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Help for Investors: How to Open a Bank Account in Thailand as a Foreigner

10/13/2024

Help for Investors: How to Open a Bank Account in Thailand as a Foreigner

If you're planning to live comfortably in Thailand, having a local bank account is essential.

While a Thai bank account is not required for purchasing real estate, you will need one to receive rental income from property investments.

CONTENT:

  1. Documents Required for Opening a Bank Account
  2. Opening an Account with a Tourist Visa
  3. Banks in Thailand
  4. Account Opening Conditions
  5. Types of Bank Accounts and Cards
  6. Features of Bank Accounts and Cards in Thailand
  7. ATMs

DOCUMENTS REQUIRED FOR OPENING A BANK ACCOUNT Foreigners have the right to open a bank account in Thailand, but the process requires several documents and can involve navigating Thai bureaucracy.

The documents required for opening an account typically include:

  • Passport
  • Work permit (or a letter from your employer stating that you are in the process of obtaining one)
  • Non-immigrant visa
  • Lease agreement for at least one year/property ownership/leasehold agreement
  • Thai SIM card
  • TM6 immigration card

The specific list of documents may vary from bank to bank and even between different branches. If you're unsuccessful at one branch, it’s worth trying another location.

If you have a student visa, the bank may require a letter from your educational institution. A letter from your employer may also be requested alongside your work permit. In addition, the bank may ask for the landlord's personal information and the house registration book (Tabien Ban).

OPENING AN ACCOUNT WITH A TOURIST VISA Can you open a bank account in Thailand with a tourist visa? Yes, it is possible, especially in resort cities. However, requirements vary by bank and branch. You may need a letter from your embassy or a document from the immigration office to verify your identity when opening an account with a tourist visa.

Once you open an account with a non-immigrant visa as a resident, you’ll gain access to more banking features.

BANKS IN THAILAND Popular Thai banks include:

  • Bangkok Bank
  • Siam Commercial Bank (SCB)
  • Kasikorn Bank (KBank)
  • Bank of Ayudhya (Krungsri)
  • KrungThai Bank
  • TMB Bank

Thailand also hosts foreign banks such as United Overseas Bank (UOB), Industrial and Commercial Bank of China (ICBC), and Citibank. However, the required documents for opening an account remain similar. American and European banks also have offices in Thailand, but they mostly serve corporate clients.

Bangkok Bank is known for being more accommodating to non-residents.

ACCOUNT OPENING CONDITIONS To open an account, you'll need to deposit USD 15–60 (500–2,000 THB) and pay USD 8–15 (300–500 THB) for a bank card. Some banks also require insurance, which typically costs between USD 145 and USD 230 (5,000–8,000 THB). In some cases, the card price includes insurance. You can withdraw up to USD 580 (20,000 THB) in cash. Note that the branch where you open your account will be your «home branch,» and most transactions can only be processed there.

Cash withdrawals from ATMs within the province where your account was opened are free. In other provinces, a small fee ranging from USD 0.3 to USD 0.8 (10–20 THB) may apply.

Types of Bank Accounts and Bank Cards in Thailand

Savings Account: This is the most common type of account for foreigners in Thailand. Opening it requires a small deposit and is linked to your debit and/or credit card. The bank provides a savings book (also known as a bank book), which allows you to track transactions that can be printed at ATMs or bank branches.

Current Account: A current account comes with a chequebook. To open one, you’ll need a work permit, a letter from your employer, and a larger initial deposit.

Foreign Currency Deposit Account: These accounts, usually in US dollars, can only be opened if you have a work permit.

Fixed-Term Savings Accounts: These accounts come with various deposit periods (3 months, 6 months, 12 months, etc.), each with different conditions and interest rates. For more detailed information, it's best to check with the bank directly or visit their website.

Debit and Credit Cards:

  • Debit Cards: These cards are linked directly to your account, allowing you to spend only what you have in the account. Debit cards are issued by default when you open an account, and most foreigners receive a non-embossed card.
  • Credit Cards: Credit cards allow you to access credit with an interest-free grace period. To apply for a credit card, you’ll need a salary history of at least 6 months in Thailand. Credit cards can be used for services such as car rentals or hotel reservations. They also offer benefits like airline miles, free movie tickets, and discounts in shops and restaurants.

Features of Bank Accounts and Cards in Thailand:

  • Thailand does not use the IBAN system, so for international transfers, you’ll need to provide the SWIFT code of the Thai bank receiving the funds.
  • Bank cards are not accepted everywhere in Thailand, including some large stores and 7/11 shops. QR code payments via mobile banking apps are becoming increasingly popular.
  • Thai banks offer internet and mobile banking services. A mobile app will be installed when you open your account, allowing you to pay utility bills and mobile phone charges.
  • Transfers between Thai bank accounts are instant and free of charge. The account number, not the card number, is used for transfers, and this number is printed in your bank book.
  • Opening a Thai bank account online is not possible. You must visit the bank in person to open the account, but most other transactions can be handled via internet or mobile banking.

ATMs: Thailand has a large number of ATMs, often found in 7/11 or Family Mart stores, metro stations, and shopping malls. There are two types of ATMs:

  • ATM: For cash withdrawals, bill payments, and money transfers.
  • CDM (Cash Deposit Machine): In addition to withdrawals, CDMs accept cash deposits, allowing you to top up your account and update your bank book.
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