BangkokTraveler

It's an inconvenience for occasional travelers. But, as you pointed out, Schwab Bank (and Fidelity, I believe) rebates all the fees worldwide, and also no foreign currency transaction fees. It's very easy for an American to open one of these accounts in the U.S. Using Schwab has probably saved me $1,000 or more over the years.

For regulars, a Thai bank account can be opened with little effort.

If I worried about all the silly things here in Thailand, I'd die of worry. Observe, and act accordingly, is a better plan.

goodeats21

Sorry to see this, though I never found AEON machines convenient, so not much personal impact to me.

I opened up a Thai bank account some time ago, but also opened up Schwab.

I end up using Schwab card frequently, so probably could have avoided the Thai bank account all together...though it is very convenient for topping up SIM card, which also keeps the number active.

For any Americans thinking about opening up a Thai bank account, be sure to understand the new IRS reporting requirements. You have to report foreign accounts that meet certain criteria.

http://www.irs.gov/Businesses/Small-...-Accounts-FBAR

skibum7732

I opened a Kasikorn acct a few trips ago and it was pretty simple. Now i just do an ACH puch before coming and it makes life easy and fee free

transpac

Note that there are several "fees" associated with an ACH transfer:

1.) potentially from the originating bank, some range from $3 to $15, while others are free. A straight-up SWIFT wire transfer might be a lot more expensive.

2.) the Thai bank in the U.S. typically charges $10 or $20 - based on amount - for the pass-through.

3.) the Thai bank will charge a sliding fee, up to a max. of 500 baht for processing the in-bound xfer.

4.) you will have to pay an annual fee for your K-Bank ATM, ~ 200 baht.

5.) if you opened your account in Bangkok then you will pay for using K-Bank ATMs outside of Bangkok, 20 baht per transaction.

Further, you may have to FBAR/FinCEN your K-Bank - if over $10,000 at any point - account annually, and fraud is rampant here, with no consumer protection, so you'll have to be careful, cautious and monitor your account activity.

While some banks/branches do allow foreigners to open accounts on a tourist visa/exemption, they are not supposed to. And getting internet banking, or K-Cyber, enabled may prove additionally challenging.

If you come here often, and can time a large-ish transfer, then the costs/risks associated with maintaining a local bank account might outweigh the 150 baht fee.

It might be simpler to bring cash, trav checks, or get an account which reimburses the ATM fee?

Tchiowa

Good information. I think that the whole thing is a bit overblown. My wife gets angry about the fee when she's using our US ATM as opposed to our Thai ATM. But in the long run it's still a pretty meaningless amount of money.

Tchiowa

Things may have changed since I opened my account. But "in those days" to get an ATM card at a Thai bank you had to have a checking account and to get a checking account you had to have a work permit.

transpac

Suspect things have changed. All of my experiences are based on the last ~ 10 years; I have never heard of a checking account here; most people pay bills electronically. ATM cards are issued on any passbook account, and passbook accounts can possibly be opened by anyone with a pulse. Some banks/branches require a non-imm (B/O, etc.) visa (but not a real tourist visa), but many report being able to open an account on a tourist visa/exemption.

If I had to pay the 150 baht fee it would run me ~ $125 USD per year based on my usage patterns.

biggestbopper

To update my earler post with what is now incorrect info--I made a withdrawal today at the Asoke Citibank branch abnd got socked with a 150 baht fee. So, apparently, the foreign banks are now on board with the Thai cartel. Fortunately I expect my bank in the US will rebate the fee.

By the way, Asoke intersection is still closed but it looks as though the demonstrators are quickly fading away. Lots of tents, not so many people.

And, IMHO, this rip off fee is most irritating--contrary to what has been mentioned above. No economic need for it and just a good example of the bankers' cartel in action. Why should the banks alone skim the efficiencies brought on by the international ATM system which saves them big bucks (or baht, in this case).

ft101

Travellers cheques are also about to be a hit with a similar fee for cashing in.

An international transaction fees free overseas account that reimburses ATM charges will be king, with cash a close second I think.

Any recommendations from UK FlyerTalkers for such an account would be appreciated.

goodeats21

Yes, things have changed I guess. I opened up account with ATM card last year. No permit, no Visa. Just my 30 day stamp.

Internet banking also with no problem. Great for SIM card top ups, etc.

transpac

AFAIK, the fee to cash a traveller's check here remains 33 baht (made up of two fees, one is 30 baht and the other is 3 baht). This is the per check fee regardless of amount so it may be best to get the largest amount, $500/$1,000, available?

dsquared37

... and good luck finding those.

ft101

Wait until next month.

The fee will be increased to 150 plus 3 baht for a 153 baht per cheque charge.

goodeats21

^

I habitually took some funds in Traveller's checks, but they are just too hard to get now, at any denomination. Even my normally customer friendly Credit Union has stopped offering them.

seanthepilot

I don't understand the terms you used, FBAR/FinCEN? Is this an American thing, or something from Thailand. I know my American friends are reluctant to open a Thai bank. I think this is a domestic tax, IRS thing. But for the rest of the world, moving your money here is a real option.

And I don't understand the firmness of your warning. I've transfered $80,000 to Thailand with no trouble, paying very low fees. And the money is quite safe once it's in your bank, as far as I am concerned. I've had millions of Baht in my bank accounts at different times. Free withdrawls, unless out of province... then it's 20THB per 10,000.

It's best to transfer UNDER $20,00 to THailand at a time (unless you're buying property, then it MUST be in transfers 20K or over) to avoid the money being held. If you transfer more, you have to explain what it's for before it's released (a few days process).

I consider the cost of sending money to Thailand and then withdrawing it for free to be considerably cheaper than paying 150THB each time. YMMV.