Opening a bank account

[Guest njjim]

Returning to Thailand again in November, but this time for a trial run at actually retiring there. Will probably enter with a tourist visa to give myself some time to get things rolling. I know I can apply for a retirement visa in Thailand, but it does require a bank account in Thailand. Can I open an account with a tourist visit? Or do I need to change the tourist visa to an O visa in Thailand to open an account? Thanks

[Gaybutton]

Some banks still permit you to open an account with a tourist visa, but it will be much easier if you have a Type "O" visa. Since you are planning out your retirement, I suggest not trying to cut corners during this stage, but spending a few extra dollars to do things the right way and avoid problems later.

 

[Guest laurence]

Opening a bank account on a tourist visa or visa on arrival is easy. Try Bangkok Bank or Bank of Ayudha. They will want to see your Passport and will need some sort of local address. I used the address of the condo I was renting for one month.

[Bob]

I opened an account at Bangkok Bank and Siam Commercial Bank just on the 30-day entry visa.

Bangkok Bank won't let you do the internet thing without a work permit (probably a correct interpretation of the Thai law) but Siam Commercial Bank doesn't seem to care (I can use the internet with my SCB account).

 

Probably different everywhere and bank to bank.

[2lz2p]

I opened an account at Bangkok Bank and Siam Commercial Bank just on the 30-day entry visa.

Bangkok Bank won't let you do the internet thing without a work permit (probably a correct interpretation of the Thai law) but Siam Commercial Bank doesn't seem to care (I can use the internet with my SCB account).

 

Probably different everywhere and bank to bank.

 

Bangkok Bank will let you use internet banking if you have a "retirement" visa. You have to fill out some forms at the bank and will later receive your log on information. I find it convenient as my bf has an account in the same branch and I can transfer funds from my account to his (Bangkok Bank has recently set up for transfers to accounts in other banks - haven't tried it, but a friend says it works fine -- as I understand it, you have to give them your mobile number and when you want to make a transfer, they send you an SMS with a one time password for use in making the transfer). I also use it for "topping" up my mobile (AIS) and the bf's mobile (DTAC - shown as DPROMPT in their payee listing), which is done immediately -- no fee for top ups, but fees vary for other vendor payments.

[Guest jtrack33]

I think why people get the impression Bangkok Bank won't let you do some things, like internet banking and certain fund access is because when you first open an account on a tourist visa, the account name/number/code on the passbook indicates you are on a tourist visa. When you say you are on a one-year visa, they will take a looksee and amend the passbook coding and give you access.

 

It was a bit like True Move recently telling me I could not have a postpay SIM without a work permit despite having a True home phone, True Visions and True high speed internet all on post pay for the last 8 years(maybe less for internet). But when I suggested direct debit, they agreed readily.

 

I believe that if such an institution tells you you can't do something, then questioning the reason often solves the problem.

[Gaybutton]

I believe that if such an institution tells you you can't do something, then questioning the reason often solves the problem.

 

Not with Bangkok Bank, in regard to online banking. They're quite strict about it. They used to permit online banking with a tourist visa, but now it has to be a non-immigrant visa. Just why baffles me, especially considering that several other banks permit online banking no matter what kind of visa you have, but there it is.

[Guest jtrack33]

GB I think you misunderstood my posting. I agree Bangkok Bank will only allow you to use internet banking with a one-year or non-immigrant visa, BUT unless you tell them that you are already on such a visa, they will look at the passbook with the visit visa coding (because that would/may have been your status when opening the account) and tell you you need a work permit. In my case that is what they said. They did not say a non-immigrant visa was also suitable untill I told them I had one.

[Guest Astrrro]

I had a 90 day visa and at one branch of Bangkok Bank they told me I could open an account but only with a letter from the Immigration office on Soi 5 in Jomtien.

 

So I opened up an account with Kasikorn which didn't require the letter (but see the other thread about the advantages of Bangkok Bank if you're American).

 

By the way, if going to Immigration on Soi 5, Simple Simons has an all day breakfast with unlimited coffee and if you like ladyboys Sally Bar not only has a few cuties but a free pool table.

[Gaybutton]

I have learned that no matter what you are told at any of these banks, if you go to a different branch or even talk with someone else at the same branch, chances are you'll get a totally different answer.

 

That happened to me with Siam Commercial. When I first moved here I tried to open an account at Siam Commercial and was told you can only open an account if you hold a work permit. That made no sense to me, but that was what I was told. For two years I assumed that was the case until a friend told me he has an account with Siam Commercial and has never had a work permit. I went back to the same branch and was still told you mush have a work permit in order to open an account. Then I tried a different branch.

 

15 minutes later I had an account, online banking, and was told the other branch, where I had originally tried, doesn't know what they're talking about.

[Guest Astrrro]

I didn't bother to sign up for internet banking at Kasikorn Bank because I figured I could always do so later. Have some questions which I'll ask here first before I ask at the bank so I'm better prepared for my conversation.

 

1) Are all the Thai banks pretty much the same with regard to internet banking?

 

2) Are there any fees for internet banking?

 

3) If I have an account at the same bank as my companion then I assume that I can transfer funds from my Thai account to teerak's account via the internet without a fee? When travelling home I would prefer to give the rent and expense money monthly rather than in a lump sum.

 

4) Just curious if different banks? Right now we use different banks although easy enough to open a new one.

 

5) I paid a fee when opening an account at Kasikorn. I think it was for an ATM card and that if I wanted to forego a card the account would be free. Is this so?

[Gaybutton]

Ok, no, not all banks operate online banking in the same manner, but the basics are quite similar. I do not have an account with Kasikorn, so I can't be 100% certain, but there are some things I know:

 

1. The ATM card for which you paid a fee is referred to as a Visa Electron card. It can be used for things such as store purchases, etc. A standard ATM card can be used only for ATM transactions.

 

2. There are some fees for internet banking, but those are mostly when it comes to paying bills online or money transfers. Other than that, there are usually no fees.

 

3. If you and your bf both have an account with Kasikorn, then yes, you can transfer money to his account without a fee. You'll have to check with the bank. Some banks let you set up transfers to other accounts online and some require you to fill out a form and submit it to the branch office first. I don't know Kasikorn's requirements for online transfers. You can easily do that at any Kasikorn ATM, though.

 

4. Many online bank services now permit interbank transfers, which means that you can transfer funds from your Kasikorn account to another bank. In other words, if your bf's account is with Siam Commercial, you can transfer funds to his account online with your Kasikorn account. But first you need to check with Kasikorn to see how they set that up. You may be able to set it up yourself online, but I don't know. Different banks have different ways of setting up that sort of transfer.

 

I doubt you'll have any problems, but make sure before assuming anything.

[Guest Astrrro]

Thanks GB!!!

 

I had no need whatsoever for a Visa Electron card and would have been quite happy with a free ATM card. Have to learn to speak Thai.

 

But an ATM card would be good for my teerak if it's free at Bank of Ayudhya; doesn't have one because we thought there was a fee.

[Bob]

Asstro, can only speak about Siam Commercial Bank (and used the 30-day tourist stamp to open it up). No fees to open up the account, either mine or the bf's. Transfers between the account (which I do online) cost nothing. Got the ATM card and there was no fee for that. I can use the ATM anywhere in Chiangmai province (my account is based in Chiangmai) without any charge but, if I use it in other provinces, I get charged either 40 or 50 baht (that's my best memory on that as I've only used it once or twice elsewhere).

Not sure about fees to pay bills online as I haven't done that as yet (but it doesn't cost anything to just check your balance online or to transfer funds from one account to another). When I want to top off the account, I wire transfer from my bank here in the US (and my bank here charges me $40.00 to do that so I don't do it often - maybe once a year or so).

[ieb2004]

I opened two accounts with Kasikorn Bank, one in Suriwong, and one in the Siam Paragon branch last July. The Siam Paragon branch of Kasikorn has great opening hours. I tried previously and unsuccessfully to open accounts in Bangkok Bank, Siam Commercial Bank, and in two branches of Bank of Ayudhya, but was told I couldn't on a 60 day tourist visa.

 

I was told Kasikorn Bank had one of the most up to date online banking systems, and found it very easy to use. I could access my accounts online within 24 hours of opening my accounts, and there is a very useful and easy to use English language helpline.

 

The Kasikorn accounts have passbooks which you can update using machines both outside and inside some branches. The Visa electron card is also useful for deposits and withdrawals, and yes there was a small fee for the card. I do worry, however, what might happen if the card was lost because it doesn't have my name on it! It comes just with the card number.

 

I was told if an account remains inactive for a year it is closed! So having two accounts allows me to move funds from one account to another thus keeping both accounts open, especially useful for people not resident in Thailand. Also, using K-Cyber banking you can, if you wish, transfer funds to other account holders.

 

 

 

 

[billyhouston]

Also, using K-Cyber banking you can, if you wish, transfer funds to other account holders.

 

Yes, not only is this transfer instant (cost 25Baht) but the recipient receives an SMS to confirm. This applies to inter-bank transfers with about 5 other major banks.

 

[Gaybutton]

Yes, not only is this transfer instant (cost 25Baht) but the recipient receives an SMS to confirm.

 

I'm glad you mentioned that. Bangkok Bank's online banking used to have that service. If you transferred money to another account, you had the option of having an SMS sent to inform the recipient. But about six weeks ago that option stopped appearing. I guess it was costing them too much to provide that service.

 

It's too bad they stopped that service. If someone was transferring money to a boyfriend's account from overseas, then he could also have had an SMS sent to inform the boy. Now that service no longer exists, at least with Bangkok Bank online.

[Guest Astrrro]

With Kasikorn I get a SMS whenever I withdraw money. Good idea because if it wasn't me withdrawing I could take action immediately.

[Gaybutton]

Good idea because if it wasn't me withdrawing I could take action immediately.

 

That is a very good idea. Is that something that happens automatically or did you have to do something to have that service?

[Guest]

If I need to open a Thai bank account but want to transfer money into it via direct deposit to a USA bank, which bank allows this. I do remember this being discussed in the past but forgot the bank.

[Gaybutton]

If I need to open a Thai bank account but want to transfer money into it via direct deposit to a USA bank, which bank allows this. I do remember this being discussed in the past but forgot the bank.

 

It is Bangkok Bank. They have a New York branch. It's not a commercial branch where you can just walk in and do transactions, but there is a routing number and they do handle direct deposits.

 

They are very nice and quite helpful if you call them, but I would not bother trying to communicate with them via Email. Over the years I've sent Email to them five times and have yet to ever receive a response. But, like so many Thais, they sure like talking on the telephone with you.

 

You'll find all the details you need on the following link:

 

http://www.bangkokbank.com/Bangkok+Bank/Ab...anch+in+USA.htm

[Bob]

Regarding Bangkok Bank and the ability to electronically transfer money (from, let's say, the New York branch to a Bangkok Bank account in Thailand), does anyone know:

 

(1) Is there any charge imposed by Bangkok Bank to make the transfer?

 

(2) And, more importantly, how do they handle the exchange rate - the one in New York (horrible) or the one in Thailand?

 

If they are using the offshore exchange rate, people are getting hosed. If not, may be worth looking into especially if you are in need of quite often transferring funds to a Thai bank account.

[2lz2p]

I have used the Bangkok Bank service now for several months. For me, it is about 1/2 the cost of wiring funds direct to Bangkok Bank from my US Bank. The funds are transmitted in US dollars and converted in Thailand using Bangkok Bank's exchange rate.

 

 

Bangkok Bank fees for transfers (from their NY Branch web page) Bangkok Bank NY

 

1. Bangkok Bank in New York charges the following fees for funds transfers initiated via the US ACH system:

 

Transferred Amount Fee

Less than USD 50.00 Free

USD 51.00 - 100.00 USD 3.00

USD 100.01 - 2,000.00 USD 5.00

USD 2,000.01 - 50,000.00 USD 10.00

USD 50,000.01 or more USD 20.00

 

2. Bangkok Bank in Thailand also charges a fee of 0.25% of the amount in the Baht currency (minimum of THB 200; maximum of THB 500) when the funds are deposited into the recipient’s Bangkok Bank account in Thailand.

 

Bangkok Bank's web page states the following as being benefits of using the system:

Bangkok Bank NY information

Benefits of the service

 

* Fees for funds transfers via the US ACH system and Bangkok Bank’s New York branch are up to USD 20 lower than most other international wire transfer services in the US.

* You can make transfers directly online via the internet banking service provided by your own bank in the US.

* You will enjoy a better exchange rate because the USD amount will be converted to Thai Baht at the daily Bangkok Bank exchange rate in Thailand.

[Guest GaySacGuy]

If I need to open a Thai bank account but want to transfer money into it via direct deposit to a USA bank, which bank allows this. I do remember this being discussed in the past but forgot the bank.

 

Bangkok Bank has a branch in New York City, and it is my understanding that you can have direct deposit through them, even for Social Security. I have made some international transfers from US banks to my Bangkok Bank account through the NY office, and it went without a hitch. In April, my sister made a transfer for me, went back to her office and sent me an email saying she had done the transfer, and I immediately logged on to Bangkok Bank, and the money was already there...less than 20 minutes.

[Gaybutton]

(1) Is there any charge imposed by Bangkok Bank to make the transfer?

 

(2) And, more importantly, how do they handle the exchange rate - the one in New York (horrible) or the one in Thailand?

 

A money transfer and a direct deposit are not the same. I have no idea what the charges are for money transfers, but 2lz2p seems to have all that information.

 

For a direct deposit, I receive the Thai exchange rate. Whatever the exchange rate is in Thailand at the moment they make the transfer, that's what I get.