Set Up a Bank Account in Thailand
For persons that are non-residents of Thailand, setting up a bank account in this country is an option that heavily depends on an important condition, namely the possession of a work permit here. Persons that possess one can set up a bank account at one of the following banks: Bangkok, Thai Bank, Kasikorn, Siam Commercial, Kiatnakin, Krung Thai or Siam City Bank. Additional, as well as withdrawal or account closing fees vary. Our Thai company formation consultants can provide foreign investors interested in starting a business in Thailand with more details about the requirements for opening a coporate bank account.
Documents necessary for establishing a bank account in Thailand
Those that do not possess a work permit, mostly expats that have a non-immigrant type of visa or a tourist visa can apply at: TMB, Bangkok or UOB Bank. They will need to present:
• their valid passport;
• the second form for identification in order to set up a bank account in Thailand is a type of ID that contains a photo – generally a driver’s license - or a reference letter received from the embassy or from a bank situated in their native country. If their spouse is of Thai origin, they can present the marriage certificate or the ID of the husband or wife.
• a document that certifies the ownership of a house, a lease agreement or a utility bill.
Our specialists in company registration in Thailand can help foreign and local businessmen set up a corporate bank account.
Perks of opening a bank account presented by our company registration consultants in Thailand
Opening a bank account in Thailand provides you with the following advantages:
• ATM Withdrawal fees no bigger than 150 or 180 baht.
• Just 3% conversion rates for ATM withdrawals or currency exchange.
• Possibility to transfer funds anywhere in the world.
• Possession of a debit card that enables numerous in-store and online purchases.
Also, a 500 baht has to be paid for the issuing of the debit card, but the operation is very rapid. Credit cards are approved for persons that have been living in Thailand for a long time. Before everything is completed with the setting up of the account, you must also set up a withdrawal limit. That limit is generally chosen by Thai banks at 20 000 baht, but the limit can be changed if so requested.
Opening a bank account in Thailand will also provide you additional advantages, such as phone and internet banking. We invite you to contact our company formation agents in Thailand in case you need to set up a bank account for your business in this country.