Foreigners must open a bank account in Thailand if they plan to stay here for a long period of time. Note that, this becomes necessary in order to avoid paying exorbitant bank and ATM fees. Managing your finances, including sending and receiving money from overseas, might be made easier if you have a Thai bank account. It can also make life much simpler for you in Thailand because locals frequently utilize wire transfers as a method of payment.
For foreigners who want to open a bank account in Thailand, there are certain stringent requirements. In this article, we’ll go through the requirements for opening a bank account, the most foreigner-friendly banks, and more.
- Document Requirements to Open Bank Account in Thailand
- Is it Possible to Open a Bank Account in Thailand with Tourist Visa?
- Which Bank in Thailand should you Choose to Open an Account with?
- What Types of Bank Accounts can you Open in Thailand?
- Considerations Before Opening a Thai Bank Account
- Our Suggestions for Opening Bank Account in Thailand
Documents You Need to Open Bank Account in Thailand
Depending on the bank, you might need to prepare different documentation. Even the same bank’s branches can have varied documentation requirements. The country’s employers and bank managers vary in how strictly they apply the laws; some may be more rigid than others.
In general, if you want to open a Thai bank account, you might have to get ready the following paperwork:
- A passport
- Any one of the following:
- Work Permit
- Non-Immigrant B Visa for business or work
- O-A long-stay visa, or,
- 3 Year Non-immigrant Visa for business.
Additionally, some banks could demand more paperwork. Eventually, they may request the following documents from you:
- For proof of Thai Citizenship, a rental or lease agreement is the simplest. It is possible that your energy bill, Thai Residence Permit, Thai driver’s license, or Thai house registration will also be acceptable.
- As a document attesting to your nationality, you can produce a utility bill, driver’s license, or bank statement.
- Proof of Thai property ownership.
- A letter of recommendation from your home bank, embassy, or Thai academic institution.
- A letter from your employer confirming that you are applying for a work permit.
You may bring any documentation that demonstrates your intention to stay in Thailand for a long period, such as a photo ID or documents proving your pension or pay.
Can You Open a Bank Account in Thailand with Tourist Visa?
With simply a tourist visa, it is feasible to create a Thai bank account. Note that, the majority of banks that permit account opening with merely a tourist visa are often found in tourist destinations.
You might want to visit the banks in the Siam, Silom, and Sukhumvit districts of Bangkok. Also, try to visit Promenada, Central Festival, Nimmanhaemin, and the old town area in Chiang Mai.
It is always advised to compare different banks before choosing one. Compare the costs, interest rates, customer satisfaction scores, and account opening procedures at your leisure.
In Which Bank in Thailand should You Open an Account?
There is a reputation for ease of dealing with Bangkok Bank and Kasikorn Bank. They are also renowned for being friendlier to foreign customers than the majority of other Thai banks. These two are not the only choices you can think about, though. Here is a selection of well-known banks you might want to consider using:
Bangkok Bank
Thailand’s largest and most welcoming bank for foreigners is Bangkok Bank. Bangkok Bank offers the largest branch network globally in addition to having more than 1,200 local branches. Additionally, this bank has a reputation for offering the best exchange rate for international wire transactions.
Kasikorn Bank or KBank
The fourth-largest commercial bank in Thailand is Kasikorn Bank. It is recognized for being the first bank in the world to provide a secure mobile payment system.
Siam Commercial Bank or SCB
Another popular bank in Thailand among residents and foreigners alike is Siam Commercial Bank. With an initial opening sometime around 1907, it is the country’s oldest domestic bank. Because non-residents can open an account with just a passport and money to deposit, foreigners in particular favor the bank.
What Types of Bank Accounts can you Open in Thailand?
Expats can choose from a variety of account categories. They are as follows:
Savings Accounts
For foreigners, opening a savings account is the simplest process. You can even create an account as a visitor with some banks, such as Bangkok Bank. The longer time you have left on your visa—which is unlimited—the better.
Current Accounts
For foreigners with work visas, a current account is available. A current account functions virtually in the same way as a savings account in Thailand. You won’t get a passbook if you have a current account; you’ll just get a chequebook.
Fixed Term Account
For foreigners, opening a fixed-term account in Thailand can be more difficult. It is because different rates are offered by many Thai banks to “non-residents.” However, there are several methods to go about it. Furthermore, the thirteen-digit social security number on a foreign national’s work visa may be used as an ‘ID’.
You ought to be able to get the “local” rate if you hold a residency permit.
Considerations Before Opening a Thai Bank Account
Please note that, when selecting a Thai Bank account, there are a few considerations to make.
Learn about the Branch Policies of the Bank: In Thailand, a lot of policies tend to be branch-specific. Because of this, just because something doesn’t work out in one branch, it doesn’t necessarily follow that it won’t function in any other bank branches.
Know the ATM & Conversion Fees: The ATM withdrawal fee and conversion rate fees are normally exempt if you use the ATM at your bank. Note that different banks have specific policies in this regard.
Process of Sending Money Abroad: Each bank has a different set of costs for sending money outside of Thailand. However, no matter how you make the transfer, the majority of institutions in the nation charge a minimum of 150 Thai Baht. Some banks, including Kasikorn Bank, don’t impose a fee if the transaction is completed online.
Our Suggestions for Opening Bank Account in Thailand
The following three points cover a major portion of our suggestions as these evolved from a decade of our experience in facilitating foreigners to open Bank Accounts in Thailand:
- It might only be possible to open an account at the bank’s main branch in person if you’re a non-resident.
- Thai ATMs are far more useful and may be used to pay bills, transfer money between banks, and withdraw cash.
- Foreign nationals who want to open a bank account in Thailand must adhere to some stringent rules.
Many a time, the process of opening a bank account in Thailand becomes cumbersome for foreigners. The reason behind this is the secure banking policies and stringent revenue code of the kingdom. In case, you are facing any such issues, feel free to consult us. Simply email us at [email protected] for expert and professional guidance.
