The banking system in Thailand
Thailand provides a wide array of options in terms of banking institutions, but it is important for you to know which documents you need and which requirements you must meet to be able to open an account. Opening an account at a Thai bank will not only make you feel more at home in the country, but it will also simplify life in terms of your monthly payments and saving on transaction and currency costs when withdrawing money. It is common for ATMs in Thailand to charge a THB 220 fee when using a foreign card, so it is best to avoid this as soon as possible.
To open a bank account, you will generally need to visit a branch in person so that a bank official can witness you signing the papers. Many banks in Thailand may charge you an initial fee or require a certain amount as a deposit.
Choosing your bank in Thailand
Every bank and every branch can be different in terms of requirements for opening a bank account, services, and fees. However, when it comes to choosing a bank, many expats feel more secure when banking with either an international bank or a large local bank with a long history.
Many of the main banks in Thailand, such as Bangkok Bank, Kasikorn Bank, Siam Commercial Bank (SCB), CitiBank, HSBC, Krungsri Bank, TMB Bank, Krungthai, and UOB Bank, have branches throughout the country and are used by expats.
It is advisable to do your research beforehand by enquiring at different banks or amongst other expatriates, as fees and interest rates may vary. Some fees to inquire about are yearly account fees, account cancellation fees, annual debit card processing fees, and card replacement fees. However, you can usually avoid ATM withdrawal fees and conversion rate fees so long as you use your bank's ATM in the province in which you set up your account. If you use your bank's ATM in another province, you will usually be charged a THB 15 fee.
It is also important to be aware that in Thailand, a lot of emphasis is placed on your home branch, which is the branch where you opened your account. Some banking options can only be performed at your home branch, so it is best to carefully consider which branch will be most convenient for you to be your home branch.
You should also consider what type of account you would like to open. If you have the option, it is worth applying for an account that offers a wide range of services, such as internet banking and online international fund transfers.
Procedures for opening a bank account in Thailand
You can generally open a bank account in Thailand if you show your passport and a Non-Immigrant B visa, O-A Long-Stay Visa, or a three-year Non-Immigrant Visa for business, and a Thai work permit. If you don't have a Thai work permit, you will need to have your name listed on the house book of the residence where you are staying.
Good to know:
If you are holding a tourist visa only, banks will not cater to you when applying for an account in Thailand.
Some banks will also require other documents, such as proof of residence, a lease agreement, a Thai driver's license, or a marriage certificate if you are married to a Thai citizen.
If you have the required paperwork, opening a bank account should not take more than half an hour. You will then be issued with a bank book and an ATM card, and it is worth paying a small sum if need be to get a debit card, too.
Once you have opened a bank account, it is important to find out your maximum withdrawal amount. Many banks set this amount at about THB 20,000. However, in some cases, like paying rent, this may not be high enough, so you may wish to ask the bank staff to help you change this.
You should also request detailed instructions about how to set up internet banking if available to you. Each bank is different, but as most do not send monthly statements, the easiest way to check your activity and make transfers is online. It is also important to avoid fraudulence by being alarmed if your account has been used to withdraw or purchase something.
Useful links:
SCB
Kasikorn Bank
Bangkok Bank
TKB
Siam Legal ' Opening a bank account in Thailand
