Charly and opening a euro bank account
Fortunately, Charly's life is full of pleasant surprises (unfortunately sometimes also less pleasant ones). For several years now he has lived with his Thai wife Teoy in a resort not far from Udonthani. In his stories, Charly mainly tries to raise awareness of Udon, but he also discusses many other things in Thailand.
Charly and opening a euro bank account
I arrived in Thailand at the beginning of 2015 and almost immediately arranged for a bank account. At the end of 2015 I added a second bank account. So I have two bank accounts with the Bangkok Bank. A normal current account, into which I deposit my money from the Netherlands, and a savings account, which is also the bank account I keep to show immigration that my balance is at least 800.000 baht.
At the time, there was no problem opening these accounts. My passport and the presence of Teoy were enough. No letter from immigration, the Dutch embassy or anything to that effect is required.
Since I have been living in Thailand for quite some time now, and I have absolutely no intention of returning to the Netherlands, I want to convert my Dutch tax liability into a Thai tax liability. The payroll tax on my AOW remains in Dutch hands. The AOW payment goes to my Dutch bank and remains there. These amounts are therefore not directly transferred to my Thai bank account. The exemption to be applied for concerns the payroll tax and social security contributions on my occupational pension and the social security contributions on my AOW.
If you want to apply for an exemption from the payroll tax to be withheld from your company pension, the Dutch tax authorities seem to require, among other things, that your Dutch company pension is paid directly into a Thai bank account by your pension provider. They probably do not know themselves what the Dutch tax authorities base that requirement on, but of course it falls within the framework of “we cannot make it easier, but we are the best at making it as difficult as possible”. For the sake of applying for that exemption, I therefore cheerfully went to Central Plaza to apply for a euro bank account at the Bangkok Bank.
TK Kurikawa / Shutterstock.com
I have with me: my passport, the bank books of my two accounts, Teoy and her address book. What a disappointment. The first, female employee, immediately ducks after hearing the question. As if a dishonorable proposal was being made to her. A male employee takes over, but he gets no further than the halting remark, believe it or not, that I had to submit a letter from the Dutch embassy in Bangkok. His comment falls into the category of having heard the bell ring somewhere but not knowing where the clapper hangs. I keep asking in a controlled way what the man means exactly, but he doesn't get it at all. Since his manager is at a different location of the Bangkok Bank, I cannot rely on that person either. With so much nonsense I can no longer hold back. I almost explode, got up and left the scene of the disaster without saying goodbye. Not very polite but very explainable. Of course, that will not help you further towards achieving your goal. I even understand that. So cool down.
A few days later, Friday, November 15, another attempt was made at the main office of the Bangkok Bank in Udon. Address: 227 Phosri Road. At 13.45 we arrive there and we are directed to the first floor. One of the employees present asks what we are looking for. We explain that I want to open a euro bank account. That was actually a stroke of luck, because according to the employee it could be done just like that. But there are a few problems. First problem: this office is only open until 15.00pm! (According to their website until 15.30:15.00pm). And the lady who should be of service to us, and apparently the only member of staff in this establishment who is competent in this matter, is not there for a while. Second problem: we need a letter from immigration Udon Thani in which immigration states that I am the person stated in the passport and that I live at Teoy's address. And the third problem, according to this employee, is that so many forms have to be filled in and signed that this would certainly not be possible before XNUMX p.m.
Obviously I'm not very happy with the comments, but I hold back. Her statement that a letter from immigration is required does not seem entirely illogical to me. The fact that this was not necessary when opening previous bank accounts in 2015 does not mean that it is not necessary now. Things do change. The funny thing about situations like this is that you listen to the dialogue between Teoy and the employee, but you hardly understand it one iota. The only thing that strikes me is that I regularly hear “maj daj”. To which I then grumpily ask Teoy what is “not possible” again. Anyway, I can't get out of this right away and since the letter from immigration seems to be the first showstopper at the moment, we agreed with Teoy that we will first collect that letter from immigration. Not such a big problem because immigration is, so to speak, around the corner from this bank branch.
The Monstera Studio / Shutterstock.com
Retrieving the letter is excellent. I have expressed my appreciation for Udon Thani immigration here before. I am always treated very friendly and correct and in most cases I have what I need in a short time. The 90 days notification is always very fast and can even be done by Teoy. My presence is not required. Of course, extending the period of stay takes a little more time, but that too is always very fast and efficient.
So today I have to pick up a letter in which immigration declares that I am the person stated in my passport and that I live at Toey's address. Handed in at immigration: my passport, two passport photos and Teoy's address book. It is not busy at immigration and the letter is arranged within 20 minutes. Cost: 500 baht.
With the written statement of immigration in our possession, we go back to the Bangkok Bank. It is now 14.25 pm. The only employee of this office who is apparently able to provide me with an application for a euro bank account is actually there. Teoy sees her and heads for it. Successfully. We can sit down. The employee makes a copy of my passport and my visa stamps. She also confiscates the letter from immigration. To then conjure up a many-page document. The places I have to sign, and there are many, she points out carefully, and I sign on the spot. She puts curly brackets on those passages I'm supposed to fill in. As far as I am concerned, that could have been done now, but apparently there is not enough time for that. You know, closing at 15.00 p.m. right? The Thai service that I always highly valued is now taking a dent.
I am requested to fill in the requested information quietly at home. Then Teoy can hand in the completed documents, which have already been signed by me, to her on Monday.
A few caveats.
- If the euro bank account number is known, approximately 800 euros must be deposited into that account. I don't have euros, so Thai baht has to be exchanged for euros at a ridiculously low rate.
- The Bangkok Bank seems to charge 0,25% commission on the transactions on the euro bank account.
Monday, November 18, Teoy will be back at the Bangkok Bank at 11.00:800 am with the set of documents. The documents are checked. Unfortunately, there were two documents that I apparently had not completed correctly. Teoy then obediently returns home to let me fill in and sign those two documents, and then take them back to the Bangkok Bank. This time all documents are properly completed and provided with my signature. They are now being faxed to the Bangkok Bank headquarters in Bangkok. The head office must then respond to this, including by providing the bank account number. As soon as this is done I am expected back at the office of the Bangkok Bank in Udon. Not only do I seem to have to sign something again, but moreover the approximately XNUMX euros have to be paid into that account.
The employee of the Bangkok Bank office in Udon calls on Wednesday to say that she has now received the bank account number of Bangkok. She agrees with Teoy that we will come to the Bangkok Bank at 14.00 pm to deposit the roughly 800 euros into the new account and to receive the bank book.
Arkom Suvarnasiri / Shutterstock.com
I didn't quite understand that. If we can contact the employee in question, she still has to receive the bank account number from the head office in Bangkok. I am annoyed by this state of affairs and make that clear. After fifteen minutes of waiting, the bank account number comes through by telephone. Now that 800 euros must be deposited into that new euro bank account. We buy the euros at a bad rate from my savings account at the Bangkok Bank. Then the settlement seems like a piece of cake, but forget that. The employee now has to record the transaction via her laptop, via many screens, and also fill in a whole series of forms. Compared to this, the paperwork of buying a house is child's play.
When she is finally “played out” I get a tiny piece of paper with my 19! digit bank number, plus a form showing that I have deposited 800 euros. And of course an update of my savings account bank book. From which 26.998 baht has been deducted. When I ask where my new bank book is, I get the answer that it can be picked up at this location in about a week. To my next question whether the euro bank account can also be accessed via the internet, the answer is that I can arrange that as soon as I have received my new bank book. That doesn't seem to be difficult. Well, just trust that, but apparently this also needs to be arranged. We spoke to the man who is responsible for this at this office and he confirms that we can arrange internet access with him with the new bank book.
On Friday, November 29, Teoy receives a call informing him that the bank book has arrived. Unfortunately, it cannot be picked up immediately because the employee in question is on holiday for a few days and has stored the bank book behind her lock and key. So no one can reach it. To end a long story on a positive note, on Friday 06 December we collect my euro bank account booklet, for which I again have to sign two signatures, and then immediately request internet access. Within four working days I should receive a message on my phone with the access data via the internet. All in all, opening this bank account took a month.
Just a summary of what is apparently required by the Bangkok Bank when wanting to open a euro bank account:
- Passport;
- Letter from immigration in which immigration states that you are the person stated in the passport and that you reside at a specific address
(bring 2 passport photos and the address book where you live);
- Filling in a number of pages with corresponding signatures.
The forms are provided with an explanation in English, but are not always very clear. It is therefore advisable to complete it together with a bank employee;
- Depositing approximately 800 euros into the new euro bank account;
- A lead time of approximately two weeks before you can dispose of the euro bank account;
- Arrange internet access after receiving the new bank book.
These are my experiences with the Bangkok Bank in Udon. As with the interpretation of the rules by immigration, other interpretations at other banks or even at the Bangkok Bank itself in other cities are by no means excluded. In connection with this, my advice is, if you want to open a bank account, to visit the relevant bank and inquire about the documents required by them. Don't like their demands, just walk on to the next bank (in Central Plaza, Udon Thani, there are about a dozen banks on the third floor). I do not know whether there are different requirements for, for example, applying for an ordinary current account and for, for example, a euro bank account. All that remains in this regard is to inform my pension provider so that he can transfer my pension in euros to this account from January 2020.
Charly I had the same problem in Udon and didn't follow through.
Just like with my other passbooks, I wanted my wife as a 2nd name.
Wasn't possible according to them and that was the last straw for me.
@Koos
I have deliberately applied for a euro bank account that is exclusively in my name.
To arrange the financial settlement after my death, I made a will in Thailand.
Yours faithfully,
Charly
Well now Charlie, a lot of hassle. But clearly explained! This is useful for people who want the same!
I'm also considering doing something like this. Thank you!
@Hank
As I indicated in my posting, the various Thai banks and their various branches may have different requirements. The various responses here clearly indicate this.
Unfortunately, there is no unambiguous and uniform policy in this area, just as with the interpretation of the rules at immigration. Everyone just does something.
Yours faithfully,
Charly
To get an exemption from your company pension, you do NOT need a Thai bank account. Last spring I arranged an exemption WITHOUT a Thai bill. Take a look at the website of the tax authorities Heerlen.
@George
You could very well be right George. Only I have also heard other experiences and opinions. That's why I don't take any risks. If my company pension is paid directly into my Thai bank account, this seems to me to be sufficient proof for Heerlen, in addition to the ro22 form, that I am a Thai tax resident and therefore do not have to pay wage tax and social security contributions to the Dutch tax authorities.
Yours faithfully,
Charly
Dear Charly, a good and clear story. A few notes on that:
1. you find a 19-digit bank account number long; how long is the IBAN number of an account in the Netherlands? (about the same time).
2. Approximately 27.000 baht as the equivalent (exchange) for 800 euros does not seem extreme to me.
3. All this fuss (and that's what it's mainly about) just because the Dutch tax authorities make a demand (direct transfer of your pension to Thailand), which the tax authorities are not allowed to make!
Come to pattaya jomtien treppessit road about 1 hour everything arranged. Also internet banking
@ Bob
Yes Bob, had told me that a little earlier then I would have come to Pattaya just like that.
But alas, of course I didn't know that.
But thanks for your comment. Perhaps other readers will benefit from this.
Yours faithfully,
Charly
charlie,
nice contribution for anyone who wants to try it.
Only a question regarding your introduction, I do not understand how you still pay social security contributions in NL on your AOW and occupational pension.
If you are deregistered in NL and live in Thailand, you do not have to pay social premiums at all, i.e. € 0.00. With the SVB and your company pension fund you can simply arrange this via a message, no tax authorities are involved. If you get angry with retroactive effect, such financial institutions have access to the gba and could therefore have seen that you had been deregistered, that is called a DUTY OF CARE.
At least I assume that you yourself informed the pension fund and the SVB of this by means of a change of address when you left.
So time for action.
In the past I also had a euro account with the kaisikorn bank, deposited 1000 euros in it. When I asked for information about the bill six months later, I got an unpleasant situation.
It turned out that about 9 euros is deducted per basket. Then immediately canceled the account.
Incidentally, I do not think it is necessary to transfer your money directly to Thailand. I book about when I need money and go to the tax office in Chonburi once a year. Pay taxes there and receive the famous r022 form a week later. Then I will request a refund of my paid tax in the Netherlands. A refund from the Dutch tax authorities is a completely different story
I don't think you really need to go to the bank itself to ask which documents you need.
THE first time I also did not manage to get a euro rack. to get. Indeed I also had to submit a document from the embassy that I was !!!!
I then went to the website of the BBK bank and found the conditions: Documents required for opening a Foreign Currency deposit account. and there it said under item 3: Foreigner with Long-stay or tourist visa: passport and one of the following documents
3.1 an official document from another country, such as a document from the relevant agency giving evidence of the customer's right to receive pension funds, OR a letter of reference from one of the following:
and then 5 enumerations follow
The 2nd time I went there again and presented them with their own conditions. The lady, somewhat agitated, then said: Well, Bangkok head office has to decide.
A week later I had my euro bill
@HarryN
Exactly Harry N. It is the same lack of knowledge of the counter staff that I encountered.
Even “the only female employee at the relevant Bankgkok Bank branch” struggled to go through all the procedures. Then a good preparation, as you have done yourself, is the only possibility to point out that incompetence, as a result of which they have to back down,
Yours faithfully,
Charly
You write that the tax authorities may demand that NL pension is paid directly to Thailand by the pension payer. Well, that requirement has been out for 2,5 years now. Have a look here:
https://www.thailandblog.nl/expats-en-pensionado/opleggen-remittance-base-belastingdienst-baan/
I have now applied for and received 2x tax exemption in NL (2016 and 2018), but all my private pension benefits are simply paid into my ING account in NL. Then I transfer the money to Thailand myself with TransferWise. I am curious if the same separate requirement will be set for my renewed NL exemption applications in 2021…????…
Hi Charlie,
Me and my wife each opened a Foreign Deposit Account in EURO here in Fang at Bangkok Bank. All that was required is to have an ID card / passport, a Savings Account and access via I-banking at Bangkok Bank.
Handling was done here completely in less than 4 hours, in possession of booklet and all ...
Attention: with cash deposits you pay more commission (2%) than with transfers (0.25%)
Also make sure that no conversion to Thai Bath takes place with transfers from abroad!
With some banks, such as with BNP Paribas (I've experienced it painfully), it happens automatically, clearly mentioning or putting you on a non-conversion list.
Greetings, Ludo
Can the euro bank book in Thailand be used for immigration visa. They have a demand of 800000 Bht, but nothing is mentioned about euros in a Thai bank account.
There are immigration offices that accept it.
You should inquire locally.
Hello Dear Charlie.
You have also been in this "beautiful country" for quite some time now, where we still prefer to stay despite all the crazy, and "IQ" worthy conditions and customs.
But don't you also think that our preference is quite affected in this one??
M fr Greetings,
John
@john h
No, I just accept that there is a great lack of expertise in certain areas. Whether it concerns banking matters, immigration issues, or how to install a tile floor in such a way that the tiles remain firmly attached to the floor, it doesn't matter. There is often a lack of knowledge. This is never said openly within the framework of “no loosing face”.
I'm not too bothered by it. I never have problems with immigration here in Udon and you don't do things like now when opening a euro bank account every day.
So just keep enjoying this beautiful country and take things as they are. That is also the best for your own mood.
Yours faithfully,
Charly
Dear Charlie,
Opening a regular account is already a disaster these days, but a euro account is even worse. I also have a euro account with the Krungsri bank since last year. I spent 4 hours (yes four) in the office and finally left with a euro bill. Unfortunately only with a piece of paper. The explanation there was that you don't get a bank book for a euro account! ??
There is no point in discussing at all , I did not feel like it after 4 hours of waiting .
Charley, if you're unlucky your euro transfers will be quite costly. To avoid misunderstandings: you send euros from your Dutch bank account to your euro account at, in this case, bangkok bank.
Both the Dutch bank and the Thai bank charge a hefty amount. In addition, ing has now engaged an intermediary bank, so that you no longer receive the amount sent, but the intermediary bank also deducts an amount. So not the amount sent will arrive on your Thai bank account, but a lower amount AND costs will be charged on your Dutch bank account, but your Thai bank will also charge costs. Hope you want to post about that after your first transfer.
@John
The Bangkok Bank seems to charge a 0,25% fee for transfers. So that can be checked.
My pension provider will transfer my pension directly to the Bangkok Bank. I do not yet have any insight into whether my pension provider charges costs for this. So in my opinion there is no longer a Dutch bank in between. I will post a post about this after the first pension transfer in January.
Yours faithfully,
Charly
I'd like to hear. Of course there is a Dutch bank in between, after all, a pension fund is not a bank. You can also deposit from your own bank to your bank in the Netherlands. My Krungthaibank charges around €15. The Ing charged €20 but now they charge €20 AND €20 also disappears to the intermediary bank. Is still a total of € 55. = per time, so on an annual basis € 660. = !! Worth looking at alternatives! You cannot use the srandaardalternatives eg transferwise etc. Don't do euro to euro!
I also wanted to open a euro account with the bangkok bank in HuaHin 3 months ago. The cost overview finally made me decide not to do it, and yes, I did have a letter from immigration. Then to the krungsri bank in bluport. They didn't ask for a letter, only a passport. Or my Thai wife must have said something. Less than 2 hours later I was outside with a debit card, collected a bank booklet a week later. I had to deposit at least 700 euros, but I had that. Transferred another 4000 euros from the Netherlands, abn charged 9 euros and krungsri another (maximum) 500bht. Can simply transfer to a bht account via the internet without any costs. Withdrawing euros costs idd money, but this too is a maximum of 500bht
Are you sure you opened a euro account? You say Krungsri charged 500 BAHT. No bahts are charged as costs on a euro account! On a euro account you receive euros and COSTS are also entered in euros. I have a Euro account with Krungsri, so it is really from practice.!
And you literally say "Can just transfer from the internet to a baht account without costs".
So I think you have a BAH ACCOUNT. !
Hi John, no I have a euro bill, that's for sure. It is an FCD account. Only on the “fees for foreigner” overview, all costs are stated in Baht and not in Euro. To give an example, Inward remittancw via Swift, 0,25% or remitted amount, (minimum or baht 200, maximum of baht 500). Transferring from this euro account to my bank chef bank is free, although it will undoubtedly be encrypted in the exchange rate. But I take the daily exchange rate from Krunsgri and then I do not incur any costs.
A Euro account or an FCD account in Euro is a peace of cake at Krungsribank.
The minimum amount that must always be on it is 500 Euro.
Go to the Krungsri open a regular account for your daily use in Thaibath and an FCD in Euro.
You can convert money via the FCD into euros at the counter on your current account or even via an extra FCD bank card.
Apply, of course, with your passport, type of visa and residence or residential address, where a yellow house book will once again book a solution.
Have had the Euro account for over 12 years and it works fine.
Transfer money from the Dutch bank directly to the FCD account and when I want to exchange, just visit the bank or ATM of the Krungsri.
Unfortunately, the IMI in Lamphun does not accept this bill for the annual extension.
That's why I always keep the 8K option on hand.
When transferring from the Netherlands you choose who pays the costs, I always do that I pay the recipient in Thailand for the costs, this is much lower than if I, as the sender, would pay the transfer costs at the Dutch bank.
Once a month you will receive a bank statement by post with an overview of all your deposits and withdrawals and the corresponding TT rate.
Jan Beute.
What a hassle with banks, but what touches me is that no tax is paid in the Netherlands, after all, no tax is withheld on the part that is withheld for company pension. Taxes should be withheld in the event of a later payment. Our stupid Dutch rules turn out to be kind to expats. Earned in the Netherlands is paid in the Netherlands I would think, sorry I think it's weird,
Dear Jan,
When folding the company pension, premiums have been paid for years, tax has already been paid on this premium in the past, so why would you pay tax twice.
The situation is different with AOW and Pension from ABP whose premiums were tax-free in the past, which is why both AOW and ABP pension are taxed in NL.
Fair business seems to me and therefore has nothing to do with being kind to expads.
Hello Jan, not such a strange comment but it is not about the subject that is being discussed here
Jan, the new country of residence also makes demands and the compromise between the wishes of the two states is in the treaty that has been concluded. And a treaty takes precedence over national law.
The treaty between NL and TH is very old (1975); the social benefits, including WIA and AOW, are not included, so both countries may tax this. This will undoubtedly be rectified in the new treaty being negotiated. I also expect a change with regard to pensions.
Dear Tooske,
Don't you realize that with the nonsense you spout you mislead a lot of people?
The proverbial bell and clapper.
If you have been deregistered, you can apply for tax exemption at the foreign tax authorities in Heerlen
on your company pension. You not only have to demonstrate that you are liable to pay tax in Thailand, but you even have to demonstrate that you actually pay tax here.
Tax exemption on your state pension is impossible. Social charges and tax are and will remain the responsibility of the Netherlands.
Leo, better read.
No I don't realize that. I left the Netherlands in 2008, deregistered, completed a D form for tax purposes, passed on the change of address to both the ABP and the SVB, after which the social insurance deductions were stopped by them. Didn't say a word about taxes (payroll tax) these are simply withheld in NL and I'm at peace with that.
Vwb the Thai tax authorities, never heard of it, only pay ozb thb 150 and VAT on my groceries and road tax for the car. It couldn't get any easier and especially more beautiful.
Sorry
A slip. There is tax on your state pension, but no social security costs.
But no more rights.
Dear Leo, you too make a mistake. So last spring I received an exemption for 5 years on my company pension (KLM). So I have submitted an R022 statement but have not yet paid any tax in Thailand because the year is not over yet. I received the R022 statement after I removed myself from the conversation with the official and left it to my Thai wife.
@George
No doubt I make mistakes George. But could you explain to me what you think I'm doing wrong in this regard? Thank you in advance.
Yours faithfully,
Charly
Hello Charlie,
i also have a euro account with the bangkok bank in udonthani and it was arranged within the hour had asked what i needed in advance. And a week later I picked up my bank book where I had to deposit 1 euros for the 700st time. So arranged with me within a week.
Requested internet banking immediately and ready in 15 minutes.
Keep in mind that you always leave 200 euros on it, if you fall below it you pay a fine of 8 euros, but they didn't tell you otherwise you would have mentioned it in your story.
This year, I have deducted 1 commission (5,19 euros) in January 2019.
Every office does it differently just like immigration does it differently everywhere.
Any transaction between Euro Account and Thai Account is free at Bangkok Bank via internet banking
Krungsri Bank charges 500 baht per transaction.
Siam Bank has no Euro account available ( At least not in July 2017 )
Kasikorn does.
I have not been to more banks because I liked Bangkok Bank best.
You will not receive interest on your euro account, but you will receive between 0,25 and 0,27 satang more at the current rate.
And you can also use the FCD account for your visa application if you do not meet the requirement of 800000 bath or a combination of FCD + bank balance or
FCD + Visa Support Letter
In Udonthani you can use your FCD account for visa application, but they apply different rules everywhere.
There is 1 disadvantage in my opinion, you cannot transfer money (Euros) after closing time and during the weekend via internet banking.
Mzzl Pekasu
Dear Charlie,
Good read, my comment was about Leo Bosch, You don't actually have to pay taxes in Thailand to get an exemption. An R022 statement is sufficient.
Thank you Charly for sharing your experience with us. A few years ago I also tried to open a euro account at the Bangkok Bank in Ubon. I then made an appointment and I was also told that I had to bring an official who could vouch for me. Fortunately, that is not a problem in Ubon because you trip over the officials there.
At the appointment I dealt with a bank man who was well informed; so good that I have decided against opening a euro account. After that I asked my pension fund to pay my pension directly into my baht account and I have never regretted it. Every time it is not too bad what I get in baht and I suspect that my pension fund is good enough to take care of the costs. Plus, I get it extraordinarily fast.
What are the advantages of a euro account? You can of course wait until you get a good course, but that only makes sense if you have someone in your circle of acquaintances who can look into the future. And aren't the costs of two transfers to your baht account ultimately higher? And can you withdraw euros in Thailand? Probably not, and even withdrawing from a bank will be difficult as they probably don't keep Euros in stock. It may be more convenient to make payments to the Netherlands from your euro account because you have to go to the bank personally from a baht account because it does not go through internet banking. And withdraw money in the Netherlands? I think there are also considerable costs involved and, moreover, you still have a bank account in the Netherlands, so that cannot be an argument. You promised to come back to it next year; then perhaps you would like to comment on these points as well. Thank you in advance.
Another remark. You haven't really been able to control your anger (I sometimes have trouble with that too) but not only is it pointless the way you write, but you also hurt others with it. And what can a bank woman or bank man do if they get such a question for the first time? In the Netherlands I have also experienced that bank staff were not always well informed.
Good luck with it!
Dear Mr. Pronk, When transferring from an FCD Euro account to a current account in Thaibath, there are no costs associated with the Krungsri,
Jan Beute.