Opening a bank account abroad can be useful especially if you want to live in Thailand. Indeed, since opening a bank account in Thailand is part of the conditions to obtain an O-A visa or extend your O visa. All the formalities in this article to open your bank account in Thailand.
Bank accounts according to your resident status
Some banks may ask for your valid work permit to open a bank account in Thailand.
Open a bank account in Thailand as a non-resident
It is still possible to open a bank account in Thailand even if you do not plan to live there and have resident status there. Indeed, it is possible to open a “Non-resident Baht” account. This can be useful if you plan to transfer funds to Thailand for investment purposes and intend to repatriate your funds in the future.
If you are a resident of Thailand
Here are the main conditions for opening a savings account and a current account in Thailand:
- A savings account: A savings account can be opened with a minimum deposit of 500 BT. It is important to know that this amount can change depending on the banks. When opening your savings account, you can choose to receive your bank card allowing you to: withdraw money, pay bills, or buy online.
- Current account (checking account), if you are a resident and work in Thailand you can then open a current account with a deposit of 10,000 THB. Of course, application fees may be added to the service.
Formalities for opening a bank account in Thailand
Depending on your status, the supporting documents to open a bank account in Thailand are different. In all cases you will need to bring your passport.
If you are a permanent resident
- a valid passport
- a certificate of presence
If you work in Thailand and therefore have a “Non-Immigrant B” visa
- a valid passport
- a valid Thai work permit
If you have a tourist or non-immigrant visa
That is to say all the following visas: ED, EX, F, IB, IM, M, O, OA, R, RS, D, F, SE, MT and S. Want to know more about Thai visas? Check out our article. The documents needed to open a bank account are therefore:
- a valid passport
- an identity card or a letter of recommendation from the embassy or a bank statement.
The main banks in Thailand
Bank opening hours in Thailand are generally 8:30 am to 3:30 pm from Monday to Friday. Be aware that opening hours can always vary from one bank to another!
International Banks
International banks are present in Thailand such as:
Citibank
Deutsche Bank
HSBC Thailand
Thai Banks
The main local banks are:
Bangkok bank public company limited
TMB bank public company limited
Kasikorn bank
Siam Commercial Bank
In any case, Expatis strongly advises you to open an account if you plan to live in Thailand in the medium or long term because it can save you from paying the fees associated with using a French credit card abroad.
Online Banks
They can make your life easier because opening an account is simpler and requires fewer documents, here are some fintechs in Thailand.
Wise: Fintech that offers low-cost international transfers and multi-currency accounts.
Kasikorn Bank (KBank): large Thai bank offering various financial services, with a strong focus on digital solutions.
Siam Commercial Bank (SCB): a leading Thai bank known for its comprehensive financial solutions and advanced digital services.
Finishing off
To conclude, opening a bank account in Thailand is an essential step for anyone considering living or investing in the country. Whether you are a permanent resident, a worker with a specific visa, or simply a non-resident, there are options that suit your needs. Local and international banks, as well as digital solutions, offer a variety of services to facilitate your financial transactions. By choosing the bank that best suits your situation, you will be able to manage your finances more efficiently and avoid the high fees associated with foreign credit cards.
