Leaving a bank account open when going back to the home country

[Hal65]

I'm currently an expat in Bangkok, and next year I plan to go back to the United States. I'll be away for 6 months minimum, and because I expect a busy couple of years, I may not be able to come back for two or three more years.

Right now I have a Bangkok Bank savings account, no online access. I'm trying to think about what I should do with it.

Withdraw all the money, and hope it stays open?

Leave a certain amount of money in the account so it cannot automatically be closed? But then, what if they start charging random fees on the balance?

Perhaps somebody else has also been in this situation and can better advise, thanks.

[jdinasia]

Get online banking. Open an account in NYC.

Make a deposit every few months...

[neverdie]

You need to make a transaction every six months.

Don't forget there is an annual ATM card fee, I think 200 baht, or something like that.

I've had several accounts for decades, at times not using them for 1 or 2 years when away or whatever. A small deposit a couple of times a year keeps the account ticking.

[MiclB]

I've used BB online banking for a couple of years from the USA. They have a cust service at the New York location.

www.bangkokbank.com/ibanking

[chiang mai]

If you know broadly how long you're going to be away, perhaps you could invest the money in a fixed rate deposit with roll over instructions at maturity, say, 6 monthly units? Just a thought

[KittenKong]

I dont know the details for Bangkok Bank but all other Thai banks I have passbook (savings) accounts with dont charge anything as long as the balance stays over a few thousand Baht. None has any requirement for regular transactions to be made, apart from Standard Chartered which needs one once a year.

[Pib]

Bangkok Bank's policy is: If a savings account has been inactive for more than one year "and" the account balance is less than Bt2,000 there will be a Bt50/mo maintenance fee applied. Once the balance is at zero, your account will be automatically closed.

So, if you keep the account balance at or above Bt2,000 while you are gone for an extended time the bank won't do anything with your account except continue to pay interest, apply an annual debit card fee assuming you have a debit card, etc. So, say you were going to be gone for 3 years and had a debit card that had annual fee of Bt200....as long as you left Bt2,600 in the account it would not drop below the Bt2,000 trigger level "and" no user activity until around the 6 to 7 year point....3 years of Bt200 being deducted bring it down close to Bt2,000 and then another year of no user activity before the maintenance fee kicks in....but with a little bit of interest being earned it basically gives you another year....an then the Bt50/mo fee would start depleting your balance and that would take around 3.4 years to deplete your balance. If leaving for X-years and don't plan to access the account even with your debit card overseas to show user activity, then leave enough funds in the account to stay at or above Bt2,000. Other Thai banks generally follow the same policy because Thai bank polices and fees are very similar.

http://www.bangkokbank.com/BangkokBank/WEBSERVICES/HELPCENTER/Pages/FeeTable.aspx

Where one poster mentioned opening an account in NYC I'm going to assume he meant open a Bangkok Bank NY branch account. That branch does not open retail accounts; it only accepts wholesale/cooperate accounts. But of course you can at any time use the NY branch branch ABA/ACH routing number to transfer funds through them to deposit in your Bangkok Bank account in Thailand--no account with them need to do that.

[meand]

I closed mine in this same situation. They make it too hard to deal with. If I have to work just to be a customer a place is getting the middle finger extended. The question becomes when will they learn.

[dddave]

I once left a Bangkok Bank passbook savings account dormant for almost three years. It had a balance of around B6000 and there was no problem when I found what had been a misplaced and forgotten passbook and started using it again.

[MiclB]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Bangkok Bank's policy is: If a savings account has been inactive for more than one year "and" the account balance is less than Bt2,000 there will be a Bt50/mo maintenance fee applied. Once the balance is at zero, your account will be automatically closed.

So, if you keep the account balance at or above Bt2,000 while you are gone for an extended time the bank won't do anything with your account except continue to pay interest, apply an annual debit card fee assuming you have a debit card, etc. So, say you were going to be gone for 3 years and had a debit card that had annual fee of Bt200....as long as you left Bt2,600 in the account it would not drop below the Bt2,000 trigger level "and" no user activity until around the 6 to 7 year point....3 years of Bt200 being deducted bring it down close to Bt2,000 and then another year of no user activity before the maintenance fee kicks in....but with a little bit of interest being earned it basically gives you another year....an then the Bt50/mo fee would start depleting your balance and that would take around 3.4 years to deplete your balance. If leaving for X-years and don't plan to access the account even with your debit card overseas to show user activity, then leave enough funds in the account to stay at or above Bt2,000. Other Thai banks generally follow the same policy because Thai bank polices and fees are very similar.

http://www.bangkokbank.com/BangkokBank/WEBSERVICES/HELPCENTER/Pages/FeeTable.aspx

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Where one poster mentioned opening an account in NYC I'm going to assume he meant open a Bangkok Bank NY branch account. That branch does not open retail accounts; it only accepts wholesale/cooperate accounts. But of course you can at any time use the NY branch branch ABA/ACH routing number to transfer funds through them to deposit in your Bangkok Bank account in Thailand--no account with them need to do that.

I didn't need to imply that BB had walk-in service in NY, I am fairly sure they do not. But, a customer can use their 800 tel contacts to ask questions, etc.

I can go to my US bank online account and arrange a transfer to BB NY Branch (via ACH) and specify my BB Thailand account number and the deposit goes in fast. A customer can always Skype BB in Bangkok and make inquiries thru their automated system (for pennies in Skype charges).

As I am in LOS annually for several months I never have dealt with inactivity fees.

[chubby]

my understanding, is if you need the account again, when you move back, lately it has become a bit harder to open accounts @ BBL? depending on visa type. So, for the very small amount 2000baht, $8/year for a debit card, the NY branch ACH access, is valuable, and avoiding the hassles, of setting it up again, so what Pib said , above, is what I did , don't need to make a deposit just keep it above the 2000 thb

[Tywais]

I once left a Bangkok Bank passbook savings account dormant for almost three years. It had a balance of around B6000 and there was no problem when I found what had been a misplaced and forgotten passbook and started using it again.

I had one (Bangkok Bank) I opened in Phuket while traveling in the mid 80's. Left it open for about 5+ years with about 5000 or so Baht and no activity, no ATM card though and when moved to Thailand was able to transfer it to my new Bangkok Bank account in Chiang Mai with no problems.

[headman]

I am from the USA and a week ago I went to BB of Thailand and wanted to open a new saving acc.. They handed me a form to fill out (Request for Taxpayer Identification Number and Certification ) and told me that within the last month US has started requiring them to have new applicants fill this out so the IRS can keep track of how much money is going out of US to other countrys for taxing purposes. Bank people also said that US is the only country requiring this to be done and they were not to happy with this new added work load of reporting. Wondering if anyone else has had this problem?.

[Pib]

I am from the USA and a week ago I went to BB of Thailand and wanted to open a new saving acc.. They handed me a form to fill out (Request for Taxpayer Identification Number and Certification ) and told me that within the last month US has started requiring them to have new applicants fill this out so the IRS can keep track of how much money is going out of US to other countrys for taxing purposes. Bank people also said that US is the only country requiring this to be done and they were not to happy with this new added work load of reporting. Wondering if anyone else has had this problem?.

Old news...FATCA has been talked and talked in other threads. Takes about 5 minutes to fill out the bank questionnaire and an IRS W-9 form (or equivalent)...the reporting will be done by computer retrievals. All Thai banks already have FATCA agreements with the IRS. 1 Jul 14 is when FATCA went into effect. Americans not being turned away from opening new accounts (like you just did) as some chicken littles forecasted...heck, I'm American also and opened an account around two months ago with Krungsri Bank,..filled out the two mentioned docs...took 5 minutes. And I already have several Bangkok Bank accounts...will probably open another one come Dec 14 when I rolled over a Bangkok Bank fixed savings account.

[fletchsmile]

Most banks will block your account if it becomes dormant for X number of months. 6 months is common. Some longer some shorter. Re-activating it can vary as to the process. eg at one I had to deposit 100 baht at the counter - not exactly convenient if overseas

Also from time to time they vary the minimum amounts as to what you have to pay to keep open. BKK Bank above is allegedly 2k now. I had a BKK Bank one a few years ago where it was 5k minimum, and below that they charged each month.

It's often easier to keep a bank account going with a small balance than go thru the hassles of opening a new one. Especially as AML, KYI, FATCA, etc compliance rules keep increasing My recommendation and what I do in different countries is:

- get internet banking

- open another account with the same bank.

- Keep a minimum of 5k in each account.

- Log in once a month to check things.

- Every 3 months transfer 1 baht/ 1 dollar etc between the accounts to keep them active. Takes less than a minute

Cheers

Fletch

[KittenKong]

Most banks will block your account if it becomes dormant for X number of months. 6 months is common. Some longer some shorter.

Not any Thai bank I have had an account with, except Standard Chartered. You just need to have more than a certain sum (generally around 2000B as mentioned) in the account and it will stay valid.

I recently received a letter from Kbank (in Thai) about an account that a friend of mine had opened using my address, and the letter was just reminding him of his balance (5000+THB) and that he hadn't used the account for 2 years. No mention of any dormancy fees or deductions or blocks, and when I enquired at Kbank they confirmed this.

Standard Chartered are more strict about this (they require activity of any type at least once a year) but they aren't really a "high street" Thai bank.

Edited November 3, 2014 by KittenKong

[aboctok]

I closed mine in this same situation. They make it too hard to deal with. If I have to work just to be a customer a place is getting the middle finger extended. The question becomes when will they learn.

555. Learn.

[hawker9000]

Why no online access? But I think everyone else is right; just keep maybe 10,000B in it to make sure any annual fees are covered without substantially depleting it and you should have no problem. (And remember to check the box on your U.S. income tax return for having a foreign account.) You'll probably be earning interest which should be reported even though it won't be much. 'Not sure how you can keep track of that in order to report it unless you have the online access though; they're not going to mail you a 1099-INT like a bank in the U.S. is going to. (The interest rates will be posted on the bank's webpage; I guess you could do the math yourself and estimate your interest income on the account.)

[bluebluewater]

Since you never know what the world is going to throw at you and we all know what happens to those best laid plans, I would probably keep enough in there to keep the account open and take the rest home with me. You can reload when you do get back and slept well all the while.

[JacChang]

Just open online banking and forget about the ATM, or cancel it.

To prevent the dormant status, since online banking requires your thai sim card phone, just deposit 50 baht to top off your phone card every few months. Everything is happy, and if for any reason in the future you need a thai bank account, you have one. Rather than finding out in the future, foreigners can't open bank accounts. Better get in early than never.

[Nuddy]

I was away from Thailand for awhile and had left a Bangkok Bk account below 2000 baht. They wrote and said I had to pay a fee if I didn't bring up the balance to a reasonable amount.

My wife was distraught over this letter and fee which I think was 50 baht. We used to Skype every day and she hassled me about this letter from the Bank almost every day.

When I got back some two months later I paid some baht into the Bank. They didn't charge me any fee so it must take quite awhile for that to occur. I agree with Pib you need o put a bit more than 2000 baht into the account or someone may get upset receiving the Banks letter. If it has a card maybe you can cancel that but I have no idea how to do that. I worked in a Bank in Australia for a long time but trying to apply "normal" banking stuff to issues in Thai Banking just does not work.

Just a tad off subject is that if you have a term deposit of any term it will, when it matures go to a three months auto renewal. There appears no way to fix that either electronically or in the branch. Therefore is say you wanted the 4 month TD at 2% renewed for a further 4 months then that would require you to attend the branch, close the old account full balance and open a brand new book. Yep ok I get it I am in Thailand and I will comply. What frightens me is that the immigration officer said to my wife in Thai...if he has been here so long why is it such a new passbook. Thankfully she said the bank makes him open a new account every time.

[Timebandit]

Cash out and buy gold right now. DO NOT take gold to the U.S.!! They will take it!

[hawker9000]

Just open online banking and forget about the ATM, or cancel it.

To prevent the dormant status, since online banking requires your thai sim card phone, just deposit 50 baht to top off your phone card every few months. Everything is happy, and if for any reason in the future you need a thai bank account, you have one. Rather than finding out in the future, foreigners can't open bank accounts. Better get in early than never.

Well, the fly in the ointment there is that the process might require an OTP (one-time password) sent by the bank to verify the top-off transaction. If they're using your Thai cellphone number to do this, and you're back in the states, you won't be able to get it. 'Tried to do this myself just yesterday and couldn't. The top-offs didn't use to require the OTP, but now apparently do. At least with my bank.

Don't want to go OT with a discussion of thai cellphone network tech vs N. American cellphone network tech. There may be some multi-tech phones at this point that can work in both places AND enable "roaming" between the two, but I don't think the great majority do. You also might be able to switch over your phone contact info with the bank before you leave Thailand to point to your U.S. cellphone - that would solve the problem. You'd then have to switch it back again when you go back to Thailand.

[Gumballl]

You need to make a transaction every six months.

No you don't. I have not made a transaction to my BB savings acct in nearly 18 months, and the balance is still the same, and obviously still active since I was able to check the balance from the US just moments ago. The balance is still the same as was reported to me back in July 2014, when I had last checked. I last used my ATM card in July 2013.

Edited November 4, 2014 by Gumballl

[neverdie]

You need to make a transaction every six months.

No you don't. I have not made a transaction to my BB savings acct in nearly 18 months, and the balance is still the same, and obviously still active since I was able to check the balance from the US just moments ago. The balance is still the same as was reported to me back in July 2014, when I had last checked. I last used my ATM card in July 2013.

Intereting.

So you haven't been charged the annual ATM fee or your account interest (which is deposited bi-annually) is exactly the same as the fee?

Just wondering ?

[ignis]

No idea if it helps, Have 2 accounts with Bangkok Bank, the normal account opened in 2001, rarely used, just over 6,000 baht in it....... last week put it into the Passbook update machine, came out contact branch on the screen.. went into the Bank asked the Lady to update, no question asked was updated.. Last update 16-10-2010.

So no problem in 4 years not used..

I remember years ago SCB when I opened an account there, said something like update passbook every 6 months if not using account.

[Si Thea01]

I have 2 savings account with Krung Thai for over 12 years. I have on line banking and was able to access it, if needed, when back home. Before I retired here 2 years ago I only returned to Thailand once a year for the extension of stay and multiple re-entry and at no time during my absence was I required to put anything in or take anything out.

I only effected one transaction when I returned and it was for the immigration update. Admittedly I had a substantial amount in the accounts and was never charged any fees, other than those when making a withdrawal out of province, B15.00 or yearly, B200.00 for the ATM/Visa card.

Edited November 5, 2014 by Si Thea01

[JacChang]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Just open online banking and forget about the ATM, or cancel it.

To prevent the dormant status, since online banking requires your thai sim card phone, just deposit 50 baht to top off your phone card every few months. Everything is happy, and if for any reason in the future you need a thai bank account, you have one. Rather than finding out in the future, foreigners can't open bank accounts. Better get in early than never.

Well, the fly in the ointment there is that the process might require an OTP (one-time password) sent by the bank to verify the top-off transaction. If they're using your Thai cellphone number to do this, and you're back in the states, you won't be able to get it. 'Tried to do this myself just yesterday and couldn't. The top-offs didn't use to require the OTP, but now apparently do. At least with my bank.

Don't want to go OT with a discussion of thai cellphone network tech vs N. American cellphone network tech. There may be some multi-tech phones at this point that can work in both places AND enable "roaming" between the two, but I don't think the great majority do. You also might be able to switch over your phone contact info with the bank before you leave Thailand to point to your U.S. cellphone - that would solve the problem. You'd then have to switch it back again when you go back to Thailand.

I'm not having any of the problems you mentioned. I have used a thai pre paid sim card, and I roam around the world. It's been years since I've been back to Thailand and I still get the otp code each time either for transfers or bill payments of top ups for mobile phones. I still do full time banking and stock brokerage, so no problem there. And I use a dual sim phone, and only turn on the dual sim when I need the thai banking side.

So I am the living confirmation, that this method works and is available to anyone who wishes to do so. You will receive the relevant otp codes or whatnot, even when you are not in Thailand. Same with topping up and checking the balance on your phone, it works all over the world with your thai sim card.

[Jasun]

Keep it open, it'll come in handy, and you won't have to fuss around reopening a new account if you ever come back.

[hawker9000]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Just open online banking and forget about the ATM, or cancel it.

To prevent the dormant status, since online banking requires your thai sim card phone, just deposit 50 baht to top off your phone card every few months. Everything is happy, and if for any reason in the future you need a thai bank account, you have one. Rather than finding out in the future, foreigners can't open bank accounts. Better get in early than never.

Well, the fly in the ointment there is that the process might require an OTP (one-time password) sent by the bank to verify the top-off transaction. If they're using your Thai cellphone number to do this, and you're back in the states, you won't be able to get it. 'Tried to do this myself just yesterday and couldn't. The top-offs didn't use to require the OTP, but now apparently do. At least with my bank.

Don't want to go OT with a discussion of thai cellphone network tech vs N. American cellphone network tech. There may be some multi-tech phones at this point that can work in both places AND enable "roaming" between the two, but I don't think the great majority do. You also might be able to switch over your phone contact info with the bank before you leave Thailand to point to your U.S. cellphone - that would solve the problem. You'd then have to switch it back again when you go back to Thailand.

I'm not having any of the problems you mentioned. I have used a thai pre paid sim card, and I roam around the world. It's been years since I've been back to Thailand and I still get the otp code each time either for transfers or bill payments of top ups for mobile phones. I still do full time banking and stock brokerage, so no problem there. And I use a dual sim phone, and only turn on the dual sim when I need the thai banking side.

So I am the living confirmation, that this method works and is available to anyone who wishes to do so. You will receive the relevant otp codes or whatnot, even when you are not in Thailand. Same with topping up and checking the balance on your phone, it works all over the world with your thai sim card.

Hmm - I don't (receive the OTPs). My DTAC SIM won't connect in the states.