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BANKING IN THAILAND (February 2010)
Please help by updating this information. Reply to ( This e-mail address is being protected from spambots. You need JavaScript enabled to view it ). For a list of all Banks in Thailand: (http://www.bankthailand.info/BankInThailand.htm ) (http://en.wikipedia.org/wiki/List_of_banks_in_Thailand ) If you plan to transfer money into Thailand 'bank-to-bank', then it is a good idea to choose both banks that are part of the international 'SWIFT' organisation. With this set-up one bank recognises another bank by it's 'swift code', and often results in a 2 to 3 working-day complete transfer process. Many 'local' banks in U.S.A. are not part of this scheme, and we hear that many do not even recognise the system. The result is that your money has to go on a journey of banks before arriving at your destination. And everyone wants their commission. Also, since the advent of 'Money Laundering Rules' (MLR) the U.S. will not allow U.S. $ to be transferred directly out of the country, so a very lucrative and difficult to follow network of transfers must occur before your money can be sent. Europe isn't so enthusiastic about 'MLR' yet, and life is a bit easier. A recent transfer of GBP from Jersey UK to Thailand showed the money in the local Thai account at close of business the 2nd working day later. Be aware of various aspects that can affect the total costs. 1- Choice of bank of origin determines the main fee. 2- Choice of setting-up the order with your bank by letter, fax, phone or internet affects the fee (internet is often the cheapest). 3- Choice of transfer currency affects final cost (currency of the country sending is usually cheapest, do not ask for the transfer to be in Thai Baht). 4- Speed of transfer can affect the cost (a longer time is usually cheaper). 5- Who pays the receiving costs? (Have receiving costs paid in the country with the lower cost of living). If you want to buy a Condominium, or fund a long-term visa, you will need to transfer 'bank to bank', as the money has to be shown to have originated outside Thailand with a traceable paper-route. Bringing in a big bag of cash will not suffice. Bringing it in via a 'cashiers check', an 'international money order', a 'personal cheque', will not suffice, and may well be expensive and time consuming to rectify. Europe has a maximum cash carrying limit (in any currency) when leaving or entering EU - 12,000 Euros). Amounts over this value are allowed, but must be declared for MLR. How to open a bank account in Thailand? Many folk will tell you they just walked in with 1000 baht, and it happened. Some have to get an 'address confirmation' letter from the Immigration office on Soi 5 Jomtien before they would open one (it does make sense that they should know where you live). The first time you do this at the Immigration Office you may need the owner of the property to accompany you, with the 'property papers', to conform with the rules on 'Housing an Alien'. Unless you are a registered business in Thailand you will NOT get a cheque (checking) account - you will get a 'savings' account. You may be given a transaction book and ATM card, and later ask if you could upgrade to a 'visa electron' card. This works in ATMs in and outside Thailand, and allows you to pay for goods & services like any other debit card (Supermarkets, Hospitals, Travel agents, etc). Internet banking is available, but again it seems to depend on who you ask as to how easy that is. Staff may be too busy to spare the time to explain these other services - plus maybe a language problem. You might set-up your first internet banking account from your own computer, on the internet, using the Bank's website, and visited your branch to pick-up your password codes later. You may be told you MUST have a 'Work-Permit' in order to have 'Internet Banking'. Bangkok Bank say any long-term visa will do, and for 'Tourist' visas you should re-apply after 6 months. Of course, it's always at their discretion. Kasikorn Bank has activated a PEC volunteers Internet Banking while he waited at the Branch. Regular, Direct Debit arrangements can be set up for those recurring bills, but sometimes late payments result in a utility being denied - a costly & inconvenient affair. But Internet Banking now allows regular payments to other banks, and even other countries, and works well. One possibly annoying thing to some expats may be with all Thai banks is that if you travel away from your account holding area (say Pattaya), even though you use the correct ATM, you will be charged an 'out of area fee' of 10-20 baht per use. If you use another bank's ATM the fee is higher baht. Transfers between your accounts can be done at an ATM - free if at the same branch. Transfers to a different branch, or bank, can be done via ATM - a fee is charged. Most (?) bank's ATMs now add a 150 baht fee per transaction when issuing cash from a Non-Thai (foreign) card. Another possible issue for some expats may be the 'two-tier' interest-rates. At some Banks a foreign account holder will get less than a Thai National. Time-Deposit accounts are available. And any 'withholding tax' may be refunded if you have a Thai Tax ID and present it to your bank. BANKING IN UK (February 2010) Living in Thailand & Banking elsewhere can be a very expensive hobby. Transferring money on a regular basis can often cost 25 GBP, USD 30 per transaction. e.g. It is not a good idea to transfer a Pension monthly. Try to reduce your number of transactions by transferring larger amounts less often. From October 2009 UK State Pensions can be paid DIRECT to Thai Banks in Baht. The service is free but the exchange rate is poor. --- 'SWIFT CODES' are a method of identifying Banks (and currencies) around the world, and is an efficient method for transferring money internationally (but not the only method). Each large banking institution is allocated a 'swift code' so that other banks may confidently identify EXACTLY which bank you refer to. To positively ID your own Bank - ask them for their 'Swift Code'. (Usually the Swift code identifies only the Head Office branch, although the account number identifies the branch holding the account. You should add a 'local' branch address) Thai banks do not have an IBAN identification number (generally not used outside of Europe). You should therefore indicate the SWIFT code of the respective bank for transactions To find a Swift Code on the Internet - Google the bank name plus the words swift code - e.g.: bangkok bank swift code http://www.exportbureau.com/check_swift_code.html Some Thai Bank Swift Codes are here:- http://www.officialthailandinfo.com/view.php?GID=032&page=5 http://www.siam-info.com/english/money.html Non-Thai Bank Swift Codes are here:- http://www.indopedia.org/List_of_SWIFT_codes.html --- Here is a list of some Thailand Banks: BANGKOK BANK PUBLIC COMPANY LIMITED - (SWIFT: BKKBTHBK) Website: www.bankthai.co.th Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it Website: www.gsb.or.th E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it Website: www.kasikornbank.com KRUNG THAI BANK (SWIFT Code: KRTHTHBK) E-mail : This e-mail address is being protected from spambots. You need JavaScript enabled to view it Website: www.scib.co.th Email: This e-mail address is being protected from spambots. You need JavaScript enabled to view it Website: www.scb.co.th E-mail: This e-mail address is being protected from spambots. You need JavaScript enabled to view it , website: www.tmb.co.th Bank of Ayudhya: http://www.krungsri.com SWIFT: AYUDTHBK Bank of Thailand (Centralbank): http://www.bot.or.th Citibank: http://www.citibank.co.th SWIFT: CITITHBX Thai Farmers Bank Public Co. Ltd. Bangkok TFBSTHBK (later became Kasikorn Bank) Thanachart Bank: https://www.thanachartbank.co.th SWIFT: THBKTHBK UOB United Overseas Bank: http://www.uob.co.th SWIFT: BKASTHBK HSBC, Bangkok, Thailand. SWIFT: HSBCTHBK Here is a list of some foreign Bank Codes: American Express Bank New York AEIBUS33 Bank Of America New York BOFAUS3N Bank of Hawaii New York BOHIUS77 Bank of New York New York IRVTUS3N Bankers Trust Company New York BKTRUS33 JP Morgan Chase Bank N.A. New York CHASUS33 Citibank N.A. New York CITIUS33 First Chicago International New York FNBCUS33 First Union National Bank New York PNBPUS33 Harris Bank Intl Corp New York HATRUS33 Standard Chartered Bank New York SCBLUS33 Union Bank of California New York BOFCUS33 Barclays Bank PLC London BARCGB22 Lloyds Bank Plc London LOYDGB2L HSBC Bank Plc London MIDLGB22 HSBC Bank International Ltd. Jersey MIDLJESH HSBC Bank USA, Delaware, SWIFT: MRMDUS33 National Westminster Bank Plc London NWBKGB2L Standard Chartered Bank London SCBLGB2L Another way to transfer money is by 'plastic cards' via ATM machines. Although this is quicker it is usually more expensive, and unsuitable for large amounts as there is often a 'local daily limit'. Cards may be used at a bank counter to arrange larger amounts via telephone if your card has an international symbol (such as Visa, Maestro). Most Thai bank ATMs now add a 150 baht fee per transaction when issuing cash from a Non-Thai (foreign) card, as mentioned earlier in this article. Important - if you transfer money to buy a condo, or to support a retirement visa, the money in your Thai bank account must originate outside Thailand, and be 'traceable' as mentioned earlier. For money transfers, your 'home' bank will want to know the following: Your Thai bank name and address. Your Thai bank SWIFT code. e.g. BKASTHBK (UOB) You account full name e.g. John Smith Your account Number e.g. 012-3-45678-9
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