Apr14
What is the best Thai bank account for this situation?
Author: thailandretire | Category: thai visa
Skipper asked:
In my continuing effort to acquire a Thai Retirement Visa (O-A visa) I will have to deposit money into a Thai bank. My intention is to just park this money in a bank and not touch it, so that it will always be there when I need to document that I have it. The only reason I would touch it is if I am going to leave the country. What do you think is the best bank and best and safest type of account for me? I’m not concerned about earning interest on this money. I am a simpleton at heart, so simpler is better.
In my continuing effort to acquire a Thai Retirement Visa (O-A visa) I will have to deposit money into a Thai bank. My intention is to just park this money in a bank and not touch it, so that it will always be there when I need to document that I have it. The only reason I would touch it is if I am going to leave the country. What do you think is the best bank and best and safest type of account for me? I’m not concerned about earning interest on this money. I am a simpleton at heart, so simpler is better.
April 15th, 2010 at 10:09 pm
Any bank. There’s a little bit of drama, however, because different bank branches will give you a different story. Some will say you can’t open an account unless you have a work permit. Obviously incorrect since a retirement visa means you can’t work.
Many people have found Kasikorn the friendliest. Any of their branches will happily open an account for you. As for the type of account, a Current account of course. Pays almost no interest. You can withdraw anytime.
April 16th, 2010 at 7:21 pm
There are only a few banks in Thailand. I feel that Bank of Ayudhaya is good bank. I have been to Thailand 6 times.
April 19th, 2010 at 1:31 am
It’s always good to choose a bank near where you live. For the document you’ll need every year to extend your visa, most banks will require you obtain the document from the branch your account is at. Although most transactions can be made at any branch, certain things can only be done at your particular branch.
Most of the banks presently operating survived the ‘97 Asian financial crises, and are safe to deposit your money. Siam Commercial Bank has been in business for over 100 years and is used by many developers and condo buyers, Bangkok Bank is the largest in Thailand and Kasikorn Bank is the bank of choice of the Thai hi-so crowd for the services they offer to their preferred customers.
April 20th, 2010 at 3:49 am
You will most likely be making less than 1% on any savings account you open here, so there’s really not much difference as far as that goes.
Most banks only allow you to do transactions at the branch you open your account at, so choose a bank/branch close to where you’ll be living. They still use passbooks or bankbooks here, so you can only withdraw money from an ATM without that stupid book, which is only accepted at your “home branch”…welcome to the 20th century.