Planning to live well in Chiang Mai

[TimBKK]

Charles Schwab High Yield Investor checking account is what you want - no ATM fees overseas, one of many great features. No fees, no minimums, everything can be done electronically etc. etc.:

What are the fees and minimums?

Monthly service fees: $0

Account minimum: $0

What do I get with this account?

Unlimited fee rebates from any ATM worldwide1

A 0.06% APY variable interest rate on any balance2

Free bill pay on Schwab.com and Schwab Mobile

Apply for Schwab Mobile Deposit to deposit checks from anywhere

Free standard checks and a Visa® Platinum debit card once the account has been funded.

FDIC insurance up to $250,0003

A linked Schwab One® brokerage account

Link to Apple Pay to make purchases with your iPhone® 6 or iPhone 6 Plus Learn more.

http://www.schwab.com/public/schwab/banking_lending/checking_account

Is Merril Lynch Intl used by anyone here?

I did, biggest mistake of my life. Run away.

What happened?

All I want is a fee-free access to my stateside accounts.

L

Edited January 9, 2016 by Tmacdadi

[Bill Miller]

A couple of notes on my experience to date.....
I forgot to inform my credit union that I would be "over there", and they put a hold on my debit card. A phone call and it was resolved, but easier if I had done the notification first.
One of my banks happily makes transfers at no charge to a Bangkok Bank branch in New York, which then transfers to, so far, my girl friends account here in Bkk. I do not know exactly what they charge, evidently some sort of fee for currency conversion. I will know more when I succeed in getting my own BB account.
On that note I read a post a few days ago, and now cannot find it, of someone's experience of opening an account at Bangkok Bank main office in Bkk without the folderol of getting a notarized letter from the US Embassy, etc. Anybody know about this?

[TheAppletons]

A couple of notes on my experience to date.....

I forgot to inform my credit union that I would be "over there", and they put a hold on my debit card. A phone call and it was resolved, but easier if I had done the notification first.

One of my banks happily makes transfers at no charge to a Bangkok Bank branch in New York, which then transfers to, so far, my girl friends account here in Bkk. I do not know exactly what they charge, evidently some sort of fee for currency conversion. I will know more when I succeed in getting my own BB account.

On that note I read a post a few days ago, and now cannot find it, of someone's experience of opening an account at Bangkok Bank main office in Bkk without the folderol of getting a notarized letter from the US Embassy, etc. Anybody know about this?

I have never heard of anyone who was required to obtain a notarized letter from the US Embassy to open a bank account at Bangkok Bank. (I opened mine with a passport, visa, address, and cell phone number.)

[Fairynuff]

I use xendpay for low fee money transfers from a UK bank to Thai account.

All I needed for a Bangkok Bank account was my passport, the tenancy contract (proof of address in thailand) and some cash to deposit 20,000 baht. This was at branch in Kad central.

Sent from my mobile, please forgive the autocorrect!

Slightly off topic..... Can you send GBP to arrive at your Thai bank in GBP with xendpay?

[seancbk]

There is a limit to tourist visas. You could be turned away at immigration on one of your return trips id you do not have a legitimate reason for being here. Government is cracking down on serial tourists. Unless you are legally working or retired with proper visa, don't expect to be allowed in and out too many times.

When did this limit come in?

There in no limit under Thai Immigration Law.

[seancbk]

There is no such thing as "visa exempt entries" to Thailand. Everyone needs a visa.

That is really weird seeing as I've previously entered Thailand 7 times in a row on Visa Exempt entries.

I hope they haven't done away with the visa exempt option.

[TheAppletons]

There is a limit to tourist visas. You could be turned away at immigration on one of your return trips id you do not have a legitimate reason for being here. Government is cracking down on serial tourists. Unless you are legally working or retired with proper visa, don't expect to be allowed in and out too many times.

When did this limit come in?

There in no limit under Thai Immigration Law.

Correct....there is no limit on actual tourist visas.

He's probably referring to the fact that Immigration officials are "frowning upon" people who have many consecutive back-to-back visa exempt entries - the so-called "visa runners".

[TheAppletons]

There is no such thing as "visa exempt entries" to Thailand. Everyone needs a visa.

That is really weird seeing as I've previously entered Thailand 7 times in a row on Visa Exempt entries.

I hope they haven't done away with the visa exempt option.

You can still obtain a 30 day visa exempt entry upon arrival, depending upon the country of one's passport. Trujillo's comment is incorrect.

Edited January 9, 2016 by TheAppletons

[smotherb]

I have often done as you suggest doing--albeit a few years ago. I traveled light, but left some things at a hotel in Thailand; traveled to neighboring countries and returned. Thailand re-entry seems to be more problematic today, but if you spend three or four weeks out of Thailand before you try to re-enter and can show them you are a tourist, you should still be fine. I opened an SCB bank account in Thailand on a visa exempt--you can still do that, a friend just did it with BKK Bank--and I use Charles Schwab, never a hassle with wire transfers or using the debit card; Schwab even reimburses the ATM charges.

[Inquisitorial]

I have several Thai bank accounts and I got a few of them before I got married on various visas, including tourists visas. I've never really had Thai friends but if you're buying a condo or gold or something big like that the seller or agent will gladly take you down to their bank and introduce you. The key is being introduced by a Thai. Maybe you could ask your landlord to help you with that. They'd be motivated if you signed a one-year contract. One caveat--my info is several years old.

Edit: I might help if you start things off with a sizeable deposit because we know banks like money.

Thai banks do want a local person know to them serving as a personal reference, but that personal reference doesn't have to be a Thai person. When we opened our accounts at Bangkok Bank, we told them the names of an American couple who banked there and lived across the hall from us. They weren't even with us at the bank. Probably helped that we brought $10.000 U.S. in cash to open the account. No further reference was needed.

Since then, I've taken numerous other foreigners to the same bank to introduce them and answer questions they may have while opening their accounts. And I've served as the "guaranteer" on several occasions when people are claiming an inheritance. There is a myth that this has to be a Thai person, too. No, just someone known to the bank as being reputable, with a hefty balance at the bank.

So, OP, don't fret if you can't find a "Thai person" to serve as a reference to open a bank account. If you're known to a foreigner who has ties in the community, then that person can serve as a reference as well.

Nancy. Is this a Chang Mai Bank? We have KK account in Bangkok and my daughter tried to open an account (20 years old) and they told us that she cant open an account unless she has Study Visa. Just wondering if its the age that makes a difference?

[amexpat]

I had never heard about age requirements or needing an introduction. Just go to another branch or bank and things may be very different.

[MaeJoMTB]

Nancy. Is this a Chang Mai Bank? We have KK account in Bangkok and my daughter tried to open an account (20 years old) and they told us that she cant open an account unless she has Study Visa. Just wondering if its the age that makes a difference?

No, it's that branch's manager,

Every branch of every Thai bank is different.

Some want foreigner accounts, some don't.

Some tellers can't be bothered to speak English, easier to say NO.

If you happen to ask a branch that doesn't want you, they will fob you off with any BS excuse they can think of.

You can open an account on tourist VISA or no VISA at all.

Will the bank you call into let you, different question.

Edited January 9, 2016 by MaeJoMTB

[mascarabertha]

I didn't work for 60 years to have to count my pennies. I find that 300,000 baht a month satisfies my needs barely

[Lewthetraveler]

Thank you all for these comments.

I have some indefinite amount of time to plan so I can proceed with some caution.

When I come to a point that isn't covered in this thread, I will come back with more questions.

I didn't work for 60 years to have to count my pennies. I find that 300,000 baht a month satisfies my needs barely

I don't know what this response is about in this thread.

[NancyL]

I have several Thai bank accounts and I got a few of them before I got married on various visas, including tourists visas. I've never really had Thai friends but if you're buying a condo or gold or something big like that the seller or agent will gladly take you down to their bank and introduce you. The key is being introduced by a Thai. Maybe you could ask your landlord to help you with that. They'd be motivated if you signed a one-year contract. One caveat--my info is several years old.

Edit: I might help if you start things off with a sizeable deposit because we know banks like money.

Thai banks do want a local person know to them serving as a personal reference, but that personal reference doesn't have to be a Thai person. When we opened our accounts at Bangkok Bank, we told them the names of an American couple who banked there and lived across the hall from us. They weren't even with us at the bank. Probably helped that we brought $10.000 U.S. in cash to open the account. No further reference was needed.

Since then, I've taken numerous other foreigners to the same bank to introduce them and answer questions they may have while opening their accounts. And I've served as the "guaranteer" on several occasions when people are claiming an inheritance. There is a myth that this has to be a Thai person, too. No, just someone known to the bank as being reputable, with a hefty balance at the bank.

So, OP, don't fret if you can't find a "Thai person" to serve as a reference to open a bank account. If you're known to a foreigner who has ties in the community, then that person can serve as a reference as well.

Nancy. Is this a Chang Mai Bank? We have KK account in Bangkok and my daughter tried to open an account (20 years old) and they told us that she cant open an account unless she has Study Visa. Just wondering if its the age that makes a difference?

Yes, Kad Suan Kaew branch. USD 10,000 may have made the difference for us, plus being well-dressed and having a nice, cheerful, upbeat attitude.

I was there today and witnessed an older expat being turned down. I first laid eyes on him in my condo elevator as he was frowning at everyone, dressed in shorts and tee shirt and then watched as he walked briskly down Huey Kaew, still frowning and pushing missionary family out of his way. He couldn't be bothered to wait for the security guard the mall had hired to direct traffic for Children's Day, instead he walked across Huey Kaew, scrawling at traffic, expecting it to stop.

I lost track of him when I went into the mall, but when I was in Bangkok Bank, he was trying to open an account with a tourist visa and didn't seem to understand their explanation how you need a reference, work permit or 1-year visa, like a retirement visa to open the account. When I came in the customer service rep looked at me and said "Oh, Khun Nancy do you know this man?" and I said "No, I don't" and unfortunately let the poor customer service rep to continue with having to deal with this idiot.

[Dante99]

I didn't work for 60 years to have to count my pennies. I find that 300,000 baht a month satisfies my needs barely

I don't know what this response is about in this thread.

Not unusual, read some other threads. This forum is a bit like free association, misinformed and bonkers combined. Occasionally you find some reason or fact.

[Rob13]

I don't think i could find enough to do to spend 300K baht a month in Thailand.

Edited January 9, 2016 by Rob13

[Bill Miller]

A couple of notes on my experience to date.....

I forgot to inform my credit union that I would be "over there", and they put a hold on my debit card. A phone call and it was resolved, but easier if I had done the notification first.

One of my banks happily makes transfers at no charge to a Bangkok Bank branch in New York, which then transfers to, so far, my girl friends account here in Bkk. I do not know exactly what they charge, evidently some sort of fee for currency conversion. I will know more when I succeed in getting my own BB account.

On that note I read a post a few days ago, and now cannot find it, of someone's experience of opening an account at Bangkok Bank main office in Bkk without the folderol of getting a notarized letter from the US Embassy, etc. Anybody know about this?

I have never heard of anyone who was required to obtain a notarized letter from the US Embassy to open a bank account at Bangkok Bank. (I opened mine with a passport, visa, address, and cell phone number.)

I was told this is a requirement upon inquiring at a branch office, and it is indeed one of the alternative documents listed in the Bank's instructions on how to open an account as a foreigner.

I believe I will use the reference letter method, again suggested on their website.

I was just trying to do it more conveniently since, as I say, somebody ( perhaps yourself ) reported being able to open an account without a bunch of extraneous documentation. I may try once more to repeat your experience. Can you say which office you did this at?

[Bill Miller]

Thank you all for these comments.

I have some indefinite amount of time to plan so I can proceed with some caution.

When I come to a point that isn't covered in this thread, I will come back with more questions.

I didn't work for 60 years to have to count my pennies. I find that 300,000 baht a month satisfies my needs barely

I don't know what this response is about in this thread.

Count pennies? $8,000/month is a long, long way from living on the edge, especially in Thailand.

I believe it was intended as commentary on what it takes to live comfortably.

Edited January 9, 2016 by Bill Miller

[ozyjon]

well well well

~ three holes in the ground~

no idea

~a blind reindeer in the forest~

a crustasian

~ a Chinese run over by a truck~

shall i go on

and the point is / was

where am i

[Inquisitorial]

I have several Thai bank accounts and I got a few of them before I got married on various visas, including tourists visas. I've never really had Thai friends but if you're buying a condo or gold or something big like that the seller or agent will gladly take you down to their bank and introduce you. The key is being introduced by a Thai. Maybe you could ask your landlord to help you with that. They'd be motivated if you signed a one-year contract. One caveat--my info is several years old.

Edit: I might help if you start things off with a sizeable deposit because we know banks like money.

Thai banks do want a local person know to them serving as a personal reference, but that personal reference doesn't have to be a Thai person. When we opened our accounts at Bangkok Bank, we told them the names of an American couple who banked there and lived across the hall from us. They weren't even with us at the bank. Probably helped that we brought $10.000 U.S. in cash to open the account. No further reference was needed.

Since then, I've taken numerous other foreigners to the same bank to introduce them and answer questions they may have while opening their accounts. And I've served as the "guaranteer" on several occasions when people are claiming an inheritance. There is a myth that this has to be a Thai person, too. No, just someone known to the bank as being reputable, with a hefty balance at the bank.

So, OP, don't fret if you can't find a "Thai person" to serve as a reference to open a bank account. If you're known to a foreigner who has ties in the community, then that person can serve as a reference as well.

Nancy. Is this a Chang Mai Bank? We have KK account in Bangkok and my daughter tried to open an account (20 years old) and they told us that she cant open an account unless she has Study Visa. Just wondering if its the age that makes a difference?

Yes, Kad Suan Kaew branch. USD 10,000 may have made the difference for us, plus being well-dressed and having a nice, cheerful, upbeat attitude.

I was there today and witnessed an older expat being turned down. I first laid eyes on him in my condo elevator as he was frowning at everyone, dressed in shorts and tee shirt and then watched as he walked briskly down Huey Kaew, still frowning and pushing missionary family out of his way. He couldn't be bothered to wait for the security guard the mall had hired to direct traffic for Children's Day, instead he walked across Huey Kaew, scrawling at traffic, expecting it to stop.

I lost track of him when I went into the mall, but when I was in Bangkok Bank, he was trying to open an account with a tourist visa and didn't seem to understand their explanation how you need a reference, work permit or 1-year visa, like a retirement visa to open the account. When I came in the customer service rep looked at me and said "Oh, Khun Nancy do you know this man?" and I said "No, I don't" and unfortunately let the poor customer service rep to continue with having to deal with this idiot.

This is probably slightly off topic. But don't want to start a new topic

With the personal reference and or guarantee do you think a parent can do this or does it have to be someone not related to the applicant? We did not even get to the stage of the amount of money we were going to deposit just a flat NO.

Also, appreciate it if anyone can share names and branch of any Bangkok based banks that are more willing to open accounts.

We are keen for our daughter to have an account just in case anything happens to us, we thought it would be easier for her so she could transfer funds into her account and wind up our affairs, not that we are planning to depart this world just yet but one never knows, just trying to put as many contingency plans in place.

Thanks

[NancyL]

Go ask at the Kad Suan Kaew branch of Bangkok Bank. They had a special display set up yesterday to promote opening accounts for children, complete with children's toys and balloons but they weren't attracting any families into the bank to open accounts. They finally decided just to have some of their staff go into the mall to hand out the stuff to the kids who were busy with the Kids Day's activities in the mall. It looked like they were giving away some nice toys and there must have been candy because the kids acted like they were on a sugar high. Not in a mood to go into a bank to sit still and watch their parents sign forms.

Bangkok Bank has some special savings plans for families to set aside funds for children, tax free, that look interesting. I didn't really pay much attention when the assistant mgr was telling me about it since I don't have any children or grandchildren in Thailand, but I was thinking someone who did would be well advised to set up an account for a child.

[jobin]

Things must have changed in 3/4 years. Then i was just a 30 day tourist living in a cheap hotel but had no trouble opening a BB account on NimmanHaeman Road. But, since i was able to produce a USA passport, all went well for me.

[Chicog]

There is a limit to tourist visas. You could be turned away at immigration on one of your return trips id you do not have a legitimate reason for being here. Government is cracking down on serial tourists.

No it isn't, it's cracking down on skint pensioners, timeshare/boiler room salesmen and "digital gnomes" masquerading as tourists.

[NancyL]

Things must have changed in 3/4 years. Then i was just a 30 day tourist living in a cheap hotel but had no trouble opening a BB account on NimmanHaeman Road. But, since i was able to produce a USA passport, all went well for me.

Yes, I think things have changed and a USA passport just means more work for Bangkok Bank with the FBAR requirements. Why would they want to open an account for an American likely to keep a small balance because he's on a short-term visa?

With my experience yesterday, watching the older, very grumpy guy and poorly dressed guy walk briskly from our condo and into Bangkok Bank asking to open an account with a tourist visa, I think they probably would have accommodated him when they asked me if I knew him. I've brought newbies into that bank to open accounts with tourist visas, explaining they needed the account to bring in 800,000 baht to get a retirement visa. Then, they're happy to open an account for someone with a short-term visa and those plans. I think yesterday the customer service gal was looking for me to say something similar about that guy.

[northernjohn]

I have no idea. I went into the Bank of Siam in the night bazaar and showed them my passport and had a recipt of my lease. That was it. I did have my Thai Girlfriend with me.

following this forum over the years I have noticed that the different banks do not really have a hard and fast set of rules they adhere to. Also they will change if you go to another branch.

Also as Nancy has alluded to attitude can play a factor in it.

[Bruce404]

As far as U.S.-based financial institutions for use in transferring U.S. dollars conveniently to a Thai bank, I have found a Charles Schwab & Co. regular, taxable (non-IRA) brokerage account to be most convenient. Currently, a flat fee of $25.00 covers all outgoing international (SWIFT) wire transfers, regardless of amount.

And Schwab honors their signed and scanned Foreign Wire Transfer Form (no. APP13517-11), submitted electronically via their secure online messaging service. This means one does not have to show up in a Schwab branch, but can log in from anywhere in the world, using the free Symantec VIP key-chain fob that they provide to allow secure "2-factor" authentication using a random, changing passcode number generated by the key-chain fob.

One caveat: Such a low fee and transfer method does not apply to traditional savings/checking/etc. accounts at the company's affiliated Charles Schwab Bank.

On the Thailand end of the transaction, at Siam Commercial Bank (SCB), the funds are often received within one or two business days after submitting the form online to Schwab. SCB then usually makes a courtesy call to the phone number of the account holder from the "Forex Inward" department at SCB HQ in Bangkok to advise the account holder that his or her funds were received and are being deposited into the account designated in the Schwab form. They can also tell the customer what the exchange rate will be, if one remembers to ask.

(If the amount is US$50,000 or more, SCB will automatically generate the Thailand Foreign Exchange Transfer Form for the customer to evidence the transfer, sometimes needed for buying a condo. If the amount is less than $50k, one needs to go into the branch and ask for one to be manually filled out and signed and stamped. Most branch staff will have no idea what is being requested, so it is best to bring a printout of the blank form (available in .pdf online), partially filled out, and the phone number of the Forex Inward department of SCB in Bangkok and the name of the person there who called the customer. The branch staff will be hesitant to do anything without HQ in Bangkok explaining it to them.)

Apparently, Bangkok Bank has an account at a U.S. bank in New York, which permits transfers into it from a domestic U.S. bank via the Automated Clearinghouse (ACH) system, which is often performed for free by some U.S. banks for outgoing and incoming domestic transfers. Upon receipt of the ACH deposit, Bangkok Bank then credits the funds to the individual account in Thailand that was designated in the ACH transfer as the ultimate, intended beneficiary of the funds.

Which of these two Thai banks may offer the better rate on foreign exchange and any associated fees is unknown to me. To find out, someone with accounts with both SCB and Bangkok Bank would have to do test transfers of identical amounts at the same time by three methods: SWIFT to both SCB and Bangkok Bank in Thailand, and ACH to Bangkok Bank's U.S. account for its own internal credit to the beneficiary account in Thailand. If anyone does this experiment, I hope they will publish the results here for the benefit of ThaiVisa readers.

Edited January 10, 2016 by Bruce404

[seancbk]

There is no such thing as "visa exempt entries" to Thailand. Everyone needs a visa.

That is really weird seeing as I've previously entered Thailand 7 times in a row on Visa Exempt entries.

I hope they haven't done away with the visa exempt option.

You can still obtain a 30 day visa exempt entry upon arrival, depending upon the country of one's passport. Trujillo's comment is incorrect.

Yes, I knew that :-)

My reply was tongue in cheek, following the other post I replied to which claimed there was a limit on Tourist Visas.

Far too many people posting 'facts' which are not true.

[Nick ZepTepi]

I use xendpay for low fee money transfers from a UK bank to Thai account.

All I needed for a Bangkok Bank account was my passport, the tenancy contract (proof of address in thailand) and some cash to deposit 20,000 baht. This was at branch in Kad central.

Sent from my mobile, please forgive the autocorrect!

Slightly off topic..... Can you send GBP to arrive at your Thai bank in GBP with xendpay?

It's flexible, either input how much GBP you want to send and it will work or what you receive in THB or input how much THB you want and it will tell you how much GBP.

Did you want to receive GBP in Thai bank account? I haven't tried that but maybe.

I've used a couple of transfer options and this is the cheapest so far.

Sent from my mobile, please forgive the autocorrect!

[dhream]

thanks john,

I am hoping not to need an in-country bank account as it seems more trouble than its worth.

The exception is that I may need local bank account for rent payments and, in that case, I'll do what I have to do and fund it with wire transfer from US.

My intent is to use a low fee credit card for all travel expenses but that can be figured out when the time arises.

Bangkok Bank branch on the nimman main drag gave me an account and atm card on the spot, using a hotel address and just THB 30k when I first arrived.

You'll definitely need one for a retirement O application.