Next best solution to having a Thai bank account

[Artful Dodger]

For those of us who can't open a Thai bank account, what's the next best way to take money out / next best means of payment to use?

 

There are those prepaid chargecards you can top up, but it looks you have to top up in the card's home currency, and the card is basically a way of locking you into the card company's exchange rate which is off by maybe 3%. I don't know if you would still get the heavy ATM charges if you had one of those.

 

Any other options?

[JamJar]

Best options for your are credit card;

 

Halifax Clarity
Creation Everyday
Santander Zero
Barclaycard Platinum Travel

 

With those you can withdraw cash over the bank counter at no charge, though watch out for certain banks trying to cheat you.

 

If you have problems with credit, unable to get another credit card, then debit/prepaid cards are what you have left.

So ATM charges will be unavoidable, but at least you'll get the full Mastercard rate without deductions.

 

Candidates;

 

Starling Bank   Full banking facilities

Loot.io

Monzo

 

At least you can seek out ATM with minimal charges. AEON and if within reach; Bank of China.

 

 

 

 

 

[lkn]

8 hours ago, Artful Dodger said:

For those of us who can't open a Thai bank account, what's the next best way to take money out / next best means of payment to use?

Everybody can open a Thai bank account, though not necessarily with every bank.

 

For example Krungsri told me that they require either work permit, condo, or in the case neither, is case-by-case.

 

But both Krungthai and Bangkok Bank allow foreigners without work permit, regarding the former, see this earlier thread about just having to forego interest rates:

 

 

[Artful Dodger]

Thanks for that info.

 

Seems I was too quick to assume I couldn't open a bank account without a WP. Sounds like a hassle though. OTOH you can then get a better exchange rate than you would with any of those CCs. My existing CCs charge me pretty heavily for foreign currency transactions - think I'll get one of the ones mentioned if only as a backup.

[malt25]

Suggest you let us know where you live & hopefully a member can recommend a bank that will appreciate your custom.

[Hummin]

I just was in the bank to buy insurance for my gf, and the bank manager offered me an bank account at same time. He needed my passport and my gf housebook only. 

 

So now I got an bank with visa card and internet log in. 

 

Im here on tourist visa. 

Edited May 22, 2017 by Hummin

[hobobo]

1 hour ago, Hummin said:

I just was in the bank to buy insurance for my gf, and the bank manager offered me an bank account at same time. He needed my passport and my gf housebook only. 

 

So now I got an bank with visa card and internet log in. 

 

Im here on tourist visa. 

I hope you remembered to order a credit card for your g/f too

[Suradit69]

23 hours ago, lkn said:

Everybody can open a Thai bank account, though not necessarily with every bank.

Yes, although there have been numerous complaints from people who have been turned down, quite often if you try a different branch even of the same bank you'll have no problem. Best to try in areas that have a significant farang population. You'll succeed with a few tries.

[berrec]

3 hours ago, Hummin said:

I just was in the bank to buy insurance for my gf, and the bank manager offered me an bank account at same time. He needed my passport and my gf housebook only. 

 

So now I got an bank with visa card and internet log in. 

 

Im here on tourist visa. 

Could you let me know which bank and where you were successful, I do have a debit card now with BKK Bank as on a non Immig.  "O" Spouse visa  for 12 months but could not acquire a credit card or Internet banking access without a WP, according to the  BKK Bank CS folks at Rama-9 Central Plaza.

 

Not surprised after working extensively in the region for 35 years  (incl Thailand) and  now living here knowing getting things done here depends on what day of the week it is, what location the individual is located at your dealing with and how that individual feels that day. But, you do get use to it and always endeavour to find a work around to get things done here.   Thanks

[bazza73]

Just turn up at any bank with 50,000 baht in cash to deposit. You will be invited to open an account more often than not.

[Saladin]

I am living solely on the Australian pension with no work permit. I had no trouble opening an account with Bangkok Bank which works just fine. I get my pension paid into my NAB (Australia) bank account and when I want to draw from it I simply take my passport and Aust. Visa debit card into my BB branch. I could withdraw from their ATM using the NAB debit card but they charge Bt 220, whereas there is no charge if cashing at the counter. I was doing on-line transfers from NAB to BB but found that  (a) the fees were higher, (b) there was an overnight delay, or longer on weekends and holidays, whereas cash was immediate if going into the branch.

[theswedishguy]

Anyone can open a Thai bank account. Just find out what branch that do it + the extra cost.

In my case I have to pay a 2000THB insurance each year. Thats it.

 

A TH bank account is essential to save a ton of money. Most Westerners are not used to countries with "locked" currencies. In west the banks/and government also loves to hide all the bank fees and credit card fees. Its insane that its illegal in most western countries for shops to take a fee for credit card users or even show how much it cost.  Each CC transaction have a minimum fee of 50cent even if the transaction is declined. Otherwise the fee is 3-5%.     Now you know why west is a "money free" society. The banks have a hidden 3-5% fee.

 

Locked currency vs open currency.  Usually when you exchange currency at banks/CC cards/agencies: today there is no open fee. The hidden fee is that we get 7-11% less than the spot rate of the currency is. Fun to waste money: exchange from one currency to another and back and see how much you loose each time.

 

Thailand that have a locked currency crave for foreign cash.  Instead of loosing 7+%, I loose under 0.5% when I transfer to my Thai bank account. But here is the other trap that I was not told about.  The first year in TH, when I transfered money from my farang bank to Thailand, the farang bank exchanged the money to THB. I lost 10% each transfer. 

The correct way is to send your currency to Thailands bank and let them exchange it. Under 0,5% loss.

 

The cost for me transferring for example 100K Thb today is a flat fee of 400thb + loss of 0,5%.

 

If you use credit cards, even "without fees". Check the exchange rate. Do they exchange the money in TH or home? Do you loose 5, 7 or more % each transaction? 

 

It amazes me how many don't understand this. Even me. I lost 10% of my salary each year only because my home bank forced the currency conversion home instead of TH.

---

In Pattaya I know what bank to go to, to get a account. Its just 2K/year. Krung Thai at xx branch. 

[JamJar]

On 2017-5-21 at 9:17 AM, Artful Dodger said:

Thanks for that info.

 

Seems I was too quick to assume I couldn't open a bank account without a WP. Sounds like a hassle though. OTOH you can then get a better exchange rate than you would with any of those CCs. My existing CCs charge me pretty heavily for foreign currency transactions - think I'll get one of the ones mentioned if only as a backup.

 

Wrong.

[JamJar]

4 hours ago, theswedishguy said:

Anyone can open a Thai bank account. Just find out what branch that do it + the extra cost.

In my case I have to pay a 2000THB insurance each year. Thats it.

 

A TH bank account is essential to save a ton of money. Most Westerners are not used to countries with "locked" currencies. In west the banks/and government also loves to hide all the bank fees and credit card fees. Its insane that its illegal in most western countries for shops to take a fee for credit card users or even show how much it cost.  Each CC transaction have a minimum fee of 50cent even if the transaction is declined. Otherwise the fee is 3-5%.     Now you know why west is a "money free" society. The banks have a hidden 3-5% fee.

 

Locked currency vs open currency.  Usually when you exchange currency at banks/CC cards/agencies: today there is no open fee. The hidden fee is that we get 7-11% less than the spot rate of the currency is. Fun to waste money: exchange from one currency to another and back and see how much you loose each time.

 

Thailand that have a locked currency crave for foreign cash.  Instead of loosing 7+%, I loose under 0.5% when I transfer to my Thai bank account. But here is the other trap that I was not told about.  The first year in TH, when I transfered money from my farang bank to Thailand, the farang bank exchanged the money to THB. I lost 10% each transfer. 

The correct way is to send your currency to Thailands bank and let them exchange it. Under 0,5% loss.

 

The cost for me transferring for example 100K Thb today is a flat fee of 400thb + loss of 0,5%.

 

If you use credit cards, even "without fees". Check the exchange rate. Do they exchange the money in TH or home? Do you loose 5, 7 or more % each transaction? 

 

It amazes me how many don't understand this. Even me. I lost 10% of my salary each year only because my home bank forced the currency conversion home instead of TH.

---

In Pattaya I know what bank to go to, to get a account. Its just 2K/year. Krung Thai at xx branch. 

 

A lot of your post is simply inaccurate. All of the CCs listed above levy no forex fees.

So a withdrawal over the counter with any of those will be fee free. 

 

Also you write about your bank transfer having a flat fee of 400 baht + 500 baht on a transfer of 100k.

So that if your figures are correct, is 400 baht plus 500 baht + 2000 baht to bank with Krung Thai; 900 baht for a single transfer. 2900 baht if only one transfer per annum.

 

With the correct CC, that figure would be 0 Baht. 

Edited May 22, 2017 by JamJar

[simoh1490]

4 hours ago, theswedishguy said:

Anyone can open a Thai bank account. Just find out what branch that do it + the extra cost.

In my case I have to pay a 2000THB insurance each year. Thats it.

 

A TH bank account is essential to save a ton of money. Most Westerners are not used to countries with "locked" currencies. In west the banks/and government also loves to hide all the bank fees and credit card fees. Its insane that its illegal in most western countries for shops to take a fee for credit card users or even show how much it cost.  Each CC transaction have a minimum fee of 50cent even if the transaction is declined. Otherwise the fee is 3-5%.     Now you know why west is a "money free" society. The banks have a hidden 3-5% fee.

 

Locked currency vs open currency.  Usually when you exchange currency at banks/CC cards/agencies: today there is no open fee. The hidden fee is that we get 7-11% less than the spot rate of the currency is. Fun to waste money: exchange from one currency to another and back and see how much you loose each time.

 

Thailand that have a locked currency crave for foreign cash.  Instead of loosing 7+%, I loose under 0.5% when I transfer to my Thai bank account. But here is the other trap that I was not told about.  The first year in TH, when I transfered money from my farang bank to Thailand, the farang bank exchanged the money to THB. I lost 10% each transfer. 

The correct way is to send your currency to Thailands bank and let them exchange it. Under 0,5% loss.

 

The cost for me transferring for example 100K Thb today is a flat fee of 400thb + loss of 0,5%.

 

If you use credit cards, even "without fees". Check the exchange rate. Do they exchange the money in TH or home? Do you loose 5, 7 or more % each transaction? 

 

It amazes me how many don't understand this. Even me. I lost 10% of my salary each year only because my home bank forced the currency conversion home instead of TH.

---

In Pattaya I know what bank to go to, to get a account. Its just 2K/year. Krung Thai at xx branch. 

Agreed with the above, parts of your post are simply nonsense! Thai banks charge a receiving fee which is capped at 500 baht, the cost to send from the UK at least is four Pounds via HSBC hence the total cost to send and receive is capped at 675 baht - if an intermediary bank is used their may be an intermediary charge also but this is not the case with HSBC. The exchange rate spread in Thailand is also very very small, far smaller than that of overseas banks, typically 50 satang above/below the midpoint.

 

Also, always SEND money in foreign currency, never in THB.

 

Also, also, Thailand doesn't crave foreign currency, it has one of the largest holdings of foreign currency reserves anywhere and that is part of their problem when it comes to the strength of THB.

 

 

Edited May 22, 2017 by simoh1490

[JamJar]

18 minutes ago, simoh1490 said:

Agreed with the above, parts of your post are simply nonsense! Thai banks charge a receiving fee which is capped at 500 baht, the cost to send from the UK at least is four Pounds via HSBC hence the total cost to send and receive is capped at 675 baht - if an intermediary bank is used their may be an intermediary charge also but this is not the case with HSBC. The exchange rate spread in Thailand is also very very small, far smaller than that of overseas banks, typically 50 satang above/below the midpoint.

 

Also, always SEND money in foreign currency, never in THB.

 

Also, also, Thailand doesn't crave foreign currency, it has one of the largest holdings of foreign currency reserves anywhere and that is part of their problem when it comes to the strength of THB.

 

 

 

Actually they are suggesting to send in home currency. What they go wrong is assuming that all plastic levies forex and other fees, when they do not.

Using a CC can be superior to bank transfers.

[Artful Dodger]

5 hours ago, JamJar said:

 

Wrong.

Current Transferwise rate 44.63, current Visa rate 44.16. Much less difference than I'd expected TBH, and with Transferwise there will also be fees to take into account.

[bazza73]

10 hours ago, Saladin said:

I am living solely on the Australian pension with no work permit. I had no trouble opening an account with Bangkok Bank which works just fine. I get my pension paid into my NAB (Australia) bank account and when I want to draw from it I simply take my passport and Aust. Visa debit card into my BB branch. I could withdraw from their ATM using the NAB debit card but they charge Bt 220, whereas there is no charge if cashing at the counter. I was doing on-line transfers from NAB to BB but found that  (a) the fees were higher, (b) there was an overnight delay, or longer on weekends and holidays, whereas cash was immediate if going into the branch.

You don't get charged a fee by NAB at the Australian end?

[CMBob]

8 hours ago, theswedishguy said:

Anyone can open a Thai bank account. Just find out what branch that do it + the extra cost.

In my case I have to pay a 2000THB insurance each year. Thats it.

Agree that the OP can find a bank branch that'll let him open an account; however, absolutely disagree with the "extra cost" and "insurance" comments.  Many banks will offer insurance but it's solely discretionary (and, in the opinion of many, not a very reasonable investment).  So, if the OP is offered the insurance, his answer should be "no" unless the OP is fully aware of what the insurance covers, cost of similar (or better) insurance available elsewhere, whether the OP already has insurance that covers the same thing, etc..

[Artful Dodger]

4 hours ago, JamJar said:

 

All of the CCs listed above levy no forex fees.

So a withdrawal over the counter with any of those will be fee free. 

Fee free, but any cash advance is normally subject to interest from the date of withdrawal - I haven't checked all the cards listed but that's how the Santander Zero works. You can get round it - sort of - by taking a wedge out just before the CC bill is paid, but it's not ideal. What's needed is a fee free debit card with an honest exchange rate. A prepaid debit card might be the closest thing to that.

[RocketDog]

I have started paying my condo rent using TransferWise.com to transfer from my USA bank account directly to the condo bank account, in Baht.

The exchange rate used is the FOREX rated posted every hour. There is a small fee attached as well, but it is truly nominal. I paid $6.31 to transfer 15K baht to my condo account. I happened to get a 3.771 baht/$ exchange rate that day.

 

TransferWise has their own bank account in every major country. Using the desktop or mobile phone app you initiate a transfer from your bank to the TransferWise bank in your country. They then transfer from their bank in your country to their bank in the target country. There it is converted to the local currency and deposited into the local bank account of the receiver.

 

It usually takes 5-7 days on repeat transfers to the same account, but the initial transfer takes longer due to vetting both accounts with micro-transfers first.

 

I used Western Union once when I was in a bind and paid $500 to transfer $5000 to baht in a Thai bank. ATM machines charge a service fee and rape you on the exchange rate. Direct wire transfers into your Thai bank account, if you have one, cost ~$45 plus the bank exchange rate which is usually  not good either. I can get Thai cash at a local Bangkok Bank using my MasterCard but they also profit on the exchange rate and MasterCard starts charging interest from the day the cash advance happens. For that reason I waited til the end of the month to get the cash advance and then paid off the card immediately.

 

All of that nonsense is history now that I use TransferWise. If you have a Thai bank account you can simply transfer money from your home account into your Thai account at the prevailing exchange rate that day. This allows you to play the exchange rate market and make larger transfers when the rates are favorable. The process is seamless, fast, and cheap..

 

 

[JamJar]

2 hours ago, Artful Dodger said:

Fee free, but any cash advance is normally subject to interest from the date of withdrawal - I haven't checked all the cards listed but that's how the Santander Zero works. You can get round it - sort of - by taking a wedge out just before the CC bill is paid, but it's not ideal. What's needed is a fee free debit card with an honest exchange rate. A prepaid debit card might be the closest thing to that.

 

No. You really seem to be making things more complicated than they need to be.

You can simply cover any withdrawal with an online transfer. If you end up paying a few pennies in Interest, it won't hurt.

 

There are many fee free debit cards with the full Mastercard/VISA rate, but you can't use them for cash advances over the counter. So you'll be hit with the ATM fee.

[JamJar]

3 hours ago, Artful Dodger said:

Current Transferwise rate 44.63, current Visa rate 44.16. Much less difference than I'd expected TBH, and with Transferwise there will also be fees to take into account.

 

Your card is a Mastercard, not VISA.

Their rate today is 44.543

[JamJar]

So using Transferwise to transfer 100000 baht would cost £2258.31.

Using Mastercard £2245(if of course you could remove that amount in one day).

A transfer from HSBC to Bangkok Bank(for instance) £2271

 

Thailand banks use the TT rate when receiving a foreign currency transfer. Bangkok Bank's TT rate currently is 44.20 to the £.

[JamJar]

So Mastercard isn't the next best solution. It is the best solution in some cases.

Bank Transfer more convenient for large amounts, but in that case even Transferwise would be better.

So Bank Transfer is actually the worst option. Those who bang on about a Thai account and bank transfer being best are quite wrong.

Having a Thai account is not a bad idea, but but a bank to bank transfer offers the poorest value.

Edited May 22, 2017 by JamJar

[JamJar]

17 hours ago, theswedishguy said:

Anyone can open a Thai bank account. Just find out what branch that do it + the extra cost.

In my case I have to pay a 2000THB insurance each year. Thats it.

 

A TH bank account is essential to save a ton of money. Most Westerners are not used to countries with "locked" currencies. In west the banks/and government also loves to hide all the bank fees and credit card fees. Its insane that its illegal in most western countries for shops to take a fee for credit card users or even show how much it cost.  Each CC transaction have a minimum fee of 50cent even if the transaction is declined. Otherwise the fee is 3-5%.     Now you know why west is a "money free" society. The banks have a hidden 3-5% fee.

 

Locked currency vs open currency.  Usually when you exchange currency at banks/CC cards/agencies: today there is no open fee. The hidden fee is that we get 7-11% less than the spot rate of the currency is. Fun to waste money: exchange from one currency to another and back and see how much you loose each time.

 

Thailand that have a locked currency crave for foreign cash.  Instead of loosing 7+%, I loose under 0.5% when I transfer to my Thai bank account. But here is the other trap that I was not told about.  The first year in TH, when I transfered money from my farang bank to Thailand, the farang bank exchanged the money to THB. I lost 10% each transfer. 

The correct way is to send your currency to Thailands bank and let them exchange it. Under 0,5% loss.

 

The cost for me transferring for example 100K Thb today is a flat fee of 400thb + loss of 0,5%.

 

If you use credit cards, even "without fees". Check the exchange rate. Do they exchange the money in TH or home? Do you loose 5, 7 or more % each transaction? 

 

It amazes me how many don't understand this. Even me. I lost 10% of my salary each year only because my home bank forced the currency conversion home instead of TH.

---

In Pattaya I know what bank to go to, to get a account. Its just 2K/year. Krung Thai at xx branch. 

 

I couldn't edit my earlier post. 

I took your word for the 400 baht flat rate + 0.5%, but on closer inspection I note that the Krung Thai TT rate is 1% off the money, not 0.5%. So that would be 1000 baht, not 500 baht. So for 100,000 baht that would be the 400 baht "flat rate", 1% off the spot rate(1000 baht) and a possible (KTB charges a 0.25% fee of the total remitted amount (minimum Baht 200, maximum Baht 500), so another possible 250 baht.  So a perhaps 1650 baht.  1.65%

 

Transferwise charge 1,047.86 baht for the same. I did Swedish Krona to Thai baht for the Transferwise illustration.

 

 

 

 

[steven100]

21 hours ago, hobobo said:

I hope you remembered to order a credit card for your g/f too

yes .......  I think that is mandatory          

[Hummin]

21 hours ago, berrec said:

Could you let me know which bank and where you were successful

Im sorry, not sure it would be wise to do on open forum, and not know who you are. I guess you have to try again and see if you are lucky. I was just lucky without trying. 

 

Edited May 23, 2017 by Hummin

[Artful Dodger]

16 hours ago, JamJar said:

So Mastercard isn't the next best solution. It is the best solution in some cases.

Bank Transfer more convenient for large amounts, but in that case even Transferwise would be better.

So Bank Transfer is actually the worst option. Those who bang on about a Thai account and bank transfer being best are quite wrong.

Having a Thai account is not a bad idea, but but a bank to bank transfer offers the poorest value.

Yes ,thanks very much for the info you've provided in this thread. I'm not sure where I gave you the impression that my CC was a Mastercard (I have Visa and Amex) but I can get a Mastercard so it doesn't matter.

 

Holding a bank account does nothing to make you look like a genuine tourist, so if there's no / no real saving, that suits me just fine.

[JamJar]

31 minutes ago, Artful Dodger said:

Yes ,thanks very much for the info you've provided in this thread. I'm not sure where I gave you the impression that my CC was a Mastercard (I have Visa and Amex) but I can get a Mastercard so it doesn't matter.

 

Holding a bank account does nothing to make you look like a genuine tourist, so if there's no / no real saving, that suits me just fine.

 

Apologies. I'm posting on similar threads at the same time. Someone else there has the Halifax Clarity.

Nonetheless, all of the cards I posted above bar the Barclays Travel Platinum are Mastercard, so the superior rate will be available to you.  The Barclaycard should be your last option, as the fee free option lasts only for a year and it offers the slightly inferior VISA rate.

Don't use your 'normal' CCs for cash advances.