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Home » Reader question » Reader question: I am moving to Thailand, should I change my bank?
Dear readers,
Soon I will move to Thailand and now I have questions about banking.
I will soon receive a pension from ABP. Now I once read that there are Dutch people who sometimes have problems with their bank in the Netherlands. I am with ABN-AMRO, is it wise to keep this bank or is there another Dutch bank that has a better service for Thailand?
Some people also have a Thai bank. Why should I do that?
Yours faithfully,
BertH
Walk into your bank and ask if you can use their services after emigration to Thailand. Write down the name and date of that contact. I was with ING and Postbank and I'm still there after 12 years in Thailand..
I have a bank account here. A current account for payments and debit cards, and an account with more than 8 tons of baht for my retirement extension. Then you cannot do without a Thai bank account. Paying and viewing online is one of the options at Kasikorn bank and at other banks.
I keep my pension in NL until the end of the year due to Thai tax law and bring it here when the exchange rate is favourable.
Having a Thai bank account has the advantage that you can pay more easily and that you do not have to withdraw high amounts. Each time debit card costs 180 baht when withdrawing an amount abroad and the amount that your bank also settles.
I wouldn't immediately change banks in the Netherlands. Normally you can (provided you have your maestro card for Thailand unblocked) also use the card here - but it is a bit more expensive.
For example, I always take an amount of 15000 baht and put it on my Thai account. You can work with that for a while.
The advantage is that the amount is not too high. If you become a victim of phishing, you will not lose too much money. You are hardly protected here in Thailand.
You don't have to use your Dutch card that often. It has happened to me a few times that I forgot to take the card out of the ATM, with all the nasty consequences.. I've been waiting for my credit card for four months now!!!! And will not get it sent to Thailand.
You can also send your entire income to the Thai bank every month. I wouldn't recommend this. In the end you pay almost as much as with a debit card. But as I said, it is a lot safer not to put your entire monthly income on your Thai account.
In the meantime we have even opened two accounts: one for daily shopping and one for the higher (additional) costs, such as the purchase of things, fixed bills, etc. The shopping account is for both of us, but in principle I have given my dearest the opportunity to transfer money pick up for groceries, without having to ask me every time.
So, as far as I'm concerned, it certainly makes sense to have a Thai account.
It certainly makes sense to keep your Dutch bank account.
Your income, whatever kind, is deposited on time by the provider.
It is certainly very useful to open a Thai bank account.
Withdrawing money from a Thai bank is almost always free!
Sending money via swift from your NL Bank account to your TH bank account can be done very quickly at Krung Thai Bank and Bangkok Bank, it is in your Thai bank account within 24 hours
With the advantage that the exchange rate is very favorable if you transfer an amount in euros.
I have experience with ABN/AMRO and ING.
Withdrawing money in Thailand is expensive.
You pay costs in the Netherlands, the infamous 180 baht in Thailand and then also a bad exchange rate.
Can be 1-2 baht per euro less than the official exchange rate.
At ING you can take a “payment package”, costs 9 euros, I thought, per three months.
Transferring money to Thailand then costs 6 euros, withdrawing money in Thailand is free (not the 180 baht!) and I thought a free credit card was included in the package.
Of course the bad course remains!
But still, a Thai bank account is nice and useful!
I am having major problems transferring from ING to Krung Thai bank. The amount has already been refunded 3 times after deduction of costs, together more than € 100! The strange thing is that the ING pension fund and my AOW normally arrive at Krung Thai bank. The complaint is currently with the management of ING and the Ombudsman for financial services KIFID. For more than 3 months people have been investigating why this is. At first it was claimed that Krung Thai bank refunded the money, but I was able to prove through Krung Thai bank that they never received the money. It was all about
€ 16250,00 They also claimed that I had not entered an account number (3 times), but that has now also been taken off the table. I use ING internet banking. It is mandatory to provide the account number, otherwise you cannot make a transaction! In short, ING does not make me happy!
I am also not happy with ING, in fact with any bank.
Undoubtedly, the ING is putting you off.
If you transfer via internet banking, no human hand is involved, which is why ING can be charged for the error, plus the costs.
Provided, of course, that you have also entered the bank code of the receiving bank
Mind you, sometimes an intermediate bank is used at SWIFT, and things can go wrong there.
But ING transfers directly to KTB and BKB.
To me, banks are all legalized criminal institutions with big money grabbers at the helm.
The maximum period that your money may be in transit according to SWIFT rules is 2 x 24 hours on working days.
If a bank takes longer, point out the SWIFT rules!
Really it helps.
I receive a neat email from KTB for every transfer from the Netherlands containing the amount in Euro, the exchange rate, the amount in THB and the costs.
The strange thing here is that ING did not transfer directly to KTB, but via a German bank. I have a pension from ING, their pension fund transfers to KTB without any problems. My AOW also comes across well. It's a really bizarre problem! I have now been promised to reimburse the costs once the investigation is complete. Of course I also entered the Swift/Bic code correctly. In the past I transferred to Kasikorn bank, without any problems! I can show you a reaction from an ING employee, after I waited 7 days for a transfer, in which she stated bluntly: Oh sir, to Thailand? This can take up to three weeks, if the money is not there yet, please email again! Or another ING employee, same question, sir, we would like to start an investigation, which costs € 25! Filing a complaint with ING was not possible, because their systems stopped if you did not enter a Dutch zip code. I have a Thai zip code, so I couldn't file a complaint! Fortunately, ING has now adjusted this. In short, ING, bad service!
My advice is to try to keep at least one bank account in the Netherlands and if possible also a credit card that is linked to it.
In my experience it is almost impossible to purchase a properly functioning credit card in Thailand, because it seems that the banks do not trust you because you are a foreigner.
A credit card or similar will become increasingly important if you travel a lot and to book a plane ticket, for example.
Hans, the ING credit card is not free. And for collecting a check from abroad they charge 10 euros and then that many percent of the value. Maybe not so important for Thailand, but then everyone knows that.
My advice to the questioner is to open an account in Thailand, but in the place where you will live. I have been coming to Thailand for many years and had an account outside the place where I live now, and at that bank I always have to pay 15 baht when I withdraw money. I now have an account with the local Krung Thai bank in my hometown, and then pins are free. I have the costs of the transfer paid by the Krung Thai bank, the exchange rate can be followed every day. The costs are much cheaper than when you have them collected by the Dutch banks.
I am also moving to Thailand and will open a Thai account and keep my Belgian one.
@ Eric:
Can you elaborate on a passage in your text, please? “… my pension in NL until the end of the year due to Thai tax law…” Thanks in advance!
Paul, you took the words right out of my mouth, I too would like to know what Erik meant by that passage. I would like to thank Erik for an answer to be given by him regarding that passage, after all we are never too old to learn.
Nico B
You are liable to pay tax in Thailand on that part of your income (pension) that you transfer to Thailand. However, you do not pay tax on income (pension) received in previous years. So you do not pay tax this year on pension received in 2013 and transferred in 2014, for example. However, I have the impression that there are only a few (farang) people who fill out an income tax form in Thailand. By the way, I would not know how the Thai tax authorities can check on which amount transferred tax is due.
When I went to the tax office to inquire about paying tax, they wouldn't register me because I have no income in Thailand.
Except for some interest income, on which the bank automatically deducts 15% tax.
When I asked about my interest income in the Netherlands, I received a vague story that a percentage was withheld from the money that I would bring into Thailand.
It has not become clear to me how high that percentage should be and what it would be levied on.
What I did get a clear answer to was that if I wanted to apply for a tax number, I had to show 30.000 Baht interest income to a Thai bank.
That is if I'm right (probably not coincidentally), the amount at which you have to pay tax.
That income is not that much, but it is a nice idea that there is not just a Thai bailiff on my doorstep with an assessment plus a 100% increase due to tax evasion.
After all, I did my best at the tax office.
Anyone who stays in Thailand for more than 180 days a year is liable to pay tax and can therefore obtain a tax number at the revenue office. Showing passport with visa is sufficient. The first 150.000 thb income is tax free, so no idea what you mean by 30.000 thb. You can reclaim the 15% tax you paid on money you have in a deposit account by completing a tax return form.
@ Rene:
When I moved to Thailand, I was told by the embassy in The Hague that I did not have to pay taxes in Thailand.
However, since they had previously given me incorrect information on another subject, I went to the tax authorities after arriving in Thailand to make sure everything was in order.
I prefer not to get into trouble with government agencies, because that will probably be a long-running drama.
The above story is the facts.
So 30.000 Baht income (interest in my case) in Thailand and otherwise no registration.
That does not mean that things cannot be arranged very differently 3 tax offices away.
I know that I could reclaim that tax on the interest.
But how much misery will I get in return?
Filing a declaration every year and absolutely no idea what I have to show about amounts that I transfer from the Netherlands to Thailand.
I'll take that loss of interest.
It's not that much money now.
Furthermore, I am waiting for the time when every Farang is obliged to fill in such a form.
I don't think it's unreasonable at all to have to pay taxes.
After all, all facilities such as tax offices, immigration services, roads and airports have to be paid for from somewhere.
@ruud: here in Thailand you only pay tax if you have income of Thai origin (work, business, etc…) As a pensioner with only a pension from your home country and put on a current account here, you do not pay any tax on it in Thailand , after all, you have already paid it in your own country. If you open a savings account or invest your money, you pay tax on the interest you receive from it and not on the paid-up capital, provided you can prove that your money comes from abroad and is already taxed there.
@ Heavenly Roger:
Opinions are probably divided on this forum about paying taxes in Thailand.
I have also seen comments that people leave their pension in the Netherlands until the end of a year, so that Thailand would not be able to tax it.
It's not entirely clear to me, but since I won't get my AOW and pension until 66-67, I haven't looked into it yet.
By then, everything could be different.
What I think I have understood is that ABP pensions are taxed in the Netherlands, but those of other pension funds are not.
There is also the story that pensions would not be taxed in Thailand.
So it's all quite complicated.
And like I said, I'll wait until the time comes in a few years.
As far as I know someone is working on a tax file, I hope that will be soon because I read a lot of things here that are not true. You just need to get up http://www.rd.go.th (the official site of the Thai tax authorities) “click on English” to get the correct information. Here you can also download a declaration form in English where income includes pension. Thailand has a treaty with the Netherlands to prevent payment of double taxation. If you indicate to the Dutch tax authorities that you wish to be regarded as a non-resident taxpayer, the levy will be transferred to Thailand. What everyone or the Thai tax authorities do with this is another story.
@Renévan Indeed, Erik Kuijpers is working on a tax file 65 plus. The dossier is currently being commented on by co-readers. It will take some time before it is posted, because it is a rather voluminous file.
I have an account with Rabo and ABN-Amro in NL with my address in Thailand. Only use the Rabobank.
Pension and AOW are paid into my Rabo account.
I also have an account with Bangkok Bank. I use money from the BKB to live in Thailand.
If I need money, I transfer fairly large amounts, minus 7500 euros from Rabobank with Rabo internet banking. At least 7500 because Rabo charges 1% costs with a minimum of 7,5 euros.
I do that in euros because the exchange rate of the BKB is always higher than the Rabo.
All costs for the client. Costs that BKB charges are the same as Rabo
Dear BertH,
May I advise you to be careful with your Dutch bank? I was honest enough to tell my Rabobank that I was moving to Thailand and they then canceled my credit facility and CreditCard use. Despite the fact that I banked with Rabobank for decades and despite the fact that I had a multiple of their “risk” in my savings account and brokerage account. It is therefore important for you to find out in advance what the relocation notice means for the service.
I myself have taken out an account with another Dutch bank and transferred all banking matters, credit balances and securities portfolio to them and I also have a credit card facility there.
A Thai bank account is very handy and it is by far the cheapest to transfer the money you need in Thailand every month. Usually today is sent tomorrow on the Thai account. It is important to know whether in this case the ABN-Amro sends directly to your own Thai bank or whether it goes through a correspondence bank. In the latter case, the correspondence bank also charges costs. You should also check whether your bank sends the entire amount to Thailand, because there are also Dutch banks that, in addition to charging you costs, also send a lower amount to Thailand.
Thai banks work in districts, so you must open an account in the district where you live. A fee is charged for payments to another district or withdrawals in another district, but not for transactions in your own district. Finally, it is useful to have a credit card from your Thai bank, but you must count on the fact that they want the monthly limit paid into a blocked account in advance. I myself have very good experiences with the Bangkok Bank, but there are plenty of banks to choose from in Thailand. .
I have been living in Thailand for years, have deregistered from the Netherlands, but still have an account with Rabo in the Netherlands, with a credit card. My pension and AOW are paid into that. They have my data in Thailand without any problem.
I also have an account with the Siam Bank in Thailand, where I transfer 5000-7000 euros from Rabo every time via normal internet banking. As a result, I can use my Thai bank here in Thailand without comings for daily necessities, etc.
Dear BertH,
1/ One Dutch bank is not enough, you must have two Dutch banks.
Why?
If a card is refused at the ATM (and that happens regularly) then you still have a card from another bank and you can withdraw money with it. (costs more than 5 euros each time) 180 Bhat + 2,25 euros.
2/ You open a Thai bank account here in Thailand, sometimes it goes straight away, sometimes not (often the cause is that the employee does not speak English and is apprehensive about the work, and then just says “sorry not possible”) but then you go to the next bank and the next and the next, until someone says yes.
3/ If you come this way, make sure you have at least two (preferably three) e.dentifier, they are not available anywhere here and the delivery time from the Netherlands can take months.
4/ If you have an ING account, your mobile phone is used for internet payments, but in Thailand you will of course buy a Thai phone with a Thai number.
BUT NOW YOU HAVE TO WATCH OUT;
If you first change your address via the internet and then your new telephone number (as ING proposes on the site), the activation code will be sent to your new address. So in Thailand, this can take times, count on 2 to 3 months. During that time you cannot check your account or make any payments.
So it is wise to first change the address via the internet to a Dutch address (family member or something) and then change your telephone number, your account will be blocked immediately, but within a week your “family member or something” will have the activations code and he emails it to you and you note this on your phone and you can enjoy your bank account again.
And Bert, Welcome to Thailand
Greetings Nico
Bangkok
Apart from pension, you probably also have state pension. So that's two pensions. Then it is better to keep the Dutch bank. They can then transfer the money to the Thai Bank in a transaction. This saves bank costs. . Transfer money to the Thai Bank in Euros. (This is more favorable because of the exchange rate.) If you live here with a retirement visa, it is much more convenient to have a Thai Bank.
When applying for the retirement visa, you must indicate that you have THB 800 in the bank or that you receive a minimum of THB 000/month in pension.
Succes
why 80000 baht per month in pension income ????
according to the new requirement it is €600 per month as a single person and €1200 as a married couple
I have my Belgian pension forwarded directly from the pension service to my Thai account at the Kasikorn bank. The same day of forwarding (in EURO) it will be in my account, automatically converted to THB and, apart from 500 THB at my bank in Thailand, no transaction or exchange fees will be deducted. The rate here is calculated using “Telex Transfer” which gives a higher rate than the note rate. My bank in Belgium is not involved at all. Bangkok Bank charges 200 THB fees and nothing more, not even so-called hidden costs. If that is also possible for the Netherlands, I would say: don't hesitate, just do it!!! Then you no longer have to deal with your Dutch bank and you can access your entire pension (-500 or 200 THB) as you wish and if, like me, you apply for an international VISA card from the Thai bank, you can also conduct international transactions. Internet banking is also possible. Paying by card at your own TH bank is free within the region (also in the bank at the counter) where you live, outside of which a small fee is charged, also depending on which ATM you use. If there is no more money in your Belgian or Dutch bank, you can simply close that account and you will no longer have anything to do with that bank.
Kasikorn, in my opinion a great bank. Fast internet banking! You can find them almost everywhere.
One more thing: to transfer the pension directly to your Thai bank, you must request the form from the pension service, fill it in, have the bank fill it in and stamp it and return it to your pension service. Pending approval, keep your Belgian (or Dutch) bank account open until your first pension amount is effectively on your Thai account. You can then close that account in your home country as you wish.
My question is: Is it possible to take a good bank in Thailand.
And open 2 accounts there, 1 euro account to transfer your euros
through internet banking.
And the second for THB, to be pinned off for use in Thailand.
Djuz, that's possible, an account in Euros at a Thai Bank is called an FCD (foreign currency deposit), see for example the site: http://www.bangkokbank.com. Then you can exchange your euros at a time when you think the exchange rate is favourable.
success.
Nico B
Has the law changed here or am I wrong. Have had an account with Bangkokbank for nine years and this afternoon I wanted to open a new savings account with another bank. Been to three different banks in big c hangdong road chiang mai. No account without a work permit .Went back to the same banks at 5am, this time with my Thai wife and she confirmed this new arrangement.So back tomorrow with marriage certificate to open a savings account.Maybe this is just Chiang Mai but my wife told me that this new arrangement here has two introduced month ago.
I hope for the newcomers in Thailand that I have misunderstood, but the laws for foreigners change very quickly
I opened a bank account with the TMB the day before yesterday, had to put 20.000 Bht on it and charge 500 Bht, without any problems.
Dear gust
I also wanted to open a savings account here in Ayutthaya
But that was also not possible only on my wife's name
We're also married, but that didn't matter
They told us a foreigner without a work permit could not
open a savings account and also do not issue a credit card only a debit card
Sincerely Hubby
BertH,
Check with ABN/Amro whether you can keep the bill there after your departure to Thailand with all the facilities you need, if you are satisfied with Abn/Amro; I have no experience with Abn/Amro.
ING has been working fine for me for a long time.
You can in any case keep an account with ING if you live in Thailand. ING will not close your account when you leave for Thailand, but you must apply for it well before you leave.
You can also securely bank online, tan and pac codes can be done on a list or via your mobile.
Choose the package that suits you best, see http://www.ing.nl.
Your Aow or pension can be transferred to this ING account and you can transfer it yourself, in Euros you give the TT rate, which is the best rate, costs 6 euros at ING and 0,25% costs at e.g. the Bangkok Bank with a minimum of THB 200 and maximum of THB 500; or you choose to have it transferred directly to an account in Thailand; the Svb charges you 0,50 euro cents for this, I don't know your pension fund.
For a retirement visa extension you need a Thai !! bank account required, see the Visa file on Thailandblog for further rules regarding Visa and renewal.
success,
Nico B
It can never be long before someone in Thailand discovers that bachelors with a retirement visa will also need a bank account.
So for the time being I will assume that these are bank actions and not government measures.
This unless, of course, they want to refuse all bachelors in the future and possibly deport all bachelors who already live in Thailand.
If you read carefully, Bert says that he has an account with ABN AMRO and not with ING, so dear Bert, go to a somewhat large or your own bank office and request an e.dentifier for internet banking, so keep your account. on and have your money deposited into this account, sit behind your PC or laptop, install the program you received from the bank on your PC, install your e.dentifier
on the pc and done kees , give name and address and everything else at the bank , and get on the plane and enjoy this great country , and don't let all kinds of stories about tax rules drive you crazy here biggest nonsense for the normal pensioner this is not the case, and Bert the transfer at the ABNAMRO costs 5.50 euros each time, have been doing this for 9 years and is going excellently.outlook.co.th
If you want some info for installing something or other, email me.
[email protected]
Transferring money to Thailand with Western Union is not that bad. After identification and with a free Gold card, your money will arrive at its destination within 10 minutes. The expenses vary due to the different amounts and are not too bad.
Are we Belgians advantaged in this area? I have three accounts in Belgium with credit cards included and almost free, the account and cards are free, but you sometimes pay for operations. Only Argenta is completely free, no costs whatsoever. Sent money to Thailand for friends last week who wanted to give me this with the flight, but do not like to have a lot of money in my pocket, so to the Argenta bank, they have a form for payments outside Europe. Completed by the clerk and arrived in Surin 3 days later on the account of friends. No cent costs charged by Argenta, in Thailand you have costs there, but do not know how much.
I have been living in Thailand for 20 years.
Keep your ABN/AMRO account; change your address to Thai address; open 'internet banking' with eDentifier (ask the bank); you will be transferred to the 'foreign office' at Schiphol; in Thailand you can do internet banking with ABN/AMRO.
Open a Thai bank account with a larger bank, e.g. Siam Commercial Bank or Bangkok Bank; You can also do internet banking there.
Have your ABP pension transferred directly to your Thai account = favorable 'TT' rate. Your state pension will not be transferred to Thailand by SVB; you have to do that yourself, but remember that it is useful to also have some money in NL for payments.
Never (if possible) withdraw money in Thailand with your Dutch card. That is precious. Internet transfers are cheaper (but not for small amounts).
Withdrawing money from your Thai bank account with the corresponding ATM card is free at any ATM of your bank in your province (in another province it costs 20-30 Baht per transaction, just like when you withdraw money at an ATM in your Thai place of residence). another bank).
Small correction: On request, the SVB will transfer your AOW to your Thai bank! That works fine for me! In addition to the local bank (KTB), I also have the non-local Kasikorn bank. If I use the first pin it's free, at Kasikorn I pay 15 bath.