Next best solution to having a Thai bank account

[JamJar]

46 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.

 

 

Some people may use their Thailand bank account to store the proceeds of their cash advances. Not everyone would want to have piles of cash sitting around. Even if travelling around, they might not be a suitable bank around in order to obtain a cash advance. So a local account has it's uses, even for a tourist.

 

 

 

[rickudon]

JamJar's responses pretty well sum up the case for UK expats. I use the Halifax clarity Mastercard (Mastercard in my experience, usually give better exchange rates than Visa). Even when taking into account Aeon ATM fees, it is usually cheaper to use it to get money that way than use an interbank transfer, unless you are transferring about £2000 or more (depends of course on how much your sending bank charges, i use Halifax). And of course, send in GBP, not baht ....

 

Not used Transferwise yet, but i did a dummy run last year against 3 transfer companies, and for moderate sums not much difference to the Mastercard at the rates quoted on the day - but you need to monitor it for a while and see how it works out. Certainly if Aeon were to up there fees (or introduce more of their incompatible ATM's) something like Transferwise might become the answer.....

 

On opening Bank accounts in Thailand, yes, now a lot harder. Wanted a new one around Xmas and it took 5 attempts - even though i had a 12 month visa extension. TIT.

 

Hope some of this is also helps those from other countries.

[BEVUP]

On 5/22/2017 at 0:26 PM, 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.

 

[BEVUP]

1 hour ago, BEVUP said:

 

Yes i did write a reply but sometimes there seems to be a time limit on that so it doesn't go through & i am thrown out of my sign in

So i will try & add now

I agree with the post but i only use my foreign card in emergencies Because using for cash withdraws 

* Using ATM will attract a 220 bht fee on the Thai side

* $30 == 750 bht on my Auss side

* 1 bht reduction (if not more ) depending on whos ATM i was to use

I a with the Commonwealth Bank of Australia - Basic Savings/Master card account

 

While i'm here can anyone tell me the difference between these codes with the Bangkok Bank 

CMB & NBW & BTN (can't find this one )

Thanks

 

[skatewash]

2 hours ago, BEVUP said:

Yes i did write a reply but sometimes there seems to be a time limit on that so it doesn't go through & i am thrown out of my sign in

So i will try & add now

I agree with the post but i only use my foreign card in emergencies Because using for cash withdraws 

* Using ATM will attract a 220 bht fee on the Thai side

* $30 == 750 bht on my Auss side

* 1 bht reduction (if not more ) depending on whos ATM i was to use

I a with the Commonwealth Bank of Australia - Basic Savings/Master card account

 

While i'm here can anyone tell me the difference between these codes with the Bangkok Bank 

CMB & NBW & BTN (can't find this one )

Thanks

 

From the back inside cover of a Bangkok Bank passbook:

CMB = Combined No Book Transaction

When many transactions have occurred since the last time you updated your passbook, they will sometimes be consolidated into a single entry marked with this code.

NBW = Withdrawal No Book

A withdrawal that occurred without using your passbook, for example, an ATM withdrawal.

 

BTN is explained in this Thai Visa topic:

 

[BEVUP]

13 minutes ago, skatewash said:

From the back inside cover of a Bangkok Bank passbook:

CMB = Combined No Book Transaction

When many transactions have occurred since the last time you updated your passbook, they will sometimes be consolidated into a single entry marked with this code.

NBW = Withdrawal No Book

A withdrawal that occurred without using your passbook, for example, an ATM withdrawal.

 

BTN is explained in this Thai Visa topic:

 

Thanks Skatewash

Yep i know there in the back but i just needed a little more clarification mainly on the CMB as I thought i lost 3000 bht until i had a closer look ( well i did the wife paid some bills 555 )

So this BTN is not in the back & it was also an international transfer that must go through the Bangkok main branch to get to my up country branch 

[balo]

I only pay a few hundred baht in fees to transfer from my local bank in Norway to my Thai bank (Kasikorn).  Any amount up to 100k , never paid more than a few hundred .

[BEVUP]

6 minutes ago, balo said:

I only pay a few hundred baht in fees to transfer from my local bank in Norway to my Thai bank (Kasikorn).  Any amount up to 100k , never paid more than a few hundred .

Yes that would be good 

I am at the moment being hit with $18 = 450 bht on the auss side (that is one of the better banks ), maybe they have better accounts but haven't done any home work

& of course the usual 500 bht or up to on this side 

[JamJar]

6 hours ago, balo said:

I only pay a few hundred baht in fees to transfer from my local bank in Norway to my Thai bank (Kasikorn).  Any amount up to 100k , never paid more than a few hundred .

Does your Norwegian bank charge fees for sending Norwegian Crowns to Thailand?

Kasikorn's TT rates are amongst the poorest, so the difference between the best and the worst banks an be another 600 baht on a 100,000 baht equivalent transfer. Plus another 250 baht receiving fee on a 100,000 baht equivalent transfer.

 

It all adds up to probably more than you think.

 

 

 

 

 

 

[JamJar]

6 hours ago, BEVUP said:

Yes that would be good 

I am at the moment being hit with $18 = 450 bht on the auss side (that is one of the better banks ), maybe they have better accounts but haven't done any home work

& of course the usual 500 bht or up to on this side 

 

No. It's not one of the better banks. take a look a Citi Plus Everyday Account and the 28 Degrees Mastercard for your transactions in Thailand.

https://www.citibank.com.au/aus/banking/everyday_banking/citibank_plus.htm

https://www.28degreescard.com.au

[JamJar]

6 hours ago, BEVUP said:

Yes that would be good 

I am at the moment being hit with $18 = 450 bht on the auss side (that is one of the better banks ), maybe they have better accounts but haven't done any home work

& of course the usual 500 bht or up to on this side 

 

I don't understand how it can be 500 baht or up on the Thai side, since the max. receiving for for any bank is 500 baht and for that you would need to transfer the equivalent of 200,000 baht(AU$7900)

Of course there is also a loss because of the difference in the Thai bank TT rate and the actual mid market rate.

Assuming that you are sending from Oz in AU$.

 

 

[balo]

11 minutes ago, JamJar said:

Does your Norwegian bank charge fees for sending Norwegian Crowns to Thailand?

I make the transfer in Norwegian crowns and the fee is split between Norway and Thailand.  I pay 30 kr in Norway (200 thb)  and I always check if the currency exchange rate is correct on the day the money arrives.   Around 200 baht Kasikorn keep in fees. So yes , under 500 baht total and no extra hidden fees.   

[JamJar]

Reasonable Norwegian bank fee, though as stated Kasikorn do get you with their relatively poor TT rate.

Nevertheless, if it the best option open to you, it's the best option.

[BEVUP]

3 hours ago, JamJar said:

 

No. It's not one of the better banks. take a look a Citi Plus Everyday Account and the 28 Degrees Mastercard for your transactions in Thailand.

https://www.citibank.com.au/aus/banking/everyday_banking/citibank_plus.htm

https://www.28degreescard.com.au

Another reply that timed out so i will make it shorter

We are talking about Internet cash transfers

[JamJar]

41 minutes ago, BEVUP said:

Another reply that timed out so i will make it shorter

We are talking about Internet cash transfers

 

I understood. Hence my reference to the 500 baht plus receiving fee you mentioned. That it shouldn't be possible to have a 500 baht plus receiving fee unless you have transferred the equivalent of 200,000 baht or there is a Correspondent Bank in the chain.

 

The Citibank  and the 28 Degrees products give you access to VISA/Mastercard rates. In so doing, raising the average rate of exchange you receive.

 

Remember that if the Thailand bank's TT rate is lower than the Mastercard rate and top of that you have to factor in the fees you need to pay, it makes sense to utilise the Mastercard rates when you can. 

 

I do much the same. Use my cards when I can, in so saving my cash for cash only transactions. Keeps me from having to visit the bank so often. 

I pay no fees at all.

[NoshowJones]

On 5/21/2017 at 3:17 PM, 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.

What does OTOH mean? Do you have to be so lazy with your typing?

[malt25]

Even an old fart like me can easily work out what OTOH means. Not necessarily lazy, just the way the world is going.

[vogie]

1 hour ago, possum1931 said:

What does OTOH mean? Do you have to be so lazy with your typing?

I'll put you out of your misery Possum, 'on the other hand'

[NoshowJones]

3 minutes ago, vogie said:

I'll put you out of your misery Possum, 'on the other hand'

Thank you.  This videos just for you.

 

[Artful Dodger]

On 22/05/2017 at 8:55 PM, JamJar said:

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

On 24/05/2017 at 6:42 PM, rickudon said:

JamJar's responses pretty well sum up the case for UK expats. I use the Halifax clarity Mastercard (Mastercard in my experience, usually give better exchange rates than Visa). Even when taking into account Aeon ATM fees, it is usually cheaper to use it to get money that way than use an interbank transfer, unless you are transferring about £2000 or more (depends of course on how much your sending bank charges, i use Halifax). And of course, send in GBP, not baht ....

Old thread I know - but do the UK banks / CC companies eventually look at your transactions, see THB, THB, THB, conclude that you are no longer resident in the UK and close your account?

 

[rickudon]

Artful dodger - no. Have been doing this for about 8 years. What you do need is a UK address, and regular UK transactions on your bank accounts. Although you can usually get away with a thai address as well, a few people have had their accounts closed, but probably more likely if you are liable for USA taxes .....

 

Also, many UK banks do not even require you to tell them when going abroad these days. Also a good idea to have several accounts at different banks - i do this because firstly many current accounts pay better interest rates than savings accounts, secondly if one card/bank goes belly up you have backup, and finally my money goes on an automatic merry-go-round between the banks, to meet current account funding requirements and generate the UK transactions needed so that the banks do not consider you as non-resident. All perfectly legal.

[Artful Dodger]

Thanks Rick

[Ks45672]

On 21/05/2017 at 11:14 AM, lkn said:

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:

 

 

You don't even have to forfeit your interest rates in some branches

I normally get mine in December