Thai Bank Recommendations..?

[ChrisP]

I need to open a Thia Bank account in advance of my Non-Imm Retirement Visa..

Any recommendations for ease/costs of transfers to/from USA..? Service in LOS (in English), online banking, ATM's etc. etc.

I notice Kasikorn Bank seems very "Hi-Tech" these days... and someone else recommended Bangkok Bank.. but...

Cheers

ChrisP

[lopburi3]

Bangkok Bank PLC is currently the only bank allowed direct deposit of US Government type retirement checks (special account arrangements may have to be made but it is possible).

Other than the above people seem to be happy with Siam Commercial Bank but most seem to have negative comments on Kasikorn.

The cost of SWIFT wire transfer from US is currently your home bank charge, plus $5 at New York, plus .25% fee in Bangkok (200 min and 500 max baht range). I believe the other banks charge in the same range.

[Smokin Joe]

I've been pretty happy with Siam City Bank (Pattaya). No intenet access as far as I am aware though, buit I haven't asked.

I've noticed that people have posted that specific branches of the same bank don't necessarily provide the same level of service.

I'd request a recommendation for the specific area that you plan on living in.

[The_Moog]

Using Bangkok Bank now might help if you eventually come to use their Singapore branch loan facility.

[Carmine6]

Bangkok Bank PLC is currently the only bank allowed direct deposit of US Government type retirement checks (special account arrangements may have to be made but it is possible).

...

The cost of SWIFT wire transfer from US is currently your home bank charge, plus $5 at New York, plus .25% fee in Bangkok (200 min and 500 max baht range).  I believe the other banks charge in the same range.

<{POST_SNAPBACK}>

Lopburi3, is this fee only for Bangkok Bank? My banks use JP Morgan as the correspondant bank and whenever I wire money to a Bangkok Bank account, I'm charged a fee by my bank and then I get 99% of the foreign exchange rate. I know Bankgok Bank has a NY branch and can act as their own correspondant bank, so I assume this is their fee.

Also, what exchange rate does Bangkok Bank give on the transfer? Is it the rate listed on their website? This is about 99% of the current foreign currency exchange rate when I've checked. More accurately, it's set at some point in the day, so this seems to be within 1/10 of a % of 99% of the prior day's average rate when I've checked. Compared to the current rate, I"ve seen it as good as 99.3%. Once in a while I've caught a good rate, but it's gone the other way too.

[pianoman]

I had a Bangkok Bank account that I openned in Bangkok for almost 4 years with no problems... Then when I retired and moved to Kalasin (Issan) went into the local branch and tried to open an account and was told that I had to drive to Roi Et as the local branch could not / would not open an account for a Farang...

Made the hour drive, openned the account, wire transfered funds from the U.S., and proceeded with life... Discovered that I was being charged 50 baht every time I used the local branch's ATM... When I asked they said because I did not have an account in their branch... Oh well....

Had to return to the States for a few months and left the ATM with my wife for emergencies / whatever.... Two weeks into my trip I get a call from the wife saying "ATM Mi Dee"... Bank told her that there were computer problems and I needed to get another ATM, which she could not do because account was in my name... No problem I transfer funds from U.S. accounts into her account...

When I returned and went into the local Branch to get new ATM, they said that they could not help and that I needed to drive / go to either Roi Et or Bangkok to get the new ATM....

Enough is enough.... I pulled my Baht and openned an account at the local Thai Farmer's Bank (Kassickorn)... No problems and they actually seemed happy to see me when I come in to do any banking...

Pianoman

[lopburi3]

As posts indicate it matters greatly who the local manager is for all banks and how they see your and/or your wife. I have had branches cash second party checks when they were not supposed to do so but you can also get the cold shoulder if they do not want to be bothered. In many cases it is a lack of English so if wife does the talking things often go better.

The Bangkok Bank example uses the $5 that there New York office deducts prior to send the USD to Bangkok for exchange. At Bangkok it received the full "TT" rate as listed on website for that day/time. Then 200 to 500 baht is deducted at the rate of .25% of total as below:

$10k - $5 = $9995 x 40 (TT exchange rate) = 399,800 - 500 = 399,300.00 to account.

In April of this year I paid a 20 baht fee using ATM's in Chiang Mai with my Bangkok account ATM card.

[LoveDaBlues]

I've got an account with Krung Thai. I have transferred in excess of $30,000 USD to them with no problems. Good exchange rate, low fees. Like most Thai banks they don't pay interest. I have a savings account and use their ATM card. I am limited to 20,000 baht a day on ATM withdrawals. No problem for me this is all I need. No charge from them on ATM withdrawal if you use their machine. I have been very happy with them so far.

If you use them for xfer to Thailand from United States you must use an intermediate bank so I use Krung Thai in Los Angeles....no problems whatsoever.

[ChrisP]

Thanks people..

I tried a couple of Branches of different banks today.. only to be told..

"Can only open new account with Work Permit. Government tell us.."

I even had a Thai with me who tried to explain to the bank staff that it's an Immigration requirement to have a Thai Bank Account for a "Retirement Visa" applicant... no luck.

Can anyone suggest specific branches of banks that will open accounts for Non-Immigrant types.. specifically those who need the acount to have 800k Baht there for the Retirement Visa..?

Many thanks

ChrisP

[The_Moog]

Try the Bangkok Bank next to Ploenchit BTS station.

Thats where I deposited my THB400k (sole name account, not joint) and I had no work permit.

Use my name if they look quizzical. Say you want an account like mine

[redwood13]

Also the Bangkok Bank on Sukhumvit near Soi 8. New accounts is upstairs on the 2nd (UK 1st) floor - take a number and have a seat. Need passport, a local mailing address (though you'll never get mail from the bank so pretty much any address will do) and some baht.

Each branch of banks here seem to have a lot of leeway in regard to who may be eligible to open an account. So if one branch of a bank refuses it doesn't mean that all the branches will.

-redwood

[Firefan]

Also BKK Bank head office at Silom seem used to foreigners and opened an account for me (admittedly a few years back now) based on passport with stamp in only. Cheers!

[udon]

Kasikorn bank , cnr of Soi 33 and Sukh or opposite at BKK bank, ground floor Emporium Bldg on the right, outside.

Make it clear that you want a savings a/c and an Intl ATM card.

[harpman88]

Also the Bangkok Bank on Sukhumvit near Soi 8. New accounts is upstairs on the 2nd (UK 1st) floor - take a number and have a seat. Need passport, a local mailing address (though you'll never get mail from the bank so pretty much any address will do) and some baht.

Each branch of banks here seem to have a lot of leeway in regard to who may be eligible to open an account. So if one branch of a bank refuses it doesn't mean that all the branches will.

-redwood

I also have an account at this BKK bank branch, (the "Bangkapi branch") and didnt need any more info/documentation than Redwood provided when I opened the account. Also,his comment about bank branches having a lot of leeway is right on the money.I just opened a 2nd account (in Chiang Mai) at Siam Commercial (Changklan Branch) ,and was 1st asked if I had a work permit,I told them no,but I needed the acct. for immigration because I have an OA visa based on retirement , (which I showed her),and also explaining that immigration would need to see a bank balance come extension time,and I am not allowed to have a work permit. She consulted another bank officer and came back a couple of minutes later ,smiled and proceeded to open the acct. with no further ado.

Since Im on the subject of this new acct, I do have a ? for the board. For wire xfers from the USA, will only the bank branch and SWIFT addresses be required or will I also need the routing (Passbook #)?The lady who opened my acct. said only the bank and SWIFT addies would be needed,my fin. institution ,Schwab, indicated that the routing # will also be needed, any comments from those familiar with the procedure will be much appreciated as Im still in the stage of gathering info before the xfer will actually be required,

Thanx much in advance,the Harpman

[The_Moog]

What do you mean by 'routing' - do you mean your account number ? The customer specific number on the passbook?

If you're getting money in from Schwab regularly, you might like to get a Citibank account, as that is Schwab's correspondent bank in Bangkok.

[lopburi3]

You need the 10 digit account number (xxx-x-xxxxx-x) believe is BBL format and first three digits is the bank branch. The account name (your name as in passbook) and the bank name Bangkok Bank PLC. The full bank address and perhaps your full address and the SWIFT account number BBKBTHBK (although they can look that up).

[SamuiRes]

I use the Siam Commercial Bank here on Samui for both personal and company purposes. Never had a problem opening a personal account - in fact I have two at the same branch - one I hide from the wife! (just joking!). Have also opened Savings Accounts for Clients with no problem.

The 20 Baht charge when withdrawing from an ATM from your own Bank appears to apply when you use an ATM out of the province in which your home bank is located and of course if you use an ATM from a differrent bank. Total nonsense but that's the way it seems to work.

A word of caution generally though. Confidentiality in banks in Thailand is almost none existant. If you know an account number and name you can phone the bank and ask for the balance and nine times out of ten they will give it without checking who is calling.

[Losangels]

Unless the rules changed recently, I heard that to open a savings Baht account a foreigner just needs a passport.

As for opening a current account (checking account), time deposit and foreign currency account you will need to show your work permit. For the conveinence I suggest any major bank like Krung Thai, Siam Commercial, Kasikorn or Bangkok bank should do.

Rules and regulations are made by Bank of Thailand which at times are confusing to all especially staff at the banks.

Therefore you may get an incorrect answer or no answer to some of the questions you may have. That's why the banking system here is way behind the western world in terms of efficency and technology. Part of the reasons why the banking system can't compete with foreign banks and why the banking sector is not compeletely open to overseas banks.

[udon]

Unless the rules changed recently, I heard that to open a savings Baht account a foreigner just needs a passport.

As for opening a current account (checking account), time deposit and foreign currency account you will need to show your work permit. For the conveinence I suggest any major bank like Krung Thai, Siam Commercial, Kasikorn or Bangkok bank should do.

Rules and regulations are made by Bank of Thailand which at times are confusing to all especially staff at the banks.

Therefore you may get an incorrect answer or no answer to some of the questions you may have. That's why the banking system here is way behind the western world in terms of efficency and technology. Part of the reasons why the banking system can't compete with foreign banks and why the banking sector is not compeletely open to overseas banks.

Agreed, that's why I suggested the 2 banks nr Emporium, they have 100's if not thousands of expat customers.

Location, location, location.

[Carmine6]

...

...

Since Im on the subject of this new acct, I do have a ? for the board. For wire xfers from the USA, will only the bank branch and SWIFT addresses be required or will I also need the routing (Passbook #)?The lady who opened my acct. said only the bank and SWIFT addies would be needed,my fin. institution ,Schwab, indicated that the routing # will also be needed, any comments from those familiar with the procedure will be much appreciated as Im still in the stage of gathering info before the xfer will actually be required,

Thanx much in advance,the Harpman

Check the Schwab website for the form. I know they had one a year ago. lopburi3 is right about the other requirements.

[harpman88]

...

...

Since Im on the subject of this new acct, I do have a ? for the board. For wire xfers from the USA, will only the bank branch and SWIFT addresses be required or will I also need the routing (Passbook #)?The lady who opened my acct. said only the bank and SWIFT addies would be needed,my fin. institution ,Schwab, indicated that the routing # will also be needed, any comments from those familiar with the procedure will be much appreciated as Im still in the stage of gathering info before the xfer will actually be required,

Thanx much in advance,the Harpman

Check the Schwab website for the form. I know they had one a year ago. lopburi3 is right about the other requirements.

Thanx much,Carmine. Im sure ill get things figured out soon enough. To answer Moog's ? from post #15.

the "routing# is not the acct.#. In my (much older) BKK bank passbook,the acct. #is printed in the 1st page

and the 7 digit routing # was punchholed into each page of the passbook. This 7 digit # (which the lady at SCB told me was merely my Passbook #) is not puncholed into the pages of my recently opened SCB acct. in C.Mai.

its only printed on the cover of the passbook.

[ChrisP]

Thanks guys..

Finally opened my account at BKK bank at Emporium today. No problems at all. They were happy to see me.

I guess Kasikorn Bank just lost a deposit of 800,000B. I wonder how many others they lost...?

ChrisP

[The Skipper]

At Bangkok Bank, Sukhumvit, it takes about 5 or 10 minutes with your passport.

At HSBC Silom it takes weeks.

I had to gather passport, house lease, bills in my name coresponding to the address on lease, international drivers liscence, paperwork showing my address overseas, bank statments from overseas and a $15,000 minimun transfer from abroad.

[JimGant]

The full bank address and perhaps your full address and the SWIFT account number BBKBTHBK (although they can look that up).

For my Bangkok Bank account in Chiang Mai, I was told to just use the main bank's address (333 Silom Rd, Bangkok), plus account number (which, as pointed, out contains your branch information) and account name. Also, include the SWIFT, which is: BKKBTHBK for any and all Bangkok Bank branches. (Lop's typing finger must have slipped )

[Carmine6]

The full bank address and perhaps your full address and the SWIFT account number BBKBTHBK (although they can look that up).

For my Bangkok Bank account in Chiang Mai, I was told to just use the main bank's address (333 Silom Rd, Bangkok), plus account number (which, as pointed, out contains your branch information) and account name. Also, include the SWIFT, which is: BKKBTHBK for any and all Bangkok Bank branches. (Lop's typing finger must have slipped )

This site will verify Swifts that your bank gives you. Can't necessarily look them up though as you usually end up with multiple possible codes. The XXX at the end of some codes is not part of the code, it's for branch numbers. I've never tried adding that onto the code though as the basic BKKBTHBK works.

http://www.swift.com/biconline/

[Gary A]

I have been impressed with Siam Commercial Pattaya Beach Road branch. I have made numerous wire transfers from my US Citibank with no problems and the money has always been there the very next day. It does appear that things have changed for opening new accounts because I sent a friend there to open an account and he had to go to immigration for some sort of paperwork. After he had the proper paperwork things went smoothly.

[ChrisP]

Hey people..

Kasikorn Bank looks good, has a really very professional English Web Site, and they have Internet Banking. So...

I thought you might like to read the (wonderfully vague Thai) reply from them after my e-mail to their "Customer Service" dept about my being refused an account with them because "no have work permit"..

=======================================================

Dear Mr. Parry

According to your mail, we are pleased to provide the information as you

requested.

Please kindly be informed that to open an account with us, please kindly

contact any branch near you in Thailand. Please kindly bring a copy of your

national ID. card (for Thai citizen). For foreigners, please bring your

passport or your alien registration form or any legal identification

document and your work permit (if any) together with you, and also a

minimum deposit for each account (savings account 500 baht / current

account 10,000 baht).

Remark : To open an account for foreigners who live in Thailand less than 3

months, the branch’s authorized person will make decision whether to open

the account or not, except foreigners who has work permit can open an

account.

Wish you would be appreciated to our services.

For more information please contact K-Contact Center Tel. 02888 8800 or

e-mail : [email protected]

Yours sincerely,

Customer Relations Department

Merry Christmas & Happy New Year

======================================

I got my account for Immigration already at BKK Bank, but I might open another (or transfer) at Kasikorn when they feel in the mood to grant me the priviledge..

ChrisP

[udon]

the branch’s authorized person will make decision whether to open

the account or not,

Unreal, innit!

Looking fwd to your report if you apply at Soi 33 branch.

[Losangels]

the branch’s authorized person will make decision whether to open

the account or not,

Unreal, innit!

Looking fwd to your report if you apply at Soi 33 branch.

Trying to open a regular savings account without a work permit should be no problem. Other type of account will require a work permit.

The reason behind the restriction for foreigners with short-stay tourist visa is because banks do not want to open an account where the customer will be using them for a short period, thus increasing the bank's operational costs. Therefore it will be up to the discretion of the bank's staff (usually the bank's manager) to make that decision. However this being Thailand, it is difficult to talk to the manager be it because he is too "busy" and not available or just not in the mood to meet you to discuss the problem.

Happy banking and let me know how it goes

[The Skipper]

"Remark : To open an account for foreigners who live in Thailand less than 3

months, the branch’s authorized person will make decision whether to open

the account or not, except foreigners who has work permit can open an

account."

So the official stand is. Maybe we will, maybe we won't.

Sounds like they are asking for a bribe?