Best Banks for Falang re: transfers and balances

[RecklessRon]

We've all heard the horror stories about delays in wire-transfers and some that 'go missing'. Even ex-pats being put down by their spouses in collusion with bank managers to empty their savings accounts.

I'm moving from Canada back to Thailand (hopefully for good) and I'm trying to decide which bank to deal with for both wire transfers, semi-large balances and longevity!

Does anyone have any recommendations on the safest ones? Or, perhaps, warnings of who not to deal with?

[wayned]

I'm from the US and use Bangkok Bank as they have an office in New York. Never had a problem in 15 years. Money goes in one day and the next working day it;s avaiiable here.

[Thanyaburi Mac]

And, I've been using Siam Commercial Bank for a whole bunch of years. I do direct deposit to a bank in the U.S. then either do a wire transfer now and then to my SCB account, or just write a personal check on the U.S. bank for deposit to my SCB account. For the latter, need to wait 45 days for access to the funds but after the first month or two, on a roll, so not a problem.

Note, some U.S. bank debit cards work at AEON branches here for ATM withdrawals from the U.S. account and do not get hit with the Thai Banking Association's baht 150 hit.

Mac

[CharlieH]

Banking forum ?

[chrisbacke]

If you're an American, get a Paypal debit card. Link it to your American bank account, transfer from bank account to Paypal, then withdraw at the AEON.

If you have a Thai bank account, you can setup a different Paypal account to link to your Thai bank account. Tell people to pay your Thai Paypal account, transfer to your Thai bank account, and withdraw or spend at your leisure.

For larger amounts (but under $10,000 USD) I'd get it in cash. Put it in with the rest of your papers. No justifiable reason to let banks take a dime in fees.

[HerbalEd]

I'm from the US and use Bangkok Bank as they have an office in New York. Never had a problem in 15 years. Money goes in one day and the next working day it;s avaiiable here.

Do you do any business with your BKK Bank's in Thailand and BKK Bank in New York? Do you do transfers via the NY branch?

[HerbalEd]

If you're an American, get a Paypal debit card. Link it to your American bank account, transfer from bank account to Paypal, then withdraw at the AEON.

What's the advantage of doing this as opposed to just using my USA bank's debit card which I have done hundreds of times here in Thailand without ever a problem.

[khunPer]

I use Bangkok Bank (been told years ago, that they are best for speedy foreign transfers, you will gain one or two days) and the Internet banking from my home land, where I have a foreign transfer option (this option costs abount 35 us$/year). Standard Swift transfer from Europe to Bangkok Bank takes three bank-days. I pay a fixed home bank fee (equeals about 7 us$) in my home land bank and forward all foreign fees to the reciever. I transfer in European currency and let the Thai bank do the exchange, that should give the best rate. Bangkok Bank charge a small fee (may be based on a fixed fee and a percentage), which normally is around 350-450 baht for amounts equal from 2,000 to 10,000 us$. Even if you pay all foreign fees in your home land bank, you will still be charged a fee at the recieving Thai bank. I have never had any problems with a foreign transfer.

Edit: I use aThai bank ATM, never a foreign Visa, Master or the like card, as using foreign cards costs more fees and gives you a lower exchange rate.

Edited October 10, 2013 by khunPer

[recycler]

All major banks are more or less the same, it depends a bit where you will locate, and which banks have a regional office near by.

I've experience with Bangkok Bank, Kassikorn and Siam Commercial, all not to bad but don't expect anything modern of fast.... I would say that Siam Commercial is the most advanced of the 3 and Bangkok Bank the least advanced.

Stay away from Thai Military Bank as they have the worst exchange rates for foreign transfers of all Thai banks.

There is an app "Thai Baht Exchange" that compares the rates of banks, it's on iphone, probably also on android.

I would not advise to use AEON, had some strange issues after using my foreign ATM card.

Also be very careful with credit cards in Thailand, there is a lot of crime here even at big stores.

[Pui]

Bangkok Bank and Kasikorn Bank where easy to open so I did but find the Kasikorn is quicker to send money from Lloyds TSB UK to Thailand, has better rates and good online banking. It often comes down to which banks will let you open and account. When I applied a lot of banks would ask for a work permit. like a lot of policy in Thailand its not on a national level, its really up to the staff on the day. This is was long time ago and things may have changed.

[VisaProblem]

KBank is great , pretty quick with inbound foreign transfers, and also has very good internet banking that can be accessed from abroad if you bought your Thai sim card with you.

[kaufmanski]

Note that many credit cards and bank cards charge currency exchanges fees. This information is often at the very bottom of statements in very small letters. I am USA citizen but hold at KTC credit card. I found that they charged me nearly 3% to purchase a ticket for Korean Airlines online. KTC claims that use of a VISA card anywhere in the world has a mandatory currency fee attached. I also noticed when I used a Schwab debit card at a department store, the dollar rate was well below the bank advertised rate. As Thai banks go, I have never had any problems with overseas transfers in 15 years. Cash is still king!

[abrahamzvi]

If you're an American, get a Paypal debit card. Link it to your American bank account, transfer from bank account to Paypal, then withdraw at the AEON.

If you have a Thai bank account, you can setup a different Paypal account to link to your Thai bank account. Tell people to pay your Thai Paypal account, transfer to your Thai bank account, and withdraw or spend at your leisure.

For larger amounts (but under $10,000 USD) I'd get it in cash. Put it in with the rest of your papers. No justifiable reason to let banks take a dime in fees.

You are wrong! The banks may charge fees, but if you look at the exchange rates, what you get for your $notes is much less in baht than for a TT . The difference is greater than what one may save on fees.

[abrahamzvi]

I'm from the US and use Bangkok Bank as they have an office in New York. Never had a problem in 15 years. Money goes in one day and the next working day it;s avaiiable here.

Do you do any business with your BKK Bank's in Thailand and BKK Bank in New York? Do you do transfers via the NY branch?

I Transfer $ from my bank A/C in NY to the Bangkok Bank here and it goes via the NY Branch of the Bangkok Branch. The fees charged are normally $10 by Bangkok bank NY and some baht 100 here. Money never gets "lost" and there are hardly any delays. I can really recommend the Bangkok bank!!

[NoshowJones]

I'm from the US and use Bangkok Bank as they have an office in New York. Never had a problem in 15 years. Money goes in one day and the next working day it;s avaiiable here.

I am going to try and open an account with The Bangkok bank next week for the same reasons as you. I'm glad that you have recommended it. There is also a branch in London. Should be easier and cheaper to transfer money from the UK.

[henry15]

I have a Kasikorn account for about 20 years, never had any problem. Transfert from Europe to my account take at most 48 hours. Their online banking is simply tops.

[MrWorldwide]

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

http://www.dontworryjusttravel.com/index.php?option=com_k2&view=item&id=45#.UZqE8rVT68E

I'll also open a Citibank account before I relocate - I just dont quite believe they will give account holders fee-free overseas withdrawals without a catch kicking in somewhere down the line .....

[hereforgood36]

Kasikorn!!!

[salapau]

Check out where you have planned to live in Thailand. Go to the banks there for advice, not all have English speaking staff, then make your choice after discussion. Make sure you ask them which type of account gives you interest, as standard accounts give interest to Thai's but not foreigners.

[Suradit69]

I'm from the US and use Bangkok Bank as they have an office in New York. Never had a problem in 15 years. Money goes in one day and the next working day it;s avaiiable here.

Do you do any business with your BKK Bank's in Thailand and BKK Bank in New York? Do you do transfers via the NY branch?

You need to open an account with Bangkok Bank in Thailand. You can't open an account at the NY branch. After that you can have your US or Canadian bank or broker do a domestic transfer (if you're using another US bank, maybe also true for a Canadian bank) to Bangkok Bank in NY using the account number of your account at Bangkok Bank in Thailand. You only have one account with Bangkok Bank and use that account number whether making a transfer/deposit in NY or doing something at your local branch in Thailand.

The deposit in NY would be a US $ deposit and in a couple of days it'll show up as a baht deposit here in Thailand. $10 in NY and Baht 200 in Thailand in fees. Since it should be regarded as a domestic bank transfer in the US/Canada, your bank may or may not charge you anything. Mine doesn't.

It will also be indicated at a foreign originated deposit when you update your passbook here. If you need money in the bank and a manager's letter for an extension of stay, your passbook and letter from the bank manager will show you've been making foreign currency deposits.

Like Wayned, I've been doing this for about 15 years with absolutely no problem. I even get an SMS on my mobile when the deposit is credited locally.

NY Branch information here:

http://www.bangkokbank.com/BangkokBank/InternationalNetwork/InternationalBranches/NorthAmerica/Pages/BranchinUSA.aspx

Edited October 10, 2013 by Suradit69

[bunta71]

I'm from the US and use Bangkok Bank as they have an office in New York. Never had a problem in 15 years. Money goes in one day and the next working day it;s avaiiable here.

I am going to try and open an account with The Bangkok bank next week for the same reasons as you. I'm glad that you have recommended it. There is also a branch in London. Should be easier and cheaper to transfer money from the UK.

I have a local Bangkok Bank acct. Do you have to travel to NY in order to open an acct. there or can it be done by modern means?

[hawker9000]

If you're an American, get a Paypal debit card. Link it to your American bank account, transfer from bank account to Paypal, then withdraw at the AEON.

What's the advantage of doing this as opposed to just using my USA bank's debit card which I have done hundreds of times here in Thailand without ever a problem.

You don't pay the B180 ATM fee for your cash withdrawals? (Or maybe your US bank reimburses some or all of them? I know some do.) With K-bank I get a very competitive exchange rate and the only fees I pay transferring funds from the US is a very small fee to an intermediary bank.

[dunque]

All major banks are more or less the same, it depends a bit where you will locate, and which banks have a regional office near by.

I've experience with Bangkok Bank, Kassikorn and Siam Commercial, all not to bad but don't expect anything modern of fast.... I would say that Siam Commercial is the most advanced of the 3 and Bangkok Bank the least advanced.

Stay away from Thai Military Bank as they have the worst exchange rates for foreign transfers of all Thai banks.

There is an app "Thai Baht Exchange" that compares the rates of banks, it's on iphone, probably also on android.

I would not advise to use AEON, had some strange issues after using my foreign ATM card.

Also be very careful with credit cards in Thailand, there is a lot of crime here even at big stores.

Just tried Thai Baht Exchange App and be aware that it quotes the rates for exchanging notes, not the TT transfer rates, which will be higher.

[FiftyTwo]

Stay away from Thai Military Bank as they have the worst exchange rates for foreign transfers of all Thai banks.

But they have the best interest rates on an easy access account (2% on their NO Fixed) and bank cards you can use in any ATM in Thailand without any charges.

[lannarebirth]

Generally speaking I recommend either Bangkok Bank or Siam Commercial Bank. Bangkok Bank has special advantages for Americans living in Thailand. I don't know if the same applies to Canadians. You might look at Thanachart Bank. It is 49% owned by Canada's ScotiaBank and that may confer some special advantage for Canadians, I don't know. I've had time deposits there and I found them most competent and professional. I would avoid Kasikorn Bank at all costs.

[genobkk]

If you're an American, get a Paypal debit card. Link it to your American bank account, transfer from bank account to Paypal, then withdraw at the AEON.

If you have a Thai bank account, you can setup a different Paypal account to link to your Thai bank account. Tell people to pay your Thai Paypal account, transfer to your Thai bank account, and withdraw or spend at your leisure.

For larger amounts (but under $10,000 USD) I'd get it in cash. Put it in with the rest of your papers. No justifiable reason to let banks take a dime in fees.

This is the worst idea

1 Pay Pal cheats you big time in the exchange rate, not lust a little but lots and this adds up fast

2. Pay Pal can and will freeze your account at any time for no reason. to get your account unlocked you must fax all types of personal information to them, then you still could be tut pruned down.

Keeping any amount of money is risky, no FDIC insurance and fraud is high.

Please keep your self safe and ignore this post about paypal.

[genobkk]

If you're an American, get a Paypal debit card. Link it to your American bank account, transfer from bank account to Paypal, then withdraw at the AEON.

What's the advantage of doing this as opposed to just using my USA bank's debit card which I have done hundreds of times here in Thailand without ever a problem.

None, intact PayPal gives a very very bad exchange rate, u lose a lot this way, do not no it

[nong38]

Oftem monies that have not arrived are sitting in the compliance dept of the bank's HO. What I think is important is that I have English speakers in the branch, so it depends where you are and how they deal with you and it will vary around the country I am sure of that. Krungsri in Nakhon Sawan, do ir for me, I had originally gone to Kasikorn, they reallt did not want the bother of dealing with a non Thai, on the web they were great but the reality in the branch was very different.

[HerbalEd]

I'm from the US and use Bangkok Bank as they have an office in New York. Never had a problem in 15 years. Money goes in one day and the next working day it;s avaiiable here.

Do you do any business with your BKK Bank's in Thailand and BKK Bank in New York? Do you do transfers via the NY branch?

I Transfer $ from my bank A/C in NY to the Bangkok Bank here and it goes via the NY Branch of the Bangkok Branch. The fees charged are normally $10 by Bangkok bank NY and some baht 100 here. Money never gets "lost" and there are hardly any delays. I can really recommend the Bangkok bank!!

Since you didn't specify, and to be perfectly clear .... is "my bank A/C in NY" an account at BKK Bank in NY? Or is your account at another bank that wires money through BKK Bank in NY to BKK Bank in Thailand?

[ttthailand]

How about sending money out of country , which bank is best ?

What is the best way to transfer funds out if you are on retirement visa ?