opening a bank account in Pattaya?

[steamer 158]

Well the fact is, their currency seems to be holding one-for-one to the baht pretty well.

It has managed to appreciate against the US$ which I believe is what most of them have in their pockets when they come here...feel good factor there for them.

 

So can we assume that the Thai exporters are thrilled with the high baht?

 

Multinationals have proven time and time again that they will uproot and go to cheaper climes.

[jacko 8,813]

So can we assume that the Thai exporters are thrilled with the high baht?

 

Multinationals have proven time and time again that they will uproot and go to cheaper climes.

I don't suppose they are... as to the Multinationals uprooting and moving, it will all take time, and the minimum wage in Thailand is still a lot less than many other countries. Try getting someone in France to work 10 hours in a day, never mind for the Thai money. I think it is about 350 baht/hour in France, relative to 300 baht per day in Thailand. Edited February 28, 2013 by jacko

[CheshireTom 1,377]

Dear OP. There have been hundreds of responses to this question of recent times. I will make it really easy for you and anyone else interested.

 

Have the following paper work.

 

Passport.

Email address

Residence in Thailand (hotel)

Some money in any currency.

Mobile phone number.

 

Seek out a decent bank ( I used Kasikorn) and wait in line for a consultant.

 

Tell him/her that you want to open a Thai account and have access on the Internet and a shit load of supporting documentation (go back to previous comments) and hey presto its just like magic.

 

I could go on and on but why bother. Let the bank advise you of your needs depending on your wants!

 

OK? Simple?

 

It's simple at Kasikorn. Quite a different story at most branches of many other decent banks, e.g. SCB, Bangkok Bank.

[steamer 158]

I don't suppose they are... as to the Multinationals uprooting and moving, it will all take time, and the minimum wage in Thailand is still a lot less than many other countries. Try getting someone in France to work 10 hours in a day, never mind for the money. I think it is about 350 baht/hour in France relative to 300 baht per day in Thailand.

 

Was thinking more-so Vietnam rather than France but you knew that didn't you? Then there is always the rice and fruit crops to consider as well.

[CheshireTom 1,377]

Try getting someone in France to work 10 hours in a day, never mind for the Thai money. I think it is about 350 baht/hour in France, relative to 300 baht per day in Thailand.

 

Yes, but a "working day" in Thailand is defined as 8 hours, not 10.

[teelack 9,636]

I wrote earlier in this topic that as long as you took all your documentation in that this was a fairly easy job. I did however run into a problem and have to accept some of the blame.

 

What I did wrong was to scribble my email address and what she wrote was to add an E as well as a @. I tumbled to it when I did not get a confirming email and it took about 5 days to sort it out! Its all sorted now and everything is fine.

[teelack 9,636]

I thought that I would update my situation with opening an account. I decided to transfer some money from my home account to the Kasikorn in Pattaya. I had a couple of goes at it and eventually got it right. What I had to do was change the local currency into Thai baht and pay a transfer fee. The next morning the transfer had gone through and was in my Thai bank. I have however an issue and cannot seem to bring up an itemised account in order to sort it out and perhaps someone here knows the answer. There is an amount of 290 baht taken out of my account and I have to assume that Kasikorn took this as I have paid my fee at home for the transfer.Any ideas why such a high charge presumably as part of the transfer?

[forcebwithu 4,852]

I thought that I would update my situation with opening an account. I decided to transfer some money from my home account to the Kasikorn in Pattaya. I had a couple of goes at it and eventually got it right. What I had to do was change the local currency into Thai baht and pay a transfer fee. The next morning the transfer had gone through and was in my Thai bank. I have however an issue and cannot seem to bring up an itemised account in order to sort it out and perhaps someone here knows the answer. There is an amount of 290 baht taken out of my account and I have to assume that Kasikorn took this as I have paid my fee at home for the transfer.Any ideas why such a high charge presumably as part of the transfer?

They get you going and coming with money. My first experience with the incoming charge was when I wired money over to the company providing my teelack English language lessons. They informed me the transfer was 500 baht short and after much back and forth with my USA bank communicating with the Thai receiving bank it was established that was the fee for receiving a wire transfer. Unfortunately nobody could ever explain why the receiving bank s/b able to charge that fee, but the simple answer might be they can, so they do.

 

In your post it sounded like you had your local bank do the conversion to Thai baht before transferring. That's usually not the best deal on the forex rate you get. Better to transfer in your local currency and let the receiving bank (Kasikorn) do the conversion.

 

Another option, which has been mentioned in other posts on this board, is to use your local bank's ATM card and withdraw THB from Aeon cash machines here. The Aeon ATM machines don't charge a fee and you avoid the wire transfer fees.

[Trvlr 50]

I just changed some TCs earlier today. My rate was 29.61THB/USD minus 33b/chk=.33b/$ == 29.28 THB/USD. The cash exch rate for $100 notes was 29.47. (This was at a Kasikorn exch booth on 2nd Rd.) So, the cash exch rate is/was better. ( Plus, I paid a 1% fee to GET the checks!) And the bank booths don't generally offer rates as good as some of the indies (which don't generally cash TCs, BTW).

 

Currently at least, peace-of-mind is the reason to carry TCs, not exchange rates.

 

It is kind of late to be correcting this, but never late than never, as they told us in school.

$500 cash at 29.47 gets you 14735 baht.

A $500 check at 29.61 gets you 14805 baht. Deduct the 33 baht fee and you end up with 14772 baht.

As for the 1% fee when you buy TCs, I never pay it because I show my Amex card and they waive the fee.

However, you are right in that these days moneychangers are giving better rates than the banks. That was not always the case though.

I prefer to carry checks because I have had a lot of trouble over the years with money changers not accepting some bank notes - even if they are clean and unmarked, the year may be something they dont like, or the series, or some such crap. No problem with TCs.

[Idefix 2,275]

Try getting someone in France to work 10 hours in a day, ...

[OUT OF SUBJECT]

What's your point here ? There are millions of people in France who work 10 hours/day or more !

 

I suppose it's an allusion to the famous "35 hours/week" scheme, but most people abroad ignore it's mainly just a reference for the minimum salary and that very few people in fact have 35 hours contracts; mainly a few happy people working for governmental offices...

 

I was working as a computer engineer until 2005 and I (like all people around me) had contract in days/years with no indication on the number of hours by day or week. 10-12 hours/day is very frequent for most management or high technical jobs.

[/OUT OF SUBJECT]

[jacko 8,813]

[OUT OF SUBJECT]

What's your point here ? There are millions of people in France who work 10 hours/day or more !

 

I suppose it's an allusion to the famous "35 hours/week" scheme, but most people abroad ignore it's mainly just a reference for the minimum salary and that very few people in fact have 35 hours contracts; mainly a few happy people working for governmental offices...

 

I was working as a computer engineer until 2005 and I (like all people around me) had contract in days/years with no indication on the number of hours by day or week. 10-12 hours/day is very frequent for most management or high technical jobs.

[/OUT OF SUBJECT]

My point is French don't work very long hours!

Those that are must be the immigrants.

The comment was 'in my mind'....... as I was communicating with a friend, who was at the time working in Paris on contract.

He complained he was only able to work 35 hours/week, and they were always on holiday for one reason or another and he was wasting money shooting off to the UK for the long weekends.

[teelack 9,636]

The following took me a bit time to sort out as the people in the bank were not sure how it works.

 

I opened an account at Kasikorn last year and decided to transfer money from my home account rather than carry the cash around. I was interested in getting this to work as I want at times to visit other parts of Asia without carrying cash around and sending to my account seems the best and most secure way. I will not go through the domestic procedure (although it was interesting) only the Thai side.

 

I was surprised that an amount of 290 baht was deducted from my account to pay for the transfer and here is the breakdown.

 

Inward Commission 200 baht (This is the minimum amount it is based on 0.25% with a max of 300 baht)

Domestic fee transfer. 70 baht

Lease line charges. 20 baht.

 

So there you have it. On top of any domestic charges (and mine were reasonable) and the fact that I had to transfer baht based on what I could buy it for at home, there are costs to doing this. I am not complaining as it was prompt and secure and will be good in certain circumstances however the bottom line is that it is most cost effective to bring your home currency and change it at the best rate you can and then deposit it in the bank and use your ATM card at the nominated bank and have your cash paid free of commission or charges

[mykl 72]

The problem I am having is on my side. My bank will not do a wire transfer to a foreign bank unless I am physically present in the bank. I consulted with a local credit union and the lady suggested using WU to send myself money. The credit union will do this over the phone. I really would prefer to be able to do it using their web page but if this works then I suppose I can live with it. I haven't tested it yet. Opening a Thai account is on the agenda for the next trip. I know WU will transfer money to a foreign bank account but I've never tried it. Anybody have any experience with this? Or a recommendation for a US bank that will let me transfer money to a Thai account using either a phone or web page?

[Idefix 2,275]

... the bottom line is that it is most cost effective to bring your home currency and change it at the best rate you can and then deposit it in the bank...

 

Depends... Not my experience. Yes you may have a small commission for the wire, but their is a max to this commission and the currency rate used by the Thai bank for such a transfer is better than the one you will get from your cash. If you just need small money yes maybe cheaper and easier to bring cash, but if you transfer your "money for the year" the bank wire will be the best option (and probably the only one because too much money to travel with it on you )

[Idefix 2,275]

The problem I am having is on my side. My bank will not do a wire transfer to a foreign bank unless I am physically present in the bank. I consulted with a local credit union and the lady suggested using WU to send myself money. The credit union will do this over the phone. I really would prefer to be able to do it using their web page but if this works then I suppose I can live with it. I haven't tested it yet. Opening a Thai account is on the agenda for the next trip. I know WU will transfer money to a foreign bank account but I've never tried it. Anybody have any experience with this? Or a recommendation for a US bank that will let me transfer money to a Thai account using either a phone or web page?

 

From my point of view WU is very expensive and should be used for "emergency" only. I received some payments from WU, no problem to get money, but used it only because Google paid for the commission

Rather than WU I would use the "Transfer without account" than (all?) Thai banks have. By example : http://www.kasikornbank.com/EN/Personal/OtherProducts/KMoneyTransfer/DomesticFundsTransfers/TransferwithoutAccount/Pages/TransferwithoutAccount.aspx

To send money using Internet if you can't with your bank, you can use PayPal. I use it with my Kasikorn account. No problem again. Paypal earn its money on the currency rate, but not worse than the commission of some banks!

[mykl 72]

From my point of view WU is very expensive and should be used for "emergency" only. I received some payments from WU, no problem to get money, but used it only because Google paid for the commission

Rather than WU I would use the "Transfer without account" than (all?) Thai banks have. By example : http://www.kasikornbank.com/EN/Personal/OtherProducts/KMoneyTransfer/DomesticFundsTransfers/TransferwithoutAccount/Pages/TransferwithoutAccount.aspx

To send money using Internet if you can't with your bank, you can use PayPal. I use it with my Kasikorn account. No problem again. Paypal earn its money on the currency rate, but not worse than the commission of some banks!

The credit union charges a flat rate of $14 USD per transfer. Not cheap but not unreasonable for something I will do once a month.

[Idefix 2,275]

Hi. An update about opening a bank account:

 

I am a customer of Kasikorn Bank agency near Tukcom since 2006.

I have 3 accounts there already (Saving, Deposit, USD).

 

This morning I ask for opening a new Saving Account to separate my stock exchange activity (dividends)

 

I can't believe it: I didn't manage to get this new account !

 

Eeven if I had all my usual documentation (passport, Thai DL, Electric bill (all with my Thai address)) they insisted (an employee and later a manager) that it's not possible to open an account without a Certificate of Residence from the Immigration Office, even if already client of the bank ! It seems that a 1-year visa is now mandatory too.

 

Everything was so easy at this Kasikorn agency a few years back.

 

Very disappointed

Edited September 23, 2015 by Idefix

[teelack 9,636]

Hi there. I opened a Kasikorn account in Pattaya and find it a great help. It is also so easy to slip into the zip pocket at night should I run out of cash. I am pleased that I use Kasikorn as there are so many ATM's and it costs nothing to withdraw using the banks own machines. One thing I do not suggest is that you change your overseas funds there as the rate is crap compared to places like TT Exchange. I also don't suggest that you transfer in from your home bank as the joint fees from both banks can be quite expensive. I have however tried all the options just to see if they worked and would not like to be without a card now.

 

Sent from my XT1033 using Tapatalk

[jacko 8,813]

Hi. An update about opening a bank account:

 

I am a customer of Kasikorn Bank agency near Tukcom since 2006.

I have 3 accounts there already (Saving, Deposit, USD).

 

This morning I ask for opening a new Saving Account to separate my stock exchange activity (dividends)

 

I can't believe it: I didn't manage to get this new account !

 

Eeven if I had all my usual documentation (passport, Thai DL, Electric bill (all with my Thai address)) they insisted (an employee and later a manager) that it's not possible to open an account without a Certificate of Residence from the Immigration Office, even if already client of the bank ! It seems that a 1-year visa is now mandatory too.

 

Everything was so easy at this Kasikorn agency a few years back.

 

Very disappointed

It seems very restrictive and I am surprised to hear of it with an established customer.

I obtained my Bangkok Bank Account so many years ago now I often think the rules must have been so different then. But quite recently, and fairly often, BB let me close a fixed deposit and open a new one, one time I achieved that with just my driving licence and other pass-books. I hear often that Kasikorn are a great bank, but I also hear complaints like yours with regard to being restrictive to opening accounts of late, also expensive replacement 'cards' and not being able to get a credit card without a work permit.

I am glad I haven't had to pursue the residence certificate from Immigration for many years, as, like MM, it annoys me!

[cbrib 354]

I also have an account with K Bank and have noticed a change for the worse. My K web shopping card has more restrictions and is being accepted less. It is not my major account. Krung Thai is and i have been very happy with them for over 12 years now.

 

I can't think of one bank that will issue a foreigner an actual credit card -- not a atm debit card-- but a real visa card with their name on it with out a work permit or a retirement visa with a proven acceptable monthly income. I have no idea what that number is, maybe other Bm's can post on that.

 

I have an AMEX card issued in the U.S. for 25 years and AMEX in Thailand still won't issue me one here for the same reasons

[jacko 8,813]

I also have an account with K Bank and have noticed a change for the worse. My K web shopping card has more restrictions and is being accepted less. It is not my major account. Krung Thai is and i have been very happy with them for over 12 years now.

 

I can't think of one bank that will issue a foreigner an actual credit card -- not a atm debit card-- but a real visa card with their name on it with out a work permit or a retirement visa with a proven acceptable monthly income. I have no idea what that number is, maybe other Bm's can post on that.

 

I have an AMEX card issued in the U.S. for 25 years and AMEX in Thailand still won't issue me one here for the same reasons

As stated I have Credit Cards, obtained from Bangkok Bank, At the time they were really hawking them, with notices posted all over the branch, and I wanted a Thai card that would enable me to book hotels and pay for flight tickets. I seem to have all the facilities my UK CC gave me except... CREDIT. Well I do get it up to the payment due date, then the balance is removed automatically from my savings account. I am also required to keep a fixed term deposit equivalent to my Credit Limit. Many may say it is not really a credit card then, but functionally it is, and I do not want to have any interest bearing credit. I do not spend what I do not have, but this can smooth out the bumps.

 

When I got the cards I had a retirement extension and no work permit was required. No proof of income was required.

Edited September 24, 2015 by jacko

[firth1974 2,659]

So, is there any branch of any bank anywhere in Pattaya, that i could walk into next week (as a 2 week LDOP holiday maker...... lol ), and open a savings account, that i can send money to from abroad??

[cbrib 354]

As stated I have Credit Cards, obtained from Bangkok Bank, At the time they were really hawking them, with notices posted all over the branch, and I wanted a Thai card that would enable me to book hotels and pay for flight tickets. I seem to have all the facilities my UK CC gave me except... CREDIT. Well I do get it up to the payment due date, then the balance is removed automatically from my savings account. I am also required to keep a fixed term deposit equivalent to my Credit Limit. Many may say it is not really a credit card then, but functionally it is, and I do not want to have any interest bearing credit. I do not spend what I do not have, but this can smooth out the bumps.

 

When I got the cards I had a retirement extension and no work permit was required. No proof of income was required.

 

Thanks for that info Jacko, i may pop into Bangkok Bank and see if something can be worked out with them

[jacko 8,813]

 

Thanks for that info Jacko, i may pop into Bangkok Bank and see if something can be worked out with them

Not sure whether you need to have held an account with them for any qualifying period to get the cards, let us know.

Certainly, as mentioned, you will need a fixed term deposit and likely a savings or current account to pay it off from..

I will be going in there early next week, I enjoy the eye candy. Even in the sub branch on Sukhumvit, near Numchai they had a lovely lady who spoke good English wanting to help me.

[Idefix 2,275]

// and I wanted a Thai card that would enable me to book hotels and pay for flight tickets.//

You don't need any specific card for that. If you have a Debit Card, KasikornBank offers you for free access to a "virtual visa card" at your name made for online shopping (K-Web Shopping Card). I think all main banks have a similar "virual card".