Banking in Bangkok and Thailand

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Banking in Bangkok and Thailand

Opening a bank account in a Thai bank or a foreign bank based in Thailand can be relatively simple. There are documents that must be presented in order to set up an account, depending on the type of account opened, and requirements may vary from bank to bank and even between different branches.

Although the process of opening an account is easier if a person has a valid work permit, it's not always essential. For a savings account or a foreign currency account banks will generally accept an official letter of recommendation from an Embassy. 

Major Thailand Retail Banks

Most banks have good websites in English and it's advisable to study the details before deciding on which bank to use.

• Bangkok Bank
• Bank of Ayudhya
• Export-Import Bank of Thailand
• Kasikornbank
• Krung Thai Bank Public
• Siam Commercial Bank
• Citibank
• Deutsche Bank
• Hong Kong and Shanghai Bank
• Merrill Lynch International Bank
• Standard Chartered Bank

Types of Bank Account

There are four types of accounts available to foreigners in Thailand:

• Thai Baht Savings Account
• Current Account
• Foreign Currency Deposit Account
• Business Bank Account

Thai Baht savings account

The most common type of bank account is the savings account. A non-resident may be able to open an account without a work permit but they will need to provide their passport and a letter of recommendation from their Embassy in Thailand. Anecdotal evidence suggests that not all branches and banks will allow this. Try several or use the head office branch. If no work permit is held then it is not possible to get internet or telephone banking but an ATM card and passbook will be issued.

Documents required to open an account include the following (may vary from bank to bank):

• Passport with a valid visa
• Work permit (Some banks will open an account for those without a work permit. Visit several different banks to find out which ones do not require a work permit.)
• Letter of recommendation from Embassy if no work permit is held

The minimum amount of money required to open a Thai Baht Account can be as little as THB 500.

The account holder will receive a bank debit card allowing them to deposit and withdrawal funds from their account at ATMs. An account holder may also request a bank credit card. Typically, a credit card is only issued to those with a valid work permit, proper visa documentation and history and proof of income.

Current account

This account can be more complicated to open as a cheque book is issued. A passport is needed and it will not be possible to open the account without a work permit. A larger minimum opening deposit is required.

Foreign currency deposit account

This is a bank account usually offered in a range of currencies with a minimum deposit required.

A passport must be presented when opening a foreign account. Other documentation may also be requested, such as an official letter of recommendation from the person's Embassy, employer or overseas bank, pay slips, loan documents or a bank statement from the person's home country.

Business bank account

To open a business bank account in Thailand it is necessary to have all the company papers, a passport with valid visa and a work permit. Although it should be a straightforward process it is recommended that an accountant prepares all the paperwork before visiting the bank. A business bank account will normally issue a cheque book and ATM card. Some offer Internet banking.

Using a Thai Bank Account

For a typical Savings Account an ATM card and pass book will be issued that can be used to withdraw or deposit money and to make bank transfers. For those opening an account for a business a cheque book may also be issued.

The ATM card is the most convenient way of accessing money. The ATM card issued will work in any ATM machine regardless of bank although there may be a charge. See Deposits and withdrawals below.

Issuing a bank pass book is standard practice in Thailand. The account holder can check balances and transactions by making a request from a teller or by using the bank's automated teller. If the pass book is not updated regularly at the bank, when it is updated, a summary of all transactions completed since the last update will be shown as a single figure.

Some banking services are available only at the branch at which their account was opened, as that is where their signature is on record. Check with the bank for details.

Note: bank statements are not mailed to the account holder's home and overdrafts on savings accounts are impossible.

Opening hours

Banking hours are generally from 08:30-15:30, Monday to Friday, except on public holidays. However, some branches may be open at the weekend. Check the business hours of the chosen bank when opening an account.

Credit cards

A foreign resident may also apply for a credit card. It is not an easy process, therefore, when applying it is essential to have all documentation available to prove residency as well as creditworthiness.

The interest rate will vary depending on the bank and the Minimum Lending Rate (MLR) at the time.

Online banking

Most Thai banks now offer Internet banking. Additionally, if a person still has an active account in their home country, they can use the Internet banking system to check balances and to make money transfers.

Thailand cheque procedures

A person can use any branch of their bank to deposit cheques. In order to cash a cheque, a person must go to the branch number on the cheque of the issuing party. When cashing a cheque it is essential to take a passport or Thai identification card.

A cheque can take two to three days to clear if it did not originate from the same bank. If the same bank is used by the account holder and the issuing party, the funds should be available immediately.

Deposits and withdrawals

Withdrawals can be made at the ATM. This is free if the account holder uses an ATM from their bank in the same province. However, when using the ATM of the same bank outside of the province a small fee is charged. The use of an ATM of another bank in the same province as the holder's bank account also incurs a small fee, which is higher in another province.

Foreign account holders must bring their passport to make any withdrawals at the counter rather than at an ATM. Each bank will have individual rules regarding the amount allowed to be withdrawn each day using an ATM card. For larger withdrawals, the account holder may need to go to their bank branch with their pass book and passport.

Each bank also has a deposit machine where account holders can input their account number, place the deposited amount of Thai baht in the appropriate slot and process the deposit. A deposit receipt will be given and the account holder can also have the full transaction printed on their bank pass book. There is no limit to the amount deposited; however, if depositing a large amount of money, the bank may ask for documentation on how the money was obtained.

Transfers

Banks in Thailand do not use an IBAN (International Bank Account Number) identification number; however, they do use the SWIFT coding system for banking transactions.

There are several ways to transfer money within Thailand and to and from the country.

• Transfers within Thailand can be carried out at a branch of the person's bank with a pass book or from one of the bank's cash machines using an ATM card
• Wiring money from an overseas bank account to a Thai bank account usually takes three to five days depending on the bank and the system used. Each bank has its own charges for this service
• International cashier's cheque or money order is an inexpensive means of transfer that can be made at the local bank. To send money or to receive cash, a passport is required
• Western Union: an easy, quick, but expensive way to transfer money
• Transfer money in a different currency into Thailand: restrictions have recently been introduced for large sums of currency. These are currently under review (July 2007)
• Transferring money overseas from Thailand can be more complicated, although some banks offer this service as part of Internet banking. Transferring money will normally require an invoice from the receiver of the funds. The following documents are usually, but not always, required:
• Passport
• Information and/or documentation on the person who is receiving the funds (for example, if it is for child's tuition, have tuition papers available as well as proof of kinship)

Exchanging Money & Restrictions on Importing or Exporting Currency

Exchanging currency should always be done at a bank or foreign exchange facility. Hotels will exchange currency, but at a much higher rate. The international airport in Bangkok has currency exchange facilities.

Traveller's cheques are widely accepted in many Thai hotels and major venues. It is wise to convert traveller's cheques into the local Thai baht at a bank or similar foreign exchange facility.

To carry out any currency exchange a passport is required.

Currently, an unlimited amount of personal cash may be imported when entering Thailand. For exporting Thai baht there are restrictions: up to THB 50,000 per person and THB 100,000 maximum per family but these amounts are subject to change.

• Check with the Thai Customs Department before travel: Click here

When making a declaration of export items, foreigners may be asked to provide proof of how the exported funds were received. For example, it may be enough for a resident to provide pay slips or a bank book showing regular deposits from their employer, but non-residents may be asked to produce the receipt for currency brought into the Kingdom.

Lost or Stolen Bankcards

If a debit card or bank Visa card has been lost or stolen, the holder should go to their nearest bank branch and make an immediate report. It is important to take a passport.

Alternatively it's possible to call an emergency number.

• See AngloINFO INFOrmation Page Lost or Stolen Credit Cards & Mobile Phones in Thailand

The bank will terminate the use of the card right away. However, a person must go to the bank where the account was opened to receive another card.

If the card has been used without authorisation, the bank will help to fill out the necessary paperwork and direct the person to the nearest police station to fill out a theft report.