Lowdown on Opening Bank Accounts

[Khun_Kong]

According to this article in the Nation:

 

Bank accounts for foreigners

 

Published on Jun 26, 2008

 

A look at the qualification criteria at various insititutions 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.

 

-- This is the first article in a series about personal finance for expatriates. The second part will appear next week.

[Encore]

>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.<

 

Crap! I opened my K-account last year with only a 30 day stay border visa, no long stay, no work permit, no residence document etc.

 

 

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.

<

 

More crap, see above, K-Bank no problem. Maybe The Nation is trying to do Bangkok Bank a favour by misleading foreign readers thi is the only bank that will play ball.

[Mekong]

Deleted

 

Just Noticed KK Posted about Credit Cards in a seperate thread

[dullnight]

It might well be a case by case basis, went this morning to 2 BKK BK agencies in Silom including the main branch to assist a chinese citizen opening an acount and they did require the work permit twice. Looking for a solution the clerk in the Main Branch took out a file with a bunch of samples of foreign embassy letters/certifications to help with the situation but he found nothing for Chinese citizens. I wonder if I would have been able to open that account for myself, as i already have 2 in BKK BK. Any very recent experience?

[khunsanuk]

Hi,

 

"is supposed to supply any additional documents that a bank may require"

 

Nice and clear, eh?

 

Kinda like immigration. "Yes, you have all the stuff that is on the list, but we also want you to show x, even though we've never asked for this before and it is not mentioned anywhere."

 

Sanuk!

 

[cavanami]

I went to several Bangkok Banks and they all pulled out a BKK Bank memo that said they would NOT open a bank account unless you had a work permit.

 

For sure they would not open an account with a tourist visa.

 

Also, they required a letter from someone with an account already with BKK Bank, like a "good guy" letter...WTF...I am suppose to provide a "good guy" letter so I can keep my money with them?

 

Say bye-bye! I opened an account at Kasikorn years ago, no fuss, no mess!!!

[khun_khon_neua]

 

 

I have to agree. If they required a work permit and I didnâ??t have one; I certainly wouldnâ??t put my money there.

[rookie]

My experience as that of others I know is simply it depends on who you talk with at the Bank. One day a representative of a bank may say 'no'...but go in the next day and speak with a different person(s) and often the answer will be 'yes'. TIT

 

I've acc'ts at BKK, Ayudyha and TMB...no prob. Yet the first bank I ever approached (5-yrs ago) was Siam Commercial. They flat said 'no', not w/o a work permit, but I didn't know then that it often benefits one to later speak with others in the bank.