Embedded Files
how to open a bank account in thailand
how to open a bank account in thailand
If you’re planning an extended stay in Thailand you’ll need to make sure you have ways to manage your money in THB. This guide is a great place to start. We’ll cover:
How to open a bank account in Thailand.
Different banks in Thailand
Details about how banking in Thailand usually works.
Online Banking + Electronic Payments
International Money Transfers
How to open a thai bank account
How to open a thai bank account
What documents do I need to open a bank account in Thailand?
What documents do I need to open a bank account in Thailand?
Depending on whether you already have the required documents, opening a bank account in Thailand may take some time. To get started, you’ll need:
Non-immigrant B visa for business/work, O-A long-stay visa, or a 3 year non-immigrant visa for business
A passport
Some banks may ask for more:
Proof of Thai residency (Thai residence permit, utility bill, rental agreement etc.)
Proof of residency in your home country (utility bill, bank statement, driver’s license, etc.)
Proof of property ownership in Thailand
Letter of reference from your embassy, your home bank, or a Thai educational institution
For expats, opening a bank account in Thailand can be a long, drawn out process as much of it depends on whether or not you have a work permit. If you don’t have a work visa, it may limit your options in terms of banks. However, there are still many banks which will allow you to open a current account without one, such as Bangkok Bank which is a main bank in Thailand.
different banks in Thailand
different banks in Thailand
There are a huge number of banks in Thailand, below are six of the biggest and most popular banks. Prem uses Bangkok Bank
Click on the Bank name below the logo for the Bank website.
The biggest bank in Thailand with 1,200+ local branches and the largest network of Thai banks abroad, Bangkok Bank is consumer friendly and very welcoming to foreigners. What’s more, overseas money transfers have a good exchange rate and are easy to complete.
SCB offers a wide network of branches, excellent insurance policies, and a user-friendly mobile app. The bank also has a low barrier of entry to open an account. Expats and non-residents often just need a passport and deposit.
The fourth largest bank in Thailand, Kasikorn has a wide network of branches and ATMs and is foreign friendly. The bank also offers convenient international money transfer and intuitive mobile banking. Kasikorn is typically one of the easier accounts to open.
A government owned bank, Krung Thai is the country’s second largest bank with over 1,200+ domestic branches. Opening an account at Krung Thai is easy, as little documentation is typically required.
Krungsri Bank (Also known as the Bank of Ayudhya). Krungsri’s perks include excellent digital banking and easy international transfers. They are the fifth largest bank in Thailand and have a wide network of branches throughout the country.
Citibank is the largest foreign bank in the country and offers some unique benefits. For example, you can withdraw cash without a fee from their wide network of ATMs worldwide and accumulate Thai Airways frequent flyer miles with their Royal Orchid Plus Select Mastercard. The bank offers excellent digital banking and easy international transfers.
how banking works in thailand
how banking works in thailand
When your account is set up, you’ll likely get a debit or ATM card, which can be handy for self service banking such as checking your balance or making a deposit via an ATM. Banks also normally have online banking services for convenience, although you’ll need to sign up. You’ll also need to confirm how often you want bank statements, and how you want to receive them - banks are likely to check this at the point you open your account.
If you need a branch service you’ll need to double check opening hours before you set out. Monday to Friday, 10:30am to 4:00pm is common. However, some banks, like Bangkok Bank also have micro branches - in this case in partnership with Big C - which offer daily service with longer hours, but with a more limited range of features.
Banking fees in Thailand are not likely to be the same as what you’re used to in other countries. You’ll need to review your account terms and conditions carefully, to make sure you don’t get any unwanted surprises. Here’s what to look out for:
Card fees - card entrance fee which may be around 100 THB, card annual fee, which can be 250 THB or more
Card transaction fees, which can vary depending on whether you’re transacting in region or across banking regions
Overseas ATM withdrawal fees - can be around 100 THB, plus operator fees
Foreign transaction fees - often about 2.5%, every time you spend in a foreign currency
Domestic transfer fees, which can vary depending on the speed of service and the amount you send
International transfer fees - which can be steep.
It really is to your advantage to open a local account as it’s common for ATMs to charge a steep withdrawal fee when using a foreign card. Many banks in Thailand will charge you or require a certain amount of Thai Baht to open an account. However, if you haven’t opened your local account yet and are planning to withdraw money in Thailand, you can often avoid ATM withdrawal fees by going into the bank branch with your form of identification and requesting a withdrawal.
online banking + Electronic payments
online banking + Electronic payments
As with the rest of the world, online banking and electronic payments have taken over using cash as the main method of payment. You can pay anywhere using electronic payments from filling up at the petrol station to buying a bowl of noodles. However, Thailand does this in its own way.
the 'qr' code
the 'qr' code
PromptPay is a service created by the Bank of Thailand, it allows to transfer of money between bank accounts (and electronic wallets) knowing phone numbers or citizen IDs. This information can be placed in the QR code, which allows for easy transfer. In many places in Thailand, you can see printed QR codes that allow for easy payment for merchants.
You can also transfer money via online banking apps to people/companies you need to. They can give you their QR code or account number.
We really would recommend signing up for Online Banking and getting the App on your phone, it makes life so much easier.
other payment methods
other payment methods
TRue money
TRue money
TrueMoney wallet tops the list of Thailand’s preferred payment methods. With acceptance fees only 1% of the transaction value, compared to around 1.5-2.8% for debit and credit card transactions, it’s cheaper for merchants to accept than cards.
Rabbit-Line pay
Rabbit-Line pay
Messaging app LINE is used by 95% of Thai smartphone users, and now together with contactless transportation card Rabbit, Rabbit-LINE Pay is becoming another popular digital wallet in Thailand (LINE Corp).
Page updated
Report abuse