Useful Information about The Bank of Bangkok

[allieb]

I thought this information would be useful to many on this forum.

The Bank of Bangkok Silom branch will let any visitor open a savings account by just producing a photo copy of your passport. I opened one three trips ago. They gave me a passbook and an ATM card to withdraw money from the account. The ATM card works anywhere in the world. You can use it whilst in Thailand to pay restaurant and shopping bills and any other bills from shops that display the visa sign. Better than carrying too much cash.

I found that bringing dollars cash with me on a visit and depositing it in the account on the first day. (they change it to Baht) is the best and safest way. Cash can be withdrawn anywhere day and night as you need it.

If you have a bf and give him an allowance each month, you can set up a standing order. It's so much cheaper than transfers from USA and European rip off banks and defiantly cheaper than Western Union. You can also transfer any currency to the account at any time during your absence from Thailand and take advantage of good exchange rates when your currency peaks.

I wonder how many of you guys knew about this. It would be interesting to know how you take care of your money whist in Thailand.

[Bob]

But you'll have difficult communicating with your bank. And, as far as I know, I've never come across a Bank of Bangkok branch that will let you use the internet banking without a work permit.

At least some branches of Siam Commercial Bank will let you open up an account with only a 30-day visa and then to use their internet banking privileges. I've done that and had my CM friend open an account also at SCB and, with the click of a mouse, I can transfer funds from my account to his without any charge. I can also use my ATM card they gave me and there is no charge for use of that in the northern province areas (there's the nominal charge if I use it down south).

Either way is generally cheaper than constantly wiring funds or sending money orders. And, if you're betting that the Thai baht will keep appreciating against your particular currency, it can be helpful to stash a sum in that account ( the appreciation, in US dollar terms, for me has been about 12% since last October).

[allieb]

Thanks for the info. Bob. If what you say is right then I'm going to change to The Siam bank next trip. Its true you can't get access through the internet with The Bank of Bangkok on a visit visa.

I've never heard of "Bank of Bangkok". Is it new?

[allieb]

I've never heard of "Bank of Bangkok". Is it new?

Ok Mr. Perfect. BANGKOK BANK.

At leat Bobs post before you is full of useful information.

Ok Mr. Perfect. BANGKOK BANK. At leat Bobs post before you is full of useful information.I'd have thought getting the name of the bank right is fairly useful information, especially as there are some Thai banks with relatively similar names. I'd have to say my question would have been the same as boygeenyus (and we both live here)

[allieb]

I wonder if you would let me know the banks with similar names. I have just put The Bank of Bangkok into various search engines and all they come up with is Bangkok Bank.

Regarding Boygeenyus. He seems to be an intelligent person. Intelligence that is wasted on nit picking other peoples posts. He knew exactly what I meant. he was just being a smart asrse again.

He simply could have said don't you mean Bangkok Bank.

[Captain Swing]

I wonder if you would let me know the banks with similar names. I have just put The Bank of Bangkok into various search engines and all they come up with is Bangkok Bank.

Regarding Boygeenyus. He seems to be an intelligent person. Intelligence that is wasted on nit picking other peoples posts. He knew exactly what I meant. he was just being a smart asrse again.

He simply could have said don't you mean Bangkok Bank.

You go, girl! (Does any body still say that? ) I found your original post perfectly clear and, yes, "Useful." Thank you.

No one says that anymore, only Hugh Scully from the Antiques Road Show, and he is a lesbian.http://upload4.postimage.org/1232169/t2101ars.jpg (http://upload4.postimage.org/1232169/photo_hosting.html)

[adman5000]

I also have used Bangkok Bank for a few years. I normally replenish my account by wire each time before I visit. I also use their standing order for monthly allowance but be aware you have to be personally present to stop or change an existing standing order.

I found that bringing dollars cash with me on a visit...Some folks might be nervous doing that and feel it's a bit risky.


I normally replenish my account by wire each time before I visit.Sounds a bit safer.

I have had a Siam Commercial Bank savings account for a few years (on just a 30-day passport stamp). I don't know how this compares with Bangkok Bank (or Bank of Bangkok <g>), but the ATM card is linked to the province where the account was issued. ATM transactions are only fee-less in the original province. If you use the ATM card in another province (or another country), there is a transaction fee.

[allieb]

Thanks to Bob, Captain Swing, adman5000 and bkk gwm.

This has been most informative. I think I will change my account from Bangkok Bank to The Siam Commercial bank on my upcomming trip in Mid October. It sounds a lot better especially the Internet banking access which is not allowed with Bangkok Bank.

[Geezer]

I have ignored quite a few people who mistake fevered invective and unsupported opinion for intelligent posting so I hope I am not repeating information already posted on this thread.

I am on a тАЬretirement visaтАЭ (no work permit). I opened an account with online banking at the Bangkok Bank on Second Road, south of Big C a year ago with no problem. According to the US embassy website it is the only bank into which US Social Security benefits can be directly deposited (I donтАЩt use this feature).

I transfer funds on line from Bank of America (in Chattanooga) to BKK Bank in New York for $2. BKK Bank in NY transfers it to BKK Bank in Thailand (for $5) where I can withdraw it in any of the usual ways.

I do all this on-line from Pattaya with no problem.

(I am uncomfortable using the word тАЬIтАЭ so frequently, but I wish to make it clear that I actually do this rather than having heard it is possible.)

I transfer funds on line from Bank of America (in Chattanooga) to BKK Bank in New York for $2. BKK Bank in NY transfers it to BKK Bank in Thailand (for $5) where I can withdraw it in any of the usual ways.
There may be a simpler, one-step method. This was posted on thaivisa.com ( http://www.thaivisa.com/forum/index.php ... ode=linear (http://www.thaivisa.com/forum/index.php?showtopic=38131&mode=linear) ):


I am a retired US Social Security Manager. I started setting up direct deposit into Bangkok Bank accounts years ago and posted the method in this forum about a year ago.

No one I've ever done this for has complained about excessive fees. In fact, one of my former customers told me that the exchange rate and fees were quite good -- no worse than if he had the money deposited in a US account and transferred or withdrew here.

Finally, the US Embassy information is incorrect. There is no need to complete the 1099 form for the bank. You just contact US Social Security and ask them to do the direct deposit. You use the US Routing Number (RTN) of the New York branch of Bangkok Bank and the local account number.

Also, I suspect that there is no need to set up a special "direct deposit" account. My experience was that the method worked for any Bangkok Bank account. Of course, I'm now retired and things may have changed. However, I am sure about there being no need for the 1099. If you contact SSA directly the change can be accomplished in a few days, not "a few months".
From what he said, I think if your Bank of America branch would use the RTN info as he says, you might save some fees, although at $2 + $5 it's already very reasonable.

Unless, of course, funds transfers are handled differently than direct-deposits. Then, "never mind"!

[wowpow]

One understands that one is reluctant to use the I word excessively.

Bangkok Bank Internet Banking sounds fine. Evey time is seem to see a Bangkok Bank they seem to have long lines of waiting customers.

Bringing amounts of money into Thailand for $7 sounds a snip. I pay ┬г20 for any amount by SWIFT from the UK. When I send money from Thailand to the UK they charge 1%.

I don't like any bank that I have come across except Nationwide UK who are simply brilliant. http://www.nationwide.co.uk/default.htm any Brit not using them is loosing money.

http://www.moneysavingexpert.com/cgi-bi ... 5397,71685 (http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1106765397,71685),

[allieb]

(I am uncomfortable using the word тАЬIтАЭ so frequently, but I wish to make it clear that I actually do this rather than having heard it is possible.)[/quote]

Sweetheart.

You don't have to justify anything. Your post is informative and accepted in any way you wish to present it by me, and I'm sure by most on this forum. There's only one person on this forum who I doubt would agree with me and we all know who that is. The nit picker

[adman5000]

My recollection is that for Bangkok Bank Internet Banking you need either a work permit or a certificate of residence.

[RonanTheBarbarian]

If you are coming to Thailand as a tourist, (i.e., a genuine tourist staying no more than say, 60 days a year), i do not think there is much benefit to bothering with a Thai bank account.

In my case, the last time i went to BKK, i just "front-loaded" my credit card.

No fees to withdraw money from ATM's if you had a credit balance(apart from at the end of the holiday, when i had the front-loaded cash used up, and they charged 2.50 Euro per withdrawal. Ouch, but it was only one or two withdrawals)

In case there was a problem with that, i had my Irish bank ATM as well.

In case both seized up, i kept a "float" of about 15,000 baht in cash all the time. I had 25,000 baht worth of Euro when i entered the country, and got more cash out when the funds on hand dropped below 15,000.

Therefore, if both the ATM card and credit card ceased to work, i had some cash on hand.


Of course security from fraud with a credit card is a priority.

I was careful only to use the CC to take out money from ATM's., and at reputable hotels (just paid a bill with CC in Tarntawan and Bondi when in Thailand, never used it in a restaurant or shop).

[Richsilver]

From Bob:

"And, if you're betting that the Thai baht will keep appreciating against your particular currency, it can be helpful to stash a sum in that account ( the appreciation, in US dollar terms, for me has been about 12% since last October)."

I don't know what charts you're consulting Bob, but according to http://www.x-rates.com/d/THB/USD/graph120.html, the Thai baht against the US dollar was 41.17 October 2, 2005 and is now 37.33 -- a DROP of about 9%. I think you better check your figures.

Most experts advise against any currency speculation on the part of individuals -- it's just too risky. Additionally, there is of course no FDIC insurance here in Thailand like we have in the US. While it is unlikely that the Bangkok Bank or the Siam Commercial Bank will have any problems, it's not worth the risk.

Finally, there is the interest to consider. My Bangkok Bank account is currently paying me a whopping .75%. So I keep most of my savings at ING (http://home.ingdirect.com), where they are fully insured and earning 4.4%. It is very easy to transfer funds online to my US bank checking account (free), then via wire transfer ($25) to my Bangkok Bank account here in Pattaya.

While there is no charge to use the Bangkok Bank ATM at one of their machines, I find it much more convenient in the long run to use my US bank ATM card even though I live in Thailand. If you shop around, you can find many institutions that do not charge ATM fees to use their ATM card in Thailand (most credit unions and E-Trade Bank, for example).

If you're a tourist coming to Thailand once or twice a year, why bother opening a Thai bank account -- it's so much easier to use your US bank account.[/quote]

[Geezer]

When opening my account at BKK Bank in Pattaya a residence certificate was not required, but it could well vary from branch to branch. I forget what was involved in my getting a residence certificate, but it canтАЩt be much. I rent in Center Condo.

Actually, Richsiver, holding the currency of a country you spend part or all of each year in is not speculation unless it is disproportionate to the length of your stay. On the other hand, keeping all or most of your money in the US while living permanently elsewhere would be speculation.

[Bob]

You're right, was only between 9 and 10 % appreciation (I thought it was 42.5 then but I looked at my deposit tickets in November of 2005 and it was only 41.2 then). Still, a pretty decent deal (plus I get the meager 2% interest or so they're paying me).

Although the US dollar has generally dropped against all major currencies of the year and I would expect that to continue, it's hard to see the drop to the baht continuing on that pace......but maybe.

[Up2U]

.... On the other hand, keeping all or most of your money in the US while living permanently elsewhere would be speculation.

Huh? Glad you're not my financial advisor.

[Geezer]

IтАЩm not sure my response to your PM тАЬwentтАЭ. If not, let me know.