Living in Thailand is a dream for most people, and if you plan on living in Thailand for an extended period of time, it’s a good idea to open a Thailand bank account there. This will make your life much easier if you decide to live in Thailand for more than a year.
The good news is that opening a bank account in Thailand as a foreigner is no longer a cumbersome and confusing task, especially with plenty of information available at your disposal online. Most banks you will find are foreigner friendly.
Listed here are the complete steps to help you open a bank account in Thailand while you live in the land of fun, adventure and dreams. If you need any assistance or have any questions make sure to contact us and we will put you in touch with our trusted locals in Thailand.
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Documents Needed for Foreigners to Open A Bank Account in Thailand
To open a bank account successfully, you will need original copies of these documents as well as up to 3 copies of each document. The originals do not have to be submitted but might have to be shown to bank officials and in some cases verified and attested. The copies have to be submitted with your application form.
- Passport – Has to be valid and have a later expiry date. For instance, if you are opening a bank account in 2023, the expiry date of the passport should be 2024 or later.
- Work permit – A valid work permit is needed to open any kind of bank account. If you do not have a work permit, then you will need an attested copy of a letter from your company, that clearly states that you have applied to get a work permit.
- Visa – Typically you need a non-immigrant visa to apply for savings, deposits, or a current account.
- Housing Proof – Foreigners that own a condo or are leasing property for a year or more will need to have documents such as a sale, purchase or lease agreement to open a Thai bank account.
- TM6 Immigration card – Another important document that is accessible to people working in Thailand, must be submitted at the time of applying to open any type of bank account in Thailand.
- Thai Sim Card – Having access to a valid Thai sim card registered in your name can ensure a hassle-free application process. Showing documents backing the sim card that is registered in your name can further fast-track the application process.
Additional Documents – If you are studying in Thailand then a valid student visa, as well as a letter from your educational institute, will be needed to apply for opening a bank account. Passport-size photos might also be needed by some banks, usually, 4 passport-size photos suffice for this purpose.
Special Considerations for Applying with a Tourist Visa
If you are applying for a bank account with a tourist visa then typically a letter from your embassy confirming your information would be needed. This is applicable to affluent global citizens that are considering settling down in Thailand in the near future. Tourist visa applications are usually given to foreigners living in resort towns and not all branches of all banks offer this facility.
Banks In Thailand That Welcome Foreign Nationals To Open Accounts
- United Overseas Bank – Ideal for corporate employees.
- Bangkok Bank – Considered the most loyal and trustworthy bank for foreigners.
- Industrial and Commercial Bank of China – Ideal for self-employed professionals and business owners.
- Siam Commercial Bank – Ideal for self-employed professionals.
- K-Bank – Ideal for all bank account types and applications.
- Citibank – Ideal for corporate employees and self-employed professionals.
- Bank of Ayudhya (Krungsri) – Ideal for all foreign applicants.
- Krung Thai – Ideal for savings, current and deposit accounts.
- TMB Bank – Ideal for all bank account types with multiple ATMs spread across Thailand.
Opening A Thai Bank Account As A Foreigner – Terms and Conditions of Deposit
The initial process of opening an account for foreign nationals has to be done in person at the chosen branch. You might be able to choose a branch that is the closest to where you live, or you may be asked to go to a certain branch that accepts foreign applicants as banking customers.
While opening an account, you might be asked to place a minimum amount in the account as a deposit, this can range from 500 to 2000 Thai Bahts (TBH) ($13-$55 USD). Additionally, you might be asked to pay 200 to 300 Bahts ($5-$8 USD) for an ATM card, and there may be a recurring yearly atm card fee that will be automatically charged to your account. The branch that you choose to open an account with will become the place of contact or the home branch for all further communications.
Any transactions done using a Thai ATM debit card for withdrawal are usually not charged in the province where the card was issued, other province transactions might be chargeable at 10 – 30 Thai Bahts per transaction. ($0.25-$0.85 USD)
Terms and Conditions of Using Thai Bank Accounts, Cards and Apps
The initial process of opening an account for foreign nationals has to be done in person at the chosen branch. You might be able to choose a branch that is the closest to where you live, or you may be asked to go to a certain branch that accepts foreign applicants as banking customers.
While opening an account, you might be asked to place a minimum amount in the account as a deposit, this can range from 500 to 2000 Thai Bahts (TBH) ($13-$55 USD). Additionally, you might be asked to pay 200 to 300 Bahts ($5-$8 USD) for an ATM card, and there may be a recurring yearly atm card fee that will be automatically charged to your account. The branch that you choose to open an account with will become the place of contact or the home branch for all further communications.
Any transactions done using a Thai ATM debit card for withdrawal are usually not charged in the province where the card was issued, other province transactions might be chargeable at 10 – 30 Thai Bahts per transaction. ($0.25-$0.85 USD)
Three Types of Accounts Offered to Foreign Nationals
The most popular type of account for foreign nationals, especially working professionals is a savings account that can be opened with a small initial deposit amount. For such accounts, you will be given a debit/ATM card, a passbook also known as a bank book and in some cases a credit card if you are eligible.
The second type of account for foreigners living in Thailand is a deposit account where you can deposit funds in international currency. This type of account is given as an option provided you have a valid work permit.
A current account is not as popular for foreigners as it requires you to have 3 important documents to open one. You will need a letter from your employer with work-related details of tenure, term and future work, a valid work visa and finally a larger deposit amount. It might also be a good idea to take along a utility bill registered to your address if you have one. Current accounts usually come with a Thai cheque book while other types of accounts lack a chequebook option.
Final Words and Special Considerations To Open a Bank Account In Thailand
In addition to the points mentioned here, savings accounts may be eligible for an interest rate based on both usage and amounts deposited in the account. Usually, all savings and deposit accounts come with fixed terms such as 3, 6, 9, 12, 15, and 18 months.
This depends on the bank and branch as well as the purpose of opening the account. While opening an account in Thailand is a relatively easy process, you should keep in mind that Thai banks have the right to refuse applications at their discretion. Credit cards are usually offered to bank account holders with an excellent credit score as well as a repaying capacity.
To buy real estate in Bangkok it is not necessary to have a Thai Bank account. Transferring money from a foreign bank account transfer. Having a Thai account can help you immensely and it’s something you should take into consideration early on.
For instance, it will be easier to withdraw money from ATMs, especially if you have an international debit or credit card with high overseas withdrawal fees. If you require regular management of the property then using a local bank account would be most beneficial as you can complete the transfers more effectively while sending in Thai Baht (THB).
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