If you stay in Thailand for any length of time, you’ll probably need to open a bank account. The standard procedure for doing so is to take your passport and work permit to a bank, fill out a few forms and open your account. The whole process takes about 20 minutes. Most banks clerks can speak enough English to get you to sign in the right places and work out what you want.
When you open your account you will be given a bank book, which is essentially the lifeline of your bank balance. ATM cards typically cost 100 baht extra, and a credit card will set you back about 300 baht with instant approval. My savings account earns me about 0.25% interest every month – not a great deal, but better than a kick in the face.
Guard your bank book at all times. I once lost my ATM card and went to get a new one with only my bank book as evidence of my ownership of the account. I had forgotten my passport but was able to persuade the Bangkok Bank staff that I was the person named in the book. My signature didn’t match the one in the book, but I was able to try again until it did. The clerk needed an ultra-violet light to see the signature in my book, but you can buy such a device at MBK.
But what if you don’t have a work permit in Thailand? This happens to a lot of teachers in Thailand, and as a result they end up stashing money under their beds. You may have heard that a work permit is mandatory for opening an account, and with banks like Bangkok Bank it is, but if you go to Kasikorn Bank you can open an account with just your passport. You will need to tell them that your work permit is coming and promise to take it to them once you get it, but a few smiles and a bit of reassuring will get you your account. The work permit is never chased up.
You run a risk when you work and have a bank account in Thailand without a work permit, but if you’re prepared to take that risk then at least you won’t have to keep all your money in your room.
If you are being paid a salary in Thailand that goes straight into your bank account then it is likely that the company you work for will specify which bank you should have an account with. Bear in mind that if you open an account in Bangkok and go to another province, you will likely be charged a fee every time you use your ATM card. The fee will only be about 20 baht, but with a few withdraws this can add up.
Anybody else got any banking tips?
If transferring money to accounts overseas is a a priority, then you will want to check out the bank's policy on that before you decide what bank to use. I use two different banks, but use Siam Commercial Bank to facilitate my wire transfers. They will want a passport and work permit the first few times you make a transfer. After I made a few at the same branch all I need is my passport.
Supposedly you need a letter or something as to why you are transferring the money but I have never been asked for this. At most I was asked why I was transferring the money and I just said, "bills at home".
One tip, it is much easier to complete transfers at larger branches, especially those located in office buildings. The staff at these are more familiar with the transaction as opposed to the smaller ones where they rarely do an international transfer.
Excellent advice Jeff.
Anybody can open a saving account (no check book, but ATM debit card available for a fee). You need your passport and an address in Thailand (no proof needed). As a foreigner without a work permit you might not get the interests (it varies from bank to bank and from branch to branch !). Transfer from the UK to Ayutthaya bank are subject to a 100 Baht fee. You now need to agree to the details of your transaction beeing recorded and made available to the US to comply with anti laundry and anti terrorism acts.
Be careful with Thai credit cards if you're from the UK! In the UK there are loads of legally mandated safeguards, the most important of which is that you are not responsible for fraudulent use. All the T&C I have seen for Thai credit cards leaves you 100% liable for any fraudulent use. I decided against getting one, but if you do I would advise requesting a low spending limit. If you want to purchase stuff on-line, Kasikornbank offer a "web-card" which is guaranteed against fraud. I don't know if other banks offer this facility. It's a card number, expiry date and CVV but no actual physical card which is linked to your bank account. I use it because if I use my UK cards to make purchases, e.g. Skype Out credit, I often get charged 17.5% VAT, whereas the web card being registered outside the EU avoids this.
Anybody know how you get a cheque book? Standard feature of UK bank accounts but never seen one here except for company accounts.
Dear Sir / Madame,
I am Myanmar ( Burmese ) citizenship and staying, working at Myanmar, and I would like to open bank account online at one of the reliable banks in Bangkok very soon ( within 1 day ) only in pound / USD currency, what is the procedures and documents would be needed. I do not have work permit. Swift Wire Transfer will happen from UK, London after opening my bank account.
Kindly answer as soon as possible so that I will have to proceed to UK.
Thanks and Regards.
i left a savings account opened in 1982,in pattya beach,how would i go about finding money i left there in the savings account and claiming it after 26 years?anyones help would be appreciated
It is difficult with banks to claiming money after 26 years. If you use a lawyer probably you will get the money. It depends of the money you saved.
Usually do not should any problem for a transfer from London.
TIP! I went to Thailand for a 3 month break a while back.I took Travellers chqs, cash & as a back-up!an AMEX CARD, I gave my Amex a "test run "(it was new)& got £250 @ ATM .Towards the end of my &running low on cash I thought never mind Ive got my Card!! I could not use it anywhere-ATM, BANK, I was completely stuffed. I niavely was NOT aware of there being a CASH LIMIT. I ran out of Time and Money. A Thai girl asked " Why you so sad?" She then took me to a jeweller ,arranged for me to buy GOLD on my CARD & sell it right back for instant cash!!! less a tiny fee 5% PHEWWWWWW!!