Foreigners must open bank account in Thailand. If you’re planning a longer stay across the Thai landscape, the right bank account will give you peace of mind with smooth money transfers. Opening a bank account as a foreigner is now simpler than you think! Thailand’s banking system is highly modernized, making your transactions seamless across borders. From visas to documentation, Konrad Legal ensures your financial planning is hassle-free and smart.
In this article, we’ll guide you through the necessary documentation for opening a Thai bank account and help you find the best banks in Thailand for foreigners. We’ll also discuss the benefits, challenges, and banking fees, so you feel more confident in your financial decisions while living in Thailand.
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Benefits of opening a bank account in Thailand
Managing finances in Thailand doesn’t have to be a struggle! Mainly, commercial and retail banks are popular among expats, elite foreigners, and digital nomads in Thailand. Let’s understand the benefits you can get from opening a local Thai bank account:
Financial Benefits
- Better convenience in local payments and cashless transactions
- Easier access to international funds and the transfer of amounts
- Faster local currency management in Thailand
Administrative Benefits
- Access to mobile and internet banking from anywhere
- Better long-term visa requirements, including retirement in Thailand
Access to Banking Products and Services
- Seamless payments for merchants in Thailand
- Easier purchases with a Thai debit card
Types of bank accounts in Thailand
For reliable investment in a foreign country, you need to open a bank account to grow your wealth. At Konrad Legal, we recommend that you choose from these types of accounts for efficient banking transactions:
Savings Account
This type of account does not possess any high-interest rates. Foreigners can conduct day-to-day transactions by opening a savings account in Thailand.
Current Account
This account is required by foreigners who prefer a long-term visa for any kind of property ownership. Current accounts help foreigners in Thailand to undertake lease agreements. It is suitable for daily cash inflows and outflows.
Fixed Deposit Account
To open this account, you need to deposit a lump sum amount of money and receive interest monthly in Thailand. This will ensure increased liquidity for applying for credits and provide a guarantee for foreigners. Moreover, there is enhanced convenience and protection across the digital channels through fixed deposits.
Foreign Currency account
This account enables non-residents in Thailand to hold incoming foreign funds without converting them to baht. It is an ideal way for you to save the earnings in your foreign currency if you are a foreigner or an expat living in Thailand. If you open a foreign currency deposit account in Thailand, your funds get transferred from other FCD accounts of the same non-resident. Also, there is no limit to the maximum deposit balance if you choose Bangkok Bank. Moreover, each foreigner is allowed to deposit foreign banknotes into their FCD account, up to a maximum of USD 15,000.
Considerations Before Opening a Thai Bank Account
The Bangkok Post stated that new applications for debit card services and mobile banking are now subject to strict regulations aimed at preventing financial fraud. From 2023, foreigners will require identity verification to open a bank account in Thailand.
To open a Thai bank account, non-residents should consider the following points:
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Documents Needed to Open Bank Account in Thailand
A Thai bank account for foreigners ensures proper financial planning and easy international transfers. In compliance with the Bank of Thailand rules, we suggest that you get hold of these documents to open the account:
Valid Passport | Thai Visa | Proof of Residency |
Passport details get tied to your visa and work permit with a minimum of 6 months of validity. | This can be:
(non-immigrant B visa)
(marriage visa)
(retirement O-A visa)
(student visa) | It includes: -Rental/lease agreement -Utility bill in your name -Letter from your landlord or hotel |
Letter of reference | Work Permit | Proof of Property Ownership |
It shall be taken from your embassy, Thai employer, educational institution, or your home bank. | If you’re legally working in Thailand, a work permit is needed to open a Thai bank account. | A property title deed is needed as legal proof of assets to open a bank account. |
Which is the Best Bank for Foreigners in Thailand?
Being a foreigner, it’s quite hectic to perform domestic transactions in Thailand without opening a bank account. When it comes to choosing the best thai bank for expats in Thailand, foreigners prefer to select a bank based on the number of branches available and the services offered. Let’s discover the options for the best bank suited to your needs:
Bank | Deposit Interest Rate | No. of branches | Minimum Deposit | Advantages |
Krung Thai Bank | 0.3% – 3.8% | 900 | Savings account- THB 500
Fixed Deposit- THB 1,000-THB 10,000
Business current account -THB 10,000 and more | -Best in cash management -Tax-free time deposit -Accessibility of foreign currency account -SME loans -Housing loans -Wealth Management |
Kasikorn Bank | 0.25% – 2.35% | 790+ | Fixed deposit- THB 0-1,000
Foreign currency account- USD, 5000
Foreign fixed deposit- USD 500 | -Secured mobile phone payments through the K-plus application -Merchant account registration -Credit cards accessibility -Better investment in the corporate and retail services |
Siam Commercial Bank | 0.125%-2.70% | 700+ | Foreign currency account- Min. USD 1,000
Current account- Min. THB 10,000
Savings account- Min. THB 500 | -Highly focused on industries such as insurance, real estate, and leasing -Extensive investment products in corporate banking -Easy export-import trade and credit facilities |
Bangkok Bank | 0.25% – 2.45% | 800 | Savings account- THB 500
Current account- THB 10,000-20,000
Fixed Deposit- THB 2,000 | -Accessibility on electronic import and export services and merchant services -E-bank confirmation on blockchain -Business loans for SMEs -Credit cards |
Bank of Ayudhya | 0.10% – 2.80% | 500+ | Basic account- Minimum THM 500 Foreign currency- USD 100-500 minimum | -International trade loans -Efficient cash management -Better trade service, exchange – Increased international transfer and trade finance- – Enhanced banking solutions for SMEs |
TMBThanachart Bank | 0.125%-2.20% | 500+ | Foreign currency account- USD 10,000
High-tier account- THB 1,000-5,000 | -Foreign exchange risk management -High-yield business account with a term deposit -International money transfer through a multi-currency account -Credit facilities |
Can I open a bank account in Thailand with a Tourist Visa?
No, tourists are prohibited from opening bank accounts in Thailand due to the rise of online fraud and digital banking scams. Bangkok Bank, the largest commercial bank in Thailand, recently stopped opening bank accounts for tourists holding a Destination Thailand Visa (DTV).
Additionally, a Thai bank account for foreigners requires the eligibility criteria under non-immigrant visas or retirement visas. Non-immigrant visas are issued to foreigners for work, study, or business reasons, while tourists holding a tourist visa are allowed to enjoy leisure travel for a limited period.
Banking Fees in Thailand
Based on the account terms, foreigners must consider the following expenses for opening a bank account in Thailand:
Card | Entrance Fee: THB 100 Annual Fee: THB 250 |
Card transactions | Depending on whether you’re transacting across regions or in a region |
Overseas ATM withdrawal | Around THB 100 + operator fees |
Foreign transactions | 2.5% and every time you spend in foreign currency |
Domestic transfer | It can vary depending on the speed of service and the amount you spend |
After opening a bank account in Thailand, foreigners must select the local currency when withdrawing money from ATMs. Moreover, foreigners in Thailand typically incur a local fee of THB 220 for each withdrawal. Any withdrawal made with a foreign card will be subject to these local ATM fees. Additionally, a 2.5% foreign transaction fee will be charged for foreigners while withdrawing any amount from Thai ATMs. However, this depends on the bank selected in Thailand and the amount withdrawn.
Foreign Currency Account v/s Thai Baht Accounts
Foreign currency account
Foreigners are not limited in the number of foreign currency accounts they can maintain in Thailand. These accounts, opened with authorized banks, facilitate the free transfer of funds originating from abroad. Moreover, balances on such accounts can also be freely withdrawn. You can make deposits based on the eligible 14 major foreign currencies:
Currency | Abbreviations |
| (USD) |
| (HKD) |
| (AUD) |
| (NZD) |
| (CAD) |
| (SGD) |
| (EUR) |
| (GBP) |
| (JPY) |
| (CNY) |
| (CHF) |
| (DKK) |
| (NOK) |
| (SEK) |
Australian Dollar
New Zealand Dollar
Canadian Dollar
Singapore Dollar
Euro
Japanese Yen
Chinese Yuan
Swiss Franc
Danish Krone
Norwegian Krone
Thai baht account
Foreigners can use these accounts for debit or credit transactions related to trade, services, or foreign direct investment in any immovable asset. However, the total daily outstanding balance shall not exceed THB 300 million per foreigner. Additionally, transfers between different types of accounts in Thailand are prohibited. In this case, opening a Thai bank account for foreigners can be performed only through authorized agents.
Suggestions for a Thai Bank Account for Foreigners
Students
Did you know that Chulalongkorn University, in cooperation with Kasikorn Bank, issues student cards to every new student in their first semester? International students can easily open a bank account and access the debit card from the student card in Thailand. For this, you’ll require a non-immigrant (ED) visa and a certificate of admission with a Thai residential address to open a Thai bank account.
Expats
Kasikorn Bank, Siam Commercial Bank, and Krung Thai Bank offer foreign-friendly services for the non-resident professionals in Thailand. This will require a non-immigrant B visa and a Thai residency certificate from the Thai Immigration office. Foreigners who are employed in any Thai branch shall require a work permit to open a bank account.
Retirees
Financial support as a retiree is needed for pension support or retirement savings. If you are above 50 years old, you are eligible to open a bank account with a retirement visa (O-A visa) in Thailand. Moreover, to open a bank account, you’ll require a minimum of 800,000 THB (amounting to $24,000 USD). Along with it, you will need a monthly pension amount or retirement income of at least 65,000 THB every month.
Married couple
You can open a bank account in Thailand if you’re married to a Thai citizen. Concerning that, as a foreigner, you shall require a non-immigrant O visa in Thailand and a marriage visa.
How will Konrad Legal help?
With Konrad Legal’s top expertise in legal and accounting domains, you can easily open a bank account in Thailand. Our team of professionals will guide you in the following areas:
- Same-day bank account opening process
- Personal account opening
- Help in documentation at the leading Thai banks
- Advisory support in digital banking procedures
Feel free to consult us. Simply email us at officer@konradlegal.com for expert and professional guidance.
Conclusion
Therefore, with the right guidance, you can easily open a bank account in Thailand as a foreigner. Finally, Bangkok Bank, Siam Commercial Bank, and Kasikorn Bank are some of the best banks in Thailand for foreigners. At Konrad Legal, we ensure reliable documentation to open a savings or foreign currency account with the local Thai bank of your choice. We guide you throughout the process and draft the necessary papers on our client’s behalf. To take a further step towards financial security, contact our team of legal experts today!
Frequently Asked Questions
Yes. A foreigner can open a bank account in Thailand based on the 2025 regulations. Also, foreigners are allowed to maintain both Thai baht and foreign currency accounts in Thailand.
No, foreigners can open bank accounts in Thailand. Unfortunately, a Thai bank account for foreigners cannot be opened through a tourist visa or any short-term visa. Only foreigners with a work permit/non-immigrant visa/Thailand Elite Visa/ retirement/ marriage visa can open a bank account.
All the banks are expat-friendly and suitable for international transactions in Thailand. But, Bangkok Bank (BBL) is the largest bank in Thailand, holding a total volume of assets worth THB 3,876 billion. Along with it, foreigners can also look for services in Siam Commercial Bank (SCB) and Krung Thai Bank (KTB) as other best options.
Not really. As a foreigner, you may not be able to open an online account in Thailand from abroad due to strict regulations. Although non-resident accounts make you eligible to open a bank account in Thailand, you have to visit a bank branch physically, get documents ready, and verify them.
AEON Bank ATMs in Thailand are ideal for withdrawals with lower ATM fees. It charges only 150 THB (~S$5.93) per transaction — one of the lowest fees in Thailand. It is not possible to get free cash withdrawals from any ATM in Thailand, as you won’t find any bank with a no-fee policy for foreigners. Moreover, the standard ATM fees for each foreign visitor amount to a minimum of 220 baht per withdrawal.
Yes. Foreigners can open a dollar (foreign currency) account, subject to the Bank of Thailand regulations. Any non-resident holding incoming foreign funds is eligible for a foreign currency account with no limit to the maximum deposit balance in Bangkok Bank. The foreigner is entitled to open a savings/fixed deposit/current account in Thailand with a minimum deposit of USD 1,000.
Yes, it is possible to transfer money out of Thailand, but only in foreign currency notes. Moreover, the amount purchased from authorized banks or money from Thai banks is limited, in line with the Exchange Control Regulation.
Yes, you can. However, there is a “commission in lieu of exchange fee” of 0.25% of the payment amount. This requires a minimum of 300 baht and an additional outward transfer fee of 400 baht.
