2 replies to this topic

[Rossco]

Banking has been covered in various posts but a recent incident alerted me to post something that may be useful.

Banks in Thailand are modern and efficient with ATM's too numerous to mention. Perhaps it is just in Pattaya that so many are required.

There are some differences:
1) As a non working visitor/resident - no check book and no credit/overdraft so all your transactions are using your ATM card as a debit card or Cash.
2) Banks do not send out statements - you have a book which can be updated at an ATM, showing transactions and balance.
3) Opening a 'savings account' is easy. Passport, money and an address in Thailand. When I opend my account, originally some while ago, I used my hotel as my address. Annual charges are 100/200 Baht per ATM account. (Deposit accounts do not have a charge)
4) Inter branch banking is not as slick as it is in the West.
Some examples:
* I tried to deposit a Baht check into my account - ONLY MY branch could do this - another branch, of the same bank, was unable to deposit for me.
* For residents needing a Bank letter confirming their "on hand" cash balance - only your branch can do that letter - another branch will not
5) You can use ANY ATM to withdraw money BUT if it is an ATM of another Bank OR an ATM outside of your province then there is a charge of 20 Baht or more.
6) You can carry out money transfers from an ATM - transferring money to your teerak's account for example.
7) Many banks now offer Free Internet banking.
Transfers from abroad generally get a more favorable exchange rate here is Thailand rather than converting first in the source country.Let your Euros, Dollars, Pounds transfer in those currencies to your account here.

When choosing a bank it is not only important to select the right bank for you BUT the right branch. Many transactions will require you to visit YOUR branch. So a branch on a busy road, no parking etc etc may not be a good choice.

Many banks do offer reasonable 'deposit' rates to residents - KasiKorn offer 2.5% presently. It is in a different account, with a separate book, so there is no ATM access. It is useful for those people resident here who need to have the Visa guarantee money on account.

Now back to Banking with a "W"!

[kliome]

I think there have been some recent changes Rossco.

It's not so easy to get a Bank Account in Thialand now, unless you have a work permit, student visa or returement visa.

I know you used to be able to just walk in to any bank, flash your passport and give a hotel address, but things have changed this year.

I went to several Banks last month trying to open a new account, and each time I was rejected. I even explained to them that I was working freelance and 'on the road' but the best I got was being redirected to the head office (read: palmed off).

It's not impossible to still get an account and I'm am sure there are several ways around the red tape, but it's not just a case of showing up any more.

[Rossco]

Kliome

I will go to my bank and check out what the current situation is for a new farang applicant and post what I glean. I would be surprised if they do not allow a simple account as you can only withdraw what funds you have.

My own bank, back home, no longer send replacement Credit cards to Thailand addresses! This caused some annoyance last year - fixed by using an address of convenience who then courier out the new card.

Living in Thailand certainly presents some challenges. A recent example.
I made a purchase a couple of weeks ago and the vendor demanded a Certificate of Residency.

I produced my driving license - "NO good" they responded.

I explained that to get a Thai driving license you needed to obtain a Certificate of Residency. So therefore a driving license and copy of passport showing visa etc was sufficient.

They still want a Certificate of Residency...