Setting Up A Thai Bank Account

[deepthroat]

In the recent past, using an ATM appeared to be the best course for obtaining cash in a foreign country - you'd get the best exchange rate and it was simple, safe and convenient.

Now it seems all the thieves (WOOPS! I mean "big banks") are charging a per-transaction fee for foreign transactions. I'm not sure of the amount but I think it's significant enough to consider a change to my normal routine of using ATM's for all my money needs.

I recently saw information from another LOS traveler that set up a local bank account at K-Bank; it cost him 500 baht to set the account up and he then used their local ATM's for all his cash needs through his trip.

Is setting up the account a royal hassle, or is it worth the time (20 minutes according to him) and the expense (about $15 US)? When I figure that I'd usually get 20,000 baht out of the cash machine every 3 or 4 days (5 total transactions) and the bank fees might be as much as $5 or $10 per transaction that seems like a good idea.

Or, what about bringing US cash, putting it in hotel safe, and only exchanging $500 US at a time with the exchange kiosks? If that's a better plan, where are the best kiosks found?

I've also read anecdotal info about some of the banks refusing to set up accounts for people with tourist visas, although that didn't seem to be a problem at K Bank according to the information the gentleman posted. Perhaps that was the reason for the 500 baht fee?

Anyone have experience to share on this?

[Bumpa STIKKA]

Hoii DP...

We have a lot of info on this in the Life and Living forum.

Setting up an account is easy, straightforward and convenient.

TT is our resident expert on this as are a few others who have opened accounts.

You can use internet banking etc and you don't need strange and difficult to obtain visas either...

Having a bank account in Thailand is well worth the trouble.

I suspect the 'fee' was the cost of the ATM card and not a 'fee!'

There's no way I'd trust a hotel safe to look after my cash. Too easy to go missing - just one rogue employee...

[katoeylover]

Loads of info here:

https://theladyboyforums.com/cgi-bin....t=24779

https://theladyboyforums.com/cgi-bin....t=23479

https://theladyboyforums.com/cgi-bin....t=17665

https://theladyboyforums.com/cgi-bin....t=13174

[PigDogg]

If you can open a Thai bank account do it. Kasikorn (green) has the reputation for being the easiest with a tourist stamp.

Then take big amounts out of inconvenient AEON machines and depsoit in Kasikorn.

If you can get traveller's checks without a fee do so. If you're an AMEX cardholder or a member of certain credit unions you might be able to get them for free.

Get the largest denomination possible, 500's those these are not always easy to get since when cashing a TC there is a 33 baht fee per check. But the exchange rate for TCs is better than for cash.

If bringing cash, 100's get a better rate than 20's. They can be fussy about bills that aren't brand new though.

[cheesy]

i open a bank account with a tourist visa with bangkok bank but it was not easy.
needed a respectable thai to garuantee for me like a police ,doctor or army .luckily i had some thai freinds.

[batman4ever]

(PigDogg @ Jan. 21 2010,15:21) If you can open a Thai bank account do it.  Kasikorn (green) has the reputation for being the easiest with a tourist stamp.

Then take big amounts out of inconvenient AEON machines and depsoit in Kasikorn.

If you can get traveller's checks without a fee do so.  If you're an AMEX cardholder or a member of certain credit unions you might be able to get them for free.

Get the largest denomination possible, 500's those these are not always easy to get since when cashing a TC there is a 33 baht fee per check.  But the exchange rate for TCs is better than for cash.

If bringing cash, 100's get a better rate than 20's.  They can be fussy about bills that aren't brand new though.

just for info....you can get amex 1000`s as well...always used those...and just 2 100`s as the hidden reserve..

[titleist]

Pigdog is spot on, Kasikorn is by far the easiest to deal with, my personal experience took only ten minutes all up and has saved me hundreds of dollars in fees over the five years i have held the account. To echo Bumpa's words no visa or permanent thai address needed, your account can be topped up by internet transfer from home or depositing a wad of cash upon arrival. Only slight snag is they now impose 50 baht per month fee if your balance drops below 2000, no big issue really.  

[Ivor Biggun]

For anyone in Phuket there's a new Kasikorn opened up on Nanai Road- they're gonna be keen to sign up new customers. I want a decond bank account to ringfence my retirement visa money in 3 years time and they will probably be it. Will open the account after I get back from Patts on 1 Feb and update then

[EyeMahk]

If you are US Citizen, as long at the the total balance in all foreign accounts does not exceed US$10,000 at ANY time during the year, you need not tell the IRS about the account(s).  If the balance of foreign accounts goes over US$10K, you must declare the existence of the account by filing a FBAR to the IRS, which for someone using the account for your purpose, is not a form you would want to file with the IRS.  So keep all balances below US$10k if you want to be in compliance with US tax law. Link: http://www.irs.gov/businesses/small/...148849,00.html

Another option is a Fidelity mySmart Cash Account.  They waive ATM fees, and I can verify that the 150 baht fee charged in Thailand is waived.  Other brokerages (Schwab, TD Waterhouse, etc) might have similar products.
Link: http://personal.fidelity.com/account...arn.shtml.cvsr

[PigDogg]

(EyeMahk @ Jan. 21 2010,07:45) If you are US Citizen, as long at the the total balance in all foreign accounts does not exceed US$10,000 at ANY time during the year, you need not tell the IRS about the account(s).  If the balance of foreign accounts goes over US$10K, you must declare the existence of the account by filing a FBAR to the IRS, which for someone using the account for your purpose, is not a form you would want to file with the IRS.  So keep all balances below US$10k if you want to be in compliance with US tax law.  Link: http://www.irs.gov/businesses/small/...148849,00.html

Perhaps a red flag, but a pretty easy form to file. Due on June 30th, 2010 if you had 10K or more in your account anytime in 2009.

[Ivor Biggun]

Into Kasikorn JungCeylon Patong this morning to open a new account as I want a second Thai account to ringfence my retirement dosh in a couple of years. passport, business card with apartment address on it and mobile number. 30 minutes later walked out with an ATM card ( I got the more expensive one B600 per year) that works as a debit card and also allows accident insurance but haven't worked that bit out yet. Didn't even glance at my visa, that came out later when the pretty young Customer Services girl asked about my circumstances. It couldn't have been easer, although I wish GBP would increase in value

[Madfrog]

My bank advertised for a VISA card without any fees worldwide when using ATM's. When I complaint about the 150 Baht service fees at Thai ATM machines, they refunded me for all transactions, so it's worth to ask.
I also noticed that the yellow ATM's in Pattaya didn't charge, I forgot what bank is was though.

[PigDogg]

(Madfrog @ Feb. 03 2010,08:05) I also noticed that the yellow ATM's in Pattaya didn't charge, I forgot what bank is was though.

There are certain cards for which Yellow's are free.

But for most cards there is still a 150 baht fee from the Yellow's.

[stonefre]

(EyeMahk @ Jan. 21 2010,22:45) If you are US Citizen, as long at the the total balance in all foreign accounts does not exceed US$10,000 at ANY time during the year, you need not tell the IRS about the account(s).  If the balance of foreign accounts goes over US$10K, you must declare the existence of the account by filing a FBAR to the IRS, which for someone using the account for your purpose, is not a form you would want to file with the IRS.  So keep all balances below US$10k if you want to be in compliance with US tax law.  Link: http://www.irs.gov/businesses/small/...148849,00.html

Another option is a Fidelity mySmart Cash Account.  They waive ATM fees, and I can verify that the 150 baht fee charged in Thailand is waived.  Other brokerages (Schwab, TD Waterhouse, etc) might have similar products.
Link: http://personal.fidelity.com/account...arn.shtml.cvsr

Thanks the Fidelity account was a no-brainer for me since I already have a Fidelity IRA account.

[Beavis]

The other advantage of a Thai bank account is topping it up when (if ever) the exchange rates turn favourable again...ready for your next trip.