15 November 2016

Worth Opening a Bank Account in Thailand?

I found that the deposit rate for non-resident is 0%, checked major banks like Bangkok Bank, Kasikorn Bank, Krungthai Bank and Siam Commercial Bank and they are all the same. It's like you deposit 10,000 Baht into your savings account, after 10 years you still have 10,000 Baht lol.

I think if visiting occasionally kind of pointless to open an account because it's not really any more convenient than using your ATM card from your home country, plus there is the withdrawal charges from your home bank and the agent bank i.e. the bank who operates the ATM. I did one or two such withdrawals very long ago, I remember the home bank will charge once, and the agent bank will also charge once, I think the charges for one withdrawal is around S$5 to S$10. I think there is a percentage factor, so when you withdraw large amounts the charges will be much more, got to check with your home bank.

But if you are living there, I think a bank account is a must-have, working maybe not so much, I don't know, never work there before but my colleagues from China also survive in SG without bank account, so what they do is they withdraw once a month so it's not that bad if you live with people you can trust, if not then better get a bank account.

Reason why living there is a must-have is because for the long-term visas, you need to show them your bank statement with certain required amount depending on the type of visa. I think it's kind of lame that they force you to put money into their economy without giving you a single cent of interest. But if can put in fixed deposit account then better, not sure whether they allow in order to fulfill the visa requirement.

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