Opening A Bank Account in Thailand

[Guest scottishguy]

Which Thai Bank would members recommend for ease of opening a basic deposit Account which offers ATM Card withdrawals.

 

Thank in advance for advice

 

 

 

 

 

[firecat69]

I love Kasikorn Bank.  Their online banking is so easy for thing like transfers or top ups of mobile accounts. If you need help and call their 800 line , the level of English is excellent .

 

You never know what response will be to opening an account when you don't live in Thailand. One branch may turn you down. Just walk to another Branch and they will accept you. 

[TotallyOz]

I concur with Khun Firecat. K Bank is the best IMHO and I have one with it, Bangkok Bank and one other bank.

[Bob]

I've had no problems at all with my SCB accounts (years ago Bangkok Bank wouldn't let me do the online banking part so I switched to SCB without a problem).  But my guess is just about any bank will offer about the same services these days.

 

But I do advise you choosing a location that is convenient for you as, if you ever have to replace an ATM card or, as another example, have to get a "bank letter" to obtain or renew a retirement visa, you typically have to go back to the very same bank where you opened the account (other branches of the same bank typically won't do this for you). 

[firecat69]

I have a friend who is always losing his ATM card and he never has a problem getting it replaced at any Kasikorn Branch, if he has his passbook and passport.

 

Retirement Visa though I bet you would be right that you would have to go to the Branch you opened the account at.

[Bob]

I can get a new passbook at any SCB branch but they send me to the original branch for either an ATM card replacement or the retirement visa letter.  It's not any huge deal - no more than once a year - but I have to trudge "downtown" on the east side to do that rather than go to either SCB branch that's within easy walking distance to where I live now (west side of Chiangmai).

[Guest Garrison]

This is my first post on the Board and I am looking forward to many good exchanges with you guys.

 

When I first moved to Pattaya, it was on an ED Visa. I went to a K-Bank branch nearest to where I planned to live and they were very helpful in getting my new savings account opened, plus with internet banking. Bangkok Bank allowed me to open an account as well, but required a Work Permit before being given internet banking. I now have a Work Permit and got the internet banking at BB, but the efficiency at K-Bank won me over and it remains my main bank to date.

 

Note that what one branch permits, another one may deny, so just keep trying should you ever get a negative response. Hope it works well for you.

[firecat69]

Welcome to the Board .  Look forward to hearing from you!

[Guest fountainhall]

I'd like to put in a plug for Kungsri Bank of Ayudhya. This is a smaller bank, but expanding rapidly under a western CEO. I was with HSBC here for about 12 years. Last year, HSBC sold its consumer banking unit to Krunsri and offered all account holders accounts at Krungsri. I was apprehensive. I need a safety deposit box, a checking account and a VISA card, one or more of which many local banks will not supply. I went to Bangkok Bank (where I also have a small account), Citi, Kasikorn, Standard Chartered and a couple of others. None could provide everything.

 

The VISA card and deposit box seemed the biggest problems everywhere. All the banks wanted a minimum deposit of around $100K annually for about 7 years before I could get a deposit box. This would then be repaid with some paltry interest at the end of the period. Several refused to issue a credit card including Citi with whom I have a Platinum card in Hong Kong (I only have a retirement visa - I do not have a work permit). Krugsri had no problem providing both. The annual fee for the deposit box is around Bt. 3,800 and the credit card is on the same conditions as I had with HSBC. And in all the dealings with Krungsri, I have been met with welcoming smiles and efficiency.

 

Welcome to the Board, Garrison!

[Gaybutton]

For simply holding a bank account for deposit and withdrawal purposes, I think just about any Thai bank will do, so you might as well go with one of the recommendations above.  K-Bank seems to be getting the most votes.

 

I have an account with K-Bank too.  All of these banks offer online banking.  When I opened my K-Bank account, they arranged for my online banking right then and there.  They told me the account would be accessible online in about three hours.  By the time I arrived home, about forty minutes later, my online banking was already in place.

 

If you have online banking, you can check your account from any computer.  However, if you wish to do any transactions online, then you must have a Thai mobile phone.  When doing most types of transactions, these banks will send an OTP (One Time Password) to your mobile phone.  You cannot do a transaction without that OTP, which is why you would need a Thai mobile phone number.  Of course, you can also do most transactions at ATMs without a mobile phone, but other than withdrawing money, it would have to be an ATM for your bank. 

 

One convenience is at ATMs or via online banking, you can top-up your mobile phone.  All of these banks offer top-ups at 50 baht increments, starting with a minimum of 50 baht on up to 1500 baht.

 

Until recently, most Thai banks were charging a 20 baht fee for withdrawing money at ATMs other than their own.  Lately, I have not been charged that fee even when withdrawing money from another bank's ATM.

 

Also, many of these banks permit transactions or just checking your account via your mobile phone.  Having a smartphone or iPhone with internet access is a big help.

 

If you anticipate that your future needs will require additional services, you might want to check to see which banks offer what you'll eventually need.  For example, many expats receive pension funds via direct deposit, which means you would need a Thai bank that has a branch in your home country.  As far as I know, Bangkok Bank has more international branches than any other Thai banks.  For their listing see:  http://www.bangkokbank.com/BangkokBank/InternationalNetwork/InternationalBranches/Pages/default.aspx

 

To the best of my knowledge:

 

Kasikorn Bank has a branch in Los Angeles, but not in any other western countries.

 

Siam Commercial Bank has a branch in Hong Kong.

 

Bank of Ayudhya has a branch in Vientiane.

[firecat69]

I disagree with one thing you say. You can change from an OTP to a second password and thus do anything you want when you are out of the country. You can continue to use that 2nd password in Thailand.

 

This is with Kasikorn Bank. Recently they restricted Top Ups of your mobile to OTP only.  I change to OTP when I enter Thailand and back to 2nd password when I leave .  It only takes a few minutes to change either way.

[Gaybutton]

You can change from an OTP to a second password and thus do anything you want when you are out of the country. You can continue to use that 2nd password in Thailand.

 

I wasn't aware of that.  Does that apply only to K-Bank?  After reading your post I logged on to my online banking with K-Bank.  I can't find where or how to do that.  How is it done?

[firecat69]

You have to call them to change from 2nd password to OTP  . They ask you questions to verify who you are . When it is time to change it back I call them and they walk me through it because I always forget..

 

KBank is the only Bank I am familiar with

[ChristianPFC]

I have an account at SCB, which is fine so far. But they wanted a work permit for opening the account. So if the account is for you (not specified in the op) and you don't have visa or work permit, this might restrict your choice of banks.

[Bob]

I have an account at SCB, which is fine so far. But they wanted a work permit for opening the account. So if the account is for you (not specified in the op) and you don't have visa or work permit, this might restrict your choice of banks.

Or, as many have said, just go to another branch.  I've had an SCB account and online privileges for 8-9 years with SCB and I never had a work permit.  In fact, opened both of my SCB accounts while on vacation here with the free 30-day visa you get upon entry.

[Guest scottishguy]

Hey guys - thanks for the invaluable info.

[Guest]

As with other members, I like Kasikorn a lot.   Opened my account at the first branch you come to walking from Chong Nonsi back to Sala Daeng in BKK.

 

Remember to take:

1 Your passport

2 An address. Can be scribbled down on a piece of paper.  I chose to omit the word "hotel" from mine.

3 Your phone no

 

Then, set your google calendar up with quarterly login reminders for the internet banking.  That way you can avoid expiry of the password. Thankfully you don't need to actually change the password, just log in once a quarter.

[Guest anonone]

I have been thinking about opening up a Thai bank account, so this is timely.  2 questions for those with knowledge...

 

1)  Any particular K bank branch in Pattaya that will open up accounts without work permit?  I will be on a regular 30 day Visa exemption for my April visit. (I visit Thailand 4 or 5 times a year, so it might make sense to get a Thai bank account)

 

2)  Anyone from USA with Thai bank account have any information to share about IRS reporting requirments?  I have heard somewhere that foreign bank accounts now require disclosure...or something like that.

 

Thanks.

[Gaybutton]

Or, as many have said, just go to another branch.

 

ChristianPFC's post is a perfect example of why to do that.  In the past, with some banks it was difficult to open an account if you didn't hold a non-immigrant visa, but this is the first time I've ever heard of anyone being asked for a work permit.  These days you can open an account at most Thai banks even if you are in Thailand only under the 30-day privilege. 

 

As far a I know, every bank will open an account for you for a minimum deposit of 500 baht.  For years I have been urging people who are regular visitors to Thailand to open a Thai bank account.  You never know if regulations are going to change and the day may come when you wish you had an account.

 

 

1)  Any particular K bank branch in Pattaya that will open up accounts without work permit?

 

Yes - all of them.  I know of no bank that requires a work permit.  I opened my account with K-Bank at their branch in Central Festival without any problem whatsoever.  They made a copy of my passport's face page, but were not even interested in what kind of visa I held and nothing at all was mentioned about a work permit.

 

 

2)  Anyone from USA with Thai bank account have any information to share about IRS reporting requirments?  I have heard somewhere that foreign bank accounts now require disclosure...or something like that.

 

IRS requires you to report any foreign accounts that held the equivalent of greater than US $10,000 during the tax year.  You might wish to read the following:  http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Regarding-Report-of-Foreign-Bank-and-Financial-Accounts-%28FBAR%29---Filing-Requirements

[Bob]

Supplementing GB's comments:

(1)  If your total foreign financial (bank, stock, etc.) accounts (those in Thailand and elsewhere) exceed $10,000 in value at any one moment during the tax year, you need to file the FBAR report with the US Treasury (not with your tax return) by June 30th following the involved tax year.

 

(2)  If your total foreign financial accounts exceed $50,000 in value (although I've heard this number may be changed) at any moment during the tax year, you do need to file another form with your income tax return.

 

If your total foreign financial accounts never get to the point of being worth $10,000 during the tax year, you need to report nothing; however, you are obviously required to report interest income on your tax return.

[2lz2p]

(2) If your total foreign financial accounts exceed $50,000 in value (although I've heard this number may be changed) at any moment during the tax year, you do need to file another form with your income tax return.

 

There are two laws regarding reporting foreign bank accounts - one as mentioned has been in existence a long time and requires a separate report to US Treasury Dept (not IRS) by June 30 if during the preceding calendar year you had aggregate deposits in foreign bank account of more than US$10,000 at any time during the year.  The report goes to the Financial Crimes Information Center (FinCen).

 

The other relates to foreign financial assets (bank account, stocks, bonds, etc.). The reporting form is part of the annual US Income Tax return. The amount that triggers reporting depends on filing status (married, single, etc.) and residence in USA or outside USA - currently if single and residing in USA, the trigger is US$50,000; if single and not residing in USA, the trigger is $US200,000.  If I recall correctly, to qualify as not residing in USA, you must be living outside USA for at least 330 days of the year.

 

This link has more information along with links to IRS guidance:

http://www.pattayacityexpatsclub.com/expats/docs/IRS8398-info.pdf

 

Another part of that law requires foreign financial institutions to report information on US Citizens/residents that have account in their institution. The regulations implementing that requiremwnr were still in the comment stage the last time I checked, which was sometime last year. From some reading, it appears the USA and some countries were drafting agreements to implement the requirements for all their financial institution.  I seem to recall an article in Bangkok Post that Thailand was negotiating such an agreement.

 

 

[Guest anonone]

Wow  thanks for all the great info.  I appreciate it.

 

I have now decided to try and open an account at Kasikorn bank next month, during my Pattaya visit.

[Guest Devint6669]

I have a friend who is always losing his ATM card and he never has a problem getting it replaced at any Kasikorn Branch, if he has his passbook and passport.

 

Retirement Visa though I bet you would be right that you would have to go to the Branch you opened the account at.

I'm the friend in question Firecat69 is talking about, let me tell you is true I lost my ATM card all the time all the time I go to any bank under the same name and I just bring my passbook and my passport with me And it is true very it's easy to get a new one for a price for sure 150 THB and they just give me a new ATM no problem no question ask. But the only thing is don't lose your passbook because there will ask you to go to the police station for fulling a report of lost and this a really pain in the XXX thats for sure… But as long that you don't lose your passbook this bank is the best all someone there to speak english whit to help you. Never wait to long for service provided by the bank.

I just love this bank

 

[kokopelli]

When I asked for a replacement ATM at Kasikorn they screwed me out of 500 Baht for some sort of so called accident insurance. Just a scam. This was at Central Festival. Just be aware if they try it on you. Otherwise a good bank.

[Guest scottishguy]

That sounds like of those Insurances that promises $5million if, (for example) an aeroplane engine falls on your head as you walk down the street - and provided that neither you not the Airline have any other insurance.