Setting Up A Thai Bank Account

[kahuna]

I recently opened an account with Kasikorn...It took all of 15 minutes and I walked out the door with an account and an ATM card...They didn't even look at my visa...

Opening the account is free but they charge for the ATM card...They charged me 300 baht for the card but a another BM I took in to open an account a few days later was charged 600 baht...It apparently depends on the amount of your initial deposit...

[Rocket J. Squirrel]

Did it at KBank a few weeks ago with the help of an introduction by one of our BM's. Have been trying unsuccessfully for 4 years now. Electronic transfers from my bank at home working with no problem. Just have to leave 2000B (or 5000-depending on who you talk to) to avoid monthly fees.
No more international transaction fees, atm fees, bad conversion rates....
FU Citibank and Chase.

[PigDogg]

If u can open an account with Bangkok Bank you can do an ACH transfer to the New York branch of Bangkok Bank. Total fee is 10 USD plus 500 baht which will probably be lower than wire transfers to Kasikorn especially if an intermediary bank is involved.

[Rocket J. Squirrel]

Great idea PD. I will try next trip. Wire transfer was $30.00 so not a huge difference.

[PigDogg]

If I remember correctly my small bank charged 25 USD but it had to be routed thru Chase which charged another 17 or 18.  Then Kasikorn added a small fee.

Note to Americans: If at any point in the year foreign bank deposits exceed 10K USD then there's a form one is supposed to file with the Treasury Dept.

[TTChang]

The banks' charges for an international money transfer ('TT'    ) from UK to LOS need to be taken account of, especially for smaller amounts.  I make sure my UK bank sends sterling, with the exchange done at the Thai bank. The rate in LOS is much better.

If I draw £300 (the max on my UK account) at an ATM, I pay 150 baht.  The exchange rate is reasonable.

If I transfer £3000 to my Thai bank, I pay about 1500 baht in Lloyds & Kasikorn charges.  Pro rata, exactly the same!   But with the pound falling in value, I'm now using Thai Baht at a rate that was crystallised over a better period.

To avoid charges altogether, I sometimes bring cash over to LOS, and exchange at VASU on Sukhumvit Road.  The exchange rate isn't quite as good as the TT rate from banks, but i can usually delay cashing until a day when the rate is better.

Finally, as Khun Rocky said, opening a Kasikorn account is quite straightforward.  An annual charge for my debit card 200/300 baht (?) is the only deduction.  I get sms advices when I use my debit card for payments, and the internet banking is first class. (I'm not on their payroll   honest)

Hope this helps!