Is It Worthwhile To Open A Thai Bank Account, Or Is It Better Not To Bother?

[JaiRaiJaiDee]

Hi,

Lurked here for awhile. Apologize in advance for newb question that has been covered somewhat. I'll be arriving in November and staying in Bangkok for 1+year, attending Baan Aksorn. 30s. Coming from California. Have been to Thailand 4 times in the past couple years. From reading other threads it looks like Kasikorn is the best bet for setting up a local account, though keeping options open.

Question is - is it worth it to open a Thai bank account, opposed to just ATMiing it with my home bank for the year? Yes, I'm sure it's a stupid question. Just planning strategy.

Thanks.

[impulse]

Not at all a stupid question.

My experience is that I got dinged for about $5 in fees every time I used a US based ATM card in China, Korea and Thailand.

With my K-Bank ATM card, I pay zero in service fees.

Your mileage may vary depending on which bank you use back home.

[CharlieH]

For the period of time you mention, I would say yes open an account. You can save on the ATM fee's and have all the normal account facilities like local ATM and even internet banking etc.

Kasikorn is a good choice in my opinion, good service, good range of facilities and staff helpful. Their "virtual" card is great for online use. Switch it on and off as and when you need.

[keeniau96]

Easy enough to open and you will have good use. Make sure the funds in it stay below US$10k so don't have to hassle with filing the required US Treasury report.

I find Kaesikorn (K-bank) to be generally good re opening account and their services. Get an online account at time of application and then go online to open the Merchant Service account which is a de-faccto credit card (Visa) but good only for Internet shopping eg. AirAsia tickets.

[bangkokburning]

I love it, very handy. Bring in cash, xch @ SuperRich, deposit. Put US atm card away safe. Use Thai atm card.SCB card atm can be used online w AirAsia.

Edited August 26, 2012 by bangkokburning

[Pib]

Oh yes, open a Thai bank account...you'll probably have fewer financial headaches and fees.

If you don't have a U.S. "no foreign transaction fee" debit card you should get one from banks like Schwab Bank, State Farm Bank, etc. Easy to open a bank account while still in the U.S.; not so easy without a U.S. address. This way you can get money without any fees from AEON ATMs (a Japanese based company here in Thailand) and also get an exchange rate basically equal to the TT Buying Rate given in ACH/SWIFT transfers by Thai banks....but if you use your debit card in a Thai bank ATM you get hit with a 150 baht foreign card fee, but banks like Schwab, State Farm, etc., will reimburse that ATM fee. Having such a card card can really make the need for a Thai bank account much less for short stays. Having a good, low fee U.S. bank account for stays overseas is maybe just an important as having a good overseas/Thai bank account. But it's still good to have a Thai bank account for short stays and definitely for long stays.

Edited August 26, 2012 by Pib

[Tafia]

If you open with Kasikorn open the internet banking and the sms alert. Both very useful.

[sysardman]

If you open with Kasikorn open the internet banking and the sms alert. Both very useful.

Everybody has glowing reports of K-Bank but my experience really put me off them. I went to the Aeon ATM at BigC/Carrefour in Chiang Mai and tried my UK card which was rejected for some reason. I then went to K-Bank ATM which also rejected my card so I went inside because Aeon don't have a branch there. I requested to draw money on my card and was told 'cannot do - no have machine'. I explained to her the situation so she escorted me outside to prove the card didn't work and when it didn't she just shrugged and said 'no can help' - not a satisfying conclusion. Fortunately the SCB next door had no problems with my card at all (counter service. ATM also rejected my card)

[chainarong]

Nothing wrong with this question, I get screwed every time i use a CBA ATM card from OZ $15 bucks for a 20,000BHT withdrawal, Citi there is only the local charge , so yeah good idea .

[seasia]

Yes, worthwhile opening a Thai bank account.

I`ve found Kasikorn service to be good, so far.

[JimGant]

Question is - is it worth it to open a Thai bank account, opposed to just ATMiing it with my home bank for the year?

If just here for a year, I'd just get a Schwab debit/ATM card -- and make sure you can keep the Schwab account "loaded" thru either ACH transfers from your "home bank," or direct deposits. As said, Aeon machines will save you the 150 baht -- but if that's inconvenient, Schwab's reimbursement of the 150 baht from other ATM machines is without problems.

If you were to open a Thai bank account, Bangkok Bank would be your choice, at least from the cost savings of being able to ACH money into Thailand vice the more expensive SWIFT wire transfer method. But, with Schwab, you'll be about 10 satang 'north' of the TT rate [TT rate is the telex rate that is more favorable than exchanging dollars over the bank's counter] -- but with ACH, you'll be 10 satang+ 'south' of the TT rate, even with large transfers (e.g., $10k or more). And, if you're leaving Thailand just after a year or so, closing your account -- and sending that money back Stateside -- isn't as easy as crossing US to Thailand.

If you decide not to go with Schwab, and depend on your home bank's ATM, you might be seriously behind the eight ball. Besides not getting reimbursed at a non-Aeon machine, you could be paying a 5% add-on fee. As such, then, yes, getting a Bangkok Bank account could look favorable (what is your home bank?).

[thrilled]

It's just more convienient.Kasikorn bank works for me.

[el jefe]

As Jim Gant says above, if you're only here for a year and have a Schwab debit card, there's really no need for a local bank account.

[JaiRaiJaiDee]

Thanks for all the good input here, it's appreciated and I've shared it already. Didn't know about the AEON ATMS or Schwab prior, I'll be opening a Schwab account next Friday (CD with my Thailand money reaches maturity).

If you decide not to go with Schwab, and depend on your home bank's ATM, you might be seriously behind the eight ball. Besides not getting reimbursed at a non-Aeon machine, you could be paying a 5% add-on fee. As such, then, yes, getting a Bangkok Bank account could look favorable (what is your home bank?).

I have two home banks, one a credit union that I use for most things, the other is Kaiser federal (local bank for Kaiser employees) - where I keep money that isn't to be tapped. You guys definitely sold me on Schwab. The more I think about it - the more I realize it's also a good idea to open up a local account if for nothing else, then just for emergency purposes (eg, I lose an ATM card, which I've done before). It's going to be either Bangkok Bank or Kasikorn according to situation when I'm there on the ground.

Was a bit surprised the past couple years every time I returned to see just how much I'd been reamed on the ATM fees. That's what you get for not doing your due diligence.

Anyway - many thanks for the all the good input in the replies. Serious.

[khunron13]

Something to think about...how are you going to get money into that account? Bangkok Bank offers a relatively easy way to transfer funds from a U.S. bank to their NYC branch, which is automatically transferred to your local account.

[E1717007]

If you opt for KBank, ask for KMax Debit Card instead with annual fees of B550. It will give some additional insurance protection.

PS: The normal debit card cost B200.

http://www.kasikornbank.com/EN/Personal/Debit/Pages/KMaxDebit.aspx

[JimGant]

It's going to be either Bangkok Bank or Kasikorn according to situation when I'm there on the ground.

Kasikorn will require a SWIFT wire transfer from your US bank, unlike Bangkok Bank, which is the only Thai bank that allows an ACH transfer (via their New York bank). You set the ACH mechanism up the same as if you were setting a transfer up to another US bank.

An ACH transfer to your Bangkok Bank (for amounts greater than $2000) will cost $10 front-end fee. SWIFT wire transfers are typically $35-$40 per transfer. Both methods of transfer have a Thai-side fee of .25%, minimum 200 baht, max 500 baht.

Trouble with waiting until you establish accounts in Thailand is that, normally, you need to establish with your US bank the particulars of future wires, including your Thai account number. For establising ACH transfers, some US banks will allow you to do this totally online (USAA is one example). So, yes, in that case you could establish your Bankok Bank account in Thailand, then set-up the ACH mechanism online.

Others, like Schwab checking, have you mail in the application. The application can be downloaded -- but I'm not sure whether or not mailing it from a foreign address (Thailand) causes any problems. The brokerage part of your Schwab account can, apparently, be set-up online (have never done this, as all transfers involving Schwab are strictly "push" from ACH accounts I have elsewhere).

[gk10002000]

The problem with the Thai bank is you still have to transfer funds there. As others have posted there are many ways to do that. Some ways are cheaper and easier than other ways. I think you can have about the same costs if you just bring in lots of cash and prudently use your US ATM card. 1: bring in as much USD initially as you can. A couple of thousand for sure, if nothing else all those initial setup fees, rental deposits etc. 2: Withdraw largest amount of Thai Baht you can at a time (30,000 should be possible). 3: Use Etrade or Schwaub to eliminate some of the ATM fees and use Aon ATMs if possible. I think you could only have to make about 1 monthly withdrawal. At 150 baht max, that would be 1,800 baht. At 30 baht to 1 USD (round numbers) that is oly $60 USD for an entire year. Trade that off with paperwork, and accounts, and currencty conversion, etc.

Avoid having $10,000 USD in the foreign account to avoid any US treasury or IRS reporting requirements.

[BKS22]

My situation is nearly identical as the OP. So I found this thread to be very informative. Thanks to all who replied

[GreenSnapper]

If you opt for KBank, ask for KMax Debit Card instead with annual fees of B550. It will give some additional insurance protection.

PS: The normal debit card cost B200.

http://www.kasikornbank.com/EN/Personal/Debit/Pages/KMaxDebit.aspx

Get a normal debit card and save the money for this nonsense insurance.

[yoshiwara]

If the baht particularly weakens against the £, then I will change a large amount of cash and use the bank account to park it.

It doesn't matter which bank. I am with Krung Thai.

So always useful to have an account as it can come in useful. Just open an account and park 1000 baht.

When you need it in the future it is waiting for you.

[bangkokburning]

If you are here for a year, I would bother. Only because as I stated, I love not carrying around my life savings in my pocket. If it's lost or stolen, what a hassle. Aeon works with my cards very well as does SCB. I have always had SCB and it does give me a sms for 10b a month. GF thinks my branch more professional than her K bank. All have banking SIM but you wont need that.

On another note, very easy to manage a year living off ATM pulls. Bring in first three months plus US500. Do ATM pulls as you draw down.

[el jefe]

I think the OP already figured it out perfectly. he's opening a Schwab account. no need to open a thai account, no need to carry ANY cash into the country, no ATM fees, and no need to worry about the 5 minutes it takes to fill out the TDF90.22-1.

[Mosha]

If you open with Kasikorn open the internet banking and the sms alert. Both very useful.

Everybody has glowing reports of K-Bank but my experience really put me off them. I went to the Aeon ATM at BigC/Carrefour in Chiang Mai and tried my UK card which was rejected for some reason. I then went to K-Bank ATM which also rejected my card so I went inside because Aeon don't have a branch there. I requested to draw money on my card and was told 'cannot do - no have machine'. I explained to her the situation so she escorted me outside to prove the card didn't work and when it didn't she just shrugged and said 'no can help' - not a satisfying conclusion. Fortunately the SCB next door had no problems with my card at all (counter service. ATM also rejected my card)

I'm with Kasikorn, and I'm getting cheesed off with them. Now I don't know if this is normal practice but the transfer times are ridiculous. I get a company pension from the UK. Now IIRC, it is illegal for a British company to be late paying you your salary/pension. To that end the pay day is on the 25th of every month unless it's a weekend or Christmas. They send the money to a finance company on the 24th for UK pensioners and they pay out on the 25th. In the case of Expats like myself. It's a day earlier.. So the money is transferred to Thailand on the 24th, except for the above reasons. Once here it takes upto 7 working days, and that is a quote from Kasikorn. I am getting to the point of asking the company to place the money in my UK account and I'll Transfer the money with my UK ATM card, and sod the 150 Baht fee. just for the convenience

[BKS22]

I would like to piggy back on this thread as I have a related question. I'm currently with Wells Fargo in the States and found out today that they do not offer a way to transfer money from that account to any future bank in Bangkok i might choose. I know, such crap! I will not have time to go the Schwab route as I fly out on Wed and Monday is a holiday.

My question is can I use a check from my Wells Fargo account and make it out to myself and deposit it into my BKK bank account and just wait for it to clear to get some money in there? If so, do you think there would be a fee for this from the Thai bank end?

Also, I'm nervous to arrive with a bunch of cash on me so I am considering getting a few Travelers Checks before departure, could I use these to open my Thai bank account?

Thanks in advance!

[BKS22]

Going to *BUMP* this once to see if I can get a reply to my previous question

Edited September 2, 2012 by BKS22

[JimGant]

Unless you have a Wells Fargo account other than a checking or savings, you *should* be allowed to send a wire (SWIFT) transfer to your Thai bank. However, you physically have to visit a Wells Fargo branch to establish this, and would also have to have a Thai bank account already established. Subsequent transfers could be done by phone -- but you would need the pin they send you in the mail (which you don't have time for).

So, yeah, travellers checks would be fine to open a Thai bank account immediately -- or to live on until a personl check clears in several weeks. See this thread:

http://www.thaivisa....ks-in-the-bank/

Travellers checks would cost you about a half percent off the TT rate to cash or deposit. But, compared to Wells Fargo debit/ATM charge of 3%, plus $5 (plus $6 ATM fee at a non - Aeon machine), it's a bargain.

http://www.flyerguid...oreign_Exchange

Edited September 2, 2012 by JimGant

[Baloo22]

I would like to piggy back on this thread as I have a related question. I'm currently with Wells Fargo in the States and found out today that they do not offer a way to transfer money from that account to any future bank in Bangkok i might choose. I know, such crap! I will not have time to go the Schwab route as I fly out on Wed and Monday is a holiday.

My question is can I use a check from my Wells Fargo account and make it out to myself and deposit it into my BKK bank account and just wait for it to clear to get some money in there? If so, do you think there would be a fee for this from the Thai bank end?

Also, I'm nervous to arrive with a bunch of cash on me so I am considering getting a few Travelers Checks before departure, could I use these to open my Thai bank account?

Thanks in advance!

I would suggest that you contact your Wells Fargo branch again and ask them specifically about performing a "wire transfer" to a bank account in Thailand using the SWIFT code. If you have a branch near you, I recommend that you physically go there as they may require you to fill out some paperwork first. Usually, the bank's concerns are with possible incidents of fraudulent transfers. They want to prevent someone from fraudulently transfering your money from your account to some gang of crooks here in Thailand.

I opened a savings account with Kasikorn Bank here in Thailand two years ago and have done wire transfers several times from two separate banks with no problems. Then money shows up in my K-Bank account within two days. The wire transfer fee is usually around $35 to $40 so the larger the transfer the more economical it becomes.

Before I came here last year, I physically went to a branch of my US bank and arranged/filled-out papers telling them that I would be doing wire transfers from my US account to a Thai bank. So far, it has worked great for me. All my monthly retirement payments and any other $$$ goes into my US accounts and I usually do a wire transfer of six months living expenses every six months into my Thai bank account.

Hope this helps!

[kamalabob2]

If you deposit a check drawn on a US Bank into a Bank account in Thailand, you will get a terrible exchange rate, a small fee from the bank for making such a deposit, and you will wait a few weeks. Imagine of a Thai person walked into Wells Fargo, with a Thai bank check and see what rate, time and fees they would charge in America. No different here. AEON is a great ATM for those who use a bank that does not have it's own foreign ATM fees.

[BKS22]

Thank you so much to JimGant, Baloo22, and kamalabob2 for their informative replies to my question. And Thanks to the OP for allowing me to piggyback this thread.

I will take all this information and put it into the "think tank" and see what works best for me. As far writing a personal check to myself, I have definitely eliminated that possibility. Most likely I will just end up using a couple Travelers Checks to open my account.

Can AEON ATM's be found all throughout Thailand? And are they easily identifiable just by their signage?