Opening A Bank Account In Thailand

[Artamus]

Just back from a short trip to Thailand where we were doing a land lease. I decided on a little advance retirement preparation and tried to open a bank account at Bangkok Bank. I'd come prepared with plenty of relevant documents (passport, letter from employer, other bank statements etc.), expecting this to be a straightforward affair. Wrong! I was informed that to open a bank account now requires that you hold a minimum of a 3-month visa, and therefore the VoA that I had just entered the country on was not good enough.

Now I have read elsewhere that tourist visas are now only issued for two months max, which kinds of leads us to a potential catch 22 where to get a longer visa (retirement etc.) you need to hold money in a Thai account for three months. However. if you can't open the account with less than a 3 month visa........begs a few questions.

I was also told by a Thai friend that prior to Taksin's ousting, that plans were afoot to limit/reduce/stop opening of bank accounts by farang (though the logic behind this escapes me).

Moral of the story here is that maybe if you are thinking of opening an account it may not be as strighforward as you expect.

Artamus

[bkkmadness]

I was informed that to open a bank account now requires that you hold a minimum of a 3-month visa, and therefore the VoA that I had just entered the country on was not good enough.

Now I have read elsewhere that tourist visas are now only issued for two months max, which kinds of leads us to a potential catch 22

Ok, no catch 22 Artamus, the visa they are talking about at the bank is the same visa you can get at Thai embassy's outside of Thailand, Penang I think still being the easiest option.

It's a single entry 'two month' tourist visa, which can be extended to three months at an immigration office anywhere in Thailand for an extra 1900 baht.

I don't even know if its called officially a two month visa or a three month visa, it's easily confused.

Get the visa, you can open the bank account.

You may need a notary letter from your embassy to say you are of good character and confirm ID.

They do say instead of this a recommendation letter from another Bangkok Bank account holder who is known personally to the staff at the bank is fine. It's seems a bit crazy, you actually have to personally know someone in Bangkok that the staff in there also know!

The first person I spoke to told me it had to be someone famous. I suggested Tata Young, they wasn't having it. This was down to a bit of a translation problem though, but they did seem kind of strict on that it had to be a well known person from a well known company, somebody the staff knew.

I did at one point ask if my gf could give me a recommendation letter, she works for a large firm and has held a Bangkok Bank account for years.

The lady very carefully and slowly told me "No Sir, you don't understand, Bangkok Bank is a very big bank and we have lots and lots of customers, the staff here do not know them all personally."

I bit my tongue and went to the embassy to get the notary letter, everything sorted, even got a free clock!

BTW, Regulations always change and you may be fine without the letter from Tata or the embassy, so do check first. They did have a typed sheet there with this info though, and as it's a rule they bothered to type up, it'll probably last for a while.

Edited November 27, 2006 by bkkmadness

[Rinrada]

In 20 odd years I have always reccomended the Bangkok Bank branch on Suk Road (opposite the Ambassador Hotel/ trendy Condo) as the easiest in town to open a bog standard,every day blue book payin/out /transfer savings account and never had or known any punters refused yet......talking Savings book here .and on 30 days wotsit......Current a/c diff.

Walk in ..upstairs turn right -and again take a seat (number sometimes ) say hello ..I want 2 open an a/c .give ..passport and some dosh.sign a few papers etc.....thats it....20 minutes...

Also they...nice and polite .... give you your book and Be First card there and then.....

Have they now changed the rules? ...or did you go to a boonies bank?

[bkkmadness]

On the advice I always see here I went to the Bangkok Branch at Soi 8. I thought it would be ok with just my passport too.

They said new rules are in since blah....coup/terrorism/changed cleaning lady...blah..... whatever.

It seems a lot of people must be getting the same, I went to the embassy and straight away they knew I needed the letter for a bank account, like they've had a few people in about it recently.

They must be loving it, 1700 baht I think it was for the letter which only actually confirmed my ID (which is my passport anyway) and that I was not black marked for whatever reason.

The bank wanted proof of address but the embassy obviously don't check this (ask for letter one day, get it back the next) and only say 'so and so claims to be living at this address'.

If they just need someone to claim I am at an address, I'll do it myself, give me the form!

The British Embassy rate of exchange is 75 baht to the pound by the way, and of course everything set in pound prices from the UK and only payable in baht.

I did think it was a bit steep, 1700 baht for a letter that was only good for saying I'm of good character. When asked about it the embassy dude cheerfully informed me 'I don't set the prices Sir'.

I bit my tongue and paid the money.

I tell you one other thing which I wish I'd questioned more at the time, the bank kept the notary letter. I thought it would just be read or copied but they kept it. I feel like a bit of an idiot not trying harder to get that back, never know when I might need it again.

[nev]

i opened a bank account with kasikornbank last week on soi buakao, very easy just showed my passport they took photo copy,no charge as i did not get a debit card, i think it was 150 baht if i needed a card.

i just need a account to transfer funds too over the net so no need for a card.

[bkkmadness]

i opened a bank account with kasikornbank last week on soi buakao, very easy just showed my passport they took photo copy,no charge as i did not get a debit card, i think it was 150 baht if i needed a card.

i just need a account to transfer funds too over the net so no need for a card.

I just opened one at Kasikorn today at a small branch in Robinsons. Took 20 mins just passport needed. Visa electron card, savings account.

[bendix]

All of which goes to show that - as so often applies in Thailand - there may be official rules but whether they are followed in practice depends on the person you're dealing with and - i suggest - how you deal with them.

As an aside, how many UK, USA or Australian banks would let a tourist foreigner open an account without proof of address?

[PeaceBlondie]

In big cities, there's a bank on every second or third corner. Just keep walking in and out of banks until Clerk Arnapasa gives it to you. You just never know when you'll get it. Or, walk in with your employer, the best known English teacher in the province (that worked for me), or your girlfriend or boyfriend, or the cleaning lady. If they say you need a work permit, smile and leave. Arnapasa's got to be in one of those banks....

[camo007]

So here it is... Walked into Big Bangkok Bank branch on Silom Rd and asked for "open account". Lady asked if I was tourist and i said yes here 5 months a year for 1 month every trip.

She said how much you want to deposit ? I said i want to deposit AUD$10k

She looks at my passport and then says "you want visa card Sir?"

I say yes, get Passbook account on the spot. Tell her i need bank details to cable the AUD$10k into the account. So only pay her like THB300 - Get the Visa Electron - Free backpack and was on my way within 30 minutes.

I send like AUD$1k a month to the account so i can have a blast 3 times a year on my stop overs from going to the many electronic fairs in CHina and Hong Kong etc.. All tax free and simple.

I agree that its a matter of being in the know and just walking in knowing what you want and making the person you speak to fall in love with you by being nice and happy etc.

[KK-Mike]

It is not hard to open a bank account here in Thailand and wire transfer as much money as you care to deposit here. But wait until something comes up back home and you want to send money OUT of Thailand. A whole different deal and not so funny.

[Eff1n2ret]

It is not hard to open a bank account here in Thailand and wire transfer as much money as you care to deposit here. But wait until something comes up back home and you want to send money OUT of Thailand. A whole different deal and not so funny.

Exactly right. The distinction must be drawn between current accounts with sortcode, chequebook etc and a savings account where you get a passbook and an atm card which lets you get out 10k baht at a time (larger amounts queue up with the passbook). At the beginning of this year I enquired at HSBC in BKK, as I bank with them in the UK. They said that without "work permit" you can't get a current account, and in any case they charge 500baht/month to run one, which isn't worth my while as I'm not living there yet. I suspect "work permit" would also include someone with a retirement/marriage 'O' visa.

I went to Bangkok Bank who told me much the same thing, but it was quite easy to get a passbook account just on production of my passport. I have used Moneybookers on the internet to charge it up. That's dead easy and very cheap. Prior to my trip last month I sent out 2000pounds - it got there in a couple of days and cost about £2.50. When I am doing the O visa process in a couple of years time, I'll be able to show them a bank account with 3 years history. But as KK-Mike says, any funds I send there can't be retrieved in the same fashion

[Boomee]

I got 2 bank accounts,both I opened up in Pattaya.Went to Krung Thai first in south Pattaya rd,showed my passport,no problems.Two years later went to Bangkok Bank in Pattaya 2nd RD,same thing showed passport paid some money,done and dusted.I would'nt keep large amounts of money in a Thai Bank,never know what might happen.

I might have been lucky opening these accounts.

[rank stranger]

I managed to get a new savings account in Bangkok yesterday. What a trip! After being informed by several different banks around the Mall in Thonburi that I needed a work permit (I have a tourist visa) I went down to the main office of Bangkok Bank. They said that I needed a 90-day visa and a letter from the US embassy. So I went to the embassy, paid the $1200 baht notary fee for a statement that I think affirmed who I was, and went back to the bank. No problem, I now have a savings account and an atm card. I'm not certain I have the right visa, but I do have the savings account

[PeaceBlondie]

I managed to get a new savings account in Bangkok yesterday. What a trip! After being informed by several different banks around the Mall in Thonburi that I needed a work permit (I have a tourist visa) I went down to the main office of Bangkok Bank. They said that I needed a 90-day visa and a letter from the US embassy. So I went to the embassy, paid the $1200 baht notary fee for a statement that I think affirmed who I was, and went back to the bank. No problem, I now have a savings account and an atm card. I'm not certain I have the right visa, but I do have the savings account

Hey rank stranger, if you're happy, that's fine. But 1,200 baht and a trip to the embassy (the UK embassy may charge more, if they even offer the service) is a bit high as 'price of admission' to a simple savings account. Unless, of course, you're parking thousands of dollars or pounds into the account.

Checking account? Not many of us have those. Not much need to, really, since Thailand is not full of checks, cheques, Czechs or Chechnyans.

[libya 115]

Avoid opening an account with the Krung Thai Bank they pay 0% interest on farang accounts.

At least Kasikorn (Thai Farmers) pay 0.75% on a basic saving account.

Plus never attempt to open an account at Siam Commercial, on Beach Road next to Walking Street, Pattaya, they actually, throw you out the front door.

I have never had a problem with any other banks. A top-tip is to turn up as they open at 0830 with your passport and wearing a shirt and trousers, not at 1500 sweating profusely, stinking of Chang, wearing a Singha vest and Union Jack shorts.

[jonik]

I tried to send some money to a friend using Kasikorn bank but no luck, now 2 months later they say the client don't exist.What a service.

And the Bangkok bank is steeling small amount at each withdrawl according to my wife..............

So she switched to AYUDHYA bank and i've never had any probs after....................

[yankee-expat]

Top tip huh? The manager of the bank, not necessarily the peons, has only one thought in his head: Get your money.

Come naked next time and cover yourself in 1000 baht bills. Put a stack or two under your sweaty armpits.

They might come out with an umbrella to cover your naked ass, but they will take your money.

PLEASE come to reality.

[zxray]

All of which goes to show that - as so often applies in Thailand - there may be official rules but whether they are followed in practice depends on the person you're dealing with and - i suggest - how you deal with them.

As an aside, how many UK, USA or Australian banks would let a tourist foreigner open an account without proof of address?

[pbkk]

I need to open a bank account but now i'm not so sure, i just need somewhere to keep my cash, don't need credit cards etc just a savings account.What bank do members reccomend ?