5 Important Things You Must Know Before Opening a Bank Account In Thailand
Opening bank account in Thailand is a complex process, especially for foreigners. Each bank has different requirement for documents and balance. Without a proper understanding of the banking system, it’s very difficult for a foreigner to open and maintain an account in Thailand.
To address this issue, here are several things that you must know before you open a bank account in Thailand:
1. Open a bank account with Passport and Work Permit
Even though each bank has different requirement for opening an account, you can always open a bank account with your passport and work permit. These two documents are accepted in every bank.
2. Open account with other documents
In case you do not have a work permit or your company hasn’t issued it yet, you can still open an account. Produce the proof of your stay in Thailand. You can produce documents such as the 1 year lease agreement of the condominium you are living; a Thai driving license, the house registration document (in case you live in a house), and the ID card of your Thai spouse with the marriage certificate (in case u r married).
3. Minimum Amount
Each bank has different rates of minimum amount deposit in their bank. You can inquire the amount with each bank. Usually the minimum deposit amount starts from 500 Baht. You have to maintain this balance in order to open an account.
4. Choose you branch carefully
Unlike banking systems in other countries, Thailand gives emphasis to your home branch which is the branch you opened your account with. There are a number of activities that can be only performed in your home branch. You won’t get these services in other branches of the same bank.So, location is very important. When you relocate to a new place, remember to shift your home branch as well.
5. Get your cards and documents
Once you have opened an account, make sure to get a debit card. You have to pay additional charges of 200-300 baht for this. Update the bank book regularly to keep a tab of your finances.
A bank account will help you transfer money to Thailand and carry out other transactions. We hope that these 5 tips have helped you in getting a clear picture of the procedure for opening a bank account in Thailand with ease.
