How to Open a Bank Account in Thailand

Richard Barrow · #1 15-06-07, 09:40 PM

I am going to start a new thread with tips on how to open a bank account in Thailand. If anyone has specific, up-to-date information, then please post below as a reply. I will be trying to open accounts at three or so of the major banks without using a work permit. The idea is to pose as a tourist.

Richard Barrow · #2 15-06-07, 09:56 PM

Bank: Siam Commercial Bank
Thai name: Thai Panit
Colour of ATM: Purple

I went to this bank the other day for research for a blog I am going to write on opening bank accounts. I acted as a normal tourist, trying to speak English only. This was a local branch and this basically failed. But, they knew banking English. So, I guess tourist would be able to open an account. The form was only in Thai and I pretended I couldn't read it. But, it was pretty basic.

I went in and said I wanted to open a savings account with ATM card. Initially they asked for my passport and work permit. I said I didn't have a work permit (though obviously I do). They had a big discussion about this around the back and decided in the end that all I needed was my passport and an address. I presume you could give any address as everything was done and completed in the bank and there is no need for them to send me anything through the mail. They photocopied the picture page of my passport. They weren't interested in my visa.

I opened the account with 500 baht. I had to pay 300 baht for the ATM card. This was activated straight away with a PIN number of my choice. I left the bank after 30 minutes with the bank book and an ATM card.

I had inquired about internet banking and they said I had to apply online at their website. This was easy to do and everything was in English. After filling in the form I was told to print it out and then return to the bank. I had to also bring along my passport and bank book. They then told me it would be activated within 3-4 days. In fact it was working much quicker. I had the username and password of my choice.

Looking at their website I can now see some bad news:

(1) There is an annual 200 baht fee for the ATM card.
(2) If there is no transaction for more than 12 months and the balance in the account is 2,000 baht or less the fee to maintain the account is 50 Baht/month.
(3) Non-residents of Thailand are NOT paid any interest.

It was quick and easy to set up. However, I am not happy about this ATM fee. Plus, not getting any interest. So, I will continue to keep most of my money abroad where I get better interest. Internet banking looks good so far and it looks like I can pay bills with this. I can also pay bills with the ATM machine. I am not sure how quickly the account statement online updates.

**mat** · #3 15-06-07, 10:46 PM

I recently closed my Bangkok Bank account as I was not happy about the annual ATM card fee.
As far as non residents not being paid interest,my wife and I do seem to get interest even though the account is not supposed to pay it!!

Richard Barrow · #4 15-06-07, 11:16 PM

Bank: Bangkok Bank
Thai Name: Krung Thep
Colour of ATM: Dark blue

This is the bank account I first had. When I opened they wanted to see my work permit and passport. Their website also says that you need work permit. But, I believe that some people have said that a passport and address in Thailand is enough. I guess it depends on which branch you visit. I have two accounts with them. The normal savings account DOES NOT pay any interest. However, my Fixed Savings pays the same as Thai residents. I also have a credit card with them.

The ATM card costs only 50 baht to set up plus 100 baht fee per year. So, you pay 150 baht up front.

Internet banking is quite good though you cannot use firefox. The online statements update very quickly which is useful for me.

I will continue this next week when I will go and sign up with Kasikorn Bank.

**Betti** · #5 16-06-07, 08:06 PM

I opened a savings account with Bangkok Bank back when I didn't have a work permit. no questions were asked, only an address. but I gave a friend's address I was staying with. the card is 120 baht a year I think. what I didn't know back then is that if I leave Bangkok, there is a fee for any withdrawal and deposit each and every time (10-20 baht). you need to be careful with this - open your account in the province where you will be living/staying most, and then the use of ATM is free even if you use ATMs of other banks. with this card at least this is the case.

(btw, I don't think these fees are outrageous. back in the EU, you pay 20-30 baht for each and every deposit and withdrawal, even with ATMs of your own bank, plus a 300-baht fee for the card! and I understand there is no interest for non-residents, even though I pay taxes and stuff. inflation is not so bad. I just need a safe place to keep my money, it's not an investment or anything. the lines are never long, staff is always helpful with stupid questions. I am satisfied after all the horror treatment people get from banks back home.)

FaranginPhetch · #6 16-06-07, 08:23 PM

I opened an account at SCB in front of McCormack hospital in Chiang Mai in 2001, tourist visa, I had an apt. so did have an address, when I moved down here a year later I went in to deposit money, they made a new account here, issued a new ATM card, 200 baht annual fee, if I use the card at any other bank there is a 20 baht fee for that, no other fees that i know of.
My wife is on the account too and it does pay interest.
I asked about a friend that was coming over and she said needs nothing, just bring him in and they will open an account.

**mat** · #7 16-06-07, 08:40 PM

Betti in the Uk we get the ATM card free and there is no charge for withdrawal or deposit.My ATM card from Bangkok Bank is 150 baht per year.

jaithai · #8 17-06-07, 02:27 AM

In February (2007) I opened a bank account at the SCB branch located on the ground floor of the SSP Tower building on Silom. At first they didn't want to open it as I was on a tourist entry stamp, no work permit and only a hotel address. I did bring along a letter from my bank here in the US stating I was a long time customer in good standing. The branch manger read it and decided to open the account. ATM card provided on the spot (for a small fee). Also an online login and initial password; although the online access took a few day to be activated. All in all, a very good experience.

I highly recommend a letter of recommendation from an existing bank. If nothing else, it makes you look more professional in the eyes of the people making the decision to open the account for you or not.

**lenss** · #9 17-06-07, 06:13 AM

The manner in which each bank branch office will, or will not open an account for a non thai citizen seems to vary so much that one wonder's if each branch office is independant of the "main" HQ's bank office. Is it possible for someone to address this opening an account question to the head shed of each bank in question?

Orangfarang · #10 17-06-07, 12:20 PM

I'm an optimist!

I put mine in the Bank of Bangkok In Silom Road in a USD account
It pays interest, no on line facility and is a real pain to transact cash as the process requires 4 signatures and takes about 20min.
Hopefully it will serve me in the future for proof of money coming into Thailand for visa, a mortgage AND a win-fall if the exchange rate ever gets better???