Bangkok Banking

[Longplay]

I will be heading to Bangkok soon, and I need to open a bank account there. I will use it for a personal account, and will wire transfer money into the account, and will use an ATM and a visa card to use that money.

 

I have heard that opening an account in Bangkok banks seems to be easy to do. My question is, if I have a business, based in Kuwait, can I deposit money sent to the business name into the account in Bangkok? When I set up the account, I plan to try and set it up, to accept money sent in to the account under my name of course, but IF the account is set up, and I put the name of the business into the records with them, does anyone know if they will take checks written to my business name, and deposit them into my account?

 

This is a start up business, in the process of starting now. I have one large job pending award to me, and I would like to route the proceeds to the account in Bangkok. This avoids difficulties inside Kuwait as well as makes paying out receipts easier if done from Bangkok.

 

Besides, this gives me the perfect excuse to visit Bangkok regularly. I will be trying to set up this account thing within a couple of weeks so I am hoping this new forum can help find me some answers from the inside.

 

:D

[bundy]

I have been doing some importing of Thai products into Australia last few months and when I transfer money across into my suppliers accounts I do have to have the exact name and spelling of the account or the payment will bounce.

[Longplay]

Thanks Bundy, that tidbit of advice tells a lot. It means there is close scrutiny over the "name" on the deposit. I am going to try and get this done within a couple of weeks, and I will also be sure to put the account as an easy to get right name. Possibly try to use the Abbreviation as a possible authorized name. For me it would be GCSG. Also I am sure the account number or some such number is required also.

 

It will all depend on how I set up the account, and how flexible the banks will be. If they allow the "allowable" names given to be more than one, such as my name as one, and a business name as a second, that would be ideal. I am sure I will need to spend a few hours in the various banks in BKK to see what is going to work for me.

 

Thanks........ anyone do banking in BKK? Who do you use? Are they reasonable to deal with? English spoken well enough?

 

:D

[Sheist!]

I will be heading to Bangkok soon, and I need to open a bank account there. I will use it for a personal account, and will wire transfer money into the account, and will use an ATM and a VISA card to use that money.

 

I have heard that opening an account in Bangkok banks seems to be easy to do. My question is, if I have a business, based in Kuwait, can I deposit money sent to the business name into the account in Bangkok? When I set up the account, I plan to try and set it up, to accept money sent in to the account under my name of course, but IF the account is set up, and I put the name of the business into the records with them, does anyone know if they will take checks written to my business name, and deposit them into my account?

 

This is a start up business, in the process of starting now. I have one large job pending award to me, and I would like to route the proceeds to the account in Bangkok. This avoids difficulties inside Kuwait as well as makes paying out receipts easier if done from Bangkok.

 

Besides, this gives me the perfect excuse to visit Bangkok regularly. I will be trying to set up this account thing within a couple of weeks so I am hoping this new forum can help find me some answers from the inside.

 

:)

 

I just heard a few days ago that they will stop taxing savings accounts in Thai banks. This should stimulate opening and funding savings accounts in Thailand, even if just a bit. Of course, there is no hope of longevity in anything sensible with laws there, so strike while you can if you are ready to open an account. Good luck.

[dustyd]

Although i don't know a lot about banks in Thailand.. eg whether you need resident status and how much identity information is required to open accounts etc, i think you should consult your accountant in Kuwait re the legal and tax implications of your intentions. Cheers dustyd

[Longplay]

Although i don't know a lot about banks in Thailand.. eg whether you need resident status and how much identity information is required to open accounts etc, i think you should consult your accountant in Kuwait re the legal and tax implications of your intentions. Cheers dustyd

 

Yeah, that's the problem in a nutshell. The folks in Kuwait know even less about how things can work than they do in Bangkok. All things there need to be routed through a Kuwaiti national. And of course they want their slice. If you offer a big enough slice, they can do anything, legal or not. But even just to start the business there, I need to have a Kuwaiti partner, even if just in name, and they want their slice of the pie also. The age old issue with doing business in the Middle East. They make the rules so that NO foreign national can do a business there without a local's name on it. And the locals all want a slice of it. some bigger than others. I expect the same treatment in Bangkok, but things there are comparatively less intrusive, and the slices are typically smaller as well.

 

As soon as this all gets signed on the dotted line for this first project, I will pull the trigger and get my Kuwaiti parasite, and keep him for only about 3 months. By then, I hope to have a smarter business plan based out of a personal accounting system and do this all from Bangkok.

 

There are many reasons, really, I don't have to make big investments in this business from a capital stand point, but it does consume large slices of my time. And it is required that I do the actual work while in the Middle East or India. So I am trying to keep the money OUT of the Middle East as best I can, to keep the exposure to a minimum.

 

Thanks for any and all discussion in this area..........

[UA53]

I was working there last year for 8/9 months and opened an account with the Bank of Ayudeha (spelling) it's the one with the big yellow signs. I only needed a passport and proof of address and walked out with an ATM card after 10 minutes and even inputted my own pin number there and then. I had money paid in from the US and never had any issues. Be interesting when I go back next month as approx 30,000 Baht was paid in after I returned, so not sure how the account will be as it's been inactive since January with no other monies going in or out.

[Longplay]

I was working there last year for 8/9 months and opened an account with the Bank of Ayudeha (spelling) it's the one with the big yellow signs. I only needed a passport and proof of address and walked out with an ATM card after 10 minutes and even inputted my own pin number there and then. I had money paid in from the US and never had any issues. Be interesting when I go back next month as approx 30,000 Baht was paid in after I returned, so not sure how the account will be as it's been inactive since January with no other monies going in or out.

 

Well, as I will be a tourist, I am needing more info about this 'proof of address' thing. On one of the boards, guys are saying they come off the plane, and go set up accounts. That is what I am hoping to be able to do. What if I give the address of the hotel I am staying in? and how would I 'prove' that, exactly?

 

I was hoping to sign up with HSBC if that is possible, as my account in Bahrain is with them. It would make the money transfers much easier that way.

If not, then I will need to try others. I am hoping that residency is not a requirement, as I was told on the other board. That is key, as I am certainly not lucky enough to have that status....

[SeanK]

I had so much trouble opening a bank account in Bangkok last year.

Some wanted a work permit which I hadn’t received at the time, others wanted a letter from my embassy to say that my passport was real (I’m serious),others wanted 3months of payslips. I tried 9 different banks and branches and all gave me an excuse why I couldn’t open a bank account.

 

I ended up opening a bank account with Kbank in Pattaya (Royal Orchid mall on beach road). They ahve being excellent, the only downside is I have to pay 10bt for each transaction outside Pattaya..

 

Its funny that KBank in Bangkok did not want my money but Kbank in Pattaya had no issues.!

 

They will let you open a bank account on a tourist visa and the card you get will work that day. Give your guesthouse/hotel as your address. The internet banking takes about a week and you can change the address online.

 

No problem with international transfers, takes about 4days.

 

The only issue you might run into is if your passport is not EU or USA

[Longplay]

I had so much trouble opening a bank account in Bangkok last year.

Some wanted a work permit which I hadn’t received at the time, others wanted a letter from my embassy to say that my passport was real (I’m serious),others wanted 3months of payslips. I tried 9 different banks and branches and all gave me an excuse why I couldn’t open a bank account.

 

I ended up opening a bank account with Kbank in Pattaya (Royal Orchid mall on beach road). They ahve being excellent, the only downside is I have to pay 10bt for each transaction outside Pattaya..

 

Its funny that KBank in Bangkok did not want my money but Kbank in Pattaya had no issues.!

 

They will let you open a bank account on a tourist visa and the card you get will work that day. Give your guesthouse/hotel as your address. The internet banking takes about a week and you can change the address online.

 

No problem with international transfers, takes about 4days.

 

The only issue you might run into is if your passport is not EU or USA

 

Wow SeanK. That is eye opening... I am due to fly there in about 8 or 9 days, to do just exactly that. I will need to think about changing my plans to put me down in Pattaya instead of Bangkok it seems.

 

Actually, I posted a similar post on PA a few months back, and everyone was optimistic about getting the account with out problems. They mentioned several banks, all had fairly good experiences, and I never considered that a bank in Pattaya might have different rules than one in Bangkok. I will see how this all works out. I am only planning to be there long enough to get the account started, get my atm cards, and see what they have to say about issuing a regular visa credit card. I was going to look at getting a prepaid visa type account, where I deposit money into the account, and then use a visa card to consume that cash for purchases abroad.

 

I will look into a few Banks in Bangkok, such as HSBC, which is my first choice as I also use HSBC in another country. If i get no luck, I will try down in Pattaya to see what luck I will have there. I would actually like the bank from Bangkok rather than Pattaya just so it doesn't draw attention when I use it in the States, but what ever works is Ok with me.

 

I will be making transfers into the account from an account in Bahrain, near where I work, and when I am off work, and back in the states, i would like to be able to use the Thai account to rent cars and such. This is why the ATM is not all that I need. Most car rental companies will not accept an ATM as a payment method for renting cars and such. It looks like my trip to Bangkok just got a little bit more difficult.... we will see in person.

[SeanK]

If you have a HSBC premier account in another country than perfect they will sort everything out for you, my friend used them last year and were very happy. But if you are just a normal joe bloggs client than I wouldn’t recommend them.

 

In general it seems it is up to the branch bank manager to decide what rules they implement. But I was told that some banks near Robinsons Sukhumvit (Asok) will accept tourist visas to open bank accounts so you might want to do a few forum searches on that.

 

Get yourself down to Pattaya for a few days, its 1200bt in a taxi limo or 113bt on the bus leaving from Ekkami BTS, takes under2hours to get there.

[Longplay]

If you have a HSBC premier account in another country than perfect they will sort everything out for you, my friend used them last year and were very happy. But if you are just a normal joe bloggs client than I wouldn’t recommend them.

 

In general it seems it is up to the branch bank manager to decide what rules they implement. But I was told that some banks near Robinsons Sukhumvit (Asok) will accept tourist visas to open bank accounts so you might want to do a few forum searches on that.

 

Get yourself down to Pattaya for a few days, its 1200bt in a taxi limo or 113bt on the bus leaving from Ekkami BTS, takes under2hours to get there.

 

OH, no problem getting down to Pattaya, been there a few times already. It is just that this time, i need to complete this banking piece of business. And I would like to complete it early on, not on the 3rd or 4th day. It takes time for some of the banking services to complete. Like the ATM, some are almost instant, but I know HSBC took 3 days to get it from Bahrain. If they will allow me an HSBC account, it would be an easier transfer from one account to the other. Since there is no HSBC in Pattaya, I would need to get that done in Bangkok. Right now, I have been on the PA board, and found that KBank is very liberal with their accounts, and have no problem issuing accounts with tourists. Their ATM is an instant one as well, and Internet banking takes only one day to establish from all accounts.

 

The only issue I have with KBank, is a lack of info on what their ATM will do for me. I need to take this ATM, outside the country and still be able to use it. That means it must be affiliated with a big network. visa does some, Starr does many in Asia and the USA. Cirrus also does big business world wide. If the KBank is affiliated with any of those, and i have been told it may be with Starr, then it should work outside the country. That is information I may need to get from KBank, since not many board members would know this. Almost no one would need this service to extract funds from their account in Thailand as I will.

 

Thanks SeanK..... I may still start the trip in Bangkok to do a run at the HSBC office. I have a regular account with them in Bahrain, nothing special. And as of right now, there is almost nothing in that account. But that is due to change soon, and I want to be able to do transfers from there to Thailand.