Expat Bank For Americans?

[Asia4ever]

Does anyone have a bank recommendation for an American who would like to transfer funds into a Thailand bank with ease, and which provides Internet banking, a debit and credit card? Most American banks require a USA address.

Even though HSBC limits its billpayer service to UK firms, their standard account looked like a good option until I phoned customer service in UK. I was then told that beginning in January '07, HSBC will require a minimum daily balance of 25,000 GBP or equivalent dollars or Euros. That is a hefty increase from the current 5000 GBP level. No thanks.

[jumnien]

Does anyone have a bank recommendation for an American who would like to transfer funds into a Thailand bank with ease, and which provides Internet banking, a debit and credit card? Most American banks require a USA address.

Even though HSBC limits its billpayer service to UK firms, their standard account looked like a good option until I phoned customer service in UK. I was then told that beginning in January '07, HSBC will require a minimum daily balance of 25,000 GBP or equivalent dollars or Euros. That is a hefty increase from the current 5000 GBP level. No thanks.

Wells Fargo Bank will do these services with a Bangkok mailing address. Morgan Stanley will as well.

[Rinrada]

Forget HSBC.......Rip Off Merchants....

Due to their new policy of charging customers who do not hold a minimun of £1500 in their standard a/c permanently (UK) they will screw you for £10 a month...No questions asked....

Losing LOTS of old Customers .......

But they DONT CARE...why because..................>

HSBC bank reveals bumper profits (from last year)

and the want MORE...............££££££££££££££ from YOU ......yes -yes more more more ...give uz your Dosh.....

HSBC has had a particularly good year in the United States and China

HSBC has revealed a 37% rise in pre-tax profit to £9.6bn ($17.6bn) for 2004. -BUT NOT ENOUGH?

Much of the profit has been made abroad by the global bank, which operates in the UK, Europe, Asia and the Americas.

Chairman Sir John Bond said 2004 was "another good year for HSBC", which generates nearly a quarter of its earnings in the UK.

The profits come against a background of record earnings for UK banks and complaints from consumer groups that they are making "excess" profits.

Bonanza for bank.....

[Gary A]

I use Citibank USA and don't have a US address. I'm not sure if you can open an account from here. I had my account before I left the USA.

EDIT - My particular account requires a minimum balance of US $6,000. For that you get free ATM transactions and no monthly bank charges. There is a foreign currency exchange fee of 1% trrough the ATM. An international wire transfer costs a flat $30 regardless of the amount. The also have a free bill pay service good anywhere in the USA. The minimum balance can be put in a CD. My CD is paying 5.5 %. Being able to do everything online with no phone calls is great.

Edited December 2, 2006 by Gary A

[ProThaiExpat]

Perhaps I misunderstood the breadth of your inquiry, as many expats use Siam Commercial Bank that has all of the services you mentioned.

I have pension funds deposited in a U.S. Bank, but since they pay low interest and charge over 50 USD for a wire transfer, I have that bank linked to my Charles Schwab International Account that provides one free wire transfer per quarter. They charge 25 USD per transfer if you have a low balance in your account. However, they do include CDs or other investments with them in your minimums for this free service,

A fax or telephone call triggers the transfer, especially if you have set up the link to your Thai Bank Accont prior to order the transfer. I wired to a Bank in Australia with a fax first time without a hitch. The fees at this end are minimal at SCB.

Everyone has a different comfort level with banking arrangements so you should get many helpful ideas from many posts, up to you to decide which method meets your needs the best.

I had no trouble calling the central Siam Commerical Bank call enter and getting an online English speaking person to trace a debit in my account as I couldn't remember the transaction. Took just a few minutes. I don't know how a U.S. bank would do with automatic untilities payments, which I have and which I can monitor online. They also have some vendors like UBC that you can pay through their bill pay system but the number of vendors are limited in the provences.

Apologise if you only wanted information on Foreign Banks doing business in Thailand.

'

[think_too_mut]

Perhaps I misunderstood the breadth of your inquiry, as many expats use Siam Commercial Bank that has all of the services you mentioned.

Is that right? SCB is a minnie bank that gets their international transfers from BKK bank.

On the other note, how arrogant the OP was, I would not tell him anything.

[Gary A]

Perhaps I misunderstood the breadth of your inquiry, as many expats use Siam Commercial Bank that has all of the services you mentioned.

Is that right? SCB is a minnie bank that gets their international transfers from BKK bank.

On the other note, how arrogant the OP was, I would not tell him anything.

Siam Commercial is a mini bank ? When I wire transfer money from Citibank USA the funds are in my Siam Commercial bank account the VERY next business day. Bangkok Bank ????? Siam Commercial bank has a fee for wire transfers. I have never been charged more than a 500 baht fee. In fact the charge is so small that I don't bother to figure it out. I multiply the dollars transferred to baht to find my exchange rate. The exchange rate is VERY close to the Yahoo rate on my Yahoo home page. I am quite satisfied with Siam Commercial Bank.

[lopburi3]

Well I have read the OP five times and can find absolutely no reason to flame him.

As for SCB it happens to be one of the largest banks in Thailand.

[think_too_mut]

As for SCB it happens to be one of the largest banks in Thailand.

You know that for sure? I send my rent money to the landlord who banks with SCB..takes 5 days.

If you know how bank interchanges work, they stick with 1 bank.. BKK Bank. And then, it flows from there.

[lopburi3]

I believe SCB is about the 3rd largest bank in deposits and second only to Bangkok Bank PCL for foreign customers. They are independent, just like Bangkok Bank.

[think_too_mut]

I believe SCB is about the 3rd largest bank in deposits and second only to Bangkok Bank PCL for foreign customers. They are independent, just like Bangkok Bank.

True, but what's the yawning gap between BKK bank and SCB?

Could well be the BKK Bank is at 80%, SCB at 2% of the market?

Edit: BKK Bank and Kashikorn rule about 80% of Thai banking.

That's why foreign banks want to talk to the leader. SCB is not on any foreign bank's map.

Edited December 2, 2006 by think_too_mut

[lopburi3]

Deposits at end of 2005:

1. Krung Thai Bank 983,213

2. Bangkok Bank 1,156,530

3. Kasikornbank 689,652

4. Siam Commercial Bank 622,431

5.TMB Bank 517,215

6. Bank of Ayudhya 553,532

7. Siam City Bank 382,165

8. Bank Thai 194,573

9. Bank of Asia **

10. UOB Radanasin Bank 152,603

11.Standard Chartered Nakornthon Bank 87,701

12.Thanachart Bank 149,015

Total 5,488,630

[think_too_mut]

Deposits at end of 2005:

1. Krung Thai Bank 983,213

2. Bangkok Bank 1,156,530

3. Kasikornbank 689,652

4. Siam Commercial Bank 622,431

5.TMB Bank 517,215

6. Bank of Ayudhya 553,532

7. Siam City Bank 382,165

8. Bank Thai 194,573

9. Bank of Asia **

10. UOB Radanasin Bank 152,603

11.Standard Chartered Nakornthon Bank 87,701

12.Thanachart Bank 149,015

Total 5,488,630

That's not an indication. Deposits ? Peanuts.

They make their money off the investments and off companies borrowing from them. Nobody in the world would take seriously a bank that lives on deposits. That's for "community banks" and credit unions. A different world.

[Mahout Angrit]

Quote..............

"On the other note, how arrogant the OP was, I would not tell him anything."

The words 'Pot' and 'Kettle' spring to mind in this thread

Edited December 2, 2006 by Mahout Angrit

[Naam]

"SCB is a minnie bank that gets their international transfers from BKK bank"

= rubbish!

[think_too_mut]

"SCB is a minnie bank that gets their international transfers from BKK bank"

= rubbish!

Any proof or u just not like what I said?

[ProThaiExpat]

Having been a customer of Bankok Bank and abandoned them for Siam Commercial Bank, I care not a wit what mut thinks about SCB, all I know is I get my wire transfers in my account the day after they are sent from the U.S., (GaryA's experience) while BKK Bank "floated" my money for as much as a week and five days was the quickest I ever say it when I was with them.

They wouldn't let me use their internet banking. The last straw was when a branch manager told me he couldn't give me a bank letter for immigration when he did it for me the year before. He "story" was he was a small branch and was not allowed to do it. I confirmed the falseness of his story with the manager of his parent branch. He had an excellent English speaking Thai (married to a falang) who backed up her manager despite my accurate recitation of the exact procedure the manager went through to issue the letter the year previously.

Those who enjoy BKK Bank and are happy with them, more power to you. Not my experience with them. There are even U.S. residensts who swear by the Bank of America, but don't get me started on their "practices". At one time years ago, they were caught debiting accounts prior to crediting accounts on the same day and thereby generating bounced check fees. It cost them a bundle when they were sued.

My bank in Hawaii, I found out, treats pre-closing hour deposits made by tellers in their computers and viewable online as "notes" and they maintain transactions are "lodged" only when the inter-bank computer operator enters the amount into the banks inter-bank Fed Funds system. When I called attention to an error the Fed Funds computer operator made in my business account from the one that showed all day in the "notes" correctly, I was told that the bank doesn't reconcile paper transactions, only cash transactions. so it is up to the customer to verify the day after a deposit is made to ensure the night fed funds clerk didn't enter the amount incorrectly as she had done to my account, the bank doesn't monitor such discrepencies. (I am sure if the mistake is made against the banks interest they find the error)

Rants over.

[Gary A]

As far as Thai banks, I have had accounts at Bangkok Bank, Thai Farmers (Kasikorn) Krung Thai and Siam Commercial Bank. My experience was that Thai Farmers (Kasikorn) is by far the worst. Bangkok Bank is better but not by much. My current accounts are at Siam Commercial. The best bank I have used is Krung Thai. The only reason I use Siam Commercial rather than Krung Thai is convenience. Keep in mind that there are MANY branches and some are MUCH better than others.

In the US I used Wells Fargo for years. They got to the point that they were nickle and diming me to death. There was finally a descrepancy in my Wells Fargo checking account. They finally admitted their mistake the day I closed my accounts with them. Before I closed my accounts, I did a lot of research regarding banks because my plans were to retire here in Thailand. I chose Citibank because they came out on top of nearly every customer satisfaction poll. I am happy with their service.

[ProThaiExpat]

I agree GaryA about citibank, although I abandoned my attempt to get their new high interest savings account. Tried to do it online. A simple long distance call would have done it but i moved on.

I have had their credit card for years and changed it from "airmiles reward" to no 'annual fee' card and was delighted that they didn't ask for another credit application as my income now would in no way qualify me for my high limit.

I don't like Citibanks new 3% charge for all credit card transactions outside the U.S. Emergency use credit card now or for U.S. purchases only.

[Asia4ever]

Thanks to all of you who offered constructive advice. To explain the situation better, I now have an American bank that will not allow me to do outgoing wire transfers unless I come into a branch. Like most American banks, they also require an address and phone number in U.S., and so do credit card issuers. I now use a relative's address and phone, but if some thing should go awry, I would be in banking trouble and would lose my credit cards.

So I want an International Personal Bank (IPB) account with which to do all my business. The info on Wells Fargo was very useful. I applied online while I was in Beijing two days ago to receive my Thai Tourist Visa. Wells Fargo required me to have the U.S. Embassy notarize a bank signature card, and I did that too. They also want all downloaded paperwork completed and returned within 10 days, and it must include a letter of reference from my USA bank. I don't know if that can be done and am trying to negotiate it but they are closed for the weekend.

Next month I will go to Thailand and open and account with SCB in which to deposit 800,000 Bt. I then plan to return 6 months later with a non-o single entry and convert that to a retirement extension.

I am hoping Wells Fargo will find a way to process my application, but just in case, I am looking for alternatives. I could not find anything about Morgan Stanley having an IPB account, but think Citibank may. Again, everyone is closed for the weekend.

[ProThaiExpat]

Many brokerage houses have gotten into the banking business by labeling your account an investment account and then giving you all the services available at a bank. As previously mentioned, I use Schwab who has an international division located in San Francisco.

They respond to my e-mails within 24 hours and the replies are individually crafted. I find non-international Schwab problematic. I do have to e-mail them to get them to reverse the $25 wire fee but even if you don't bother, I don't know of any other institution that wires money out of the U.S. for less.

I do think you must have a minimum deposit of 25KUSD to open an international account, but hopefully you are not planning a move to Thailand for retirement with less reserve capital. I put my capital in CDs and they have an excellent CD center that offers a dozen or more CDs federally insured that you can buy online at no cost. I have my funds currently in various CD issuing banks at 5.25% and they are all 3 month terms.

I have spent five years here trying to get the best banking services woven together for no cost and thus I have the following matrix.

Deposit bank in U.S. for pension that is linked to Schwab account so internet movement of funds between the two institutions is easy. Check writing at Schwabl as well as local bank.

Debit card from Schwab, ATM from local bank and SCB. Same set up in Australia to get funds to daughters family for gifts and when I visit.

All accounts internet capable so with my feet up, I can do anything I want with my limited funds and minimum expense.

When the pension letter for retirment extention this year as the baht is so strong against the dollar. I last bought Baht at 44 to the dollar and so will dribble it in hoping for a pullback from Bahts seven year high. Am I repeating myself from previous post in this thread?

PM me if you want further details as many must be bored by now.

Good luck, you plan seems sound although I don't fathom why Wells Fargo is a need when you can be more flexable with you money with a brokerage house.

[Gary A]

Unfortunately at this point the dollar/baht exchange rate is the killer. I made the mistake of using most of the 800,000 baht from my Thai bank account rather than getting the THEN decent exchange rate from my ATM card. Next year they are wanting a new letter from the US embassy confirming my monthly income. I had planned to put 800,000 baht back into my Thai bank account but HATE to take the exchange rate beating. If the exchange rate doesn't improve it looks like another trip to the US embassy next year.

[richard10365]

Does anyone have a bank recommendation for an American who would like to transfer funds into a Thailand bank with ease, and which provides Internet banking, a debit and credit card? Most American banks require a USA address.

Even though HSBC limits its billpayer service to UK firms, their standard account looked like a good option until I phoned customer service in UK. I was then told that beginning in January '07, HSBC will require a minimum daily balance of 25,000 GBP or equivalent dollars or Euros. That is a hefty increase from the current 5000 GBP level. No thanks.

I'm retired military. I set up my retirement check to go straight from the U.S. Government to Bangkok (BKK) Bank, NY. The BKK Bank NY SWIFTS it automatically to my BKK Bank savings account here in Thailand. I think my total cost is about $5.00 USD. I do have a bank card with that but never set up internet banking.

Edited December 3, 2006 by richard10365

[bluedragon]

Does anyone have a bank recommendation for an American who would like to transfer funds into a Thailand bank with ease, and which provides Internet banking, a debit and credit card? Most American banks require a USA address.

Even though HSBC limits its billpayer service to UK firms, their standard account looked like a good option until I phoned customer service in UK. I was then told that beginning in January '07, HSBC will require a minimum daily balance of 25,000 GBP or equivalent dollars or Euros. That is a hefty increase from the current 5000 GBP level. No thanks.

I'm retired military. I set up my retirement check to go straight from the U.S. Government to Bangkok (BKK) Bank, NY. The BKK Bank NY SWIFTS it automatically to my BKK Bank savings account here in Thailand. I think my total cost is about $5.00 USD. I do have a bank card with that but never set up internet banking.

Richard, is the $5 USD for sending them money to your bank in BK, and does your bank in Thailand charge you a fee for receiving the money? I am retired military, but not living in Thailand, YET.. you can PM me if you like... Regards, BD

[richard10365]

Does anyone have a bank recommendation for an American who would like to transfer funds into a Thailand bank with ease, and which provides Internet banking, a debit and credit card? Most American banks require a USA address.

Even though HSBC limits its billpayer service to UK firms, their standard account looked like a good option until I phoned customer service in UK. I was then told that beginning in January '07, HSBC will require a minimum daily balance of 25,000 GBP or equivalent dollars or Euros. That is a hefty increase from the current 5000 GBP level. No thanks.

I'm retired military. I set up my retirement check to go straight from the U.S. Government to Bangkok (BKK) Bank, NY. The BKK Bank NY SWIFTS it automatically to my BKK Bank savings account here in Thailand. I think my total cost is about $5.00 USD. I do have a bank card with that but never set up internet banking.

Richard, is the $5 USD for sending them money to your bank in BK, and does your bank in Thailand charge you a fee for receiving the money? I am retired military, but not living in Thailand, YET.. you can PM me if you like... Regards, BD

BD, it's somewhere between $5 but no more than $10. I use MyPay (from DFAS) to set things up. When Bangkok Bank, NY gets the money, they SWIFT it automatically to Bangkok Bank, NY. I think BKK Bank, NY charges $5 and BKK Bank in Bangkok charges no more than 200 baht. After that I just use my BKK Bank Visa card to withdrawl the money all over Thailand.

Today is Monday, Dec 4th. Saturday wasn't a work day so the money didn't come on the 2nd of the month. I got paid today.