Which american bank is the best to use in Thailand?

[parafareno]

I have few choices to get USA bank, but which is the best to use in Thailand.

I got option to use Wells fargo, Bank Of America or Citybank

Even though the citibank has a bank in Thailand, they say they are not connected, but ATM withdrawal via citibank in Thailand does not cost anything, because it is the same bank, only exchange fee apply.

Any recommendation?

[bendejo]

ATM withdrawal via citibank in Thailand does not cost anything, because it is the same bank, only exchange fee apply.

You sure of that?

[parafareno]

they told me that today in citibank los angeles, I hope the woman was right, she had severe acid reflux so maybe her brain fried because of that, can somebody confirm this?

[bluebluewater]

It depends on what all kind of banking you may need to be doing BUT . . .

If your most important focus is keeping your money in the west and withdrawing it here in Thailand with no ATM fees the use Charles Schwab. The have a brokerage AND a banking function the your ATM fees are refunded worldwide.

It's easy to set up and easy to use and in the end won't cost you a thing to go to the ATM.

[parafareno]

really? How come, is this Schwab a bank? I need to withdraw via paypal to the bank and than use money in Thailand via ATM

will they send new card if I loose it?

I doubt i can open one because I am an European, not usa citizen, so probbaly I will not be able to open SCHWAB bank account at all, but i would love to buy some stocks and shit....

Edited September 23, 2015 by parafareno

[Andrew65]

ATM withdrawal via citibank in Thailand does not cost anything, because it is the same bank, only exchange fee apply.

You sure of that?

I am with CititBank Singapore and don't get charged for withdrawals from the Asoke-corner Citi ATM.

[parafareno]

what about conversion fee?

[Andrew65]

what about conversion fee?

I don't think that there is a fee. Also, the Citi Singapore account is an offshore account that can be opened without visiting Singapore/the branch

[parafareno]

how is that possible?

But what to do with singapore bank if you cant withdraw via paypal, because you need singapore paypal, which is not easy to get, sucks.....

citibank USA i can use with any paypal I guess...

[Andrew65]

how is that possible?

But what to do with singapore bank if you cant withdraw via paypal, because you need singapore paypal, which is not easy to get, sucks.....

citibank USA i can use with any paypal I guess...

When I opened the account, they advertised it as the only offshore account where you didn't have to visit them.

My account there is a US Dollar account, I draw Baht out here with no charge.

I don't really use Paypal, so can't really comment on that.

[Pib]

they told me that today in citibank los angeles, I hope the woman was right, she had severe acid reflux so maybe her brain fried because of that, can somebody confirm this?

I don't think she was for a U.S. Citibank issued card. Seen quite a few posts from U.S. folks with Citibank cards and they got charged the ATM fee. Just because a bank in Thailand has a U.S. parent company does not mean they are joined at the hip....banks opened in the U.S. must follow U.S. banking laws/regulations...banks opened in Thailand must follow Thailand banking laws/regulations....very little is truly joined at the hip when it comes to the customer's banking needs. Think of them as unrelated folks with the same last name.

Now, for some Citibank customers with Singapore/Australian Citibank issued cards I think she would be right....like what Andrew65 posted above.

Of the 3 banks you mentioned, Wells Fargo, BoA, and Citibank all three have hefty foreign transactions and don't reimburse ATM except maybe on a few of their cards. These 3 banks are not known for low fees. You would be better off looking at Schwab Bank as they reimburse ATM fees and do not charge any foreign transaction. There are some other banks which reimburse fees/don't charge foreign transaction fee either.

Recommend you expand your options for a new bank account....not sure why you said you have 3 options which implied to me at least that were your only choices. Lots of banks to choose from...and they don't have to have a brick and mortar branch in your home town in this day and age. Heck for the last several decades I've never set foot in any brick and mortar branch of the various U.S. bank accounts I have....all opened online...used online...some occassional mailing activity...and occasional phone calls.

[parafareno]

three choices because I am european and I went to see these three banks which could open bank account for me with no problem. HSBS declined me because I have no proof of adress.....

[Pib]

I've personally been a BoA customer...they are fine for U.S./domestic use fee-wise...but when using their debit and credit cards for foreign use they have plenty of fees. They even charge a small fee for a funds transfer fee via ACH where most U.S. banks do not charge anything.

If you plan of using the account for a lot of foreign transaction/funds transfers, you really need to compare their fee structure for foreign transactions fee and external bank funds transfers. Some bank fee structures are just fine if solely being used for domestic use; but for foreign transactions their fee structure can turn ugly. There can be BIG differences in fee structure from bank to bank to include if a minimum account balance is required to avoid a monthly maintenance fee. Compare their fee structures closely, especially the structure related to minimum balance to avoid a fee, foreign transactions fee, and funds transfer fee. Good luck.

[nithisa78]

Citi Bank.

[nithisa78]

It depends on what all kind of banking you may need to be doing BUT . . .

If your most important focus is keeping your money in the west and withdrawing it here in Thailand with no ATM fees the use Charles Schwab. The have a brokerage AND a banking function the your ATM fees are refunded worldwide.

It's easy to set up and easy to use and in the end won't cost you a thing to go to the ATM.

BBVA Compass bank , same. I also use Schwab..

[parafareno]

citibank and most of the banks require 1500 usd in the account so you do not pay any fees.....

sucks

[Taco]

Charles Schwab no question. Free ATM use anywhere in the world. Great customer service over the phone that you can even all collect. Prepaid envelopes for deposits.

[ehs818]

When I moved here I set everything up with one bank, Citibank. And my investements are with Vanguard. I pay any internet purchases in dollars online. When I moved here Citibank did not charge any foreign ATM fees. That changed 6-7 years ago. Now it's 150 baht. Their Funds transfer rate is fair, usually about 0.25 baht below Bloombergs daily quotes. Get everything set up before you move here. It's difficult from here! Funds Transfers now cost $35. I use Kasikorn Bank here. They charge $10 for accepting the transfer. So all in it's $45 to transfer up to $50,000 USD.

[quandow]

Is Bank of Bangkok an option? They have branches in Europe AND the U.S. and were very helpful in opening an account.

[dorayme]

The Bangkok Branch in New York does not open accounts.

I have an account with Chase Bank in the U.S. and deposit monies into my Thailand Bangkok Bank account using the NYC routing numbers and my Thailand account numbers.

The charge is for a domestic transfer. The money goes to the NYC Bangkok Bank and ends up in a US$ account in Thailand. It doesn't have to be a US$ account but I use it so I can convert the money when the exchange is good.

The Bangkok Bank website gives details for using the NYC Branch.

[csabo]

ATM withdrawal via citibank in Thailand does not cost anything, because it is the same bank, only exchange fee apply.

You sure of that?

No, he's not. A Citibank ATM transaction in BKK was the biggest ripoff I've experienced here. ATM and foreign transaction fee was like $16 on $600. They recently charged me a "non-usage fee". That's tight a fee for nothing. I dumped them on my last trip home. They are the worst.

[csabo]

Is Bank of Bangkok an option? They have branches in Europe AND the U.S. and were very helpful in opening an account.

You sure it's a branch in the US? A routing number in NY yes but a branch? You should use google earth to take a look there bro.

[HerbalEd]

really? How come, is this Schwab a bank? I need to withdraw via paypal to the bank and than use money in Thailand via ATM

will they send new card if I loose it?

I doubt i can open one because I am an European, not usa citizen, so probbaly I will not be able to open SCHWAB bank account at all, but i would love to buy some stocks and shit....

I suggest you do lots more research. When you bring US dollars and Euros into Thailand via PayPal you lose a lot of money with the exchange rate.

If you're European why do you want/need an American bank?

Edited September 23, 2015 by HerbalEd

[csabo]

ATM withdrawal via citibank in Thailand does not cost anything, because it is the same bank, only exchange fee apply.

You sure of that?

I am with CititBank Singapore and don't get charged for withdrawals from the Asoke-corner Citi ATM.

Funny that's exactly the branch that ripped me off and when I filed a complaint online they said that the fees were correct. Edited September 23, 2015 by csabo

[Pib]

Is Bank of Bangkok an option? They have branches in Europe AND the U.S. and were very helpful in opening an account.

You sure it's a branch in the US? A routing number in NY yes but a branch? You should use google earth to take a look there bro.

Yes, there is a Bangkok Bank New York branch but it a "wholesale" branch...they don't open retail accounts for customerss off the street. But you don't need an account with them to use their ABA/ACH routing number to accomplish aCH transfer of funds to your in-Thailand Bankgkok Bank branch account, have your pension/payroll direct deposited, etc.

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

[HerbalEd]

I often have US$ wired from my USA Morgan Stanley acct. to my Bangkok Bank acct. ... sometimes several 100K-dollars in one transfer ... and MS charges me zero fees and I get a great exchange rate. In fact, the exchange rate is better than I can get at that same Bangkok Bank's exchange window. That exchange rate is the same or a tiny bit more or less than the exchange rate at Vasu and Super Rich.

Edited September 23, 2015 by HerbalEd

[Pib]

I often have US$ wired from my USA Morgan Stanley acct. to my Bangkok Bank acct. ... sometimes several 100K-dollars in one transfer ... and MS charges me zero fees and I get a great exchange rate. In fact, the exchange rate is better than I can get at that same Bangkok Bank's exchange window.

That's because a wire transfer receives the Thai bank TT Buying Rate which is significantly higher than walking up to a exchange windows with Notes/Travel Cheques which receives a different/lower rate.

Assuming your are sending dollars and not letting Morgan Stanley convert to Thai baht (which will be a lower rate than the Thai bank TT Buying Rate), regardless of the transmitting bank, Morgan Stanley, BoA, Schwab, Citibank, just whoever, the person receives the Thai bank TT Buying Rate.

Edited September 23, 2015 by Pib

[HerbalEd]

I often have US$ wired from my USA Morgan Stanley acct. to my Bangkok Bank acct. ... sometimes several 100K-dollars in one transfer ... and MS charges me zero fees and I get a great exchange rate. In fact, the exchange rate is better than I can get at that same Bangkok Bank's exchange window.

That's because a wire transfer receives the Thai bank TT Buying Rate which is significantly higher than walking up to a exchange windows with Notes/Travel Cheques which receives a different/lower rate.

Assuming your are sending dollars and not letting Morgan Stanley convert to Thai baht (which will be a lower rate than the Thai bank TT Buying Rate), regardless of the transmitting bank, Morgan Stanley, BoA, Schwab, Citibank, just whoever, the person receives the Thai bank TT Buying Rate.

As I wrote in my post, I send US$. Otherwise I could lose many thousands-of-dollars in exchange fees.

The reason I prefer having Morgan Stanley send my dollars to Thailand is there are absolutely no fees of any kind.

[Tony125]

USA Citi Bank acounts are charged a foreign transaction fee when using an ATM overseas even at Thai Citibank. The charge is 3% of amount withdrawn. Last time I used card was only charged 0 or $2 for ATM withdrawal. If you open an account with $100,000 baht at Asok Citibank there will be no ATM or FTF charges for withdrawals from your USA Citibank as they will link accounts. Also if you have a CitiBank Gold account in USA you will not be charged any ATM or FTF at Thai Citibank ATM,s

[Pib]

I often have US$ wired from my USA Morgan Stanley acct. to my Bangkok Bank acct. ... sometimes several 100K-dollars in one transfer ... and MS charges me zero fees and I get a great exchange rate. In fact, the exchange rate is better than I can get at that same Bangkok Bank's exchange window.

That's because a wire transfer receives the Thai bank TT Buying Rate which is significantly higher than walking up to a exchange windows with Notes/Travel Cheques which receives a different/lower rate.

Assuming your are sending dollars and not letting Morgan Stanley convert to Thai baht (which will be a lower rate than the Thai bank TT Buying Rate), regardless of the transmitting bank, Morgan Stanley, BoA, Schwab, Citibank, just whoever, the person receives the Thai bank TT Buying Rate.

As I wrote in my post, I send US$. Otherwise I could lose many thousands-of-dollars in exchange fees.

The reason I prefer having Morgan Stanley send my dollars to Thailand is there are absolutely no fees of any kind.

Yeap, good to have a bank that does not charge any Sending fees. As you know, don't let the home country bank covert to baht when sending because banks outside of Thailand give a lower exchange rate for Thai baht than Thai banks...it's like a hidden fee. Hopefully the OP will know this also.

Now you do get one fee, but it's not from MS, it's the Thai bank receiving fee of approx 0.25% (Bt200 min, Bt500 max) for incoming international wire transfers from any foreign bank. Even ACH transfers routed through the Bangkok Bank NY branch incur that fee.

Edited September 23, 2015 by Pib