which bank?

[outoff2014]

Right now i do prepare to move to Thailand. I also need a Thai bank account, but not yet know which bank i should use. Here i need your suggestions. Which bank is the best for handle?

cheers

clark

[onthedarkside]

If you plan to make regular transfers from your home country then you might consider a Thai bank that is affiliated with your home bank. Enquire at your home bank.

[Loaded]

If you plan to make regular transfers from your home country then you might consider a Thai bank that is affiliated with your home bank. Enquire at your home bank.

SWIFT allows just about any foreign bank to transfer to any Thai bank account. It's usually a fixed charge for any amount. I think around $40 from the US and 25 UK Pounds from the UK. Transfer your home country currency because you will then receive the Thai bank exchange rate and not the poor home country rate.

I haven't head of Thai banks having affiliations with foreign banks. But if they do and there are advantages, I would be very interested to know more.

[hml367]

If you plan to make regular transfers from your home country then you might consider a Thai bank that is affiliated with your home bank. Enquire at your home bank.

SWIFT allows just about any foreign bank to transfer to any Thai bank account. It's usually a fixed charge for any amount. I think around $40 from the US and 25 UK Pounds from the UK. Transfer your home country currency because you will then receive the Thai bank exchange rate and not the poor home country rate.

I haven't head of Thai banks having affiliations with foreign banks. But if they do and there are advantages, I would be very interested to know more.

Go to a Thai bank's web site and search or look for International branches and correspondent bank.

Most "international branches", including Bangkok Bank's New York branch, are banks registered in the country they are in and not exactly a branch, although they operate that way under the rules of the country they are in.

A correspondent bank is another bank that has an agreement to work with another bank usually in another country.

What I have seen is that these relationships make it easier to work with them, yet there is not a significant difference in pricing for most of them.

[Dante99]

the op's question is "Which bank is best for handle?"

can someone please explain the question

[FiftyTwo]

the op's question is "Which bank is best for handle?"

can someone please explain the question

Impossible at the moment,

OP first needs to declare his VISA type and duration and nationality (many banks no longer accept Americans).

Without a long term VISA most banks now require an existing customer to co-sign the application.

I know, I co-signed for a person here using 'VISA waiver on entry' at Bangkok bank yesterday.

Answer was a firm 'no' until I showed my bank book, then account opened instantly.

(They also copy the co-signers passport)

Anyway,

If you have a local account holder to co-sign your application and are not American.

Bangkok Bank at Central Festival, very easy and quick to open your new account and they speak decent English.

Edited March 9, 2014 by FiftyTwo

[NancyL]

It's important to select a "home branch" near where you live since for some banking activities you have to go to that office.

Bangkok Bank will continue to accept accounts from Americans since they're the only Thai bank authorized for direct deposit of monthly payments from SS, VA, etc.

Also, since they have a commercial branch in NYC it's cheap and easy to use on-line banking to transfer funds from your U.S. account to your Thai Bangkok Bank account via ACH transfer. They also have a London commercial branch and something similar can be done. There are instructions on the Bangkok Bank website.

No need to go to NYC or London to set up these features. It's simply done following the instructions on their website once you have your local Bangkok Bank account. Oh, I did have to call my credit union in the U.S. to double check how to do an on-line "inter-bank transfer", to confirm that it was indeed an ACH transfer. Yup, very slick. The funds showed up in my Bangkok Bank account within a couple hours with minimal charges.

[MrBrad]

It's important to select a "home branch" near where you live since for some banking activities you have to go to that office.

Bangkok Bank will continue to accept accounts from Americans since they're the only Thai bank authorized for direct deposit of monthly payments from SS, VA, etc.

Also, since they have a commercial branch in NYC it's cheap and easy to use on-line banking to transfer funds from your U.S. account to your Thai Bangkok Bank account via ACH transfer. They also have a London commercial branch and something similar can be done. There are instructions on the Bangkok Bank website.

No need to go to NYC or London to set up these features. It's simply done following the instructions on their website once you have your local Bangkok Bank account. Oh, I did have to call my credit union in the U.S. to double check how to do an on-line "inter-bank transfer", to confirm that it was indeed an ACH transfer. Yup, very slick. The funds showed up in my Bangkok Bank account within a couple hours with minimal charges.

One more point on this is to be sure that your US bank or credit union clerk is applying the domestic transfer fee (if applicable) to your account, rather than the higher international transfer fee. The confusion could present itself seeing that the money is going into the Bangkok Bank. I speak from experience; the error was caught, and fees were adjusted.

[northernjohn]

I would be interested in an answer to the OPs question for countries other than The States and England.

It is fairly clear to me that English is not the OPs first language and even if it is he could be like me and have most of his money coming through a Canadian bank.

I inquired once at the Bank of Siam Commercial and they said they could do it but my Canadian bank would have to fill in a piece of paper first. Even at that I am not sure of the advantage; I go in there once a month and take my Visa card use it to get enough money for the month and there is a $5 charge on my Visa statement.

Perhaps I am doing it wrong I ask for X number of Baht's. Would I be better off asking for Canadian currency. Then exchanging it over here?

[onthedarkside]

<snip>

Perhaps I am doing it wrong I ask for X number of Baht's. Would I be better off asking for Canadian currency. Then exchanging it over here?

Without doubt (at least in my experience) it is always best to ask your home country bank to sent in home currency and let your Thai bank handle the exchange rate to baht. Thai banks always offer a much better rate than you home country.

[true blue]

15 years customer of bangkok bank,no proplems what so ever with bank with regards to service, transfers, internet. and most transactions. even interest payments on savings and current accounts.happy banking.

[northernjohn]

<snip>

Perhaps I am doing it wrong I ask for X number of Baht's. Would I be better off asking for Canadian currency. Then exchanging it over here?

Without doubt (at least in my experience) it is always best to ask your home country bank to sent in home currency and let your Thai bank handle the exchange rate to baht. Thai banks always offer a much better rate than you home country.

If I understand you correctly I am better off with my CIBC Visa in the bank asking for $2,000 Canadian as opposed to 60,000 baht. I use those numbers arbitrary as they are never the same value and I often need more for upcoming school or insurance payments.

I suppose if the bank would do that I could then order the opposite and compare. My credit card will bear that much cash advance.

The $5 handling charge on each transaction is negligible at that amount.

Am going to have to look into the transfer of funds. The bank of Siam tells me I can if I have a form filled in by the CIBC. Will set that up next time I am back there. Don't know how it will work out money wise. My U S dollars are not worth the time.

[Gonsalviz]

I use Kasikorn. I have been dealing with them for 35+ years. My home bank is of no consequence as they all use transfer banks. The bank my bank uses is Wells Fargo. Transfers are slowed by a day since they switched from JP Morgan Chase. The US gov't has their nose in everything and I am sure this is the reason for the change. Different questions are asked.

Kasikorn is quick with putting money in your account. I do believe they charge 500 baht. Other banks have a similar charge and I am sure others have good luck with other banks.

[northernjohn]

I use Kasikorn. I have been dealing with them for 35+ years. My home bank is of no consequence as they all use transfer banks. The bank my bank uses is Wells Fargo. Transfers are slowed by a day since they switched from JP Morgan Chase. The US gov't has their nose in everything and I am sure this is the reason for the change. Different questions are asked.

Kasikorn is quick with putting money in your account. I do believe they charge 500 baht. Other banks have a similar charge and I am sure others have good luck with other banks.

Interesting. I have money on direct deposit into the Wells Fargo bank. It is not a great deal the minimum SS I don't even have to file a tax on it.

I was under the impression that the only way to get it transferred at a reasonable rate was with the bank of Bangkok.

[outoff2014]

^{Thanks for all the answers.}

^{I am sorry, i think i don´t talk clear….my fault.}

^{Well, together with my thai wife i want to move to Thailand (CM), mean we will stay Thailand permanently.}

^{For that i also need a thai bank account for handle. Handle mean such as get money from ATM Maschine everywhere in Thailand, set the 400.000 THB for the Thai Visa and easy to handle in case national and international money transfer. In your mind, which bank in Thailand is the best?}

^cheers

^clark

[wolf5370]

For bank transfers from Europe - I have used Azimo a few times - they will send in sterling (can select currency online - US dollar/Euro/Sterling/Baht), they tell you the rate before sending it (which has always been a great rate when I have done it) - and they charge a smaller fee than WU or SWIFT - last year they had a month where they refunded all charges, but think that promo is over now - last time I did it SWIOFT charge from the UK was just five quid. Only warning is, don't do an xfer on a Friday, as because of the time difference, it gets to Thailand too late for Friday and it gets left to Monday, and thus money is not cleared until Tuesday - usually it takes just overnight if it gets to LoS before 3pm (so usually 2 working days in my experience - same as normal SWIFT). Basically you sign up like an online bank, and put in the details for each bank account and then you can xfer between them just by selecting them online as from, to, amount, currency. No affiliation - honest! (although I have posted about them before - last year sometime).

Some banks in Europe will still do a telex transfer if you ask for it - those charges are usually less than half the SWIFT charges (but takes 5 days to clear) - in the UK Nat West still does it, but you need to ask (and use a big branch) and they pretend they don't - last time cost me 14 quid - but that was years ago now.

I use Bangkok Bank because they are easy to set up with (Embassy letter for proof of address and an non-imm was all I needed - was turned down by Kasikorn at the time - going back almost a decade now though).

Edited March 9, 2014 by wolf5370

[wolf5370]

<snip>

Perhaps I am doing it wrong I ask for X number of Baht's. Would I be better off asking for Canadian currency. Then exchanging it over here?

Without doubt (at least in my experience) it is always best to ask your home country bank to sent in home currency and let your Thai bank handle the exchange rate to baht. Thai banks always offer a much better rate than you home country.

If I understand you correctly I am better off with my CIBC Visa in the bank asking for $2,000 Canadian as opposed to 60,000 baht. I use those numbers arbitrary as they are never the same value and I often need more for upcoming school or insurance payments.

I suppose if the bank would do that I could then order the opposite and compare. My credit card will bear that much cash advance.

The $5 handling charge on each transaction is negligible at that amount.

Am going to have to look into the transfer of funds. The bank of Siam tells me I can if I have a form filled in by the CIBC. Will set that up next time I am back there. Don't know how it will work out money wise. My U S dollars are not worth the time.

He is talking about international bank transfers - in that it is best to transfer local currency and let the Thai bank do the currency exchange as opposed to your home bank doping the exchange first and then sending baht. I agree with him (I have lost hundreds before when banks, not mentio0ning any Barclays, erm I mean names, ignored my written request to send in sterling - well it cost them hundreds anyway after a little bit of stick poking). Credit/Debit/ATM cards are a different kettle of fish - first off at an ATM you can not decide who does the xfer - although usually it will be you home bank as the Thai bank would simply send the charge (in baht as is - plus extra 150/180 baht charge etc) to the VISA (etc) agency which would then send it to the issuing bank. Sometimes this is done at business rate which is slightly better than commercial, sometimes it is not - sometimes it will pay sometimes it will cost. Unless its small potatoes or you need the money quick, then I'd always go for a transfer than a withdrawal. Btw you can always do an over the counter charge (withdrawal) and save the ATM fee. Remember credit cards often charge (and/or start charging interest directly) on cash advances.

[orang37]

I'd recommend Bangkok Bank for the specific reason that there is one employee, Khun Sombat, who is the most helpful Thai banking officer I've ever met. He's always gone out of his way to assist myself and myself with any financial arrangements, like creating Dollar accounts, etc.

Khun Sombat was at the Chiang Mai Gate Branch for many years; he is now at the Kad Suan Kaew shopping-mall branch. His English is impeccable. It's always a pleasure to see him !

If you are an American citizen, and expect to receive direct Social Security payments by direct deposit, then, as you may know, Bangkok Bank is the only Bank you can do that through in Thailand.

~o:37;

[outoff2014]

Thanks for all the useful informations.

So, i will have a look on "Bangkok Bank" (Special Thanks also to @orang for the Name from the officer) and also "Kasikorn bank" (Special thanks to @Gonsalviz).

cheers

clark

[Gonsalviz]

I use Kasikorn. I have been dealing with them for 35+ years. My home bank is of no consequence as they all use transfer banks. The bank my bank uses is Wells Fargo. Transfers are slowed by a day since they switched from JP Morgan Chase. The US gov't has their nose in everything and I am sure this is the reason for the change. Different questions are asked.

Kasikorn is quick with putting money in your account. I do believe they charge 500 baht. Other banks have a similar charge and I am sure others have good luck with other banks.

Interesting. I have money on direct deposit into the Wells Fargo bank. It is not a great deal the minimum SS I don't even have to file a tax on it.

I was under the impression that the only way to get it transferred at a reasonable rate was with the bank of Bangkok.

I am actually with a credit union. Transfer costs $25.00 for any amount. I do not know what Wells Fargo costs but I do know some one that has accounts with them and it is not as easy as with my CU.

[Beetlejuice]

Thanks for all the useful informations.

So, i will have a look on "Bangkok Bank" (Special Thanks also to @orang for the Name from the officer) and also "Kasikorn bank" (Special thanks to @Gonsalviz).

cheers

clark

My advice is, first open an account with the Bangkok Bank, it is Thailand`s main commercial bank, no problems with International transfers and it will fulfil all your banking requirements in Thailand.

Once you are in Thailand and established, then you will be able to do your own research and either stay with the Bangkok Bank, choose another bank later or use more than 1 bank.

http://www.bangkokbank.com/bangkokbank/Pages/homepage.aspx

[outoff2014]

Thanks for all the useful informations.

So, i will have a look on "Bangkok Bank" (Special Thanks also to @orang for the Name from the officer) and also "Kasikorn bank" (Special thanks to @Gonsalviz).

cheers

clark

My advice is, first open an account with the Bangkok Bank, it is Thailand`s main commercial bank, no problems with International transfers and it will fulfil all your banking requirements in Thailand.

Once you are in Thailand and established, then you will be able to do your own research and either stay with the Bangkok Bank, choose another bank later or use more than 1 bank.

http://www.bangkokbank.com/bangkokbank/Pages/homepage.aspx

Thank you,

yes you are right on this way i will do it.

cheers

clark

[anon11]

For what it's worth I moved here a few months ago went to the BKK Bank in CM they were great stuck few hundred dollars in the new account went back to see them a few weeks later to bring money back from OZ they sat me down showed me the rates ( better than some of the exchange places ) we agreedd on the value and the amount I transferred the money there then.

To open the account I took my passport Thai licence and rental agreement with me that was that......they were great

[bbradsby]

It's important to select a "home branch" near where you live since for some banking activities you have to go to that office.

Bangkok Bank will continue to accept accounts from Americans since they're the only Thai bank authorized for direct deposit of monthly payments from SS, VA, etc.

Also, since they have a commercial branch in NYC it's cheap and easy to use on-line banking to transfer funds from your U.S. account to your Thai Bangkok Bank account via ACH transfer. They also have a London commercial branch and something similar can be done. There are instructions on the Bangkok Bank website.

No need to go to NYC or London to set up these features. It's simply done following the instructions on their website once you have your local Bangkok Bank account. Oh, I did have to call my credit union in the U.S. to double check how to do an on-line "inter-bank transfer", to confirm that it was indeed an ACH transfer. Yup, very slick. The funds showed up in my Bangkok Bank account within a couple hours with minimal charges.

One more point on this is to be sure that your US bank or credit union clerk is applying the domestic transfer fee (if applicable) to your account, rather than the higher international transfer fee. The confusion could present itself seeing that the money is going into the Bangkok Bank. I speak from experience; the error was caught, and fees were adjusted.

So transfers from NYC BKK Bank to BKK BKK Bank (and vice versa) are not charged the international electronic funds transfer fee of ± $45.00?

[NancyL]

Yup, that's correct. You escape the international electronic funds transfer fee of $25 or more when you do an ACH transfer. In order to do this from my U.S. credit union, first I had to be set up to do on-line "bill pay" (really on-line check writing). One option in their on-line bill pay menu was interbank transfer. I set up Bangkok Bank NY as a "payee", using the routing number given on the Bangkok Bank website and our account number for our Bangkok Bank account here.

I showed a friend how to do this with her U.S. credit union recently. She made the mistake of going into her Bangkok Bank branch to ask and they were clueless, telling her to call down to Bangkok. It's all spelled out on Bangkok Bank's website: http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/transferingfunds/transferringintothailand/receivingfundsfromusa/pages/receivingfundsfromusa.aspx No need to trouble the staff at your local Bangkok Bank branch who can't be bothered to read their own website.