BKK Citibank or Bangkok Bank

[Wake Up]

Any one in Bangkok have an opinion on whether Citibank or Bangkok Bank is better for American living and renting in BKK. Eventually but not now need 800 K in Thai bank to get one year extension. Will need to transfer money from USA to BKK and ATMs withdrawals in BKK and not much else.

[lopburi3]

Bangkok Bank is located everywhere so much easier to use here. Internet banking is available and inexpensive transfer of funds by domestic ACH number as they have a branch in New York with such a number. Keep your US account for homeland but open a Bangkok Bank account here.

[mogandave]

Citibank in Thailand is more a business bank than a personal bank.

I would just get an account at whichever bank is closest to your home.

Bangkok bank makes sense if you want direct deposit as you can have a US account and a Thai account and (apparently) would not have to pay transfer fees.

[oldmajor]

I went with Citibank as I have use Citibank in other Countries which provides free funds transfer.

The problem I have with Citi is that it is not really recognized as a Thai bank and as such, you cannot use it for direct debit on utility bills etc should you ever need to.

[shirtless]

Go with Bangkok bank Citi bank are useless ,

[thaihome]

Hope the OP is aware of the US foriegn bank reporting requirements he triggers by having the 800k baht in Thai bank. I would recommend opening a Bangkok Bank account and making monthly ACH transfer into it and using income letter to get the extension.

TH

[farang1979]

I use BB, and their online banking is easy to set up and use.

[lopburi3]

Hope the OP is aware of the US foriegn bank reporting requirements he triggers by having the 800k baht in Thai bank. I would recommend opening a Bangkok Bank account and making monthly ACH transfer into it and using income letter to get the extension.

TH

It is not very hard - done online now and only takes a couple of minutes.

[arunsakda]

Hope the OP is aware of the US foriegn bank reporting requirements he triggers by having the 800k baht in Thai bank. I would recommend opening a Bangkok Bank account and making monthly ACH transfer into it and using income letter to get the extension.

TH

Why? Is their something wrong with filing an income Tax return? The personal requirements of yearly FATCA reporting are accomplished online, in a matter of a few minutes.

Hiding income is a crime that attracts severe penalties and custodial sentencing. Much better to just pay what ever tax is owed on the pittance one earns in interest payments from a "Thai Bank account".

[mogandave]

Hope the OP is aware of the US foriegn bank reporting requirements he triggers by having the 800k baht in Thai bank. I would recommend opening a Bangkok Bank account and making monthly ACH transfer into it and using income letter to get the extension.

TH

Why? Is their something wrong with filing an income Tax return? The personal requirements of yearly FATCA reporting are accomplished online, in a matter of a few minutes.

Hiding income is a crime that attracts severe penalties and custodial sentencing. Much better to just pay what ever tax is owed on the pittance one earns in interest payments from a "Thai Bank account".

Interest is not reported on the FBAR, and it is separate from from your income tax filing.

[MickeyM]

I picked Citibank when HSBC withdrew from retail banking in Thailand. It was a bad decision.

1. Citibank Thailand offers no fee-free transfers from Citi in the US, although that service is offered in virtually all other countries. (SWIFT transfers are the only option).

2. Virtually all extended investment services are excluded from US citizens.

3. Local transfers to other Thai banks take 3 business days.

I could add more reasons, but it has been a frustrating experience.

[arunsakda]

Hope the OP is aware of the US foriegn bank reporting requirements he triggers by having the 800k baht in Thai bank. I would recommend opening a Bangkok Bank account and making monthly ACH transfer into it and using income letter to get the extension.

TH

Why? Is their something wrong with filing an income Tax return? The personal requirements of yearly FATCA reporting are accomplished online, in a matter of a few minutes.

Hiding income is a crime that attracts severe penalties and custodial sentencing. Much better to just pay what ever tax is owed on the pittance one earns in interest payments from a "Thai Bank account".

Interest is not reported on the FBAR, and it is separate from from your income tax filing.

Correct and incorrect. All global income including interest from foreign bank accounts must be reported and is potentially taxable.

"Consequences for Evading Taxes on Foreign Source Income

You will face serious consequences if the IRS finds you have unreported income or undisclosed foreign financial accounts. These consequences can include not only the additional taxes, but also substantial penalties, interest, fines and even imprisonment."

https://www.irs.gov/Businesses/Income-from-Abroad-is-Taxable

[mogandave]

Hope the OP is aware of the US foriegn bank reporting requirements he triggers by having the 800k baht in Thai bank. I would recommend opening a Bangkok Bank account and making monthly ACH transfer into it and using income letter to get the extension.

TH

Why? Is their something wrong with filing an income Tax return? The personal requirements of yearly FATCA reporting are accomplished online, in a matter of a few minutes.

Hiding income is a crime that attracts severe penalties and custodial sentencing. Much better to just pay what ever tax is owed on the pittance one earns in interest payments from a "Thai Bank account".

Interest is not reported on the FBAR, and it is separate from from your income tax filing.

Correct and incorrect. All global income including interest from foreign bank accounts must be reported and is potentially taxable.

"Consequences for Evading Taxes on Foreign Source Income

You will face serious consequences if the IRS finds you have unreported income or undisclosed foreign financial accounts. These consequences can include not only the additional taxes, but also substantial penalties, interest, fines and even imprisonment."

https://www.irs.gov/Businesses/Income-from-Abroad-is-Taxable

The FBAR is separate from your tax return.

I said nothing about tax liability.

[IMA_FARANG]

For a number or reasons, not really relevant to this discussion , I am retired and get my U.S. Social pension sent from the Social Security in Baltimore by Direct Deposit to my Bangkok Bank account.

In that case,, a Direct Deposit transfer, the ONLY Thai bank the U.S. government will allow for a Direct Deposit transfer of pension funds is Bangkok Bank as it its the only Thai bank approved by the U.S. Social Security in Thailand approved for Direct Deposits.

[JMWPACIFIC]

Hope the OP is aware of the US foriegn bank reporting requirements he triggers by having the 800k baht in Thai bank. I would recommend opening a Bangkok Bank account and making monthly ACH transfer into it and using income letter to get the extension.

TH

Why? Is their something wrong with filing an income Tax return? The personal requirements of yearly FATCA reporting are accomplished online, in a matter of a few minutes.

Hiding income is a crime that attracts severe penalties and custodial sentencing. Much better to just pay what ever tax is owed on the pittance one earns in interest payments from a "Thai Bank account".

Interest is not reported on the FBAR, and it is separate from from your income tax filing.

I use both Citibank (Citigold where you have an assigned relationship rep) and also Bangkok Bank. I mainly do it to diversify my accounts. Both have good online services and it is true that Citi has free transfer of funds but it does take 3 business days for an online transfer. I use BBL to pay local monthly bills---auto charges to my account.

Citi is a Thai bank but nevertheless withholds tax and issues annual 1099's at tax time in USD's.

[vaultdweller0013]

I picked Citibank when HSBC withdrew from retail banking in Thailand. It was a bad decision.

1. Citibank Thailand offers no fee-free transfers from Citi in the US, although that service is offered in virtually all other countries. (SWIFT transfers are the only option).

2. Virtually all extended investment services are excluded from US citizens.

3. Local transfers to other Thai banks take 3 business days.

I could add more reasons, but it has been a frustrating experience.

Not entirely sure which direction (Thailand to US or US to Thailand) you are referring to in (1). However, you can do "fee free" Citi Global Transfers from the US to Thailand; I am not sure about the other way around. I say "fee free" because you get a lousy exchange rate; currently about 500 Baht difference compared to ACH from CIti to Bangkok Bank's NY branch on a USD 1000 transfer. The upside is that it is fast -- funds are consistently accessible within a couple of hours. So, its a nice feature to have in an emergency, but I wouldn't use as a regular funds transfer.

The only real advantage of Citi Thailand is true fee free ATM access throughout Thailand. Most banks will charge you a fee outside of the province where your bank branch is located. The problem, however, is how to get the funds into the Citi Thai account in the first place.

For the retirement extension, I'm not sure if funds in Citibank would qualify -- Citibank is a foreign bank with a branch in Thailand with additional restrictions over full Thai Commercial Banks. I would be interested to hear if someone has knowledge of whether this is the case or now.

Edited March 15, 2016 by vaultdweller0013

[thaihome]

Hope the OP is aware of the US foriegn bank reporting requirements he triggers by having the 800k baht in Thai bank. I would recommend opening a Bangkok Bank account and making monthly ACH transfer into it and using income letter to get the extension.

TH

Why? Is their something wrong with filing an income Tax return? The personal requirements of yearly FATCA reporting are accomplished online, in a matter of a few minutes.

Hiding income is a crime that attracts severe penalties and custodial sentencing. Much better to just pay what ever tax is owed on the pittance one earns in interest payments from a "Thai Bank account".

Interest is not reported on the FBAR, and it is separate from from your income tax filing.

Correct and incorrect. All global income including interest from foreign bank accounts must be reported and is potentially taxable.

"Consequences for Evading Taxes on Foreign Source Income

You will face serious consequences if the IRS finds you have unreported income or undisclosed foreign financial accounts. These consequences can include not only the additional taxes, but also substantial penalties, interest, fines and even imprisonment."

https://www.irs.gov/Businesses/Income-from-Abroad-is-Taxable

The FBAR is separate from your tax return.

I said nothing about tax liability.

Neither did I.

Having worked overseas for some 18 years and doing my own taxes for all of it I am very familiar with reporting foreign income. I just now choose to not keep over $10k in a foreign bank account and not having to do a FUBAR report. It is simple, easy, and completely legal to avoid it.

TH

[Wake Up]

Thank you to all. Bangkok Bank wins. I would have chosen Citibank for all the wrong reasons so you saved me a lot of hassle and I appreciate it. I will declare any income from Bangkok Bank on my US tax return. I do not screw with the government police and it will not be much money. Take care.

[mogandave]

Hope the OP is aware of the US foriegn bank reporting requirements he triggers by having the 800k baht in Thai bank. I would recommend opening a Bangkok Bank account and making monthly ACH transfer into it and using income letter to get the extension.

TH

Why? Is their something wrong with filing an income Tax return? The personal requirements of yearly FATCA reporting are accomplished online, in a matter of a few minutes.

Hiding income is a crime that attracts severe penalties and custodial sentencing. Much better to just pay what ever tax is owed on the pittance one earns in interest payments from a "Thai Bank account".

Interest is not reported on the FBAR, and it is separate from from your income tax filing.

Correct and incorrect. All global income including interest from foreign bank accounts must be reported and is potentially taxable.

"Consequences for Evading Taxes on Foreign Source Income

You will face serious consequences if the IRS finds you have unreported income or undisclosed foreign financial accounts. These consequences can include not only the additional taxes, but also substantial penalties, interest, fines and even imprisonment."

https://www.irs.gov/Businesses/Income-from-Abroad-is-Taxable

The FBAR is separate from your tax return.

I said nothing about tax liability.

Neither did I.

My mistake, sorry.

[thaihome]

Thank you to all. Bangkok Bank wins. I would have chosen Citibank for all the wrong reasons so you saved me a lot of hassle and I appreciate it. I will declare any income from Bangkok Bank on my US tax return. I do not screw with the government police and it will not be much money. Take care.

Declaring the income is not the issue. You must make a separate report to treasury dept if you have foreign bank accounts when the sum of the balances exceed $10k at any time during the year. Known a FUBAR.

TH

Edited March 16, 2016 by thaihome

[lopburi3]

Perhaps by you; but most people use the official family audience FBAR

[tomwct]

I use BB, and their online banking is easy to set up and use.

Does BB charge for Online Banking? If so how much per month?

[mogandave]

Thank you to all. Bangkok Bank wins. I would have chosen Citibank for all the wrong reasons so you saved me a lot of hassle and I appreciate it. I will declare any income from Bangkok Bank on my US tax return. I do not screw with the government police and it will not be much money. Take care.

Declaring the income is not the issue. You must make a separate report to treasury dept if you have foreign bank accounts when the sum of the balances exceed $10k at any time during the year. Known a FUBAR.

TH

And any foreign account you have signing authority over must be included in the $10K sum and the report.

[farang1979]

I use BB, and their online banking is easy to set up and use.

Does BB charge for Online Banking? If so how much per month?

No it's free. Easy to set-up, just go to ATM and follow the steps. You do half the registration at the ATM and half at a computer.

[thaihome]

Perhaps by you; but most people use the official family audience FBAR

Maybe a Freudian slip there ?

TH

[thaihome]

Thank you to all. Bangkok Bank wins. I would have chosen Citibank for all the wrong reasons so you saved me a lot of hassle and I appreciate it. I will declare any income from Bangkok Bank on my US tax return. I do not screw with the government police and it will not be much money. Take care.

Declaring the income is not the issue. You must make a separate report to treasury dept if you have foreign bank accounts when the sum of the balances exceed $10k at any time during the year. Known a FUBAR.

TH

And any foreign account you have signing authority over must be included in the $10K sum and the report.

Had that issue as well, though company did their part of the form for me and I just had to add my personal accounts.

All done with that for several years now and don't intend to get involved again.

TH

[arunsakda]

So now we have IRS/FUBAR/Fatca/and FinCen requirements all sussed out we can ALL agree that there is no legitimate reason any "US person" would fear depositing any amount of money in a Thai bank due to reporting requirements. What can be complied with in a matter of minutes online. Much less time than it takes to purchase an airline ticket online for example.

Unless one wishes to hide income or assets. Good luck on that and Chok Dee-arunsakda

[thaihome]

So now we have IRS/FUBAR/Fatca/and FinCen requirements all sussed out we can ALL agree that there is no legitimate reason any "US person" would fear depositing any amount of money in a Thai bank due to reporting requirements. What can be complied with in a matter of minutes online. Much less time than it takes to purchase an airline ticket online for example.

Unless one wishes to hide

income or assets. Good luck on that and Chok Dee-arunsakda

You will have to explain how keeping ones money in the US, reporting all income to IRS, but at the same desiring to minimize the beuracratic interface with the government is sign of hiding assets or income.

Regardless of how easy it is to do the FBAR report I can choose to legally avoid it. Your inference that is somehow an addmision of committing a criminal act is insulting.

TH

[arunsakda]

No intent to insult though one should expect it on a anonymous forum. A beaureucratic interface? My entire lifestyle would be impossible without, without fingerprints and affirmations demanded again and again, without notifications of physical address, without Federally mandated doctor visits twice a year.

You say somebody should be worried to deposit a relative pittance of 800,000 THB in a local bank 3 months a year to get an extention and filing a online report that takes 2 minutes is some kind of issue.

I think it's a non-issue. Cheers.

Edited March 17, 2016 by arunsakda

[thaihome]

No intent to insult though one should expect it on a anonymous forum. A beaureucratic interface? My entire lifestyle would be impossible without, without fingerprints and affirmations demanded again and again, without notifications of physical address, without Federally mandated doctor visits twice a year.

You say somebody should be worried to deposit a relative pittance of 800,000 THB in a local bank 3 months a year to get an extention and filing a online report that takes 2 minutes is some kind of issue.

I think it's a non-issue. Cheers.

I have done all that, had a secret clearance (due to nuclear industry employment ), signatory on corporate bank accounts, etc.

At this stage of my life I choose not to participate to the legal level. I have been pretty successful at it. I never said it was an "issue", but it did seem the OP may have been unaware of the reporting requirements and I simply pointed out a legal and easy way to avoid it. You then said the "only reason" to avoid the reporting since it is so easy to do is to hide assets or income. You seem to have backed off that a bit, but still seem unable to accept that not everyone is like you and feel the need to insult them for that.

TH