"Best" bank account for foreigner?

[jerojero]

Bangkok Bank. At least there's a branch in USA (NY).

[jacko45k]

22 hours 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 have had an account with Bangkok Bank for over 10 years, and now have 3 accounts with them. They have proven very good. They supply all I require including Fixed Term deposits, credit cards,  internet and phone banking, and have a wide network of ATMs and Branches.

 

I certainly don't see the sense in having 5 or more different bank accounts, find one that does the job!

Edited December 5, 2016 by jacko45k

[KittenKong]

22 minutes ago, jacko45k said:

I have had an account with Bangkok Bank for over 10 years, and now have 3 accounts with them. They have proven very good. They supply all I require including Fixed Term deposits, credit cards,  internet and phone banking, and have a wide network of ATMs and Branches.

 

Of course they do. So do all the other banks. But the other banks I mentioned either pay more interest or charge lower fees for the services I need, and generally seem to be easier to open accounts with.

 

As I said, I dont see the point of using Bangkok Bank when other banks offer more for less money.

 

 

23 minutes ago, jacko45k said:

I certainly don't see the sense in having 5 or more different bank accounts, find one that does the job!

 

I use five banks because they offer different things. This is the same reason why I dont do all my shopping in one store, or only eat in one restaurant. Also I dont like to put all my eggs in one basket, especially at a time when bank deposit insurance is being reduced. I also particularly dont want the bulk of my Thai cash to be accessible via any ATM card or internet banking system. A good way to achieve this is to use different banks.

[KittenKong]

23 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 

 

That may be of limited interest to some US citizens, but my UK bank charges nothing at all for SWIFT transfers, so Bangkok Bank comes a poor second to them as far as I'm concerned. Some other UK banks also undercut Bangkok Bank for international transfers, and many of them allow you to easily arrange international transfers online. The US is rather backward in this respect.

 

If I regularly wanted to transfer funds from the US to here then I might be tempted to open a Bangkok Bank account for this purpose, but it would never be my main Thai bank account as their interest rates are too low and, last time I checked, some of their other charges are too high.

[thai3]

I like Krungsri no photocopying your passport every time you go in to withdraw money

[thai3]

11 hours ago, louse1953 said:

If they let you.

 

 

Indeed, never found one that wanted to, they often just say use ATM

[Deepinthailand]

1 minute ago, thai3 said:

 

 

Indeed, never found one that wanted to, they often just say use ATM

 

2 minutes ago, thai3 said:

I like Krungsri no photocopying your passport every time you go in to withdraw money

I bank with BKK never had to have my passport or ID card photocopied to withdraw money. From any Branch.

[thai3]

Tanachart used to take at least two copies even at your own branch.

[LannaGuy]

13 hours ago, nongsangcity said:

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...

 

because we are discussing GBP not THB

[LannaGuy]

16 hours ago, Jeffrey346 said:

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

 

 

what makes you think i cannot open a London account if I am in London and a British Citizen? I have asked BB here many times and they tell me I have to go to London but it IS possible

[LannaGuy]

12 hours ago, Suradit69 said:

 

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.

 

 

 

well.. they told me no!  well they said you can transfer of course and you CAN open an account in London (seperate new account) but you have to be there. obviously I can transfer into my Thai accounts but I'm talking about GBP not THB

[KittenKong]

1 hour ago, thai3 said:

I like Krungsri no photocopying your passport every time you go in to withdraw money

 

Actually that's one of the few things that I dont like about them. They rely entirely on the possession of the bank book (which could be stolen) and a signature (which could be forged).

 

I would like them to compare photo ID for all withdrawals even if they dont photocopy it.

[dentonian]

56 minutes ago, LannaGuy said:

 

what makes you think i cannot open a London account if I am in London and a British Citizen? I have asked BB here many times and they tell me I have to go to London but it IS possible

 

BKK London is a Commercial branch.

 

You can only open business accounts there, not personal accounts.

 

You can open a business bank account (London) through any BKK branch in Thailand with the correct documentation.

However when branches say 'can't', that means they 'don't know' the procedure.

It saves 'face'.

[LannaGuy]

6 minutes ago, dentonian said:

 

BKK London is a Commercial branch.

 

You can only open business accounts there, not personal accounts.

 

You can open a business bank account (London) through any BKK branch in Thailand with the correct documentation.

However when branches say 'can't', that means they 'don't know' the procedure.

It saves 'face'.

 

oh wow I didn't know that thanks (nor did they)  TIT

[dentonian]

5 hours ago, wigan said:

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????

 

Standing Orders can only be made to branches of the same bank.

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/TransferingFunds/TransferringWithinThailand/Pages/Standingorderservice.aspx

 

You can set up Direct Debits through their Bualuang iBanking services.

http://www.bangkokbank.com/OnlineBanking/PersonalBanking/iBanking/BualuangiBanking/Services/Pages/DirectDebitRegistration.aspx

[dentonian]

44 minutes ago, KittenKong said:

 

Actually that's one of the few things that I dont like about them. They rely entirely on the possession of the bank book (which could be stolen) and a signature (which could be forged).

 

I would like them to compare photo ID for all withdrawals even if they dont photocopy it.

 

Slightly off topic, but I had similar experiences with BKK when using counter services.

 

When I acquired my ID card for foreigners, I asked BKK to change my use of ID from Passport to the ID card.

(I did the same with all government departments I use).

Since then, purely producing my ID card has been sufficient to carry out any counter services.

[lkn]

3 hours ago, KittenKong said:

[…] But the other banks I mentioned either pay more interest […] I use five banks […]

 

Since you seem to have done the research, which pays the most interest? And what are the fees for having an account with them?

 

Personally I get zero interests and pay 200 baht yearly for an account (Krungthai), but have never had a problem with them or found their services limited.

 

Someone mentioned Krungsri above, but according to their web site, only fixed term deposits and the special Mee Tae Dai savings account pays interests to non-residents (0.6% for a balance less than 100,000 and 1.3% for a balance above), source: https://www.krungsri.com/bank/en/Other/Interestratesfees/Depositinterestrate.html

 

Someone seemed to indicate this was before tax. What is the capital gains tax?

[dentonian]

3 hours ago, KittenKong said:

 

Of course they do. So do all the other banks. But the other banks I mentioned either pay more interest or charge lower fees for the services I need, and generally seem to be easier to open accounts with.

 

As I said, I dont see the point of using Bangkok Bank when other banks offer more for less money.

 

 

 

I use five banks because they offer different things. This is the same reason why I dont do all my shopping in one store, or only eat in one restaurant. Also I dont like to put all my eggs in one basket, especially at a time when bank deposit insurance is being reduced. I also particularly dont want the bulk of my Thai cash to be accessible via any ATM card or internet banking system. A good way to achieve this is to use different banks.

 

Bangkok Bank is the only bank offering the secure chip and pin card as far as I'm aware.

 

You're wise to spread your money between various banks, especially as the insurance on your funds is likely to be reduced to 1 million baht per bank by 2020..

[dentonian]

4 minutes ago, lkn said:

 

Since you seem to have done the research, which pays the most interest? And what are the fees for having an account with them?

 

Personally I get zero interests and pay 200 baht yearly for an account (Krungthai), but have never had a problem with them or found their services limited.

 

Someone mentioned Krungsri above, but according to their web site, only fixed term deposits and the special Mee Tae Dai savings account pays interests to non-residents (0.6% for a balance less than 100,000 and 1.3% for a balance above), source: https://www.krungsri.com/bank/en/Other/Interestratesfees/Depositinterestrate.html

 

Someone seemed to indicate this was before tax. What is the capital gains tax?

 

It's really courses for horses.

Much depends on your personal circumstances of staying in Thailand.

What type of account suits one, may not suit another

 

Interest on Savings accounts isn't taxed.

 

Interest on Fixed Deposit accounts (higher interest rates) are taxed at 15%.

This can be reclaimed each year through your local tax office.

For taxation purposes it is regarded as income acquired within Thailand, but it is under the Personal Allowance for taxation purposes, so fully refundable.

[lkn]

24 minutes ago, dentonian said:

It's really courses for horses.

Much depends on your personal circumstances of staying in Thailand.

What type of account suits one, may not suit another.

 

I would think that a majority of foreigners here have a bank account only so that they can deal in the local currency, which means debit/visa card + internet banking to “pay bills” (transfer to third party accounts).

 

[skatewash]

18 minutes ago, dentonian said:

 

It's really courses for horses.

Much depends on your personal circumstances of staying in Thailand.

What type of account suits one, may not suit another

 

Interest on Savings accounts isn't taxed.

 

Interest on Fixed Deposit accounts (higher interest rates) are taxed at 15%.

This can be reclaimed each year through your local tax office.

For taxation purposes it is regarded as income acquired within Thailand, but it is under the Personal Allowance for taxation purposes, so fully refundable.

 

The Mee Tae Dai "savings" account is a hybrid account that does share some characteristics with fixed deposit accounts such as having a higher interest rate than a normal savings account and having restrictions on the number of free withdrawals you can make per month.  So, the interest you receive monthly on this particular account is actually taxed like a fixed deposit account at 15% but as stated you can reclaim all of that back by filing an income tax return at the local tax office (assuming this and any other Thai income is below the personal allowance).  

I don't have any other Thai income so the tax withheld on my account is fully refundable to me.  You need to request tax withholding statements from the bank where you have your account.  These are available while you wait beginning after January 1st.  You can file as early as January or as late as March (after which you can still file but you will have to pay a late fee).  I may try to file my Thai income tax return online this year.  It is entirely in Thai online but the entries for my case are fairly simple and I've done the paper return for two years now.  I actually enjoy going to my local tax office, so if I run into any problems online I will just file by paper again this year.  I have been treated very well at my tax office (once I figured out the right one to go to, that is ;-) ).  They helped me apply for my Thai Tax ID and actually filled the form out for me the first year while I waited.  Excellent customer service, especially considering I'm not actually contributing anything financially to the tax coffers, just applying for a full refund.

[lkn]

1 hour ago, skatewash said:

[…] You need to request tax withholding statements from the bank […] going to my local tax office […] apply for my Thai Tax ID […]

 

So 15% tax on 1.3% interests makes you able to reclaim 0.195% of your balance.

 

Sounds like a lot of hassle for a very small return :)

[skatewash]

12 minutes ago, lkn said:

 

So 15% tax on 1.3% interests makes you able to reclaim 0.195% of your balance.

 

Sounds like a lot of hassle for a very small return :)

Currently it only pays for the cost of my retirement extension every year ;-)

But when I originally did it a few years ago I had brought over money to purchase my condo so it made sense to go through the process of reclaiming my withheld interest.  Once you've been through the process it can be done by visiting your neighborhood bank and submitted online.  Doesn't seem like a lot of hassle to me, but to each his own.

[dentonian]

24 minutes ago, lkn said:

 

So 15% tax on 1.3% interests makes you able to reclaim 0.195% of your balance.

 

Sounds like a lot of hassle for a very small return :)

 

That depends on your balance and the type of account you have.

 

I'm on a retirement extension using funds in the bank method.

My original 800,000 is deposited in fixed term accounts.

I allow the interest to roll over so that 800,000 is now almost 1 million.

I used to get over 3% interest, now down to 1.75%.

 

I received over 4,000 baht tax paid on interest last year.

This coming year will be more.

Better in my pocket than theirs.

 

It's no hassle.

Copy of passport, address, statement of interest paid from bank.

First time, account set up took 20 minutes.

Now it's a matter of 5 minutes every year.

 

I can get a statement from the bank and make my claim at the tax office within 30 minutes.

Not such a small return, for the small effort.

[KittenKong]

8 hours ago, lkn said:

Since you seem to have done the research, which pays the most interest? And what are the fees for having an account with them?

 

There is a thread at the top of this sub-forum about interest rates. It does all depend on how much you have, how often you withdraw and what extras you want (debit card, internet banking, bill paying).

 

CIMB usually offer the best interest rates for time deposits, at least as far as branches near me are concerned. I pay them nothing for my ATM card.

 

LH Bank may be another option, though I have always found them a bit odd.

 

Krungsri probably the easiest and best return for a simple savings account, assuming you have at least 100,000B.

 

Standard Chartered are worth looking at depending on where you are.

[KittenKong]

8 hours ago, dentonian said:

Bangkok Bank is the only bank offering the secure chip and pin card as far as I'm aware.

 

That sounds like a definite advantage for those who regularly use a Thai debit card. I have one but it is linked to an account with only a few thousand Baht in it, for security, and I rarely use it.

[sekmet]

Schwab has a mm acct. with a no fee debit card worldwide 

[George FmplesdaCosteedback]

On 12/5/2016 at 6:07 PM, 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
 

Living here is very different to coming once a year for two weeks with a pocket full of cash.

[jacko45k]

22 hours ago, KittenKong said:

 

Of course they do. So do all the other banks. But the other banks I mentioned either pay more interest or charge lower fees for the services I need, and generally seem to be easier to open accounts with.

 

As I said, I dont see the point of using Bangkok Bank when other banks offer more for less money.

 

 

 

I use five banks because they offer different things. This is the same reason why I dont do all my shopping in one store, or only eat in one restaurant. Also I dont like to put all my eggs in one basket, especially at a time when bank deposit insurance is being reduced. I also particularly dont want the bulk of my Thai cash to be accessible via any ATM card or internet banking system. A good way to achieve this is to use different banks.

How silly to compare banks to restaurants. You could compare to GPs.

As said BB offers all I require and then some.  It also seems keen to accommodate foreigners in my area.

Bulk of cash can go into a fixed deposit where no ATM card is associated, limits can be put on ATM cards and Internet transfers. More banks, more risk.

Edited December 6, 2016 by jacko45k

[elgenon]

Yes, the BB in New York is not a retail bank so can not open account there. Must open in Thailand then can transfer money to NY and they will send to BB in Thailand.