As a foreigner living in Thailand, having a Thai Bank Account in Pattaya allows you to handle your finance easier and it facilitates your daily payments. Plus, it helps you to avoid the withdrawal fees for ATMs. But most local banks require too many documents for a foreigner who wishes to open a bank account in Thailand. Don’t worry! IBS makes it easier for you, by providing assistance in opening a Thai bank Account in Pattaya.
How can I open a Thai bank account in Pattaya?
First of all, you have to visit the bank branch in person to open a bank account which means you must be physically in Pattaya. Second, you need to prepare some required documents depending on your specific case. Normally, you need to provide a passport, a work permit, proof of residence, a long-stay visa, etc. All depend on different banks or even different branches of the same bank, some follow a stricter interpretation of the rules, while others may be more flexible. In Pattaya, for the process of opening a Thai bank account, you may engage with IBS’s service to reduce the hassle of opening an account.
Thai Baht Savings Account
Current Account
Foreign Currency Deposit Account
Business Bank Account
Thai Business Bank Account in Pattaya
Opening a business bank account is fundamental for foreigners who are running businesses in Thailand. But the strictness and the requirements necessary for a company to open a bank account are quite different in different Thai banks or even different branches of the same bank. Here let’s talk about the common situation among most of the major banks in Pattaya.
To open a business bank account you’ll need to prepare some required documents with an application form, and make an appointment with the relationship manager at the local branch. Keep in mind that banking in Thailand is still fairly traditional, and individual bank staff and managers have the final say on your suitability for an account. So please attend the meeting in a smart dress with good manners that will stand you in good stead. The following documents you will mostly be asked for:
- Copy of your company’s registration certificate
- Stamped minutes of the board of directors meeting which state the reason for requiring the account and designates the signatories who will be authorized to use it.
- Tax ID card of the company
- ID card or passport of every member of the board of directors and shareholder who holds more than 25%
However, bear in mind that the actual documents required by any particular bank may be either more lax or stringent than described above. The process of opening the account may take around one week.
Personal Thai Bank Account
A personal Thai bank account offers several benefits for your life. First, it will be easier to manage your finance, avoiding ATM withdrawal fees. Then, it will be also easier to make payments, and so on. Most foreigners in Thailand prefer Bangkok Bank and Kasikorn Bank which are known to be more friendly with foreigners than most other Thai local banks.
The most common and easiest type of account to open is the savings account. This type of account only requires a small deposit. You will get a bank book and a debit card. they can be used at most ATMs, and only a small fee of THB 10-20 may be charged at other banks’ ATMs. Another type of account is the checking account which involves a checkbook. It current allows you to make payments by check, but a work permit is required to open this type of bank account. In addition, a larger initial deposit is also required.
You can choose different types of bank accounts for your needs, anyway, having a personal Thai bank account will help you to make your life in Pattaya much easier and more enjoyable.
Questions we ask ourselves before opening a Thai Bank Account
Which Thai bank is the best for foreigners to open a bank account?
What type of bank account can I open in Pattaya?
The most common type of bank accounts is Savings Account and Current Account. Savings Account is the easiest one to open for foreigners. Current Account is available for foreigners who have work permits that allow purchasing a checkbook to make payments.
What documents are needed to open a bank account in Thailand?
The documents you need to prepare can be different for different banks, even different branches of the same bank might have different requirements.
Indeed, some individual bank managers follow a stricter interpretation of the rules, while others may be more flexible.
Generally, the following documents are needed: passport, work permit, long-stay visa, and proof of residence.
By experience, some banks may require more documents such as a letter from the embassy, a reputable company, or an international organization located in Thailand.
Why open a bank account in Pattaya?
For those who plan to stay in Thailand for a long period of time, having a Thai bank account helps you better manage your finances, including sending and receiving money from abroad, and enjoy lower ATM withdrawal fees.
Plus, it makes your life much easier in Thailand because making payments by wire transfers or QR code scanning are a popular option among locals.
What are the main international banks in Thailand?
The main Thai local banks like Bangkok Bank, Kasikorn Bank, and Siam Commercial Bank provide international banking functions. There are also some foreign banks in Thailand such as UOB Bank, Bank of China, and Citi Bank, but they have much fewer branches and ATMs throughout Thailand than Thai local banks.
Can I open a Thai bank account from abroad?
It may NOT be possible to open a Thai bank account from abroad because most local banks in Thailand require you to show up in person at the branch in order to open a Thai bank account.
Other Services
Business Services
Go back to the Business Services page or discover our other services and benefit from the experience of our experts to develop your business in no time.
Work Permit
If you consider starting a business or you simply want to work in Thailand as a foreigner, you MUST apply for a Work Permit.
Visas
To stay legally in Thailand both for the short-term and long-term, you are required to obtain an appropriate visa.
Company Set-Up
There is great business potential for foreigners willing to start a business in Thailand, by setting up a Thai company.
Property Investment
Thailand is a dreamlike destination for foreign travelers and also the ideal place for property investment to diversify your assets.
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