Bank Accounts for Foreigners

[Gaybutton]

THE NATION is running a series of articles about financial information for foreigners and expats. The first article in the series appeared today and subsequent articles will be published weekly. The first is about bank accounts for foreigners.

 

Unless things have dramatically changed, I disagree with part of this first article. The article is making it seem as if foreigners who have no work permit or enter without at least a Type "O" visa won't be allowed to open a Thai bank account anywhere. As far as my experience tells me, that is simply not correct. I know of one friend who opened a bank account at Siam Commercial bank, without at Type "O" visa, as recently as just a few weeks ago.

 

Also, it would make no sense, even by Thai standards, to create a Catch-22 situation for those who wish to apply for the retirement visa. You can't get the retirement visa without a Thai bank account. The article can be interpreted as saying you can't open a Thai bank account without a retirement visa. If you are worried about it, just remember that you can walk into one branch office for just about any Thai bank and be told one thing, and told something entirely different in another branch office for the same bank.

 

I'll try to remember to put them on the board each week, but if you don't want to wait for me, here is the URL:

 

http://www.nationmultimedia.com/2008/06/26...ss_30076519.php

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Bank Accounts for Foreigners

 

Published on June 26, 2008

 

A look at the qualification criteria at various institutions and the documents you need

 

Expatriates living and working in Thailand need to conduct financial transactions such as opening a bank account, applying for a credit card, money transfers, investment and insurance. But due to their foreign status there are some transactions they cannot undertake.

 

The Nation has gathered information on what expatriates can and cannot do in terms of products offered by local financial institutions.

 

Let's begin with a truly fundamental product - the bank account.

 

Foreigners are classified into four groups: permanent residents in Thailand, foreigners with a work permit, foreigners with a long-stay visa (non-immigrant) such as international students, and foreigners with a tourist visa.

 

The first group are foreigners who live in Thailand. They are supposed to show an alien certificate and copy of their house registration for identity verification. The second group needs to show a passport and a work permit.

 

In general, Thai commercial banks require a work permit and a passport to open a savings account, current account and fixed-deposit account.

 

For example, Siam Commercial Bank and Bank of Ayudhya require a minimum work-permit period of six months. Kasikornbank requires the same but if a foreigner has no work permit, they must show a document which confirms that their stay in Thailand is for at least three months.

 

Foreigners with these required documents are qualified to open bank accounts and hold a debit or ATM card.

 

However, there are still many foreigners who have no work permit, such as foreign students who hold a long-stay visa. Therefore, they need to hand in confirmation documents from their colleges. A foreigner with no work permit is supposed to supply any additional documents that a bank may require, before it decides whether to approve the application.

 

Among the large banks, only Bangkok Bank allows foreigners with tourist visas to open a savings account and provides debit-card access at any ATM nationwide. However, applications from this category are considered on a case-by-case basis and tourists must stay at least 180 days in the Kingdom.

 

Foreigners who enter Thailand via an on-arrival visa - valid for 30 days - will not be considered.

 

A Bangkok Bank savings account requires a minimum initial deposit of Bt500, plus a Bt100 joining fee and Bt150-Bt200 annually for an ATM card.

 

A current account, which allows customers to use cheques, requires a much higher minimum initial deposit of Bt10,000. However, very few retailers in Thailand accept cheques, except when there is an established relationship with the customer.

 

Fixed-deposit accounts require a minimum initial deposit of Bt1,000-Bt2,000 and customers can choose from a range of periods, such as three months, six months or one year.

 

Right now, Bangkok Bank is keen to expand its expatriate customer base. It is, therefore, inviting Immigration Bureau staff to train its employees on the basic rules on classifying foreigners into various visa and work-permit categories.

[Guest fountainhall]

Foreigners who enter Thailand via an on-arrival visa - valid for 30 days - will not be considered.

 

I also find this extraordinary. Granted it was 9 years ago, but it was easy at that time to open a non-resident savings account at the Bangkok Bank and HSBC. Funds into those accounts had to be from overseas. Deposits in Baht were not permitted but both accounts provided ATM cards for local withdrawals. And I was always on 30-day 'on arrival' visas till 3 years ago.

[billyhouston]

Using Thailand as a base to visit nearby countries I have found it convenient to use 'Visa Exemption' rules, in other words 30 days. (That's what the Thai Consul, Hull calls it anyway.) For greater convenience, and because of the enforcement of the 90-day rule, that will change to a Category O visa shortly.

 

Looking for a local bank account I tried TMB and Bangkok Bank with no joy but then alighted on Kasikorn who opened an account without problems. Internet banking followed shortly afterwards and, provided the transferee has been set up previously, many transfers are now 'instant' with an SMS to the person receiving the money.

 

Not only do different branches vary in their attitude, but even different employees in the same branch and, perhaps, even the same employee on different days!

[Gaybutton]

Not only do different branches vary in their attitude, but even different employees in the same branch and, perhaps, even the same employee on different days!

 

Absolutely right. So, readers, no need to let the article frighten you, but if I were you and I was even contemplating the possibility of retiring in Thailand or otherwise ever needing a Thai bank account here, then if you don't already have one I would make sure to open a Thai bank account during the next trip, before the regulations change to the point that it is extremely difficult to impossible.