Best (cheapest) banking option in CM

[swbloke]

Can any board members let me know the cheapest way to access money in CM.

A little background; I'm coming to Thailand in late Feb\early March from the UK. I plan to stay for several months at least. I'm not doing anything drastic, e.g. selling up in the UK, buying a condo or starting a business! I will use CM as a base for visiting other parts of SE Asia for the odd few days or weeks.

I'll arrive on a tourist visa and do runs as required. If I enjoying living in CM, I will enrol on a good language course and get an education visa. After a few weeks, I will take a monthly rental on a Condo and extend as and when it seems a good idea..

I have a couple of contacts that can help me with some matters, but their circumstances are such that they don't need to get involved in transferring money. They will help me open a bank account.

If someone can tell me the cheapest way of going about this it would be a great help, at present all can work out is this,

1. ATM withdrawals seems to be very high from Thai banks, particularity in relation to other living costs.

2. Banks in the UK will screw you anyway they can.

3. Exchange rate is good; but could go either way given the Thai political situation and fragility/early stage of the recovery in the west.

Please try to keep the answers as simple as possible, I'm not stupid or naive but the posts I've looked at following searching the forum have contained the sort of info that long term expats easily understand but don't as I've never had to deal with this matter before.

Thanks in advance.

[rhodie]

Have a look at this thread.

http://www.thaivisa.com/forum/topic/260738-opening-a-new-bank-account-in-thailand/

[nycjoe]

I have taken my passport and debit card into the bank most can run your card and the rate was decent at Bangkok bank. No ATM fees.

Bangkok bank has an office in NYC so my wire transfer fees are domestic and the exchange rate is good. Don't know if they have a uk office.

They sing for the rich

[swbloke]

Rhodie, thanks. I'm working my way through that thread and it's helpful.

nycjoe, also very helpful, just checked Bangkok Bank, they do have a London branch and their website outlines the process clearly.

[rhodie]

I am with Kasikorn and they seem OK. Cost me 400 Baht for an ATM card and that was it. I pay 25 - 35 Baht for interbank transfer on internet banking but free to any Kasikorn branch. International transfers attract a 200 Baht fee.

There are a lot of recommendations for Bangkok Bank. I think they are the easiest bank for a foreigner opening an account in Bangkok.

[beau thai]

One advantage of an account at Bangkok Bank is that you can send funds online (free) from your uk bank to their London office, who offer you the choice of remitting in Sterling or Baht. Choose sterling and you get a better rate in Thailand as it is better for them to have sterling here, than for a london bank to have baht!!

Google Bangkok Bank London, and it is clearly explained. Charge only 20 pounds still I think and funds arrive within 48 business hours