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How To Open a Bank Account For Thais and Foreigners in Thailand

Whether you’re a Thai national or a foreigner in Thailand, opening a bank account can make your life a lot easier. And the best part is that the process is relatively simple. Learn which account is right for you, which banks are foreign friendly, and how to safely open an account for expat and Thai nationals alike in this article by PropertySights Real Estate.
Published: June 5, 2024    
Updated: July 25, 2024
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Benefits of Opening a Bank Account in Thailand

The 7 main benefits of opening a bank account in Thailand are as follows:

  1. Allows you to create debit and credit cards, whether or not you have PR (permanent residence).
  2. Gives access to housing loans and insurance, even for expats in some cases.
  3. Provides convenient mobile banking apps and digital banking in most cases.
  4. Eliminates the problem of high international transfer fees at Thai ATMs.
  5. Simplifies international transfers and makes them cheaper
  6. Opens up unique cash back and rewards programs
  7. Simplifies bill payment processes

What Is a Debit Card?

A debit card is a physical card linked to your bank account that can be used to make transactions in person and online. These cards only draw from the funds within your bank account.

What Is a Credit Card?

A credit card is a physical card that links you to a credit network. When you use a credit card, you’re borrowing from this network and must pay them back by a certain date or risk high interest rates on the borrowed money. In Thailand, the main credit networks are Visa and MasterCard, however there are other operators such as American Express.

What Is a Bank Book in Thailand?

A bank book in Thailand is a small booklet associated with a bank account that can be used to keep records of transactions. In the pre-digital era, they were used to update the account balances after withdrawals and deposits. Some still use bank books today, but mobile banking apps and digital banking have made them unnecessary for most.

Why Is It Important To Open a Bank Account in Thailand?

It’s important to open a bank account in Thailand because it can simplify many processes in your daily life such as bill payments, online banking, and budget tracking. Bank accounts also open the door to many other possibilities like loans, various insurance policies, and credit cards.

Even foreigners on a short or long-term stay can benefit from the reduced fees on ATM withdrawals compared to using their bank cards from back home.

Types of Bank Accounts in Thailand

The four bank account types in Thailand are savings, current, fixed-term, and foreign currency. Each of these account types come with certain advantages and disadvantages depending on your situation.

While most banks in Thailand will have all of these account options, certain details may change from company to company. For example, interest rates, minimum deposits, and document requirements may differ.

1. Savings Account

The savings account is the most common bank account type in Thailand. You can expect the following when opening one:

  • A requirement for a minimum deposit. This can be as low as 500 Thai baht.
  • A debit card will be issued to you.
  • A bank book will be issued that you can use to update and keep track of account activity.
  • Access to credit cards if you meet certain criteria like a Thai work permit and steady income.

2. Current Account

Slightly more difficult to create is the current account which is similar to the savings account, but with a few small differences. The current account also has the following characteristics:

  • A higher barrier to entry. You’ll need to show your passport and a work permit to open one.
  • A higher minimum deposit than the savings account.
  • A debit card will be issued to you.
  • No bank book is issued. Instead, the account comes with a checkbook.
  • Access to credit cards.

3. Fixed-Term Account

Fixed-term accounts in Thailand are bank accounts where you make regular deposits and receive interest on those deposits. They also have the name fixed deposit or simply fixed account and are more suited to those with extra cash that they wish to see grow. The fixed-term account has the following characteristics:

  • A high barrier to entry. You’ll need to show your passport and a work permit to open one.
  • A high minimum deposit.
  • Higher interest rates than other accounts that allow your money to grow.
  • An agreement to not withdraw cash for a certain period. Withdrawals prior to maturity date can mean losing out on the interest payment. The terms vary, but they can be 3 months, 6 months, 12 months, 24 months, and more.
  • Withholding tax of 15% applies to earnings made on the interest.

4. Foreign Currency Account

As the name suggests, foreign currency accounts contain only the foreign currency associated with that account. They’re often used by those receiving income in a currency other than Thai baht but otherwise are similar to other accounts. Some of the other characteristics are:

  • You can choose to open either a savings, current, or fixed-term account in the currency of your choice.
  • Each bank has a list of potential currencies.
  • Expats can open these accounts, though there may be more documents required depending on your visa type and if you work for a foreign company or organization.
  • Minimum deposits are typically higher for expats.

Required Documents To Open a Bank Account in Thailand

To open a bank account in Thailand, the only required document for Thai citizens is their national ID card and a welfare card for applicants over 65. However, different banks have slightly different requirements. For example, Kasikorn bank requires the smart ID card while Bangkok bank specifies any photo ID issued by the government.

Required Documents When Opening a Bank Account for a Child or Other Situations

If you’re setting up a Thai bank account for a child, you may need to bring a copy of your house registration book in addition to the child’s ID or birth certificate.

Other situations such as those who don’t have an adequate ID may require documentation such as:

  • Government servant or state enterprise employee card
  • Driver’s license
  • Passport

Steps To Open a Bank Account in Thailand

There are 4 steps to open a bank account in Thailand:

  1. Decide on the bank and bank account type that you wish to open.
  2. Contact that bank and confirm the necessary documents. Different banks may have different requirements.
  3. Gather those documents and visit the bank.
  4. Wait for approval which may happen that day or may take several days.

Are Foreigners Eligible To Open Bank Accounts in Thailand?

Yes, foreigners are eligible to open bank accounts in Thailand, but only if they hold a work permit or one of the following long-term visas:

  • A three-year non-immigrant visa for business
  • A non-immigrant B visa for business or work
  • A non-immigrant O visa
  • Elite visa
  • Retirement visa

How Can Foreigners Buying a Condo Open a Bank Account To Transfer Funds for the Purchase?

Foreigners buying a condo in Thailand can open a bank account for the purpose of fund transfers if they have a valid long-term visa. Tourist visa holders are ineligible for a bank account in Thailand.

Property buyers on a tourist visa who’ve signed a Sales and Purchase agreement with a property seller in Thailand must provide the Foreign Exchange Transaction (FET) form issued by a local commercial bank to prove their source of funds and its primary goal (to purchase a property). This FET form will be used when transferring the property at the land department.

Since tourists won’t have a local bank account they can use a licensed TREBA (Thai Real Estate Broker Association) agent as an escrow service or a local law firm. They can transfer the funds with a clear declaration of its destination and cause. The agent or lawyer can then get an FET form from the bank on the foreigner’s behalf.

Which Thai Banks Are Expat Friendly?

The following banks are generally expat friendly:

  • Bangkok Bank – Tel. 1333
  • Kasikorn Bank – Tel. 02-8888-888
  • SCB Bank – Tel. 0-2777-7777

Some branches may be stricter than others, so contacting the branch for confirmation before preparing documents is always a good idea.

What Documents Do Foreigners Need To Open a Bank Account in Thailand?

Foreigners sometimes only need a passport with their visa in it to open a bank account in Thailand. However there are several other cases where other documents may be needed.

Case Documents Required
Resident
  • Passport with visa
  • House registration book and potentially lease agreement
Non-resident, work permit
  • Passport with visa
  • Work permit
  • Occasionally salary certificate
Non-resident, no work permit
  • Passport with visa
  • Secondary guarantee which can come from various institutions depending on the bank such as: embassy certificate, home country bank information, trusted letter of guarantee from people such as bank or government officials

FAQs

Are Tourist Visa Holders Eligible To Open a Bank Account in Thailand?

No, tourist visa holders are not eligible to open a bank account in Thailand. To open a bank account, you must be on a long-term visa or have a work permit in Thailand.

Can I Transfer Funds From Overseas to My Thai Bank Account?

Yes, you can transfer funds from overseas to your Thai bank account as long as you provide the appropriate SWIFT code for that account.

Am I Allowed To Send Money From My Thai Bank Account to Another Country?

Yes, you are allowed to send money from your Thai bank account to another country as long as you provide a reason in writing for the remittance. You also need to ensure that the receiving bank accepts Thai baht and that you’re aware of your bank’s international transfer fees.

Many people open bank accounts in Thailand to support their property purchasing dreams. If that’s you, contact PropertySights Real Estate today to get additional insights on Thai real estate and comprehensive services.

Editorial Team
The editorial team of PSRE consists of professional writers, editors, and researchers developing an eye for facts and quality content. The main goal is always to get accurate information on the page for you, the reader. In the real estate landscape, there's a lot to take in, but the editorial team's hope is to make it easier so you can get the most out of your investments.
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