One of the measures announced on the same day was regarding BOT’s foreign currency deposit (FCD) account, which allows Thais to deposit funds into FCD accounts and freely transfer funds between FCD accounts of Thais. The Bank of Thailand (BOT) has announced a relaxation of regulations on Foreign Currency Deposit (FCD) accounts to allow residents to use FCD accounts more freely, by cancelling the classification of FCD account. Banks in Thailand, such as Kasikorn Bank, Siam Commercial Bank (SCB) and Bangkok Bank, have different procedures for opening bank accounts for foreigners.. Bangkok Bank is a very popular option among expats looking to open a bank account in Thailand. Branches or representative offices of juristic persons that are located in Thailand and have headquarters registered abroad. However, for current FCD accounts, transactions must be made at account holding branches only. Payments received from residents per the established criteria. Deposit, withdrawal, money transfer and bill payment can be made at K PLUS, K-Cyber, K-ATM and any KBank branches. However, it is advisable to know the terms and conditions of these banks before deciding to open a bank account. *Only for juristic persons registered in Thailand​. บัตรประจำตัวประชาชน หรือบัตรประจำตัวอื่น ๆ ที่มีรูปถ่าย และออกโดยหน่วยงานราชการ, สำเนาทะเบียนบ้าน (กรณีที่ไม่ได้ใช้บัตรประจำตัวประชาชน), บัตรประชาชน / หนังสือเดินทาง (กรณีต่างชาติ) ของผู้มีความสัมพันธ์กับนิติบุคคล(แนบสำเนาทะเบียนบ้าน กรณีบัตรไม่แสดงที่อยู่), รายงานการประชุมที่มีมติให้มีการเปิดบัญชีเงินฝากกับธนาคารที่ลงนามรับรองโดยผู้ที่มีอำนาจกระทำการแทน พร้อมกำหนด ผู้มีอำนาจลงนามสั่งจ่ายและเงื่อนไขในการสั่งจ่าย, หนังสือรับรอง/หนังสือจดทะเบียนนิติบุคคล (ออกให้ไม่เกิน 3 เดือน), บอจ.3 รายการจดทะเบียนจัดตั้ง (แสดงตรายาง) (ถ้ามี) หรือ บอจ.4 รายการจดทะเบียนแก้ไข(หากเปลี่ยนแปลงตรายาง)(ถ้ามี), หนังสือบริคณห์สนธิ และข้อบังคับบริษัท (แบบบอจ. A copy of work permit (seems this … No more than USD15,000 or equivalent in other foreign currencies is allowed to be deposited daily in foreign banknotes to an FCD account held by a Thai or foreign individual/juristic person. However, if your business is registered overseas then you may only be able to choose from a more limited range of accounts. Regular savings account rates on deposits of more than three months​.​, Individuals who are not of Thai nationality and do not have foreign identification or permanent residency in Thailand, Offshore businesses, institutions, funds, financial institutions or juristic persons, Offshore branches or representative offices of juristic persons undertaking residency in Thailand, Individuals who are of foreign nationality and permitted to undertake temporary residency in Thailand (not exceeding 3 months), Individuals of foreign nationality who work in Thailand temporarily, Foreign embassies and persons entitled to diplomatic privileges, Non-local officials and staff members of foreign embassies, United Nations specialized agencies and international organizations or institutions. Kasikorn Bank. Annual earned interest on savings accounts … You may be trying to access this site from a secured browser on the server. The account can be used as collateral for loan application. When you open a savings account, you can opt to receive a handy Be1st Visa Debit card. Open a fund account at branches near you. The two most highly recommended banks in Thailand for foreigners needing to open a new bank account are Bangkok Bank and Kasikorn Bank. ... Kasikorn Bank. Please enable scripts and reload this page. All documents must be certified by a notary public at the embassy or consular section of the relevant country. Please provide certified true copies by authorized director(s) with the company seal(if any) on all documents (every page). For Kasikorn Bank, the most foreigner friendly branch is their branch on Sukhumvit 33. While some banks will require you to have a work visa from your Thai-based employer, others can set up an account for you with only a tourist or student visa. However, the first step is to open a bank account. No late payment. Withdrawals in Thai Baht require evidence of obligations that need to be settled per trade, services or investment in Thailand, or not exceeding the set limit (as the case may be). Please enable scripts and reload this page. Kasikorn Bank. Kasikorn. The Bank actually does not decide itself whether you can open a foreign currency account : your data will be sent to the Bank of Thailand for approval. Some banks may allow foreigners to open a bank account without a Work Permit. Regular savings account rates on deposits of more than three months​. Before we talk about papers to prepare when we open a bank account plus a little bit of my suggestion of how to make things easier for you. You also need to maintain a monthly average of USD250. The requirements for opening a bank account as a foreign company at the Bank of Bangkok are set out clearly on their website, ... You can open a bank account in Thailand as a non-resident. KBank is presently Some reports of needing a certified letter from your embassy to open an account; Kasikornbank. KBank’s mutual funds speak variety to serve various investment preferences. The best part about the savings account is that it let even a tourist to open an account. The following information was obtained from Kasikorn Bank in Nakhon Ratchasima, in 2008. Yes. In the meantime, existing and new customers can conduct deposit and withdrawal transactions via their FCD accounts in accordance with criteria and conditions All documents must be in or translated into Thai or English with the accuracy of the translation certified. 1. However, if your business is registered overseas then you may only be able to choose from a more limited range of accounts. The bank has branches in London and New York, which could be useful for anyone that want to open a bank account before moving there. The Bangkok Bank Savings Account A savings account can be opened with a minimum deposit of 500 Bt. You need to open an account with a minimum first deposit of USD1,000 or the equivalent. Buying Condo in Thailand - A Guide for Foreigners. Thai savings bank account is one of the known types of bank account, an alien or a foreigner maybe able to open a savings account without even having a work allowed license, but you will still be required to submit your passport and recommendation letter from your home Consulate in Thailand. Maximum of 2,000,000 Baht with passbook and national ID card. Specify the name of funds you wish to purchase … The account can be used as collateral for loan application. Value Today/Tom: Not exceeding 200​ million Baht per NR group, including other transactions to provide Thai Baht liquidity. UOB Bank. Foreign currencies that have been exchanged from Baht, Funds transferred from another FCD account, For deposit to FCD accounts held by non-residents, including settlement on behalf of a subsidiary abroad, For transfer to other countries per the objectives set by BOT, Documents evidencing obligations per the objectives set by BOT, For exchange into Baht with banks in Thailand, For deposit to other FCD accounts of the same residents and FCD accounts of other residents, For deposit to FCD accounts of banks or businesses relating to foreign means of payment (as the case may be), including settlement on behalf of a subsidiary abroad. Interest is calculated daily and credited to the account every June and December. A close second in terms of foreigner-friendliness, Kasikornbank is also very widespread around the country. Thai government agencies, organizations and state enterprises. What is the maximum daily deposit of foreign banknotes to an FCD account? า. To open bank account you have to get a residency certificate first. Aside copies of passport, often a work permit is also required for every foreigner who wished to open their bank account. The main requirements are having a visa for the period of no less than 30 days (in some banks - for a year) and documents confirming your place of residence in Thailand. Interest is calculated daily and credited to the account every June and December. You may be trying to access this site from a secured browser on the server. On November 20, 2020, the Bank of Thailand (BOT) issued measures aimed at easing pressure on Baht to help balance the flow of funds into and out of Thailand. They are foreigner friendly. Please review the terms and conditions before using the service. It looks like your browser does not have JavaScript enabled. Be smart and save with Bangkok Bank deposit accounts. What exchange rates apply for deposit to and withdrawal from FCD accounts? Interest is calculated daily and will be credited to your account every six months.Accounts which become dormant with a balance below 2,000 Bt will attract a monthly service charge. I found Kasikorn Bank to be one of the easier ones to work with when it comes to credit cards. Passport and Thai work permit or other documents showing source of deposited funds such as account statements and evidence of real estate transactions. KBank reserves the right to change these terms and conditions without prior notice. Income from foreign sources (including funds received from non-residents through purchases/exchanges/borrowings from banks in Thailand). My visit to The Kasikorn Bank in Pattaya was interesting to say the least in an attempt to open a Thai account for an Englishman. It will just guide you to what they can do or not, but rules might have changes and it also might be different from province to province. NotiPass_80%K-Trade Connect will be closed on December 11, 2019 at 10:00 p.m. and resuming services on December 12, 2019 at 02:00 a.m. $More Details.%/en/announcement/Pages/SystemMaintenanceK-Trade-Connect.aspx. Major banks in Thailand include Bangkok Bank, Siam Commercial Bank, Krung Thai Bank, Kasikorn Bank, Bank of Ayudhya, Thanachart Bank, TMB Bank and CIMB Thai. Build up your portfolio from various funds to choose from i.e. An overseas bank where the foreigner holds an account sent via SWIFT Trusted individuals such as a Bangkok Bank staff member or customer, director of a private company, permanent residence in Thailand, government or private educational institute in Thailand It looks like your browser does not have JavaScript enabled. But requirements to open an account depend on banks, between branches of banks, as well as the banking policy that exists. The T/T selling rate is used for deposits; the T/T buying rate is used for withdrawals. This service is an Automatic Fund Transfer Service between a savings deposit account and a current account to facilitate our customers who carry out transactions by cheque. Minutes of the meeting resolving to open a deposit account with, KBank, signed and certified by authorized director(s), and designating the name(s) of authorized signatories for payment and payment conditions List of shareholders (for some companies, the list may be included in the Certificate of Registration), Power of Attorney for withdrawals and identification documents of both grantor and grantee, if authorization has been made for withdrawals. Please turn on JavaScript and try again. Can FCD transactions be made at non-account holding branches? Bangkok Bank is a very popular option among expats looking to open a bank account in Thailand. ​​​​Original document of the House Registration (for use with older, non-chip-embedded national ID cards), Certificate of Registration showing names of directors and authorized director(s) (date of issue not exceeding three months), Minutes of the meeting resolving to open a deposit account with KBank, signed and certified by authorized director(s), and designating the name(s) of authorized signatories for payment and payment conditions, Power of Attorney authorizing person(s) to act on behalf of the juristic person (If any). Embassy or International Organization; Foreign Agencies such as a pension certificate from a foreign government agency; The applicant's foreign bank account is sent via SWIFT. TOOLS & ASSISTANCE Accounts. Yes, they can do so freely with no limit or required documents. Submit your documents at the bank National ID card or passport (for non-Thai; Kasikorn Bank’s savings account passbook; Questionnaire to assess risk in the investment. to foreign means of payment. Conditions and Fees Associated with Foreign Currency Deposit Account Service, Interest is credited to the account on every 25th of June and December. Documents needed to open a bank account at Kasikorn - personal banking - passport Apply for ​Direct Debit. accounts, transactions can be made at only the Phahon Yothin Main Branch. How to open bank accounts is one of the most common situations every foreigner has, who wants to spend any amount of time in Thailand. Opening a bank account in Thailand as a foreigner is not so difficult to do, but your experience will depend on which bank you choose, and sometimes even which branch. Kasikorn Bank This is a bank that is tourist and foreigner friendly, and they are a little more open to lending via credit cards if you are a foreigner. Current account, savings account, fixed deposit account, foreign currency deposit account; Kasikorn Bank. A User Guide for Bualuang iBanking. ... Kasikorn Bank. 2), หนังสือรับรอง/หนังสือจดทะเบียนนิติบุคคล (ออกให้ไม่เกิน 3 เดือน), หนังสือจัดตั้งห้าง / หนังสือข้อตกลงของผู้เป็นหุ้นส่วน / ข้อบังคับ (ถ้ามี), ใบสำคัญแสดงการจดทะเบียนพาณิชย์ ที่ระบุชื่อผู้ขอจดทะเบียน, ใบสำคัญแสดงการจดทะเบียนภาษีมูลค่าเพิ่ม (ถ้ามี), No minimum deposit required for account opening ​, Copy of House Registration (in case other ID cards are submitted), Birth certificate (for parents opening an account for a child)​, Copy of National ID Card (copy of House Registration required if address is not shown) or Passport (for non-Thai) of shop owner, Commercial Registration Certificate indicating the name of requestor. Funds received from banks or businesses relating to foreign means of payment (as the case may be). Individual Non-Resident Account: A copy of passport. NotiPass_80%K-Trade Connect will be closed on December 11, 2019 at 10:00 p.m. and resuming services on December 12, 2019 at 02:00 a.m. $More Details.%/en/announcement/Pages/SystemMaintenanceK-Trade-Connect.aspx. Relevant Documents for Opening Saving Bank Account Open a fund account at branches near you. Incoming-outgoing funds or balance inquiry alerted, Instant alerts of all account activity via SMS, Download, save and print your statements, every month.​, Annual earned interest on savings accounts up to 20,000 Baht is tax-exempt. The Green Bank. money market funds, flexible funds, equity funds, LTF/RMF, and foreign investment funds. We can help you quickly set up an account. Funds that residents have purchased/exchanged/borrowed from banks in Thailand. Interest is paid upon maturity: 1, 3, 6, 9, or 12 month term, No interest on deposits of less than three months.​. You may have to hunt around for a branch with foreigner-friendly staff because some are, and some would rather get … Foreign banknote withdrawals are permitted for the settlement of obligations abroad or for travel expenses only. Bangkok Bank. If annual earned interest exceeds 20,000 Baht, total earned interest is subject to 15% withholding tax.​, Display mode (Doesn't show in master page preview). from abroad, such as a currency declaration form with stamp and signature of a Customs official or evidence from businesses relating to foreign means of payment. And for that, a … Display mode (Doesn't show in master page preview). Here is a rundown on the two banks. The bank will charge USD10 if your account balance drops under USD250.You can only convert local baht into foreign currency with the bank and deposit into the account. If the Baht is used to buy foreign currencies at the amount equivalent to USD200,000 or more for deposit into FCD accounts, documents showing the sources of the Baht are required, such as salary certification. How to open a Thai bank account. 5 simple steps to open a bank account in Thailand. Funds transferred from other FCD accounts of residents and FCD accounts of other residents. They have over 1,000 branches and just under 10,000 ATMs to choose from in Thailand as well as five overseas branches. determined by BOT. Each bank has its own requirements for opening a bank account for foreigners (you can learn about them at the bank website or office). Individuals who are of foreign nationality and permitted to undertake permanent residency in Thailand. Is interest earned on a savings account subject to taxes ? ... Foreign Currency Deposit Account for Foreigners. Some banks are stupid, saying that you must have a work permit to open an account, which of course is nonsense since someone who is going to get a retirement visa must have a bank account and cannot work. Juristic persons established under specific Thai laws. Is it possible for residents to transfer funds between FCD accounts? For major Thai banks such as Bangkok Bank, Kasikorn Bank, Siam Commercial Bank, etc, the minimum initial deposit for a Thai Baht account is usually Baht 10,000 for a current bank account and Baht 500 for a savings account. Foreign officials or staff members of United Nations specialized agencies, international organizations or institutions that are entitled to diplomatic privileges and immunities in Thailand. Investments. The Bank of Thailand (BOT) has announced a relaxation of regulations on Foreign Currency Deposit (FCD) accounts to allow residents to use FCD accounts more freely, by cancelling the classification of FCD account. Yes, deposits and withdrawals can be made at non-account holding branches designated to provide FCD account services. Civil servants/employees of Thai government agencies or organizations working abroad. Interest credited to your account every June and December. Bangkok Bank is usually the simplest and most stress-free bank for foreign retirees looking to open a bank account. For MYR deposit It is designed to reduce concern about returned cheque due to insufficient funds in the current account. They must bring the passport and the following documents to apply for account opening. This will not just help them do transactions and transfers for their business with ease but also offers several other benefits. Read More. No interest on deposits of less than three months​. Enhance effectiveness of business liquidity management. Kiatnakin Bank; TMB Bank; You can choose to open a savings account, current account, fixed-term account, or a foreign currency account in any of these banks. The required documents : Passport TM.30 (In case if you do not have residency certificate) Residency certificate Any foreigner doing business in Thailand or has plans of setting up a business in Thailand should firstly get an account open at a Thai Bank. Deposit, withdrawal, money transfer and bill payment can be made at. How to open a Thai bank account for foreigners. A residency certificate is a document produced by Thai Immigration to officially certify where a foreigner lives. Is interest earned on a Basic Banking Account subject to taxes ? Please turn on JavaScript and try again. 1 depositor can open Basic Banking Account per account per bank. The bank has branches in London and New York, which could be useful for anyone that want to open a bank account before moving there. Two foreigners were arrested after a French embassy official determined that the passports they used to open a Pattaya bank account were fake. Submit your documents at the bank amount, customers are required to submit documents showing that the funds are sourced from abroad, such as a currency declaration form with stamp and signature of a Customs official or evidence from businesses relating If the deposit exceeds the specified Withdrawals in foreign currencies can be made in any case with no need to submit any document and fill out the Foreign Exchange Transaction Form. They also gave me a check book when I opened an account with them—that was quite the flashback considering the last time I saw a check was in the 1980s. Each customer is allowed to deposit foreign banknotes to their FCD account at not more than USD15,000 or equivalent in other currencies per day or not more than the amount specified in documents showing that the funds are sourced Each customer is allowed to deposit foreign banknotes to their FCD account at not more than USD15,000 or equivalent in other currencies per day or not more than the amount specified in documents showing that the funds are sourced from abroad, such as a currency declaration form with stamp and signature of a Customs official or evidence from businesses relating to foreign means of payment. improving the system to remove the types of FCD account on documents. In general, larger bank branches located on major streets and inside shopping malls will be more likely to have staff who can speak English well. Copy of Thai ID Card (copy of House Registration required if address is not shown) or copy of Passport (for non-Thai) of persons having relationship with the juristic person as follows; Individuals with 25% of shareholder or more in the company, Income from foreign sources (including funds received from non-residents through purchase/exchange/ borrowing from banks in Thailand), Funds transferred from other FCD accounts of the same non-resident or FCD accounts of other non-residents, Funds transferred from other FCD accounts of non-residents, Funds transferred from FCD accounts of individuals/juristic persons registered in Thailand for use in the settlement of obligations to individuals/juristic persons abroad by depositing funds into their FCD accounts. The requirements for opening a bank account as a foreign company at the Bank of Bangkok are set out clearly on their website, ... You can open a bank account in Thailand as a non-resident. 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