Opening a Thai Bank Account - Aug 2014

by Green Grasser


I looked at the web sites of several Thai banks, read some related posts at several forums, spoke in person to several expats about their Thai banking, and visited and spoke to bank representatives at four branches of two Thai banks.

As evident from my experience below, what was true for others several months ago or earlier was not what I underwent. The major change was a requirement by banks for an Immigration paper. Other changes, I suspect, depend on the bank person encountered.

I thought that a Thai bank account was desirable for several reasons.
- First, I am thinking of residing and/or spending many months per year in Thailand.
- Second, laws require the reporting of carrying more than 10,000 dollars in cash out of the US and into many foreign countries.
- Third, ATMs limit withdrawals to $500 per transaction and/or day, or a lower limit.
- Fourth, US banks have different procedures for transferring funds out of the US. I have heard, but do not know as a fact, that US law requires US bank to convert US dollars to foreign currency prior to the international funds transfer!?!
- Bangkok Bank has a NYC branch that could qualify for a domestic funds transfer.
- Fifth, I would like to have a large sum on hand, if I decide to buy a condo or to rent for a year.


Thai vs Foreign Currency Accounts.

In general, a foreigner can open a bank account in Thai baht and in various foreign currencies if the foreigner meets certain requirements. One requirement involves a "juristic person", which a Thai lawyer said it was the Thai term for a corporation.

However, a foreign currency account seems to carry various fees. For example, a percentage fee to deposit the funds and a percentage fee to withdraw the funds depending upon the method of withdrawal. One other fee mentioned seemed to be a type of handling fee. Note that the bank web sites did not list if there were any method of withdrawal that was free.

I surmise that a major value for a foreign currency account is to transfer foreign currency out of Thailand to another country.

Thus, the bank web sites seem to indicate that an account in Thai bahts had lower fees.


Savings vs Draft Accounts.

A bank account comes in two types, savings and checking (called draft).

Each type of bank account has a variety of fees, based on a minimum amount not held in the account and no activity in the account within a year, and selected services. For example, one service is an ATM card, for which there are an annual fee and a use fee depending on where the ATM is located and who owns the ATM.

Opening a Savings Account (baht).

Bangkok Bank, Central Festival Branch, 3rd floor, with UOB sign misplaced in front. A bank representative told me that I had to go to the branch on Soi 6 to open a savings account, to obtain a paper from Immigration. Also, this branch has no safety deposit box.

Bangkok Bank, Second Road, land-side, across from Soi 6, 2nd floor entrance. Opened Monday - Friday, 8:30 - 3:30. A bank representative told me that to open an account I needed a paper from Immigration office, Jomtien, Soi 5, and identification such as a Thai id or a passport. This branch has no available safety deposit box and customers have been asking for a box for years.

Kasikorn Bank, The Avenue mall, Second Road, across from Soi 13. A bank representative told me that to open an account I needed a paper from Immigration office, Jomtien, Soi 5, which would cost 200 baht. Also, she said that the branch has available safety deposit boxes, but I had to buy a 600,000-baht life insurance policy which would pay 3 million-baht to my family upon my death.

Kasikorn Bank, Royal Garden Plaza, 2nd floor, Beach Road end. A bank representative told me that to open an account I needed a paper from Immigration office, Jomtien. Also, she said that a safety deposit box would cost 10,000 baht per year rental, and subsequently admitted that a small box would cost 2,000 baht.


Immigration office, Soi 5, Jomtien.

I got on a baht bus on the southwest corner of Second Road and South Pattaya Road. About 15 minutes later when the vehicle turned left to travel along a beach in Jomtien, I pushed the vehicle buzzer to let me off when I saw a street sign that said Soi 5. I got out of the vehicle and paid 10 baht to the driver.

I walked away from the beach along Soi 5. About 200 meters, a small building on the right set back from the street had an Immigration sign in front.

I entered the building and immediately on the right was a small counter, behind which was a uniformed man and a couple of ladies. I explained that I wanted to open a bank account and the bank sent me to the Immigration office to get a paper. They handed me a form to fill out and after filling out the form to return for a number.

I filled out the form, which had the title Residence ??? and boxes with both Thai and English names. Returning to the counter next to the door, a 700 number was given to me.

Next in the large room were several rows of seats, followed by several rows of desks at which sat various Thai immigration officials. I sat and watched the number displays.

When my number was shown, I walked over to desk numbered seven, which was at the back row. I gave the male official the form and my passport.

He asked me, what was the form for? I said, to open a bank account, which I had written on the form.

He said, 300 baht. I handed the money to him.

He handed me my passport and gave me a new number.

He said, two copies of my passport and entry stamp, and two photos. I asked, where do I get them?

He pointed out the building's front door.

A nearby expat said, go outside and go to the right.

I exited the building. On the right was a separate building and a bunch of people walking in and out. I walked to the open archway and looked around.

A young Thai man asked me, what did I need? I explained.

First, he took my passport and made four copies, because the entry date was on a page separate from my passport photo page. Then he had me stand in front of a side wall and took my photo with a cell phone. A few minutes later, he gave me two photos, about passport size. He asked for 120 baht (50 baht per photo, 5 baht per photocopy).

He also brought a blank Residence form, similar to the form already submitted to the Immigration office. I explained that I had already filled one out. I do not know if his filling out the form would cost another fee.

I returned to the Immigration office and proceeded directly to the Immigration official at desk 7. I sat on a nearby chair and waited.

The Immigration official gestured me to come to his desk. He took the photocopies and photos, and attached them to two official-looking papers with letterhead written in Thai, except for the numbers indicating my entry date into Thailand and end visa date and the English name of my hotel. He stamped the two papers, gave me one of the two papers, and indicated that I could leave.

I exited the building. I returned to the photocopy place on my right. I had four photocopies made of my Immigration paper, costing 20 baht.

I walked back to Beach Road. I flagged a passing baht bus. The vehicle returned to Second Road and South Pattaya Road. It continued on along Second Road. I pressed the buzzer when we were in front of The Avenue mall. When I paid the driver, he held up two fingers. I paid him 20 baht.

With my Immigration document in hand, I guess that I was officially a Thailand resident for 30 days although my actual vacation plan was for about 3 weeks in Thailand.


Bangkok Bank - Savings Account.

Explained why I was there to a lady greeter, who pressed one of several buttons on a machine near the door. Waited for my number to light up among 20 customers.

I gave my passport and a photocopy of Immigration paper to a customer service representative. She asked for the original Immigration paper. I explained that I needed the original to open an account at another bank.

She gave me several forms to fill out and even more forms to sign.

She asked, how much to deposit? The bank web site said a minimum of 2,000 baht to avoid a monthly fee. I said 3,000 baht.

She took my money and gave me a passbook.

- - - Personal Check

I returned on a later day. I wanted to deposit my personal check for US dollars from a US bank.

The cashier told me to see a customer service representative.

The latter gave me a form for Foreign Remittance to fill out.

She looked up the today's rate for US dollars and charged the equivalent of $10 in baht to my savings account.

She said that I had to wait 45 days for the US dollar amount to appear in my savings account as bahts.

By the way, I forgot who, but a Pattaya bank official did not recommend depositing a personal check. The reason was that the check would be mailed to the bank's main office in Bangkok for processing, and the check could be stolen.


Kasikorn Bank - Savings Account.

- At the Royal Garden Plaza branch,

I gave my passport and a photocopy of Immigration paper to a customer service representative. She asked for the original Immigration paper. I explained that I needed the original to open an account at another bank.

She said that it was bank's policy to keep the original.

I said that if I open another account, I would have to pay another 300 baht to Immigration and 120 baht for photos and photocopies, and to go to Immigration office in Jomtien to get another Immigration paper.

She said, no original Immigration paper for the bank, no account.

- At The Avenue mall branch,

I gave my passport and a photocopy of Immigration paper to a customer service representative.

She gave me several forms to fill out and even more forms to sign.

She asked, how much to deposit? I said 3,000 baht.

She said that the minimum to open a savings account was 10,000 baht.

I had not checked the bank web site on minimum to open a savings account.

I returned later with the money and received a bank passbook.

The bank representative who wanted me to pay 600,000 baht for an insurance policy was not at the branch when I opened my savings account. She was a lady in her 50s who did not seem to understand English.

I think the difference between the two Kasikorn branches was that the Royal Garden Plaza rep was a girl in her late 20s with a feisty my-way attitude and the The Avenue mall rep was a lady in her late 30s with an experienced business attitude.

- - - Personal Check

I wanted to deposit my personal check for US dollars from a US bank into a friend's Kasikorn savings account.

The Avenue mall branch representatives said that we had to go to the Kasikorn branch of my friend.

We sent to Kasikorn Bank's Soi Buakhao branch. This branch refused to take my personal check because it was "not clean" due to my crossing out more than one line. I had crossed out my former street address and former city/state (because I did not reside there) and wrote my current US address.

Note that Bangkok Bank did not refuse my personal check with similar corrections, nor has my Philippine bank refuse the same. Also, I know that US banks do not need my address to process my personal check, but need only the coding at the bottom of my personal check.


Social Security Number.

Among the various papers I filled out and signed at the two bank branches to open a savings account, one form was the US government W- form.

That form requires disclosing my social security number.

Does the US government know when it requires foreign banks to disclose the US taxpayers holding a foreign bank account, that it is forcing the disclosure of its taxpayers' social security number outside the USA?

On the bright side, at least these banks are allowing you to open accounts. With the implementation of FACTA, a lot of foreign banks are shunning Americans.

You got that right. Many of the major banks in Malaysia out-and-out will not open an account if you are a US Resident. Period. And that's because of FACTA. There's always a work-around, but it's not always convenient.

When I opened an account in Brazil they asked for just as much information as they do in the US. Some other countries, not as much.

Why not just live off your ATM card. Why open a THB account unless your depositing in THB. Charles Schwab and Etrade ATM cards offer great rates, prob 0.10-0.15 off and I get my 180 THB back in 48 hours.

If you lose it or sending you a updated card may be a pain.

I can obtain $1000 a day (but will you be spending 365K a year).

You can send USD anywhere in the world.
No conversion, unless your local bank wants to trick you into a 5% conversion rate. Just ask for a USD TT swift wire or use Moneygram. Now, the Thai bank will convert it into THB unless you hold a USD account. I hear the exchange rate is fairly good when the Thai bank coverts.
However you would need to get this in writing when you open your account.

I wouldn't want to have a large sum of THB on hand, if this turmoil gets worse and the THB drops to 37-38 you just lost 20% in value.
I think cash is king. If you do open an account, open a dual account in THB and USD.


Deposit a check overseas.. Just take a photo of the check on your US banking app then wire the funds to your Thai bank.