3rd visit to Chiang Mai, what about Banking and ATM withdrawls

[Nolster]

Hi all,

I am planning my 3rd and a longer term visit to Chiang Mai soon, I live in the US. What's the best way to handle money transfers/ATM withdrawals as well as charging purchases to credit cards. Should I open a local Thai Baht account in Chiang Mai? In this case how can I transfer money to my Thai bank account. Which Thai banks have good customer service and ATM coverage?

Thanks!

[WinnieTheKhwai]

For frequent / long term visitors, a Thai bank account is very good to have. I suggest Bangkok Bank as it's easy to transfer money through their US branch, and have the most ATMs. This works well for transferring larger amounts of $2000 and up. Pick a branch office that's close to where you live or hang out.

ATMs are easy but also charge a fee of 180 baht with each international withdrawal. And maximum withdrawal tends to be 20,000 Baht.

Credit cards (esp. Visa) are more and more widely accepted at higher end stores and restaurants, and at the big supermarkets. American Express is much less widely accepted, due to their high vendor fees.

[mesquite]

Look into getting an account at State Farm bank in the US The ATM fees are refunded and the fx rate is better than wire xfer. You need direct deposit or a minimum balance to avoid monthly fees.

[masuk]

I've dealt with Bangkok bank for a few years now; the main office here is in Kad Suan Keow shopping centre in the city, staff all have good English and they're used to dealing with foreigners.

Credit card seems difficult to obtain, but I use visa debit card only, and I've withdrawn money overseas and of course here in
Thailand, use it for shopping.

They have a good internet banking system.

[jobin]

Go with Bangkok Bank. Open account ASAP. Then via internet go back to your USA bank and set up funds electronic bank transfer to Bangkok Bank NYC. After some penny movements and small stuff your BB account in T'land will be recognized by your USA bank. Transfer some cash to BB account. You can request, at ATM machine, to be notified when 'foreign' funds arrive into your account. Each cash transfer about 500 baht, so one big transfer, rather than many small will save you. Could hardly be easier.

[CMSteve]

Open a Charles Schwab account before leaving. Their debit cards have no international fee and reimburse ATM fees. No monthly fees, no min balances.

[Nolster]

Go with Bangkok Bank. Open account ASAP. Then via internet go back to your USA bank and set up funds electronic bank transfer to Bangkok Bank NYC. After some penny movements and small stuff your BB account in T'land will be recognized by your USA bank. Transfer some cash to BB account. You can request, at ATM machine, to be notified when 'foreign' funds arrive into your account. Each cash transfer about 500 baht, so one big transfer, rather than many small will save you. Could hardly be easier.

Can I open an account with Bangkok Bank while I am in the US, or do I have to be in Thailand to open an account?

Thanks!

[MJCM]

Go with Bangkok Bank. Open account ASAP. Then via internet go back to your USA bank and set up funds electronic bank transfer to Bangkok Bank NYC. After some penny movements and small stuff your BB account in T'land will be recognized by your USA bank. Transfer some cash to BB account. You can request, at ATM machine, to be notified when 'foreign' funds arrive into your account. Each cash transfer about 500 baht, so one big transfer, rather than many small will save you. Could hardly be easier.

Can I open an account with Bangkok Bank while I am in the US, or do I have to be in Thailand to open an account?

Thanks!

You have to open the account while in Thailand.

[NancyL]

Open the Bangkok Bank account here in CM. As mentioned the branch at Kad Suan Kaew mall is especially foreigner-friendly, but don't use it if it's going to be very distant from where you plan to live. Some aspects of banking business have to be taken care of at your "home" branch here, so it could be a pain to go to KSK if you need to get a new passbook, when the ATM machine eats your card, or for other business that you can only do at the Home branch.

As for charging purchases on credit cards, Visa seems to be more widely accepted than American Express or Master Card. Stick with a card from a US-issued institution because you'll have more protection if you have a dispute with the merchant.

We maintain an account with our U.S. credit union and have our Visa card thru them. It works like a dream. We can transfer funds from our U.S. credit union account on-line using an interbank ACH transfer with minimal charges. It's considered a domestic funds transfer because of Bangkok Bank's NYC branch is the receiving branch and they automatically convert the funds to Thai baht and deposit into our local account. No need to have an account at the NYC bank, it's just a clearing house.

The credit union-issued Visa card works great at the department stores, major grocery stores, airlines, hospitals -- just be sure they charge you in Thai baht, not U.S. dollars, because the Visa currency conversion rate is better than the one the store wants to offer you.

We can see Visa card activity on-line in real time, so we can monitor if our Visa card is being abused. It never has been. Three times we've disputed charges. One was when Hubby was taking a course at the infamous CMU Language Institute and they pulled the plug on the program shortly after he paid for a year's course. He got a refund, but people who paid in cash didn't. Another time was when Nok Air cancelled the CM-CR route right they'd booked us for a flight and then said it would take 8-12 weeks to issue a refund. That's nonsense -- they could have done it immediately and I filed a claim. We got the refund right away. The third time was for a double charge that the store couldn't seem to wrap it's head around how they could have done a double charge. If we'd used a Thai-issued Visa card, we would have been on our own with no more protection than if we'd paid cash for these purchases.

[masuk]

I was one of the suckers who paid the CMU fee in cash from Australia. That $600 would come in handy now.

Whatever happened to the class action which was proposed?

[elgordo38]

I recommend Bangkok Bank also but transfer funds in using international Forex. When the Canadian dollar reaches an acceptable level I call them for a rate and lock the funds in. It is the exchange rate that you get that matters the most. I pay a small fee levied by BBK Bank when the funds arrive in my account. I think it is a couple hundred baht.

[Nolster]

Open the Bangkok Bank account here in CM. As mentioned the branch at Kad Suan Kaew mall is especially foreigner-friendly, but don't use it if it's going to be very distant from where you plan to live. Some aspects of banking business have to be taken care of at your "home" branch here, so it could be a pain to go to KSK if you need to get a new passbook, when the ATM machine eats your card, or for other business that you can only do at the Home branch.

As for charging purchases on credit cards, Visa seems to be more widely accepted than American Express or Master Card. Stick with a card from a US-issued institution because you'll have more protection if you have a dispute with the merchant.

We maintain an account with our U.S. credit union and have our Visa card thru them. It works like a dream. We can transfer funds from our U.S. credit union account on-line using an interbank ACH transfer with minimal charges. It's considered a domestic funds transfer because of Bangkok Bank's NYC branch is the receiving branch and they automatically convert the funds to Thai baht and deposit into our local account. No need to have an account at the NYC bank, it's just a clearing house.

The credit union-issued Visa card works great at the department stores, major grocery stores, airlines, hospitals -- just be sure they charge you in Thai baht, not U.S. dollars, because the Visa currency conversion rate is better than the one the store wants to offer you.

We can see Visa card activity on-line in real time, so we can monitor if our Visa card is being abused. It never has been. Three times we've disputed charges. One was when Hubby was taking a course at the infamous CMU Language Institute and they pulled the plug on the program shortly after he paid for a year's course. He got a refund, but people who paid in cash didn't. Another time was when Nok Air cancelled the CM-CR route right they'd booked us for a flight and then said it would take 8-12 weeks to issue a refund. That's nonsense -- they could have done it immediately and I filed a claim. We got the refund right away. The third time was for a double charge that the store couldn't seem to wrap it's head around how they could have done a double charge. If we'd used a Thai-issued Visa card, we would have been on our own with no more protection than if we'd paid cash for these purchases.

I was one of the suckers who paid the CMU fee in cash from Australia. That $600 would come in handy now.

Whatever happened to the class action which was proposed?

Nancy,

Thanks for your reply, your advice is very good as always. I am very surprised to read the CMU did not refund the fees for a cancelled class. I had visited their faculty of Fine Arts as I was interested in using their facilities to work on some art projects. From what I remember is that they said the the fee would be ThB 30,000 for one semester(?) and that I would not earn any credit. I will now pay for any fees with a US credit card. I have a United Explorer Card which does not charge any foreign transaction fees but I am not sure about the exchange rate.

Thanks again!

[Nolster]

I recommend Bangkok Bank also but transfer funds in using international Forex. When the Canadian dollar reaches an acceptable level I call them for a rate and lock the funds in. It is the exchange rate that you get that matters the most. I pay a small fee levied by BBK Bank when the funds arrive in my account. I think it is a couple hundred baht.

Thanks ElGordo,

So how do one exactly do this? First call the Bangkok Bank, lock in the exchange rate then transfer money from one's Canadian or US bank account to the Bangkok Bank?

[dave2]

re

I was one of the suckers who paid the CMU fee in cash from Australia. That $600 would come in handy now.

Whatever happened to the class action which was proposed?

and me .... and i paid cash in the building

never saw a baht back !

dave2 .. sob sob !

ps ... that money would have paid for the new tv which im about to buy

[scorecard]

Lots of good mentions about Bangkok Bank.

If needed, they have a good e-mail customer service facility with clear answers in good English, they normally answer within a few hours to perhaps 24 hours.

[NancyL]

There are times where it really makes sense to insist on paying for some things in Thailand with a U.S.-issued credit card -- especially when you're being asked to put down a large sum of money in advance for goods or services that will be delivered in the future -- like a hotel room, airline travel, a university course, a tour, table for 10 for Christmas brunch, etc. That way, when you show up to claim to goods or services you paid for and, instead find Thai staff with the clueless deer-in-the-headlights look, you have the security of knowing you'll at least get a refund even though you won't be staying at that hotel, taking that airline trip, studying at the university, enjoying the tour and you'll still have to figure out where to take your party of ten for Christmas dinner. But at least you won't have to buy their dinner twice!

[Mapguy]

I was one of the suckers who paid the CMU fee in cash from Australia. That $600 would come in handy now.

Whatever happened to the class action which was proposed?

Ah,yes! The great CMU kerfluffle! Class action? Ridiculous notion from the start. Absolute waste of time. Basically what happened is that both the university and you (as well as others) were conned by a foreigner now long gone.

With little chance of success, I would think, at this point, you have to present --- politely and persistently ---all the necesary documents to CMU to show that you were cheated. And you will probably have to pursue the matter ---POLITELY AND PATIENTLY. And most likely unsatisfctorily, CMU did eventually offer replacement courses. That situation, now, is a long time ago so it wouldn't be reasonable to expect much at this late date.

[masuk]

I was one of the suckers who paid the CMU fee in cash from Australia. That $600 would come in handy now.

Whatever happened to the class action which was proposed?

Ah,yes! The great CMU kerfluffle! Class action? Ridiculous notion from the start. Absolute waste of time. Basically what happened is that both the university and you (as well as others) were conned by a foreigner now long gone.

With little chance of success, I would think, at this point, you have to present --- politely and persistently ---all the necesary documents to CMU to show that you were cheated. And you will probably have to pursue the matter ---POLITELY AND PATIENTLY. And most likely unsatisfctorily, CMU did eventually offer replacement courses. That situation, now, is a long time ago so it wouldn't be reasonable to expect much at this late date.

This was not a course as such, but volunteer teaching around Chiang Mai.

The only offer I had was instead of having to leave the country as my ED Visa was no longer operational, for an extra $100.00 I could do a course for Thai language.

[dingdongrb]

AEON bank does not charge the normal 150-180 Baht for ATM withdrawals.....

[hml367]

AEON bank does not charge the normal 150-180 Baht for ATM withdrawals.....

Have you used an AEON ATM recently? They had started charging not long ago. Have they changed back to not charging?

[hml367]

http://www.aeon.co.th/aeon/en/fee-payment/aeon-atm-fee

[debrakfurlow]

You can't open an acct here unless your on a one year visa. Only the big malls take credit cards. Local shopping, transportation, restaurant (unless it's a larger one) are all cash. Street Markets are cash only. Atms are at least 4 to a block, 100 of others and one at every 7-11 and they are a stones throw from each other. The country moves on cash.

[NancyL]

I was one of the suckers who paid the CMU fee in cash from Australia. That $600 would come in handy now.

Whatever happened to the class action which was proposed?

Ah,yes! The great CMU kerfluffle! Class action? Ridiculous notion from the start. Absolute waste of time. Basically what happened is that both the university and you (as well as others) were conned by a foreigner now long gone.

With little chance of success, I would think, at this point, you have to present --- politely and persistently ---all the necesary documents to CMU to show that you were cheated. And you will probably have to pursue the matter ---POLITELY AND PATIENTLY. And most likely unsatisfctorily, CMU did eventually offer replacement courses. That situation, now, is a long time ago so it wouldn't be reasonable to expect much at this late date.

This was not a course as such, but volunteer teaching around Chiang Mai.

The only offer I had was instead of having to leave the country as my ED Visa was no longer operational, for an extra $100.00 I could do a course for Thai language.

Yes, this was my understanding of CMU's offer of a "settlement" for those who had been "conned" just as they had been by the foreigner whom they should have vetted before they permitted him to use their good name to sell visas and the vague promise that retirees could do volunteer work without work permits. The settlement Hubby got from the U.S.-issued Visa-card was much more satisfactory.

[BillyBobThai]

The OP said he was coming for a visit, so why the need to open an account? Just use your ATM card to get money, a couple of times a month. To be on the safe side, inform the bank that you will be in Thailand for a few months, so that your withdrawals will not be denied.

Been here 11 years and it works every month.

[NancyL]

From some of his other topics, it appears that the OP is easing into retirement in CM -- making several trips here to get himself set up. It seems that in the in the not-too-distant-future he'll be joining the ranks of those with retirement visas.

[Nolster]

From some of his other topics, it appears that the OP is easing into retirement in CM -- making several trips here to get himself set up. It seems that in the in the not-too-distant-future he'll be joining the ranks of those with retirement visas.

Nancy,

You are correct that I am working towards getting a retirement visa. One problem with withdrawing a large sum to save on the transaction fees is that, then you have to carry and try to protect all the cash you have withdrawn from the ATM. That is why I am hoping to have a local bank account with local Thai ATM card.

Two things stand out though, 1. open an account with Bangkok Bank and also 2. open a checking account with Charles Schwab; this might be of more use as I travel to other countries also.

If you have been reading my other threads, the question of medical insurance is a complex issue, I am still trying to think it all through.

Thanks.

[Bill97]

From some of his other topics, it appears that the OP is easing into retirement in CM -- making several trips here to get himself set up. It seems that in the in the not-too-distant-future he'll be joining the ranks of those with retirement visas.

Nancy,

. One problem with withdrawing a large sum to save on the transaction fees is that, then you have to carry and try to protect all the cash you have withdrawn from the ATM.

Two things stand out though, 1. open an account with Bangkok Bank and also 2. open a checking account with Charles Schwab; this might be of more use as I travel to other countries also.

Thanks.

If the ATM withdrawal is too much to comfortably cary, deposit in a local account. Schwab is the best solution for all but very large amounts needed to be transferred. So you are on the mark with Schwab and a local account.