Looking for advice on choosing a bank in Chiang Mai

[narkeddiver]

Hi,

I'm looking to open a bank account in Chiang Mai - I have a work permit so hopefully that will make things easier

At the moment I'm looking for people's advice/recommendations for which bank to use

I'm sure that one bank won't match everything but some of the things I'm considering (in no particular order) are

Which bank has the most and best location of ATMs across the city (I understand thee is a fee if you draw money from an ATM from a different bank)

Which bank has the best online banking services (I have to transfer money to a couple of different Thai bank accounts during the month)

Which bank is easiest to get a visa debit and/or credit card from

Thanks in advance

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[MadMac]

I'd suggest UOB (Airport Plaza) if you don't really need access to the branch. Can all be done online. Huge advantage, with their ATM card you can withdraw money at every banks ATM in the whole country free of charge. Other banks only allow this 3x a month.

Besides that UOB gives very competitive exchange rates for TT (but that is based on my Bangkok experience), and free inter-regional transfers (BKK Bank offers the latter too).

[beau thai]

Bangkok Bank is well represented, has good online site, and if you transfer from overseas in your currency, they give you good exchange rate here.

[A1Str8]

Bangkok bank usually has the hottest girls. No I am not being off topic, it is an important factor when choosing a bank especially because banks were created for the sole purpose of robbing you. So it doesn't really matter that you hook up with Robber1 or Robber2.

[circusman]

Just opened a Bangkok Bank account with just my passport and copy of my rental contract. Did it in Hang Dong.

[onthedarkside]

Just opened a Bangkok Bank account with just my passport and copy of my rental contract. Did it in Hang Dong.

Yes, from what I have been hearing recently. Bangkok Bank seems to be the best bet for opening a bank account at the moment. Passport, copy of rental contract, and copy of the owner's Thai ID should seal the deal.

[2peteok]

K Bank!!!!

[NancyL]

Bangkok Bank has branches in both the U.S. and London and "act" like domestic U.S. and U.K. banks, so you can do interbank transfers within those countries easily. As a U.S. citizen, I find this very handy-- save a bundle on wire transfer fees. Also, Bangkok Bank is the only Thai bank approved for direct deposit of U.S. Social Security and V.A. checks.

You really need to be more specific about your needs -- ie. age, nationality, whether you want to transfer funds internationally and where, what products you need, etc.

[elektrified]

IMO Thai banks are all the same. I bank with Kasikorn mostly but also have accounts at Bangkok Bank and SCB (Thai Panich). SCB is handy if you purchase a lot of Air Asia tickets on-line as SCB is the only bank you can use to pay for your tickets without incurring a "convenience fee" of about 250-300 THB per ticket. With a family, the service charges really add up!

I have yet to find a bank that can offer me a safety deposit box though and I have inquired at more than 20 banks. I have been on a waiting list at Kasikorn Chang Klan for about 3 years now and only moved up 30 slots on the list. I was 99. At that rate it will be 7 more years before they contact me with a vacancy.

Regrading the most ATM's I would say Kasikorn - just a guess. As far as on-line banking, they seem the same to me. Perhaps Kasikorn's interface is the most user friendly.

If you ever deposit a check from the U.K. or Europe into your account, expect a delay of around 60 days before the funds have cleared. A check from the USA - 75-80 days which is ridiculous.

[brommers]

I have used Bangkok Bank for many years and have had no problems of any kind. I use the Kad Suan Kaew branch which has a forex counter and is open seven days a week from 10am until 8 pm. The staff are helpful and can deal with all issues. Bangkok Bank is the largest and most international Thai bank with a huge local branch and ATM network. If you open an account at KSK branch ask for a young man called Sam who speaks English and is very customer service adept. He is not on duty every day but he has capable colleagues who can deal with you on his off days. Overseas electronic transfers are simple to organise and take only a couple of days to effect. If you are bringing in over 50 000 USD you will be contacted to verify the purpose of the transfer but this is standard global practice to minimise money laundering so do not be perturbed. Otherwise you will have access to all the services you need.

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[circusman]

Just opened a Bangkok Bank account with just my passport and copy of my rental contract. Did it in Hang Dong.

Yes, from what I have been hearing recently. Bangkok Bank seems to be the best bet for opening a bank account at the moment. Passport, copy of rental contract, and copy of the owner's Thai ID should seal the deal.

No house owners I.D. asked for. Only a copy of the contract/lease.

[NancyL]

You really should select a branch bank that's convenient to you because some banking transactions have to be done at your "home" branch and it's a pain to return to that "home" branch if it's far away. That's why it would help if the OP would return and tell us a bit more about his/her banking needs, nationality, etc.

[Diplomatico]

Just opened a Bangkok Bank account with just my passport and copy of my rental contract. Did it in Hang Dong.

Yes, from what I have been hearing recently. Bangkok Bank seems to be the best bet for opening a bank account at the moment. Passport, copy of rental contract, and copy of the owner's Thai ID should seal the deal.

No house owners I.D. asked for. Only a copy of the contract/lease.

Does one really need a copy of the contract/lease? I've read on here that people have opened accounts on a 30 day tourist visa using their hotel address.

[narkeddiver]

Many thanks for the info folks - I'll mull it over for a few days before making a choice

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[NancyL]

It's true that people have opened bank accounts with 30 day visa exempt status and hotel addresses. Much depends on the "story" you present at the bank. For example, if you're a western couple, aged late 50s and come in with, say, $10,000 in cash, and say that you're here getting everything set up to return in a few months to retire to Chiang Mai and you want to establish a bank account to start wiring in funds for your retirement visa -- they'd grab that $10,000 in a heartbeat and get your accounts set up.

That's why the OP really needs to return to tell us more about himself.

[eyecatcher]

 

 

Just opened a Bangkok Bank account with just my passport and copy of my rental contract.  Did it in Hang Dong.

 

Yes, from what I have been hearing recently. Bangkok Bank seems to be the best bet for opening a bank account at the moment. Passport, copy of rental contract, and copy of the owner's Thai ID should seal the deal. 

 

 

No house owners I.D. asked for.  Only a copy of the contract/lease.

 

 

  Does one really need a copy of the contract/lease?  I've read on here that people have opened accounts on a 30 day tourist visa using their hotel address.

That's spot on.... Passport, then tell them an address, hotel, guesthouse they don't care and 150bt for the new atm card and 150bt to deposit in your new bankbook.

That's it...nothing else

Sent via tin can and string after pigeon shot

[BarnicaleBob]

I have used Bangkok Bank for many years and have had no problems of any kind. I use the Kad Suan Kaew branch which has a forex counter and is open seven days a week from 10am until 8 pm. The staff are helpful and can deal with all issues. Bangkok Bank is the largest and most international Thai bank with a huge local branch and ATM network. If you open an account at KSK branch ask for a young man called Sam who speaks English and is very customer service adept. He is not on duty every day but he has capable colleagues who can deal with you on his off days. Overseas electronic transfers are simple to organise and take only a couple of days to effect. If you are bringing in over 50 000 USD you will be contacted to verify the purpose of the transfer but this is standard global practice to minimise money laundering so do not be perturbed. Otherwise you will have access to all the services you need.

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I agree totally about Bangkok Bank as the best all around bank. I also use the Kad Suan Kaew branch because of all the other branches I have been to they seem to be the one that understands all sorts of transactions. You get a ATM card with your account and you can transfer funds to and from the US on-line. If you keep at least 20,000 baht in your account they will also give you a debit card that you can use in many of the local businesses in Chiang Mai and around Thailand.

[elektrified]

Why all the advice about U.S. banks and reference to American dollars? The OP never said he was an American and not all Americans have anything to do with U.S. banks.

[narkeddiver]

I'm not entirely sure how my nationality affects my choice of bank but for the record I'm not an American

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[Rob8891]

I opened an account at Bangkok Bank near Chiang Mai Gate. Very easy, very helpful. I also opened one at SCB at the south end of Proppaklao near Chiang Mai Gate, but to be honest they were clueless....(and the girls weren't so cute ) "No. Cannot! You here less than one year". So I showed them I had a BKK passbook with money in the account..... Deep discussion followed while the girls tried to find a way to save face....muchustling of papers, tapping of keyboards..... "Ah! There is a new law in Thailand. Now we can do"

It was suggested that two accounts are handy.... One for larger amounts and one for everyday withdrawals etc, so IF one's card was skimmed, one would not lose so much.

Their TT rates can vary quite a bit, so it is always worth checking on http://bankexchangerates.daytodaydata.net/default.aspx

Good luck!

[NancyL]

Why all the advice about U.S. banks and reference to American dollars? The OP never said he was an American and not all Americans have anything to do with U.S. banks.

Well, the OP has never returned to tell us anything about himself and perhaps we Americans just like to talk about how happy we are with our bank.

[sustento]

If you ever deposit a check from the U.K. or Europe into your account, expect a delay of around 60 days before the funds have cleared. A check from the USA - 75-80 days which is ridiculous.

This seems to be a common misconception. A cheque is a piece of paper - nothing more and nothing less. If it's circulated within a country that has some sort of cheque clearing system then it will take a couple of days to move its value from the bank which holds the assets of the issuer to the account of the recipient.

Otherwise it has to be physically sent from the bank it's paid into to the issuing bank. Funds then have to be transferred via the international banking system to the bank it's paid into to. When that bank receives those funds it will then transfer them into the account the cheque was paid into to.

[just_Elaine]

I'm not entirely sure how my nationality affects my choice of bank but for the record I'm not an American

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For me, it makes a difference for ease of transferring money to/from my home bank accounts. Also, it makes a difference for the cost of transferring money. It sounds like if you have accounts in the U.S. or the U.K. and need to use transfer services, Bangkok Bank is a good choice. If not, it doesn't sound like it makes a difference.

Regarding branch, I only know that we originally set up our bank account in Bangkok and then when we moved to Chiang Mai and used the ATM, we were charged a fee. We opened new accounts in Chiang Mai. I don't know if they still have ATM fees outside your banking area or not.

I also bank at Kad Suan Kaew branch and find dealing/working with them pretty easy. Although, getting a safe deposit box has been impossible.

[FiftyTwo]

TMB allows you to use anyone's ATMs nationwide, with no withdrawal fee.

Very useful.

[Hugh Jarse]

Bangkok Bank is well represented, has good online site, and if you transfer from overseas in your currency, they give you good exchange rate here.

BAngkok Bank ,hit me with a large fee last time I brought in money, via SWIFT from the UK into my Bangkok Bank savings account. I no longer use them for this now and prefer SCB.

Edited December 2, 2013 by Hugh Jarse

[beau thai]

Bangkok Bank is well represented, has good online site, and if you transfer from overseas in your currency, they give you good exchange rate here.

BAngkok Bank ,hit me with a large fee last time I brought in money, via SWIFT from the UK into my Bangkok Bank savings account. I no longer use them for this now and prefer SCB.

I hope you complained and got a refund? I have made many swift transfers and never been charged a fee by Bangkok Bank.

[NancyL]

If you ever deposit a check from the U.K. or Europe into your account, expect a delay of around 60 days before the funds have cleared. A check from the USA - 75-80 days which is ridiculous.

This seems to be a common misconception. A cheque is a piece of paper - nothing more and nothing less. If it's circulated within a country that has some sort of cheque clearing system then it will take a couple of days to move its value from the bank which holds the assets of the issuer to the account of the recipient.

Otherwise it has to be physically sent from the bank it's paid into to the issuing bank. Funds then have to be transferred via the international banking system to the bank it's paid into to. When that bank receives those funds it will then transfer them into the account the cheque was paid into to.

Yes, but the reality is that Bangkok Bank won't make funds available for about 30 days when you deposit a check -- at least that's been my experience with deposits of checks issued by U.S. banks. They will make funds available more quickly (and without their normal deposit fee, which is I think $30 per check) if the check is issued by a U.S. gov't agency like the I.R.S. or if it's an annuity check from a U.S. bank or insurance company that you receive regularly and deposit monthly into your home Bangkok Bank branch.

I've encountered this same situation in depositing U.S. checks into Canadian banks, incidentally. Not 75-80 days, but close to a month before the funds were available.

Edited December 3, 2013 by NancyL

[wolf5370]

Branches are great here I think - In the UK they open late, shut early (3pm in a lot of cases) and not open on weekends - here 10am to 8pm 7 days a week (if you use the BigC/Tesco/Mall branches).

I use Bangkok Bank - they do Western Union, have good internet banking, ATMs are good and include paying in cash machines without needing to go inside (a lot of banks put these types of ATM inside so out of hours they are useless), easy to open the account, pay the best exchange rate consistently and have good (relatively) interest rates for fixed term deposits.

[wolf5370]

If you ever deposit a check from the U.K. or Europe into your account, expect a delay of around 60 days before the funds have cleared. A check from the USA - 75-80 days which is ridiculous.

This seems to be a common misconception. A cheque is a piece of paper - nothing more and nothing less. If it's circulated within a country that has some sort of cheque clearing system then it will take a couple of days to move its value from the bank which holds the assets of the issuer to the account of the recipient.

Otherwise it has to be physically sent from the bank it's paid into to the issuing bank. Funds then have to be transferred via the international banking system to the bank it's paid into to. When that bank receives those funds it will then transfer them into the account the cheque was paid into to.

Yes, but the reality is that Bangkok Bank won't make funds available for about 30 days when you deposit a check -- at least that's been my experience with deposits of checks issued by U.S. banks. They will make funds available more quickly (and without their normal deposit fee, which is I think $30 per check) if the check is issued by a U.S. gov't agency like the I.R.S. or if it's an annuity check from a U.S. bank or insurance company that you receive regularly and deposit monthly into your home Bangkok Bank branch.

I've encountered this same situation in depositing U.S. checks into Canadian banks, incidentally. Not 75-80 days, but close to a month before the funds were available.

Clearing banks have a legal minimum cheque/check cycle - this is to allow for cancellation and fraud - once upon a time it took 10 days to clear because the money had to actually travel from bank to bank - for the last 30 years this has been done electronically (BACS) - but the minimum (usually 3 days for a credited bank that is not a clearing bank - 2 days for a clearing bank - 10 days for a non credited bank (building society/home mutual/saving and loan/etc)). This is fairly standard across all developed countries WITHIN the country. Internationally there is no similar BACS system (this actually required banks to share electronic information - rather than just sending Swift Transfer information) - there was a talk a long time ago about it, but as most western banks don't even give cheque/check book out to personal customers anymore - and companies tend to deal with money transfers internationally - there never will be. This means that for cheques/checks to clear they have to be physically sent to the country's clearing bank, go through the process and the money transferred back via a bank level holding account before processing back out to the account. All this costs money (charging between banks - and secure delivery costs) and takes time. I think banks in general discourage this, so have no incentive to make it easier or cheaper. There may be special arrangements for some government like cheques/checks, but that will be at a country/bank level - and probably hit and miss.

There are often alternatives - such as paying the cheques/checks in direct to a "home" account and using internet transfers to pull it over as required (some banks will even automate this process) - most countries will happily pay pensions direct to bank (as it is easier and cheaper for them to process), so it may be worth talking to whoever send them out.