What are my options for opening a Thai bank account as a tourist and transferring money efficiently?

May 30, 2023
a year ago
Sel *****
ORIGINAL POSTER
No matter how rich, we all try to safe money where we can. I don’t want to pay hundreds of dollars for fees and lost conversion rates. So I applied for the 5 years TEV 3 weeks ago. Ever since I try to get a bank account to make the 600.000 THB payment for the membership.

The plan is to slowly transfer the money from Wise to the Thai Bank account. Slowly, because I see many people get their account frozen by wise if they transfer too much money at once. I know some get away with it. But I use wise daily and do not want to risk getting my account frozen and then wait weeks to get it unfrozen. Because I read Wise customer service is slow and terrible.

But so far I got rejected from every bank I tried in bangkok. I even tried the bangkok bank in opposite of Thai Elite in Silom. They have no interest to help me. I don’t know some people are stupid or it’s a communication issue, but they asked me to take out the 600.000 THB from the ATM in cash and then put it on the bank account. That way they can help me they said. lol.

Any other bank recommendations where somebody had luck with a tourist visa?
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TLDR : Answer Summary
The author is facing difficulties opening a Thai bank account for a 600,000 THB deposit required for a long-term tourist visa (TEV) membership. Despite applying three weeks ago, they find banks in Bangkok unhelpful, with some suggesting withdrawing cash from ATMs instead. Frustrated with each attempt, the author seeks recommendations for banks or alternatives for transferring money, particularly using Wise, while avoiding account freezes. Comments from the community provide insight into personal experiences, alternative strategies, and recommendations for banks, with suggestions to use an agent for assistance or consider using cryptocurrency for payments.
Thek *****
Wow, being mobile certainly isn't cheap!
Mike ********
I transferred
*****
0 baht to Thai acc from uk bank and it took
***
days,. Did transfer sat night and it cleared Thai bank tues midday,.
Mike ********
Sel *****
ORIGINAL POSTER
@Mike *******
How was the exchange rate in comparison to your bank?
Mike ********
@Sel ****
I think I paid £60 for fast track payment, as I needed it quick, my fault it was a little slow as they only count working days, so sat/sun was out of scope,. So a day and a half really to get money in account, exchange rate was around the 40+ bht mark,.
Taz **********
Do you have a residency letter from immigration
Taz **********
Maybe contact an agent and ask if they can help
Sel *****
ORIGINAL POSTER
@Taz *********
No. The Bangkok bank asked me for a residency letter when I tried it around February. I was in the same bank today and told them I can get a residency letter. But this time they told me laws changed in March bla bla so there is no chance to get a Bank Account on a Tourist Visa for me. I tried Kasikorn Bank as well. I just give up.
Taz **********
@Sel ****
where s his bank

Bangkok Pattaya?
Sel *****
ORIGINAL POSTER
@Taz *********
Bangkok, opposite of Terminal 21 asoke in the exchange tower.
Taz **********
Thek *****
What I can't understand is this. If you already have a Wise account, what is it that you cannot do with it in Thailand that you need to open a Thai bank account? What am I missing?
Thek *****
Thanks for that. Points taken, however I use my Wise card for Rabbit top ups all the time.
Thek *****
I just walked up to the ticket counter at Phrom Phong BTS with my passport and my Wise card and I had a 500 baht Rabbit card in seconds. Try there you might have better luck. It probably depends on whether the attendant wants to do any work or not.
Sel *****
ORIGINAL POSTER
@Thek ****
Ah ok makes sense. I tried to make it online with the app.
Sel *****
ORIGINAL POSTER
@Thek ****
I couldn’t get rabbit without a Thai bank account? Or I have to try again.
Sel *****
ORIGINAL POSTER
@Thek ****
Pay by scan for example. Rabbit card for bts. Cash out crypto to the Thai bank account.
Graham ******
@Thek ****
It's a cost-effective way of transferring funds from your home account to your Thai bank account
Thek *****
@Graham *****
Thanks for the response, but how is it more cost effective? According to my maths, using a Wise account exclusively is cheaper than transferring from Home acct - then to Wise acct - then to BKK acct? That to me looks like two transactions you need to pay for. But if you use Wise exclusively there is only the Home acct - Wise transfer you are paying for.
Graham ******
@Thek ****
Wise charges one fee for the entire transfer, my bank (Kasikorn) has no charges for the receipt
Thek *****
@Graham *****
Really? I did not know that. Time for me to review my Thailand banking. Thanks heaps for the info.
Graham ******
@Thek ****
Yes, I get every last Satang quoted by Wise received into my Kasikorn account
Bonnie *********
I just transferred a lot through Wise. Just don’t go over their limit, clearly posted on their website.
Sel *****
ORIGINAL POSTER
@Bonnie ********
what’s the limit?
John-Paul ******
Go to the TEV where you went and tell them that BKK is not helpful...?
Sel *****
ORIGINAL POSTER
@John-Paul *****
I was today. In Silom. They didn’t give any fcuk. They said we will help you once you did the payment.
John-Paul ******
@Sel ****
ahh.... just go to an agent.. try TVC here in this group. They have good and real reviews. Save your money. The TEV is fine but if you cannot pay there and then ... you are right.... they don't give a dam.
Ally ************
Bangkok bank in Chiang Mai allowed me to open a bank account whilst i was on a 30-day extension of my visa-exempt stamp.. but was subject to providing a 'permission letter' from immigration.. which effectively confirmed my residence.. though strangely​ the first branch i tried insisted you had 30-days unexpired on your passport stamp.. but was 2nd time lucky!
Cliff *********
Getting a bank account

Don’t expect to get something for nothing. Each office is an independent business. Each office makes their own criteria.

You certainly will pay a fee for transferring USD from USA to Thailand. The amount depends on the bank and the transfer service.

Banking is an essential service if you plan to spend time here. It’s not FREE.

I prepared ahead of time by getting a bank account set up 6 months ago.

I treated this as an important business transaction, not just a casual activity.

My Thai friend made an appointment for me at the Bangkok Bank branch across from Astra in CM. He also translated for me.

I am a middle aged physician and dressed as such. Yes I did do the whole business card ceremony.

I told the banker that I plan to retire soon and buy a condominium at Astra.

I was asked to purchase a life insurance policy for about $100. Presumably the banker gets a commission. Whatever, it’s the price of doing business at the bank.

They wanted to copy my passport and see my credit card from Wells Fargo. I think I showed them how much was in my account also to make the point that I’m a serious customer.

I also showed them $500 in perfect $100 bills that was to be the initial deposit.

Nothing else was required.

Act like a serious customer and you will be treated as such.

Present yourself properly and you should be fine.

If not, thank them for their time and visit another office.

Best wishes on your adventure to Thailand!
Sel *****
ORIGINAL POSTER
@Cliff ********
Thanks! Yes I ran around today in long pants in the heat of Bangkok. I will try kasikorn Bank Tomorrow and maybe take some “serious” amount of THB with me that I can deposit instantly.
Cliff *********
@Sel ****
bring a Thai friend with you to help.
Marco ********
Use Bitcoin. This way nothing can happen to your wise account
Sel *****
ORIGINAL POSTER
@Marco *******
Yeah only if any shop here in Thailand would accept Bitcoin. Nor the Thailand Elite service. I wish they would. I could pay within seconds.
Marco ********
@Sel ****
most of them show their line id. I guess they operate in BKK maybe you can go to their office and change in cash, if you do not trust binance.
Sel *****
ORIGINAL POSTER
@Marco *******
you talking about Binance com? I can’t see Thai Baht there on p2p.

Edit: I can’t see Thailand on the list.
Marco ********
Sel *****
ORIGINAL POSTER
@Marco *******
Now I see, thank you.
Sel *****
ORIGINAL POSTER
@Marco *******
seriously? I never heard of this. I guess they charge a lot of fees no?
Marco ********
@Sel ****
you can change the btc back to thb as needed. there are a lot of professional money exchangers on binance p2p. you can initiate a trade
****
they will reply in minutes.
Sel *****
ORIGINAL POSTER
@Marco *******
I hear about this the first time. Thanks. I will look into this and how it works.
Frank **********
If you don’t currently have a credit card with 0% conversion fees on international purchases, apply for one. Not sure how it works in Germany, but a number of credit cards in many countries will have points or rewards that will make the first year potentially profitable… worth looking in to.
Sel *****
ORIGINAL POSTER
@Frank *********
Thanks. I have several Credit cards. I also have a Binance CC. But their conversion rate is usually 0.2 baht less per Euro than Wise. Also they start adding a 1% fee per transfer from June 1. Worst case ,I will use that CC.
Frank **********
I have 4 credit cards with 0% (from the US)… worth looking around to see if there is a card out there that may be better.
Sel *****
ORIGINAL POSTER
@Frank *********
I surely will find a way around. Thank you.
Val **********
Try Kasikorn Bank Sukhumvit Soi 33.
Thomas *********
You only get your account frozen (Red Flagged) by Wise due to the following:

1, Once you open your Wise account you need to ring their Customer Services Team. They will verify your account and ask how much you are likely to transfer. In my case 100,000 USD.

2, Compliance if a national official Tax Office (IRS or HMRC) can red flag your account.

3, If money doesn't come from your account. It the money is sent from G. Smith US account to a G. Smith Thailand. There should be no issues. As long as you are verified.

I've been using Wise for years and transferred money without any issues.
Sel *****
ORIGINAL POSTER
@Thomas ********
great info, thanks. I am from Germany. And seen quite a few German travelers get their accounts frozen. Not sure what they do wrong. But the money to my Wise account always comes from my German bank with my name.
Thomas *********
@Sel ****
excellent so you will have no issues.
Michael ********
Most banks have a daily 50,000

Deposit in Thailand from Wise(and others)

Except Bangkok Bank

Last time I had issues it was the case
Michael ********
Just to make things clear I’ve only said from my own experience useing wise some

Deposits accounts only take a 50,000 limit Bangkok Bank

Does not !!

Only giving my own experience

Hate dealing with monkeys
Garrett ***********
@Michael *******
"your experience" is that you misunderstood what wise told you.
Dan ********
@Michael *******
I transferred the 800k to Bangkok Bank via Wise in March with no problems at either end…looks like I must’ve got lucky.
Graham ******
@Dan *******
Why lucky, that's less than 2,000,000?
Brandon ************
@Michael *******
it's not just Bangkok Bank, SCB and Kasikorn also.
Michael ********
@Brandon ***********
you have to do some homework
Brandon ************
@Michael *******
I did my homework before replying to you. You're the one providing incorrect information.
Brian **********
@Brandon ***********
read what your post says. You can transfer up to 2 million to the 3 banks on picture
James **************
@Brandon ***********
*****
00 for those 3.
Hakim ************
I was in the same situation, it’s 69 catching up and not ending story with opening a bank account with genuine reason.
Noel *********
Us *****
I wrote my cousin a check for that amount before I left the states. I told him to wire the money to me if I needed the money. Don't you have a trusted family or friend that can wire in the money for you.
Todd *********
@Us ****
Wire will always work. And you will get absolutely killed on the exchange rate. For large amounts, this is throwing money in the fire
Us *****
Sel Cuk, i did the same thing with my girl. I wise her 50k and surprisingly, she gives it to me so i can having spending money on her.
Us *****
Check with your bank, i don't think the rate is that bad. You can also tell one of your family members to come here for holiday and carry the money.
Sel *****
ORIGINAL POSTER
@Us ****
I have a Thai girlfriend and she always helps me with cash. Basically I sent her 50k THB and she cashes out and gives me cash. But 600k is another dimension and I don’t want she get trouble with the government when she gets a big amount of money on her account. I know her 4 years and trust with money.
Sel *****
ORIGINAL POSTER
@Todd ********
Exactly that’s what I mean. Will probably get 1 baht less for each Euro. That’s 16.000 THB for 16.000 Euros. People laughing. But nobody likes to throw out money out of the window.
Us *****
Todd *********
@Sel ****
agreed. The banks absolutely committing robbery still. And not even as bad as it used to be!
Sel *****
ORIGINAL POSTER
@Us ****
I can wire the money from my German bank account directly to Thai Elite. But I will probably lose hundreds of Euros for fees and bad conversion rate. Wise is excellent for this kind of things.
Russell *******
Any plan to visit Chiang rai? I opened an account there last May with just a residency certificate from immigration.
Sel *****
ORIGINAL POSTER
@Russell ******
thanks. I just came back from Phuket (tried there as well with no luck) and don’t plan to travel for now.
Russell *******
@Sel ****
hopefully some will tell you a bank in your area. Good luck 🙏
Brandon ************
Nowadays you either try dozens of branches and still maybe not succeed or use an agent for about 5k to open up an account
Lewis **********
@Brandon ***********
Hi, do you know where I could possibly find an agent to help me open a bank account please? I'm in Phuket. Regards
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