Banking question

Hi All,
I have an account with Bangkok Bank, and would like to open a second one to keep the 800K I am required to keep in the bank (for my visa extension) separate from money I use. When I asked them about opening a second account, they said I needed to get a certificate of authenticity (or something like that) for my passport from my embassy (USA). My embassy is a pain in the ass and charges 50 bucks, and I am flabbergasted I am being asked to do this, since I already have an account there, and have had it for years...

So, my question is, is this a requirement at all Thai banks? I wouldn't mind opening an account with SCB or another bank...  Which leads me to the second question, is there a "best bank" that everyone agrees on? Is there one that doesn't have a yearly charge for a debit card, and ding you for fees every time you use their atm, etc etc? Does any bank offer better interest on savings or CD's?

I am not unhappy with Bangkok Bank, but this requirement to go through all the bs at my embassy is something I would love to avoid... the less I have to do with my govt, the happier I am! I will probably do this, but thought I would ask... I read another recent thread but my specific questions weren't answered.

Thanks,

FG
-@Friendly G34

Some Bangkok Bank branches allows you to open a second account without any documents from immigration or an embassy, other branches acts like you're opening an account for the first time. I would go for the authentication of your passport if I were you,even if it's expensive. Stick with your branch, it's easier in the long run.

What other banks asks for is up to them. Several banks asks for a work permit, a few wants you to have a Permanent Resident visa. A very few still accepts retirees. Since 2019 it's been harder to open bank accounts. Bangkok Bank is in my opinion the most foreigner friendly bank.

The annual fee for a debit card is standard. But every bank has more than one type of debit card, always go for the one with the lowest annual fee (normally 200-300 baht).

There's no fee when withdrawing money from an ATM, except from an ATM in another region (the fee is ~15 baht) or when using other banks ATM's. During the pandemic some banks accepted free withdrawals when using other banks ATM's.

You should put the 800k in a Fixed Deposit Account = FDA. Much better interest. At Bangkok Bank the bank book is orange instead of a savings accounts dark blue.

Don't ask people about a "best bank". Every moron will come up with some crap why their bank is the best.

Hi Friendly G34,

Well, you could not escape the certificate of authenticity.

It is like that for every bank in Thailand.

I needed one for my THB account and another one for my EUR account. And like you, my embassy charge 300 THB for each certificate…

It seems they are living in the Stone Age time… and they are not really able to provide you the required information.

My Thai friend who is working in banking, confirm this.

About the saving account, I post a similar message here, without any response yet.

I have FCD account, named SAVING account, but I do not get any percentage.

I have learned I can open another deposit account where I could get a rate of 1,5%.

But just withdrawing from the FCD, they charge me 2% of 24000 euros. Thus, losing 2% for getting 1,5%… a year…

Not really interesting… but that is my opinion.

Like you, I am not happy with Bangkok Bank. But it is said, it is THE best for foreigners… God, how are the other…

I think there is nothing we can do… so far…

Until someone share a different experience… we could replicate…

Sorry.

Take care

thanks gents, I guess I will just stick with bb.  my branch closed during covid and I am now with a branch in chiang mai, but have settled in bangkok...  I will go back there and ask again if I can set up a cd or whatever for the 800K... 

cheers,

fg

Hi Friendly G34,
Well, you could not escape the certificate of authenticity.
It is like that for every bank in Thailand.
I needed one for my THB account and another one for my EUR account. And like you, my embassy charge 300 THB for each certificate…
It seems they are living in the Stone Age time… and they are not really able to provide you the required information.
My Thai friend who is working in banking, confirm this.
About the saving account, I post a similar message here, without any response yet.
I have FCD account, named SAVING account, but I do not get any percentage.
I have learned I can open another deposit account where I could get a rate of 1,5%.
But just withdrawing from the FCD, they charge me 2% of 24000 euros. Thus, losing 2% for getting 1,5%… a year…
Not really interesting… but that is my opinion.
Like you, I am not happy with Bangkok Bank. But it is said, it is THE best for foreigners… God, how are the other…
I think there is nothing we can do… so far…
Until someone share a different experience… we could replicate…
Sorry.
Take care
-@bratstvo

The type of account where you get the best annual interest rate is the Fixed Deposit Account. Having a Foreign Currency Account is not very smart because of the non-existing interest. Several banks savings accounts offers a low interest, Bangkok Bank does. I receive a few thousand baht every year which pays my annual costs at immigration plus some beer. At my Bangkok Bank branch I can open new accounts without any documentation at all. I've been a customer there for years (and have a nice total balance). Other branches aren't that cooperative. Like you said, they don't seem to realize what year it is.

thanks gents, I guess I will just stick with bb. my branch closed during covid and I am now with a branch in chiang mai, but have settled in bangkok... I will go back there and ask again if I can set up a cd or whatever for the 800K...
cheers,
fg
-@Friendly G34

An FDA is what you should go for when it comes to your 800k. Go for the term with the highest interest rate.

An FDA is what you should go for when it comes to your 800k. Go for the term with the highest interest rate.
-@Leeds forever!

Which one is it based on your experience?

An FDA is what you should go for when it comes to your 800k. Go for the term with the highest interest rate.

-@Leeds forever!

Which one is it based on your experience?

-@Bigrad Wolf

It varies. Earlier it was always 1,2 or 3 years. Then suddenly at Bangkok Bank the 7 months term had the highest interest, but I don't know if it's still 7 months. You can check interests rates on every banks website.

@Leeds forever!

As said, they are not very professional in providing information and internet is mainly made for Thai in Thai language. At the opening of the FCA, they explain I can later transfer to a FDA. When I decide to open the FDA, they say only in THB currency.

I am not very excited to transfer all my euros in THB.

I prefer to have a foreign account in €, because the stability. Yes, nowadays it seems the THB is rather stable, but for how long… I prefer not to bet…

My main (weak) assumption was to believe the banking system will be not that complicated and old fashion. My previous banking experiences in other countries the asian area was much better…

@Leeds forever!
As said, they are not very professional in providing information and internet is mainly made for Thai in Thai language. At the opening of the FCA, they explain I can later transfer to a FDA. When I decide to open the FDA, they say only in THB currency.
I am not very excited to transfer all my euros in THB.
I prefer to have a foreign account in €, because the stability. Yes, nowadays it seems the THB is rather stable, but for how long… I prefer not to bet…
My main (weak) assumption was to believe the banking system will be not that complicated and old fashion. My previous banking experiences in other countries the asian area was much better…
-@bratstvo

Every banks requirement info is in Thai and English. Of course the FDA is in baht only. Let's call it a long term savings account with better interest rate and who said you're supposed to keep everything there? It's about keeping at least the money you need at immigration when using the money in the bank method. Over several years bath have been stronger than for example USD. Keeping money in an FCA without interest is in my opinion not very smart.

@Leeds forever!

7 months it is then!