Requirements For Foreign Bank Accounts In Thailand

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Requirements For Foreign Bank Accounts In Thailand

Posted by Continent Property on March 22, 2024

The requirements for a foreigner to open an account in a Thai bank can vary depending on the specific bank and the type of account being opened. However, typically, the following documents and information are required:

1. Passport: A valid passport with at least six months validity remaining.
2. Visa: Depending on the type of visa the foreigner holds, they may need a non-immigrant visa.
3. Work Permit (if applicable): For foreigners working in Thailand, a valid work permit may be required.
4. Proof of Address: Proof of residence in Thailand, such as a rental agreement or utility bill in the applicant’s name.
5. Letter of Employment (if applicable): For those working in Thailand, a letter from the employer confirming employment status and income may be necessary.
6. Thai Tax Identification Number (TIN): Some banks may require a Thai tax identification number.
7. Initial Deposit: Most banks require an initial deposit to open an account. The amount will vary depending on the type of account being opened.

It’s essential to contact the specific bank where you wish to open an account to inquire about their exact requirements and procedures, as they may vary between institutions. Additionally, some banks may offer special services or accounts tailored to the needs of foreigners or expatriates.

Foreign Bank Accounts In Thailand

Are foreign property buyers allowed to open Thai Bank Accounts?

Yes, foreign Thai property owners can open bank accounts.

Below is a list of the required documents:

  • Original Sales and Purchase Agreement signed by the developer/seller and buyer.
  • Official Receipt(s) from the developer.
  • Original passport with the latest immigration stamp into Thailand.
  • Initial deposit.
  • A non-immigrant visa (if applicable).

Can a foreigner open an account in a Thai bank with only a tourist visa?

Recently, due to increased scrutiny from the central bank and the Ministry of Finance, this has become nearly impossible. In March 2024, Krungsri Bank in Thailand began blocking accounts opened by foreigners on tourist visas. Foreigners were required to provide additional documentation or withdraw their funds.

For the most current information, you can always contact the bank’s customer support service.

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