Thailand Bank Account

[moe666]

Since I will be retireing in about a year and moving to LOS - I think I need to set up a bank account. Does anyone have a recomendation for a bank and will they let me set it up before I move there.
 Any and all info will be appreciated.

[hardpaolo]

You can set a bank account up on the spot (hour or so), no need to do it before you come here. I use Siam commercial Bank.

They will give you an ATM card there and then with a generic 1234 code.

All you will need is your passport.

[PigDogg]

do these accounts pay interest?

are there fees?

[surropan]

Bangkok Bank does not require a work permit, unlike most others. Interest in Thailand is generally quite good. Maybe some fees but nothing big.

[jadeite]

Step back and lay out the reasons you think you need a bank account in Thailand. I have lived for years in Thailand on a debit card from my home country. I can get 20,000 baht a day in cash from the ATM and make purchases for higher priced items directly with the card. The exchange rate is excellent and there is no fee; better than converting cash/travelers cheques. There has never been a need for check writing since I pay utility bills at 7/11 and deposit rent into the landlords bank account. There is just no need for the added complexity of managing a thai bank account in my opinion. I wouldn't take one if someone offered it for free.

Perhaps if you believe the baht will strengthen further and wish to put a lot in it then it would be plausible. Just my $.02.

[surropan]

I agree, but with one caveat... I always used my bank account from home, with great rates from the ATM... and then I lost my bank card in the machine. The Thai bank said they couldn't gvoe back a foreign card, and my bank at home said I needed to get a new one in person! I had to have my mother in law wire me a bunch of cash and was destitute for a weekend. Luckily, she has access to my account, otherwise, my money would be stuck there until I could return. So for that reason only I recommend getting an account here.

[mardhi]

For what its worth, I have accounts with many banks here (but not much money in them ) and I find Siam Commercial the easiest to deal with. My definition of easy basically equates to when I walk into the bank, they dont have a disneyland style queue. Bangkok Bank are good, but every Thai banks with them and so the queues are often really long. Other than that there is not a lot in it - they all have the same facilities - SCB and Bangkok Bank do tend to have the most ATM's but they have a pool system - you can use your card from any bank in anyones ATM just pay like 20 baht if its not your bank you withdraw from.

Cheers
Mardhi

[katoeylover]

Do HSBC have banks there?

If so you can now get international account numbers attached to your accounts that make them workable wherevere you are in the world. It is an account number different to your regular number, but can be accessed from HSBC computers worldwide.

If you are from the UK i would definitely look into it.

[moe666]

Jadeite, to get a retirement visa you need a place to park your baht or have money transfered into the account from out of country. Unfortunately you cannot use atm withdrawals to qualify.
I was thinking about HSBC as well they are paying 6% on money deposited to an online account then it should be easy to transfer money to account in Bangkok.
Thanks guys for the info, more info is always helpful.

[PigDogg]

(moe666 @ Feb. 01 2007,20:29)  I was thinking about HSBC as well they are paying 6% on money deposited to an online account then it should be easy to transfer money to account in Bangkok.
 

The 6% is a teaser rate that's good till April.

But if HSBCdirect or Emmigrantdirect or INGdirect moneys could be transfered to Thai bamks that'd be a plus.

I was reading on anothe rboard a while back that farangs could not get an interest beearing account in Thailand???

[moe666]

Hey PigDogg, Yea the teaser rate but they still give you 5% no min. on the account. Most rates over 5% they want at least 10,000 dollar min at some banks they want more.
This is a subject I will have to do reserch on because there is a transfer fee from one bank to another when the money goes overseas. The thais require the money to be transfered in country from overseas to qualify for retirement visa and it has to be in the bank for at least 3 months when you apply for the visa.
I am not sure about the non-interest account.

[PigDogg]

Sounds like a big hassle Moe! Let me know what you find out.

Is it 800,000 baht that must be in the bank?

Yea, 5.05% not a bad rate for HSBC and Emmigrant.

ING is 4.5% I think.

i have accounts at all three but don't keep much in any of them.

[Guest]

Check the threads out on the Thai Visa forum http://www.thaivisa.com/forum/index.php? Plenty of info and help on banking and everything else you could thnk of.  

[Guest]

You cannot take money out of Thailand.

So if you open an account and put in any substantial amount of money beware of that.

In theory money brought in, and documented officially that it was brought in, can be taken out, however, I have 2 friends that got HUGE hassle trying to do so.

So, frankly, I'd use foreign ATM for just a year. Like jadeite, I lived in 5 countries for over 10 years without ever setting up an account. For your card, like why not get 2 before you leave, or sign a Power of Attorney with you mum so she can do it and courier it in emergency.

[moe666]

Hey,PG for the retirement visa you have to have 800,000bhat in the bank or 65,000baht deposited in every month or a combination of both to equal the 800,000baht a year requirement. The 800,000 deposit only has to be there when you get your letter from the bank. After the visa has been issued you can spend the money as long as it is on deposit next year.

Ziggy, thanks for info. One of the reasons they require the money to be wired from one bank to another is to document that it came from outside of the country. If you are on a retirement visa they donot want you to be working so proof of outside money is required.

It sounds like Bangkok Bank and Siam Commercial Bank both get thumbs up. My girl friend has an account with Bangkok Bank taht may make it easier.

Hey guys any more recommendations about banks.