Bangkok Bank

[claynlr]

Do U.S. forum members see an advantage in opening a Thai bank account at Bangkok Bank as there is a branch in NYC? Are transfers cheaper, easier or any other advantages?

[Langsuan Man]

Yes, there are advantages to having a Bangkok Bank account since you can EFTS funds domestically from another US Bank and it will show up in your Thai Bangkok Bank account in Thailand. The fees for this are much cheaper than most International SWIFT (wire) transfers

See:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

[Pib]

Also, information (in Thai and correct English) on the Bangkok Bank website regarding their products and services is far better/more detailed than other Thai banks...in my opinion none of the other Thai banks even place a close second when it comes to info on their websites.

[beechguy]

Agree with the above, have used them several years, very good service and great for transfers.

[Suradit69]

You can do a domestic transfer from your US bank to the Bangkok Bank in NY (using the same account number you have with them in Thailand). My broker doesn't charge for domestic transfers and Bangkok Bank NY charges $10. Money is in your account in Thailand in a day or two. If you use their SMS service, as soon as the money is available here they send you a message showing the baht deposit amount and the exchange rate used.

Edited August 7, 2014 by Suradit69

[claynlr]

Thanks for the info guys. On the BB web site it states that even on a short time stay you can open a savings account and receive a debit card. Does anyone know if they will open one in Bangkok on a visa exempt status, and if any branches are more accommodating than another? I am wanting to open an account to start seasoning money for retirement extension.

[stoli]

Yes, there are advantages to having a Bangkok Bank account since you can EFTS funds domestically from another US Bank and it will show up in your Thai Bangkok Bank account in Thailand. The fees for this are much cheaper than most International SWIFT (wire) transfers

See:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

I agree with you except for thing. I did not know until I got here that my bank in the states does not allow any interbank transfers except SWIFT. Check with your home bank first. I wish I knew this beforehand. I would have changed banks.

[bornredi]

so far i have not been able to get the bank transfer thru NYC branch to my account to work, even afar repeated calls and having family call the branch in NYC

[claynlr]

Hmmmmm..can you elaborate without getting into your personal business? It might help me as far as trying to make a "which bank to use?" decision.

[Pib]

so far i have not been able to get the bank transfer thru NYC branch to my account to work, even afar repeated calls and having family call the branch in NYC

It works like a charm...expect the problem is your Sending bank...or you have some account number or name mismatch that causing Bangkok Bank on the Thailand end to reject the funds back to your Sending bank/company.

[dinger]

So in back tracking has your bank acknowledged that they have made the transfer to Bangkok Bank?

Did your bank have you do a test transfer first to make sure every thing was correct?

[Diplomatico]

So in back tracking has your bank acknowledged that they have made the transfer to Bangkok Bank?

Did your bank have you do a test transfer first to make sure every thing was correct?

Interestingly enough, I never had to do the whole 'test transfer' process. First transfer went through in two days, no test verification required. Seems some banks require it and others don't.

[MikeN]

Thanks for the info guys. On the BB web site it states that even on a short time stay you can open a savings account and receive a debit card. Does anyone know if they will open one in Bangkok on a visa exempt status, and if any branches are more accommodating than another? I am wanting to open an account to start seasoning money for retirement extension.

my account is at the BKK Bank lower sukhumvit, at the time they required an Non immigrant visa (of any sort) although a tourist visa is supposed to be the minimum according to their website. they also asked for an address (not hotel/guesthouse) but did n't bother looking at my lease papers to check

[claynlr]

Thanks Mike. I also saw a tourist visa being a minimum. Will try on a exempt. If that won't work I will come in

on a visa and open the account.

[roberta]

I opened a savings account at BKK bank, the big one on Silom near Sala Daeng, with just a visa-exempt 30-day entry, and gave them a hotel address. They wanted passport and one other photo ID, which can be anything. I received a debit/ATM card immediately. After I converted to a non-immigrant visa I qualified for internet banking too, but I had to go the bank and fill out a lot of paperwork to get it.

[lopburi3]

So in back tracking has your bank acknowledged that they have made the transfer to Bangkok Bank?

Did your bank have you do a test transfer first to make sure every thing was correct?

Interestingly enough, I never had to do the whole 'test transfer' process. First transfer went through in two days, no test verification required. Seems some banks require it and others don't.

If you set up the ACH transfer as send only there may not be any requirement for test.

[Senechal]

Yes, there are advantages to having a Bangkok Bank account since you can EFTS funds domestically from another US Bank and it will show up in your Thai Bangkok Bank account in Thailand. The fees for this are much cheaper than most International SWIFT (wire) transfers

See:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

About this... so where does the currency exchange take place? In the US? Or in Thailand?

My understanding is that you always want to convert USD/THB in Thailand as the domestic exchange rate (in Thailand) is much better than the exchange rates internationally.

[Pib]

Yes, there are advantages to having a Bangkok Bank account since you can EFTS funds domestically from another US Bank and it will show up in your Thai Bangkok Bank account in Thailand. The fees for this are much cheaper than most International SWIFT (wire) transfers

See:

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUSA/Pages/ReceivingFundsfromUSA.aspx

About this... so where does the currency exchange take place? In the US? Or in Thailand?

My understanding is that you always want to convert USD/THB in Thailand as the domestic exchange rate (in Thailand) is much better than the exchange rates internationally.

Conversion happens in Thailand when you route your dollars through Bangkok Bank New York branch....you get the in-Thailand Bangkok Bank TT Buying Rate.

Just be sure, and as you mentioned, don't let your Sending bank convert to baht when sending because you will get whatever exchange rate your Sending bank provides, which will surely be lower than the TT Buying Rate in Thailand...and the receiving Thai bank still applies their currency receipt/conversion fee of 0.25% (Bt200 min, Bt500 max).

[claynlr]

Roberta...I know you did not get internet banking until later but could you check your balance online when you first opened your account? I ask because I want to check if money transfers go through from the U.S.

[beechguy]

Roberta...I know you did not get internet banking until later but could you check your balance online when you first opened your account? I ask because I want to check if money transfers go through from the U.S.

Until you get internet banking setup, it's easy enough to check by phone, the automated system works well enough, and I have checked from overseas.

[claynlr]

I arrive in BKK in about a week. Does anyone have any updates as far as opening a savings account at Bangkok Bank on a visa exempt entry? ( other than Roberta ) Thanks to all!

[claynlr]

Here's an update on my account opening. Arrived BKK on morning of 9/5/2014. Around noon my GF and I went to the branch at Sukhumvit Soi 11. Sat down with the English speaking customer service rep and told her I wanted to open a savings account to prepare for my retirement extension using the NYC branch for money transfer from my US account. She looked at my passport (entered on 30 day visa exempt) and said " You can open after you get retirement visa". I replied smiling "I cannot get retirement visa until I have 800,000 baht in Thai bank" . She smiled and started getting paperwork out of a file and showing me what to fill out! She did not ask for a Thai address but did want a Thai phone number. I told her I did not have a Thai telephone, would my GF's number suffice? "OK"......45 minutes after entering walked out with an account and a ATM card . Went from "no can do" to "OK" in 45 seconds!!

[attrayant]

For those of you using bkk bank NY as an intermediary point between your US bank and your bkk bank account in Thailand - did you have to open a separate account at the bkk bank branch in NY, or does your existing bkk bank account in Thailand also exist in New York - as a sort of dual-nationality bank account?

Edited October 11, 2014 by attrayant

[claynlr]

No..your BKK account will be the same...no need to open another.

[thailiketoo]

Bangkok Bank is the only bank in Thailand where direct deposit of SS can be done.

[claynlr]

The advantages seem great....my account opening went very smooth also. There web site is tops.

[lopburi3]

Bangkok Bank New York is just the ACH transfer point for those using for that purpose - they forward to your Thailand account for deposit. Thai account numbers are unique to branch and account holder so very easy to do.

[Pib]

For those of you using bkk bank NY as an intermediary point between your US bank and your bkk bank account in Thailand - did you have to open a separate account at the bkk bank branch in NY, or does your existing bkk bank account in Thailand also exist in New York - as a sort of dual-nationality bank account?

No need...plus you can't open an account with the NY branch as it don't service retail accounts; only wholesale/cooperate accounts. All you are doing is using the NY branch's ABA/ACH "routing number" to route the funds through them onto your "in-Thailand" Bangkok Bank account. Full info here.