Is it possible to open a savings account in Thailand with only a tourist visa and a passport for identification? Has anyone done this?
Yes it is very easy, probably the cheapest one is Kasikorn Bank, nowadays you must buy a one off small insurance policy that lasts for one year for 2,500baht at Bangkok Bank its also easy to open an account but the insurance policy is tons more.
CathyEdited: 14 March 2015, 23:03
I thank you very much for your timely response.
Yes it is. I opened one with Kasikorn about 4 years ago.
Insurance policy? That is a scam.
You only pay a yearly fee for the card (about 150thb or 200thb) and you need to deposit min. 500 thb or 1000 thb.
And I think you cannot have Internet Banking (at least not at Siam Commercial Bank where I live).
But TIT and the rules can change from bank to bank.
I don't have to pay any insurance on my Kasikorn account just an annual fee but although classed as a Savings Account it is only minimal amount of interest with a debit card. Cathy may be referring to a higher rate account with different conditions.
I don't have to pay insurance or an annual fee on my Kasikorn account. However if I withdraw money outside the Bangkok area I have to pay a 30 or 40 Baht fee. I don't have any cards with the account only a passbook.
I'm with Bangkok Bank and pay a small fee every year. As part of the deal I have an ATM card and any withdrawals made outside of Bangkok come at a cost of 10 baht (I think).
Thank you for the information.
I was looking on the FAQ on a few days ago and it was unable to link me to the information.
I opened another account with Kasikorn the end of October last year, the insurance policy is a one of payment not each year and both banks do it, do not pay a yearly fee for the card and can do internet banking.
My first account with Kasikorn many years ago there was no insurance so maybe it is a new thing as the paperwork etc is with a Thai insurance company. Just another way for the banks to rip us off lol.
Kasikorn used the same buy insurance pitch when my wife tried to rent a safe deposit box. We ended up with a safe deposit box ... at another bank and no insurance.