For some foreigners who want to open a bank account with a local bank in Thailand, it may be difficult. Before opening a personal bank account, foreigners must usually submit their passports together with a valid Thai visa and work permit. Foreigners who are authorised directors, branch managers, or representative office managers of their businesses in Thailand can open a Business Bank Account in Thailand. Although they are subject to the same conditions, and copies of company registration papers and other supporting documentation.
Documents necessary for Bank Account in Thailand for Foreigners
Those who do not have a work permit, typical ex-pats on a non-immigrant visa or a tourist visa, can apply at TMB in Bangkok or UOB Bank in Singapore. They will need to present:
- Valid passport;
- Photo-ID proof – usually a driver’s licence
- Reference letter from the embassy or a bank in their home country
- Document certifying house ownership like a leasing agreement or a utility bill if their spouse is of Thai descent.
Our Thai company registration experts can assist foreign and local business owners in opening a corporate bank account.
Who can Open a Bank Account in Thailand?
Immigrants with a non-immigrant Thai visa, a residency permit, and a work permit in Thailand are eligible to open a bank account. They can receive remuneration and conduct financial activities. When registering a company in Thailand, people with Thai business visas can create a bank account.
A Thai company’s corporate bank account is subject to specific regulations. Investors should be aware of these before selecting a bank and beginning the account creation procedure. This is important because investors will need to produce a number of documents that the bank will want. Moreover, failing to do so will result in the inability to open the account. There can also be a postponement of the operation, which will make it impossible to begin company operations.
When opening a bank account for a corporation in Thailand in 2021, company owners or representatives must provide –
a. Proof of company registration,
b. Identity documents for persons in business authority,
c. Certificate of shareholder registration,
d. Minutes of the Board Meeting authorising the account opening, and,
e. Information about the business representative, the one who will be handling the account.
Make sure to ask about the advantages of having this type of bank account. Along with this, the online platform is available to clients who want to do all of their money transactions online.
Our staff of agents can assist you with all aspects of company creation and related issues. The language barrier is a problem for many foreign nationals, and our team can help with the process of opening a bank account. Whether it’s the documentation or accompanying the person to the bank we have a representative to do these. Please contact us for further information about the final selection.
Non-resident Bank Accounts in Thailand
Non-residents include foreign organisations with permanent establishments in Thailand. They can be foreign visitors, temporary workers, and representative offices in Thailand.
However, if you wish to create a bank account in Thailand, you must meet certain conditions. It can be providing information about your temporary job in Thailand. In this case, your company may be able to provide you with an official letter.
Provisions of Commercial Banking Act in Thailand
The commercial banks, financial entities, foreign exchanges, and commercial banking business activities in Thailand are overseen by the Bank of Thailand, which has an independent standing and supports the objectives of the Minister of Finances. The key services that a Thai bank provides include credit services. It can be buying and selling foreign currencies, accepting money deposits from local and foreign residents, and opening bank accounts. It’s good to know that the Ministry of Finance handles the essential permits for banks with foreign capital branches. It takes into account the laws and regulations outlining Thailand’s Commercial Banking Act.
International business owners or managers, regardless of the kind of business entity, can register a business bank account in Thailand. However, there are no limits on foreign enterprises obtaining a business bank account.
A bank can form a public limited company as long as it follows the laws. These laws stipulate that the minimum share capital must be proportional to the financial institution’s obligations and assets. Individuals who want to learn more about the Commercial Banking Law can get guidance and legal advice from our Thai business formation agents.
The Bottomline
International banks such as Citibank, HSBC, Standard Chartered, and UOB provide business banking services in Thailand, in addition to large local banks. All of these banks can also give complete online banking services and assistance. Accounts in both local and international currencies are offered under the same terms and conditions.
A minimum initial deposit is necessary to open a Thailand business bank account, however, it is usually a small sum. Normally, international banks require an initial deposit of THB 50,000 or more. You can also pay the equivalent amount in foreign currency. The minimum initial deposit for a Thai Baht account at major Thai banks are normally Baht 10,000 for a current account. However, it is THB 500 for a savings account. However, before opting to open a bank account, you must familiarise yourself with the terms and conditions of these institutions.
Konrad Legal can help you open a business bank account in Thailand. We can assist you in coordinating with the appropriate bank and preparing the necessary paperwork. For more information, contact us right now at [email protected].
