Job Discussion Forums

[sojourner]

How easy is it to open a bank a/c in Thailand ? Do you need to have a permanent address ? How long does it take to get an ATM card ? Can one use a Thai-issued ATM card to withdraw money from machines in other countries ?

Could anyone recommend a good reliable Thai bank ?

Currently, I have a large amount of Chinese RMB. There is no problem in getting a good exchange rate for the purchase of Thai Baht. Am contemplating opening a Thai bank a/c , and then to withdraw the money, in AUD, when I get to Australia. It appears that the exchange rate for Thai Baht notes is pretty lousy in Australia - thus, it MIGHT be a bit better for me to withdraw the money, via the Cirrus system.

Peter

[bluffer]

How long will you be in Thailand?

If its only a few weeks I am not sure if a thai bank will be the best idea.

Have you a Chinese bank account? Why not withdraw the money in Aus from that instead. Each time you transfer from one currency to another you are costing yourself 1-5%. Then on top of changing from RMB to B to AU$ you have the foreign withdrawal fee. It might be another 1-5% on top again. That will depend on the bank.

Strictly speaking you should have a work permit to open a bank account here. But, some banks will let you open one with a non imm B, some ( but not many ) will let you with a tourist visa. Not sure about a hotel address, they might not like that, although you could always put a fictional address if it is going to be used only for a few weeks. Allow 3 - 7 working days for the account to be opened and the card issued.

Every bank and every brank within that bank will be different. To get an atm card will cost you money. I think mine was 200B. Some of the bank accounts are linked into international atm systems. As for which one is best, they are all pretty much the same.

[Volodiya]

Bluffer wrote:

[kenkannif]

Still think Bluffer's post is pretty much correct in a 'real world' sense. Or at least it is IME.

Pretty sure they do 'think' they often require a WP or Non-imm B. Although as you've managed to do (and as I did) it is possible to do so on a tourist Visa, but you may find you have to go to a couple of bank before one will let you do so. I've written letters for our teachers so they can open an account here if the bank has given them grief.

I got my ATM card at the bank when I opened my account (same day).

[Volodiya]

Kenkannif wrote:

[kenkannif]

Have you got the link to the Thai banking laws please? As otherwise surely it's just an assumption??? And it also depends not so much on the law per se, but as with many things here, how they interpret the law.

Personally I thought Bluffer's post was spot on and it's pretty much what I would have posted myself (except obviously in an English accent ).

[Volodiya]

In any small community, like the EFL community, some things get repeated until they become a kind of unshakable, widely shared belief- I mean, the belief that you cannot open bank accounts in Thailand if you're on a tourist visa, or no visa (entry permit).

It was important to me, starting three years ago and, more recently, in May, this year, to open accounts here- that's why I took the time to investigate the Thai Banking Laws before I went to the bank.

Here's a part of the Banking Laws of Thailand-

b. Foreign Currency Account of Nonresidents
Nonresidents can open and maintain foreign currency accounts with authorized banks in Thailand. The accounts must be deposited with funds that originate from abroad. Balances on such accounts may be transferred without restriction.
c. Nonresident Baht Account
Nonresidents may open the account with any authorized banks in Thailand. They may freely credit with:
1) proceeds from sale of foreign currencies that originate from abroad or foreign currencies from nonresidents?foreign currency accounts
2) amounts transferred from other nonresident baht accounts
3) obligations of residents to nonresidents
No restriction is imposed on drawing funds from the accounts including conversion into foreign currencies for remittance abroad.
http://www.bot.or.th/bothomepage/General/Laws_Notif_Forms/ExchangeControl/guide_t.htm

[Kent F. Kruhoeffer]

Hi!


All of the points made above are perfectly valid, imho -

in the sense that several posters are discussing the 'blunt reality'

that not all Thai banks welcome foreigners with open arms.

This is without a doubt, true.


Volodiya, on the other hand, is discussing 'BOT legality' and, as the evidence suggests -

there's no legal basis for a bank to deny opening an account for a foreigner based solely on

having or not having either a) a work permit or b) a long-term visa,

unless we're talking about internet and/or telephone banking.

The rules & regs for opening these kinds of accounts are stricter,

and may require the applicant to hold a WP or long-term visa.


So what does all this hoopla mean to the OP?


I think it means, "You can relax!"

You'll be able to open a non-res Thai Baht account,

and get yourself an ATM card too.


If I were the OP, I'd take advantage of the discussion above -

and go directly to a bank that seems to be courting foreigners.

One possible indication of this ... is a webpage in English.


Here are a few banks to consider contacting

when, or perhaps even before you get here:


http://www.bankasia4u.com/index.htm (Bank of Asia)

http://www.bbl.co.th/Bangkok+Bank/Main.htm (Bangkok Bank)

http://www.citibank.co.th/ (Citibank Thailand / Bangkok Branch)

http://www.krungsrionline.com/eng/index.htm (Bank of Ayudhya)

http://www.inntron.co.th/bank_thc.html (list of all banks in Thailand)


From Bangkok Bank's webpage, this excerpt regarding the opening of new accounts:

"Non-Resident Baht Account :: This account is for personal and corporate foreign customers who want to have an account that enables funds to be transferred into and out of Thailand for specific purposes including investments. It helps save your time when you want to send your funds to a foreign country or make payments or repayments to overseas recipients. With a Non-Resident Baht Account, all sources of funds and the purpose of the deposit or withdrawal must be declared according to the Bank of Thailand's regulations. You can open the account at our head office on Silom Road where our Marketing Officers are available to give you more information and help you with your needs. This account operates at Bangkok Bank's head office on Silom Road by counter service only. Individual customers need to bring along their passport and evidence declaring the source of funds."

[Volodiya]

Kent wrote, quoting Bangkok Bank's blurb on the internet:

[kenkannif]

Triple post!

[kenkannif]

[kenkannif]

Sorry double post!

[kenkannif]

For sure my apologies after reading all of the thread.

We're talking about different things I'm on about a normal Thai bank account (like a lot of the Thais have), whereas Vol is on about a non-residents or foreign currency account.

My bad sorry peeps!

[Volodiya]

Hey, Ken. Don't worry, this information is meant to be helpful. It's very possible that, in some cases, the bank personnel don't know the rules related to opening accounts for non-residents, making your job that much tougher.

Here's what I understand and believe, at this point, based on my reading of Thai Law, and my experiences with opening and maintaining accounts in Thailand.

1) A foreign national who enters Thailand with a residence visa, of some kind, is a resident, for banking purposes. [It's my impression that a "non-immigrant" B visa, is a residence visa, granting temporary residence to its holder.] Those who enter Thailand with a tourist visa (or no visa, as Americans may, for 30 days) are clearly non-residents for banking purposes;

2) Foreign nationals, both residents and non-residents of Thailand, are permitted to open bank accounts, here;
http://www.bot.or.th/bothomepage/General/Laws_Notif_Forms/ExchangeControl/guide_t.htm

3) If a bank accepts your business and opens an account for you, that account will be and operate just as any account of a similar type, regardless of who the owner of the account may be- Thai national, resident of Thailand or non-resident of Thailand.

For example, the first account I opened, at the Bangkok Bank, Banglumphoo Branch, is a Thai Baht savings account. Except for my name, the "passbook" I was given is printed in Thai. This booklet can be fed into their automated account update machine and automaticaly updated with all transactions that have occured since the last update, at any branch of Bangkok Bank. My ATM card was issued on this account and debits this account, when I use it. I can use it to pay, electronically, any debt I may have in Thailand, directly into the account of the Thai business, or other account holder. It also functions as a debit card, allowing me to make purchases in Thailand. Using it, I can also obtain cash almost anywhere in the world from ATM machines. I earn interest on the Thai Baht savings account, which is taxed by the Thai government. However, I was told by bank personnel that, since I'm not a resident of Thailand, I could file a tax return and claim a refund of these taxes. My foreign currency accounts, likewise, are taxed by the Thai government, on the interest earned.

The situation you've outlined, Ken, in which the bank is informed that you wish to open an account into which "wages" will be paid, raises issues for the bank that go beyond the mere right of a non-resident or resident to open an account. It raises the issues connected with the right to work in Thailand. It's not a pure banking question then, anymore. I think that's why you've had to get involved, guaranteeing the bank that a W/P was in the works, if I correctly understood what you wrote about it.

[kenkannif]

^ Your last bit isn't really correct as me writing a letter for wages is as a last resort (i.e they've laready tried your way and it hasn't worked).

No those entering with a Non-imm O or B are STILL not residents. To be a resident you must have a resident Visa which means you need to be on the same extended Non-imm Visa for 3 or more years before you can apply for it.

I get my interest here and I'm not taxed as far as I know on it?