Is A Thailand Work Permit Required To Open A Thai Bank Account?
Expatriates working in Thailand are more than likely to want to open a local bank account, so what are the documents required to do so and is a Thailand work permit included among these?
There seems to be some confusion - or perhaps a grey area - as to whether in fact a Thailand work permit is required to open a bank account in Thailand. Probably the easiest answer to this is that some banks do ask for a work permit, while some apparently do not.
Before going any further, lets clarify for the purposes of this article, that by bank account we are talking about a general Thai baht savings account.
Among the most popular banks in Thailand for expatriates and foreigners are Bangkok Bank, Bank of Ayudhya (also known as Krungsri) and KASIKORNBANK or KBank. These banks have branches throughout Bangkok as well as in other major cities like Chiang Mai and Phuket. They also have ATMs nationwide; it is important to note here that ATM fees charged by banks such as for inter-bank withdrawals or transfers are often higher for transactions made upcountry - or in provinces outside of Bangkok where the banks are headquartered.
So, back to the process of actually opening a Thai baht savings account. While law firms in Thailand can certainly provide advice on how to go about opening a local bank account, along with advice on various other issues relevant to foreigners like Thai labour law, the immigration service in Thailand and even starting a business in Thailand, some banks list the necessary details on their websites. Or of course, there's the option of visiting a bank and talking to the help staff.
Information provided on Bangkok Banks website about opening an account for those in Thailand for a short time states:
Even if you are only visiting Thailand for a relatively short period of time, you can open a savings account and get a debit card to use for shopping and ATM withdrawals. All you will need to provide is your passport and one other official identification document - for example, your drivers license or a reference letter from your embassy, your home bank or a person acceptable to the bank. You will also need to provide evidence of your address in Thailand as well as your regular address in your home country.
For those who are staying for a longer time, the website states:
If you have a work permit, are a permanent resident, or hold a long-stay visa, you can apply for a wider range of services such as a cheque account, internet banking and online international funds transfer services.
A Bangkok Bank savings account can be opened with a minimum deposit of THB 500, and an ATM card can be provided for a nominal issuance fee. Interest is calculated daily and is credited to the account every six months. It's important to note that accounts which become dormant with a balance below THB 2,000 incur a monthly service charge.
KBanks website states an account can be opened with a minimum deposit of THB 500 and the required documents are:
- A copy of national ID card or other ID cards bearing your photo and issued by government authorities
- A copy of House Registration
Another important point to know about bank services in Thailand, is that the branch where an account is opened, or the home branch, is often where the account holder must go to conduct anything other than simple transactions. So it's a good idea to open an account at a conveniently accessible branch, close to the office or home.
Generally speaking, banks in Thailand are open for business from 8.30 am to 3.30 pm Monday to Friday (except on government and public holidays). Some bank branches are open on the weekend, often those located within shopping centres.
Many of the banks in Thailand also now offer online banking. Those wanting to avail of this service should tell the bank staff when opening an account as additional documentation needs to be filled out.
There seems to be some confusion - or perhaps a grey area - as to whether in fact a Thailand work permit is required to open a bank account in Thailand. Probably the easiest answer to this is that some banks do ask for a work permit, while some apparently do not.
Before going any further, lets clarify for the purposes of this article, that by bank account we are talking about a general Thai baht savings account.
Among the most popular banks in Thailand for expatriates and foreigners are Bangkok Bank, Bank of Ayudhya (also known as Krungsri) and KASIKORNBANK or KBank. These banks have branches throughout Bangkok as well as in other major cities like Chiang Mai and Phuket. They also have ATMs nationwide; it is important to note here that ATM fees charged by banks such as for inter-bank withdrawals or transfers are often higher for transactions made upcountry - or in provinces outside of Bangkok where the banks are headquartered.
So, back to the process of actually opening a Thai baht savings account. While law firms in Thailand can certainly provide advice on how to go about opening a local bank account, along with advice on various other issues relevant to foreigners like Thai labour law, the immigration service in Thailand and even starting a business in Thailand, some banks list the necessary details on their websites. Or of course, there's the option of visiting a bank and talking to the help staff.
Information provided on Bangkok Banks website about opening an account for those in Thailand for a short time states:
Even if you are only visiting Thailand for a relatively short period of time, you can open a savings account and get a debit card to use for shopping and ATM withdrawals. All you will need to provide is your passport and one other official identification document - for example, your drivers license or a reference letter from your embassy, your home bank or a person acceptable to the bank. You will also need to provide evidence of your address in Thailand as well as your regular address in your home country.
For those who are staying for a longer time, the website states:
If you have a work permit, are a permanent resident, or hold a long-stay visa, you can apply for a wider range of services such as a cheque account, internet banking and online international funds transfer services.
A Bangkok Bank savings account can be opened with a minimum deposit of THB 500, and an ATM card can be provided for a nominal issuance fee. Interest is calculated daily and is credited to the account every six months. It's important to note that accounts which become dormant with a balance below THB 2,000 incur a monthly service charge.
KBanks website states an account can be opened with a minimum deposit of THB 500 and the required documents are:
- A copy of national ID card or other ID cards bearing your photo and issued by government authorities
- A copy of House Registration
Another important point to know about bank services in Thailand, is that the branch where an account is opened, or the home branch, is often where the account holder must go to conduct anything other than simple transactions. So it's a good idea to open an account at a conveniently accessible branch, close to the office or home.
Generally speaking, banks in Thailand are open for business from 8.30 am to 3.30 pm Monday to Friday (except on government and public holidays). Some bank branches are open on the weekend, often those located within shopping centres.
Many of the banks in Thailand also now offer online banking. Those wanting to avail of this service should tell the bank staff when opening an account as additional documentation needs to be filled out.
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