THAI BANK ACCOUNTS

If you plan to live in Thailand, you will want to get a Thai bank account.

First I need to explain my only experience with banking in Thailand is with KBank. Each bank is a little different, so some of the things I say may not be true for other banks. I should mention that several of my friends have switched from other banks to KBank. For a variety of reasons KBank is apparently more attractive to do business with than some or all of the other institutions.

Before making a decision on whom to bank with, I suggest posting to one or more of the Thailand on-line forums, such as ThaiVisa.com and Sawatdee Gay Thailand. Ask for everyone’s opinion on the good and bad of banks in Thailand. This should give you a clearer picture on which banks are best suited for your individual needs.

You may find that opening an account is easier said than done. An American friend of mine went to five banks before he could find one that would give him an account. I went with him to get my account at the bank he uses. His accompanying me, and the fact that he banked with them for five years, did seem to help.

The first thing they asked for was my work permit. This is apparently standard practice for all banks in Thailand, even though it is not technically, or legally, required. I just told them I was retiring in Thailand, and they were satisfied. They will want a copy of your passport, so make sure to bring it with you. Also, don’t try to get an account if your address is a hotel. I used my friend’s address, and then changed it once I had my own apartment.

I’ve been told that crossing the river into Thonburi can make all the difference in how easy it is to open an account with any bank. For whatever reason, they seem to be less picky over there.

One of the things you want to look for is who offers on-line banking, in English. If for no other reason, it’s a convenient way to check how much was deposited, in Thai Baht, from a wire transfer using a different currency. Otherwise, you have to go down to the bank and ask them to print you a statement. KBank offers on-line banking, and it took them less than 24 hours to set it up, on a Saturday no less.

I don’t know about other banks, but my ATM card was issued to me when I opened my bank account, and activated within 24 hours. There was no charge for the initial card, but a fee is assessed for replacements. As I recall it’s around 1000B at my bank.

ATMs

ATMs are everywhere in Bangkok. Your home country ATM card, or credit card, should work in most, if not all, of them. There is, of course, a fee for transactions with banks outside of Thailand.

If you have a Thai bank account, you can use the ATM card they issue in any bank’s ATM machine. When I first came to Thailand you could use any bank’s ATM machine with no charge. I have noticed recently some are charging if your card is from another bank.

All the ATMs have an English language option that displays right after you enter your pin number. After using ATM machines from several of the banks here, I’ve concluded KBank is the most intuitive, but that’s just my personal opinion.

Depending on whom you bank with, and the status of your account, your ATM card is also a debit card. How widely accepted it is will depend on the bank that issued it My KBank card is more widely accepted than cards from other banks. I base this solely on my observation of what cards are listed as being accepted. In most cases, KBank is the only card included with the standard Visa, Master Card and Dinners Cub card logos in shop windows.

I can’t speak for other countries, but you can do a lot more in Thailand than is offered at US ATMs. In Thailand, you can pay bills, add money to your cell phone, and transfer money to other ATM accounts - at your bank and other banks. The boys will be happy to teach you how these transfers can be done…wink wink.

MANAGING YOUR MONEY

I’ve had no problems wire transferring money from a US bank account to my Thai bank. It usually takes 24 hours for the money to get deposited, unless the transfer is done over a weekend or bank holiday. A friend of mine uses a different US bank and his wire transfers take 3-4 business days.

Best I can determine, all Thai banks charge a service fee for receiving a wire transfer. This is another reason why you want to have on-line banking to check the exact amount that got deposited.

I am not a citizen of Thailand, and therefore do not presume to have the same level of protection for my deposits as Thai Nationals enjoy. For this reason, I do not keep large amounts of money deposited in my Thai bank account. As a general rule, I deposit only enough money to last me 3-4 months.

I am fully aware of the requirement to deposit 800k Baht into a Thai bank account, if wishing to qualify for a retirement visa. What many do not understand is that’s only one of three options you have for qualifying under the Thai Immigration income requirement for a retirement visa. You can also show your income of at least 65k Baht a month, or a combination of the two. Most, if not all, countries will issue a certified letter stating your monthly retirement income. You can get this letter from your embassy here in Bangkok. Depending on the country you are from, the embassy may require you show them proof of that income, but the US embassy does not. This letter is all the Thai immigration officials require to satisfy the income requirement. I’ve been using this letter every year with no problems, so there is no need to deposit 800k Baht in my Thai bank account each year.

Before moving to Thailand you want to take a close look at the services offered by your home country banking institution.

Do they have on-line banking, and what services are offered?
Can you manage wire transfers from on-line banking?
What is the fee for wire transfers?
How long does it take to complete a wire transfer?
Do they have 24/7 telephone customer service?

I can not remotely manage (initiate) wire transfers from my US bank to my Thai bank. Instead, I have a trusted friend do this for me. Before moving to Thailand I set up a joint account that is shared with my friend who takes care of the wire transfers. Through on-line banking I have access to all of my accounts and can transfer money into the joint account, as needed. After I’ve moved money into the joint account, my friend goes down to the bank and wires it to my Thai bank account We also use the joint account for moving other moneys needed to take care of things such as paying for a post office box, and storage rental fees.

CREDIT CARD TIPS

Contact your credit card companies before leaving, and let them know you will be making transactions in Thailand. Otherwise your cards might get suspended for suspected fraud.

If you plan to live here, make sure they create a permanent record of that. Otherwise they will assume you are vacationing and make a temporary annotation. Also tell them to make note that you will be using your cards in other Asian countries, because you probably will. I used one of mine in Laos, while on a visa run, to pay the hotel bill.

Also make sure to write down the out of country customer service phone number printed on your cards. If your cards are lost or stolen, you will have one hell of a time figuring out how to contact customer service, unless you’ve got those numbers written down someplace.

If living here your credit cards will eventually expire. Getting the replacement card sent to you can be risky if relying on the regular postal service. All of my credit cards are tied to a US postal address. A trusted friend checks my post office box a couple of times a month. When he gets something that needs to be forwarded to me, such as a new credit card, it’s sent via Fedex. Fedex tracks the shipment, so it won’t get lost or stolen, and I’ve never had a problem receiving their packages. I can not say the same for the regular postal service. Fedex costs more, but its well worth it if you want to guarantee delivery in Thailand.

This page updated: 31-10-08