Open a Bank account in Thailand

 

 

 

OPEN A BANK ACCOUNT IN THAILAND

Opening a bank account in Thailand is not the most complicated thing.  However, some banks are stricter than others (mostly in Bangkok) and insist on having the following documents ready: 

  • Your original passport
  • An address where you are residing in Thailand
  • Proof of your residency in Thailand (if any)
  • Copy of the signed Lease Agreement (if any)
  • A signed copy of the Reservation letter or Sale & Purchase Agreement (in case you need to open a bank account for purchasing a property in Thailand)
  • A work permit (if any)

If you need a foreign currency account (USD account) you might need to have a letter of recommendation issued by your embassy. Most banks also require a work permit to open a USD-denominated account. The requirements may differ from one bank to another.

There are a number of well-known international banks which have branches in Thailand, such as Citibank and Standard Chartered.

However, we also recommend opening a bank account with local banks which also have a good reputation, such as Kasikorn Bank, Siam Commercial Bank, Bangkok Bank, Krung Thai Bank and the likes. Most of those banks have a healthy balance sheet and have fully restructure since the “Tom Yam Kung” crisis in 1997. Our Agency has privileged relationship with a few bank branches located nearby our office.

If you are an expat in Thailand there are four types of account which are available to you:

  • Savings account: this is what most consumers use. Saving account is linked to your debit card and/or credit card. The bank provides a Bank Book (or passbook) on which transactions can be printed. Debit Cards and Bank Books can be used in most ATM machines.
  • Standard current account: Current accounts in Thailand are more complicated as these involve a cheque book. A passport is needed and a work permit is mandatory. It is also possible that a larger initial deposit will be required. If you wish to open a business bank account you should be able to present all the relevant paperwork of your company.
  • Foreign currency deposit account: usually in USD only for those who have a work permit.
  • Mutual/Fixed deposit accounts: there are all sorts of fixed deposit accounts (3 months, 6 months, 12 months…). Different conditions and interest rates apply. Best is to ask bank officers to provide details at the counter.

Banks in Thailand are open from 8.30 am to 3.30 pm from Monday to Friday but some branches located in shopping malls may have longer opening hours and have weekend opening.

For international banking transfers, you will find that this takes several days to process and that the bank does not use the IBAN system for international transactions. Banks in Thailand use the SWIFT coding system.

For more details, please contact us.

 

Legal advice in Thailand - Sense Property

ADMIN & LEGAL SERVICES

We can also help our clients find law firms and accountants for any punctual assignment or yearly services. 

The first step is to determine the list of specific services are needed so our team can assess what direction should be followed.

Each law firm in Thailand offers differentiated rates. It is important to identify the areas in which our clients need advice and introduce them to the most appropriate law firm.

Accounting firms usually offer standard rates. Some of them are more "farang friendly" (foreigner friendly). We will do our best to find you the right match.

 

Chat with SPG now !

Please enter a name.

Please enter a name.

Please enter an email address.

Please enter a question

Chat with
SPG now!