How to open a bank account in Thailand

9 min readDec 7, 2022

Written by Yuqing Liu

Thailand is famous for its cheap and good quality, and it is a cheaper choice for many people to travel and live. If you plan to live in Thailand for a period, it is essential to have a bank account. It eliminates the risk of carrying a large amount of cash, and the utility bills in Thailand are automatically deducted from the bank account, making it convenient for you to pay various living expenses and shopping more conveniently.

Although it does not take long to find bank staff to open an account when you prepare all the required documents, it may take up to an hour as a foreigner, and you can use mobile banking to operate your personal account immediately. It is still recommended that you carry enough cash to support your life for at least a week or two.

In 2021 Bangkok Bank was the largest bank in Thailand, with total assets of almost four trillion Thai baht. Other leading banks in terms of total assets were Kasikorn Bank and Krungthai Bank, which were also considered Thailand’s leading commercial banks.

This article will guide Thai citizens, as well as overseas citizens who are planning to work/live/study in Thailand, from the following three aspects: preparation before opening an account, the process and the choice of bank. It is worth noting that it is very difficult for tourists holding a tourist visa within 3 months to open an account in a bank. You need to present multiple additional documents to prove sufficient motivation for opening an account. Most banks do not support it. Overseas citizens who have stayed for more than one year and have a fixed address are eligible to apply. Therefore, for those tourists who plan to travel to Thailand for short-term travel, Visa, MasterCard and enough Thai currency cash are essential.

Part 1 Preparation before Opening an Account

1. Type of bank Account

Before you can open an account, you first need to know which type you need. Here are the three common types of accounts available in Thailand, listed in order from easiest to most difficult to obtain it.

· Savings Account: The most common type of bank account in Thailand, a savings account provides you with a debit card and passbook to keep track of the transactions that occur to you.

· Current Account: A current account (or checking account) is similar to a savings account; both provide you with a debit card that can be used at ATMs. The only real difference is that a current account provides you with a checkbook instead of a passbook. A work permit is required to open a current account.

· Fixed Term Account: This type of account offers higher interest rates than the above options, however, expats do not always receive the same interest rates as Thai citizens.

If foreigners open an account in a bank in Thailand, they usually choose a savings account with a lower threshold because it provides everything they need and easier to get it.

2. Qualifications and Required Documents

l Documents:

(A) For Thai nationals

· ID card or any government-issued photo ID card with 13-digit ID number

(B) For foreigners

1. A foreigner student studying in Thailand

· Passport

· Student Visa

· A registration or supporting document issued by a government or educational institution

2. Foreigner with a work permit

· Passport

· Work Permit

· A letter from your employer verifying that you are currently employed or applying for a work permit

3. Foreigner without work permit

· Passport

· Long-term residence visa with a period of more than one year

· Letter of recommendation issued by one of the following institutions or organizations or required documents

o Reference letter from the Embassy in Thailand

o Reference from your bank account in your home country or embassy

o Trusted individuals or companies

o Documents showing ownership of fixed assets, such as a home sale agreement, purchase contract and payment receipts in Thailand

o Proof of fixed address: Bring your passport and proof of residence (e.g. your lease agreement) to your embassy and ask for a reference letter confirming your address in Thailand.

*Notes: Contact addresses in Thailand and overseas must be provided (hotel and P.O. Box addresses are not accepted).

4. Foreigner with permanent residence in Thailand

· Passport, Certificate of Residence, or Alien Certificate

· House Registration document

l Money:

There is a starting deposit requirement to open a bank account, as well as annual and capital fees for the issuance of debit cards.

Part 2 Account Opening Procedure

First, to open a bank account in Thailand, you must usually be present in person, , usually without appointment. Walk in, get a number from the number generator near the entrance and wait to be called. Before signing official documents, bank official will help you choose a suitable account. Next, the account holder will need to fill out an account opening application form and the bank will review the documents you provide to make sure they are complete and accurate, and then you will be officially registered to open an account under the guidance of the staff. Don’t forget important contact information, too, such as your address and phone number.

You may find that opening an account as a foreigner only takes an hour, but this depends on your nationality, which bank you visit, the time of day, and the bank staff you meet. When visiting one of these banks, let them know what you are doing in Thailand. By knowing whether you are working or retired, they can provide the right type of bank account for you to open and use the service.

Choosing the right branch is important: Each bank branch operates independently and policies may vary from branch to branch. While all branches follow a similar process, some locations are more welcoming to foreigners than others. Just because you have an easy experience at one branch does not mean you will receive the same services or require the same documentation at another branch. It is recommended to call ahead and consult with local branch bank.

Regarding online banking, you should remind the bank staff to open online banking when opening an account. For the precautions of online banking and the detailed process of activating the website, you can ask the bank staff for details when opening an account. This will greatly facilitate the follow-up operations, without having to go to the bank to handle affairs in person, allowing you to keep track of your capital dynamics at any time.

Part 3 The Choice of Bank

There is an initial deposit requirement for opening a bank account in Thailand. The current account generally starts from TB500, and the regular one usually starts from TB1000. Thai bank accounts have a minimum account balance requirement, and the current account is generally TB2000. If the account has no transactions for a year and the balance is lower than TB2000, the account management fee will be deducted, generally TB50/month. Thailand Bank distribution All debit cards have cost and annual fees, generally about TB100 in cost and TB200 in annual fee.

l Bangkok Bank: https://www.bangkokbank.com/en

Bangkok Bank is the largest bank in Thailand with more than 1,200 local branches and the largest overseas Thai banking network, with offices in 13 countries in addition to Thailand. Wide distribution of outlets, convenient for business. ATM machines are in major streets, shopping malls, and schools. UnionPay card ATM withdrawals can be up to 25,000 baht each time, with zero ATM handling fees. It is consumer friendly and very welcoming to foreigners. What’s more, overseas remittances have a good exchange rate and are easy to complete.

Bangkok Bank offers the following account types:

• Savings account: basic savings account, passbook can be purchased. It can be used for daily deposit withdrawal, payment and transfer. The minimum account opening amount is 500 baht. account maintenance fee: 50 baht per month for an account that has been inactive for 1 year or more and has a balance below 2,000 baht.

• Current account: It is suitable for those who use the check service and can purchase additional check books. The minimum account opening amount is 10,000 baht.

• Basic Account: For Thai citizens who have a welfare card or are over 65 years old. No minimum deposit and no limit on the number of transactions. Free account maintenance fee, free debit card, free card fee and annual fee. However, if the deposit amount is higher than 50,000 baht, it will be converted back to the savings account.

With only 500 baht to open a new savings account, you can easily carry out daily transactions with unlimited number of transactions and cash deposits and withdrawals. In addition, the Belst Smart Card simplifies transactions by debiting utility bills, goods and services from your auto-deposit account. Interest rates will be calculated daily and credited to your account every six months (June and December).

l Kasikorn Bank: https://www.kasikornbank.com/en/personal

With 828 branches, Kasikorn Bank is a leading Thai bank in terms of technology. It is the first bank in Thailand to provide credit card services and the first bank in the world to use a mobile phone security payment system. Kasikorn is Thailand’s second largest bank with an extensive branch and ATM network, and the bank also offers easy international money transfers and intuitive mobile banking. Friendly to foreigners. It is one of the easier accounts to open.

However, the cost of opening an account with Kasikorn Bank includes the need to purchase one-year personal accident insurance of 2,500 baht, and the second-year insurance renewal is voluntary. There are also card fees, ATM usage fees, and SMS withdrawal fees. In addition, you need to prepare a deposit fee of 10,000 baht, which must be deposited in to activate the account after opening the card (you can withdraw it after passing).

l Krungsri Bank: https://www.krungsri.com/en/personal

Krungsri has an extensive network of branches throughout the country. Provide regular services such as current accounts, savings deposits, time deposits, salary accounts, and foreign currency deposits. Krungsri’s strengths include excellent digital banking and easy international transfers. In addition to this, some additional expatriate services are also available, such as investment, consumer finance and asset management.

Thai banks do not have uniform restrictions on whether minors can open an account, and the requirements are not uniform from bank to bank. However, it is a safe bet to do so at the age of 15 or older, and a guardian is required to accompany the process together before the age of 15. After minors turning 15 years old, the kids saving account also turning into normal accounts.

As you can see, Bangkok bank offers a higher interest rate compared to other banks.

If you are not a Thai citizen, you can consider opening an account at the largest and more international Bangkok Bank, and the information of the larger branches will be more accurate. The head office of Bangkok Bank has an English counter, which is convenient for foreigners to inquire about banking services.

Comprehensive consideration, whether it is from the perspective of convenience or the degree of service experience, Bangkok Bank, as the first bank account in Thailand, is the most cost-effective choice.

Written by Yuqing Liu, a graduate student at NYU.

References：

https://www.statista.com/statistics/754967/biggest-banks-by-total-assets-thailand/

https://www.kasikornbank.com/en/ir/generalinformation/pages/corporate.aspx

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Savings-Account

https://www.bangkokbank.com/en/Personal/Cards/Be1st-Smart-Card

https://www.bangkokbank.com/en/Personal/Save-And-Invest/Save/Sinmathaya-Subthawee-Bualuang-Kids-Account

https://krungthai.com/en/personal/deposits/214/215

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