| One aspect of Thai banking that becomes quickly | | | | If you go to an ATM representing your own |
| noticeable is there often is no consistency. | | | | bank, anywhere in Thailand, you can do much |
| Different banks have different rules, regulations, | | | | more than simply make withdrawals. You can do |
| and procedures. Sometimes that lack of | | | | balance inquiries, even for other banks. You can |
| consistency exists between different branches of | | | | pay bills, add time to your mobile phone, pay bills, |
| the same bank. It is more of an annoyance than | | | | and transfer funds to any Thai bank, including |
| a serious problem, but often in one branch you will | | | | other banks. For example, if you hold an |
| be told one thing and then something entirely | | | | account with Kasikorn Bank, but wish to transfer |
| different in another branch. | | | | money to a Bangkok Bank account, you can do |
| Thai banks have main branches and mini | | | | so at any Kasikorn Bank ATM, but many banks |
| branches. The mini branches are found mostly in | | | | restrict the hours in which those types of |
| shopping malls. The mini branches are quite | | | | transactions can be done. The hours available for |
| convenient because they have longer hours than | | | | those types of transactions are usually 6:00am to |
| the main branches and are open every day, with | | | | 8:00 or 9:00pm, depending on the bank. |
| the exception of certain holidays. The mini | | | | At branch locations there are usually Cash Deposit |
| branches open when their mall location opens and | | | | Machines available. You can deposit cash into |
| usually remain open until about 9:00pm, depending | | | | your own account or any other account. The |
| on their location. Nearly every branch, even in | | | | machine checks the cash to verify the cash is |
| small cities, has someone on staff whose English is | | | | genuine, not counterfeit. In most cases the |
| acceptable. | | | | funds are immediately available once the machine |
| If you are to be in Thailand for on a long-term | | | | accepts the cash. In some cities that service is |
| visa, such as a Retirement Visa, holding a Thai | | | | available 24 hours per day. In other cities that |
| bank account is required. Many Thai banks no | | | | service is available only during restricted hours, |
| longer allow foreigners to open an account if they | | | | even when it is the same bank. |
| are in Thailand without a non-immigrant visa. | | | | There are usually passbook update machines at |
| There are still some, however, that allow you to | | | | branch locations. |
| open an account even if you entered Thailand on | | | | Depending on the bank, ATM withdrawals are |
| the 30-day privilege you receive upon entry at | | | | limited to 20,000 to 25,000 baht per day. |
| international airports. If one branch refuses to | | | | All Thai banks have online banking available. |
| allow you to open an account, try another | | | | Some banks, however, permit online banking only |
| branch. Remember about the inconsistency | | | | if you hold a non-immigrant visa. Depending on |
| If you intend to retire in Thailand, but do not yet | | | | the bank, establishing online banking ranges from |
| hold a Thai bank account, it can be quite a | | | | quite simple to quite complicated. Once you have |
| problem if you cannot find a bank that will allow | | | | established online banking, you can check your |
| you to open an account. However, if you apply | | | | balance and do transactions from anywhere in the |
| for the Retirement Visa while still in your home | | | | world. Short of withdrawing cash, you can use |
| country, provided that you are otherwise eligible, | | | | online banking to do every kind of transaction that |
| the visa will be granted without holding a Thai | | | | can be done at ATMs. |
| bank account. Once you hold the Retirement | | | | Online banking also includes bill paying services. |
| Visa you will be able to easily open an account at | | | | Billers that have contracted with the bank will |
| any bank in Thailand. | | | | have their names appear on a dropdown list. |
| All Thai banks permit opening an account with a | | | | You select the company to which the bill will be |
| minimum deposit of 500 baht. Upon opening an | | | | paid. When filling out the form you will be asked |
| account you will be issued a passbook. The ATM | | | | for two reference numbers. Both reference |
| card is called Visa Electron. There is a fee for | | | | numbers appear on the bill. Banks charge a 10 |
| the Visa Electron card. Most banks charge 200 | | | | baht fee for each bill paid via their bill pay services. |
| to 300 baht for it. When it expires, the banks | | | | Some Thai banks have non-commercial branches |
| charge a fee for renewal, usually 100 baht. | | | | in foreign countries. Bangkok Bank, for example, |
| Banks that offer interest to a foreigner’s | | | | has a branch office in New York. That branch |
| savings account usually offer only a very low | | | | office has a routing number, which means that |
| interest rate. | | | | any funds you can receive by direct deposit can |
| Thai ATMs are sophisticated and plentiful. Even | | | | be sent to your Bangkok Bank account via the |
| the smallest towns will have ATMs. In larger | | | | New York branch. You will normally receive the |
| cities they are virtually everywhere. If you | | | | funds the same day they are deposited. |
| make a withdrawal at an ATM at which you hold | | | | Several banks now offer mobile phone services. |
| an account, there is no fee if you are within the | | | | If your mobile phone has Internet capabilities, the |
| province at which you opened the account. If | | | | banks that offer such services provide secure |
| you are in a different province, most banks | | | | services and allow you to fully access your |
| assess a 25 baht fee when making withdrawals. | | | | account via mobile phone. You can check your |
| If you make a withdrawal at an ATM other than | | | | balance, pay bills, top off your mobile phone time, |
| your own bank’s machine, a 25 baht fee is | | | | and transfer funds to other accounts. |
| assessed no matter where you are in Thailand. | | | | Thai banks do not offer account insurance similar |
| The Visa Electron card also works outside of | | | | to the USA’s FDIC. It is advisable to be |
| Thailand. You can make withdrawals at most | | | | very careful when using an ATM. Make sure no |
| ATMs anywhere in the world. Most grocery | | | | one can see you enter your PIN. Change your |
| stores, department stores, restaurants, and | | | | PIN code on a regular basis, which can be done at |
| nearly anywhere in Thailand that normally would | | | | an ATM. Do not let anyone approach you when |
| accept a credit card will allow you to pay with | | | | using an ATM. If you use an ATM at night, try |
| your Visa Electron card. PayPal now allows you | | | | to use one in a well lit location with plenty of |
| to hold an account if your bank is a Thai bank. | | | | people around. |
| When registering for PayPal they ask for a credit | | | | If you are a regular traveler to Thailand or stay in |
| card. The accept the Visa Electron card, which | | | | Thailand on a long-term basis, then holding a Thai |
| means you can have PayPal deposit funds into | | | | bank account is convenient and cost effective. |
| your Thai bank account. It takes 5 to 7 days | | | | Nearly every Thai bank assesses a 150 baht fee |
| for the funds to reach your account via PayPal. | | | | for transactions and withdrawals if the ATM card |
| PayPal does not yet issue their ATM card for | | | | being used is a foreign ATM card. |
| Thai-based accounts. | | | | |