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 many more. Therefore, many foreigners come to visit the country every year.
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 reputable and reliable too.
Therefore, no wonder if many foreigners trust the two banks for their saving 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 search for the best bank, then this option can be selected.
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Each of the banks gives various services to their consumer. Starting from a saving account with its bank book and debit card, up to credit card service and insurance or loan. These banks also provide many branches around the country and put quite many ATMs across over Thailand. Therefore, anytime you need help and financial service 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 on 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:
Passport is one of the most present documents whenever you want to perform any administration thing in the country including to open 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 expired date.
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You will also request 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 to input the data accordingly.
A work permit is also one of the documents that can be questioned by the bank. Therefore, to ease 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 Account in Thailand
Once the above documents are completed, then you can directly manage to open a bank account in Thailand. It is noted that there are several types of bank account 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 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 currency. You can also have international transactions with this account. However, the currency rate can be varying according to its fluctuation, plus the charge usually 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 all the requested forms and make a sign on them. Don’t forget to pass the 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 get any doubt to start opening a bank account for your ease of financial transaction in the country. Once you have your new account, you can freely perform any transaction such as making payment or transferring money without further issues related to currency rate or high withdrawal fee.