Best Thai Bank Account for Foreigner

[stament]

Just wondered if all the thai bank accounts were the same in terms of charges, etc. As a foreigner the two things that I always get hit with and are important to me are:

1/ Cost of transferring funds from overseas to Thailand - I want to get the best possible FX rate.

2/ Cost of depositing cash in Thailand - i.e. charges when I'm in another Province to where I opened my branch as they charge me. This is often a % which can mount up if depositing a lot of cash.

3/ Charges for withdrawing said cash in no.2 when out of Province or in Province.

I'm guessing some very clued up person has already done some analysis on these things and worked out that they are all the same (cartel surely not?) or that one bank comes out best?

By the way if it makes any difference I will be either transferring USD into the bank from a non-Thai bank account (HSBC most likely)

I've read a few articles on here that suggest Super Rich us the best way to go if you want to get the best rate, and to bring your USD over in person. How much of a difference are we talking about compared to a transfer?

Many thanks all

[vadimbz]

Kassikorn+currencyfair.com

[In Search of Space]

A few questions related to OP. I now no longer work in Thailand, but still have an SCB bank account with some money in it, to keep it alive and it also pays some interest.

As I understand things, if you do not have resident status, you cannot open an interest-bearing bank account, although you can have an account with an ATM card.

I want to open a joint, interest-bearing account with my wife (two signatures required to withdraw funds), is this possible if I am not a resident, secondly if we did it with SCB as I already have an account would they check on my residential status ?

BTW: The Thai chaps I used to work with always though K-Bank was the best

Edited July 8, 2014 by In Search of Space

[Suradit69]

I'm guessing some very clued up person has already done some analysis on these things

The major banks are pretty much the same with these things, especially fees for use of ATMs, and the cost for transferring money really depends as much on your method and your home bank as the Thai bank. If there is a branch of the your Thai bank in your home country, for example there's a NY branch of Bangkok Bank, it makes transfers quite easy and inexpensive to do.

Unless you're transferring millions for a condo purchase or something, the difference is going to be negligible. I haven't done an actual analysis because I have better things to do with my time (e.g. staring out the window or making another cup of tea), but I'm sure Thai Visa is loaded with "clued-up" obsessive-compulsive types who have figured it all out to the last satang.

Edited July 8, 2014 by Suradit69

[natway09]

KTB do not charge any fees, nor on transfers within Thailand (to another KTB a/c). Savings a/c's.

Can also draw monies anywhere in Thailand at their ATM's without fees.

I will never ever have another HSBC bank a/c again. Just too many "bookkeeping fees" for a small punter

[vadimbz]

I'm guessing some very clued up person has already done some analysis on these things

The major banks are pretty much the same with these things, especially fees for use of ATMs, and the cost for transferring money really depends as much on your method and your home bank as the Thai bank. If there is a branch of the your Thai bank in your home country, for example there's a NY branch of Bangkok Bank, it makes transfers quite easy and inexpensive to do.

Unless you're transferring millions for a condo purchase or something, the difference is going to be negligible. I haven't done an actual analysis because I have better things to do with my time (e.g. staring out the window or making another cup of tea), but I'm sure Thai Visa is loaded with "clued-up" obsessive-compulsive types who have figured it all out to the last satang.

Your losses for wiring of $10000 from abroad to THB account will be somewhere between 200 and 300 USD. (Compared to bringing cash in your wallet, and exchanging it in a bank branch.)

Best

Your friendly neighborhood obsessive-compulsive type

Edited July 8, 2014 by vadimbz

[smileplur]

KTB do not charge any fees, nor on transfers within Thailand (to another KTB a/c). Savings a/c's.

Can also draw monies anywhere in Thailand at their ATM's without fees.

I will never ever have another HSBC bank a/c again. Just too many "bookkeeping fees" for a small punter

That's good information. I recall reading a while ago (a long while ago) that they were trying to stop banks from charging these ridiculous fees for taking money out in different provinces. It isn't like Thailand is a very large country. It's easy to find yourself in another province when you have transportation. Why should I have to pay 30 THB to take money out of my own bank when I feel like I am still in Bangkok heading south towards Hua Hin or Pattaya for a long weekend. I never understood that silly charge. It doesn't break the bank, but it does annoy me. I am going to look into getting an account with KTB if this is the case!

[Oryx816]

A few questions related to OP. I now no longer work in Thailand, but still have an SCB bank account with some money in it, to keep it alive and it also pays some interest.

As I understand things, if you do not have resident status, you cannot open an interest-bearing bank account, although you can have an account with an ATM card.

I want to open a joint, interest-bearing account with my wife (two signatures required to withdraw funds), is this possible if I am not a resident, secondly if we did it with SCB as I already have an account would they check on my residential status ?

BTW: The Thai chaps I used to work with always though K-Bank was the best

I opened a time deposit account when I was still on a tourist visa with Bangkok Bank in CM. But, as with all things in Thailand, YMMV. Good luck!

[shortyx6]

if you want to transfer money from uk bank account to thai bank account try the post office i was quite impressed by their fari exchange rate and no fee

[zaZa9]

My Kasikorn Bank account is in Phuket.

I am charged 20 baht for using an atm outside of Phuket province.

The cost of handling money in LOS is far cheaper than the West , you only need to have a look at the x rates at your US airport and that of any Thai airport to see that , plus the Thai airport exchanges will NOT have a fee.

So anyone I knows SENDS THERE MONEY IN THEIR HOME CURRENCY - and has it converted to baht on arrival

On say $10,000 , this certainly equates to a couple of hundred dollars in savings.

I was advised to set up a TT ( Telegraphic Transfer ) arrangement with my bank when home , but probably that can be done via telephone banking. The TT rate is better still.

Your bank will walk you thru the process of how to transfer money , via TT , online.

K-Bank and my bank have an arrangement that the funds are shifted thru The Hong Kong - Shanghai Bank.

The fee all up , on ANY amount is $20 Aus.

It appears within 24 hrs in my Kasikorn Account ( K-Bank).

Obviously order money when the X rate is up on your US dollars.

[Pib]

The fees and FX rates among Thai banks are very similar. Bangkok Bank, Kaiskorn Bank, and Siam Commerical Bank seem to be the ones most farangs have accounts with based on ThaiVisa posts.

Bangkok Bank is the "only" Thai bank with ACH transfer capability which allows you to transfer funds from the U.S. to your Bangkok Bank account a lot cheaper than using a wire/SWIFT transfer.

Since the fees/FX rates are very similar a person also needs to consider which bank is probably the most farang friendly/use to dealing with farangs....I think it the same banks I listed above.

And without a doubt...without a close second, Bangkok Bank has the most detailed/info laden website in Thai and correct English.

[Don Aleman]

Compared to making a selection at a kennel _ all dogs so try to pick one that may not bite you.

[oxenvad]

My preferred bank is Thai Military Bank TMB, they give me 20 free ATM transfers per month (to any thai account) saving me 300+ baht per month as I am transferring often within Thailand. Never heard of other banks with this offer.

Edited July 8, 2014 by oxenvad

[khrab]

My preferred bank is Thai Military Bank TMB, they give me 20 free ATM transfers per month (to any thai account) saving me 300+ baht per month as I am transferring often within Thailand. Never heard of other banks with this offer.

AND

you can use their ATMs and CDMs nationwide for free!

[ericjt]

One solution would be to open a foreign currency account at Bangkok Bank. You could then deposit your USD into that account and hold them as USD. When exchange rates were good, you could agree with the bank about what they would be and then convert to Thai Baht. And deposit the proceeds into your Thai Baht account.

Online currency exchanges like www.fx.com (?) might also be helpful, but I think you have to have USD and THB accounts on both sides for it to work.

Paypal or Skrill (Moneybookers) might be other options, but I think the fees and ceilings on what you can exchange might be problems.

Finally, if you have a trusted friend with a US checking account and a smartphone check deposit app, he/she could deposit the check into his/her checking account and then he/she could withdraw THB through their ATM access. High trust on both sides would be needed for that kind of arrangement, but it's probably the fastest and easiest. If it's a large check, though, your friend might need documentation so that the extra deposit doesn't show up as taxable income for him/her when his/her bank files their usual reports to the IRS.

Hope these ideas help. Good luck.

[Pib]

Always good to avoid bank fees whenever possible, but I expect the great majority of folks the great majority of the time will use an ATM in their region/home area which won't incur a fee. And if they are outside their region, the out of region withdrawal fee is only 15 to 20 baht.

[y2k]

My Kasikorn Bank account is in Phuket.

I am charged 20 baht for using an atm outside of Phuket province.

The cost of handling money in LOS is far cheaper than the West , you only need to have a look at the x rates at your US airport and that of any Thai airport to see that , plus the Thai airport exchanges will NOT have a fee.

So anyone I knows SENDS THERE MONEY IN THEIR HOME CURRENCY - and has it converted to baht on arrival

On say $10,000 , this certainly equates to a couple of hundred dollars in savings.

I was advised to set up a TT ( Telegraphic Transfer ) arrangement with my bank when home , but probably that can be done via telephone banking. The TT rate is better still.

Your bank will walk you thru the process of how to transfer money , via TT , online.

K-Bank and my bank have an arrangement that the funds are shifted thru The Hong Kong - Shanghai Bank.

The fee all up , on ANY amount is $20 Aus.

It appears within 24 hrs in my Kasikorn Account ( K-Bank).

Obviously order money when the X rate is up on your US dollars.

I just opened up an account with Kasikorn. Apart from being tricked into buying the expensive Platinum Visa ATM card when I could have got the cheaper basic ATM card, banking has been smooth.

I mainly use it to receive TT from Australia. The Australian end charge me $20 and Kasikorn don't seem to have charged anything to receive.

Their transfer authentication method for account to account is a little clunky. They will send to your nominated mobile number a code upon receipt of your transfer instruction. If you don't have access to that mobile number then you're stuffed. I thought that I had given the wrong mobile number but I rang them and passed the security checks they couldn't tell me what that mobile number was as the next test to pass was to tell them that mobile number!

Once you've overcome that hurdle a transfer will generate that code as an SMS to your mobile number but you have to be quick as they only give you 6 minutes to enter it on their online banking screen before it becomes void.

It is possible to change from receiving the code via SMS to email but it requires a phone call to them and then the email method is only valid to midnight after which it will revert to SMS.

I requested such a change but found that the code is still sent by SMS and nothing at all went to my email except for the confirmation that the transfer had exceeded. I emailed them about this but have yet to get a reply which is unusual as they normally reply within 24 hours.

[ESCAPIS]

Picking a bank in Thailand, in my opinion, depends on each individual's banking needs, circumstances and visa status, I can't give you advice, but I can share with you my experience, so far:

I wire transfer U$ into a saving account at Citibanknegligible interest rate bu best U$/THB Rate I found, while monitoring the rates through push notifications. Citibank calls me and give me the choice of deferring the crediting of the transfer for 2 to 3 days, for a period of a month; last time i gained quite a bit by just waiting few days. They also had the lowest fee for receiving the transfer. I make sure I settle the corresponding bank fees at the source bank since my currency is pegged to the U$.

Citibank gave me an ATM card to use, free of charge, throughout Thailand and at any bank. I set an upper daily limit withdrawal myself, proportionate to my needs.

Citibank would only give a credit card for 1 year visa holders.

I purchase a reasonably priced Cashier cheque and deposit THB into a Jat Hai account at Krungsri, it is as good as current account, minus the cheque book, an outdated and not needed method, but bears a interest rate, albeit minute. Free ATM throughout Thailand. Annual fee of ATM. reasonable transfer fees within Thailand.

I, then placed THB120,000, into a MaeTaDai saving account that earns a acceptable interest and pledged it for a credit card capped at THB100,000. I was able to negotiate free for life annual subsequent renewals fees, after the initial free year.

I settle my bills, water, electricity, internet and mobile, free of charge, through direct debit to the Jat Hai account, which I also use for food, accommodation and vices err… personal expenses!

I’m considering placing the required 'retirement funds', for when my unofficial retirement becomes official, into a Fixed deposit or another MetaDai, though it might be more judicious to gauge and see where Thailand might be heading in the immediate future. My appetite for risk is minute, especially in unchartered territory.

[stament]

I'm guessing some very clued up person has already done some analysis on these things

The major banks are pretty much the same with these things, especially fees for use of ATMs, and the cost for transferring money really depends as much on your method and your home bank as the Thai bank. If there is a branch of the your Thai bank in your home country, for example there's a NY branch of Bangkok Bank, it makes transfers quite easy and inexpensive to do.

Unless you're transferring millions for a condo purchase or something, the difference is going to be negligible. I haven't done an actual analysis because I have better things to do with my time (e.g. staring out the window or making another cup of tea), but I'm sure Thai Visa is loaded with "clued-up" obsessive-compulsive types who have figured it all out to the last satang.

Make me one whilst you're at it then as you seem to have more time than me!

[akentryan]

Things just got a bit more difficult for Americans with Thai banks now cooperating with IRS. If you are an American and open an account now you must sign a US Government form which includes your Social Security number. I was trying to open a Savings Account at SCB where I already have a Fixed Deposit which I use for my visa..

SCB is advertising a 4%, 15-month Fixed Deposit which is really a 2.8% p.a. return. You also must check their interest calculation as I was shorted 1,100 baht in interest. The branch manager said she had never had anyone check an interest amount before and wanted to know how I did it. Go figure?

I personally think the Thai government should tell the US government "no thank you" inre the attempt to crack down on hiding funds offshore.

[chiang mai]

This may help you to understand the exchange rate picture which is very very close amongst all banks. USD/THB varies by only 0.19%.

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

Change the currency headings at the top of the page to your home currency

[stament]

This may help you to understand the exchange rate picture which is very very close amongst all banks. USD/THB varies by only 0.19%e .

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

Change the currency headings at the top of the page to your home currency

This seems to suggest that the rates for TT is higher than cash? I always thought cash was king?

Super rich rates of 32.30 are just .04 higher than the rate at the best bank via TT, yet for cash Super rich are 0.30 higher than the best bank for cash. That does surprise me.

[hugh2121]

Krung Sri Bank. Max charge for receiving foreign transfer = 500 THB.

Open 2 accounts. Ordinary account has low interest, no annual charge for debit/atm card, no charge for transfers to another Krung Sri account, no charge for using any bank's atm anywhere in Thailand. Higher interest account without plastic, you can make 2 free transfers per month to your ordinary account by internet or personally in any branch. No fuss, no hassle.

I use uk forex (they also have ozforex) find them with google. No commission and will transfer money quickly. Exchange rate only slightly below Thai banks. They beat post office and banks hands down. They estimate 1 or 2 days to transfer your money to most countries in the world. Thailand is the only country where the estimate is 4 days. Hmmmm I wonder why.

Edited July 9, 2014 by hugh2121

[stament]

What about being charged for paying cash in out of province? I haven't seen any replies on that yet?

Has anyone done a comparison charge on charges or know of one?

Thanks

[Upnotover]

What about being charged for paying cash in out of province? I haven't seen any replies on that yet?

Has anyone done a comparison charge on charges or know of one?

Thanks

All the banks have all this information on their websites.....Kbank for example....

[stament]

What about being charged for paying cash in out of province? I haven't seen any replies on that yet?

Has anyone done a comparison charge on charges or know of one?

Thanks

All the banks have all this information on their websites.....Kbank for example....

kbank.JPG

I appreciate that but I said I wondered if anyone had done a comparison so easier than looking at 6 different back sites and searching around

[Pib]

This seems to suggest that the rates for TT is higher than cash? I always thought cash was king?

Super rich rates of 32.30 are just .04 higher than the rate at the best bank via TT, yet for cash Super rich are 0.30 higher than the best bank for cash. That does surprise me.

At a bank the TT Buying Rate used for incoming wire transfers is about the best rate the common man can get unless you hand carried in a bunch of cash and happen to have access to a money exchanger like Super rich.

Sent from my GT-I9500 using Thaivisa Connect Thailand mobile app

[chiang mai]

This may help you to understand the exchange rate picture which is very very close amongst all banks. USD/THB varies by only 0.19%e .

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

Change the currency headings at the top of the page to your home currency

This seems to suggest that the rates for TT is higher than cash? I always thought cash was king?

Super rich rates of 32.30 are just .04 higher than the rate at the best bank via TT, yet for cash Super rich are 0.30 higher than the best bank for cash. That does surprise me.

TT (wire transfer) rates are better than cash at banks, no need to store notes and no need to find a buyer for them.

SuperRich is a Chinese money changer, they play fine margin and low overheads..

[personchester]

if you want to transfer money from uk bank account to thai bank account try the post office i was quite impressed by their fari exchange rate and no fee

I have never done this, and would never do it.

My UK bank transfers to my Thai bank is always being done online via Swift procedure, the transfer arrives on second day.

[Chivas]

I'm guessing some very clued up person has already done some analysis on these things

The major banks are pretty much the same with these things, especially fees for use of ATMs, and the cost for transferring money really depends as much on your method and your home bank as the Thai bank. If there is a branch of the your Thai bank in your home country, for example there's a NY branch of Bangkok Bank, it makes transfers quite easy and inexpensive to do.

Unless you're transferring millions for a condo purchase or something, the difference is going to be negligible. I haven't done an actual analysis because I have better things to do with my time (e.g. staring out the window or making another cup of tea), but I'm sure Thai Visa is loaded with "clued-up" obsessive-compulsive types who have figured it all out to the last satang.

Your losses for wiring of $10000 from abroad to THB account will be somewhere between 200 and 300 USD. (Compared to bringing cash in your wallet, and exchanging it in a bank branch.)

Best

Your friendly neighborhood obsessive-compulsive type

What do your bank charge !!

Hell even the simple old Halifax in the UK (who are far from the best) only charge dollar equivalent around $16 and then the Thai Bank averaging the same so $30 plus tops...........

Where do you get $200-300 from........??