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Do you need to pay 20,000 THB for insurance when opening a bank account in Thailand?

Thai Bank AccountInsurance RequirementExpat Banking in ThailandVisa Regulations in ThailandBanking PoliciesForeigners in Thailand
Mar 1, 2024
10 months ago
Lynette ********
ORIGINAL POSTER
When opening a Thai back account do you need to pay 20000TBS as insurance ?

Thank you🙏🏻
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TLDR : Answer Summary
A significant number of commenters indicated that you do not need to pay for insurance to open a bank account in Thailand, with claims that such a requirement is usually a scam by banks to sell insurance products. The amounts mentioned for various fees ranged broadly, with some stating they paid around 5,000 to 10,000 THB, typically for accident insurance, while many maintained that no insurance should be strictly necessary to open an account. Experiences varied depending on the bank and the branch, as well as the type of visa held. Recommendations were made to seek another bank if facing undue insurance requirements.
Glyn **********
I didn't pay anything aside from the 500baht for a letter from immigration...
10 months ago
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Mikael *****************************
@Glyn *********
 No letter only 500 Bath that you could take out same day (if you want)!!!
10 months ago
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Mikael *****************************
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Al **********
700 baht
10 months ago
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Mikael *****************************
500 in deposit thats what i paid a few years ago!!!
10 months ago
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Mikael *****************************
Nop
10 months ago
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Marc *********
No, they push that on you usually if you go with an agent
10 months ago
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Kerry *******
7000
10 months ago
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MB **********
Depending of visa
10 months ago
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Paul ********
Insurance came with my bank account and I went through an agent. It's very difficult to open a bank account unless you already have a retirement visa or work visa.
10 months ago
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Steve **********
@Paul *******
 sounds like you're the agent, or his commissioned friend.

Never mind, just read your profile.
10 months ago
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Paul ********
@Steve *********
 no I recently got my retirement visa using an agent after trying so many banks to get the bank account
10 months ago
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Steve **********
@Paul *******
 good luck
10 months ago
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Steve **********
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Steve **********
NOT TRUE !!.....A LIE...

Acct's at Bangkok Bank & Kasikorn, no charge, no insur, ATM card 200 baht
10 months ago
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MB **********
Pattaya I'm can help you open your bank account 6,500thb
10 months ago
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Steve **********
@MB *********
 or just walk into the bank and open an account.

If they say no, go across the street to next bank.

Be courteously, smile, pay 200 baht for ATM card
10 months ago
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MB **********
@Steve *********
 Depending of visa
10 months ago
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Steve **********
@MB *********
 no..depends on the mood of manager.

My 1st was on a tourist visa staying in hotel.p
10 months ago
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Steve **********
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John *********
I have a bank account with Government Savings Bank and did not pay anything for the privilege of having my money languishing there with no interest paid to me.
10 months ago
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Douglas ******
When I was there I couldn't get an account without a permanent resident visa I went to 6 different banks there.
10 months ago
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Tom *******
No.
10 months ago
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David *******
Lol
10 months ago
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Siddhartha *********
Go to UOB bank. They never offer sales or products for simple account 👍
10 months ago
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Bagsida *********
The old Insurance fraud
*****
5
10 months ago
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Laurence **********
No never do that!
10 months ago
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Thomas *******
No
10 months ago
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Mark **********
What a scam , you pay insurance for them to keep and benefit from your money , WTF , people don't be so stupid, what exactly are you supposed to be insured from and what is being protected ?
10 months ago
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Lionel *******
many different answer here, the best way is to follow the rules of the bank. so ask and see
10 months ago
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Robert **********
😆 if you are looking to give your money away.

Send it my way
10 months ago
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Carl *********
Can someone please explain what the insurance is actually buying??
10 months ago
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Wayne ******
Bangkok bank in mukdhan wanted 40k. Told them they are out of their mind and got an account at ttb
10 months ago
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David ********
Depends on the bank branch.. if you have tr visa, than most branches will ask to pay insurance for a year to open an account.. if you have work permit and working visa, you only have to pay some hundred baht for the card..
10 months ago
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Lee ***********
Be carefull with the wording and what your being promised, Insurance or assurance.
10 months ago
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Lloyd *********
Everyone has a different opinion last month i opened the of bank bangkok account on the condition only that i payed 20,000 baht insurance with out paying answer was NO so we payed and they opened my account straight away
10 months ago
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Adrian *********
No FFS 😂
10 months ago
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Johnny ********
No
10 months ago
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Jo **********
they paid me
10 months ago
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Jo **********
no
10 months ago
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Richard **************
Tell us the agent’s name so we can avoid them
10 months ago
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Arch *********
Bank scam
10 months ago
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Ekkehard *******
No, and I was never forced to sign an Insurance contract.
10 months ago
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Richard ******
No I never paid any thing
10 months ago
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Brian ********
10 months ago
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David ************
I didn’t buy insurance to open a bank account, neither did my (also farang) wife
10 months ago
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Chris *********************
It's a con to make you buy insurance
10 months ago
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Pertti *************
Bangkok bank health insurance was 7.900 baht January. No needed but better than pay agent because you still get that insurance quite cheap if agent fee is +3.000 bahts🙏

Deposit requirements differences little and some times you need to keep balance over x.xxx baht.
10 months ago
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Moon ******
😳🤷 What 20 k insurance
10 months ago
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Kris ********
just take someone who as an account on that branch, possibly BKK bank
10 months ago
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Alan *********
It’s all about commission, they are all on the make.
10 months ago
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Xjwhudkwhry ********
yes.also, when marrying a thai girl u need to sign a contract saying you'll take care of the family buffalo no matter what.
10 months ago
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David *********
NO
10 months ago
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Steve ******
No you don’t have to buy any insurance
10 months ago
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Otto *********
absolutely no insurance necessary. That is just the bank trying to dupe you into it.
10 months ago
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Peter ********
100 baht
10 months ago
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Adrian *******
If you have long stay Visa and residence certificate there shouldn’t be a problem. Bangkok bank and Kasikorn were no problem last year
10 months ago
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John ********
No
10 months ago
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Richard ********
I used Kasikorn bank and with the help of Thai partner avoided issues. Having correct documentation helps. No bank insurance paid ✅
10 months ago
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Gregory ********
Farang being scammed again🙈🙈🙈
10 months ago
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Gilad ******
No, Bkk bank ask to buy 5k insurance but you can decline most of the time
10 months ago
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Steve **********
Open your own..no agent, if one branch says no, go across the street.

You don't need to buy insurance.

You'll pay about 200 baht for the ATM card

Passport, visa, address
10 months ago
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เต๋อ *****
Wire transfer also cost 500thb +transfer cost
10 months ago
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Bjorn ***********
@เต๋อ ****
 Bangkok bank take only 200 bath. For transfer
10 months ago
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Bjorn ***********
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เต๋อ *****
They told me it gonna cost 500thb for each transaction, deposit and withdraw
10 months ago
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Steve **********
Noooo !
10 months ago
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Ann ************
No its a con
10 months ago
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Scottie ***********
I didn’t pay anything when I opened my bank account
10 months ago
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Glenn *****
฿. ฿
10 months ago
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Henrik *****
It’s their terms, so accept it since without they will propably not give you an account.
10 months ago
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Richard ******
No. Scam
10 months ago
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Skip ********
I don't think so. I didn't have to. And... I'd recommend using Kasikorn Bank.
10 months ago
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Steve **********
@Skip *******
 have at both..both are good !
10 months ago
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Steve **********
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David ***********
Had a bank account years ago when working in Bangkok. Still has a small amount in. This is over 20 years back does anyone know it it would still be open.??
10 months ago
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Shaughn ***********
Here are a list of the the current requirements at Bangkok Bank. If people don’t meet the requirement then some bank branches bend the rules with selling insurance etc
10 months ago
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Phil ******
@Lynette *******
 no its not mandatory but if that is what it takes to open your bank account do it and then cancel it
10 months ago
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Eddie ********
We didn't
10 months ago
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Marc *********
No but if you don’t have the correct visa expect to pay
10 months ago
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Diego *********
Farang pay, Kon Thai dee
10 months ago
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Alan **********
No
10 months ago
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Jake *****
It is not mandatory, but some banks offer conditional options for opening an account.
10 months ago
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Paul *******
I paid just over 6k for accident insurance at Bangkok bank. No problems at immigration.
10 months ago
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Steve **********
@Paul ******
 what does accident insur, immigration , and bank have to do with each other.

Someone at bank got a comm from you buying optional insur at bank, just say " no thanks "

Immigration has zero to do with your bank, nor insurance.
10 months ago
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Paul *******
@Steve *********
 I wanted accident insurance at such a cheap price for 100,000 hospital cover which I have already had to use. So have the bank account and immigration happy so have I year visa. Bangkok bank in udon central said I had to pay 50,000 for full medical insurance so I said no and went to Bangkok bank in Nong Han, different atmosphere altogether, open account easy at same branch Thai wife has account. After 14 years of constant nhs use in uk I can say for sure that I feel far safer with the Bangkok hospital in udon city. Very good.
10 months ago
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Steve **********
@Paul ******
 congrats, the games they play at your expense for there benefit.
10 months ago
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Steve **********
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Daniel ************
nope
10 months ago
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Stephen *********
No. You don't have to buy insurance. They will try to sell it to you by though.
10 months ago
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Bjorn ***********
If you only have turist visa, then you only have 1 option in my experience. That is Bangkok bank. 5900 Bath In insurance + driving license + Proof of residence buy immigration + 500 in deposit + 600 if you want to use in atm. I went to several banks.
10 months ago
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John ********
@Bjorn **********
 not true b you gave up too easily
10 months ago
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Bjorn ***********
@John *******
 2023 was different. You can open as a tourist easily. 2024 has new rules and policies.
10 months ago
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Bjorn ***********
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Anthony ********
On this matter please expose the banks that our demanding you take insurance with them. Let's name and shame. Name and address. This is not a requirement by law and can be quickly rectified by mentioning you will seek legal advice.
10 months ago
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Brandon ************
@Anthony *******
 it's not a requirement by law. Neither is them letting you open an account.
10 months ago
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Rok ********
@Anthony *******
 be careful with social media naming in shaming. Very strong legal framework against it.
10 months ago
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Anthony ********
@Rok *******
 as long as it's true. It's acceptable
10 months ago
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Anthony ********
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Nick ************
I told them I had insurance already and they gave me an account without it. Tried very hard to sell me something though.
10 months ago
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Seni ******
Insurance for what exactly? What risk is the premium to cover? And for whom?
10 months ago
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Brandon ************
@Seni *****
 usually accident insurance
10 months ago
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Stephen *********
@Seni *****
 life insurance
10 months ago
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Stephen *********
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Kev **********
It's using Falang..no need to buy it
10 months ago
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Lisa ****
No you do not need to buy any insurance at all. That's a scam where they try to tell you that you have to buy insurance but it's not true at all. You can open a normal account without buying any insurance at all. If they are demanding that you buy insurance just go to another bank or another branch of the same bank.
10 months ago
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Mark *********
@Lisa ***
 or just say that you already have insurance.
10 months ago
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Mark *********
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Nigel ********
If you have all the correct PAPERWORK AND STAMPS NO
10 months ago
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Darren ******
No never .. not a baht to open an ACC. 🤔
10 months ago
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Steve *****
NO!!
10 months ago
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Per *********
I paid around 6000 last week in Bangkok bank
10 months ago
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Rj ******
@Per ********
 me as well last month
10 months ago
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Marcus ********
@Per ********
 what did you do exactly? In udon Thai they all said no to me
10 months ago
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Per *********
@Marcus *******
 it’s a bit more complicated!

So I went to immigration asking for a one year visa. But I told them that I don’t want to deposit 800.000 in a Thai bank

They told me no problem we will fix it for you. So they gave me the price and process. I was not asking questions about the validity of the process 🙈🙉🙊

Money changed hands and paperwork went smooth. Almost like a VIP service because we bypassed all queues

Once the paperwork was done at migration then told me “now you go to the bank where a man is waiting for you”. We met the guy and was guided through the bank. Paperwork done with no further questions. Hence just paying the insurance. This weren’t the time nor place to ask critical question or complain about the process…. The rest is history

But actually I went to another branch of the same bank one week earlier and they also told me about the mandatory insurance
10 months ago
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Per *********
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Robert *********
7000
10 months ago
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Steve ******
list of agents that can open bank accounts would be good.
10 months ago
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Fra *****
Maybe you got a number 0 too much ?
10 months ago
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Fra *****
Not really but sometimes the choice can do the trick , to make it smoother , easy , Thai style ,
10 months ago
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Bart **************
No
10 months ago
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Bo *******
No newer!
10 months ago
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Bri ****
No
10 months ago
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Hartmut ********
Wir wurden nie gefragt oder genötigt eine Versicherung abzuschließen.
10 months ago
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Bob **********
No
10 months ago
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Aake **********
No
10 months ago
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Andrew ***********
Bank wants you to do this as good for them but not a condition of opening a bank account
10 months ago
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Steve **********
I did not pay anything my last time opening an account.

She asked “do you have insurance?”

I said “yes”.

Conversation finished.
10 months ago
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Petri ********
@Steve *********
 When I opened years ago Kasikorn account, I paid...That was stupid from me.

Two years ago I opened Bangkok Bank, and I also said "I already have, don't need another", and it was ok.
10 months ago
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Petri ********
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Noel *********
Pay an agent...
@Mots *********
10 months ago
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Ken ***********
@Noel ********
 she is using an agent and still being asked to buy insurance.
10 months ago
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Noel *********
@Ken ******
@Mots *********
 won't ask for that....
10 months ago
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Ken ***********
@Noel ********
 the hurdles of opening a bank account have become ridiculous. I opened my bank account many years ago without issues and without an agent, but in today's world, I would have to pay an agent.
10 months ago
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Noel *********
@Ken ******
 I went to a few banks' got sick of it and just went to
@Mots *********
 .... took 15minutes....
10 months ago
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Noel *********
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Neil ********
No.

It’s a scam employed by the banks to get you to buy a service. It’s not related to securing a bank account.
10 months ago
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Kev **********
@Neil *******
 spot on. No need to pay it ne persistent
10 months ago
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Sonny **********
@Neil *******
 yes, amazingly tricking customers is an accepted part of business.
10 months ago
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Mikael *****************************
Bkk Bank!!
10 months ago
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Emil *******
@Mikael ****************************
 💯
10 months ago
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Emil *******
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Mikael *****************************
@Neil *******
 Yep I didnt pay 1 Bath!!!!
10 months ago
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Joey *****
@Mikael ****************************
 same!! ZERO.
10 months ago
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Flo ******
But can I get a bank account with a regular 30 days tourist visa?
10 months ago
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Flo ******
@Mikael ****************************
 which bwnk
10 months ago
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Karim ***************
@Flo *****
 it’s not just down to the bank, it’s also down to the bank branch. You can walk into a bangkok bank in one road and be denied and in the next road they will open your account.
10 months ago
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Karim ***************
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Duncan *******
First correct answer.
10 months ago
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Duncan *******
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Brandon ************
The highest I've ever seen is 10,000 baht.

Generally the cost is 5000 baht.

Buying insurance is not a requirement to open an account. But some banks will only open an account for a foreigner if they buy the insurance. So you either go to a different bank, pay for the insurance, or pay an agent to do it.
10 months ago
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Toby *********
@Brandon ***********
 I went to multiple banks. At one place they wanted like 16,000 baht for insurance. Was a rookie here. Went around and then found
@Mots *********
 who did it for 3,500 at the time. 500 stays in the bank btw. Super easy.
10 months ago
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Lynette ********
ORIGINAL POSTER
@Brandon ***********
 thank you. This is through an agent….
10 months ago
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Ruth *******
@Lynette *******
 ahhh…that’s why.
10 months ago
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Bob **********
@Lynette *******
 your getting robbed
10 months ago
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Neil ********
@Lynette *******
 dump the agent.
10 months ago
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Neil ********
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Andy *******
Normally 6,000 at the most
10 months ago
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Andy *******
Reply
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