What is the safest bank in Thailand?

[azza33]

same old topic but with a slight twist

given i have no knowledge of the banking history in Thailand i need to ask a small question of those who know and understand thailand well....

I'm keen to open an account

1) which bank is most likely to allow a non resident to open an account up?
2) Which bank is the most stable and least likely to disappear if i start sending cash over there for the next 10 years or so...

thanks

[Naang Faa]

None when i have a stocking on me 'ed!
x

[rxpharm]

Question number 1 has been discussed already a lot in this post: Bank Account, Cash, Cash, Cash

One of the most reliable banks in Thailand is Bangkok Bank - however as you well know even in western countries - strong banks can run into problems and go under.

from Fish Box

[azza33]

(Naang Faa @ May 17 2008,17:42) None when i have a stocking on me 'ed!
x

perhaps point 2 should be...

Which bank is insured in case Nang-Faa is feeling cash strapped?

[Road Runner]

Hello Azza,

This subject came up only a couple of months ago so it's worth doing a search.

To answer your two questions directly:-

1.  Under Thai banking laws non-residents cannot open a normal bank account.
You can open a foreign currency account but as far as I know none of those available will allow you to have an ATM card, cheque book et.
However as others have found not all the bank employees know the law so if you shop around it is possible to open a normal account.

2.  None of them are any more likely to disappear than any bank in any other country.  However there were recent news reports on Bangkok Bank losing customers money.  I suspect someone was either ripping off people's ATM cards or more worringly stealing from within the bank.

RR.

[rossco]

I opened a bank account as a tourist 4 years ago!

I deposited a sum of money. I was charged 200 baht to open the account.

I was given a Bank Book and a an ATM card.

This was a savings account AND if I did not have a current balance could not withdraw nor pay for anything - NO CREDIT.

It is easy to open a SAVINGS account but NOT a normal bank account. To have a normal bank account and a credit card/check book you must be legally employed or own a legitimate business - not easy.

Go to the bank of your choice and ask for a SAVINGS account.
Deposit a few thousand Baht

You need:
Passport
Cash deposit
Residential Address in Thailand (I opened mine with an Hotel address but that was a while ago)
use a GF/LB address - they do not send out statements etc so the chances of correspondence "showing up" is Zero

Done.

Re Banks - as posted - any bank can go under but most banks in Thailand are reasonably well protected. Bangkok Bank and Kasikorn (Farmers Bank) are 2 very popular banks. I would go with one that has loads of ATM's

If you use a different bank's ATM or an ATM, outside your own Bank's province, you pay a surcharge of 20 Baht using that ATM.

[PigDogg]

(azza33 @ May 17 2008,02:29) 1) which bank is most likely to allow a non resident to open an account up?

I opened up an account with Kasikorn Bank aka K-Bank with just my passport and using the address of the serviced apartment where I had been staying for a few days. Was in and out in 10 minutes. I have a 90 day visa but I think I could have still opened the account with a 30 day visa on arrival.

Kasikorn passbook savings account earns 0.75% annual interest. A 3 month, 6 month or 12 month time deposit earns 2% interest per year.

I've been told it's also easy to open up an account at Siam Commercial Bank.

Bangkok Bank wanted me to get a letter from immigration at Jomtien Soi 5 to open an account. I went to Soi 5, skipped immigration and had a few beers at Sally Bar instead.

[Guest]

I opened an account with Bangkok Bank around seven years ago. No problems thus far however, it is only used as a place to store my holiday money

[thaibound]

(PigDogg @ May 17 2008,08:15)

(azza33 @ May 17 2008,02:29) 1) which bank is most likely to allow a non resident to open an account up?

I opened up an account with Kasikorn Bank aka K-Bank with just my passport and using the address of the serviced apartment where I had been staying for a few days. Was in and out in 10 minutes. I have a 90 day visa but I think I could have still opened the account with a 30 day visa on arrival.

i walked into kasikorn branch at avenue mall pattaya yesterday, asked to open an account, and they said no problem. i showed them my passport, told them the address of my hotel and they handed me an 'account application'. that easy. except for one little detail.

the 'application' was long and seemed involved and was written in thai. no english translation, either written or verbal provided. the teller/manager/banker just told me 'signature here'. he told me that several times.

maybe it's me but when i'm told 'signature here' with regard to a completely unreadable document which i can only assume gives a bank access to my personal information if not funds -- i get a bit squeamish. so i smiled a big 'thank you anyway' and left.

so tell me -- anybody know what they're signing when they open these accounts? any way to get an 'english version' while remaining polite and grateful?

thank you.

[jimslim]

(azza33 @ May 17 2008,15:29) Which bank is the most stable and least likely to disappear if i start sending cash over there for the next 10 years or so...

Be careful of the Bangkok Bank on Sukhumvit its been suffering terrible subsidence for years now

[pacman]

Check the date on post number 8 above - Pentire hasn't even written it yet & it is here already...      

S P O O O O O O K Y ...      

[Ivor Biggun]

Another thing worth considering is is there a branch of the bank in your home country. Bangkok bank has a branch in London, which I have used for cash transfers in the past. Took 10 days for a cheque to clear and the funds paid in this end.

[newatthis]

Most have been around for a long time. Kasikorn and Siam Commercial are every where with SCB seeming to have the most ATM's, at least in Pattaya. Both have excellent online services, you can even transfer money to your tilac's account at another bank and recharge your phone. In Los Angeles there is a big Thai population and you can use a money transfer agency to send money to your account or hers for $10 and it's quick. In the USA you can send money to the Bangkok Bank in New York if you have an account with them but it costs more and take longer than with a Transfoer service such as BKT Services (1-888-893-2777).

I have been told by Thais that 1,000,00 baht is the maximum insure rate by banks.

Cheers

[TTChang]

(pacman @ May 17 2009,21:12) Check the date on post number 8 above - Pentire hasn't even written it yet & it is here already...      S P O O O O O O K Y ...      

Why, you still in 2007 pacman?  Looks like a year OLD to me  

 walked into kasikorn branch at avenue mall pattaya yesterday, asked to open an account, and they said no problem. i showed them my passport, told them the address of my hotel and they handed me an 'account application'. that easy. except for one little detail.  
the 'application' was long and seemed involved and was written in thai. no english translation, .......-- i get a bit squeamish. so i smiled a big 'thank you anyway' and left.

My branch of my bank - Kasikorn at the Avenue Mall Pattaya.  Did exactly the same as thaibound a year or so ago, and signed the form.  No problems since, good internet banking too.  Wasn't I trusting?  

[thaibound]

(TTChang @ May 19 2009,21:15)

 walked into kasikorn branch at avenue mall pattaya yesterday, asked to open an account, and they said no problem. i showed them my passport, told them the address of my hotel and they handed me an 'account application'. that easy. except for one little detail.  
the 'application' was long and seemed involved and was written in thai. no english translation, .......-- i get a bit squeamish. so i smiled a big 'thank you anyway' and left.

My branch of my bank - Kasikorn at the Avenue Mall Pattaya.  Did exactly the same as thaibound a year or so ago, and signed the form.  No problems since, good internet banking too.  Wasn't I trusting?  

yes you were!
i can't wrap my head around signing a sheet which, for all i know, says:
i agree to let you move all my savings here without further approval and invest it as you see fit.

maybe i'm a bit too NON-trusting?

i know i know.
i should just learn how to read thai.