Banking in Thailand

Opening a Bank Account as a Foreigner

Opening a Thai bank account is one of the most important things you will do as a new expat. You need it for paying rent and bills, receiving salary, using PromptPay (Thailand's instant payment system), and scanning QR codes at shops and restaurants.

What You Need

Requirements vary by bank and even by branch. Here is what to bring:

• Passport — original, with a valid visa (Non-Immigrant visa is preferred; some branches accept tourist visa stamps)
• Proof of address — one of the following:
  • Rental agreement or lease contract
  • Utility bill with your name and Thai address
  • Residence certificate from your embassy (THB 500-1,500 at most embassies)
  • Letter from your employer
• Thai phone number — required for mobile banking registration
• Work permit — makes everything easier, but not always required for a basic savings account
• Minimum deposit — typically THB 500-1,000 (~US$15-30)

Step-by-Step Process

1. Visit the branch with all documents (go early — Thai banks open at 8:30 AM and are less crowded before 10 AM)
2. Take a queue number and wait for a customer service representative
3. Tell them you want to open a savings account (บัญชีออมทรัพย์ — "ban-chee orm-sap")
4. Fill out the application form (staff will help)
5. Provide your documents and passport photos
6. Make your initial deposit
7. Receive your passbook (bank book) and ATM/debit card
8. Register for mobile banking on your phone (staff will help you set this up)

The entire process takes 30-60 minutes if your documents are in order.

Major Banks Compared

Thailand has four dominant commercial banks. All are reliable, well-regulated by the Bank of Thailand (BOT), and offer excellent mobile banking apps.

Other Notable Banks

• Bank of Ayudhya (Krungsri) — owned by MUFG (Japan), good for Japanese expats
• TMBThanachart (ttb) — merged bank, competitive savings rates
• CIMB Thai — Malaysian-owned, sometimes offers higher interest rates
• UOB Thailand — Singaporean bank, good for ASEAN transfers

Online & Mobile Banking

Thailand's mobile banking ecosystem is surprisingly advanced — in many ways ahead of Western countries. QR code payments are accepted nearly everywhere, from 7-Eleven to street food vendors.

PromptPay

PromptPay is Thailand's national instant payment system, linked to your phone number or national ID. As a foreigner, you can link it to your Thai phone number. Key features:

• Instant transfers — send money to any Thai bank account using just a phone number
• Free transfers — no fees for domestic transfers under THB 5,000 (some banks have no limit)
• QR code payments — scan a merchant's QR code and pay directly from your bank account
• Bill payments — pay electricity, water, internet, phone bills directly from the app

Mobile Banking Apps

Every major Thai bank offers a free mobile banking app. These apps handle:

• Balance checks and transaction history
• Domestic transfers (PromptPay and interbank)
• Bill payments (utilities, phone, credit cards)
• QR code scanning for merchant payments
• Investment products (mutual funds, fixed deposits)
• Loan applications
• Insurance purchases

K PLUS (Kasikorn) and SCB Easy are generally considered the most user-friendly apps. Bangkok Bank's app is functional but slightly less polished.

PromptPay QR Payments

In Thailand, cash is becoming optional in most urban areas. Almost every business — from malls to taxi drivers to noodle stands — accepts QR code payments. Simply open your banking app, scan the merchant's QR code, enter the amount, and confirm. The payment is instant and free.

International Transfers

Getting money into and out of Thailand is essential for most expats. Here are the main options, ranked by value.

Wise (Formerly TransferWise) — Recommended

Wise is the most popular option among expats worldwide, and for good reason:

• Exchange rate: Mid-market rate (the real rate you see on Google) with no markup
• Fees: Transparent — typically 0.5-1.5% depending on the currency pair
• Speed: 1-2 business days for most transfers
• How it works: Send from your home bank to Wise, and Wise deposits THB into your Thai bank account
• THB limit: Currently THB 2 million per transaction

International Bank Wire

Traditional bank-to-bank SWIFT transfers work but are more expensive:

• Exchange rate: Bank's own rate (typically 1-3% worse than mid-market)
• Fees: THB 200-500 receiving fee at Thai bank, plus US$20-50 sending fee from your home bank, plus possible intermediary bank fees
• Speed: 2-5 business days
• Best for: Large transfers (over THB 2 million) where Wise limits apply

Other Transfer Options

• OFX — good for large transfers with negotiable rates
• Remitly — fast transfers from the US, UK, and Australia
• Western Union — available everywhere but expensive; best for emergencies only
• Revolut / N26 — fintech cards with good exchange rates for spending (but transfers to Thai accounts can be slow)
• DeeMoney — Thai-licensed fintech for inbound remittances, competitive rates

ATM Usage & Fees

Thailand has ATMs on nearly every block, especially in cities. However, foreign card fees add up quickly.

Fees for Foreign Cards

Tips to minimize fees:

• Withdraw the maximum amount per transaction (THB 20,000-30,000 depending on the ATM) to reduce the per-transaction THB 220 fee impact
• Always choose "withdraw without conversion" — decline the ATM's offer to convert to your home currency
• Use a bank at home that reimburses foreign ATM fees (Charles Schwab, some credit unions)
• Once you have a Thai bank account, transfer money via Wise and withdraw from your Thai card for free

ATM Card Limits

Thai ATM cards (debit cards) typically have daily withdrawal limits of THB 20,000-200,000 depending on your account type. You can request a higher limit at the branch. Thai debit cards also work at all merchants that accept Visa/Mastercard for point-of-sale purchases.

Credit Cards for Foreigners

Getting a Thai credit card as a foreigner is more difficult than opening a bank account, but it is possible and can be worthwhile for rewards and cashback.

Requirements

• Work permit — almost always required
• Minimum salary: THB 15,000-50,000/month depending on the bank and card tier
• Employment letter — stating your position and salary
• 6 months of bank statements — showing regular salary deposits
• Passport and work permit copies

Alternative: Secured Credit Card

If you cannot qualify for a regular credit card, some banks offer secured credit cards where you deposit money as collateral (typically 100-150% of the credit limit). This is a good way to build credit history in Thailand.

Best Cards for Expats

• KBank credit cards — wide range of cards with cashback and travel rewards, relatively accessible for foreigners with work permits
• SCB credit cards — good rewards program, frequent promotions at restaurants and shops
• Bangkok Bank credit cards — easiest approval for foreigners, especially at the Silom branch
• Citibank Thailand — accepts applications from foreigners with higher income, good for frequent travelers