Thai Banks in Europe and the US

Has anyone opened an account with a Thai bank in Europe or the US? Can you just deposit your money in your account and then ATM it out in Bangkok? Fees??

Why does it have to be a Thai bank?
I can deposit money in a British bank or building society & withdraw it in almost any country in the world.

I suppose a Thai bank is less likely to go bust of course.

HSBC and Standard Chartered both have their own international banking centre that allow overseas customers to open a Thai bank account before they go to Thailand. However they charge a lot of set-up fees so unless you are moving there for good it's not worth it. Even if you manage to open a local Thai bank account in advance, each overseas deposit can only done so via remittance so probably it's cheaper to stick with your own bank's ATM option.

Bangkok Bank has a branch in New York and if you do a Search I started a thread a couple of months or so ago on their service. Basically you can wire funds from your US bank account to Bangkok Bank in NY for the cost of a domestic wire transfer, and it gets deposited into your Bangkok Bank account in Thailand. Go to the Bangkok Bank home page for details. HSBC has a service called Premier and Citibank one called Citigold which may serve your purposes although each bank has only one branch in Bangkok. For a bank in Thailand to offer deposit services in another country (which is what Bangkok Bank are doing in New York) I believe they have to have a banking licence in that country, so it won't be commonplace

I can deposit money in a British bank or building society & withdraw it in almost any country in the world. I suppose a Thai bank is less likely to go bust of course.In 1997 a number of Thai banks almost did go bust and were "rescued" in ways that were comparable to Northern Rock and HBOS. You seem to have a death wish about your own country, and an extraordinary lack of historical perspective on anything. When the Chinese Prime Minister under Mao Tse-tung (Chou En-lai) was asked what he thought of the French Revolution he replied "It's too soon to tell"

[thrillbill]

Bangkok Bank has a branch in New York and if you do a Search I started a thread a couple of months or so ago on their service. Basically you can wire funds from your US bank account to Bangkok Bank in NY for the cost of a domestic wire transfer, and it gets deposited into your Bangkok Bank account in Thailand. Go to the Bangkok Bank home page for details. HSBC has a service called Premier and Citibank one called Citigold which may serve your purposes although each bank has only one branch in Bangkok. For a bank in Thailand to offer deposit services in another country (which is what Bangkok Bank are doing in New York) I believe they have to have a banking licence in that country, so it won't be commonplace
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Homintern, I'll take my comment back from another forum. You CAN be helpful on this website...

[bigben]

As is mentioned above, Bangkok bank has an office in New York. Also of interest, the old Farmers bank, now known as Kasikorn bank has an office in Los Angeles.

With the onset of Internet banking, does anyone know what the charges are for Internet banking transfers between for example, transferring money from my American bank to a Thai bank branch in America and then withdrawing the funds from a local ATM machine?

The reason I ask is because I can transfer money (on line/Internet) from my home bank to any bank in America for free. I can also have a check mailed anywhere in America from my bank in America using (internet banking service) for free.

I could sign up at Bangkok bank and try it out, but was just interested to know if anyone has done this.

In the mean time I get charged nearly 400 baht everytime I withdraw from an ATM machine using my American bank visa ATM card.

Yes, the charge is cheaper than withdrawing from a Thai boy but I am just saying.........Anyone have an on-line account with an American bank and Thai bank and tried this?

In the mean time I get charged nearly 400 baht everytime I withdraw from an ATM machine using my American bank visa ATM card.

400 baht is really greedy. Have you tried shopping around the other US banks?

Most in the UK charge about 2.75%, which is also greedy. I opened an account with the Nationwide who do not charge anything, other than a very small spread on the exchange rates.

My comments on UK banks going bust refer to 2008.
Never under estimate the damaging effects of a massive balance of trade defict & irresponsible borrowing. As one of the Germans said last year "The British experiment of making nothing & owning nothing is very interesting. I think we should see how it works over 20 years before repeating it in Germany"

There has been an illusion of wealth in the UK, supported by very high GDP per capita figures. Now GDP = total consumer spending + total government spending.
People don't get rich by spending borrowed money -investing it perhaps, but never by spending it.

>>As is mentioned above, Bangkok bank has an office in New York. Also of interest, the old Farmers bank, now known as Kasikorn bank has an office in Los Angeles.

With the onset of Internet banking, does anyone know what the charges are for Internet banking transfers between for example, transferring money from my American bank to a Thai bank branch in America and then withdrawing the funds from a local ATM machine?

The reason I ask is because I can transfer money (on line/Internet) from my home bank to any bank in America for free. I can also have a check mailed anywhere in America from my bank in America using (internet banking service) for free.

I could sign up at Bangkok bank and try it out, but was just interested to know if anyone has done this.

In the mean time I get charged nearly 400 baht everytime I withdraw from an ATM machine using my American bank visa ATM card. <<


This is my question also. My friend is charged $7.50 each ATM withdraw in Thailand from Bank of America. If he has a Bangkok Bank or Kasikorn Bank account in the US and uses an ATM card at one of these two banks in Thailand what would the fee, charges, be? Is this treated in Thailand as a normal withdraw from a local bank?

My understanding is that the Bangkok Bank, Kasikorn Bank, etc. bank branches do NOT operate as retail banks. You cannot just waltz in and open an account with one of them, as I understand.

[Bob]

My understanding is that the Bangkok Bank, Kasikorn Bank, etc. bank branches do NOT operate as retail banks. You cannot just waltz in and open an account with one of them, as I understand.

Huh? I did just that with Bangkok Bank.....although I may have cha cha'd (how the hell do you say that in the past tense?) more than waltzed.

[francois]

My understanding is that the Bangkok Bank, Kasikorn Bank, etc. bank branches do NOT operate as retail banks. You cannot just waltz in and open an account with one of them, as I understand.

Huh? I did just that with Bangkok Bank.....although I may have cha cha'd (how the hell do you say that in the past tense?) more than waltzed.

Bob, are you speaking Bangkok Bank in Thailand or the USA? Bangkok Bank USA told me same as Chao Na posted.
I know that Gaybutton has direct deposit with Bangkok Bank, USA so it does seem possible.

[francois]

With the onset of Internet banking, does anyone know what the charges are for Internet banking transfers between for example, transferring money from my American bank to a Thai bank branch in America and then withdrawing the funds from a local ATM machine?

The reason I ask is because I can transfer money (on line/Internet) from my home bank to any bank in America for free. I can also have a check mailed anywhere in America from my bank in America using (internet banking service) for free.


International wire transfers vary from bank to bank. About $25 to $40 USD. Federal requirements are more strict then in previous years to prevent monies going to terrorist organizations and persons.

There are no charges (that I know of) for use of Thai ATM card in Thailand, not yet. Many US banks do not impose ATM charges for international withdraws.

In the UK a lot of the banks only do transfers either via phone or going into the branch - I don't think UK banks do an internet bank account where you will be allowed to transfer money to bank accounts in other countries. It might be that you can if it is CitiBank or HSBC and they have branches all over the world, but having said that HSBC UK is a different entity than HSBC Hong Kong or wherever, so it wouldn't surprise me if they didn't and the only way is to organise the transfer via phone or going into the branch. The reason behind this in the UK is because money laundering and if you are referring to US banks I bet ten to the dozen they have the same sort of rules or their rules may be stricter than the UK. In the UK, there is also a limit on how much one can send over at any one time, i.e. around 10,000 UK pounds, I bet the US has a similar amount also.

The days are gone where money can be sent to other countries easily, it is recorded.

[topjohn5]

Open an online rewards money market account with CapitalOne. They have a money market account with an atm card only (not a visa or mastercard). They charge NO atm charges for foreign withdrawals using an atm machine. You always need to watch the exchange rate however. Just because they charge no fee banks can still really mess with you on the exchange rate (and it is rarely disclosed how they determine the exchange rate, they don't have to!). CapitalOne gives a good exchange rate as well. Remember you may pay an atm fee from the machine you are withdrawing the money from as that is not a CapitalOne charge. It has no monthly fees and no minimum balance required and its paying 2.5% apy. You can wire money out for only $20 also. You get checks on the account and there are no monthly limits on withdrawals by atm ($500 a day limit). Check or online transfer withdrawals are limited to a combined 6 a month....but that's a federal law for all money market accounts in the USA.
I'm a banker and I do not work for them but I have one because it's so good for these foreign transactions for USA residents.

>> Bob, are you speaking Bangkok Bank in Thailand or the USA?


Good question. If you can not open an account in Bangkok Bank in the US and use an ATM card in Bangkok, can you open a Bangkok Bank account IN BANGKOK and deposit money in it IN THE US?

...can you open a Bangkok Bank account IN BANGKOK and deposit money in it IN THE US?Yes, that is the point of my original post, although I believe you have to wire the money from another US bank, you just can't walk in

[francois]

>> Bob, are you speaking Bangkok Bank in Thailand or the USA?


Good question. If you can not open an account in Bangkok Bank in the US and use an ATM card in Bangkok, can you open a Bangkok Bank account IN BANGKOK and deposit money in it IN THE US?

No. Not unless you use method as Homintern suggests. Or do international wire transfer from US to BKK. But again, Gaybutton has said he does a direct deposit of pension(?) to Bangkok Bank, USA/NYC. So maybe pose question to him at Gaythailand.

But again, Gaybutton has said he does a direct deposit of pension(?) to Bangkok Bank, USA/NYC. So maybe pose question to him at Gaythailand.I would imagine that you can do a direct credit from one financial institution to another; a wire transfer is just one of those sort of things. Provided you give the transmitting bank or financial institution (pension fund) etc. the Bangkok Bank details rather than {name your usual US bank} it should flow through in the standard way

I have been using Bangkok Bank's New York Branch to transfer funds to my account with Bangkok Bank here in Pattaya. The following quote comes from the NY Branch's website: www.bangkokbank.com/Bangkok+Bank/Personal+Banking/Transfering+Funds/Receiving+Funds/Receiving+Funds+from+USA.htm (http://www.bangkokbank.com/Bangkok+Bank/Personal+Banking/Transfering+Funds/Receiving+Funds/Receiving+Funds+from+USA.htm)




Who can use it?


The service is available for holders of US bank accounts transferring funds to recipients with a Bangkok Bank account in Thailand. It is particularly useful for:

* Making funds transfers via the internet banking services of US banks
* Receiving payments from US government agencies or private organizations (Direct Deposit service)
* Receiving E-Commerce payments from online payment service providers in the US


For more information, please call Bualuang Phone on 1333 or (66) 0-2645-5555 or Bangkok BankтАЩs New York branch on (1-212) 422-8200.


Important Note
You cannot transfer funds from Bangkok BankтАЩs account in Thailand to your account with banks or online payment service providers in the US via Bangkok Bank's New York branch and the ACH system. If you initiate direct debit or ACH debit transactions to Bangkok Bank's New York branch, banks in the US and online payment service providers may suspend your account.

As some mentioned, having a US Bank account that does not charge ATM fees, you can use them here with no fees involved - most Thai bank ATMs do not have a fee for using a foreign bank's ATM card - but do charge if using a Thai bank ATM card (Bangkok bank is free at their ATMs in the area (province?) and, if I recall correctly, a 10 Baht fee if used elsewhere at one of their ATMs - if used at another Bank's ATM, fee is around 20 Baht charged by that bank).

I used to use my bank's ATM card here for a US$1.50 charge per transaction - however, after they were acquired by Chase, the cost went to US$3 plus a foreign conversion fee of 3% and done at a lousy exchange rate. So, to reduce cost, I opened an ETrade (Internet Bank) account - no ATM fee so long as I maintained a minimum US$1,000 on deposit - they do pay interest on the account). I also have an INGDirect (another Internet Bank) saving account, which at the time I opened was paying the best interest rate for a regular deposit. Subsequently, they created internet banking accounts. No minimum deposit, no fees, and no ATM fee. With both Etrade and INGDirect, I linked them to my Chase account and can transfer funds to/from without incurring any fees.

Now for the Bangkok Bank New York bit -- INGDirect allows me to send "electric" checks to any bank and account within the US banking system using the ACH routing number and individual account number - no fee charged. I set up myself as payee (a friend who had used it cautioned me to use my Bangkok Bank Internet Banking profile name - not the one on my passbook) -- I use the Bangkok Bank NY Branch routing number and my Pattaya Branch account number. I also had to include an email address for the recipient - in this case myself. Once set up, I use INGDirect to send an "electric" checks. Before sending, INGDirect sends an email to the recipient (myself in this case) with a secure link to their web site -- I have to enter the bank routing number and account number and then "accept" the check. Three business days later, the funds are deposited in my Bangkok Bank Pattaya Branch account. Bangkok Bank charges a minimum fee of 300 Baht and a maximum of 500 Baht (depends on amount transferred) -- the funds are sent from NY to Thailand as US$ and converted here using Bangkok Bank's exchange rate.

In doing this, I did not have to make any specific arrangements with Bangkok Bank. However, if wanting to "direct deposit" a pension or social security check, it may be necessary. As mentioned on their website, you can send a domestic wire transfer using the NY Branch's routing number. Most banks in US charge a lesser fee for domestic wires versus international wires.

If you have a bank that does not charge outrageous fees and uses a lousy exchange ratesfor using your ATM card internationally, then that may be the best way to obtain funds here. On the other hand, if you prefer to have funds in your Bangkok Bank account, which I do as I use their internet banking to pay some bills (fees of 10 to 35 Baht) and to transfer funds to my bf's account (no fee since it is in the same Branch). Bangkok Bank internet banking recently added an easy to use feature where you can set up third party transfers to another Bangkok Bank account or to another bank in Thailand.

My understanding is that the Bangkok Bank, Kasikorn Bank, etc. bank branches do NOT operate as retail banks. You cannot just waltz in and open an account with one of them, as I understand.

Huh? I did just that with Bangkok Bank.....although I may have cha cha'd (how the hell do you say that in the past tense?) more than waltzed.

Bob, are you speaking Bangkok Bank in Thailand or the USA? Bangkok Bank USA told me same as Chao Na posted.
I know that Gaybutton has direct deposit with Bangkok Bank, USA so it does seem possible.

So, Bob...please tell us. Did you cha-cha in and open an account in New York (surprising) or Bangkok (yawn)?