Easiest way to open bank account in Thailand
Easiest way to open bank account in Thailand How to open bank account in Thailand? If you are working inThailand, it is no sweat opening a back account there. You need to present documents in order depending on the type of bank account you wish to open inThailand, or the bank you intend to open an account in. The bank could be either a Thai bank or a foreign based bank in Thailand. If you have a valid Thai work permit, the process of opening a bank account is swift and easy, although this may always not be the case. If you intend to open a foreign currency account or a savings account the bank would require a recommendation letter from your Embassy and last but certainly not the least an apt Thailand lawyer. Consulting with a Thai lawyer, you’d be able to know in details the finer workings of opening a Thai account as an alien inThailand. Generally, for foreigners living in the Thailand, you can have 4 typical types of bank accounts including Current Account, Thai Baht Savings Account, Business Bank Account and Foreign Currency Account. A Thai financial lawyer can give you the necessary details and prepare you beforehand for any complications that you may have to deal with later on. 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. However, not all the branches and banks allow this, if this is the scenario you should try and contact the main branch of the bank. You may not get the luxury of internet banking or telephone banking without the work permit but you would still be able to use the ATM card and a passbook would be issued to you. To open a bank account in Thailand you need the following documents, these may differ from bank to bank but usually the most common ones are, your valid duration visa with your passport, an allowed license to work, a recommendation letter from your embassy in Thailand, a minimum account balance of 500 THB. Once you open an account, you will receive a debit card allowing you to withdraw and deposit your cash from your account at an ATM machine through out Thailand. You could also request for a credit card, but its issuance requires a valid work permit, proper documentation and visa history as well as income proof. To open a current account, it could get a little bit complicated when the checkbook is issued. Your passport is still required and there is no way you would be allowed to open a current account without a valid work permit. A required startup deposit required is also significantly larger and varies from bank to bank. The foreign currency account needs your passport and an official recommendation letter from your Embassy and employer. You will need to present your passport in person along with the bank statements and other documents. For opening for a bank account to deal with business matters, it is imperative that you hire a Thailand lawyer to guide you through the intricacies involved in the procedure. It is also recommended that you hire a professional accountant to prepare your documents before you present them.
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