ThaiSearcher

There are three major types of bank accounts in Thailand:

The Savings Account - THB
Most Thais use a savings account for all their banking needs. And most it is likely to be perfectly satisfactory for most foreign visitors and residents. The account allows cash and cheques to be deposited, cash to be withdrawn and is generally associated with a bank card for use in branches other than your own as well as ATMs. Some Bank savings accounts permit electronic transfers of funds to take place, thus bills (e.g. telephone, electricity) can be paid directly. See more below.

When the Savings Account has been created, a Passbook is issued to record all transactions. The passbook is maintained by your Branch and on each branch visit it will be updated to reflect all of the transaction which have taken place since the last update. The updating of your passbook is usually only available at the branch which holds the account, so choose the location of your own branch with some care.

The (Current) Bank Account - THB
This account is more useful for businesses as it permits the use of a Cheque Book, as well as the normal range of deposit and withdrawal facilities. Opening a bank account of this type is usually more difficult than the savings account referred to above. The documentation is more stringent and it is not usually available to non residents.

Foreign Currency Account
A foreign currency account can be established for those who wish to keep any monies received from overseas in the currency it was received in. Not all currencies art available in a Foreign Currency Account, so you will need to check with the bank at the time of opening the account.
This account may be useful if you need to make overseas payments in the same currency, avoiding the need to worry about exchange rate fluctuations, or if you wish to mitigate the effects of a fluctuating Thai Baht. However if you need to use deposits for your business or for personal use in Thailand, it still must be converted in to Baht, attracting exchange costs.

Opening a bank account

Wednesday, 19 August 2009 11:32

A peculiar feature of the process of opening an account at a Thai bank is the apparent difference which exists in policy and procedures between Banks and even between branches of the same Bank.

As a guide, if you are trying to open a standard savings account you will be required to establish your identity (Passport and valid Visa, ID card and other standard forms of ID are sufficient) and be able to make an opening deposit. In some cases it will appear that the process is long, complicated and unnecessarily tiresome. The best advice available indicates that, at this point, it is better to move on and find another Bank or branch. There will be one, and it is likely that you will have your account set up within an hour or so.

Most of any problems seem to arise from the conflicting rules which operate. For example in 2000 the Bank of Thailand issued recommendations to banks about the requirements for the opening of accounts in the name of “foreign persons”. It suggested that Banks only offer accounts to foreign applicants with a working visa or permanent residence. At the same time an applicant for a long term visa needs to show that they have an account with funds, as a condition of getting the visa. Many banks recognise the impracticable nature of the Central Banks advice and operate a more flexible policy.

Introduction to banking in Thailand

Wednesday, 19 August 2009 11:28

Thailand has a comprehensive, reliable and generally efficient banking service, with many Thai Banks, each offering a range of services, which usually includes general and business banking, loans and mortgages and other financial services. Recent years have the growth in the number of foreign banks represented as well.

Most of the local Thai banks have a countrywide branch network, and in addition the network of ATM’s, are to be found in most of the major towns and cities. In most cases a bank card, whether issued locally or by an overseas bank, is usable at ATM’s for the withdrawal of cash. Some bank ATM’s also offer the opportunity to “pay in” cash and “pay an account” using a locally issued bank card. In most cases, use of an ATM for cash withdrawals made on an overseas bank card carries a charge; 150 THB is what you can expect to pay as a standard fee for the use of an ATM.

For most visitors to Thailand, the ATM, and an occasional visit to a Bank branch or Bureaux de Change to cash traveller’s cheques will be sufficient.
For those who need to use Thailand’s banks more regularly, i.e. frequent visitors, those engaged in business or who are contemplating moving to the Kingdom for work or retirement, opening an account with a Thai bank will either be very useful or essential. For example, some visas require a bank account be established and hold funds before it is issued. (See Non-Immigrant Visas).

On- line accounts are now fairly commonplace, so if you are likely to be moving around it is probably worth making sure that this facility is or could be made available to you.