Opening a Bank Account in Thailand
There are four types of accounts available to foreigners in Thailand:
- Thai Baht Savings Account
- Current Account
- Foreign Currency Deposit Account
- Business Bank Account
Thai Baht savings account
The most common type of bank account is a savings account. A non-resident may be able to open an account without a work permit but they will need to provide their passport and a letter of residency from immigration.
Documents required to open an account include the following (but may vary from bank to bank):
- Work permit if available
- Letter of residency
To open a Thai Baht Account you may only need to deposit as little as 500 Baht.
The account holder will receive an ATM card allowing them to deposit and withdraw funds from their account at ATMs/cash dispensers. An account holder may also request a bank credit card. Typically, a credit card is only issued to those with a valid work permit, proper visa documentation and history and proof of income.
This account can be more complicated to open as a cheque book is issued. A passport is needed and it will not be possible to open the account without a work permit. A larger minimum opening deposit may be required.
Foreign currency deposit account
This is a bank account usually offered in a range of currencies,
A passport must be presented when opening a foreign account. Other documentation may also be requested, such as an official letter of recommendation from the person’s Embassy, employer or overseas bank, pay slips, loan documents or a bank statement from the person’s home country.
Business bank account
To open a business bank account in Thailand it is necessary to have a company registered in Thailand. Although it should be a straightforward process it is recommended that you seek legal advice before visiting the bank as the paperwork trail can be complicated and vary between banks.