Best Bank Account and Credit Card for a newbie?

[elizabethay]

Hi friends! I'm new to the site and new to the Bangkok area (my husband and I just moved here two weeks ago near Ekkemai and we're getting settled in). 

I've been asking around but haven't gotten any great answers for where I could get a credit card as an Expat? I tried applying a few places online and it was frankly a mess. My Thai isn't good enough (see non-existent) to go to a bank and apply for one. SOS?  Does the concept of rewards cards exist here, like my favorite Barclay's Card from the US?

Also trying to setup a bank account, and not sure which bank to choose. Maybe there's a bank account plus credit card secret expat deal out there? just curious. Thanks!

Saw a couple other threads on the site here, but the answers weren't super helpful as I think some of those sites are old. Sorry to be a pain. Love you all

Lizzie A

[tonray]

I would forget the credit card idea. Unless you are working with a predictable salary, most banks will not deal with foreigners. You should apply in your home country and use that. Or better yet, when you get a bank account...just use your debit card....easier and you don'tt run up debt that way.

 

As far as banks, any will do but you will find that most will insist on a work permit as a prerequisite for opening an account. Basically long term permission to stay is what they want before they open an account

[Scotwight]

All the Americans who get SS transfered to Thailand have to use Bangkok Bank.  I have accounts with Bangkok Bank. Siam and KTB.  Just remember to go to a main bank and not a little branch that has no idea or makes up their own rules.  Read on line about opening an account before you go.  Don't listen to folks who say you need a work permit or long stay visa.  Go to the bank and ask.  Bangkok Bank is the big one.  

 

From their website

Even if you are only visiting Thailand for
a relatively short period of time, you can open a savings account and get a debit card to use for shopping and ATM withdrawals. All you will need to provide is your passport and one other official identification document – for example, a reference letter from your embassy,  your home bank or a person acceptable
to the bank.

Edited September 23, 2016 by Scotwight

[elizabethay]

Thanks everyone for the advice. Really appreciate it. I'll be here for about a year or so, and still figuring things out. I'll check out the Bangkok Bank option @scotwight ; and will look through those us credit cards that don't have a foreign transaction fee i guess

[Scotwight]

You may not be aware that Thailand is a cash country.  I've lived here for a decade and never paid for anything with a check or credit card.  I/wife even got a loan and bought a 2 million dollar house with cash.  You can pay all your bills at the 7/11 and even buy things on line by pre paying at 7/11.  Everyone here transfers money to your bank account rather than write a check. 

[janejira]

The third floor of Emquartier (Phrom Phong BTS Station) has many banks with English speaking staff.  I think there is SCB, Kasikorn, Bangkok Bank, and Krungsri all in the same row. One of the banks should be able to help you and explain the criteria to open a new account.

 

For credit cards, I'm pretty sure you need a work permit and at least 6 months of salary statements.  There are exceptions for diplomats though if that applies to you.

 

Credit cards do have point systems. I think I have exchanged my points for movie tickets a few times now, but the rewards are really not the same as back in the US for the average credit card user.  If you have a high income and get an elite card, there are all sorts of perks (airport lounge access, reserved parking spots at malls, free access to fitness clubs, etc.) You can go to any of the bank websites and find their page about the credit cards they offer.  Most sites also have information about the application criteria.

Another thing to keep in mind is that the average interest rate for credit cards in Thailand is about 20-25%.  There doesn't seem to be a sliding scale for interest based on credit. 

[Oxx]

Generally, Bangkok Bank is the most foreigner friendly, closely followed by Krung Sri/Bank of Ayudhya.

 

Least foreigner friendly (at least in my experience), TMB, CIMB, L&H.

 

You should be able to get an ATM card with any savings account.  Getting a debit card can be a bit harder, though I had no difficulties with Bangkok Bank.

[asiaexpat]

Most Thailand banks have the requirements for credit cards on their web site. The option for those that do not have sufficient salary and work permit is a secured credit card. I found Bangkok Bank the easiest to deal with when I got a secured credit card (use for online transactions and airline tickets.) The card is secured by a fixed savings account in the amount of credit available (example- 100000 baht fixed account gets 100000 baht maximum chargeable to card.) Bangkok Bank at Emquartier (Phrom Phong BTS Station) is very helpful and staff can speak english.

[theoldgit]

A number of expats without work permits have successfully applied for Amex Credit Cards without the need to tie up cash as a deposit.

Of course Amex charges a fee and not all outlets accept it, but it's a good back up especially when some places don't accept Debit Cards for deposits.

[thonglorjimmy]

Yes I got one of those Amex cards as a retiree, healthy limit which has just been increased, and no deposit, certainly a good back up even with the annual fee.

[KhunBENQ]

Kasikorn or Bangkok Bank would be my suggestions.

Only savings account with debit card is realistic.

Insist on internet banking (linked to your cell phone for OTP).

I would not try the credit card path even if the "guarantee account" seems viable at Bangkok bank.

 

Kasikorn offers a "virtual credit card" (in fact a debit card) free of extra cost.

It's just numbers and allows you to configure the transaction limit via online banking.

Money is directly deducted from your account.

Works fine for online purchases, bookings, reservations etc.

I only use it domestically.

For outside Thailand transactions I would use my German CC (not used for years).

 

More than 90% of my expenses is in cash withdrawn from ATM free of charge.

Edited September 25, 2016 by KhunBENQ

[elizabethay]

Hi everyone, wow I'm overwhelmed at the amount of information here on this forum, especially compared to other places I've been posting. Thanks all for taking the time and effort for replying. 

 

I'm finding that @Scotwight, @KhunBENQ and others above are completely right about how pervasive cash is here. Even places that accept cards have a 500 baht minimum often - which is kind of a stark contrast from my typical buying behavior back at home in NYC (buying a pack of gum with my MasterCard lol).  

 

So, I took the advice of many of you and actually finalized my bank account and credit card this weekend. Bank was Bangkok Bank - since I have a work permit, it was surprisingly easy to apply. For credit card, someone over at the expatforum.com suggested that I check out a site called Masii https://masii.co.th/ which was pretty helpful (once changing into English). Ended up getting a Thanachart bank credit card after some initial difficulty setting things up.

 

@theoldgit I'm also looking into AMEX and you're right. I used to live in China about 10 years ago, and I didn't even think of using AMEX bc of such a bad experience back in the day (noone in China would take it). They actually have some pretty great benefits for ppl abroad - so thank you for your recommendation. 

 

Thanks everyone. Getting all settled in here. Also, slightly off topic but, how is it that everyone here is using this LINE app?! Never heard of it before but my bank rep even gave me hers, as if it's some kind of professional communication. Learn something everyday!

[Pib]

The LINE app is used by millions upon millions of folks in Thailand and Japan.....it's the most used communications app for those two countries and it's becoming more popular in other countries also.

 

https://www.similarweb.com/blog/worldwide-messaging-apps

[balo]

On 9/24/2016 at 9:52 AM, Oxx said:

Generally, Bangkok Bank is the most foreigner friendly, closely followed by Krung Sri/Bank of Ayudhya.

 

 

You forgot to add Kasikorn to that list . One of the friendliest and they have the best online banking in English. 

 

[Pib]

What makes the K-bank online banking so great?  Any online services provided above and beyond other Thai banks?    I have Bangkok Bank, Krungsri Bank, and KrungThai online ibanking and would rate Bangkok Bank's the best by just a little due to ease of use, Krungsri coming in a close second, and KrungThai coming in a distance 10th.

[balo]

19 hours ago, Pib said:

I have Bangkok Bank, Krungsri Bank, and KrungThai online ibanking and would rate Bangkok Bank's the best by just a little due to ease of use, Krungsri coming in a close second, and KrungThai coming in a distance 10th.

 

I have also tried Bangkok Bank online but I feel that Kasikorn has a better design  and it's easy for me when I do daily transactions , both to my other K- accounts and paying the bills. Also it's easy to connect it to Paypal and I'm not sure if that is even possible in many other banks here.  

[lannarebirth]

On 9/27/2016 at 10:03 AM, balo said:

 

You forgot to add Kasikorn to that list . One of the friendliest and they have the best online banking in English. 

 

Kasikorn Bank is the worst bank I've encountered in my lifetime and I've had multiple accounts in banks on four continents. If you're an American, Bangkok Bank offers advantages no other bank does, period. Don't get a foreign currency account at any Thai bank. Thai credit cards seem to be more trouble than they're worth and shop around to many banks for fixed time deposit rates.

[Ronuk]

Without a WP or a long term Visa, opening an account here now is becoming ever more difficult.

[jphasia]

 
I have also tried Bangkok Bank online but I feel that Kasikorn has a better design  and it's easy for me when I do daily transactions , both to my other K- accounts and paying the bills. Also it's easy to connect it to Paypal and I'm not sure if that is even possible in many other banks here.  

My Paypal is connected to my Bangkok Bank account for information. Also another Paypal account is connected to my SCB account. I don't use Kasikorn.


Sent from my iPhone using Tapatalk

[balo]

Kasikorn Bank is the worst bank I've encountered in my lifetime and I've had multiple accounts in banks on four continents. If you're an American, Bangkok Bank offers advantages no other bank does, period. Don't get a foreign currency account at any Thai bank. Thai credit cards seem to be more trouble than they're worth and shop around to many banks for fixed time deposit rates.

Ok I'm not American so maybe that's the reason you feel Kasikorn is the worst bank. Most expats and retired people from Europe have only good experiences with Kasikorn. Just check similar threads here on TV. But as always you need to find a branch with staff that wants to treat you as a valuable customer.

[zenplay]

On 25/09/2016 at 4:15 AM, asiaexpat said:

Most Thailand banks have the requirements for credit cards on their web site. The option for those that do not have sufficient salary and work permit is a secured credit card. I found Bangkok Bank the easiest to deal with when I got a secured credit card (use for online transactions and airline tickets.) The card is secured by a fixed savings account in the amount of credit available (example- 100000 baht fixed account gets 100000 baht maximum chargeable to card.) Bangkok Bank at Emquartier (Phrom Phong BTS Station) is very helpful and staff can speak english.

 

I am interested also to get Credit Card with secured amount (for online transactions, or tickets).

Are there some "hidden fees" I should be aware before subscription ?

 

Thank you.

 

 

 

[asiaexpat]

The fees depend on the type of card selected, see the web site. The entry fee and annual fee are waived for my card since I meet the waiver requirement.

Edited October 21, 2016 by asiaexpat

[Strange]

On 9/23/2016 at 11:19 PM, Scotwight said:

I/wife even got a loan and bought a 2 million dollar house with cash.

 

Typo? Baht or Dollar?

[tonray]

1 hour ago, Strange said:

 

Typo? Baht or Dollar?

That would be a 69 million baht house....something I'd like to see !