recommended bank

[donmarcop]

I'll be starting the process for  retirement visa - any particular banks best to deal with in CM when opening the initial account while on the tourist visa?

Hoping to go the route of  foreign current account (USD). For the bulk of the deposit, can I just use  personal check and wit for it to clear (30 days)?

[MrBrad]

I don't know the best bank for a foreign currency account, but as far as having a check clear, you may have to wait about 45 days!  I opened an account some years ago at Bangkok Bank and deposited a nice sum of money with a certified check drawn on a US bank.  Good as gold, I thought.  Nope, wait 45 days.  Ouch!

[lordblackader]

Bangkok Bank is the easiest to open on a tourist visa. If you can take a Thai person with you to avoid hassles.

[KhonKaenKowboy]

Foreign Currency accounts are a clear case of doing things the hard way, in addition to not getting a 1 year O-A in the US,,,that is good for almost two years.  ....On USD, you will get almost no interest, and if the Dollar slips a few percent on the day you get your letter....you will be SOL...unless you had in extra for protection.  There are significant fees involved with getting those USD in a FCA...Having some of your portfolio in THB is a decent way to be diversified.  35 thb to 1 usd is a good deal for those with USD.

[NancyL]

If you're going to be bringing funds in from the U.S. on a regular basis, then it makes the most sense to open your first bank account with Bangkok Bank.  They have a commercial branch in NYC and you can use ACH transfers with the NYC branch routing number to move money as if you're doing a domestic U.S. transfer.  Also, you can arrange for direct deposit of regular income streams like pensions, including Social Security and other U.S. gov't payments.  (even your tax refund)

 

The Bangkok Bank at Kad Suan Kaew mall is foreigner-friendly, esp for older foreigners interested in retiring here.  Don't believe the line about "take a Thai person with you to avoid hassles"  Taking someone you just met, esp. a working girl is a mistake.  It's your money and if your bankers can talk to you in English, and explain what's needed so you can understand, then ask to speak with someone else or go elsewhere.  What the bank will need however, is someone to act as a reference.  This doesn't have to be a Thai person, in fact they'd much rather have a foreigner who has an account at their branch and is well know to them as a reference vs. some random Thai person they've never seen.

 

The Chiang Mai Expats Club will produce a letter for its members that is acceptable to the Kad Suan Kaew branch of Bangkok Bank for those who have talked with a club officer and demonstrated that they are one the path to obtaining a retirement visa.  But, as KKK said, it would have been better to obtain an O-A visa in the U.S. before coming here, but it seems like you didn't, so now you've set yourself up for a much more expensive process with CM Immigration.  Oh well.  

 

Also, he's right about the foreign currency accounts not earning much interest.  But, my 800,000 baht retirement visa account at Bangkok Bank earns better interest than the near-zero interest my U.S. credit union pays.  As he said, I consider it just another investment.  Not one of my best-paying investments, but it certainly is very liquid.  Thai Immigration will accept a USD account in a Thai bank that's equivalent to 800,000 baht, but why?

 

 

 

[NancyL]

Oh, to answer the question about how to transfer over the "bulk of the deposit".  ACH transfer once you've set up the Bangkok Bank account.  The personal check route isn't bad if you have lots of time and the check is large.  I believe there's a flat fee of $50, so it can be OK if it's a big amount.  I've done this three times and it's taken between 27 - 32 days each time before the money hits my account.

 

Incidentally, this isn't just a "Thai thing" about checks taking so long to clear.  We lived a stone's throw from Canada and maintained a Canadian bank account that I used irregularly to pay Canadian suppliers who wouldn't take Visa cards and gave us a crummy rate when we paid in U.S.D.  I learned the hard way that they insisted on 14 days to clear checks and furthermore someone couldn't "put thru a bad check again" when I wrote a check that bounced to a supplier because I'd assumed that the deposit I'd sent to the Canadian bank would have cleared in time.

[Rotweiler]

Contrary to the posts above, I would not recommend Bangkok Bank.  Their charges are much higher than most Thai banks for many international transactions; their debit/credit cards are not usable in some countries.  My main beef with them is that their service is not consistent - varies from terrific to terrible depending on the specific service required.  Th=eir attitude seems to be "we are the biggest - if you don't like it, go away".

 

I suggest Thanachart Bank - smaller bank (seem to try harder) ; service is consistently good, rates competitive.

[KhonKaenKowboy]

Bangkok Bank offers the best way to get money over here (for Americans), and if you are a regular, they won't require your passport (if you have you passbook, and it's not a large withdrawal).  After that...to stash the 800K...CIMB and Krungsri are tough to beat.  CIMB only charges 100 thb for letter to Immigration...and having it in a mix of FD and savings was no problem.  I walked out of there with 15000 in interest on a 13 month 500K fixed in February.  Now more like 1.4%....but I guarantee you many members of the Hardway Club have let it sit there for years at SCB, BKKBank, etc.  earning less than 1%...but I guess that is more respectable than paying 1800 to swear to a false statement at the US Consulate.

Edited August 18, 2016 by KhonKaenKowboy

[NancyL]

As I said, for Americans, it makes the most sense for your first Thai bank account to be with Bangkok Bank and use that as your gateway to bring money into Thailand.  Then you can shop around.

 

And what retiree is going to be using a locally issued credit card, anyway?  It makes the most sense to continue to keep your U.S. bank account and U.S.-issued credit card and all its protections.

[neilrob]

1 hour ago, NancyL said:

 

And what retiree is going to be using a locally issued credit card, anyway?  It makes the most sense to continue to keep your U.S. bank account and U.S.-issued credit card and all its protections.

I agree with Nancy that Bangkok Bank is an excellent choice. However, I disagree with the above statement. I am a retiree and I do use a Bangkok Bank credit card (I also have a US one from Chase Bank). If you live here, as I do, and want to use a credit card sometimes, then why not have one in the currency you are using? Some may be surprised to know that BBL's system of protections against fraud is at least as good as that for my Chase card. Rotweilor's comment above that you cannot use their credit card in other countries is wrong. Of course you can use a Bangkok Bank Visa credit card anywhere in the world that you can use any other Visa card. I have personally used it in countries as far apart as New Zealand, Vietnam, Croatia, the UK, Cambodia, and Spain.

[KhonKaenKowboy]

and what is the annual fee? and what are the foreign transaction fees?  Before we even start talking about mileage bonuses with airlines.  I've flown over here 11 times...only paid three times....mostly at the expense of Chase.

[neilrob]

32 minutes ago, KhonKaenKowboy said:

and what is the annual fee? and what are the foreign transaction fees?  Before we even start talking about mileage bonuses with airlines.  I've flown over here 11 times...only paid three times....mostly at the expense of Chase.

What is the annual fee? The answer is zero. What are the foreign transaction fees? The answer is zero. Furthermore, BBL offers better foreign exchange rates than Chase. And, of course, if I use it in Thailand, there are no exchange rate issues. BBL also has a good rewards program, which I have used many times. As I commented above, I also have a Chase credit card. I have used airline miles from them over the last 35 years I've had the card more times than I can count. Having both cards adds flexibility to use whichever is most convenient and appropriate to wherever you are. And my point was that, contrary to Rotwielor's statement, a BBL card is as accepted as a Chase card throughout the world.

[KhonKaenKowboy]

I've been with BBL for 12 year and never seen anything even remotely temping cc wise or even debit card wise...perhaps you could show us a link?  Consumer protection?  yeah, and I get 9% with LMP.

[KhonKaenKowboy]

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/CreditCards/Pages/TermsandConditionsall.aspx

[donmarcop]

Many thanks for the insightful replies - much, much appreciated! Lots to consider.

I've been living in the PI for the last several years and what I did that worked wonderfully was open  USD and  local currency account. I would write a personal check depositing the large balance of funds. Then withdraw USD, convert on the street, and deposit into local currency account monthly to pay expenses. The banks in the PI do not clear the funds for 30 days for either perosnal or cert checks. Benefit is I pay 0 in transfer/transaction fees and the bank doesn't take  bite of bite doing  USD to PHP conversion (which is substantially lower than what I can get on the street exchanging).

I was guessing it would be similar in Thailand, with the difference being it's not going to be set side instead of used for my monthly living expenses like now. For example the difference between  bank of thailand (34.32) vs superrich (35.55) on  25k USD conversion = ~6k baht difference (not too huge).

Re doing in the usa vs locally...  I do have an upcoming trip to the usa and could send it in to the embassy remotely, but guessing I would first have to go to Thailand to open the bank account and deposit the funds + have to run around with police/medical clearance when bck in the usa. Hassle to save what "i think" is the marginal cost (few thousand baht?).

Re credit cards - I've got cap one cards that do not have exchange fee/no annual fee, but the rate conversion isn't the best by any means.

Note edit - fixed the typo I made doing the currency conversion.

Edited August 18, 2016 by donmarcop

[KhonKaenKowboy]

free report from local police..........55 usd health certificate from travel medical doctor.........welcome to my block list...

[neilrob]

Welcome to Thaivisa, Donmarcop. I doubt that it will work in Thailand as it did in the PI for the difference between the official and the street rate of exchange. In Thailand there is very little such difference. Super Rich offers a closer spread, but similar basic rate. According to their web site today, Super Rich buy $100 bills for 34.57B. However, you would get a better rate of exchange simply by sending the money via Bangkok Bank's NY branch, as Nancy has described above. That rate today is 34.74B.

[lopburi3]

10 hours ago, donmarcop said:

Many thanks for the insightful replies - much, much appreciated! Lots to consider.

I've been living in the PI for the last several years and what I did that worked wonderfully was open  USD and  local currency account. I would write a personal check depositing the large balance of funds. Then withdraw USD, convert on the street, and deposit into local currency account monthly to pay expenses. The banks in the PI do not clear the funds for 30 days for either perosnal or cert checks. Benefit is I pay 0 in transfer/transaction fees and the bank doesn't take  bite of bite doing  USD to PHP conversion (which is substantially lower than what I can get on the street exchanging).

I was guessing it would be similar in Thailand, with the difference being it's not going to be set side instead of used for my monthly living expenses like now. For example the difference between  bank of thailand (34.32) vs superrich (35.55) on  25k USD conversion = ~6k baht difference (not too huge).

Re doing in the usa vs locally...  I do have an upcoming trip to the usa and could send it in to the embassy remotely, but guessing I would first have to go to Thailand to open the bank account and deposit the funds + have to run around with police/medical clearance when bck in the usa. Hassle to save what "i think" is the marginal cost (few thousand baht?).

Re credit cards - I've got cap one cards that do not have exchange fee/no annual fee, but the rate conversion isn't the best by any means.

Note edit - fixed the typo I made doing the currency conversion.

To obtain a non immigrant O-A visa from home country the money can be in home country.  There would not be any need for funds to be in Thailand for 2 years (you can use that one year visa to obtain a second year with an entry just before expiration date).

[NancyL]

It's a good idea to get an O-A visa in the U.S. if possible and then you just have to bring enough money into Thailand for living expenses for two years and BIG BONUS not have to deal with CM Immigration for two years except for relatively painless 90 day reports and to obtain re-entry permits during the second year when you're here on an "permission to stay" stamp.  

 

Still definitely a good idea to open a Bangkok Bank account for your "living expense" account.

[amexpat]

The money in a US bank still must be aged.  Police report is no problem. Finding a doctor to complete the medical cert, with a notary, was challenging for me. 

 

[NancyL]

Just got done doing a little on-line banking and bill pay both with my U.S. credit union and with Bangkok Bank.  I've got to admit that the internet banking features of Bangkok Bank are easier to use than with my U.S. credit union and the way that they have it set up to pay the common service providers here is pretty nifty.  

[MadMac]

Does anyone (farang) have experience with online local brokerage/stock trading with a Thai bank? Have heard different things, first that it would be impossible for a farang in TH, secondly that SCB and Maybank have the best systems. Any experience?

[KhonKaenKowboy]

Here is an example of the type of place to get the form done:  https://www.washingtontravelclinic.com/policies/

[Scotwight]

On 8/19/2016 at 0:45 AM, donmarcop said:

Many thanks for the insightful replies - much, much appreciated! Lots to consider.

I've been living in the PI for the last several years and what I did that worked wonderfully was open  USD and  local currency account. I would write a personal check depositing the large balance of funds. Then withdraw USD, convert on the street, and deposit into local currency account monthly to pay expenses. The banks in the PI do not clear the funds for 30 days for either perosnal or cert checks. Benefit is I pay 0 in transfer/transaction fees and the bank doesn't take  bite of bite doing  USD to PHP conversion (which is substantially lower than what I can get on the street exchanging).

I was guessing it would be similar in Thailand, with the difference being it's not going to be set side instead of used for my monthly living expenses like now. For example the difference between  bank of thailand (34.32) vs superrich (35.55) on  25k USD conversion = ~6k baht difference (not too huge).

Re doing in the usa vs locally...  I do have an upcoming trip to the usa and could send it in to the embassy remotely, but guessing I would first have to go to Thailand to open the bank account and deposit the funds + have to run around with police/medical clearance when bck in the usa. Hassle to save what "i think" is the marginal cost (few thousand baht?).

Re credit cards - I've got cap one cards that do not have exchange fee/no annual fee, but the rate conversion isn't the best by any means.

Note edit - fixed the typo I made doing the currency conversion.

Did you get the answer?  Do the visa at home in the USA and you got two years in Thailand with no money in a Thai bank.  Foreign currency account in Thailand is not worth anything unless you have a different angle than most.  After two years deposit 800,000 in Bank of Bangkok in CM and no problems.  

[KhonKaenKowboy]

9 minutes ago, MadMac said:

Does anyone (farang) have experience with online local brokerage/stock trading with a Thai bank? Have heard different things, first that it would be impossible for a farang in TH, secondly that SCB and Maybank have the best systems. Any experience?

I have an account with MayBank....there are many restrictions on foreigners, many of which they don't understand, especially if you like to get in and out of positions.  They aren't used to dealing with farang up here...would be different in BKK.  Collecting dividends has special rules for farang...foreign shares can be illiquid....I was disappointed, and felt a bit like I was dealing with restaurant workers, who don't give a crap if you're there or not.  Just buy THD or TTF (on the NYSE)  if you want a pure Thailand play.  Otherwise...IDV can be bought and sold for free at Fidelity....and it is holding very solid foreign companies, and paying 5%+ div.

[MadMac]

17 minutes ago, KhonKaenKowboy said:

....there are many restrictions on foreigners, many of which they don't understand, especially if you like to get in and out of positions. ...

 

Thanks, that's what I was afraid of.

 

Investing abroad would defeat the purpose, funds are in-country and fixed deposits are no longer of any viable interest. Bought some gold yesterday, but more as backup for worst case.

[KhonKaenKowboy]

It's doable, if your funds are stuck here, but dealing with people/companies/agencies that play the shoot yourself in the foot game is worse than watching expats participate in the Hardway Club.  You could buy some property REITs and likely do better than if you were buying condos to rent out...

[donmarcop]

1 hour ago, Scotwight said:

Did you get the answer?  Do the visa at home in the USA and you got two years in Thailand with no money in a Thai bank.  Foreign currency account in Thailand is not worth anything unless you have a different angle than most.  After two years deposit 800,000 in Bank of Bangkok in CM and no problems.  

Living in the Philippines on  tourist visa the last few years (been  a while since in the US). That said, perhaps I could file  for the visa at the thai embassy in manila? Been waiting to turn 50 (last month) to head to greener pastures

Re affidavit of income, is there  specific form to use for the visa, or just something the us embassy whips up and notarizes?

[NancyL]

You should start a new thread on the Visa forum about filing for a visa from Manila.  You're not going to be able to obtain an O-A visa there, since you're not a Philippine citizen, but you probably can obtain a single-entry O visa which is a good start since then you can obtain a retirement extension here from that visa, using an Income Letter that you get at the U.S. Consulate, Chiang Mai.  They provide the form.

 

You cannot obtain a retirement extension from a tourist visa.

[JimGant]

Quote

Re credit cards - I've got cap one cards that do not have exchange fee/no annual fee, but the rate conversion isn't the best by any means.

Rate conversion isn't the best by any means? Unless you signed for dynamic currency conversion, your exchange rate is the network's rate (Visa or MasterCard), which, for Visa anyway, averages several satang better than the banks' buying TT rate. You're not going to do better than that, except maybe with Super Rich.