System overview
Thailand's banking sector is concentrated around five large commercial banks: Bangkok Bank, Kasikornbank (KBank), Siam Commercial Bank (SCB), Krungthai Bank (government-owned), and Bank of Ayudhya (Krungsri). All are regulated by the Bank of Thailand [1]. The sector is stable, well-capitalised, and offers modern digital banking. The Thai baht (THB, symbol ฿) is not a freely traded currency offshore but is fully convertible domestically under BoT rules.
Opening an account as a foreigner
Requirements vary by bank and branch, but the standard set includes:
- Passport (valid for at least six months remaining).
- Non-immigrant visa (O, OA, B, ED, or other long-stay category). Tourist visa holders are generally refused accounts, though some branches of Bangkok Bank and Kasikorn in tourist-heavy areas may open a savings account with a tourist visa and proof of local residence.
- Proof of address in Thailand: typically a rental contract plus a utility bill or a certificate of residence from Immigration.
- Some banks require a work permit for a current account (chequing); savings-only accounts are easier.
- Initial deposit: 500 to 5,000 THB (about 13 to 135 EUR) depending on the account type.
Branch-level discretion is wide. If one branch refuses, trying another branch of the same bank in a different location often succeeds.
Account types
- Savings account: the standard everyday account. Interest rates are low (typically 0.25-0.50% as of 2026). No monthly fee if you maintain a minimum balance (usually 2,000-5,000 THB).
- Fixed-deposit account: term deposits of 3, 6, 12 or 24 months. Rates slightly higher (0.75-1.50%) but still low by global standards.
- Current account: for cheque-writing and business use. Requires a work permit or proof of business registration.
International transfers
Inbound
SWIFT transfers from abroad are straightforward. Correspondent-bank fees eat 10-30 USD per transfer regardless of amount. Alternatives:
- Wise: mid-market rate, low flat fee, deposits directly to Thai bank accounts typically within hours [2].
- DeeMoney: Thai-regulated service, competitive rates for EUR and USD, can deposit same day [3].
- Revolut: works for smaller amounts; some Thai banks flag Revolut-originated transfers for AML review.
Outbound
Thai banks permit outward remittances up to 50,000 USD per individual per year without BoT approval. Above that you need documentation of source of funds and purpose. The bank will complete a Foreign Exchange Transaction form (FET); keep it for tax purposes. Spot exchange rate at the bank's teller rate is typically 0.5-1% off mid-market.
Digital banking
All major banks have mobile apps with English-language interfaces. KBank's "K Plus" and SCB's "SCB Easy" are generally the best in English. Most apps support:
- Transfers to other Thai banks (PromptPay, instant free transfers between Thai accounts linked to national ID numbers).
- Bill payment via QR code (Scan to Pay is universal across merchants).
- International wire initiation (though the app experience varies; some banks still require in-branch paperwork for outbound wires).
Foreign-currency accounts
Available at most major banks. A foreign-currency deposit (FCD) account lets a resident hold USD, EUR, GBP or JPY without converting to baht. Useful for a relocator receiving a foreign pension: the pension can arrive in EUR and be held in EUR until the exchange rate is favourable. Minimum opening balance is typically 500 USD or equivalent. Withdrawals in baht are at the bank's spot rate.
Debit and credit cards
Debit cards (Visa Debit or Mastercard Debit) come with savings accounts. Credit cards are harder for a foreigner without a work permit and proof of regular income of at least 30,000-50,000 THB per month. A fixed-deposit-backed credit card (where the credit limit equals the deposit amount) is the common workaround.
ATMs
Widespread in cities and towns. The standard foreign-card withdrawal fee is 220 THB (about 6 EUR) per transaction regardless of amount, set by the Thai ATM operator. Withdrawing the maximum per transaction (typically 20,000-30,000 THB) minimises the impact. Many Thai banks also charge a foreign-currency conversion fee of 2-2.5%.
Tax implications of interest
Interest earned on Thai bank accounts incurs 15% withholding tax at source. For a tax resident of Thailand, this credits against annual personal income tax; for a non-resident, the 15% is final.
This page is not financial advice. Confirm current requirements with the specific bank branch.