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Money, BankingPaid Advertisement: Send money to friends and family using iKobo.com . There is a better way of sending money to Thailand . Thailand Guru note: I am currently assessing iKobo. Unlike Western Union and MoneyGram, iKobo sends you an ATM card so you can just withdraw at any ATM, some or all the money. It also allows Visa electronic usage. It's on the Cirrus / Interlink network. I just recently received my card but haven't used it yet.
Thai currency and exchange rates
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MasterCard |
(02) 260-8572 |
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Visa |
(02) 273-1199 or (02) 273-7449 |
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American Express |
(02) 273-0022 or (02) 273-0044 |
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Diner's Club |
(02) 238-3660 |
If you need a cash advance, Visa and MasterCard holders can get up to US $500 value of Thai baht from some branches of Siam Commercial Bank, Bangkok Bank and Thai Farmers Bank. American Express card holders can get advances in the form of Traveller's Cheques from SEA Tours, who can be reached at 02-216-5759, and are located in central Bangkok at Phayathai Plaza, 8th Floor, Suite 88-92, Phayathai Rd.
Setting up a bank account in Thailand is easy and quick, as long as you have your passport. You can bring in practically any amount of money, though getting it back out is another matter, as discussed in the section on Transferring Money From Abroad. Practically anyone living here should do this immediately. There are few legal restrictions as long as the money originates from abroad, though you will get a savings account, not a checking account.
Cheques are seldom written here and are normally restricted to business transactions using company accounts. You can get a local ATM card immediately, as is standard practice, but not a chequebook. For large purchases, you can go to your bank to arrange a bank cheque to carry to the vendor. Your ATM card will work in any ATM machine regardless of bank.
You will be given a bank book. You will not be mailed detailed bank statements from the bank as in many western countries. You should carry this bank book with you whenever you do a transaction with a teller. They will put the bank book into their machine, and your transactions will be printed on the pages of the bank book in order. If you do a lot of transactions (ATM, deposits) without bringing in your bank book for a long time, then one line may include a combination of many transactions in value with no itemization (one line with code ACM for ACcuMulated).
You can use any branch of your bank for most transactions such as depositing local cheques, but you will find that a few services are available only at the branch in which you opened your bank account. The same goes for cashing (vs. depositing) a cheque -- you must go to the branch number on the cheque of the issuing party, as is written clearly on the cheque, if you wish to cash the cheque. You can call the bank (phone numbers below) and find out where the branch is. For depositing a cheque, if the issuing party uses the same bank as yourself, then the money will usually be available for withdrawal immediately upon deposit. However, if the cheque is from a different Thai bank, then it will clear in two days, e.g., if you put it in Tuesday afternoon then it will be available for ATM withdrawal after 6:30pm on Thursday. If you deposit it before 10:00am, then the funds will usually be available the next day after 6:30pm.
When you fill out a deposit or withdrawal form, be sure to use a duplicate form (carbon or chemical) so that you make two copies. They keep one and they stamp the copy to give to you as a receipt and with a computer printout on it having your name clearly typed. If your bank is poorly managed so you are stuck with no carbon, then just fill out two forms separately, as it won't matter. Make sure to bring your passport if you want to withdraw cash at the counter rather than at an ATM.
A list of local Thai banks and their main phone number:
TBD - make a table, add phone #'s
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Siam Commercial Bank (SCB) |
[phone number] |
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Bangkok Bank |
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Thai Farmer's Bank (TFB) |
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Krung Thai Bank |
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... |
Which bank is best is up for debate. I don't like Bangkok Bank because for so many years they didn't even offer English on their ATM machines though that eventually changed, but they still were slow to accomodate those who can't read Thai. My favorite has always been Siam Commercial Bank (SCB), which had good English from the start in 1994, including in their ATMs, almost always has good service, and maintains a good reputation. Another bank, Kasikorn, formerly "Thai Farmers Bank" (but they are not just for farmers; that's just their origin long ago) also provides exemplary quality of service, is very modern, and has a good reputation in the hi-so financial community. These are the top three for foreigners. Bangkok Bank stays in there because the previously staked claim as the biggest Thai bank in southeast Asia.
Technically, foreigners are now required a work permit to open a bank account. Nonetheless, the banks serve many tourists who wish to put their money into a local bank and use a local ATM account for their stay here, especially if they're staying for one to three months. It's reasonable to expect that a work permit and other documentation are required to open a checking account, but not a savings account tied to an ATM card for withdrawals. Like many foreigners say, if one branch refuses you, then just go to another branch of the same bank, or else another bank, and it's rare to be rejected more than 3 times. Many people get it in their first attempt.
Foreign banks with a branch in Bangkok include:
TBD - add phone #'s, addresses
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Bank of America |
[phone number] |
[address/location] |
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Chase Manhattan Bank |
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Citibank |
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Deutsche Bank |
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Hong Kong and Shanghai Bank |
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Banque Indosuez |
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Merrill Lynch International Bank |
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Banque Nationale du Paris |
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Sakura Bank |
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Standard Chartered Bank |
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Bank of Tokyo |
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United Malayan Bank |
Besides using a credit card as discussed above, there are other ways of transferring money from abroad. Some require setting up a bank account in Thailand, which is easy and quick as discussed in the previous section on Banking. There are also branches of several foreign banks in Bangkok, as also listed previously.
Western Union is the fastest way to send money, e.g., same day, but is the most expensive way. You have to go pick up the money at the Western Union office. They are located in certain Central Department stores in Bangkok. To find out which ones, call 02-254-9121. I've used the Central on the corner of Phloenchit and Wittayu, though the Western Union outlet was hard to find and in a remote part of the store.
Wiring money from an overseas bank account to your Thai bank account (or vice versa) usually takes one to three days, though sometimes it can take more than a week, depending upon the banks and the system used. It can also be pretty expensive.
If you plan to deposit a cheque written to you personally, try to make sure the cheque is written to your full name, for example Joseph Antonio Blow instead of Joseph Blow. This is because your Thai bank account will be in your full name, and branches and central offices have been known to reject deposits without the middle name in it. It depends on the bank and branch. I've had to argue with a few of them, and the time and effort to prevent this makes it worth avoiding this issue.
One of the cheapest ways is to send an international cashier's cheque or money order which you prepare at a bank, e.g., Siam City Bank as recommended by several people. Such a cheque should be sent by a registered international courier, e.g., DHL. These couriers are listed on our page on Postal and Courier.
Notably, do not use the post office Money Order service. You don't get a money order cheque. It's a farce. Go to a Bangkok Bank or a Thai Farmer's Bank instead. There is an alluring advertisement on the website of the Communications Authority of Thailand (who is in charge of the post offices) at http://www.cat.or.th/new/postal.htm, and you'll see a Money Order place in post offices. Again, don't use it. Here's my experience.
To send money or to receive cash, you will need your passport in hand.
There are generally no restrictions on receiving money, but sending money is another matter, as is walking out of the country with money. Many new regulations were put into place as a result of the 1997 economic collapse and currency speculation which caused the Thai baht to fluctuate and become more unstable.
Transferring money will require an invoice from the remote receiver, and you should bring as much documentation as you can.
Currently, it is said that you can walk out with up to 50,000 baht.
To convert Thai baht into cash without any other documentation, you will need to bring your plane ticket and your passport.
[The latter part of the above section has a lot of TBD to be added.]
If you already have a bank account in Thailand, it's quick and easy to send money to someone else's bank account in Thailand, or to some company's bank account. This is a common method of payment.
The only trick is that you must go to an ATM machine owned by your bank. For example, if you have an SCB (Siam Commercial Bank) ATM card, and your girlfriend has a Kasikorn Bank (KBank) then you must go to an SCB bank ATM to transfer the money. You cannot use a Krung Thai Bank ATM or a Kasikorn Bank ATM or anything except an SCB Bank ATM. Likewise, if you girlfriend wants to send some money to you, then she must go to a Kasikorn Bank ATM, not an SCB ATM.
The ATM machines vary, but the process usually goes like this:
It's very easy and quick. The money is instantly available to the other person.
Keep the receipt. If you need it for tax records, then you should photocopy or scan it, because most of the receipts fade very quickly (thermal paper). The receipt will have the sender's and receiver's account number, transaction number, amount, date and time. It won't have any names on it.
Notably, interbank transfer often fails after 10pm, though transfers within different accounts of the same bank usually work 24 hours/day.
Income taxes must be paid for salaries, and consultants and companies must also pay VAT and taxes on profits. This is covered in a separate section entitled ... .
Sales tax, or VAT (Value Added Tax), is 7% on all purchases. (It was briefly raised to 10% after the 1997 crash but was lowered back to 7% after a few months.) VAT is supposed to be charged for both goods and services, though in practice this varies.
On many purchases, you will find that they don't add VAT. It's either included in the price or else they aren't paying their taxes.
Many hotels and restaurants, especially those which cater to foreigners, will add both VAT and a service charge. Look at the fine print at the bottom of the menu or price sheet. Other "taxes" such as "hotel tax" are just service charges by a different name.
Tipping for services is not required or customary, though it's fairly common, e.g., leaving the metal change and keeping the paper notes. If the service is good, you can feel free to tip more and it will usually be appreciated, though it's usually not clear to whom the tip will go, i.e., the employees or the establishment. (You're welcome to tip me!)
Petty theft is not common but nonetheless happens, especially in crowded markets and buses. (There are also many reports of pickpockets in areas of go-go bars, and even periodic reports of intoxicated men walking alone being robbed by gangs of groping transvestites on Sukhumvit Rd.)
Never keep your money or wallet in your back pocket. A money belt is not a bad idea.
Never keep all your money and all your credit cards on you. Keep some in your home. If you've just arrived in Bangkok, consider renting a safety deposit box at your hotel or at a bank. Keep your passport in a safe place. It's also advisable to photocopy all your vital documents and keep them in a separate, safe place.
Single travelling males should be careful about bringing prostitutes to their homes. While the rate of theft is remarkably low, it does occur. Women picked up off the street are far less accountable than those registered in a particular bar. Druggings, whereby the woman drops something into your drink to put you to sleep and assist with the theft, is not uncommon. Unfortunately, they sometimes put a little extra into the drink to make sure you are out, and sometimes inadvertantly kill the victim.
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