Banking and Money [1]

Chiang Mai Banks

Banking in Chiang Mai is relatively easy, given the large number of ATM’s and various branch outlets concentrated in popular areas around town. Visitors and residents alike can do any number of typical transactions such as opening local accounts, withdrawing cash, and doing money transfers all over town. To guarantee yourself the best results when looking for English speaking staff who understand the needs of foreigners, it’s best to stick to main drags like Thapae Road in the heart of town, Nimmanhaemin Road just to the west, Chang Puak to the north, and Changklan to the south. Thai banks in these areas often have several members with adequate English skills who can easily help you take care of your banking needs. Some of the most prevalent bank branches are Siam Commercial Bank, Bangkok Bank, Ayudhya Bank, and Kasikorn Bank. Some people prefer international banking through HSBC or Citibank which can be contacted here, though ultimately most expats choose to open a local Thai bank account for most of their local banking needs.

Opening Your Account

Both large and small branches of banks in Chiang Mai are willing to open accounts for expats. It is especially easy if you are accompanied by a Thai national who will act as your guarantor. While large branches on Thapae and Nimmanhaemin Roads may be more familiar working with expats, most small branches that you will encounter in Airport Plaza, Kad Suan Kaew, and even Tesco Lotus stores will be prepared to help get you processed.

Whether accompanied by a Thai guarantor or not, banks will require some documentation from you in order to open your account. As with most cases where paperwork is needed in Thailand, the rules may not always be consistent from bank to bank or even day to day. For instance, sometimes a bank will allow you to open an account with just a tourist visa, though it’s better if you have a valid Non-Immigrant O or B Visa. It’s also likely you’ll be required to show a copy of a rental agreement or residency certificate. Interestingly, some westerners have found that less paperwork is required when the bank understands that 30,000 baht or more is to be deposited upon opening the account.

ATM Withdrawal Fees and Conversion Rates

Inevitably, both tourists and locals will have to use an ATM very soon after arriving in Chiang Mai. All people needing to withdraw money or convert cash they’ve brought over from their home countries will have to accept the local conversion rates assessed by the banks. In general, bank conversion rates are only minutely different across companies on any given day. As for ATM withdrawals, the main difference to be weighed is a choice between different conversion rates and how they interact with a set overseas withdrawal fee, which is currently 150 baht for processing. Some banks may claim not to assess this fee, but then give you an unfavorable conversion rate instead. Finding the bank with the best rate and the smartest withdrawal procedure is a hot topic of debate on ThaiVisa. It’s advised to check the Jobs, Economy, Banking Subforum for the latest news about best deals for handling your money between countries. For small withdrawals and for tourists on holiday, this is not such a hot topic, but for those needing to move large amounts of money, or to withdraw often, looking into bank to bank transfer of money is probably a better idea.

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