How to Open a Bank Account as a Foreign National

One obstacle that is quite difficult in Thailand is dealing with paper work. How to open bank accounts is one of the most common situations every foreigner has, who wants to spend any amount of time in Thailand. Before we talk about papers to prepare when we open a bank account plus a little bit of my suggestion of how to make things easier for you. Let’s go through all main Thai private bank to see their general information which will help you choose the bank first.

Kasikorn Bank

Kasikornbank Puplic Company Limited was established in 1945, starting from one building with only 21 employees. Only six months in operation, the performance went very well and company continue to extend both in Thailand and abroad. Kasikorn Bank offers Money Transfer and Bill Payments, Cheques and Drafts as well as Foreign money exchange. Credit card service of this bank has a lot of connections with businesses, offering promotions for restaurants, resorts, movie tickets as well as letting you pay for zero fee 10 month for many kinds of products.

Krungsri Bank

The bank was established in 1945 and its ordinary shares were listed on the Stock Exchange of Thailand in 1977. Krungsri is the 5th largest bank in Thailand, providing sa full range of banking services to both commercial and individual customers. Krungsri offers payment services, Domestic Money Transfer services and International Remittance Service. Foreign Currency Exchange and online services with mobile banking is provided. Krungsri also has mutual Fund, Insurance, and Credit cards. They have good staffs that are service minded and very polite with every customer.

Krung Thai Bank

This bank is called half private company - half government owned. Originally there are 2 government-owned banks merged together in 1966. Twenty years after that, Krung Thai Bank becomes the second largest asset in Thailand that instantly increased its roles to become a Lead Bank in the country’s monetary and financial system. Many people like to save money in this bank basically because it usually has more interest than any other banks among private banks (comparing normal 3, 6, 12-month of those fixed account).

SCB Bank

The interesting part is that this is the first bank of Thailand that was established in 1904 with the worries of Prince Mahisara Rajaharudaya(H.R.H.Prince Mahisorn), a brother of King Chulalongkorn Rama V. He realized that it will be difficult for the country to develop an economy without a national banking system. Then he started to set up a small commercial banks as a pilot project naming it the “Book Club.” On these days, Siam Commercial Bank or SCB offers Personal Banking, Business Banking, Wholesale Banking and Private Bangkok. If you like fast service at the bank, SCB is highly recommended.

Bangkok Bank

This bank has a good reputation for international fast and easy transfers. It is a big bank established in 1944. One of the largest regional banks in Southeast Asia with total assets of approximately 2,944,230 Baht. Bangkok Bank is Thailand’s market leader in corporate and SME banking with the country’s largest retail customer base. Bangkok bank has phone banking, internet and mobile banking platforms that enable customers to do everything fast.

Bangkok Bank offers full commercial banking service, including syndicated loans, debt securities underwriting, trade finance, project finance, custodial services, SME and merchant services and specialist industry advice.

Open a Bank Account with a Work Permit

All you need is a Passport and Work permit. Fill in the form and sign all the papers that the banks will prepare for you. You will need to inform them about the address where you live and your workplace, phone numbers, and email. You may apply for a standard ATM or the one with some insurance, it’s your choice.

Open Bank Account with Long-stay or Tourist Visa

You will need to bring your Passport and Reference letter issued by one of the following:

1.Embassy or International Organization

2.Company that the bank accepted, confirming that you are in the process of getting a work permit

3.Your bank in your own country that you want to send via SWIFT messaging network

4.Trusted person from bank staffs, customer, government officer, or private company’s executive

5.Educational institute both government and private that is in Thailand and the bank is accepted

Foreigners with Permanent Residence in Thailand

In case you don’t have a Work Permit but you have a permanent residence in Thailand, Documents showing ownership of the real estate in Thailand such as condo unit will be acceptable. Also prepare Passport or Certificate of Residence or Alien Certificate and House Registration.

Get Things Done Easily at One Time

All the banks in Thailand will not be exactly the same procedure, but most details are common. Even the same bank but different branch may consider papers differently. To make sure that you will get everything done without having to go back and forth and wait for the long que again and again. In case there are many details about your documents, it is recommended to call the branch you are going to first and confirm the papers to be prepared. What stamp and signature you will need from which person. Each kind of account will not have the same details. What the minimum amount is you will need initially to deposit in the bank account to maintain status without getting deducted until you have zero Baht. All major details can be discussed on the phone directly with that branch or on their call centers. Eventually, you just need one time to go there and get everything done. Have a lucky day!