Opening a Thai bank account as of 16/09/2010

[grs90 49]

A month or so ago I started a topic about Nationwide increasing charges for their flexaccount w.e.f November. I asked for advice on opening a bank account in Pattaya and got a great response. And I'm happy to say it really was as simple as had been suggested. So this is a thanks to those who gave the advice, and confirmation of exactly what I did last week for anyone else looking to do something similar.

 

I went to the Kasikorn in the BIG C on second road. Its upstairs, about half way along on the right hand side as you walk towards the Big C supermarket.

 

I was greeted by a staff member as I went through the door. He was looking after the little machine they have got that dispenses numbered tickets for the queue. I asked if I could open an account and he said yes and gave me a ticket. Sat down to wait until my number popped up, still not really believing it was going to be a simple job to do.

 

My turn came after about 5 minutes. I had to go to one of the service desks which are on the left as you go in the door rather than the teller counters at the front of the bank. Again, I said i want to open an account and this time I was asked for my passport. Passed it over (it only had a 30 day stamp in it) and was told that would be fine. I also had to give an address and I used the guest house where I was staying. When I asked, the lady filling in all the forms confirmed they never send anything out in the post. I also needed to provide a thai mobile number.

 

I just sat there for about 10 minutes while the clerk filled out several forms and entered various bits and pieces in to her computer terminal. Then it was time to sign in various places, including copies of the passport that she made.

 

I then had to hand over 500 baht as a minimum opening balance and another 600 for the debit card charge. As others have said, this was issued immediately and I was taken to the ATM immediately outside to check it worked and to change the PIN.

 

I also asked for internet access which was set up with no problem. All I had to do was provide an email address, and I received a temporary password to that address for the account in less than 24 hours. I subsequently got signed in OK so that is also fine.

 

So, I tried one bank and was successful first time!! All in all about 20 minutes work.

 

In my earlier post I also mentioned I was going to get Halifax's new clarity credit card which offers "free" cash withdrawals world wide. I'm happy to say this worked as advertised.

 

I did one cash advance on the clarity card and got a rate that was about 1% higher than a withdrawal using the nationwide card. I did the 2 withdrawals at the same machine within about 30 seconds of each other so halifax seems the way to go. Both transactions incurred the 150 baht fee. However, presumably because it is a credit card, the ATM offered to convert the transaction to sterling there and then at a shit rate. So you need to make sure you take the "continue without conversion" option to get the better exchange rate.

 

Cheers

[cariden 1]

so now can you transfer funds from your home country's bank to the thailand account via internet?

[THE_DRUID 21]

Thanks for a very informative update grs90.I will also be doing the same as you when i get to Funtown (October) and open a Kasikorn Bank account.I too have got the 'new' Halifax Clarity credit Card and appreciate your update on the usage info over in Los regarding fees and ex rates.One thing i'll do though (to by-pass the 150 baht Thai ATM charge) is get cash advances 'Over the counter' at exchange booths.

 

Just one quick question.

 

Re: Kasikorn Bank Account...Do you know whether you have to leave a minimum amount of Baht in the account to keep it active?

Edited September 20, 2010 by THE_DRUID

[js007 795]

so now can you transfer funds from your home country's bank to the thailand account via internet?

 

That's exactly what I do. Log onto my USA bank account, go to the "transfer funds" section, and wire however much I want to my Thai bank.The wire transfer fee is $40. The transfer takes 24 hours or less, depending on when I initiate it.

[Happy Knackers 22]

Excellent post grs,i'm planning on trying to open an account when i'm over there next week,seems simple enough.

 

I've been transferring holiday cash monthly into my Flex account from my Yorkshire back account that my wages get paid into.

 

I might keep doing this as i'm piss poor at saving, and transfer my holiday cash into the Thai account in one lump sum when holiday time

gets near.

 

I have looked on the Nationwide website and cannot find any info to whether they charge for international transfers (in online banking),probably best to phone them and ask for this info once i'm set up with the new account.

 

If Yorkshire bank do not charge per transfer,I will close the Flex account and sod Nationwide.

I only opened that account for the free International ATM withdrawals. (advice I got from this very board)

[bigone 0]

anybody know what uk banks charge to tranfer money in to a thai bank?

[tombon 113]

I have a santander zero CC and it doesnt charge for cash withdrawles, but there charge interest on cash you withdraw, either in the uk or worldwide. am just wondering if the halifax CC works the same. If you want to aviod the 150 baht ATM fee, i tend to go to a branch of the bank of Ayudhya and withdraw in there, all you need is your passport and CC.

[THE_DRUID 21]

I have a santander zero CC and it doesnt charge for cash withdrawles, but there charge interest on cash you withdraw, either in the uk or worldwide. am just wondering if the halifax CC works the same. If you want to aviod the 150 baht ATM fee, i tend to go to a branch of the bank of Ayudhya and withdraw in there, all you need is your passport and CC.

 

Halifax Clarity Card info

 

[danboy 151]

I have a santander zero CC and it doesnt charge for cash withdrawles, but there charge interest on cash you withdraw, either in the uk or worldwide. am just wondering if the halifax CC works the same. If you want to aviod the 150 baht ATM fee, i tend to go to a branch of the bank of Ayudhya and withdraw in there, all you need is your passport and CC.

Same here. I got the santander zero card just for the "free cash withdrawals" but interest charged from day one so binned the card. My guess is all credit cards will do the same.

I am also opening a Thai bank account when there at Xmas and was wondering how much it costs to transfer funds from UK bank to Thai bank!

 

Danboy.

[The_Fat_Controller 25]

Nationwide charge £20 for international SWIFT transfers.

 

This goes up to £25 on the 1st November 2010.

 

Just search for "SWIFT" on the NW website.

[tombon 113]

Same here. I got the santander zero card just for the "free cash withdrawals" but interest charged from day one so binned the card. My guess is all credit cards will do the same.

I am also opening a Thai bank account when there at Xmas and was wondering how much it costs to transfer funds from UK bank to Thai bank!

 

Danboy.

It depends o your bank, i think mine charges £30. i think Lloyds av the best rate, i remember my friend telling me he didnt pay that much i think it was around £15

[danboy 151]

Nationwide charge £20 for international SWIFT transfers.

 

This goes up to £25 on the 1st November 2010.

 

Just search for "SWIFT" on the NW website.

Is this a fixed amount regardless how much you transfer? Is it the same whether £100 or £10000 ??

[THE_DRUID 21]

Same here. I got the santander zero card just for the "free cash withdrawals" but interest charged from day one so binned the card. My guess is all credit cards will do the same.

I am also opening a Thai bank account when there at Xmas and was wondering how much it costs to transfer funds from UK bank to Thai bank!

 

Danboy.

 

Read my post #8 on this thread Danboy.Halifax Clarity credit Card is the way to go.

[danboy 151]

Read my post #8 on this thread Danboy.Halifax Clarity credit Card is the way to go.

Cheers Druid, but it says "interest will be charged even if paid in full".

I reckon a Thai bank account is my best bet...cheers anyway.

[The_Fat_Controller 25]

Is this a fixed amount regardless how much you transfer? Is it the same whether £100 or £10000 ??

 

Yes, fixed fee for SWIFT transfers on any amount and no limit on the amount either.

 

A reason for the transfer MUST be specified for any transfer to Thailand, no idea why, but that's the rules with Nationwide.

 

My Thai bank (Bangkok Bank) charge a fee of 0.25% of the amount received in Baht, maximum fee is 500 Baht.

[danboy 151]

Yes, fixed fee for SWIFT transfers on any amount and no limit on the amount either.

 

A reason for the transfer MUST be specified for any transfer to Thailand, no idea why, but that's the rules with Nationwide.

 

My Thai bank (Bangkok Bank) charge a fee of 0.25% of the amount received in Baht, maximum fee is 500 Baht.

 

COOL!

[grs90 49]

I think most of the questions asked in response to my post have already been answered by other replies, but just to confirm a couple of points.

 

I didn't think to ask whether you have to leave a minimum amount of Baht in the account to keep it active. I'll probably keep a few thousand in it as a minimum.

 

Yes, the Halifax card does start to charge interest immediately so you need to pay the balance off asap. I haven't waited for a statement I've already used the Halifax online service to pay off the amount I took out so will pay about 1 week's worth of interest on the £900 or so I took out which is about £2.

 

My plan in future is not to use the SWIFT system to transfer funds from my UK account. When I arrive next trip I'll draw out what I plan to spend over the counter using the Halifax card and pay it in to the Kasikorn Account. Then withdraw it back out using the Kasikorn ATM as and when needed. I'll take the laptop so can pay the Halifax balance as soon as it appears on the account. In theory I will only pay about 3 days interest which is about £1.40. Even if I left it until I got home though, 2 weeks interest on, say, 75,000baht, is only about £7. This is cheaper than any of the transfer options I've looked at.

[Happy Knackers 22]

Nationwide charge £20 for international SWIFT transfers.

 

This goes up to £25 on the 1st November 2010.

 

Just search for "SWIFT" on the NW website.

 

Cheers, thats the info I was after.

[Irish boy 67]

Re: Kasikorn Bank Account...Do you know whether you have to leave a minimum amount of Baht in the account to keep it active?

 

Not sure, but i've never had more than 2000 in my Kasikorn, never a bother. I have also found that when i log on for Kasikorn Internet Banking (just for a look, not to do anything) then i get regular emailed 'offers' from Kasikorn, CC's ect. So i think if you log on every now and again, it pretty much keeps it open.

 

Personally, i'm bringing Sterling next month, then putting it into my Kasikorn A/C as and when i need/think i'm getting the best rate.

[Bazle 1,480]

My plan in future is not to use the SWIFT system to transfer funds from my UK account. When I arrive next trip I'll draw out what I plan to spend over the counter using the Halifax card and pay it in to the Kasikorn Account. Then withdraw it back out using the Kasikorn ATM as and when needed. I'll take the laptop so can pay the Halifax balance as soon as it appears on the account. In theory I will only pay about 3 days interest which is about £1.40. Even if I left it until I got home though, 2 weeks interest on, say, 75,000baht, is only about £7. This is cheaper than any of the transfer options I've looked at.

Wouldn't it be easier to take a stack of cash with you (£) and deposit it in your Kasikorn account when you arrive?

 

Edit: Sorry - didn't notice post 19.

Edited September 20, 2010 by Bazle

[alpeaco 1]

Great news! Think I'll go down the same route, tend to use the ATM's in Big C anyway and have often used the Kasikorn bank on the 2nd floor.

 

Will still take about £1000 in £20's and pay this into the bank if nothing has changed and it's easy to open an account .

 

Have debit cards and credit cards as back up for extra cash withdrawals and other purchases (devils den )

 

Less than 7 weeks to take off now bring it on .

 

Al

[dundee 0]

Cheers, thats the info I was after.

 

Bank of Scotland only charge £9.50 for Swift transfer.

I transferred £1500 to my KasiKorn account a few weeks ago and got 73300 baht.Works out at 48.86/pound.

Regards Dundee.

[THE_DRUID 21]

Cheers Druid, but it says "interest will be charged even if paid in full".

I reckon a Thai bank account is my best bet...cheers anyway.

 

True, interest starts from the day you withdraw but as many Posters have said it's only 1% which is the same as what The Nationwide are charging(via Visa) until the increase from November 1st.At the end of the day if you use internet banking then you can clear the Bill a.s.a.p.instead of waiting until your monthly Credit Card statement arrives.Somebody on another 'Money orientated' thread on one of the boards mentioned being in credit with your credit card to avoid the interest charges.Well i phoned the Halifax and asked about this and they said they won't let your credit card go in to credit in your favour.If it happens that you do go 'in credit'(from a refunded purchase) they said that they would debit the money into another account you hold with them(current/savings etc),if you don't have any other account with them then they said they would credit you by cheque.

[jacko 8,813]

Personally, i'm bringing Sterling next month, then putting it into my Kasikorn A/C as and when i need/think i'm getting the best rate.

You never will be that way.......

[Irish boy 67]

You never will be that way.......

 

Care to elaborate.