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

[cooked]

From a practical point of view there is the question of what happens if your card gets damged? My "other" credit card got damaged and although I was assured by email about two weeks that a new one was on its way, I still haven't seen it. It was reall easy for me to get a Bangkok bank account opened at the local BigC, took my passport and wife.

[sysardman]

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?

Aeon ATMS are pretty thin on the ground from my experience but are very easy to identify.

As for the 'Hobbit' I'm a bit apprehensive that it may not live up to expectations being based on a book that was clearly for children whereby Lord of the Rings was an epic (and I am a true Tolkein fan)

[Daxter]

I took my passport and my girlfriend to Khon Kaen at the weekend to open a bank account. Without success! I have a 3 month tourist visa. First my girlfriend said the banks require me to have a non b visa, when I questioned this, she said I need an address in Thailand. I have been renting a house here for a year, if that us not an address I dont know what is? I dispair my girlfriiend, still what can I expect, she is a teacher! Can any one tell me what I need to open a bank account?

Thanks

Sent from my GT-P1000T using Thaivisa Connect App

[sysardman]

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?

Aeon ATMS are pretty thin on the ground from my experience but are very easy to identify.

As for the 'Hobbit' I'm a bit apprehensive that it may not live up to expectations being based on a book that was clearly for children whereby Lord of the Rings was an epic (and I am a true Tolkein fan)

Even though I can't spell his name, sorry slip of the fingers - Tolkien

[Baloo22]

I took my passport and my girlfriend to Khon Kaen at the weekend to open a bank account. Without success! I have a 3 month tourist visa. First my girlfriend said the banks require me to have a non b visa, when I questioned this, she said I need an address in Thailand. I have been renting a house here for a year, if that us not an address I dont know what is? I dispair my girlfriiend, still what can I expect, she is a teacher! Can any one tell me what I need to open a bank account?

Thanks

Sent from my GT-P1000T using Thaivisa Connect App

I opened a savings account with Kasikorn Bank in Pattaya in 2010 with a tourist visa. I was renting a condo at the time. I went in with passport, thai cellphone number, cash for initial deposit and gave them the address of the condo I was renting. I did it at the branch in Central Festival Mall. I figured that they would be more used to dealing with foreigners. No problems. They were great. Did all the paperwork. After making the ATM card, they took me out to the ATM and walked me through changing my ATM pin to my own code. Also gave me all the necessary info for wire transfers.

I have a hunch that it may be more difficult to open a new account at a bank branch in an area with few foreigners. Perhaps they are simply not used to dealing with it. Also, sometimes in situations like this you can run into people who don't know how or don't want to do it, so they tell you "can't do it". That can happen anywhere in the world. I would suggest that you go to the biggest branch of a major bank, like Kasikorn, in Khon Kaen. You may need to be polite but persistant and not accept no for an answer.

[Daxter]

Thanks baloo22.

I must admit that was my thought. Very few Thais can speak English in Khon Kaen. Maybe Udon Thani would be a better bet.

Sent from my GT-P1000T using Thaivisa Connect App

[kamalabob2]

If you look at the Bangkok Bank . com web site in English you can print out exactly what the items you need to open a SAVINGS account, which you can pay a nominal one time fee for the ATM card, can do free on line banking, etc.. Bangkok Bank has a booklet published in English at most branches showing services and policies. The Bangkok Bank web site is very clear about requirements, and you can print it out and bring it with you along with the originals and copies of what they require. AEON are in most every province, certainly many locations in Bangkok, but not at all like the major Thai bank ATM saturation. Sometimes you can do better by yourself in opening an account, assuming you bring printed out what you are attempting to accomplish. It's too easy for lazy uninformed retail or banking staff to blow off a Thai spouse. You can always phone English understanding bi lingual staff at most bank headquarters from the branch if you are not obtaining the level of service you need. If you bring "the paperwork" it tends to go smoother. Good luck.

[kamalabob2]

Thailand still is a Nation that charges a government tax when you exchange Travelers checks. Crisp new series $100 USD will serve you well in opening a new Thai bank Savings account. Less photo copies done at the bank branch.

[JaiRaiJaiDee]

Quick f/u --> Opened the Schwab account. They did require a US address and phone #, also had to go through an identity/security validation over the phone before the account was activated. So, if you want to open a Schwab account -- do it before you head to LoS. I believe just this one act (utilizing Schwab account and not being dinged with absurd ATM fees) will be of value during stay in Thailand, not to mention that they have a mechanism making it very easy to move money online back and forth with external accounts [not Thai accounts]. Valuable input here and want to second BK S22's note of thanks. Piggyback away, glad it was of use.

Once on the ground in Nov will also open a Thai bank account with 3k or so just for back-up/emergency purposes and to get a little experience with the local system (may not be necessary but now I'm curious). Won't be a problem running that dry before coming back.

Sysardman - my grey matter must be shrinking because the Hobbit reference went right over my head, unless that was just really really random? (Note: I'm still waiting for The Silmarillion).

Edited September 4, 2012 by JaiRaiJaiDee

[sysardman]

Quick f/u --> Opened the Schwab account. They did require a US address and phone #, also had to go through an identity/security validation over the phone before the account was activated. So, if you want to open a Schwab account -- do it before you head to LoS. I believe just this one act (utilizing Schwab account and not being dinged with absurd ATM fees) will be of value during stay in Thailand, not to mention that they have a mechanism making it very easy to move money online back and forth with external accounts [not Thai accounts]. Valuable input here and want to second BK S22's note of thanks. Piggyback away, glad it was of use.

Once on the ground in Nov will also open a Thai bank account with 3k or so just for back-up/emergency purposes and to get a little experience with the local system (may not be necessary but now I'm curious). Won't be a problem running that dry before coming back.

Sysardman - my grey matter must be shrinking because the Hobbit reference went right over my head, unless that was just really really random? (Note: I'm still waiting for The Silmarillion).

Well if you'd have trawled all the way back 2 posts you would have seen that the guy's post (BKS22) that I had included in my post has a signature saying - Patiently awaiting "The Hobbit". I would have forgiven you if it had been one of those 300 posts and counting threads but 2 - come on!!!!

And since I've had to answer this has anybody got any experience of UOB, would money in there count for retirement visa. I mention UOB because out of all the banks I've been in they seem to have great and very approachable staff and offer decent exchange rates for currency.

[JaiRaiJaiDee]

Well if you'd have trawled all the way back 2 posts you would have seen that the guy's post (BKS22) that I had included in my post has a signature saying - Patiently awaiting "The Hobbit". I would have forgiven you if it had been one of those 300 posts and counting threads but 2 - come on!!!!

Ahh, now I understand. Revisited the thread and read the new posts without being signed in, then signed in to reply. If you're not signed in, you don't see sig lines.

[sysardman]

Well if you'd have trawled all the way back 2 posts you would have seen that the guy's post (BKS22) that I had included in my post has a signature saying - Patiently awaiting "The Hobbit". I would have forgiven you if it had been one of those 300 posts and counting threads but 2 - come on!!!!

Ahh, now I understand. Revisited the thread and read the new posts without being signed in, then signed in to reply. If you're not signed in, you don't see sig lines.

Never realized that - sorry

[JaiRaiJaiDee]

btw - There is another factor that favors opening a Thai bank account and actually parking a large sum there opposed to a small one. Now or soon. This is a 'what if,' but it's a strong what if.

If there is another round of quantitive easing by central banks to mitigate the economic crisis or whatever you want to call it, the dollar will devalue against the baht. Other strategies could result in the same. If you converted a significant amount of dollars to baht and parked it in a Thai bank prior to this.... hey. Of course it probably wouldn't be that much of a devaluation (hopefully), but still.