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Banks for Expats
Opening a local bank account in Thailand can be challenging for expats, but it is definitely feasible. Here’s what you need to know.
If you are an expat living in Thailand, you may need a local bank account to manage your finances effectively. Whether you are enjoying retirement, running a business, renting out a villa, or working in the country, having a local bank account can make your life easier and potentially even help you save money.
However, choosing the right bank can be difficult, especially not all of them are expat-friendly. To help you narrow down your options, we have compiled a list of the banks in Thailand for foreigners.
If you are an expat living in Thailand, you may need a local bank account to manage your finances effectively. Whether you are enjoying retirement, running a business, renting out a villa, or working in the country, having a local bank account can make your life easier and potentially even help you save money.
However, choosing the right bank can be difficult, especially not all of them are expat-friendly. To help you narrow down your options, we have compiled a list of the banks in Thailand for foreigners.
Additional Tips
- Research Online: Many banks have English websites with information about expat accounts.
- Start with Larger Banks: Bangkok Bank, Kasikorn Bank and UOB are known for being expat-friendly.
- Consider International Banks: UOB offers familiarity for existing customers.
- Prepare for Minimum Deposits: Some banks have minimum deposit requirements to open an account.
Popular Banks for Expats
BBL
Bangkok Bank:
The largest Thai bank, good for foreigners, offers foreign currency accounts and international transfers.
KBank
Kasikorn Bank:
Known for being expat-friendly, wide ATM network, and mobile banking.
UOB
United Overseas Bank:
Popular with expats, offers accounts with unlimited deposits and withdrawals.
FAQ
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Eligibility
A tourist visa is not permitted to open a bank account. Individuals will be required a long-term visa:
- a retirement visa
- work permit
- an education visa
- Proof of residency in Thailand: rental agreement, utility bill, etc.
Documents Requirements
- Passport
- Visa (long-term visa like retirement, work, or education)
- Proof of Thailand residency (rental agreement, utility bill)
- Work permit (needed for some account types)
- Letter of Employment (for work visa holders)
- Home country bank statement or reference letter (may be requested)
(May vary slightly by bank)
Types of Accounts
- Savings Account: The most common choice for expats, this type offers basic transactions and typically includes a debit card. (some banks may charge an annual fee)
- Current Account: Similar to a checking account, this allows for check writing (a work permit will be required)
- Fixed Deposit Account: It’s ideal for saving money , this type offers higher interest rates, but your money is locked in for a fixed period.
- For document requirements, these may be vary slightly depending on the bank