deepthroat Posted December 27, 2012 Share Posted December 27, 2012 I've talked at length about the merits of setting up a Kasikorn bank account - no transaction fees, etc. In the past, the only challenge has been how to get the money from the USA to my bank account in Pattaya. Carrying a large sum of cash always makes me nervous. Last year I wanted to transfer the money from my USA account into my Kasikorn account, but since I didn't have the KBank account set up for online access, I didn't want to take the risk of showing up in LOS and discovering the money hadn't transferred properly. To resolve this issue, I spent the time at the branch last year straightening out the account so that I had online access, and can view my balance from my computer at home. I just went to my local bank yesterday and transferred this year's vacation money by wire transfer. It cost $15 to do the transfer, and I had the money sent in US$ so that Kasikorn would change it to Baht at the interbank exchange rate (better than we plebians can get ourselves). I checked this afternoon - 24 hours later - and the money is all there in my Kasikorn account. Yeah! BONUS: the exchange rate was fantastic. I ended up with nearly 10% more baht in my account than I'd expected based upon posted internet exchange rates. Quote Link to comment Share on other sites More sharing options...
bax Posted December 27, 2012 Share Posted December 27, 2012 Is it possible to open an account with Kasikorn on-line or even better through my local bank here in the US..? (wells fargo) My 8th trip is fast approaching and I continue to kick my self in the ass for not opening an account while I'm there. My bank charges me $5.00 plus the 150 baht sur-charge for each withdraw. I may bring a large sum of cash this time and exchange as I go.. 1 Quote Link to comment Share on other sites More sharing options...
deepthroat Posted December 28, 2012 Author Share Posted December 28, 2012 Sorry Bax, but I believe you'll have to set up the account when you're actually in Pattaya. I would highly recommend it though. Bring your US$ cash with you and take it to a branch convenient to wherever you are staying in Patts. It should take you about 30 minutes to get the account setup and the money deposited, then you have a Kasikorn card you can use to withdraw 10k baht per day with no transaction fees. Here's info cut/copied from an earlier trip report where I talked about setting up my account the first time. Just remember: be sure to have it set up for Online Access. This requires a thai cell phone, as they'll SMS you a pin number to use to access the account the first time, and you can then change the password to whatever you want. This will then allow you to view your account balances from home, which should make it that much more comfortable for you to go ahead and wire transfer the money into your account before ensuing trips (rather than bringing cash from home). If you don't have a thai cell already, make that stop #1 in Pattaya, then go to a Kasikorn branch and set up the account. Also note that when I did this a few years ago, the first branch I went to gave me a hard time, but the 2nd one was no problem. I've never heard of another farang having a problem like I did the first time, so don't let it scare you off. Here's how I did it: I spent a while unpacking everything, checking email, and showering, then it was off for a quick bite to eat and to find a Kasikorn Bank Branch to set up my account. Rather than messing with "International Transaction Fees" which all the banks now charge on any ATM transactions (and which can amount to significant money quickly) I had decided to deposit US cash into a local bank. Kasikorn seems to have the most local cash machines and is one of the only ones that will allow foreign visitors to set up an account. I set off for the branch on the 4th floor of the Central Festival Mall.Arriving at their festive green offices on the 4th floor of the Central Festival Mall, I was greeted at the door by a stern young thing in a green blazer. Once I'd revealed the purpose of my foray into her lobby, she began firing questions at me rapid fire: "You hab passport?" Check. "You hab address?" Check. "You hab phone?" No Check. Cracking under the pressure of her withering gaze, I was forced to concede that, sadly, I no had phone with me. Nor did I have the phone for my hotel. At this she was very stern, "no hotel phone. Must have cell phone." She later conceded that a friends phone would be sufficient, but alas - I hab no friends either! Returning to the PBR rejected, dejected, and accountless, I asked a BM who'd given me his cell if I could use it as a message phone for purposes of opening my account. He declined (perhaps thinking I had some other nefarious plot in mind?) and suggested that I really should buy a phone anyway, they were only 800 baht at Big C and a sim card would be even cheaper. I decided I'd go back to another Kaskikorn branch, and this time I'd be prepared. Heading out of the PBR, I walked through the Avenue Mall and stumbled immediately onto another even-closer branch - there's one in the Avenue Mall itself just around the side from McDonalds! I marched in, slapped my passport, address, phone number, and fat stack of $100 bills on the table and said I'd like to open an account. I was asked very few questions this time, and within 20 minutes I had an account open, my cash deposited, and an ATM card. I believe they charged me 300 baht for the ATM card, and said there is an annual fee of 500 baht to maintain the account. 1 Quote Link to comment Share on other sites More sharing options...
deepthroat Posted December 28, 2012 Author Share Posted December 28, 2012 Also note that you'll get a better exchange rate if you have $100 dollar bills, but make sure they are new ones. There were some counterfeit problems with one of the earlier issues 10-15 years ago, and overseas banks will sometimes refuse anything other than newer bills as a result. Also note that you CAN negotiate with them on the exchange rate, especially if you are changing $3-5k in dollars. Look at the posted rate in the bank, and ask them if they can give you 1% better. I know I got a slightly better rate my first time, but the second time I had to accept the posted rate. 1 Quote Link to comment Share on other sites More sharing options...
bax Posted December 28, 2012 Share Posted December 28, 2012 Also note that you'll get a better exchange rate if you have $100 dollar bills, but make sure they are new ones. There were some counterfeit problems with one of the earlier issues 10-15 years ago, and overseas banks will sometimes refuse anything other than newer bills as a result. Also note that you CAN negotiate with them on the exchange rate, especially if you are changing $3-5k in dollars. Look at the posted rate in the bank, and ask them if they can give you 1% better. I know I got a slightly better rate my first time, but the second time I had to accept the posted rate. Also note that you'll get a better exchange rate if you have $100 dollar bills, but make sure they are new ones. There were some counterfeit problems with one of the earlier issues 10-15 years ago, and overseas banks will sometimes refuse anything other than newer bills as a result. Also note that you CAN negotiate with them on the exchange rate, especially if you are changing $3-5k in dollars. Look at the posted rate in the bank, and ask them if they can give you 1% better. I know I got a slightly better rate my first time, but the second time I had to accept the posted rate. Thanks a ton for all the info! much appreciated! Quote Link to comment Share on other sites More sharing options...
Kahuna Posted December 28, 2012 Share Posted December 28, 2012 I believe DT mentioned it, but be absolutely certain that you take your passport along with you and your Pattaya address...Kasikorn wants to physically see your passport and they need your hotel address for their records... Actually the fee for the ATM card depends on how much you deposit...The larger the deposit the lower the card fee... 1 Quote Link to comment Share on other sites More sharing options...
bax Posted December 28, 2012 Share Posted December 28, 2012 I believe DT mentioned it, but be absolutely certain that you take your passport along with you and your Pattaya address...Kasikorn wants to physically see your passport and they need your hotel address for their records... Actually the fee for the ATM card depends on how much you deposit...The larger the deposit the lower the card fee... I believe DT mentioned it, but be absolutely certain that you take your passport along with you and your Pattaya address...Kasikorn wants to physically see your passport and they need your hotel address for their records... Actually the fee for the ATM card depends on how much you deposit...The larger the deposit the lower the card fee... I'm starting out in BKK.. any idea the closest bank near sukumvit soi 4..? Quote Link to comment Share on other sites More sharing options...
Kahuna Posted December 28, 2012 Share Posted December 28, 2012 I ain't much of a BKK guy these days but I think there is a Kasikorn Branch on Sukhumvit between the Nana and Asok BTS stations near Robinsons...and on the same side of Sukhumvut as Robinsons...There is also one in MBK on the lower level that is easy to get to... Ask at your hotel...They will know... Quote Link to comment Share on other sites More sharing options...
seven Posted December 28, 2012 Share Posted December 28, 2012 .Kasikorn wants to physically see your passport and they need your hotel address for their records... Actually the fee for the ATM card depends on how much you deposit...The larger the deposit the lower the card fee... Correctomundo. Get the insurance option too. 5 k thb/year. Not a bad deal, covers up to 50 k thb every time you chose to use it, plus you get the atmcard for free. If you take the insurance they will mail the card within 2 weeks to your address in the province. You won´t get it right away. Only the atmcard you get right away Quote Link to comment Share on other sites More sharing options...
bumblebee Posted December 28, 2012 Share Posted December 28, 2012 I believe DT mentioned it, but be absolutely certain that you take your passport along with you and your Pattaya address...Kasikorn wants to physically see your passport and they need your hotel address for their records... Actually the fee for the ATM card depends on how much you deposit...The larger the deposit the lower the card fee... I opened an account with them last week. There was a "special" promotion for getting an ATM card, 800 TB but this included some type of medical insurance. I declined and the girl said I could get a card any time i wanted when the promotion was finished. She also said not all branches have the same promotions at the same time. I just deposited 1000 TB to keep it active, I got the impression the card would be in the 300 TB region without a promotion. Quote Link to comment Share on other sites More sharing options...
Rossco Posted December 28, 2012 Share Posted December 28, 2012 I have been with Kasikorn bank for 8 years. Great service ATM card is normally 250 Baht per annum - it is a debit card and not a credit card If making a cheque deposit you can only do so at your specific branch The Exchange rate on Bank to Bank transfers is always better If on a retirement visa ONLY a Savings account is valid for funds NOT Investment - that mistake cost me 15,000 Baht You can set the daily limit on your ATM - up to you. Kasikorn seems to have the most ATMs If you use an ATM outside your 'home' city then there is a 20 Baht fee KrungSri ATMs waive the fee on their ATMs You need a passport and Address in Thailand to open an account and you must do so in person. Banks do not send out statements - you have a bank book which you can update via an ATM with that option Quote Link to comment Share on other sites More sharing options...
xyzzy Posted December 28, 2012 Share Posted December 28, 2012 I think there is a Kasikorn Bank not far past the Landmark Hotel as you walk down Sukhumvit from Soi 4 past the Landmark. There is an outdoor area with a exchange booth and cash machines. Just beyond that there is a small K Bank inside a larger building. There is also one in the building on the SE corner of Asoke and Sukhumvit. You can get to that building without going down to the ground, and having to cross the street, via the Asoke skytrain platform. Not familure with the one Kahuna mentioned but there are quite a few around. Note: Kasikorn has Thailand divided in several service areas. If you use your card at an ATM outside your home area there will be a small service charge. Something like 10 baht for up to a 10k baht withdrawal and a bit more for more than 10k. At least that use to be the fee, it's been a while. There is/was also a fee for depositing outside you home service area. Assuming this is still true it's best to open your account at a K Bank in the town where you spend the most time/money. I opened my account in Pattaya and get charged the fees in BKK, Patong and Hua Hin. They do love their fees... This probably doesn't need to be said but your Kasikorn ATM/Debt card can be used to purchase items at stores just like a debit card anywhere else in the world. And apparently someone (Thai) using your card doesn't need to know your pin at a store (they do at an ATM). Don't ask me why I know this. But protect your card just as you would any other credit card, etc. DT who is your bank? I have two bank account and they charge $40 and $50 for international transfers. I need to find a cheaper way. The only time I transfered funds they also arrived in my account the next day. Quote Link to comment Share on other sites More sharing options...
deepthroat Posted December 28, 2012 Author Share Posted December 28, 2012 DT who is your bank? I have two bank account and they charge $40 and $50 for international transfers. I need to find a cheaper way. The only time I transfered funds they also arrived in my account the next day. I used to use BOA, which wanted something like $35-40 when I contemplated this last year. Thank F**k I finally made the switch this year, I'm now using a credit union for all my banking. I've earned more interest this year than in the past 10 years combined at BOA; low/no fees; and don't feel like I'm getting my fingernails pulled out with a pair of pliers everytime I open my statement or have to talk to an officer about something banking related. If you have thought about moving to a credit union but were scared off by the "hassle" of changing over your account, trust me - it's worth any hassle. It took me an afternoon of planning and changing prepayment options, deposits, etc. And ever since then it's paid me back in spades. Quote Link to comment Share on other sites More sharing options...
Rickshaw Posted December 28, 2012 Share Posted December 28, 2012 I have been told that if there is no activity on your account for 6 months, Kasikorn will freeze it and you will have to present yourself at a branch (possibly your "home" branch i.e. where you opened up the account- my informant was unclear on this) to unfreeze it. After a year, they remove the money from your account and you have to go through some form of legal process to get it back. Things I am unsure about: is this true? does transferring money into the account from overseas count as activity? One would think so, but this is Thailand... Since I tend to go back regularly, it hasn't been as issue for me, but others who are on annual visits could get caught out if the timings of their visits are slightly longer than one year. Of course, if transferring money counts as activity, then problem solved, particularly since you can send money when your home currency is strong (or in the case of the pound, less weak). I have also found that whilst the exchange rates are the interbank ones, I do get a better exchange rate if I change cash at TT Change in either Second Road or Soi Bukhaow (which I then can put into my Thai bank account for withdrawal as and when required). It's your choice whether the risk of carrying cash is outweighed by an extra half a baht per pound changed. Personally, for my pattern of visits, I think so but then I tend to be in the country for six to ten weeks at a time and so the difference mounts up considerably (and I don't have to pay £25 for the transfer!). Quote Link to comment Share on other sites More sharing options...
deepthroat Posted December 28, 2012 Author Share Posted December 28, 2012 I only visit annually, and so far their has been no pombem with my account. It sits dormant for 11 months but the cash is available from any cash machine the day I arrive. Quote Link to comment Share on other sites More sharing options...
xyzzy Posted December 28, 2012 Share Posted December 28, 2012 I wonder what classifies as no activity. I login online from time to time. DT I've been using a credit union for over 30 years. They are the ones that charge me $40. :-( Quote Link to comment Share on other sites More sharing options...
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