Banking in Thailand
Banking in Thailand. Q. Where do I exchange money in Thailand?
A. You can exchange money at the airport, at a bank or at various money changers throughout the cities. Avoid exchanging money at a hotel or travel agency as they may well apply a much higher fee.
At the moment Bangkok Bank is providing the best rate amongst the banks followed by Krung Thai Bank.
But, you get the best rates at money changers. Super Rich has one of the best rates in Thailand.
Thailand Exchange Rates
Banking in Thailand. Types of Bank Account in Thailand
Types of Bank Account:
- Thai Baht Savings Account
- Current Account
- Foreign Currency Deposit Account
- Business Bank Account
Banking in Thailand. Opening a Bank Account in Thailand
Opening a bank account in Thailand
What documents do I need to open a bank account in Thailand?
You may be able to open a bank account with only a passport. The most popular banks for expats are Bangkok Bank (next to Emporium shopping mall Sukhumvit 24, also Sukhumvit 11) and Kasikorn Bank. Check with their head office for current regulations.
Typical requirements for banking in Thailand:
- Passport
- Work permit (some banks don’t require a work permit. You may have to check with several banks. Try the head office.)
- Thai nationality reference (only if you are opening an international bank account, e.g. in $US)
- The minimum deposit required for a Baht account is 500 Baht for a Thai bank; 5,000 Baht for Standard Chartered or 100,000 Baht for HSBC.
- The minimum deposit required for an international bank account in $US is up to the bank; $US10,000 for Standard Chartered or $US15,000 for HSBC.
- Recommendation letter from an origin country bank (for an international bank account only)
- The first deposit for an international bank account must be transferred from overseas only.
Banking in Thailand. Choosing a Bank in Thailand
Open a Bank Account in Thailand (choosing a bank)
When banking in Thailand, remember that the branch where you open your account is usually where you will have to visit to do anything apart from simple transactions, so make sure you choose a branch close to work or where you live. Some people open an account in Ko Samui or Phuket and then find they have to fly back to organise simple banking procedures.
Banking in Thailand. List of Banks in Thailand
Banks in Thailand
List of Banks in Thailand
HSBC only has one branch in Thailand and not many ATM machines, so you will probably need to set up a bank account with a Thai bank. The most popular banks for expats include Bangkok Bank, Kasikorn Bank and Bank of Ayudhya. You can see the full list below for banking in Thailand.
Bangkok Bank Swift Code
International bank swift codes. List of bank swift codes for banking in thailand:
| Bank | Website | Address | Tel | Fax | SWIFT Code |
|---|---|---|---|---|---|
| ACL Bank (ACL) | ACL Bank Thailand | 11-13 Fl., Emporium Tower 622 Sukhumvit Road, Khlong Ton, Khlong Toei, Bangkok 10110 |
02-663-9999 | 02-663-9888 | Swift Code: ACLX TH BK |
| Bangkok Bank (BBL) | Bangkok Bank Thailand | 333 Silom Road Bangrak, Bangkok 10500 |
02-231-4333 | 02-236-8281 | Swift Code: BKKB TH BK |
| Bank of Ayudhya (BAY) | Bank of Ayudhya Thailand | 1222 Rama 3 Road, Bang Phongphang Yannawa, Bangkok 10120 |
02-296-2001 2683-1000 |
02-683-1304 | Swift Code: AYUD TH BK |
| Citibank (CITI) | Citibank Thailand | 82 North Sathorn Rd, Silom, Bangrak, Bangkok 10500 |
1588 | Swift Code: CITI TH BK | |
| CIMB (CIMB) (formerly Bank Thai) |
CIMB Bank Thailand | North Sathorn Rd Silom, Bangrak, Bangkok 10500 |
02-633-9000 2638-8000 |
02-633-9026 | Swift Code: UBOB TH BK |
| Export-Import Bank (EXIM) |
EXIM Bank Thailand | EXIM Building, 1193 Phaholyothin Road, Phayathai, Bangkok 10400 |
02-271-3700 02-278-0047 02-617-2111 |
02-271-3204 | Swift Code: EXTH TH BK |
| Government Savings Bank (GSB) |
GSB Bank Thailand | 470 Phaholyothin Road, Phayathai, Bangkok 10400 |
1115 02-299-8000 |
Swift Code: GSBA TH B1 | |
| HSBC Bank (HSBC) |
HSBC Bank Thailand | HSBC Building, 968 Rama IV Road, Silom, Bangrak, Bangkok 10500 |
1590 02-614-5555 |
Swift Code: HSBC TH BK | |
| Kasikorn Bank (KBANK) (formerly Thai Farmers Bank) |
Kasikorn Bank Thailand | 1 Soi Kasikornthai Ratburana Rd, Bangkok 10140 |
02-222-0000 | 02-470-2749 | Swift Code: KASI TH BK |
| Kiatnakin Bank (KK) |
Kiatnakin Bank Thailand | 12th Floor, Amarin Tower, 500 Ploenchit Road, Pathumwan, Bangkok 10330 |
02-680-3333 | 02-256-9933 | Swift Code: KIFI TH BK |
| Krung Thai Bank (KTB) |
Krung Thai Bank Thailand | 35 Sukhumvit Road, Klong Toey Nua Wattana, Bangkok 10110 |
02-255-2222 | 02-255-9391 | Swift Code: KRTH TH BK |
| Siam City Bank (SCIB) |
Siam City Bank Thailand | 1101 New Petchburi Road Makkasan, Rajthewi, Bangkok 10400 |
02-253-0200 | 02-651-7836 | Swift Code: SITY TH BK |
| Siam Commercial Bank (SCB) |
Siam Commercial Bank Thailand | 9 Ratchadaphisek Road Ladyao, Jatujak, Bangkok 10900 |
02-544-1111 | 02-253-1240 | Swift Code: SICO TH BK |
| Standard Chartered Bank (SCBT) (formerly Nakornthon) |
Standard Chartered Bank Thailand | 90 North Sathorn Road, Bangkok 10500 |
02-724-4000 | 02-724-7101 | Swift Code: SCBL TH BK |
| Thai Military Bamk (TMB) |
TMB Bank Thailand | 3000 Phaholyothin Rd Chatuchak, Bangkok 10900 |
02-299-1111 02-273-7020 |
02-273-7118 | Swift Code: TMBK TH BK |
| Thanachart Bank (TBANK) |
Thanachart Bank Thailand | 444 MBK Tower 11th Floor, Wangmai, Pathumwan, Bangkok 10330 |
02-217-8000 | 02-217- 8100 | Swift Code: THBK TH BK |
| Union Overseas Bank (UOB) |
UOB Bank Thailand | 191 South Sathorn Road Yannawa, Bangkok 10120 |
02-234-3000 | 02-287-2973 | Swift Code: CITI TH BK |
High Interest Saving Accounts in Thailand
Q. Where can I get a high interest rate savings account from a Thai Bank?
A. In 2012, interest rates are notoriously low around the world and now it is difficult to get a high interest account. Most Thai bank accounts will be lucky to give you 0.5% p.a. and with inflation of around 3% p.a., you are actually losing money. There are some other options though.
We have found a fund which has returned the agreed amount every year for the last 8 years. It is based in Australia which has a strong regulatory environment. For 2012, the rates are:
| 1 Year Lock-in | 2 Year Lock-in | 3 Year Lock-in |
|---|
| AUD | 4.50% | 5.50% | 6.50% |
|---|---|---|---|
| THB | 4.50% | 5.50% | 6.50% |
| USD | 4.50% | 5.50% | 6.50% |
| GBP | 6.50% | 7.50% | 8.50% |
| EUR | 6.00% | 7.00% | 8.00% |
| SGD | 3.75% | 4.75% | 5.75% |
| JPY | 3.75% | 4.75% | 5.75% |
| CAD | 4.75% | 5.75% | 6.75% |
| NZD | 4.75% | 5.75% | 6.75% |
| HKD | 6.50% | 7.50% | 8.50% |
| CHF | 4.50% | 5.50% | 6.50% |
| AED | 6.50% | 7.50% | 8.50% |
| SEK | 6.0% | 7.0% | 8.0% |
| TRY | 5.50% | 6.50% | 7.50% |
| ZAR | 11.00% | 12.00% | 13.00% |
For more information on high interest savings in Thailand, please fill out this form or click here to email
Bank opening hours in Thailand
Banking hours are typically from 08:30-15:30, Monday to Friday and closed on public holidays. However, some branches may be open at the weekend. Check the business hours of the chosen bank when opening an account and banking in Thailand.
ATM Machines Thailand
Which banks in Thailand charge an ATM fee?
If you are withdrawing from an ATM machine make sure you use your debit card not your credit card, as the credit card company will also charge you a cash handling fee of 2-3% as well as what they make on the exchange rate (3-4%).
Currently, you are also charged 150 baht (about $5) by the Thai banks to withdraw money from an ATM if you are using an international credit card or debit card, so it is well worth setting up a Thai bank account if you intend to stay here long term.
Which banks have free ATM withdrawals in Thailand? Aeon ATM locations in Thailand.
Aeon ATM machines currently don’t charge for withdrawals in Thailand. Click here for a list of AEON ATM machines in Thailand and more tips for Banking in Thailand
The maximum withdrawal is set by your bank – usually 50,000 baht per day, but you can only withdraw 20,000 baht at one time. So, if you need 50,000 baht, you need to insert your card 3 times.
Please note that you may also have to try 2 or 3 ATM machines to withdraw your money, because the computer link may be down or that machine may have run out of cash. This may also cause problems with your bank who may freeze your card. If you call your bank straight away they can ‘unlock’ your ATM card.
ATM withdrawals are usually free with a Thai bank debit card as long as you use your bank’s ATM in the same province. If you use other banks’ ATM’s or you are in another province, you will pay a small fee (about 20 baht) to withdraw money.
ATM Transfers: Under the recently agreed conditions, customers making same-bank, cross-city money transfer for the first time in each month can do so free of charge. For other transfers in the same month, ATM cardholders will be charged a flat rate of 15 baht for each transfer. Customers making same-bank, cross-city cash withdrawals will be charged a flat rate of 20 baht for each transaction.
You can also deposit money at ATM machines.
Online Banking in Thailand
Most banks in Thailand now offer internet banking. Remember to tell the staff when you set up your account as you will need to fill out extra forms for your online banking in Thailand.
Transferring money in and out of Thailand
Transferring money into Thailand is not a problem. Banks here do not have an IBAN number. You need the bank’s address and SWIFT code number though (listed above).
Transferring money out of Thailand is more problematic. For sums of US$50,000 and above, you may need to supply proof of how these funds were earned as well as the taxes paid on them. That’s why it is beneficial to have an offshore bank account as well as a Thai bank account. Click here to read more about onshore vs. offshore banking.
Tranferring money out of Thailand.
Q. How Do I transfer money from USA to Thailand?
A. You can now safely transfer money to Thailand via Bangkok Bank’s New York Branch which utilizes the US Automated Clearing House system (US ACH). Holders of US bank accounts can save on fees for international funds transfers by transferring funds from the United States to Thailand by using the US ACH and Bangkok Bank’s New York Branch.
By stipulating the 9-digit routing number for Bangkok Bank’s New York branch (026008691) in your US transfer instruction, the funds will be transferred via the US ACH system directly to the receiver’s Bangkok Bank account in Thailand, for a lower fee than most other international wire transfer services.
In particular, you get the daily exchange rate at the Bangkok Bank exchange rate. You can then transfer funds from e-commerce payments in the U.S. and use U.S. internet banking. Your state pension KPERS can be paid via this system when banking in Thailand.
Q. How Do I Transfer Money to Thailand to Buy Property?
A. Buying property in Thailand. If you buy property in Thailand and want to transfer that money back out of Thailand at a a later date you will need proof from the bank that the monies were used for this purpose and you will need to get a Tor Tor 3 form or payment slip from the bank as supporting proof.
Tor Tor 3 (TT3)
A TT3 is now called a “Foreign Currency Transaction” form. This form is only necessary if you transfer over USD $20,000 into Thailand in any foreign currency to buy a property in Thailand and at a later date you wish to sell the property and transfer the money back out of the country.
Do I need a foreign currecy tranaction TT3 form or payment slip?
(1) If you transfer foreign currency greater than USD $20,000 to Thailand straight into the developer’s bank account, then the developer can get the TT3 form from the bank for you.
(2) If you transfer foreign currency less than USD $20,000 to Thailand straight into the developer’s bank account then the developer can get a payment slip from the bank for you as support documentation (instead of TT3 form).
(3) If you transfer foreign currency greater than USD $20,000 into a bank account you hold in Thailand and subsequently transfer that money to the developer’s bank account, then you are responsible for getting the TT3 form from your bank.
(4) For all other methods of payment, you will need to get a payment slip from the bank to use as support documentation (instead of a TT3 form).
The best bet is to set up a Bangkok bank account which has a Baht account and a foreign currency account. So, you can send money in your local currency (e.g. EUR,USD,GBP) and then choose the day to convert the money into Thai Baht once you are in Thailand where you will get a better exchange rate.
Banking in Thailand: Sending Money to Thailand Bank Account
Transfer funds to Thailand. How to send money to Thailand.
(1) Wire transfer to Thailand – e.g. Money Gram, Western Union. If you want to get money to Thailand within minutes and the recipient does not have a bank account, this is the quickest way, but the fees are high. Fund transfers usually only take a few minutes to transfer however, due to anti-money laundering laws, you may receive an email requesting you phone the wire transfer provider in your own country to confirm your details – once verified the funds are released. If you do not phone them within 24 hours the transaction will be cancelled. Once funds are collected by the receiver an email confirming the pick up has occurred will be sent to you.
(2) Sending a check. When banking in Thailand, some banks won’t clear foreign checks. You have to check with the bank first. Process takes 4-6 weeks and fees can cost up to 2,000 baht.
(3) Sending money via Telegraphic Transfer (T/T). You will need the receiving Thai banks name & address, the receivers name, account number, as well as the SWIFT or IBAN number (International Banking Number) of the receiving bank. The swift codes for banking in Thailand are listed above. The banks will charge around 2000 baht to receive the money. Tranfer time is 3 – 5 days.
(4) Foreign drafts. You can arrange these with your bank at home. They take between 3 days and one week.
(5) iKobo Card. For those with a bad credit rating. iKobo Card is a prepaid Visa debit card and reloadable which is not linked to your bank account therefore no credit checks are necessary, ideal if you have a bad credit rating. You can transfer money to the card, and it can be used anywhere in Thailand or the rest of the world to withdraw cash from any ATM which supports Visa. An iKobo Card can be ordered and sent to anyone you wish to give it to as long as it is used for private purposes.
(6) Paypal for Thai eCommerce.If you run a Thai based business the options for payment solutions to accept debit and credit card payments from customers have always been limited and costly. Now you can accept payments via the worldwide recognised PayPal. All you need to do to start accepting payments is to open a PayPal Business or Premier Account.
Lost or Stolen Credit Card Phone Numbers in Bangkok, Thailand
| Master Card | 02-256-7326 02-256-7327 (24 hours) |
|---|---|
| Visa Card | 02-256-7326 02-256-7327 (24 hours) |
| American Express | 02-273-5100 (8am-5pm) 02-273-0022 (5pm-8am) |
| Diners Club | 02-238-2920 (8am-5pm) 02-238-2680 (5pm-8am) |
Lost or Stolen Traveller’s Cheques in Bangkok, Thailand
| American Express | 02-273-5100 02-273-0044 02-273-0022 (5pm-8am) |
SEA Tour Office, 4th Fl, Siam Centre, Rama I Rd. |
|---|---|---|
| Thomas Cook | 02-679-5521 02-679-5522 02-679-5523 |
12th Fl, Sathorn City Tower, 175 Sathorn Tai (South) Rd. |
Offshore Vs. Onshore Banking (The best way to protect your money when living in Thailand)
Transferring money out of Thailand is difficult for amounts of US$50,000 and above. The banks want all types of paperwork and generally make life difficult for you. So, it is not wise to send large amounts of money into a Thai account at one time.
Solution: Open an offshore bank account in somewhere like Guernsey or the Isle of Man (UK regulated, but not UK taxed).
You can open up an offshore account and your money will grow tax free and you will usually earn a higher rate of interest than in a Thai bank account. Furthermore, you can set up internet banking, so if you need to send a large chunk of money to Thailand, you can do it online with very little hassle. You can also use that debit card to withdraw money in Thailand. You can also time your transactions to take advantage of the exchange rate. It normally costs about £20 to transfer the money. So, it is prudent to transfer in portions of $5-10,000 at a time.
If you really want to be smart with your money, you should hold your money in an offshore portfolio (for example with Friends Provident), where it can earn between 5 – 10% interest per year. You can then drip feed this into your offshore account as and when you need it.
For more information, please fill out this form or click here to email .
Lloyds Offshore Bank Account
When banking in Thailand, it may also pay dividends for tax reasons to hold an offshore account. Lloyds Bank have a special offer on their offshore bank accounts at the moment where if you deposit at least £2,500 you get FREE travel insurance and accident insurance for trips abroad of 30 days.
Benenfits include:
- No monthly fee — on balances above £2,500/€2,500/$3,500
- Worldwide family travel insurance — for travel together or alone
- Concierge service — 24/7 phone-based assistance worldwide
- Choice of Sterling, Euro & US dollar accounts — save on foreign exchange & currency fluctuation
- Visa debit cards to use worldwide — save on cash withdrawal fees
- 24/7 Internet Banking and PhoneBank
Banking in Thailand. Professional Advice
For more information on banking in Thailand as well as offshore banking advice, please fill out this form or click here to email .