Opening of Bank Account in Thailand
Thai banks provide a wide range of services throughout the country. Most foreign banks are represented; however, at this stage they offer limited services to the individual consumer. Banking hours are generally from 08:30-15:30, Monday through Friday, except on public and bank holidays. It is best to confirm the business hours of your chosen bank at the time of opening an account.
All banks require several forms of identification (i.e., passport, ID card, work permit, current credit cards, etc.) and most will request a letter of introduction from your employer along with details of your current visa status. It depends also on the requirements of the bank that you preferred to open an account.
There are many banks in Thailand to choose from. The largest commercial banks are:
- Bangkok Bank.
- Krung Thai Bank.
- Siam Commercial Bank.
- Kasikorn Bank.
- Bank of Ayudhya.
These banks offer services to foreigners not only for exchange currency but also for anything more complicated matters. Once a bank account has been opened, you will be able to use ATM cards, debit and credit cards, do internet banking. However, the first step is to open a bank account. But requirements to open an account depend on banks, between branches of banks, as well as the banking policy that exists. Aside copies of passport, often a work permit is also required for every foreigner who wished to open their bank account.
Relevant Documents for Opening Saving Bank Account
Banking in Thailand is a relatively stress-free practice. There are a few documents you will need to submit in order to establish an account in an international bank. Requirements for opening an account:
- Work Permit
- Require Thai Nationality reference (For International Bank Account only)
- A minimum deposit amount 500 Baht for a Thai bank and 5,000 for Standard Charter Bank or 100,000 Baht for HSBC (The remaining amount of each month must not less than 500,000 Baht)
- The minimum deposit at the International Bank Account as US Dollar is up to the bank such as USD 10,000 for Standard Charter Bank or USD 15,000 for HSBC.
- Recommendation letter from an origin country bank (For International Bank Account only – Deposit as US Dollar)
* The first deposit for the International Bank Account must be transferred from oversea only.
Requirements and procedures in opening bank accounts may seem to be complicated process, but it will be quite simple if taken step by step. Anybody can open a saving account (without check book, but ATM debit card for a fee).
Automatic Teller Machines (ATMs)
ATMs can be easily found all over Bangkok for the withdrawal of Thai Baht. At some machines it is also possible to take cash advances from Visa, MasterCard or American Express provided you have a registered pin number. The ATMs that can handle these transactions are clearly designated with the credit card logo. You can apply for ATM card at the same time you open an account. The fees vary to the type of ATM card that one would like to have (e.g., normal card, premier card, visa electron).
List of Banks (Commercial and Oversea Branches in Alphabetical Order)
ANZ Bank Rep Office
9th Fl, Diethelm Tower A, 93/1 Witthayu (Wireless) Rd. 24 hours. Tel: 0-2256-6350, 0-2256-6358. Fax: 0-2256-6347. Telex: 21583. Restricted services offered, telephone for information.
333 Silom Rd. Tel: 231-4333. After hours: 0-2230-2345. Fax: 0-2231-4233.
Bank of America Bank of America Center
2/2 Witthayu (Wireless) Rd. Tel: 0-2250-0775-7
Bank of Ayudhya
1222 Rama III Rd. Tel: 0-2296-2000, 0-2683-1000. Fax: 0-2683-1304.
Bank of Tokyo-Mitsubishi
Harindhorn Tower, 54 Sathorn Nua (North) Rd. Tel: 0-2266-3011. Fax: 0-2266-3054-5.
Chase Manhattan Bank
Bubhajit Bldg, 20 Sathorn Nua (North) Rd. Tel: 0-2234-5992-5,
0-2238-1720-4. Fax: 0-2234-8386.
82 Sathorn Nua (North) Rd. Tel: 0-2232-2000. Fax: 0-2639-2560.
Credit Agricole Indosuez
152 Witthayu (Wireless) Rd. Tel: 0-2651-4590-2.
Wireless Bldg, 208 Witthayu(Wireless)Rd. Tel: 0-2651-5000.
Uchu Liang Bldg, 968 Rama IV, Bangrak. Tel: 0-2614-4000. Fax: 0-2632-4818.
National Australia Bank Rep Office
16th Fl, Sathorn Thani I Bldg, 90 Sathorn Nua (North) Rd. Tel: 0-2236-6016-7. Fax: 0-2236-6018. Restricted services offered; telephone for information.
Siam Commercial Bank
9 Rachadapisek Rd, Lad Yao. Tel: 0-2544-2828-9, 0-2544-1111. After hours: 0-2544-5000. Fax: 0-2937-7645, 0-2937-7704.
Standard Chartered Bank
Abdulrahim Place, 990 Rama IV Rd. Tel: 0-2724-2000
Kasikorn Bank PCL
1 Soi Thai Farmers Lane, Rat Burana Rd. Tel: 0-2470-1199, 0-2470-1122. Fax: 0-2470-1144 -5. After hours Emergency 0-2888-8888
Westpac Banking Corp Rep Office
Unit E, 8th Fl, Kamol Sukosol Bldg, 317 Silom Rd.
Tel: 0-2234-2650. Fax: 0-2231-0015. Restricted services offered; telephone for information.