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Home » Reader question » Where to open a Thai bank account?
Where to open a Thai bank account?
Dear readers,
I'm sure my questions have been asked before, but I'll ask them again. Want to open a Thai bank account in March because in the future will be staying there for a large number of months a year. What is the best bank in Thailand to open an account? What is the cheapest way to transfer a large amount from my Dutch bank to the Thai bank?
Regards,
Adri
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Based on personal experiences, I can recommend the following banks:
– Bangkok bank -> one of the branches in Bangkok. This can possibly be done with a support letter from Siam Legal, so that you do not have to arrange a whole paperwork yourself.
– Krungsri bank -> If possible, please bring a Thai witness, such as a possible mother-in-law.
As for the advantageous transfer of money to Thailand. The cheapest way is to take it with you in your pocket, suitcase or inner pocket ;).
If that doesn't work, I can recommend Wise (formerly Transferwise). Simple, fast and with an excellent exchange rate.
Hoi
In addition, I am retired and my Thai girlfriend is also after 41 years of Thai government
bangkok bank. Other banks (including Kasikorn) sometimes make it difficult because it is supposedly not allowed or possible. That is utter nonsense, at Bangkok Bank there are even leaflets on the counters “Bank account for tourists”. Bangkok Bank is also not difficult (although of course you depend on the mood and knowledge of the counter employee / star.
You can transfer money in various ways, but the easiest is via Wise. First add money to your Wise account (can be done via ideal payment in the Wise app) and then transfer money to your Thai account, which saves a bit of commission.
Adrian,
Since January 7, you can only go to Bangkok Bank (ธนาคารกรุงเทพ), Kasikorn Bank (ธนาคารกสิกรไทย) and Siam Commercial Bank (ธนาค ารไทยพาณิชย์) ฿50k or more.
Only in Bangkok, Pattaya(?), Phuket(?) and Chiang Mai(?) there are exchange offices that give more baht for cash (large denominations) than if you transfer/exchange money with Wise.
In my opinion, Wise is currently the cheapest way for ordinary consumers to transfer money. Create an account, order a transfer, transfer money to Wise and wait for it to appear in the recipient's bank account. It usually takes less than one business day for me.
If you transfer by bank, for example ING, you can still transfer an unlimited amount to any Thai bank.
You don't want to know how much more that will cost you dear friend… Especially if you regularly make transfers.
I know exactly what that costs, because I am building a house in Thailand, and have transferred an amount of approximately 3 million TB three times in the past 2.5 weeks. Transfer costs 6 euros per time, recipient in Thailand pays about 1000 TB per transfer, at a very reasonable rate for me. It may well be that you find wise better, but to have to split such an amount to comply with the 50.000 tb scheme at other banks as mentioned earlier, that also costs a considerable number of transfer costs. So don't come with that I don't know what that will cost. One thinks wise is better, and I happen to not for my situation.
Tried it once through ING, a few years ago, just to have the experience. Of the €100, a net amount of €69 arrived in my wife's Bangkok Bank account. So that was once but never again.
Then you have not chosen SHA,
is cost sharing with recipient. You probably then chose to pay all costs for transfer and that is indeed a costly matter. Costs at every
transfer already at least 31 euros if I'm not mistaken. In my situation with SHA and large amounts, a bank transfer was a good solution. Wise is also fine, but it also has its drawbacks. Everyone has their own choice.
I created an account with the help of Tik Tok Services in Jomtien last week, Tik Tok always works with Bangkok Bank and for 3500 baht I had an account in less than an hour.
I was picked up at the hotel where I am staying and brought back, they also installed the app on my iPhone so I am very satisfied with their service.
Johan, you paid 3500 baht to open an account??
I pay 300 per year at Kasikorn, so you have helped the Thai economy again…
Adri, first make sure you meet the conditions to open a bank account - permanent residence, annual extension or work visa and handy to have - a Thai witness.
I have both Kasikorn Bank and Bangkok Bank.
The Kbank app is fast, the Bangkok Bank app is slow and more cumbersome. Try to pay at the checkout at the Makro with the Bangkok bank app. Fortunately Thais have a lot of patience, maybe you are a little less like me. In addition, you can scan and pay the gas/water bill with the Kbank app. The well-known utilities in the province where I live [PEA and PWA] are not recognized by the Bangkok Bank app.
Yes, possibly Jos, but I'm not married and not a Thai girlfriend, so everything I've read before is that someone has to be a guarantor, so I don't have to hire an agency.
Well organized John.
I did it myself that way and indeed everything was arranged within an hour.
It is indeed not free, but hey what is 3500 baht on a human life?
Probably as little headache as 300 baht a year 😉
I don't know how much you want to transfer, but read that the banks now only guarantee up to 1 million baht in the event of a fall. Not being able to discover whether that is per account with the bank or not. Because otherwise you could have several accounts with the bank up to a million each, if you want to spread the risk.
And if that is not possible, you will have to have several banks with an account of up to 1 million, if you want to be able to get your money back in the event of a collapse.
The measure caused some commotion, because why is Thailand doing that? Do they expect something bad?
If you have 6 million in the bank and it goes down, it will cost you 5 million
Would like to know how a Prayuth does it with his millions.
When opening an account, ask whether the office itself can make a statement immediately.
I have a bangkok bank account with a small branch. This year I needed a statement for tax return. They had to apply to head office via paper gang. Lasted 4 days.
You can go wrong if you need it for visa extension and the immigration office requires a statement of the date of application.
KrungThai bank no problem, print and stamp immediately.
As indicated earlier, it is best to open an account with Bangkok Bank, Kasikorn or SCB, so you do not run into that 50000 THB limit.
Transferring from Europe to Thailand is indeed best done via Wise. By the way, there is a FB group for these days that can help you with all kinds of questions and / or info.
Namely: https://www.facebook.com/groups/wisesolutions