Best Bank For US Dollar Account?

[KhunKenAP]

I have a US dollar account at the Krungsri bank in Pattaya. I am now receiving my monthly pension checks from Fidelity in the US which come in US funds. Fidelity will not deposit to a non US based bank.

I just had the first two checks finally credited to my account, which took over 30 days. They charged me $25 US as a fee for each check deposited. That seems outrageous.

Is there any member who currently has a bank here in Pattaya that they cash US checks with that is quicker to clear and less expensive?

Thanks

Khun Ken

[technologybytes]

For most banking in Thailand many expats find that Bangkok Bank offer the most efficient and professional service.

Bangkok Bank will certainly accept your checks, the charges depend on the method used.

You can have ACH deposits paid directly to any Bangkok Bank account, if ACH deposit is an option then it's almost certainly going to be much faster and cheaper for you.

[gchurch259]

I use Bangkok Bank for my Consulting Business. They have a branch in NYC and the company I have a contract with in the USA wire transfers my invoiced money to them and it appears in my account here in BKK. Theey charge 500 THB for incoming International Funds.

Their Debit Cards are Visa and I use Worldwide in my travels.

[stoli]

I will second that opinion on Bangkok Bank. I have my dollar account with them, and it is easier since they have their New York branch. I do know I tried to cash a personal check with them, and they said "No". Did not really understand why. Sometimes when someone cannot answer a question they just mumble and it goes nowhere.

[al007]

I use Bangkok Bank for International incoming starling and US dollars works well, I believe you can open a Us dollar account in new York with Bangkok bank, sterling transfers arrive from UK no intermediary or other deductions with a max of 500batt by receiving bank BBL here

I believe you should be able to receive with BBL in new york then down hill all the way, also let funds build a little in BBL then do a consolidated transfer so you will not even pay the 500batt each time, over a period of time a lot of savings, I think BBl here will help you open the NY account

[Dustdevil]

I'll be retiting soon either in Chiang Mai or the USA or both. I suppose if retired in Thailand, I will maintain US-based dollar accounts and smaller Thai baht accounts locally. If I need money from the US, I can withdraw up to $1000 daily anywhere in the worlde from JP Morgan Chase with a $5 fee. The exchange rate is fair, not the 30 baht crap.

[StasD]

Only TMB. military bank is the best

[Pib]

Open a Bangkok Bank account since they are the only Thai bank that has ACH receiving capability due to their New York branch; all other Thai banks must use international SWIFT transfers.

Pension checks can be a pain; you should have your pension direct deposited each month. See this Bangkok Bank webpage for more info and be sure to open the link titled "Advice to Bangkok Bank Customers Receiving Payments From US Govt Agencies or Private Organizations (Direct Deposit)." Basically once you have a Bangkok Bank account you could have your pension from Fidelity Directed Deposit to your Bangkok Bank account by using the Bangkok Bank New York "routing number" and your in-Thailand Bangkok Bank savings "account number"...its treated as a U.S. domestic transfer...you don't need an account with the NY branch...you are just use their routing number to route the money to your in-Thailand Bangkok Bank savings account. Don't try to over-complicate it....it's that easy...hundreds, probably thousands of Americans in Thailand are using this method for pension payments and just periodic transfer of money. I've used it many times.

There will be two Bangkok Bank related fees: a Bangkok Bangkok NY branch sliding scale fee...as the funds flow through them they will slice off a part of it as a fee...usually $5 or $10 for most transfers...usually $5 up to $2,000 and $10 over $2,000. Click the Fees link shown in above link for the full sliding scale fee structure, but most people will just incur either the $5 or $10 fee. Then when it arrives your in-Thailand Bangkok Bank branch they apply the typical Thai bank fee for receiving/converting funds of 0.25% (Bt200 min, Bt500 max). Neither of these mentioned fees will appear on your Bangkok Bank account as they are applied before posting which fools some folks into thinking no fees were applied. Lot cheaper than almost all SWIFT transfers and definitely faster and cheaper than getting a pension check cashed.

Do you really need a foreign currency account? Do you need it to pay bills in USD? If not and you are just using it to hold money for a while and convert at your convenience, well, a person can sure do that but you get the same conversion rate whether converting from a foreign currency account or for an incoming wire transfer which is the TT Buying Rate. But hey, if you want the warm & fuzzy feeling of a foreign currency account for some reason then open one at Bangkok Bank and still use above direct deposit method.

[thrilled]

I use schwab.Can get 20000 baht A day from any ATM,and Schwab reimburses me the fees.I don't need to deal with thai banks

[Pinot]

Here is an alternative: Open a Charles Schwab account, have the money sent there and draw out the amount with a no-fee Visa ATM card from any bank.

[smotherb]

Why use a Thai bank? There are other banks, like Schwab, which do not charge ATM fees and will transfer any amount of money with a phone call.

[davidstipek]

PIB is correct above!

They are the only Thai Bank with ACH authority and approved by SSA to receive their Deposits for American Citizens in Thailand or anywhere else there is a Branch of Bangkok Bank. In most Countries there is at least One Branch. (I understand that they got certified to handle US Funds during they Vietnam Conflict..... Wonder who certified them??? But it has paid off for thousands of Americans since...)

I have an account with Bangkok Bank.

I set it up with Main Branch in Bangkok. My SSA and retirement funds are deposited there monthly. They are actually deposited at the Branch in NYC with a 200 Baht fee. Deposit shows up here as soon as completed deposit is logged in NYC... No Waiting! Shows up here instantly.

I also get a SMS from bank at same time showing:

Deposit

Fees NYC/5 USD Deposit.... Thailand/55 Baht withdraw (Under $2,000 USD)

Conversion rate

USD amount Received

Thai Baht Amount Deposited

Extremely happy with services! Only possible draw back for some would be:

Need to go to Bank to Make withdraw (Face to Face)

Must have Passport and Passbook from Bank

No ATM Card can be attached to SSA Deposit account

Only one name on account cannot be joint account... one name.

A personal Issue? I have none with any of the above, As I would have probably asked for them to be implemented any way ONLY issue I have ever had has been with SSA, being this is designated as a foreign deposit I am required to report to SSA with a form they mail me each year. It takes 18-20 days to get here even with International Priority Airmail Service, So if they do not receive ASAP they will cancel. But it can be fixed with contacting the SSA Office in the Philippines with email and including an attached copy of form (2 pages) It has been reinstated and deposit is seen within 5 days. This only affects my SSA Deposit.

This could be fixed with a Foreign account link on SSA website. Since we cannot access any Personal SSA data Out Side the USA, they need to setup a separate logon where we could complete this task Online (Password Protected). Would save paperwork and funds, lower Manpower needed to complete task each year.

(I added this last portion as a Nudge to them, If there is enough requests World Wide... Maybe we will see this step installed Since we are in a Country that does not have a SSA Officer stationed at US Embassy. They do read these links that are related)

David

Edited February 17, 2015 by davidstipek

[Xircal]

Only TMB. military bank is the best

Thai PM is one of the directors apparently.

[BKKdreaming]

thanks for the info

is a Charles Schwab account a "Bank" account with Federal Insurance ?

and can you have money in Bangkok bank USA ( USA Federal insurance ? ) and use it to show Thai Immigration you have the needed funds ?

[gk10002000]

"Is there any member who currently has a bank here in Pattaya that they cash US checks with that is quicker to clear and less expensive?" this is a key part of the OP's post. I have wondered about this too. What banks will accept a US based check, how much to deposit/cash it and how long to they take?

I understand the Bangkok Bank features, but I would like to know just as the OP did what other Banks in Thailand do about taking a US based check. I would have no problem with a one or two week wait for the check to clear. Heck, even in the USA I still see personal checks routinely take one week to clear.

Thanks.

GK

[Pib]

thanks for the info

is a Charles Schwab account a "Bank" account with Federal Insurance ?

and can you have money in Bangkok bank USA ( USA Federal insurance ? ) and use it to show Thai Immigration you have the needed funds ?

Yes, a Schwab Bank account is insured by the U.S. govt/FDIC just like any other U.S. bank account. Please note I'm taking a Schwab "Bank" account, repeat, bank account, and not one of their brokerage accounts. Schwab has a brokerage and banking business units.

Money needs to be in a Thai bank account, not a U.S. bank. You "do not" have funds in a U.S. bank account when using the Bangkok Bank "New York" branch to route your money to your in-Thailand Bangkok Bank account. Instead, you are only using the New York branch "ACH routing number" to route the money through them on the way to your in-Thailand Bangkok Bank account. The Bangkok Bank NY branch is not a "retail" bank with retail/common joe customers; its a wholesale bank with corporate accounts, however, their ACH routing number can still be used by the common joe to route money to their in-Thailand Bangkok Bank account.

http://www.bangkokbank.com/BangkokBank/InternationalNetwork/InternationalBranches/NorthAmerica/Pages/BranchinUSA.aspx

[Pib]

"Is there any member who currently has a bank here in Pattaya that they cash US checks with that is quicker to clear and less expensive?" this is a key part of the OP's post. I have wondered about this too. What banks will accept a US based check, how much to deposit/cash it and how long to they take?

I understand the Bangkok Bank features, but I would like to know just as the OP did what other Banks in Thailand do about taking a US based check. I would have no problem with a one or two week wait for the check to clear. Heck, even in the USA I still see personal checks routinely take one week to clear.

Thanks.

GK

All Thai bank have a clearing period for foreign checks (approx 3 to 6 weeks), it will usually cost you around Bt300 in fees, and you get the Sight Bill/Cheque exchange rate which is usually around a 0.3% lower than the TT Buying Rate used for incoming wire transfers.

[BB1950]

If you use checks, even with Bangkok Bank you still have to wait for about 45 days for a check to clear plus wait for the check to arrive here. As others have mentioned, the best way is to use the ACH method of transfer through Bangkok Bank New York. However, there are some banks in the US (i.e. Wells Fargo) that don't use ACH transfers without an extra charge. You need to check with your bank in the US.

You don't open an account with Bangkok Bank (New York) any Bangkok Bank account will do. You just need to prefix your Bangkok Bank account number with the Bangkok Bank (New York) routing number and your account doesn't need to be a US dollar account. Bangkok Bank offers the best exchange rate. when transferring US dollars to baht.

You can't use the ACH method to transfer you funds from Thailand to the US! It can only be used transfer funds from the US to Thailand which takes about 2-3 days (depending on bank working days).

Only 'Direct Deposit' accounts used by the US treasury for SSA and US pension funds require you to go to the bank to withdraw funds from the account. This is because with the SSA the funds are paid to you in advance. If you die, the IRS want the funds back. You sign a letter to this affect when you open a 'Direct Deposit' account. In the US, US banks are required to pay the IRS when funds are attached by the IRS.

Edited February 18, 2015 by BB1950

[elgenon]

"Is there any member who currently has a bank here in Pattaya that they cash US checks with that is quicker to clear and less expensive?" this is a key part of the OP's post. I have wondered about this too. What banks will accept a US based check, how much to deposit/cash it and how long to they take?

I understand the Bangkok Bank features, but I would like to know just as the OP did what other Banks in Thailand do about taking a US based check. I would have no problem with a one or two week wait for the check to clear. Heck, even in the USA I still see personal checks routinely take one week to clear.

Thanks.

GK

If the check is made out to Bangkok Bank it takes 2-3 days to clear.

[gk10002000]

"Is there any member who currently has a bank here in Pattaya that they cash US checks with that is quicker to clear and less expensive?" this is a key part of the OP's post. I have wondered about this too. What banks will accept a US based check, how much to deposit/cash it and how long to they take?

I understand the Bangkok Bank features, but I would like to know just as the OP did what other Banks in Thailand do about taking a US based check. I would have no problem with a one or two week wait for the check to clear. Heck, even in the USA I still see personal checks routinely take one week to clear.

Thanks.

GK

All Thai bank have a clearing period for foreign checks (approx 3 to 6 weeks), it will usually cost you around Bt300 in fees, and you get the Sight Bill/Cheque exchange rate which is usually around a 0.3% lower than the TT Buying Rate used for incoming wire transfers.

thank you.

[gk10002000]

If you use checks, even with Bangkok Bank you still have to wait for about 45 days for a check to clear plus wait for the check to arrive here. As others have mentioned, the best way is to use the ACH method of transfer through Bangkok Bank New York. However, there are some banks in the US (i.e. Wells Fargo) that don't use ACH transfers without an extra charge. You need to check with your bank in the US.

You don't open an account with Bangkok Bank (New York) any Bangkok Bank account will do. You just need to prefix your Bangkok Bank account number with the Bangkok Bank (New York) routing number and your account doesn't need to be a US dollar account. Bangkok Bank offers the best exchange rate. when transferring US dollars to baht.

You can't use the ACH method to transfer you funds from Thailand to the US! It can only be used transfer funds from the US to Thailand which takes about 2-3 days (depending on bank working days).

Only 'Direct Deposit' accounts used by the US treasury for SSA and US pension funds require you to go to the bank to withdraw funds from the account. This is because with the SSA the funds are paid to you in advance. If you die, the IRS want the funds back. You sign a letter to this affect when you open a 'Direct Deposit' account. In the US, US banks are required to pay the IRS when funds are attached by the IRS.

I wouldn't be waiting for the check to clear. The money is in my USA bank account. I would just be writing a check for deposit into my Thai bank account drawn on my USA bank. I envision doing this maybe every 3 or 6 months as I move money over to Thailand. I don't plan to keep more than 10,000 USD over seas in order to avoid the USA FACTA crap. Just exploring some avenues. The 300 baht fee another poster mentioned seems like a pretty cheap and reasonable cost.

Thanks

[riclag]

I use schwab.Can get 20000 baht A day from any ATM,and Schwab reimburses me the fees.I don't need to deal with thai banks

Does Schwab pay the 180 bht fee the thai banks charge to use there ATM? Also whats the Schwab account requirements to have this capability?

[steven100]

that's outrageous Khun Ken ...... Bangkok Bank

[PattayaDavid]

Great thread, has answered most of my questions. Any recommendation for the best Bangkok Bank Branch office to open an account in Pattaya or will any branch suffice?

Thanks,

David

[Thaidye]

To the previous post....

Open your Bangkok Bank account nearest your residence or your preferred location in Thailand. In-person deposit transactions to your account may incur an additional 100+ baht fee if you make a deposit at a branch that is located in a different province from your establishing the initial account.

Edited February 18, 2015 by Thaidye

[Pib]

I use schwab.Can get 20000 baht A day from any ATM,and Schwab reimburses me the fees.I don't need to deal with thai banks

Does Schwab pay the 180 bht fee the thai banks charge to use there ATM? Also whats the Schwab account requirements to have this capability?

yes, they pay the Bt180....reimbursed monthly with issue your monthly statement. Full info at their website regarding account requirements (i.e., no minimum balance required, no monthly maintenance fee, etc)

[Langsuan Man]

Great thread, has answered most of my questions. Any recommendation for the best Bangkok Bank Branch office to open an account in Pattaya or will any branch suffice?

Thanks,

David

I would suggest any branch located in a shopping mall since that will give you greater flexibility of banking hours

[Jimbolai]

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Why use a Thai bank? There are other banks, like Schwab, which do not charge ATM fees and will transfer any amount of money with a phone call.

Do you have to be in the USA to open a schab account or as a US citizen can you open a new account on line?

[PattayaDavid]

I use schwab.Can get 20000 baht A day from any ATM,and Schwab reimburses me the fees.I don't need to deal with thai banks

Does Schwab pay the 180 bht fee the thai banks charge to use there ATM? Also whats the Schwab account requirements to have this capability?

yes, they pay the Bt180....reimbursed monthly with issue your monthly statement. Full info at their website regarding account requirements (i.e., no minimum balance required, no monthly maintenance fee, etc)

Does it make any difference whether you open a Schwab checking account or savings account? In other words, would either suffice for making ATM withdraws from Thailand? Which would you recommend and why?

Thanks,

David

Edited February 19, 2015 by PattayaDavid

[Pib]

When you open a Schwab Bank account you are actually opening a Schwab Brokerage account and Schwab Bank checking account...it's done on a combination form. The debit card will be linked to the checking account. You do not have to fund or use the brokerage account. If wanting to open a Schwab Bank savings account that can be done as the same time when opening the brokerage/checking account but a separate form is used...the savings account pays higher interest.