Americans. Which American bank is best to use in Thailand?

[NeverSure]

Other than the obvious Bangkok bank, I want to open new accounts in my town in the USA which will be something like Bank of America or something that's readily available to me.

I don't keep a lot of money in Thailand and I visit just once or twice a year. I like to use an ATM from the US, along with a Thai bank with a modest balance.

Which major American bank works best for you for ATM withdrawals, online banking, and so on please?

Thanks!

[aTomsLife]

Schwab, hands down. They're the most professional bank I've ever dealt with. Perhaps more importantly, all -- as in 100% -- of your ATM fees are refundable, worldwide.

http://www.schwab.com/public/schwab/banking_lending/checking_account

Check them out for yourself, NS.

[Pib]

Since you said, "...I want to open new bank accounts in my town in the USA..." I guess a lot depends on where your town is in the U.S. (thousands of towns in the U.S.) and which banks have brick-and-mortar branches in your town, whatever that town may be. And if there was a BoA branch in your town and since you said you want to use their ATM/debit to get money when in Thailand, we'll BoA cards come with a foreign transaction fee so that might not be a good choice.

[maxman71]

Citibank has a couple of branches in BKK; one on Asok and Sukhumvit and another on Silom. They don't have a lot of ATM locations besides those two branches that I am aware of.

If you setup a Citigold checking account in the US, they don't charge int'l fees and of course use of the Citi ATM's are also charge free. There are also Citi branches in Singapore, Hong Kong and Shanghai and possible more Asian locations.

The catch ? You need a minimum balance in your Citigold account of at least $50,000.

[curtklay]

Anything except Bank of America!

[qdinthailand]

Citibank has a couple of branches in BKK; one on Asok and Sukhumvit and another on Silom. They don't have a lot of ATM locations besides those two branches that I am aware of.

If you setup a Citigold checking account in the US, they don't charge int'l fees and of course use of the Citi ATM's are also charge free. There are also Citi branches in Singapore, Hong Kong and Shanghai and possible more Asian locations.

The catch ? You need a minimum balance in your Citigold account of at least $50,000.

All that, for a measly $50,000! Wow! I'm impressed. (which one's the "trying to suppress gag reflex" emoji?)

[thrilled]

Schwab works really good.Can use any branch ATM in Thailand.Schwab reimburses any fees

[Loptr]

Schwab, hands down. They're the most professional bank I've ever dealt with. Perhaps more importantly, all -- as in 100% -- of your ATM fees are refundable, worldwide.

http://www.schwab.com/public/schwab/banking_lending/checking_account

Check them out for yourself, NS.

It is getting harder for US citizens to open bank / brokerage accounts abroad due to the draconian reporting requirements for foreign banks when it comes to American depositors. Avoiding the hassle may be the best option if you only visit the Kingdom a couple times a year. Schwab offers a reasonable alternative to opening a local account as all foreign transaction and ATM fees are refunded for withdrawals. Plus you avoid transfer fees to send money to a foreign account, no worrying about FBAR and FATCA reporting requirements, no loss of $$$ due to banking "errors", etc. Their online banking services provide all std banking functions, including bill-pay and wire transfer capabilities. I have been using Schwab's brokerage, online banking and ATM card services for years and also highly recommend them.

[beechguy]

I opened a Bangkok Bank account years ago, and I use Bank of America in the U.S. I don't recommend using the B of A debit card in Thailand because of the charges. But, it is extremely easy to do an online ACH transfer of up to $1000, from B of A to Bangkok Bank routing through the New York branch. $3 for three business day service, $10 for next day, and $25 for same day. If you need to do larger amounts, read about the Safe Pass procedure. There is a fee with Bangkok Bank for receiving the money, tops out at 500 Baht, but ATMs are pretty much everywhere.

Edited December 22, 2013 by beechguy

[NeverSure]

Thank you all. I'll do Schwab. There's a branch not far from me.

[Ticketmaster]

In America, I agree, Schwab, hands down. You can get a Schwab One account AND a linked Schwab Bank account. One thing, though, if you want all the options, you need to use a US address. Because of the euphemistically named Patriot Act, Schwab cannot offer things like its free bill pay service if you have an international address.

In Thailand:

I primarily use TMB Bank, because if I keep a minimum balance of 20,000 baht in a "no fee" account, I an transfer money to any account at any bank in the country (Thailand) from an ATM or my computer and pay no fees. I f'ing hate all the fees in this country.

Of course, being American, I also keep a Bangkok Bank acount becasue of the New York branch. Because BKK Bank has so many fees, they have only a triny deposit and little activity.

Becsue I sometimes have large balances in my TMB acount (visa extensions, etc.), I do not have an ATM debit card on that account. but I have one on the BKK account, which never has much of a balance. If I want to take money out of my TMB Bank account from an ATM, I simply make a transfer (free) from my TMB account to my BKK account from my computer, then use the BKK ATM debit card. It's all pretty fee free and seamless.

I heard a rumor, though, that TMB was understandably rejecting new accounts from Americans because of the ridiculously complex bullshit the US government is attempting to impose on every bank in the world that opens an account for an American.

[MikeThonBuri]

NeverSure,

I use First Republic Bank. Online banking is easy. First republic also refunds all international ATM fees. This service alone saves me over 1,000 baht per month on the normal 150 baht fee charged by Thai banks to use my ATM card here.

[Card]

Citibank has a couple of branches in BKK; one on Asok and Sukhumvit and another on Silom. They don't have a lot of ATM locations besides those two branches that I am aware of.

If you setup a Citigold checking account in the US, they don't charge int'l fees and of course use of the Citi ATM's are also charge free. There are also Citi branches in Singapore, Hong Kong and Shanghai and possible more Asian locations.

The catch ? You need a minimum balance in your Citigold account of at least $50,000.

I bank with Citibank in Asoke and Silom - they also have a branch in World trade centre. They have all the advantges mentioned for schwab - no fees for thailand and international use of their ATM card with any other bank's ATM machines and no account fees. You don't need a citigold account as these apply to a normal savings account. Online transactions generally don't have fees either. Edited December 23, 2013 by Card

[craigt3365]

In America, I agree, Schwab, hands down. You can get a Schwab One account AND a linked Schwab Bank account. One thing, though, if you want all the options, you need to use a US address. Because of the euphemistically named Patriot Act, Schwab cannot offer things like its free bill pay service if you have an international address.

In Thailand:

I primarily use TMB Bank, because if I keep a minimum balance of 20,000 baht in a "no fee" account, I an transfer money to any account at any bank in the country (Thailand) from an ATM or my computer and pay no fees. I f'ing hate all the fees in this country.

Of course, being American, I also keep a Bangkok Bank acount becasue of the New York branch. Because BKK Bank has so many fees, they have only a triny deposit and little activity.

Becsue I sometimes have large balances in my TMB acount (visa extensions, etc.), I do not have an ATM debit card on that account. but I have one on the BKK account, which never has much of a balance. If I want to take money out of my TMB Bank account from an ATM, I simply make a transfer (free) from my TMB account to my BKK account from my computer, then use the BKK ATM debit card. It's all pretty fee free and seamless.

I heard a rumor, though, that TMB was understandably rejecting new accounts from Americans because of the ridiculously complex bullshit the US government is attempting to impose on every bank in the world that opens an account for an American.

I opened an account at TMB earlier this year. No problems at all.

OP: you might also want to consider HSBC. Especially if you travel around a bit. They seem to have branches in many countries.

I just closed my BofA account. Too many fees. Luckily, I have a military S&L account. Transfer money to Bangkok Bank in NYC and use their ATM card here. Branches are everywhere.

[Taco]

I second the Schwab. Not only do you get the ATM fees back every month at any ATM worldwide but they also dont charge any Foreign exchange fees, have the lowest foreign wire fees ($30) and their card almost never gets declined when booking flights. Also you can open two accounts, a brokerage and a checking and link them then you can sell stock or whatever and transfer it over to your checking and pull it out here fast.

Only downside is basically no branches all deposits are mail in with postage free envelopes.

[TallGuyJohninBKK]

Definitely Schwab... Just be sure to open a domestic U.S. account, not one of their international accounts, as the latter don't have all the same benefits.

Another advantage of Schwab U.S. is that their banking unit also allows free, and pretty much unlimited domestic ACH transfers done entirely through online banking, so that makes it easy to move money to BKK Bank's New York ACH account. Also Schwab's checking account has no minimum balance requirement.

Citi may be ok for folks who are willing to plunk down tens of thousands of dollars in accounts that earn basically no interest in order to get Citi Gold status. But for regular accounts, both Citi and HSBC are full of international transaction fees.

Plus, HSBC has exited the retail banking sector in Thailand and turned over their Thai accounts to Bank of Ayudhya, if I recall correctly. Also, in Thailand, Citi's ATM presence is pretty much limited to just a few locations around BKK. I don't believe they have any anywhere else in the country.

The banking threads here are full of posts by Citi U.S. members who thought they could use Citi in Thailand seamlessly and without fees, only to discover in reality that Citi Thailand and Citi U.S. pretty much operate as unrelated entities, at least for their regular accounts.

Edited December 23, 2013 by TallGuyJohninBKK

[Khun Falang]

I never dealt with CITI or B of A in Thailand, but a friend of mine who did many years ago, indicated that there is no seamless connection between the respective banks in the US and their affiliates in Thailand. For instance, their computers are not connected and in the offices in Thailand, they have no idea what you have in their accounts in the US. Only the names and the logos seem to be connected...

[recycler]

You also have to check the Thai bank's ATM you use in Thailand, the rates and safety differ.

Stick to the bigger banks and stay clear of AEON and TMB. My ATM from Europe was blocked after using AEON and TMB has the worst exchange rates by far from all Thai banks.

There is an app, Thai Baht Exchange that gives you the current rates and locates ATM's, handy to use.

[dzodun]

Some banks in the US insist on sending one or two small amounts first online to Bank of Bangkok that you

confirm online within 7 business days. However, when I called Bof B to ask them the amount(s) they

received, the branch manager said he did not know because such small amounts went into fees charged

and were not reportable, at least not by him. Therefore I was not able to confirm the amounts online to

my US bank, so could not send larger amounts via ACH from that bank to BofB. The BofB account

involved is a joint account so cannot be used online. Any suggestions?

[unanimosity]

Anything except Bank of America!

Amen. Have you thought of PayPal or Ally Bank?

The most important thing about your local hometown bank is that you know the branch manager and some of the staff and that they will acknowledge and assist you by email and phone.

As for Thai banks, the clear leader these days is SCB, although their debit cards will not work for online purchases like Bangkok Bank and Krungthai Bank.

Edited December 23, 2013 by unanimosity

[Leung Falang]

I second the Schwab. Not only do you get the ATM fees back every month at any ATM worldwide but they also dont charge any Foreign exchange fees, have the lowest foreign wire fees ($30) and their card almost never gets declined when booking flights. Also you can open two accounts, a brokerage and a checking and link them then you can sell stock or whatever and transfer it over to your checking and pull it out here fast.

Only downside is basically no branches all deposits are mail in with postage free envelopes.

Agree except on deposits. I also have a small home town bank that I use to transfer excess funds to Schwab electronically with ease and no fee. You can even write a check, use your phone to deposit now.

[flyingdoc]

Paypal is another worry free method!

[maxman71]

Citibank has a couple of branches in BKK; one on Asok and Sukhumvit and another on Silom. They don't have a lot of ATM locations besides those two branches that I am aware of.

If you setup a Citigold checking account in the US, they don't charge int'l fees and of course use of the Citi ATM's are also charge free. There are also Citi branches in Singapore, Hong Kong and Shanghai and possible more Asian locations.

The catch ? You need a minimum balance in your Citigold account of at least $50,000.

I bank with Citibank in Asoke and Silom - they also have a branch in World trade centre. They have all the advantges mentioned for schwab - no fees for thailand and international use of their ATM card with any other bank's ATM machines and no account fees. You don't need a citigold account as these apply to a normal savings account. Online transactions generally don't have fees either.

I went with Citigold as in addition to the no charges for int'l ATM use, the credit card I got with the account does not charge foreign transaction fees. But from what I am reading on this thread, Schwab might be a better deal. I think it's a good idea to have several accounts such as Citi and Schwab.

[JackJD]

I'm an American living here for 10 years. I've used ONLY Paypal the entire time. They issue a Mastercard Debit card that works everywhere in the world. I can move money from my U.S. bank to Paypal online. If someone pays my Paypal invoice for work done, I have the oney in seconds. Paypal is the processing bank for Ebay and handles trillions of dollars per year. 100% safe.. and never heard of any government snooping with them.

[chingching]

If you need to do larger amounts, read about the Safe Pass procedure. There is a fee with Bangkok Bank for receiving the money, tops out at 500 Baht, but ATMs are pretty much everywhere.

Could you tell me at what amount the top fee of 500 baht is charged for. ? Thx

[el jefe]

Some banks in the US insist on sending one or two small amounts first online to Bank of Bangkok that you

confirm online within 7 business days. However, when I called Bof B to ask them the amount(s) they

received, the branch manager said he did not know because such small amounts went into fees charged

and were not reportable, at least not by him. Therefore I was not able to confirm the amounts online to

my US bank, so could not send larger amounts via ACH from that bank to BofB. The BofB account

involved is a joint account so cannot be used online. Any suggestions?

First, I assume you're talking about Bangkok Bank. If there's a Bank of Bangkok, I don't know it or it's policies so disregard this.

Second, there's no need to talk to anyone. Just check your Bangkok Bank account online to see the transfer amounts and use the latest exchange rate. You'll get the conversion right. I've done this while setting up ACH transfers linking 3 different US banks with Bangkok Bank and never had a problem.

To make transfers without lying and clicking on the "wrong" box, you'll need to open up an individual account at Bangkok Bank.

[stoli]

Citibank has a couple of branches in BKK; one on Asok and Sukhumvit and another on Silom. They don't have a lot of ATM locations besides those two branches that I am aware of.

If you setup a Citigold checking account in the US, they don't charge int'l fees and of course use of the Citi ATM's are also charge free. There are also Citi branches in Singapore, Hong Kong and Shanghai and possible more Asian locations.

The catch ? You need a minimum balance in your Citigold account of at least $50,000.

All that, for a measly $50,000! Wow! I'm impressed. (which one's the "trying to suppress gag reflex" emoji?)

Oh, that is nothing. I am sure that Citibank, like Bank of America, is probably paying a whooping interest of 0.05%

[jonnit]

I see some negative comments about using the BOA card in Thailand. Since I have a BOA Travel Rewards card I was planning to use in Thailand. can someone detail the charges/fees I will encounter. According to my card I have the following: No annual fee and no foreign transaction fees. I earn 1.5 points per $1 on all purchases without expiration dates or point limits and get a 10 percent points bonus annually. I have recently purchased tickets for our upcoming trip and used my points to reduce the cost by $1,000. However, I'm always looking for a better deal.

[TallGuyJohninBKK]

Some banks in the US insist on sending one or two small amounts first online to Bank of Bangkok that you

confirm online within 7 business days. However, when I called Bof B to ask them the amount(s) they

received, the branch manager said he did not know because such small amounts went into fees charged

and were not reportable, at least not by him. Therefore I was not able to confirm the amounts online to

my US bank, so could not send larger amounts via ACH from that bank to BofB. The BofB account

involved is a joint account so cannot be used online. Any suggestions?

Those are called trial deposits, and are a commonly used method that your home bank uses prior to establishing any online link with an external bank on your behalf.

The advise the branch manager at BKK Bank gave you is simply wrong. Call the main customer service number in Thailand for BKK Bank, 1333, and give them your account info as requested and approx when the deposits were made, and they will give you the amounts of those small deposits, and more importantly, the original amounts in U.S. cents -- not the converted amount in baht.

PS - If you're calling from outside Thailand, the number for BKK Bank is (+662) 645-5555.

Your U.S. bank wants you to confirm the amounts deposited in U.S. currency in order to confirm the online link. The amounts that BKK Bank converted into baht prior to depositing into your account are meaningless for this purpose.

And you'll get this info from BKK Bank in Thailand, not from the New York branch in the U.S., which only serves as a pass-through.

Edited December 23, 2013 by TallGuyJohninBKK

[TallGuyJohninBKK]

I'm an American living here for 10 years. I've used ONLY Paypal the entire time. They issue a Mastercard Debit card that works everywhere in the world. I can move money from my U.S. bank to Paypal online. If someone pays my Paypal invoice for work done, I have the oney in seconds. Paypal is the processing bank for Ebay and handles trillions of dollars per year. 100% safe.. and never heard of any government snooping with them.

The exchange rate Paypal offers for converting U.S. $ into Thai baht is poor, worse than you can obtain from normal banking sources.

Also, overall, any MasterCard debit card is automatically going to generally have a poorer exchange rate than their VISA card counterparts, because VISA almost always has better foreign exchange rates.

Put the two together, and, you could be doing a lot better moving funds from the U.S. to Thailand.