If you are relocating to Thailand or visiting for an extended period of time, you can quickly discover that accessing your money can be costly. As a result, as a foreigner, you would need to open a bank account. Most banks will need a work visa, while others will allow you to open an account with your tourist visa. Even though a foreigner can open a bank account in Thailand, it is still difficult. What you need to know about opening a bank account in Thailand is outlined below.
Policies, Rules, and Eligibility
When it comes to opening bank accounts for foreigners in Thailand, each bank has its own set of rules and policies. While one Thai bank will reject you, another or even a different branch will not. The majority of bank policies and regulations are determined by bank staff and branch managers. Procedures vary as well. Some banks allow you to open an account online, while others require you to do so in person. Some banks will check your information the same day, while others will require you to wait a certain amount of time. There could be a policy difference between branches of the same bank. When you apply for a bank account, the bank will inform you whether or not you are eligible and what paperwork you will need.
Documents Required to Open Bank Account in Thailand
To be qualified for a bank account, you must have the following documents:
- A Thai driving license is required.
- Thai house registration or a landlord’s letter
- Work visa or a letter demonstrating your eligibility for a work visa
- Letter of recommendation from a Thai university or embassy
- A tourist or student visa
- Letter of recommendation from a “reputable” Thai citizen or a well-known Thai organization
- Communication or a letter from your current bank to the Thai bank of your choice
- Passport or photo ID
While most banks will provide you with a comprehensive list of documents to bring to the branch, it is recommended that you bring more than the minimum. If the branch requests another bank statement or utilities bill, for example, bring multiple utility bills from various companies and bank statements from multiple banks.
Carry your passport and driver’s license, as well as any other documents with your photo ID, if they ask for them. It’s possible that you’ll need to bring along student paperwork or work permits. Bringing more paperwork than necessary will help you prevent issues and get your bank account up and running as quickly as possible.
One type of documentation, for example, could be refused, necessitating the use of a backup document. Extra documentation will also demonstrate to the bank that you are in Thailand for an extended period of time and that you need an account, especially one with a lending facility.
Which Bank Should You Choose?
Foreigners are not always welcome in Thailand’s banks. Certain banks have a reputation for being more lenient and accommodating to foreigners than others. As a foreigner, you can select from the following banks based on your immigration status and personal needs.
Bangkok Bank
Bangkok Bank is Thailand’s largest bank and has a reputation for being the most welcoming to non-residents. The bank has many branches around the country and offers excellent exchange rates for international wire transfers. Bangkok Bank also has branches in New York and London, allowing you to connect a PayPal account to a western branch and move funds, making the process quick and only taking a few days for your money to arrive in Thailand.
Kasikorn Bank
Foreigners would appreciate Kasikorn Bank. Non-residents are given checkbooks, though cashing foreign currency checks at the bank can be a pain. Different Kasikorn Bank branches may treat foreigners differently, so you may need to look around for a while.
Citibank
For foreigners, Citibank is a good choice, particularly if they do a lot of cross-border banking. Nonresident depositors who deposit more than 3 million THB with Citibank receive a gold status upgrade. Their credit cards allow you to earn points that can be redeemed with Thai Air.
CIMB
CIMB is a Malaysian bank with branches in Thailand. You can open a bank account with them with only a visitor visa, and they also provide internet banking to foreigners. You will be expected to make a 1000 THB deposit as well as a debit card fee.
Other Thai Banks which work well with foreigners are Siam Commercial Bank, Bank of Ayudhya, ICBC, Bank of Thailand, and Krung Thai Bank. A savings account is the easiest form of account to open as a foreigner. Particularly, if you don’t have a work permit. If you have a work visa, you will be able to select from a variety of account forms. It includes fixed-term, current, and foreign currency accounts.
Benefits of Opening a Bank Account in Thailand
Lower ATM Withdrawal Fees:
If you use your foreign card to withdraw money from local Thai ATMs, you will be charged exorbitant fees. In general, the fees are 200-220 baht per ATM withdrawal at the time of writing this post. With a Thai bank account, you’ll be able to withdraw money for less money than you would with a foreign card. Along with it, you may not pay ATM fees at some ATMs.
No Conversion Fees:
You can receive payment to your Thai bank account in local currency if you have a Thai bank account. It allows you to save currency exchange fees if you’re paying in a foreign currency. You can deposit it into your home country’s bank account this way.
Online Banking:
If your preferred bank provides online banking, you will be able to conduct transactions without having to visit a branch. Many Thai banks also provide convenient mobile banking through dedicated Android and iOS apps.
Easy Local Purchases:
It will be easier to buy things in Thailand if you have a bank account, particularly if you use a debit card. You can also use your Thai debit card to make local online purchases. Using a debit or credit card to make local payments is better and safer than carrying cash. Many local retailers, including restaurants, supermarket stores, and shopping malls, accept Thai bank cards.
Other Useful Information
As a result, while opening a bank account as a foreigner in Thailand might be inconvenient, it makes life a lot easier. Thai banks have their own set of rules and standards. But, you will still be able to find a bank that will accept you as a foreigner. Ask around or make a message on local social media groups. Request a branch with a manager who is familiar with foreigners. Despite the hit-or-miss approach to famous places, opening a bank account with a visitor visa and a passport should be possible.
Incorporate into Thai Society
The better it should be the more incorporated you are into Thai society for your visa type, but visitors can and do obtain them. The Asian culture is primarily based on maintaining one’s dignity and politeness. When speaking with the staff, be courteous and respectful, and dress appropriately to show that you respect their position. If they are respectfully declining your request, ask them to guide you to a branch that is better suited to your needs.
Know “Out of Province Charge”
There is an ‘out of province charge’ for using an ATM card in addition to the ATM withdrawal fee (at select ATMs). If you open an account in Bangkok but live in Chiang Mai, you will be paid about 15 baht any time you withdraw money from your Thai bank account. In case, you want one account, it’s best to open it in the province where you’ll be spending the bulk of your time. If you switch provinces, you must contact your bank by visiting a branch in the province where your account was originally opened.
It is definitely not worth the trouble for stays of less than two months. But if you intend on staying for an extended period of time, opening a Thai bank account should be a top priority. For foreigners, Thailand’s economy is still largely dependent on cash, particularly on the street. Hotels and large establishments accept Visa debit cards, but not local hardware stores. Many market sellers won’t either. You’ll almost definitely need cash in Thailand. This makes a Thai bank account more of a requirement than a luxury.
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