Opening a Bank of Bangkok account from abroad

No, I have never heard of anyone doing that successfully.  Most banks want to see you face to face, to verify your identity, especially if you are American.  Some banks refused to do business with Americans when their government came out with the more stringent reporting rules but by now I suspect they have gotten used them.

Thanks! I saw that they have a New York branch, but that's only for businesses and people who already have accounts in LOS.

I was in contact with a nice Thai lady at the New York Branch because they charge less for wire transfers, particularly social security. I pay about $100 each transfer from my US bank, but Bangkok is only about $50. I'd been hoping it was nothing at all because I should be able to deposit into the New York branch into my own Bangkok bank account. Well, for various reasons that doesn't work and the $50 savings isn't worth it because I know everyone there so well and can call easily and solve a problem which I may (or may not) find so easy with the New York branch. Also, I believe that if you are to direct deposit SS into a foreign bank (including the New York branch of BB), you have to fill out a special form and make a special account. You can NOT use a debit card with that account, but must go in person to the bank to withdraw, and that's just a royal pain. But aside from all that, yes, you can set up a Bangkok bank account at the New York Branch, at least the lady was willing to do that for me.

Yeah, I think you'd direct deposit into a savings account, then transfer that as needed into a checking account in the same bank.

And thanks for checking that out, but for me NYC is a little too far.

One hundred dollars is pretty steep for an international transfer.  I pay thirty five dollars regardless of amount plus I get no-fee credit cards, banking and brokerage services all at the same place.  I would shop around for a better deal if I were you.

Just FYI:
I found out, in general, that Citibank (based in NYC but has branches in the USA) is the only bank that accepts international wire transfers into their bank FEE-FREE, and they will then send that transfer, FEE FREE out to your Citibank branch.
     I don't know if this applies to sending $ to other banks but their friendly attitude is an exception - rather than the rule.  They are also the only ones who said their debit card does not charge any fee whatsoever on their side (I told them I was going to Thailand soon) when I use a Thai ATM.  The Thai ATM would add a charge - but not Citibank.  They advised me to use Cirrus ATMs.

Thanks for the reminder; I need to see if my investment company charges me to transfer cash overseas.

FYI ~ Your investment company uses a bank to transfer funds. All banks charge a service fee (in some way, shape or form) for transferring funds to an outside institution, and especially so, when those funds involve the Forex platform.

Hi
I see a lot of your posts and you seem to be very knowledgable about living in Thailand.
If you could advise me please.
I am coming to Thailand in Feb for the entire month to sort out a few things and wish to open an account and place my 800000 baht in it in the hope of retiring there in May. Is this straight forward or tricky. Actually I have a pension of approx 400000 baht per year so I think I would only need to place 400000 in the bank from what I read.
I am still looking at my retirement Visa and wether to use one of the respected companies to do it for me but the cost of 25000 baht seems quite steep, but I guess it's money well spent if it goes smoothly?

Regards

Leigh

In my personal opinion it is not necessary to have a substantial amount of money in a Thai bank account, if it is not necessary (special needs). Have you thought of posting your IRA account statement with applying for your retirement visa? That could support your financial stability rather then having cash in Thailand. It is helpful to have some money in a Thai account just in case there is some emergency. Plus if you want to use automated on line bill service, that too is helpful.
For me all of my money is in the US, but I do have to retain a US address to retain the status. I simply use a dedicated Schwab account and take cash withdrawals from the account (with passport in hand to eliminate fees). There are companies other then Schwab that offer similar accounts. I simply want to minimize my risk of getting my financials hacked, or whatever.

Anyway, that's one point f view.

Thank you, Bill. Do you have a retirement visa?

Different sources tell different stories. Regarding what requirements the Thai immigration has, I don't think it's a matter of opinion.

Siam Legal says "Security deposit of THB 800,000 in a Thai Bank Account for 2 months prior to the visa application."
https://www.siam-legal.com/thailand-vis … t-Visa.php

The consulate in Los Angeles does not mention a requirement for a account in a Thai bank:
Four copies of:
               - applicant's bank statement (U.S.) showing a balance in the amount of not less than 800,000 Baht (current Thai exchange rate is available from the Bank of Thailand web site)
               - or an income certificate with a monthly salary of not less than 65,000 Baht
               - or a combination of a deposit account plus a monthly income totaling not less than 800,000 Baht a year.
      (When submitting the bank statement, a letter from the bank verifying the account and balance is to be presented)
http://www.thaiconsulatela.org/service_ … link_id=48

US Embassy says this:
...the applicant may meet the financial requirement by maintaining a Thai bank account with a minimum amount of 800,000 Baht. (Applicants will need to show that they have 800,000 Baht in savings each year when they renew their visa.)
https://th.usembassy.gov/u-s-citizen-se … americans/

Presently I am on a retirement visa, and I was also on a retirement visa for 2015.

My understanding is that there is a need for proof of the 800,000, but does not specifically required the money to be in a Thai bank account. It can be in the form of securities and or verified income. With both of my retirement visas proof of money was sufficient for the issuance of the visa.

I've just returned from the states. Because of my sponsor screwed up volunteer visa so bad I had to revert to a retirement visa September. So as of September of this year they still accepted the documentation without the need for the actual money to be put into a Thai bank. If it means anything I went through the LA office, which generally is very accommodating.

As Ruffian Dick posted there are three options.  Bill seems to be using the certified income method with no money in a Thai bank.  There is a combined method where you split the 800,000 Baht between income and Thai bank account but that requires twice the paperwork.  Personally I use the 800,000 Baht in the bank.  I find the paperwork easier for that option and after more than 40 years here without incident I am not paranoid about the banking system.

You don't need to keep the 800,000 in the bank all year long but I feel better never letting my account drop below that level.  I would hate to have something come up and find myself rushing to send money over to top up the account at the last moment.  Just one less thing to worry about.

I don't disagree, just in case there are some nay sayers out there.

There was a post about moving money from one's
Forex broker to Thailand.  I don't believe this will work unless you start and fund the account from Thailand.  As I understand it the bank account you set up with is the one that they will send money to.  It may be possible to do a double funding of your Forex account as follows:
Send $20,000 to Forex Broker from USA Bank.
Move to Thailand and arrange to send $10,000 more from the Thai Bank to the Forex Broker.

Now two accounts are set up with the broker as "verified" accounts.  They don't want to be part of money laundering so they may not allow this.

I went and did a chat with the Broker at www.myfxchoice .com.

Here is what I got....your broker may or may not have the same rules but this is a start:

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Isaac
23:27:31    Welcome to FXChoice. How can I help You?
Steve
23:27:33    If I am an American and am planning to move to Thailand....can I initially fund from America but later take money out through my Thai bank?
Steve
23:28:10    What if I add funds in Thailand and thus verify two accounts...one American and one Thai that are assigned to me?
Steve
23:28:33    I understand you are working to not be part of money laundering.
Isaac
23:29:49    That is possible however you need to let us know when you will relocate. You will need to contact us and change your country on your profile as well as address, then we will require a valid proof of address in Thailand
Steve
23:30:10    That sounds great.
Steve
23:30:49    Thank you.
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This could also incur transfer fees but may for those that trade actively to have a means of managing money across different countries with a broker in the mix.