million Baht to be a lot of money to a Thai bank.

I bet you are you an English teacher.

Be happy you did not bet your arse. Otherwise you would be wearing a colostomy bag now.

Statistically, Thai nationals (I am referring to a population of 63 million) who have bank accounts, in the best of cases, hover around the 50,000 THB.

You may feel you are a Hi-So and have in excess of 1 million in the bank but that is your personal situation, not a reality of the majority of Thai nationals.

You prove to be exceptionally superficial when you label a tactical move in the process of opening an account, in a country that holds foreigners as undeserving of trust, linking it with a profession that this country sorely needs: English teachers.

Based on your opinion and daring suggestion I could bet that you are probably a snollygoster, a legend in your own mind, etc.. I will not do it because I do not know you personally and I do not know what prompts you to opine in such a condescending way: the hallmark of an insensitive, person whose hubris is paramount.

I am amused that someone like you, of such stature and importance in the food chain of life in this country, makes his presence known in this lowly matter of trying to help a fellow Farang with information to successfully open an bank account.

Think about it: does hubris and condescending remarks are of any help to this fellow who has difficulties opening an account?

Let's hope that when your turn comes to seek advice you will not get asinine, smart aleck opinions (such as yours in this case) that serve only one purpose: self-engrandizement. :jap:

Definition of ENGRANDIZEMENT

Merriam-Webster

: an act of engrandizing or the state of being engrandized.

an increase in power or importance that is not deserved or reasonable

Edited October 16, 2011 by pisico

[PattayaParent]

^so you're an erudite teacher.

But one that doesn't seem to understand that banks also deal with businesses that turn over millions of Baht in business monthly and don't just cater to the poor Thais and poor Farang English teachers.

[iluvbeaches]

I use bangkok bank and scb for my personal and my business account. Bangkok bank has a great business account online setup, very secure, in english and great BUT you need code tokens and lots of different codes to access. AFAIK scb does not do this for free, your account is “chained” to the branch you open which is a huge pain in the butt if you open in Phuket but live in Bangkok. SCB easynet personal banking is a whole ‘nother story. Awesome setup, very useful, mobile version for your phone. I also used K bank which is the easiest to set up for foreigners but has worse exchange rates.

My rating:

business: bangkok bank, free, good and with online banking

personal: scb, free, very good, and with online banking - bangkok bank has better TT exchange rates

easiest to setup: k bank. 1000 baht and a passport is pretty much all you need.