Thailand presents investors with a favorable environment to engage in businesses from all over the globe. However, to operate a business smoothly, entrepreneurs need to manage their financial activities more efficiently. As such, one of the most crucial things for entrepreneurs is to open a corporate bank account in Thailand.
Opening a bank account in Thailand is beneficial for anyone who is engaged in any financial transitions in the nation. Opening a bank account in Thailand provides numerous benefits, such as it can assist you in managing your financial activities more systematically, providing you with credit at a reduced rate, and helping keep track of your everyday transactions. All this can help businesses that are registered in Thailand in their long-term growth.
Opening a bank account in Thailand is quite simple, however, you must satisfy the requirements specified by the banks and submit the necessary documentation, such as your identity proof. You can also open an online bank account in Thailand as some banks in the nation allow you to open an account remotely.
Through this guide, we will explain the procedure to open a corporate bank account in Thailand. Additionally, we will describe the documentation needed, advantages, and types of accounts for opening a bank account in Thailand.
Types of Bank Accounts in Thailand
There are numerous sorts of accounts available for opening a bank account in Thailand each with its criteria.
These are the various kinds of bank accounts in Thailand:
Savings Account
A savings account is one of the most preferred sorts of accounts that will allow you to deposit funds as well as receive interest on the deposited fund. Savings accounts are an appropriate choice for those who intend to save their funds for future needs.
Current Account
A current account is a sort of account that permits you to make regular deposits and withdrawals of funds. The current account levies greater charges in comparison to savings accounts and has more minimum balance requirements.
Fixed Deposit Account
A fixed deposit account is a kind of account where you can deposit a large amount of money for a specified period. In comparison to savings accounts, fixed deposit accounts provide better and increased rates of interest. The cash in case of such kinds of accounts cannot be withdrawn before the stipulated period is completed. However, if you decide to withdraw the cash before the given timeframe, then you will have to incur a fee.
Foreign Currency Account
A foreign currency account is a sort of account that enables you to deposit and withdraw funds in international currencies. This sort of account is beneficial for those individuals who regularly work with international currencies and hence want to shield themselves regarding any exchange rate changes.
Joint Account
A joint account is a form of account that is used by couples and business partners to jointly manage a single account. Joint accounts can be established by two or more individuals.
Credit Card Account
A credit card account is a form of account that enables you to engage in transactions by employing a credit card. Credit card accounts are connected to a savings or current account and hence, you will be required to pay interest on the money you use.
Online Banking Account
With an online banking account, you can manage your finances and access your account information online. Online banking is becoming more popular in Thailand, and many banks are allowing customers to access their accounts via mobile apps.
Procedure to Open a corporate bank account in Thailand
Opening a bank account in Thailand is a straightforward process as long as you adhere to the bank’s requirements.
The process to open a corporate bank account in Thailand is explained below:
Select the bank
One of the most important steps to open a bank account in Thailand is to pick a bank that best fits your business needs.
Collect necessary documentation
The second step involves collecting the documents that will be required while opening a bank account in Thailand. The documents required will include your business formation records and your identity proof.
Visit the Bank
After collecting the documents, you will have to physically visit the bank. You can check the bank’s demand beforehand and take an appointment if required.
Submit Documents
After arriving at the bank, collect the account opening form and complete the form. Once the form has been completed, submit the form along with the supporting documentation to the bank.
Wait for Approval
Once the form and the paperwork have been given, the bank will process your application. Once the application is verified and approved, your bank account will be established.
Deposit Funds
Following the establishment of the bank account, you will be asked to deposit the minimum balance in your company account. After the minimum balance has been deposited in the account, the bank authorities will give you your account information including the account number and other details related to your account.
It is fairly simple to open a corporate bank account in Thailand as long as you adhere to the bank’s requirements.
Documentation for opening a bank account in Thailand
To open a corporate bank account in Thailand, the following paperwork must be submitted to the authorities:
- Identification record: You will have to provide identification documents, such as a passport or an identity card.
- Work visa: If you are a non-resident, you must provide the banking authorities with a legitimate work visa.
- Address evidence: You need to provide evidence of your residential address, including a lease contract or electricity bills.
- Thai Tax ID: You will have to submit your Thai Tax ID (TIN) to the banking officials.
- Letter of Introduction: Certain financial organizations may ask for a letter of introduction from your company or a respected person in Thailand.
The paperwork required to open a corporate bank account in Thailand may differ depending on your bank as well as your account type.
Is it possible to open an online bank account in Thailand?
Yes, it is possible to open an online bank account in Thailand. Many Thai banks offer online account opening services that allow you to open a bank account from the comfort of your home or office.
To open an online bank account in Thailand, you will typically need to follow these steps:
Select the Bank
Research and choose a bank that offers online account opening services. Some of the most popular Thai banks that offer online account openings include Kasikornbank, Siam Commercial Bank, Bangkok Bank, and Krungsri Bank.
A few of the most common banks where you can open an online bank account in Thailand are:
- Kasikornbank
- Krungsri Bank
- Bangkok Bank
- Siam Commercial Bank
Determine Eligibility
Check if you meet the eligibility criteria to open an account online. This typically includes being a Thai resident or having a valid work permit or visa.
Once the bank has been selected, determine if you are eligible to open an online bank account in Thailand. The requirements include being a resident of Thailand, possessing a legitimate work visa, etc.
Gather necessary documentation
Gather necessary documentation such as identification records, residential evidence, and other details needed by the bank.
Complete the application
Complete the account opening application and submit it along with the required documents.
Verification and approval
Once the application has been submitted, the bank will examine and verify the legitimacy of the given paperwork. Your account will be created when the bank approved your application.
Deposit the minimum balance
Once the account is established, you must deposit the necessary amount of money to activate the account.
Overall, the process to open an online bank account in Thailand is a convenient and straightforward process that can save you time and effort. However, it’s essential to choose a reputable bank and ensure that you meet all the eligibility criteria and provide the required documents to avoid any issues or delays.
If you establish your bank account with us, we will help you open a business bank account remotely in Thailand and ensure that all requirements have been adhered to.
Is it possible for non-residents to open a corporate bank account in Thailand?
Yes, non-residents can open a corporate bank account in Thailand. Though, for opening a bank account in Thailand, non-residents must adhere to specific criteria. For opening a bank account in Thailand, non-residents have to provide the banking authorities with their passport, residential evidence as well evidence of owning any assets.
Some of the banks in the nation may ask for additional documentation such as a visa, reference letter, or other records to open a corporate bank account in Thailand. It is best to check in with the bank to be aware of the documentation and requirements for opening a corporate account.
Furthermore, non-residents must also confirm with the bank the various charges that will be assessed while opening a bank account in Thailand. These charges may differ in comparison to Thai residents. Common fees would include international transaction charges, service charges, etc. This will help you select the best bank for you at an affordable price.
Why open a corporate bank account in Thailand?
There are numerous reasons why you should consider opening a corporate bank account in Thailand, such as:
- Convenience: Opening a bank account will make it easier to engage in financial activities within Thailand. You will be able to use online services and make payments and transfers more easily.
- Access to Financial Services: Opening a bank account will provide an easier way to access a variety of banking services, including borrowing and credit facilities, investment facilities, and so on. These services can assist you in reaching your financial objectives and enhancing your financial security.
- Safety and Security: A bank provides a more secure means to store money as banks have stringent security procedures in place to safeguard your financial assets.
- Interest Earnings: Banks usually offer interest on saving and fixed deposit accounts, which can help you to receive more profits on your money. This can be a good way to grow your money over time.
- International Transactions: If you frequently deal with foreign currencies or have international business dealings, having a bank account in Thailand can make your transactions easier and more efficient.
- Ease of Doing Business: If you own a business in Thailand, having a local bank account can make it easier to manage your finances and do business in the country.
- Ability to Pay Bills: Having a Thai bank account can make it easier to pay bills, such as utility bills, internet bills, and mobile phone bills. Many banks offer online bill payment services, allowing you to pay bills from anywhere at any time.
Overall, opening a bank account in Thailand can provide several benefits, including convenience, access to financial services, safety and security, interest earnings, and ease of doing business.
Banking Charges in Thailand
While opening a bank account in Thailand, you will be required to pay certain fees for opening and maintaining the account. These charges may differ based on the bank and the sort of account you have selected.
Here are some of the basic charges that you might be required to pay if you open a corporate bank account in Thailand:
- Account Maintenance Charge: To maintain your account with the bank, the bank may charge a minimal fee for account maintenance. This fee will differ based on the type of account you have opted for.
- ATM Charge: If you are availing the facility of an ATM, the bank may charge a price for that. ATM charges in Thailand can be anywhere from 15 to 200 baht for every transaction.
- Overdraft Fees: Overdraft charges may be applicable in the event of withdrawing more funds than the amount available in your account. The fee for overdrafts may differ based on the different banks.
- Wire Transfer Charges: If you are transferring funds to another institution or nation, the bank may assess a wire transfer charge.
- Foreign Transaction Fees: If you use your Thai bank card to make purchases or withdraw money abroad, you may incur foreign transaction fees. These fees can be a percentage of the transaction amount or a fixed fee.
- Credit Card Fees: Credit card holders can be required to pay yearly charges, transaction charges, as well as interest charges.
- Early Account Closure Fees: If you decide to cancel your business bank account before the specified period, the bank will charge an early account closure fee. These charges may be different for different banks.
Bank charges in Thailand can vary depending on the sort of bank as well as the account that is selected. As such comparing the fees will give you a better idea of the expenses that you may have to incur if you open a corporate bank account in Thailand.
Things to keep in mind while opening a bank account in Thailand
Here are some important things to keep in mind while opening a bank account in Thailand:
- Documentation: While opening a business bank account, you must present certain documentation to the bank, such as your work visa, passport, etc. Therefore, it is crucial to correctly prepare the documents to speed up the account opening procedure.
- Bank Account Types: There are different forms of accounts available in Thailand, such as current accounts, savings accounts, etc. It is best to select the form of account that will help you in the long run.
- Minimum Balance Requirements: While opening a bank account, you are required to deposit the minimum balance to activate the account. Different banks have different minimum requirements. It is best to be aware of the minimum requirements beforehand.
- Fees: Banks charge a certain amount of money to keep the account active and for providing different services to its customers. These charges include ATM charges, international transfer fees, etc.
- Interest Rates: Banks provide interest on saving as well as fixed accounts. To earn more profits on your deposited funds, you must be aware of the interest rates provided by different institutions.
- Language Support: If Thai is not your first language, think about selecting a bank that provides customer service in your language. Some banks may have staff members who speak English or other languages.
- Reputation and Reliability: Choose a bank that has a good reputation and is known for its reliability. Check reviews and ratings online to get an idea of other customer’s experiences with the bank.
By keeping these things in mind, you can choose a bank and account that meet your needs and help you manage your finances effectively in Thailand.
Conclusion
Opening a bank account in Thailand can be a wise decision if you plan to live, work, or do business in the country. Opening a bank account can provide you with numerous benefits such as it can provide you with digital baking facilities, and streamline the process for transferring money internationally, all of which can help in handling your finances more efficiently. On top of that, opening an account in a local bank can lower the charges involved in making transactions within the nation. By keeping these factors in mind and providing the necessary documentation, you can open a bank account in Thailand and manage your finances with ease and confidence.
You can contact our experts at Odint Consulting to open your bank account in Thailand.
FAQ’s
Yes, a non-resident can open a bank account in Thailand as long as they comply with the requirements and submit the necessary paperwork.
Yes, you can open an online bank account in Thailand. Odint Consulting experts can help you open a corporate bank account in Thailand remotely.
Opening a business bank account in Thailand can provide numerous benefits such as it helps businesses have access to capital at lower interest rates, helps manage financial transactions more efficiently, provides entrepreneurs with a more secure way of dealing with financial transactions, etc.
While opening a bank account in Thailand, numerous charges must be considered, such as ATM charges, account maintenance fees, service charges, international transaction fees, etc.
