Bank Accounts

[cavanami]

If I understood the lady at the bank today, the account must be active, meaning that you should deposit/withdraw a minimum of 100 Baht once a year.

 

Same as the USA, if your account goes inactive, the state government will take all the money. The bank sends out notices well in advance so there is usually no problem.

 

I would expect the bank or Thai government would take the money once the account is inactive.

[Mentors]

yes that is what i also suppose.

(but with a copy of passport they should ask the Embassy if the account has more as 100K or so, would be nice).

But yes, the money maybe will help for the next TRT campagne

[wonderlust]

The ATM cards you're getting, is that just a cash card or is it one of those visa electron or maestro debit cards? Is it more difficult to open an account that includes one of these cards?

[cavanami]

I was asked did I want a "local card" or a "debit card" or an "international card". I went with the local card, which only has the name of the bank on it and no Cirrus logo.

I can only use the local card in Thailand, which is all I need.

They did offer a Visa type card, but don't need and I would expect not as easy to get, but did not check into it.

 

Since I have internet access to the account and can do $$$ transfers to other accounts, I am good to go.

[drogon]

At which bank and branch are u please?

[cavanami]

At which bank and branch are u please?

 

I have the account with Kasikorn.

The bank is located north of the Pham Phon

Exit the BTS (looking north, toward Asoke), on the right side of Sukhumvit, walk toward Asoke about 200 meters or so. If you see Flyers (left side of Suk at Soi 22), you passed the bank.

 

Get a number as soon as you pass the ATMs in the lobby and enter the waiting area of the bank. Number dispenses on the right side, just as you walk into the lobby.

[Khun004]

From what I understand, you must wire in like 2,000,000 Baht, to a Thailand Bank account, so as to secure your retirement visa.

cavanami certainly intends to be helpful, but his "understanding" is way off the mark.

I wish he'd check his facts.

 

I went through the process today -- getting my retirement visa renewed, for the third time.

 

First, you may have any combination of money in the bank and/or monthly pension.

If you have a pension of 65,000 baht/month, you don't need any money in the bank here.

If you have zero pension, you must show 800,000 baht once per year.

You do NOT have to bring in 800,000 baht every year, just "top up" your account to that level to quality for retirement visa.

 

In theory you could bring in 800,000 once, and just let it sit in the account.

BUT, immigration will likely question you about what money you used for living expenses.

I say "likely", because I haven't done that.

I draw out money every few weeks for my expenses.

I sat and watched today as the immigration lady looked carefully through every page of my bank book.

 

If you use the bank deposit option to quality for the retirement visa -- that is, your pension is below 65,000/month -- then you must provide evidence from the bank that your bank deposit is foreign currency brought in from abroad.

It can not be Thai currency deposited here in Thailand.

Reason for that is retirement visa holders are not allowed to work here.

A letter from your bank is required to verify to immigration that the money in your account is foreign funds.

I got that letter from my bank today.

Cost for the letter -- bank service charge -- 100 baht.

 

I have the account with Kasikorn.

I have heard another high recommendation of Kasikorn bank from a Thai who's judgement I trust.

He is my Thai language teacher -- and I've known him for two years.

He, too, recommends that branch of Kasikorn bank and says the service is excellent.

Being in Sukhumvit Road, they are certain to have staff comfortable with English.

(However, I have no first-hand experience there.)

 

I want to add to the directions to that branch:

Phrom Phong skytrain station is sometimes referred to as "Emporium" station, because it is adjacent to the Emporium Department Store.

The bank lobby is right next to Villa Supermarket and almost directly above the Londoner Pub -- both well-known landmarks in the area.

That corner of Sukhumvit Road and soi 33 is the entrance to a well-known nightlife area.

The "scenery" in front of the bank is especially interesting in the early evening as the "nightlife" is arriving for work.

 

 

The ATM cards you're getting, is that just a cash card or is it one of those visa electron or maestro debit cards? Is it more difficult to open an account that includes one of these cards?

Good question from wonderlust about ATM cards.

The card I got at Siam Commercial Bank is a MasterCard Electronic brand, with the Cirrus logo on the back.

I have used it at a wide variety of ATMs in Thailand with never a problem, but I have not yet tried to use the card outside of Thailand.

Note this caveat printed on the back of the card,

 

"This card can not be used at merchant locations that display only the MasterCard brand. Look for the MasterCard Electronic brand."

 

Getting the card was entirely routine when I opened the account.

One additional form to sign -- for the card.

An extra fee: either 100 or 300 baht, I forget exactly.

.

[Khun004]

I'm thinking of opening an account at Bangkok Bank because they also have a branch in New York City. I can arrange for a monthly deposit to the NYC branch, and they will supposedly arrange for that money to be transferred to the Bangkok Bank in Thailand without any kind of wire fee. Or at least that's how it's supposed to work.

Like Rex7777 I, too, have noticed comments to that effect on other threads and other forums about Bangkok Bank's "branch" in New York.

Seems like a clever idea -- at first glance -- but there is more to it than meets the eye ...

 

First: An article appeared in "The Nation" newspaper (here in Bangkok) a few months ago to the effect that Bangkok Bank had been put on a "watch list" by the U.S. Treasury Department.

The reason given in the news story was suspicious transactions and lack of adequate, accounting controls at the New York branch.

That's all I remember about that.

Please do your own research.

 

Second: There was discussion on some forums that the Bangkok Bank branch in New York is NOT a retail bank, but only services commercial/business accounts.

I don't remember where I read that, nor do I know the facts.

Again, further research.

If Rex, or any else, does the research, I hope you'll report back here what you learn about both these points.

 

As for saving money on wire transfers, what are we really talking about?

Most banks charge only US$ 15-25 for an international SWIFT transfer.

Some banks offer free wire transfers.

I am not sure -- research needed -- but Everbank may be one of those.

 

Or you can simply write a cheque/check on your home bank and deposit that into your Thai account.

The deposit will take 30-45 days to clear so plan ahead.

The one time I did that, the bank charged me a fee of 300 baht, about US$ 7.50.

For the modest additional cost, I've found SWIFT transfers much faster.

.

[Khun004]

Gday Guys.

I will be moving to Thailand in Feb and will need a bank account.

If I turn up at say, the bangkok in soi 8 with a few grand cash, will these be a problem? ...[snip]...

Is it that simple?

barflyrex brings up a good question about the ease -- or lack thereof -- of opening bank accounts in Thailand.

 

On various forums I've read horror stories about trials and tribulations opening bank accounts.

And I've read counter-points saying the process was effortless.

I like things effortless, especially in an unknown environment of trying to do personal banking in Thailand.

So, when my visa lawyer offered to go with me to open the bank account, I immediately accepted the offer.

That turned out to be a good decision.

 

First of all, and perhaps most important, personal relationships are vastly more important in Thai culture than in our "home" countries.

The fact that I arrived with "an introduction" immediately gave me first-class service; not only during account opening, but, also, each time since that I have needed something done at the bank.

 

Second, all the forms I saw were only in Thai language.

I had no idea what I was signing, nor, even where to sign.

The patient instructions from my lawyer eliminated any problems.

 

Yes, I paid an additional fee for this additional service.

Someone on a tight budget might be reluctant to do that.

After two years of retired living here, I've learned again and again, the best way to get something done smoothly in Thailand is to hire a Thai person to handle it.

That same lawyer -- and his staff -- have handled everything to do with my retirement visa, even to the extent of taking me to a doctor's office.

If anyone needs a recommendation for this sort of service in Bangkok, you are welcome to send a private message to me.

.

[lembeh]

 

>Note this caveat printed on the back of the card,

 

"This card can not be used at merchant locations that display only the MasterCard brand. Look for the MasterCard Electronic brand."

 

Thats telling you its an ATM card and not a credit card. Where the facilities exist you can also use it to have money deducted directly from your account when shopping, not sure what the correct term for that is, but it pretty common in the west.

-j-