5 simple steps to open a bank account in Thailand

Any foreigner doing business in Thailand or has plans of setting up a business in Thailand should firstly get an account open at a Thai Bank. This will not just help them do transactions and transfers for their business with ease but also offers several other benefits. However, opening a bank account in Thailand or any foreign land is inevitably more complicated than doing it back in your home country because every country has their own banking systems and methods of working. So, it is essential for foreigners to gather and clearly understand all details.

Here, in this blog, we will explain how to open your own bank account in Thailand in the simplest and most hassle-free way.

1. Above all else, know that every bank and every branch may have different opening requirements (documents, amount, procedures, etc). So walk down to your nearest branches and make an inquiry.

2. Gather two main documents – passport and work permit – to open your bank account fast.

3. Though in most cases, you will need a work permit however if your company has not yet issued you a work permit, then stress There are banks that mainly look for confirmation that you are living in Thailand for the long term. Henceforth, consider the following alternatives that you can look over to opening an account:

• Rented apartment lease agreement (at least 1 year)
• Thai driving license
• House registration documents (if you live in a particular house)
• If married to a Thai native, provide your marriage certificate or your spouse’ ID card.

4. Always opt for a branch that is closest to your workplace or home. Not just for convenience but also because of the fact that Thailand puts significantly more accentuation on your “home branch”. Therefore, allows you to perform a lot of banking options onlyat your home branch.

Also remember, that if you move to a new condominium or home, you move your home 0branch also so you can keep up this level of comfort.

5. Now that you have the necessary documents in hand and have selected a branch, it’s time to pay the deposit amount (usually 500 Baht) and open your account.

Once you have opened a Thai bank account, don’t forget to undertake the following:

• Evaluate your maximum withdrawal amount. If you find it less, get it increased with the help of a bank staff.
• Pay a little extra and get a Debit Card.
• Get detailed instructions on how to set up internet banking.

Be aware of certain restrictions on the amount of Thai Baht you can take out of Thailand.