Banking in Thailand
Banking in Thailand is not a tough job. In fact it is quite easy and stress free. You just need few documents to submit for opening an account in an international bank in Thailand. Thai banks are known to provide the best services throughout the country. Foreign banks are now offering limited services to individual customers. The usual banking hours are from 8.30 in the morning till 3.30 in the afternoon. Thai banks operate five days a week and they remain closed on public and bank holidays. But it is always advised to check the business hours of your bank before you open an account over there.
For opening an account you need to submit the following documents:
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Work permit
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Passport
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500 baht as a minimum deposit in case of Thai bank, 5,000 baht for Standard Charter Bank and 100,000 baht for HSBC
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Minimum deposit of 10,000 USD for international bank account in Standard Charter Bank and 15,000 USD for HSBC
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A Thai nationality reference is a must for international bank account
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The first deposit should be transferred from overseas in case of international bank account
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A recommendation letter from a bank of your origin country is a must for international bank account and the deposit is paid in US Dollar.
ATMs are easily found in Bangkok and you can even take cash advances by using American Express, VISA or Master Card if you are having a registered pin number. You can apply for a normal credit card with a registration fee of 50 baht and annual fee of 100 baht with which you can draw maximum 50,000 baht a day in Thailand when you are opening an account. You can have a premier card with a registration fee of 100 baht and an annual fee of 150 baht with which you can draw maximum 150,000 baht a day in Thailand or a Visa Electron with a registration fee of 100 baht and annual fee of 200 baht with which you can draw maximum 500,000 baht per day from anywhere in the world.
The travelers or the teachers who are on a teach and travel project offered by American TESOL Institute are surely the short term residents in Thailand. The short term residents need not pay the fund in baht. They can maintain their overseas accounts. Find out whether your bank is providing any overseas service or not. Telephone banking services are provided to overseas customers by reputed international banks. You can check out the head offices of the Thai banks along with the branches in the telephone directory.
Credit cards like Visa Card, Master Card, American Express and Diners Club are widely accepted.
Currency exchange is a pretty hassle free activity in Thailand. The currency bills and travelers cheques are cashed at all provincial banks, hotels, shopping centers, tourist shops and money changers. For travelers cheques you need to produce your passport. You can check out the exchange rates in daily newspapers or at banks or moneychangers.
Exchange Control Act of Thailand regulates the amount of foreign currency that a bank is allowed to issue to an individual. You can talk about your financial requirements, funds and cost of foreign travel with your bank manager.
Some of the well known banks in Thailand with superb banking facilities are:
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Bangkok Bank
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Standard Chartered Bank
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ANZ Bank Rep
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Bank of America Bank of American Center
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National Australia Bank Rep
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Citibank
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HSBC
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Siam Commercial Bank
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Chase Manhattan Bank
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Deutsche Bank
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Bank of Ayudhya
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Westpac Banking Corp Rep
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Bank of Tokyo- Mitsubishi
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Kasikorn Bank PCL
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Credit Agricole Indosuez
