"Best" bank account for foreigner?

[Cinderella Man]

I really hate to pay the huge ATM fees for using overseas debit card... While I'm lucky and there are few ATMs in Bangkok that allows me to get my money without a fee I would like to have more freedom... Especially when I travel around.

 

I don't work here, hence no WP.

 

I went to Bangkok Bank who asked me to get confirmation of my identity on their filthy piece of paper - apparently worth more than my passport with all the 1st World's security measures available. 

 

So before I go to my embassy - is there better alternative to Bangkok Bank? I don't really need much - just use ATM without paying crazy fees and internet banking.

[lkn]

 

[KittenKong]

10 hours ago, Cinderella Man said:

So before I go to my embassy - is there better alternative to Bangkok Bank? I don't really need much - just use ATM without paying crazy fees and internet banking.

 

It's a mystery to me why people use Bangkok Bank at all: they dont seem to offer anything really worth having, and they certainly dont offer good interest rates on deposits.

 

I would try TMB, CIMB, Standard Chartered, Kasikorn or Krungsri. I opened accounts with all five of them, all without needing anything more than a passport and utility bill. The first three dont charge for regional ATM withdrawals.

 

In my experience you will generally have more success in branches where farang customers are common (shopping centres etc.).

[Langsuan Man]

4 minutes ago, KittenKong said:

 

It's a mystery to me why people use Bangkok Bank at all: they dont seem to offer anything really worth having, and they certainly dont offer good interest rates on deposits.

 

I would try TMB, CIMB, Standard Chartered, Kasikorn or Krungsri. I opened accounts with all five of them, all without needing anything more than a passport and utility bill. The first three dont charge for regional ATM withdrawals.

 

In my experience you will generally have more success in branches where farang customers are common (shopping centres etc.).

 

I think being able to electronically  transfer funds via the New York or London branch is an offer really worth having

and saves a lot of money versus SWIFT wires 

[LannaGuy]

6 hours ago, Langsuan Man said:

 

I think being able to electronically  transfer funds via the New York or London branch is an offer really worth having

and saves a lot of money versus SWIFT wires 

 

agreed but I was told by Bangkok Bank I have to go physically to London to open an account there?  have you found a way to open a BB account outside of Thailand?   I'd love to deposit my GBP pensions (in GBP) into a London account then transfer here

[Banana7]

I opened an account at Bangkok Bank with just a passport, which had a long-term visa, not a business visa.  This was in Pattaya in a shopping mall.

[soisanuk]

20 minutes ago, LannaGuy said:

 

agreed but I was told by Bangkok Bank I have to go physically to London to open an account there?  have you found a way to open a BB account outside of Thailand?   I'd love to deposit my GBP pensions (in GBP) into a London account then transfer here

Here is Bangkok Bank website instructions regarding transferring funds to Bangkok Bank Account in Thailand through their London Branch: http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringIntoThailand/ReceivingFundsfromUK/Pages/ReceivingFundsfromUK.aspx

[Geoffsilverfox]

Have had 2 accounts with Krungsri bank for a few years now.  Good interest on the main a/c, but NO ATM card, hence having the second account with an ATM card.  Have my UK state pension paid direct to Krungsri bank, and get an SMS as soon as the deposit is received. From what I can tell, no additional charges for the direct payment.

Have opened accounts for other Farangs without any problems.  The only thing they seem to find objectionable is if the Farang is American.

Interest on the main a/c is paid monthly, and tax deducted by the bank.  One branch in Udon will provide me with my annual immigration letter within one hour.

[hobz]

I can only compare SCB and KTB.

 

I think krung thai bank (ktb) is the best. Because they offer a verified by visa debit card that you can use online. 

SCB does only offer mastercard debit cards and they cant be used online. For online use you need a credit card with them.

Other banks im not sure.

 

Oh and ktb let me open savings account + internet banking + verified by visa debit card that can be used online, all with a tourist visa + condo rental agreement.

[skatewash]

6 minutes ago, hobz said:

I can only compare SCB and KTB.

 

I think krung thai bank (ktb) is the best. Because they offer a verified by visa debit card that you can use online. 

SCB does only offer mastercard debit cards and they cant be used online. For online use you need a credit card with them.

Other banks im not sure.

 

Oh and ktb let me open savings account + internet banking + verified by visa debit card that can be used online, all with a tourist visa + condo rental agreement.

Bangkok Bank let me open savings account + internet banking + verified by visa debit card that can be used online.  At the time I was on an extension of stay for purpose of education.  The two reasons I like Bangkok Bank is that there is a wealth of written information in grammatical English covering various topics available at their online site, and exclusively they have the New York Branch which allows relatively inexpensive electronic transfer of money from the US to Thailand.

[skatewash]

I also like the Mee Tae Dai savings account available at Krungsri Bank.  It offers slightly higher interest rate with a restriction of two free withdrawals per month from the account (above that number of withdrawals there is a 50 Baht Fee for each withdrawal).  Currently paying 1.3% interest (if balance between 100k and 50 million Baht).  The account is sort of a hybrid between a higher interest fixed term account and a lower interest regular savings account which offers unlimited free withdrawals.  I use it to meet my financial requirement to get the annual retirement extensions of stay.  

I find English is a little less understood at Krungsri than at my Bangkok Bank branch (but I'm sure this varies branch-by-branch).  There is much more online information available in English for Bangkok Bank than Krungsri.  Krungsri does not offer an inexpensive means to transfer money electronically from the US to Thailand (compared to Bangkok Bank's New York Branch facility).  

I keep most of my money in Krungsri to take advantage of the Mee Tae Dai savings account's higher interest (which is calculated daily and deposited monthly).  I use Bangkok Bank to transfer money from the US to Thailand and I use my savings account there for day-to-day ATM withdrawals since they are unlimited.  When I need to move money between Bangkok Bank and Krungsri I usually do so by cash withdrawal at the branch if the amount is greater than 30,000 Baht (otherwise I use the Krungsri ATM to withdraw the maximum 30,000 Baht and then deposit into a Bangkok Bank Cash Deposit Machine).  The combination of Bangkok Bank and Krungsri seems to work well for me and meets my needs.  I have never needed to pay the 50 Baht per withdrawal for my Mee Tae Dai account because I limit my withdrawals to less than two per month.

Edited December 5, 2016 by skatewash
misspelling

[ironbark]

I walked into a Krungsri branch in Bangkok and opened an account with ATM card with just a passport for id. and no permanent address.

No hassles, pleasant staff, easy to transfer funds across from my foreign home account 2 or 3 times a year as I need it.

Nothing could be easier or more pleasant but I'm sure the govt will find some way to stuff it up.

[Jeffrey346]

1 hour ago, LannaGuy said:

 

agreed but I was told by Bangkok Bank I have to go physically to London to open an account there?  have you found a way to open a BB account outside of Thailand?   I'd love to deposit my GBP pensions (in GBP) into a London account then transfer here

Not true.. Actually, you can not open accounts there. You must have an account here in Thailand.

 

[khunPer]

It's more difficult now, than before, to open bank account as foreigner, using a passport only; however sometime you just need to "shop around", as some banks are more willing than other, that can for example even be Bangkok Bank in different areas/provinces. Since 1st July this year, the regulations have been tightened, but again, some banks may be more strict than others...

[eeyang wah]

For what it's worth: tried a few different Thai banks over the years and by the far the least inept and most foreigner-friendly has always been Kasikorn. 

They are clamping down on foreigners opening accounts but it tends to be easier in central Bangkok than out in the sticks. 

Good luck!

 

Edit: Avoid SCB like the plague. Completely inept staff and useless service. 

Edited December 5, 2016 by eeyang wah
Addition

[Mr0Yallow]

20 hours ago, lkn said:

 

Where is the pamphlet?

[Deepinthailand]

2 hours ago, Jeffrey346 said:

Not true.. Actually, you can not open accounts there. You must have an account here in Thailand.

 

I opened a sterling account in London branch via my branch when I was in BKK no problems at allm

[annoogram]

wow i havnt moved to thailand yet they seem to put a lot of obstacles in front of you banking visa they dont make it easy for you do they it seems to me you are a second class person.im having second thoughts on moving

Sent from my SM-G900I using Thaivisa Connect mobile app

[Mr0Yallow]

I have a Citibank USA Gold account my Pension & such is directly deposited there. Although Citibank Thai is a different entity, They do not charge a fee for my Citi US Debit Card, I can go there and call Citibank customer service and in emergency situations (such as lost card) can make withdrawals up to 10,000 Baht for a fee. I will be opening a Citibank Thai account, They require a non-imigrant 0 visa or a work permit, the US embassy notarized address, and a couple of Thai bills to show residence. They also require a 100,000 Baht opening deposit, but I have been told by other customers that there are ways around that. The one disadvantage is extremely limited locations and ATM's located at ASOK, Silom & 4th Floor Central World Mall.   I ride my scooter from LadPhrao to ASOK to make withdrawals, the only "fees" I have had are the currency rate differences which vary each hour it seems I use XE currency converter and they show a variance in conversion rates from .01% to .3%. A couple of Thai friends recommended Krungsri Bank (aka Bank of Ayudhya)

[nongsangcity]

4 hours ago, LannaGuy said:

 

agreed but I was told by Bangkok Bank I have to go physically to London to open an account there?  have you found a way to open a BB account outside of Thailand?   I'd love to deposit my GBP pensions (in GBP) into a London account then transfer here

you can have your pension in your Thai bank and paid in at what ever the rate of the day is...at no cost or charge...why bother to transfer when you can have it direct...

[Deepinthailand]

25 minutes ago, annoogram said:

wow i havnt moved to thailand yet they seem to put a lot of obstacles in front of you banking visa they dont make it easy for you do they it seems to me you are a second class person.im having second thoughts on moving

Sent from my SM-G900I using Thaivisa Connect mobile app
 

Don't belive all the gloom and doom on here It is possible to open a bank account quite easily regardless of the retro on here. May be a bit of leg work going to a few diffrent banks till one says yes. not sure what you mean banking visa I presume you mean visa's which you won't get here. visa's can only be source out of country, you can get extensions based on visa's retirement, 50+  married to thai, having a thai child a few more I expect but there the usual suspects.

Take what you want from the forum but remember one members views/experiance is not everybody's view or experiance. We are not second class citizens here by any stretch of the imagination although some would have you belive that. Come and sample it for yourself but don't come with a head full of pre concived  thoughts based on this forum clear your mind and go with the flow 

[sanemax]

If you withdraw your money over the counter, there is no ATM fees

[johninbkk71]

22 hours ago, Cinderella Man said:

I went to Bangkok Bank who asked me to get confirmation of my identity on their filthy piece of paper - apparently worth more than my passport with all the 1st World's security measures available. 

What?- filthy piece of paper.

You really believe your that you beautiful clean passport should make these (insert your own word) to bow before you? How is it filthy what they gave you? What perfect place do you come from?

[Mr0Yallow]

15 minutes ago, Deepinthailand said:

Don't belive all the gloom and doom on here It is possible to open a bank account quite easily regardless of the retro on here. May be a bit of leg work going to a few diffrent banks till one says yes. not sure what you mean banking visa I presume you mean visa's which you won't get here. visa's can only be source out of country, you can get extensions based on visa's retirement, 50+  married to thai, having a thai child a few more I expect but there the usual suspects.

Take what you want from the forum but remember one members views/experiance is not everybody's view or experiance. We are not second class citizens here by any stretch of the imagination although some would have you belive that. Come and sample it for yourself but don't come with a head full of pre concived  thoughts based on this forum clear your mind and go with the flow 

I agree, A suggestion I have heard is when doing business here dress properly, wear long (dress) pants and a button up type shirt.

example; a while back I went to Immigration to extend my tourist visa, I wore shorts & a long sleeve t shirt. the guy examined my paperwork noticed a couple of minor errors and sent me away to fix it. I returned a couple days later wearing slacks & a dress shirt submitted the same document, (This time I glued my photo to it) and he corrected the other error approved the extension with a smile.

[louse1953]

1 hour ago, annoogram said:

wow i havnt moved to thailand yet they seem to put a lot of obstacles in front of you banking visa they dont make it easy for you do they it seems to me you are a second class person.im having second thoughts on moving

Sent from my SM-G900I using Thaivisa Connect mobile app
 

Well you better have 2nd,3rd and 4th thoughts if you are put off that easily.Plenty of headaches when you first arrive here put you get there in the end.Plain sailing after that.You may score at the first go and wonder what all the fuss was about.

[louse1953]

1 hour ago, sanemax said:

If you withdraw your money over the counter, there is no ATM fees

If they let you.

[sanemax]

5 minutes ago, louse1953 said:

If they let you.

 

   Yes, some banks do not have the facility to carry this out .

Although every Bangkok Bank that I have tried has been able to do it

[Suradit69]

6 hours ago, LannaGuy said:

 

agreed but I was told by Bangkok Bank I have to go physically to London to open an account there?  have you found a way to open a BB account outside of Thailand?   I'd love to deposit my GBP pensions (in GBP) into a London account then transfer here

 

You don't  open an account in New York or London, in fact you can't. You open an account in Thailand. You transfer dollars or pounds to the branches in NY or London for deposit to the Bangkok bank account number you have in Thailand. In a couple of days, depending on weekends and holidays, the money will magically appear as a baht deposit in your account in Thailand.

it's the same as branch banking anywhere in the world. If you have an account at Barclays in London or Bank America in Chicago and find yourself in Manchester or San Francisco, you can still deposit money to your account without opening a new account in every city in England or the USA.

 

 

Edited December 5, 2016 by Suradit69

[wigan]

Have Bangkok bank account, asked them to organise "standing Order" to pay rent regular, but said no! Landlords account with different bank, they only do if in same Bangkok bank!   Is this a common rule with other banks too????

[little mary sunshine]

Because I go to The States twice a year to see family

and friends that now live there, I bring back cash each

six months between $8-9K .. Enough to live on for six

months in Thailand.  I get excellent exchange rates at

TT, no banking fees and better exchange rates than any

bank transfer.  (Remember to bring only New Series $100

bills, older series bills are not usually exchanged at the highest

exchange rate.)