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Variety of products available for expats banking in Thailand
Thailand’s banking system offers a variety of products
for expats living in or visiting Thailand. The Sunday, April 28, meeting of
the Pattaya City expats Club featured a presentation by a team of people
from Bangkok Bank. The presentation was led by Supimon Pachana, Assistant
Vice-President, Sales and Support; and Waraporn Brand-Srinaka, from Bangkok
Bank’s Global Payment Services Department - Expat Banking Project.
Supimon introduced the members of the team, most of whom were from the
bank’s thirteen branches in Pattaya. During the meeting, she also presented
several audience members with free merchant coupons via some entertaining
games.
 Supimon
Pachana, Assistant Vice President - Sales Support ‘warmed’ the PCEC Crowd
with an inspiring performance.
Waraporn provided information about Bangkok Bank products
and services available to foreigners. Although the information is specific
to Bangkok Bank; much of it also applies to other banks, though some of the
particulars may vary from bank to bank. She explained that expats working or
retiring in Thailand can open a bank account here. So can foreigners who are
in Thailand on a tourist visa. She reviewed the documents required to open
an account for each category of expat.
At Bangkok Bank, there are three types of accounts expats can open: (1)
savings, (2) fixed deposit; and (3) foreign currency deposit. The savings
accounts pay interest, calculated daily and credited every six months. The
current rate of interest is 0.75%. At Bangkok Bank, the minimum deposit for
a fixed deposit account is 2,000 baht. Customers can invest in three-month,
six-month, one-year, two-year or three-year deposits that offer higher
interest rates. The minimum deposit to open a foreign currency deposit
account is US$1,000. She noted that expats can repatriate funds from their
foreign currency deposit account to their home countries without having to
submit supporting documents. Further, expats can transfer funds out of
Thailand from their baht accounts. If the amount of the transfer is less
than US$50,000, the customer must specify the source of the funds. If the
transfer is US$50,000 or more, the customer must provide evidence of the
source of the funds being transferred.
Nadath Boonsawangdee, Assistant
VP - Pattaya Branch talks about the Pattaya Branches of Bangkok Bank.
Waraporn mentioned that for all types of accounts, there
is a 15% withholding tax on interest earned. Expats can redeem the amounts
withheld by: (1) contacting their home branch to obtain a Certificate of
Withholding Tax; (2) requesting a tax ID from http://www.rd.go.th; (3)
downloading a Tax Return Form (Por Ngor Dor 90) from the same website; and
(4) submitting the form to the Thai Revenue Department office (or submitting
it online) before March of each year.
At Bangkok Bank, expats can obtain three types of cards: (1) a Be 1st Visa
Debit Card; (2) a Be 1st Smart Debit Card; and (3) a credit card. Waraporn
said that the Be 1st Visa Debit Card can be used to withdraw funds at an ATM
in Thailand, and at ATMs in other countries that display the “PLUS” sign. It
can also be used to pay for purchases at stores in Thailand, and at stores
in other countries that display a “VISA” sign. In addition, this card can be
used to pay bills and top up mobile phones at an ATM in Thailand. The Be 1st
Smart Debit Card can be used only at Bangkok Bank ATMs in Thailand, Waraporn
said. Customers who receive this card have a chip embedded for additional
security. This is useful if the customer maintains a large balance in the
account.
Bangkok Bank staff briefly
outline the many insurance options available through the bank.
Waraporn explained that expats working in Thailand can
obtain a Bangkok Bank credit card if their salary is processed to a Bangkok
Bank account and if they have a monthly income of at least 100,000 baht.
Expats who are retired here may obtain a credit card if they are assessed by
the bank as being able to meet the payments and if they provide collateral.
The collateral has to be in the form of a cash deposit - usually a minimum
of 50,000 baht, but it may be less.
Expats on long stay visas may also set up Internet banking, Waraporn said.
Internet banking at Bangkok Bank is called “Bualuang Banking.” Through
Internet banking, expats can transfer money to any bank account in Thailand,
pay bills and buy and sell mutual funds. Internet banking can be accessed
from any country but customers should note that they must use a Thai mobile
phone to receive a one time password that may be needed to authenticate
certain transactions.
Waraporn Brand-Srinaka,
Senior Sales & Marketing Specialist, Foreign Customer Segments provided
information about Bangkok Bank products and services available to
foreigners. Here she receives a Certificate of Appreciation for the Banks
informative presentation.
Expats who have bank accounts in other countries can
transfer funds from these accounts to their Bangkok Bank accounts. For
expats who have accounts in the US or the UK, Waraporn noted the process is
simpler and the costs of the transfers can be reduced if the transfers are
made via the Bangkok Bank’s branches in New York and London.
Expats can purchase a fixed income fund at Bangkok Bank, called “Bualuang
Thanatavee.” She also said they can open a securities account. The Bangkok
Bank team then provided information on insurance products and the process
for expats purchasing a condo in Thailand. For more information on the
Bangkok Bank’s products for expats, they provided the following link to
their website:
http://www.bangkokbank.com/Bangkok
Bank/PersonalBanking/SpecialServices/Foreign Customers/Pages/default. aspx
After the presentation, Master of Ceremonies Richard Silverberg updated
everyone on upcoming events and called on Roy Albiston to conduct the Open
Forum, where questions are asked and answered about expat living in
Thailand.
For more information about the many activities of the Pattaya City Expats
Club, visit their website at
www.pattayacityexpatsclub.com.
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Sophon Cable awards
600,000 baht in prizes May 18
Rattakit Hengtrakul (left),
assistant MD of services at Sophon Cable TV Pattaya, along with GM Attasitthi
Chuachuchart and staff seal the coupon box in preparation of the big drawing on
May 18.
Phasakorn Channgam
Sophon Cable TV will award the grand prizes in its “Big Thank You 2013” contest
May 18 at Central Festival Pattaya Beach.
Sophon Deputy Managing Director Rattakit Hengtrakul announced the finale of the
six-month promotion April 30. He said the contest was aimed at giving back to
customers who have supported the cable operator throughout its years in
business.
The contest was open to current and new customers. Subscribers received a
prize-drawing ticket for each month of their subscriptions. Prizes include two
round-trip tickets to Singapore, three motorbikes, Apple iPad, Apple iPhone,
gold amulets and more.
The event will also feature a contest from GMM Grammy music label recording
artists. It begins at 3 p.m. on the mall’s lower level and will be broadcast on
television.
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Chanyuth Hengtrakul celebrates 60th birthday
Pol. Lt. Gen. Chat Kuldilok
(left), deputy minister of Interior, blesses Chanyuth Hengtrakul on his 60th
birthday.
Vittaya Yoondorn
Politicians, police and bureaucrats filled Chanyuth Hengtrakul’s home to help
him celebrate his 60th birthday.
Deputy Minister Lt. Gen. Chat Kuldilok arrived from Bangkok to attend the April
26 soiree at Chanyuth’s Soi Paniedchang estate. Other dignitaries included MPs
Santisak and Poramet Ngampichet, and Banglamung District Chief Sakchai Tonghoh.
Lt. Gen. Chat offered his congratulations to Chanyuth, who also serves as an
advisor to the deputy minister, and wished him long life and success and
encouraged him to be a role model for other politicians.
Politicians and honored guests
enjoy the birthday party.
Thai country music performer R. Siam and a lion-dance troupe
from the Sawang Boriboon Thammasathan Foundation entertained guests, who enjoyed
drinks and a buffet. Many left with gifts from the Hengtrakul family.
Chanyuth was born on April 21, 1952 and obtained degrees from Ramkamhaeng and
Burapha universities. Married to wife Wilawan, he is a father of four. His
career has seen him serve on the Chonburi Council, as head of the Provincial
Administrative Organization and as an MP for a year under deposed Prime Minister
Thaksin Shinawatra.
Chanyuth’s friends sing happy
birthday.
Thai country music star R. Siam
performs for guests.
A lion-dance troupe from the
Sawang Boriboon Thammasathan Foundation entertains guests.
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Manchester United stars lead Pattaya,
Bangkok charity tour
The Legacy of Legends team along with Clayton
Blackmore and Denis Irwin and the ladies from Women with a Mission take a tour
around the Mechai Foundation.
Paul Strachan
Two former Manchester United footballers lined up in Pattaya to promote upcoming
charity dinners and golf tournaments.
Denis Irwin and Clayton Blackmore are helping Legacy of Legends, a company
founded by local businessman Kevin Fisher and Peter Banner that brings famous
athletes to Thailand, Singapore and Myanmar to headline charity fundraisers.
Fisher said Legacy of Legends is Thailand’s first sports and entertainment
charity-event promoter. The long-term resident of Thailand said, “We recognized
opportunities for profitable businesses to lend our capable hands to help many
non-profit charity organizations give a better life to the needy and the
under-privileges.”
The Man-U legends will headline events to aid Women With a Mission, Operation
Smile and the Camillian Home for the Disabled in June. The first event will
benefit the Mechai Viravaidya Foundation, which is dedicated to AIDS prevention
and family planning.
(L to R) The Man U Legends meet the Women With a
Mission Kylie Grimmer, Denis Irwin, Rosanne Diamente, Clayton Blackmore and
Bronwyn Carey.
Irwin, known as “Mr. Dependable” during his years with Man-U, helped lead the
team to seven Premier League trophies, three FA Cup titles, and a Champions
League win. He played full back from 1983-2004.
Blackmore was a Welsh international footballer known for a combative nature and
attacking free kicks. A utility player who excelled in defense, Blackmore also
subbed as midfielder or emergency forward. He now manages the Manchester United
Under 15s at the team’s academy.
The pair will be joined at the gala dinners and golf days by former footballer
and Haddersfield Town Coach Andrew Cole and Lee Sharpe, a footballer turned
sports pundit and reality-television personality.
The first Legacy of Legends tour will kick off June 6 Plaza Athanee in Bangkok,
proceeding the next day to the Riverdale Golf Club in Bangkok for dinner and
golf. The team will then attend a dinner in Pattaya at the Centara Grand Mirage
Beach Resort June 8, followed by a day of golf at the Phoenix golf course.
Highlights of the dinners will be “power talks” from the athletes and a
motivational speech from Mechai, music and a performance from singer Ives Baron
Le Tenor. The 10-piece Neung Jakkawal Band and charity auction will close the
events.
Tickets for the gala dinners are 25,000 baht for a table of 10 and seats can be
purchased individually, as well.
The Golf Days & Dinner are 20,000 baht per team of four and feature
shotgun-start golf in the afternoon. Hole-in-one prizes worth a total 5 million
baht will be up for grabs on par-three holes.
Tickets and more information will be available at
www.legacyoflegends.org or
call or SMS 0800 444 050.
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