Banking
- By letgothailandexpatdemo
Once you are settled in Thailand, you will need to establish at least one bank account that will allow you to transfer funds into the Country, so you can pay for a variety of services that will require a local bank account.
There are several major commercial banks in Thailand, some of which are listed below:
- Bangkok Bank
- Kasikorn Bank
- Krungthai Bank
- SCB
- UOB
- Bank of Ayudhya
While any of the above banks are able to open a savings account for you, and provide you with the requisite banking application for your mobile device, there are a few documents and one requirement you will need to open an account:
- Passport
- Work Permit
- Visa (non-tourist Visa)
- A Thai phone number
As such, you will need to plan in advance to obtain a bank account to pay for some items such as your household rent, purchases of major items such as vehicle, and some daily consumed items if the restaurant or service you are seeking does not accept cash or major credit cards. Note that American Express is not widely accepted in Thailand, outside of major hotels and big box stores such as HomePro (household goods), Lotus (groceries), etc.
You can choose the bank that best suits you, but they all offer the same basic services. Bangkok Bank, Kasikorn, Krungthai Bank, and SCB offer the most retail locations and ATMs across the Country, so it’s likely that no matter where you reside in Thailand you can easily access a branch or ATM at a local mall, or independent banking location with these partners.
Additionally, it is widely known that Bangkok Bank, and UOB are more friendly to foreign residents, and if you go to a location within one of Bangkok’s many malls, it is likely you will find staff who are fluent in English. This can be helpful when navigating the process of applying to open an account, as some forms are only available in Thai. Plan to spend at least two hours and visit either right when they open, or late afternoon well after the lunch rush hour to get the best service and minimize your time waiting.
Once you have your account open, you will receive a debit card that you can use to pay for goods, withdraw cash in Thai baht at ATMs, and a mobile app that allows you to transfer money for payments and also pay by mobile phone by scanning payment QR codes. Many Thai retailers are increasingly relying on mobile payment applications, which are simple and easy to use, and don’t charge users or retailers additional processing fees. You can also pay bills such as mobile phone and traffic tickets through many of these bank applications.