How to Open a Bank Account in Thailand
How to Open a Bank Account in Thailand. One of the interesting countries in the world is Thailand. This place has so many cultures, exotic foods, great destinations, and much more. Therefore, many foreigners come to visit the country every year.
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They even decide to stay in the country either for business or for a job. Of course, one of the common questions among foreigners is how to open a bank account in Thailand. Since money is an important thing to help them survive every day. While dealing with overseas accounts might give some difficulties.
Local Bank in Thailand and its Service
Several trusted banks in Thailand provide various excellent services for expatriates. Some of them include Bangkok Bank and Kasikorn Bank. Both are local banks that have good reputations and are reliable too.
Therefore, no wonder that many foreigners trust the two banks for their savings accounts. Furthermore, Citibank also has a good recommendation of an international bank to select in the country. So that anyone plans to stay for a longer time in Thailand, and searches for the best bank, then this option can be selected.
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Each of the banks gives various services to its consumers. Starting from a savings account with its bank book and debit card, up to a credit card service, insurance, or a loan. These banks also provide many branches around the country and put quite many ATMs across Thailand. Therefore, anytime you need help and financial services from the bank, you don’t need to worry about difficulty finding the teller machine or the branch offices.
Open a Bank Account in Thailand
Getting a new account at one of the banks above is not difficult. Similar to other places in the world, if an expatriate plans to open a bank account, then there are several documents to prepare first. Usually, the bank will request the following documents:
A passport is one of the most important documents whenever you want to perform any administrative task in the country, including opening a bank account. Therefore, make sure to bring your passport and make a copy of it. Furthermore, you need to also make sure that your passport is still valid, at least 6 months before the expiration date.
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You will also be requested to show your permit Visa for evidence. The Visa shall also still be applicable since some banks decide to hold an account with an expired Visa. Therefore, make sure that your Visa is given for a long period of stay in Thailand. The next thing to prepare is a local address and local phone number. This is to ease the bank’s input of the data accordingly.
A work permit is also one of the documents that can be questioned by the bank. Therefore, to help you open a bank account in Thailand, it is better to bring this letter when applying for a new bank account in a local bank.
Types of Bank Accounts in Thailand
Once the above documents are completed, you can directly manage to open a bank account in Thailand. It is noted that there are several types of bank accounts in most of Thailand’s bank such as the following.
A savings account is the most common type of account for foreigners. This account can help to support daily financial transactions such as making payments, getting paid, withdrawing money, and many more. Therefore, if you need a bank account in Thailand, it is the most recommended type of account to make.
The current account is one of the accounts that can be owned by an expatriate who has a valid working permit. Therefore, make sure to have your permit together with other required documents if you decide to apply for this kind of account.
The fixed-term account is one of the selections to make sure getting an account with your origin country currency but with fix currency rate. This might be an interesting thing to try.
A foreign currency account is one of the accounts that is also preferred by many expatriates. Since you can use this account using your origin country’s currency. You can also have international transactions with this account. However, the currency rate can vary according to its fluctuation, plus the charge is the most expensive.
Once you decide on the bank and the type of account, you can directly come to the bank and ask for the required form. You need to fill out all the requested forms and sign them. Don’t forget to pass a copy of all required documentation. After that, the bank will process your new account and pass you a bank book and debit card on the same day.
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Through the information above, hopefully, you can get enough explanation about banks in Thailand and how to open a bank account in Thailand, too. It is never difficult to try to open a bank account in another country, as long as the documents are well prepared.
Therefore, don’t hesitate to start opening a bank account for your ease of financial transactions in the country. Once you have your new account, you can freely perform any transaction, such as making a payment or transferring money, without further issues related to currency rate or high withdrawal fees.
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