OPENING BANK ACCOUNTS

OPENING BANK ACCOUNTS

If you want us to help you with the financing of a retirement extension or a renewal you will need a bank account in Thailand

We like to deal with Kasikorn Bank and Bangkok Bank, so let’s deal with those

If you do not have a bank account already you may find it difficult to open one
Many banks put all sorts of obstacles in your way and the cashiers will try to fob you off with responses like ‘you need a work permit’, ‘you need a retirement visa’, ‘you need an O visa’, ‘you need to be married to a Thai’ or ‘you need a Thai sponsor who has an account here’

Frankly that’s pretty much BS

Most banks are willing to open a bank account for you, given the right set of circumstances and how you present yourself.

Let me give you some tips on how to help yourself

Do not attempt to open an account in a shopping mall bank
The cashiers that work there have the worst job in the industry
They work longer, more unsocial hours and are busier than most
They are often newcomers to the banking sector
They do not want to spend a lot of time with one customer filling out forms
The managers do not like it either when a branch is busy with waiting Thai clients
They will fob you off with any excuse as to why you cannot open an account

Do attempt to open an account in a High Street type Bank
This bank is distinguishable by the fact it opens earlier and closes earlier than shopping mall branches, usually 8-30 am until 4-30 pm
This is a type of branch where Thai business owners conduct their banking affairs
You will be taken more seriously here

Nevertheless you will need to make yourself look like an interesting prospect for the bank and for the cashier
I would take along with you 10,000 baht and when you sit down at the cashier put it on the desk in front of you with your passport
Tell the cashier you want to open a bank savings account
Tell them you want it so you can transfer in 800,000 baht for your retirement fund
Tell them your friend has an account here
Tell them he is happy with their services
Tell them you want an insurance backed ATM card
(Charges for this may vary up to 800 baht in some cases)
This ATM card carries and accident insurance with it
Importantly the cashier will get a commission on the issue of this card
They also have to fulfil the banks sales quota of this type of card per month
So she will be happy to hear that request
Tell he that you also want to enrol in the banks insurance policy
(Charges for this may vary up to 6000 baht in some cases)
Once again the cashier will get a commission on the issue of this insurance
Again they have to help fulfil the bank manager’s sales quota of this type of insurance per month
So she will be very happy to hear that request
Now some will squirm at this approach and if asked to do this would scream SCAM but I prefer to view it as one hand washing the other
You want something that’s essential in Thailand and the cashier wants a reward for granting it
This type of behaviour is commonplace in Thailand especially in tourist areas
If it offends you then keep walking until you find someone who will do it for you without buying insurance
Someone will do it eventually, I guess it depends on how much you value your own time to search for that person

Any money left from these insurance purchases can be deposited in the new savings account as an opening balance
You will be issued an ATM card immediately as well as a bank passbook

You should have a 3-4000 baht left in the account which you can take out at the ATM outside if you wish as you use it to change or register your pin number
The cashier will usually help you with this process

So there you are all done, hopefully…..

Do not be disheartened, upset or angry with the cashier if she refuses you
She may be operating under the branch managers instructions
So ask to see the manager and explain it to him
Tell him you spoke to head office in Bangkok
Tell him they said it was ok for you to open an account
If he still refuses, politely ask him for his name and indicate you will speak to head office in Bangkok again
If he is still unmoved then you move along to another branch

I have known clients who have tried three to four branches and been declined and then tried a fifth and was given an account
On the other hand I have known one client who arrived on a Sunday, got a 30 day visa exempt at the airport and opened an account first thing on Monday morning.

It’s a little bit pot luck, good presentation and a lot of tenacity
If you are quick to temper or easily discouraged, it may not be for you

If so we can help you open a bank account for you during the application process

If you have a bank account already, let us know, and with which bank and we may still be able to use it and help you with the 800,000 baht support


Let’s start with Bangkok Bank requirements

On the Bangkok Bank Website it says in English:

‘’Even if you are only visiting Thailand for a relatively short period of time, you can open a savings account and get a debit card to use for shopping and ATM withdrawals.
All you will need to provide is your passport and one other official identification document – for example, a reference letter from your embassy, your home bank or a person acceptable to the bank.
You will also need to provide evidence of your address in Thailand as well as your regular address in your home country.’’