I have just been to Bangkok bank with partner (thai ) and mother in law to try to open a bank account, lady said I had to pay into a 10 year life insurance policy at total cost of £7500, is this correct, is there another way?
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TLDR : Answer Summary
Many expats have reported that purchasing a life insurance policy is not a prerequisite for opening a bank account in Thailand. Most comments suggest trying different branches or banks, such as Kasikorn or SCB, where account openings can occur without any such insurance requirement. The varying experiences point to potential branch-specific practices at Bangkok Bank, indicating that this requirement may not be standard across all locations.
With tourist visa , my partner has been open account with Kasikorn bank and Bangkok bank , we just help them purchase Accident insurance. About 2-3000 THB. Try to not open an account in Shopping mall .
Dieter *********
I have account at Kasikorn also. No issues
Ken ********
Get accident insurance it's well worth it over here
Try a different branch. It varies from branch to branch. We opened one in Hua Hin,no problem.
Rick ********
Jack *********
I paid a Visa agent to negotiate, cost 10,000 baht which includes the accident insurance. I know I probably overpaid but she also answered a bunch of my other questions and acted as an interpreter. So I was happy.
Sounds like she’s trying to BS you into belie it’s necessary for some kind of commission.
Louis ***********
Run, don't look back.
Lisa *******************
It’s just a thing that they do, but not necessary to open an account. They tried to sell me insurance too and my account was opened in my small hometown where the banker knew my mom. (She was with me). I just told them flat out that the coverage amount isn’t worth it to me, I have no need of it and that I have all necessary insurance from out of country.
Gail *********
No I just went in and opened a Bangkok bank account my card ran out this year so went back
In replaced for a charge of 100 bahts
Lisa ****
Not correct. They're just trying to trick you into buying insurance. As long as you have the right documents you can open an account without buying anything.
Tom *********
Avoid BKK bank like the plague! Never seen so retarded and outdated banking. Took them 10 days to change my phone number (which is needed for online banking), after I had signed a dozen papers and given passport copies... Just one of many insane stories! Oh, and made a fixed deposit in Bangkok, could not get my money back in Chiang Mai, because I opened it Bangkok !??? 🙂
I will ditch Thai banking altogether and use my WISE account to hold the money in different currencies in the so called: "borderless" or "multicurrency" account and then withdraw with their card in local currencies, wherever I travel. Much more flexible! If you want to look into that and for the cheapest transfers, you can use my invite link for a free first money transfer. If you use my referral link, the first transfer up to 600 USD is free for you. Anyone else is also invited to use the link of course, for a free first transfer and cheap rates afterwards:
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Tom *********
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Eric *******
If you can provide a certificate of residency (done for 300 Thb at the immigration), you can go to ANY BRANCH of ANY BANK with your passport and open an account and get an ATM card on site in 30 minutes, no headaches , no particular insurance to buy.
I want to say that we have been to 6 different bank branches trying to open Thai bank accounts for our retirement visas. We have passports and a long term lease and a TM30 copy from our landlord. No go at bank branches at Big C Extra on On Nut, Terminal 21 SCA bank branch, and no go at Bangkok branch at CentralWOrld mall. It’s like they ask for our Work Permits (we are RETIRED) and then freeze up. We even headed to Thai Immigration after the 5th rejection, did you know they only give a Residence Certificate for Drivers Licenses and Selling a Vehicle??? So go in that, we were told we have to go to the US Embassy for a “paper” that certifies our Thai address. We try one more time and head to the embassy, and they only take appointments, no walk ins, but are given instructions how to make an appt and an email contact # for consular staff. We have not yet been able to make an appt, as they somehow only open “on a rolling basis” (so we are checking 3x day). Apparently according to our email question, you need to pay $50 to someone in the Consulate Notary Services who will notarize your official “Thai address”, but guarantees nothing. I am convinced it just satisfies the Thai bureaucratic need for red tape, something “official” that states your Thai address. We have been hassling with this for WEEKS now. You’d think Thai banks would want foreigners to park their 800,000 baht in their banks!! 😡
I want to say that we have been to 6 different bank branches trying to open Thai bank accounts for our retirement visas. We have passports and a long term lease and a TM30 copy from our landlord. No go at bank branches at Big C Extra on On Nut, Terminal 21 SCA bank branch, and no go at Bangkok branch at CentralWOrld mall. It’s like they ask for our Work Permits (we are RETIRED) and then freeze up. We even headed to Thai Immigration after the 5th rejection, did you know they only give a Residence Certificate for Drivers Licenses and Selling a Vehicle??? So no go with that, we were told we have to go to the US Embassy for a “paper” that certifies our Thai address. We try one more time and head to the embassy, and they only take appointments, no walk ins, but are given instructions how to make an appt and an email contact # for consular staff. We have not yet been able to make an appt, as they somehow only open “on a rolling basis” (so we are checking 3x day). Apparently according to our email question, you need to pay $50 to someone in the Consulate Notary Services who will notarize your official “Thai address”, but guarantees nothing. I am convinced it just satisfies the Thai bureaucratic need for red tape, something “official” that states your Thai address. We have been hassling with this for WEEKS now. You’d think Thai banks would want foreigners to park their 800,000 baht in their banks!! 😡
"on site in 30 minutes" You have obviously no experience with BKK bank ! 30 minutes in line until it's your turn..., then the saga starts...! At least 20 A4 sheets to sign, passport copies, oh the system is down, another 30 minutes, etc. then they send you to another teller to make your initial deposit, 30 minutes in line until it's your turn etc.... I repeat: Avoid BKK bank like the plague!
You mean to open the account or for the certificate of residency ?
Opening a bank account costs 0 Thb in Bkk, Pattaya, Phuket and more (only around 300 Thb for the ATM card), if you can provide this certificate of residency.
that is incorrect. Opening a bank account costs 1000 baht (500 + 500). I went there with a certificate of residency. Asked for the BS "insurance". I said no, then they said OK, then have my bank send a "good standing account" message via the SWIFT communicating system. Told my bank about it, never heard of such a thing
they asked for the following. An Embassy certified copy of my passport and for my partner to write a note confirming that I lived with her, signed by her with a copy of her ID. The account is in my name only.
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Lyndon ************
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Denis *****
I had to pay 5900 thb for 1 year whatever insurance to open bank account with Bangkok bank in 2022.
Branch is located near walking street on beach road, Pattaya.
Bangkok bank also told me to buy a 5900 life insurance policy. Another one told me I needed a letter from my embassy that would have cost 1900 baht. Finally found one that just wanted a residency certificate from immigration which is free to get. Just need to ask others where a foreign friendly Bangkok bank is. I opened mine 5 months ago.
My friend do it month ago , just go to imigration in Pattaya get residnce paper , he was just on visa free they do for him in Bangkok bank Jomtien branch near imigration soi 5 without any problem! He get card ! He try this year ago in Patong same they try to sell him insurance! I open my account here five years ago Krung thai bank in centarl festival in Pattaya they dont make me any problem i was on tourist visa multi entery before they canceled that 2016 .
But i ask at least 7 other branch and banks they said no !
Can the insurance be cancelled after the account is open.??
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Jeffrey *******
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Durrant ********
Never heard that before.
Оливер *********
If you're in Pattaya, go to scb bank in the Big C complex on corner of South Pattaya and sukomvit road. They will open one for you without a phony insurance!
Wayne **********
No, try another bank
Terry *******
They tried to sell me insurance, I said no. They allowed me to open the account. Bangkok bank
David *********
That’s outrageous
Phil ********
ORIGINAL POSTER
Cheers guys
Cary ******
BB did that to me at the branch my GF used. I said no. Tried another branch of BB and got an account without any mention of insurance. In a sense it’s a bribe because they get commission (I’m guessing).
When I opened a bank account, they don’t ask me buy a insurance.
May be something is wrong. Try another bank.
Brandon ************
They usually want to sell a policy that's about 5000₿. You can try other banks, or try an agent. The cost to open with an agent is usually around 3-5,000₿
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Brandon ************
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