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Should we open a SCB bank account now for our future retirement in Thailand?
Thai bank accountretirement in ThailandSCB bankmoney transferexpat livingvisa requirementsfinancial planning for expats
Jun 21, 2024
2 years ago
Martin *******
ORIGINAL POSTERWe are a married couple in our mid 50's and hoping to retire/move to Thailand in a few years. Would it be a good idea to open a SCB bank account now and start depositing money or just save in the UK banks until we are ready?
TLDR : Answer Summary
A married couple in their mid-50s is considering whether to open a SCB bank account in Thailand now or to save money in UK banks until they are ready to move. The community responses provide mixed opinions: some suggest it's advantageous to open an account early to avoid future complications, while others advise waiting until closer to their move due to rapidly changing banking regulations and personal financial safety concerns.
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Paul ********
So, opening a Thai bank account is difficult these days, but not impossible.
However, you can only open in person. Best to use an agent - Bangkok Bank seems to be the bank most interested and willing to set up a foreigner.
Expect to pay 1500-5000 baht fee to agent. Then an hour or so at the bank signing enough papers to kill two trees. However, you will exit the bank with a working debit card and their very useful ap installed on your mobile.
These are the conditions at the moment. In a few years, who knows?
All the best
However, you can only open in person. Best to use an agent - Bangkok Bank seems to be the bank most interested and willing to set up a foreigner.
Expect to pay 1500-5000 baht fee to agent. Then an hour or so at the bank signing enough papers to kill two trees. However, you will exit the bank with a working debit card and their very useful ap installed on your mobile.
These are the conditions at the moment. In a few years, who knows?
All the best
Galenus ******
Wait until you know exactly when you'll come. Things are changing here rapidly. (taxes)
Gordon *******
Have you been to Thailand before?
Which part do you intend/hope to settle at?
Which part do you intend/hope to settle at?
Mac *********
A lot can happen in a 'few years,' both for you and in Thailand! There's no real upside to opening an account until you need it. Keep your money with you until closer to the time.
Jonny *********
DO NOT EVER EVER LET THEM. TALK YOU INTO BUYING INSURANCE ‼️‼️‼️‼️
heard many people been taken for a ride and lost money
heard many people been taken for a ride and lost money
Robert *****
I would say yes. Get it over with early. Keep a small amount floating and use the debit card they give you. Keep aware of the fee structure every month.
Robert ********
@Robert ****
fee structure what's? ThatRobert *****
@Robert *******
I had an SCB account way back and they took baht out of it as a service fee. Soon it was zero. 555Reply to
Robert *****
Reply
Rikki ********
Keep all your money in the UK until you are ready to go if your money disappears there's nothing you can do from this end
Jonny *********
@Rikki *******
it can if u don't use your account for a yearGraham ******
@Rikki *******
why would the money disappear? I've had a Thai bank account for about 15 years so what did I miss?Rikki ********
Just because your money hasn't gone missing doesn't mean it doesn't happen it certainly happened to me and I was living there.....
Reply to
Rikki ********
Reply
Steven *********
Nothing wrong with opening a bank sooner than later, and might save you some time and hassle later .. also rules here change a LOT.. people are finding it harder and harder to open an account..
But if you do open one then try to make sure you use it a bit so it's not closed on you as some other posts have mentioned.
But if you do open one then try to make sure you use it a bit so it's not closed on you as some other posts have mentioned.
Simon ******
Just wait do it later
John **********
If you can open one I'd recommend it. No need to put lots of money in it until you need to but at least you have it when required
Troy ******
Hard to open a bank account with a tourist visa. Not impossible
Jeffrey ************
Up to you....
Paul ********
Also you don’t get any interest on your money in the Thai banks
Phil ******
@Paul *******
you get a littleGiuseppe **********
@Paul *******
, isn't true. Deposit account gives some %Paul ********
@Giuseppe *********
what are you on about? Just giving advise that I have learned from while living herePaul ********
@Giuseppe *********
but you can’t put visa funds into a deposit account and interest account maybe gives you 1%Phil ******
@Paul *******
yes you can ask your bankGiuseppe **********
@Paul *******
, .i show my deposit, not saving. And yes 1% , its sometbing anyway, in Europe only expensesPaul ********
@Giuseppe *********
in Europe you can get 5.1 % paid dailyGiuseppe **********
@Paul *******
, where?Phil ******
@Paul *******
your not in EuropePaul ********
@Phil *****
my accounts arePhil ******
@Paul *******
you want to live here so concentrate on ThailandReply to
Phil ******
Reply
Brad *******
What would be the point? You deposit a certain amount when you apply for a visa and that's it. You don't get extra credit for being a bank customer beforehand.
Graham ******
@Brad ******
you open the bank account as soon as you are able to, that's the benefitBart **************
@Graham *****
how is that a benefit if you can't open it now? Assuming they're now just tourists.Graham ******
@Bart *************
it's not easy to open one so don't miss the opportunityBart **************
@Graham *****
I think that's a reason to not try it now but do it when they have the non-O.Reply to
Bart **************
Reply
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